Earnings PressureConsensus EPS/FCF to be pressured by 'materially higher' amortisation, higher capex and higher net interest expenses.
Financial PerformanceMargin fell 33bp year-over-year versus 24bp expected as third-party service costs continue to outpace revenue growth.
Share Repurchase ImpactShare repurchases, which drove half of EPS growth in 2022/23, will be halved.