We have adjusted our estimates following yesterday and today''s Capital Markets Day. Management announced an increase in its dividend payout ratio to 25%-40% (previously: 25%-35%). It also introduced a new share buyback policy of 10%-25% of net income, with a total combined payout of up to 50%. As part of this it announced a EUR 100m share buyback, for cancellation, starting in March 2024 for a period ending 6 May 2025. We have reflected this announcement in our DPS and EPS forecasts. We do not consider the changes to be material; our rating is unchanged.