We have adjusted our estimates slightly after HY25 results. Our operating earnings (management basis) for 2026+ increase by c.3%, partially offset by higher earnings attributable to minorities. Our 2025 operating earnings increase by 4%, but there are also better one-off non-operating investment variances in the period, which takes the EPS upgrade for 2025 to 6%.
We do not consider the changes to be material; our rating is unchanged.
