That ~€2 EPS in 2030 doesn’t seem very challenging to achieve to me. If you mirror this to the revenue and cost structure of the Q2/2026 earnings report, in practice, you reach an EPS of 1.86 just by freezing costs at the current level (which is essentially what that 600 million cost-saving target would mean), assuming revenues grow by the rate of inflation, i.e., two percent annually. At the same time, they are buying back about 80 million of their own shares annually.
10 Likes