It’s wonderful that someone reads the reports so closely!
Yes, there was a linking error in the dividend growth rate, but it does not affect the final result. Why does the dividend rise by 47% in 2030? Because in our model for 2026-2029, the dividend is distributed according to the distribution policy at approximately 60% of earnings, and the excess is distributed as share buybacks (total distribution approximately 90% of earnings). From 2030 onwards, our model distributes the full 90% as dividends purely for modeling purposes. For 2026-2029, share buybacks are shown in our DDM calculation on the line “Excess capital on the balance sheet”.
The corrected report is now out! ![]()