ION Platform - Progress on the IR front - Model Update

Following the release of Q1 2026 results and sustained investor interest, we have refreshed our model and revisited ION Platform in detail. We re-listened to the extended Q1 call with a focus on three areas central to the credit debate: cash distributions to the Group, the visibility and credibility of future cost savings, and the practical implications of AI. While AI dominates the market narrative, our work equally incorporates the mechanics of integration, synergy execution, and the resulting cash deleveraging potential. We balance these assessments versus the current yield and market sentiment, which drives us to our investment decision.