21 INSIGHT | Focus On million, with a 5.6% margin; Electrification has an adjusted EBITDA of €797 million with a margin of 8.9%; and Digital Solutions has an adjusted EBITDA of €271 million with a margin of 14.5%. Can you outline the new financial targets for 2027? In terms of adjusted EBITDA, overall we are targeting around €2 billion in 2027, with an intermediate target of around €1.775 billion in 2025. This is compared to €1.49 billion in 2022. We are expecting an EBITDA compound annual growth rate (CAGR) of 5-7% between 2022 and 2027. This will be purely organic with no acquisitions planned. Total sales are seen at over €19 billion in 2027, compared to about €16 billion in 2022. What are the main growth pillars? There are two main growth pillars: Renewable Transmission, which is expected to see high double-digit organic growth in sales as we execute our €20 billion order portfolio, and Power Grid, which is projected to see sales growth in the mid-single digits, driven by grid enhancement. Electrification meanwhile is expected to see sales growth in the low single digits while the Digital Solutions segment is expected to see a decline in sales in 2023 followed by a recovery from 2024 through to 2027. How are the new core profit targets split between the new segments? Renewable Transmission, our main growth pillar, is set to almost triple adjusted EBITDA by 2027 to €600 million. The key point here will be fulfilling our €20 billion order portfolio, and capacity expansion, with High 2-digit Renewable Transmission Mid 1-digit Power Grid Low 1-digit Electrification Low 1-digit Digital Solutions Leadership consolidation through solid organic growth Adj EBITDA (€M) 1,488 1,625 ±50 ±75 ±100 1,775 2,000 2021 2022 2023 Guidance 2025E 2027E 976 5-7 % 2022-27
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