NN Group：NN集团资本市场日要点-20250530
Goldman Sachs·2025-05-30 02:45
28 May 2025 | 5:49AM BST NN Group (NN.AS): CMD takeaways We see the key takeaways from NN's Capital Markets Day as: 1) its €2.2bn / >€1.8bn 2028e operating capital generation (OCG) / free cash flow (FCF) targets, 2) the c.€200mn of benefits expected from its Future Ready AI investments (included within its targets), and 3) capital return where there was no change to its c.7-8% DPS CAGR or the €300mn buyback; however, given its organic capital build, we still expect an upgrade to a €350mn buyback at its FY'2 ...