Investment projects in 2017−2022

The Strategy assumes that the total CAPEX will exceed PLN 34bn in 2017−2022. Average annual capital expenditure will amount to ca. PLN 5.7bn: The investment programme should deliver cumulative 2017−2022 EBITDA of ca. PLN 33.7bn, driving long-term growth of the Group’s EBITDA in 2023−2026 to the annual average of ca. PLN 9.2bn. At the same time, the net debt to EBITDA ratio should stay below 2.0 over the Strategy term, with the current dividend policy providing for distribution of up to 50% of the Group’s consolidated net profit upheld.