Capex

And considering the capex (including growth capex) is budgeted at - on average - 1B EUR for the years to come, I think it's okay to assume Galp will pretty consistently generate about 1B EUR in free cash flow per year.

And Emily, in relation to our forecast for CapEx next year, we -- as I guided towards CapEx this year to be $575 million to $600 million.

More relevantly, on the capex side of things, IC Insights forecasts a drop in capex spending in 2023.

Regarding CapEx and the potential need to increase CapEx.

So, let me comment on Kansas City Southern’s CapEx, but they have had a number of initiatives, call it, whether it’s from a bridge point of view or from other land acquisition and so forth, they are hitting record CapEx levels as well.

Yes, I think, generally, we would expect that and we talked about what are our capitalization, our CapEx, both software and non-software CapEx is for 2023.

You’ll see more “as a service” models evolve, so if you take this away from the CapEx side, that means CapEx will be a lower percentage of the total revenue.

As it relates to the leasing CapEx, right now, a lot of that is deferred CapEx.

BEL does not mind additional capex to achieve the same (10-15% y-o-y capex growth from the likely Rs 5.5 billion in FY21).

The enhancement of the capex budget is despite the fact that the Centre’s budgetary capex declined 1.3% on year in April-August, as it applied the brakes on spending since July.

Because if I’d add the A$92M in growth capex back to the equation, the adjusted sustaining capex in the first half of the financial year would be roughly A$210M, or A$0.12 per share.

But keep in mind the A$170M capex also includes ‘expansion’ capex.

So, the $6.6 billion in free cash flow also includes the expansion capex, and the true underlying normalized free cash flow (taking sustaining capex into account) will very likely be closer to $10 billion per year.

And for CapEx, to your question, so the CapEx, we’re expecting some increase that's related to the construction of the new pod in Kirkland.

Hugh, just for you on CapEx, could you remind us why the $3.6 billion is higher than it’s been historically and how representative you think that is of future CapEx either in absolute terms or relative to sales?

Aarti Industries is a quarter of the way into its planned ₹4,500-crore capex plan for its next three years, aimed at creating space for contract capacities.

AFFO captures the effect of this CAPEX which is why I consider it to be a superior metric for data center REITs.

Again, I think there’s sort of the underlying demand on the Xenium side has kind of broken through a lot of that, but we do see the CapEx constraints manifesting themselves out there.

Again, you can trace this back to the capital environment in healthcare providers in budget constraints and reduced CapEx, as mentioned earlier.

And also with the CapEx still quite elevated in '24, how that tracks going forward into sort of the '27 year, the all-important target year?