2021 2022 2023F 2024F 2025F

Revenue 26,754 29,142 32,893 35,436 37,655

% Revenue growth 9% 13% 8% 6%
SG&A Cost (2,866) (2,971) (3,421) (3,506) (3,731)
% SG&A Cost growth 4% 15% 2% 6%
Depreciation and Amortitation (9,956) (10,577) (11,770) (12,201) (12,393)
% D&A growth 6% 11% 4% 2%
Infrastructure costs (7,990) (7,734) (8,884) (9,486) (9,948)
% Infrastructure costs growth -3% 15% 7% 5%
Other cash opex (2,612) (4,202) (4,386) (4,924) (5,243)
% Other cash opex growth 61% 4% 12% 6%
Operating Profit 3,330 3,658 4,432 5,319 6,340
EBITDA 13,286 14,235 16,202 17,520 18,733