Income statement in thousands 2019

FY
actual
Interest and dividend income:
Interest and fees on loans 402,092
Taxable interest and dividends on securities 31,400
Non-taxable interest and dividends on securities 8,306
Interest on federal funds sold and other short-term investments 2,977
Total interest and dividend income 445,017
Interest expense:
Interest on deposits 27,301
Interest on borrowings 6,452
Total interest expense 33,753
Net interest income 411,264
Provision for (release of) allowance for loan losses 6,300
Net interest income after provision for (release of) allowance for loan losses 404,964
Net Financial Margin 92%

Noninterest income:
Insurance commissions 90,587
Service charges on deposit accounts 27,043
Trust and investment advisory fees 19,653
Debit card processing fees 10,452
Interest rate swap income 4,362
Losses from investments held in rabbi trusts 9,866
Gains on sales of mortgage loans held for sale, net 795
(Losses) gains on sales of securities available for sale, net 2,016

Other 16,228
Total noninterest income 182,299
Total net Revenues 587,263

Noninterest expense:
Salaries and employee benefits 252,238
Office occupancy and equipment 36,458
Data processing 45,939
Professional services 15,958
Charitable contributions 12,905
Marketing 9,619
Operational losses
Loan expenses 4,593
Federal Deposit Insurance Corporation ("FDIC") insurance 1,878
Amortization of intangible assets 3,542
Other 29,554
Total noninterest expense 412,684
Income before income tax expense 174,579
Income tax expense 39,481
Net income 135,098
2020 2021 2022
FY FY 9M
actual actual actual

372,152 367,585 333,595

31,825 58,312 88,277
7,588 7,376 5,585
1,757 1,886 2,726
413,328 435,159 430,183

11,315 5,167 11,164

762 165 959
12,077 5,332 12,123
401,251 429,827 418,060
38,800 (9,686) 7,045
362,451 439,513 411,015
97% 99% 97%

94,495 94,704 77,183

21,560 24,271 23,558
21,102 24,588 17,967
10,277 12,118 9,417
(1,381) 5,634 6,087
10,337 10,217 (13,997)
7,066 3,605 240
288 1,166 (2,474)
13,664
14,633 16,852
178,373 193,155 131,645
540,824 632,668 542,660

261,827 295,916 220,582

33,796 40,465 31,205
45,259 50,839 42,959
18,902 24,477 14,561
95,272 -
8,879 8,741 6,444
2,493 7,786
6,727 6,516 3,444
3,734 4,226 4,710
2,857 2,512 2,767
25,177 2,478 10,173
504,923 443,956 336,845
35,901 188,712 205,815
13,163 34,047 48,350
22,738 154,665 157,465
Balance in thousands
2019 2020
FY FY
ASSETS actual actual
Cash and due from banks 135,503 116,591
Short-term investments 227,099 1,937,479
Cash and cash equivalents 362,602 2,054,070
Available for sale ("AFS") securities (1) 1,508,236 3,183,861
Held to maturity ("HTM") securities (1) 961 -
Total securities 1,509,197 3,183,861
Loans held for sale 26 1,140
Loans:
Commercial and industrial 1,642,184 1,995,016
Commercial real estate 3,535,441 3,573,630
Commercial construction 273,774 305,708
Business banking 771,498 1,339,164
Total commercial loans 6,222,897 7,213,518
Residential real estate 1,428,630 1,370,957
Consumer home equity 933,088 868,270
Other consumer 402,431 277,780
Total loans 8,987,046 9,730,525
Allowance for loan losses (82,297) (113,031)
Unamortized prem./disc. and def. fees (5,565) (23,536)
Net loans 8,899,184 9,593,958
Federal Home Loan Bank stock, at cost 9,027 8,805
Premises and equipment 57,453 49,398
Bank-owned life insurance 77,546 78,561
Goodwill and other intangibles, net 377,734 376,534
Deferred income taxes, net 28,207 13,229
Prepaid expenses 61,336 148,680
Other assets 246,463 455,954
Total assets 11,628,775 15,964,190
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand 3,517,447 4,910,794
Interest checking accounts 1,814,327 2,380,497
Savings accounts 971,119 1,256,736
Money market investment 2,919,360 3,348,898
Certificates of deposit 329,139 258,859
Total deposits 9,551,392 12,155,784
Borrowed funds:
Federal Home Loan Bank advances 18,964 14,624
Escrow deposits of borrowers 201,082 -
Interest rate swap collateral funds 15,349 13,425
Total borrowed funds 235,395 28,049
Other liabilities 241,835 352,305
Total liabilities 10,028,622 12,536,138
Shareholders' equity:
Common shares - 1,868
Additional paid-in capital - 1,854,068
Unallocated common shares held by the employee stock o - (147,725)
Retained earnings 1,644,000 1,665,607
Accumulated other comprehensive income ("AOCI"), net of (43,847) 54,234
Total shareholders' equity 1,600,153 3,428,052
Total liabilities and shareholders' equity 11,628,775 15,964,190
2021 2022
FY 9M
actual actual
144,634 102,776
1,087,158 55,661
1,231,792 158,437
8,511,224 6,844,615
- 481,963
8,511,224 7,326,578
1,206 951

2,960,527 3,023,729
4,522,513 4,985,654
222,328 314,193
1,334,694 1,096,436
9,040,062 9,420,012
1,926,810 2,118,852
1,100,153 1,168,476
214,485 196,614
12,281,510 12,903,954
(97,787) (131,663)
(26,442) (19,349)
12,157,281 12,752,942
10,904 18,714
80,984 63,261
157,091 159,838
649,703 662,222
76,535 342,550
179,330 180,742
456,078 376,698
23,512,128 22,042,933

7,020,864 6,582,122
4,478,566 5,047,018
2,077,495 1,990,188
5,525,005 4,757,477
526,381 356,576
19,628,311 18,733,381

14,020 384,215
20,258 21,853
- 16,650
34,278 422,718
443,187 470,671
20,105,776 19,626,770
 1,863 1,778
1,835,241 1,676,396
(142,709) (138,950)
1,768,653 1,855,757
(56,696) (978,818)
3,406,352 2,416,163
23,512,128 22,042,933
EBC Forecast 2019
FY
actual
Interest and dividend income:
Interest and fees on loans 402092
Taxable interest and dividends on securities 31400
Non-taxable interest and dividends on securities 8306
Interest on federal funds sold and other short-term investments 2977
Total interest and dividend income 445017
Interest expense:
Interest on deposits 27301
Interest on borrowings 6452
Total interest expense 33753
Net interest income 411264
Provision for (release of) allowance for loan losses 6300
Net interest income after provision for (release of) allowance for loan losses 404964

Net Financial Margin 92%

Noninterest income:
Insurance commissions 90587
Service charges on deposit accounts 27043
Trust and investment advisory fees 19653
Debit card processing fees 10452
Interest rate swap income 4362
Losses from investments held in rabbi trusts 9866
Gains on sales of mortgage loans held for sale, net 795
(Losses) gains on sales of securities available for sale, net 2016

Other 16228
Total noninterest income 182299
Total net Revenues 587263

Noninterest expense:
Salaries and employee benefits 252238
Office occupancy and equipment 36458
Data processing 45939
Professional services 15958
Charitable contributions 12905
Marketing 9619
Operational losses
Loan expenses 4593
Federal Deposit Insurance Corporation ("FDIC") insurance 1878
Amortization of intangible assets 3542
Other 29554
Total noninterest expense 412684
Income before income tax expense 174579
Income tax expense 39481
Net income 135098

ASSETS
Cash and due from banks 135503
Short-term investments 227099
Cash and cash equivalents 362602
Available for sale ("AFS") securities (1) 1508236
Held to maturity ("HTM") securities (1) 961
Total securities 1509197
Loans held for sale 26
Loans:
Commercial and industrial 1642184
Commercial real estate 3535441
Commercial construction 273774
Business banking 771498
Total commercial loans 6222897
Residential real estate 1428630
Consumer home equity 933088
Other consumer 402431
Total loans 8987046
Allowance for loan losses -82297
Unamortized prem./disc. and def. fees -5565
Net loans 8899184
Federal Home Loan Bank stock, at cost 9027
Premises and equipment 57453
Bank-owned life insurance 77546
Goodwill and other intangibles, net 377734
Deferred income taxes, net 28207
Prepaid expenses 61336
Other assets 246463
Total assets 11628775
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand 3517447
Interest checking accounts 1814327
Savings accounts 971119
Money market investment 2919360
Certificates of deposit 329139
Total deposits 9551392
Borrowed funds:
Federal Home Loan Bank advances 18964
Escrow deposits of borrowers 201082
Interest rate swap collateral funds 15349
Total borrowed funds 235395
Other liabilities 241835
Total liabilities 10028622
Shareholders' equity:
Common shares 0
Additional paid-in capital 0
Unallocated common shares held by the employee stock ownership plan 0
("ESOP")
Retained earnings 1644000
Accumulated other comprehensive income ("AOCI"), net of tax (43,847)
Total shareholders' equity 1600153
Total liabilities and shareholders' equity 11628775

Income Statement Assumptions

average
Interest and dividend income:
Interest and fees on loans -4%
Taxable interest and dividends on securities 42%
Non-taxable interest and dividends on securities -6%
Interest on federal funds sold and other short-term investments -17%
Interest on deposits -56%
Interest on borrowings -83%
Provision for (release of) allowance for loan losses
Insurance commissions 2%
Service charges on deposit accounts -4%
Trust and investment advisory fees 12%
Debit card processing fees 8%
Interest rate swap income -320%
Losses from investments held in rabbi trusts 2%
Gains on sales of mortgage loans held for sale, net 0%
(Losses) gains on sales of securities available for sale, net
Gains on sales of securities available for sale, net 0%
Other 3%
Salaries and employee benefits 9%
Office occupancy and equipment 14%
Data processing 8%
Professional services 16%
Charitable contributions 179%
Marketing -5%
Operational losses 0%
Loan expenses 3%
Federal Deposit Insurance Corporation ("FDIC") insurance 57%
Amortization of intangible assets -10%
Other -21%
Income tax expense 41%

Balance Sheet Assumptions

Assets
Cash and due from banks 5%
Short-term investments 355%
Available for sale ("AFS") securities (1) 139%
Held to maturity ("HTM") securities (1) -50%
Loans held for sale 2145%
Commercial and industrial 35%
Commercial real estate 14%
Commercial construction -8%
Business banking 37%
Residential real estate 18%
Consumer home equity 10%
Other consumer -27%
Allowance for loan losses 12%
Unamortized prem./disc. and def. fees 168%
Net loans 17%
Federal Home Loan Bank stock, at cost 11%
Premises and equipment 25%
Bank-owned life insurance 51%
Goodwill and other intangibles, net 36%
Deferred income taxes, net 213%
Prepaid expenses 82%
Other assets 43%
Liabilities
Demand 41%
Interest checking accounts 60%
Savings accounts 47%
Money market investment 40%
Certificates of deposit 41%
Federal Home Loan Bank advances -14%
Escrow deposits of borrowers -50%
Interest rate swap collateral funds -6%
Total borrowed funds -33%
Other liabilities 36%
Equity
Retained earnings 4%
2020 2021 2021 2022 2022
FY FY 9M 9M FY
actual actual actual actual Forecast

372152 367585 266,310 333,595 444793

31825 58312 36,977 88,277 117703
7588 7376 5,561 5,585 7447
1757 1886 1,434 2,726 3635
413328 435159 310,282 430,183 573577

11315 5167 2,769 11,164 8760

762 165 123 959 753
12077 5332 2,892 12,123 9513
401251 429827 307,390 418,060 564065
38800 -9686 -5,368 7,045 9393
362451 439513 554671
312,758 411,015
97% 99% 99% 97% 98%

94495 94704 73,767 77,183 102911

21560 24271 17,010 23,558 31411
21102 24588 18,047 17,967 23956
10277 12118 8,949 9,417 12556
-1381 5634 5,122 6,087 8116
10337 10217 5,773 -13,997 -18663
7066 3605 3,044 240 320
288 1166 1,166 -2,474 -3299
11,276 13,664
14633 16852
178373 193155 144154 131645 157308
540824 632668 456912 542660 711979

261827 295916 199,554 220,582 289407

33796 40465 24,271 31,205 40941
45259 50839 37,892 42,959 56363
18902 24477 14,611 14,561 19104
95272 0
8879 8741 6,786 6,444 8455
2493 7786
6727 6516 5,287 3,444 4519
 3734 4226 2,989 4,710 6180
2857 2512 1,786 2,767 3630
25177 2478 7,178 10,173 13347
504923 443956 300,354 336,845 441946
35901 188712 156558 205815 270033
13163 34047 36,980 48,350 63436
22738 154665 119578 157465 206597

116591 144634 78,805 102776 102,776

1937479 1087158 1,172,956 55661 55,661
2054070 1231792 1,251,761 158437 158,437
3183861 8511224 5,689,312 6844615 6844615
0 0 - 481963 481963
3183861 8511224 5,689,312 7326578 7326578
1140 1206 1,757 951 951

1995016 2960527 1,652,447 3023729 3023729

3573630 4522513 3,825,186 4985654 4985654
305708 222328 243,146 314193 314193
1339164 1334694 1,225,538 1096436 1096436
7213518 9040062 6,946,317 9420012 9420012
1370957 1926810 1,491,269 2118852 2118852
868270 1100153 848,570 1168476 1168476
277780 214485 218,406 196614 196614
9730525 12281510 9,504,562 12903954 12903954
-113031 -97787 (103,398) -131663 -131663
-23536 -26442 (23,104) -19349 -19349
9593958 12157281 9,378,060 12752942 12752942
8805 10904 10,601 18714 18714
49398 80984 44,048 63261 63261
78561 157091 79,259 159838 159838
376534 649703 379,772 662222 662222
13229 76535 34,135 342550 342550
148680 179330 148,180 180742 180742
455954 456078 444,338 376698 376698
15964190 23512128 17,461,223 22042933 22042933

4910794 7020864 5,484,126 6582122 6582122

2380497 4478566 2,693,276 5047018 5047018
1256736 2077495 1,444,928 1990188 1990188
3348898 5525005 3,802,319 4757477 4757477
258859 526381 225,315 356576 356576
12155784 19628311 13,649,964 18733381 18733381
 14624 14020 14,172 384215 384215
0 20258 15,900 21853 21853
13425 0 - 16650 16650
28049 34278 30,072 422718 422718
352305 443187 351,895 470671 470671
12536138 20105776 14,031,931 19626770 19626770

1868 1863 1,868 1778 1778

1854068 1835241 1,857,165 1676396 1676396
(147,725) (142,709) (143,966) (138,950) (138,950)

1665607 1768653 1,747,300 1855757 1855757.00

54,234 (56,696) (33,075) (978,818) (978,818)
3428052 3406352 3,429,292 2416163 2416163
15964190 23512128 17,461,223 22042933 22042933

-7% -1% 25%

1% 83% 139%
-9% -3% 0%
-41% 7% 90%
-59% -54% 303%
-88% -78% 680%

4% 0% 5%
-20% 13% 38%
7% 17% 0%
-2% 18% 5%
-132% -508% 19%
5% -1% -342%
0% 0% 0%

0% 0% 0%
-10% 15% #DIV/0!
4% 13% 11%
-7% 20% 29%
-1% 12% 13%
18% 29% 0%
638% -100% 0%
-8% -2% -5%
0% 0% 0%
46% -3% -35%
99% 13% 58%
-19% -12% 0%
 -15% -90% 42%
-67% 159% 31%

-14% 24% 30%

753% -44% #NAME?
111% 167% #NAME?
-100% 0% 0%
4285% 6% #NAME?
21% 48% #NAME?
1% 27% #NAME?
12% -27% #NAME?
74% 0% #NAME?
-4% 41% #NAME?
-7% 27% #NAME?
-31% -23% #NAME?
37% -13% #NAME?
323% 12% #NAME?
8% 27% #NAME?
-2% 24% #NAME?
-14% 64% #NAME?
1% 100% #NAME?
0% 73% #NAME?
-53% 479% #NAME?
142% 21% #NAME?
85% 0% #NAME?

40% 43% #NAME?

31% 88% #NAME?
29% 65% #NAME?
15% 65% #NAME?
-21% 103% #NAME?
-23% -4% #NAME?
-100% 0% #NAME?
-13% 0% 0%
-88% 22% #NAME?
46% 26% #NAME?

0.01314294404 0.061866935 #NAME?

 2023 2024 2025 2026
FY FY FY FY
Forecast Forecast Forecast Forecast

425504 407052 389400 372513

167479 238307 339088 482489
7021 6619 6241 5884
3023 2515 2092 1740
603028 654493 736820 862625

3816 1662 724 315

126 21 4 1
3941 1683 727 316
599086 652810 736092 862309
11202 12427 5834 9714
587885 640383 730258 852595

98% 98% 98% 98%

105244 107631 110072 112568

30201 29038 27920 26845
26818 30022 33608 37623
13576 14678 15870 17158
-17840 39215 -86198 189475
2939 1208 -1075 -3898
320 320 320 320
43 -450 -635 -1085

161301 221660 99881 379006

749186 862043 830139 1231601

315800 344600 376026 410318

46537 52897 60126 68344
60914 65831 71146 76891
22136 25648 29717 34432

8052 7669 7303 6956

4646 4777 4912 5051

 4004 4536 4907 4907
3250 2910 2605 2332
13703 14069 14444 14829
479042 522936 571187 624059
270144 339106 258952 607542
89391 125964 177502 250125
180753 213142 81451 357416

107,963.91 113,413.70 119,138.58 125,152.44

253,050.18 465,289.73 258,000.30 325,446.74
361,014 578,703 377,139 450,599
6,179,900.00 7,178,579.67 6,734,364.89 6,697,614.85
240,981.50 120,490.75 60,245.38 30,122.69
6420882 7299070 6794610 6727738
1,099.00 1,085.33 1,045.11 1,076.48

4,080,245.42 5,505,917.59 4,929,731.64 6,652,221.46

5,674,485.26 6,458,487.28 11,383,398.11 12,956,158.76
289,670.19 267,061.40 246,217.22 226,999.93
1,497,983.32 2,046,589.16 2,996,110.70 4,093,375.14
11542384 14278055 19555458 23928755
2,505,626.66 2,963,003.06 3,503,868.83 4,143,464.08
1,283,919.75 1,410,769.17 1,550,151.14 1,703,303.84
143,763.65 105,119.60 76,863.18 56,202.16
15475694 18756947 24686341 29831725
(147,369.51) (164,949.71) (184,627.10) (206,651.88)
(51,785.28) (138,597.11) (370,938.58) (992,772.72)
15,276,539.45 18,453,400.44 24,130,775.13 28,632,300.76
20,714.47 22,928.79 25,379.82 28,092.85
79,051.48 98,783.41 123,440.59 154,252.41
240,771.52 362,685.51 546,330.31 822,963.13
901,385.50 1,226,923.63 1,670,030.86 2,273,167.61
144,104.67 187,729.89 224,794.85 185,543.14
169,584.00 176,552.00 175,626.00 173,920.67
536,843.92 765,072.81 1,090,328.84 1,553,861.21
24151990 29172936 35159501 41003515

6,171,260.00 6,591,415.33 6,448,265.78 6,403,647.04

3,968,693.67 4,498,092.56 4,504,601.41 4,323,795.88
2,932,740.11 5,321,684.45 7,842,031.73 9,136,815.29
6,569,164.39 7,101,165.61 9,930,739.51 13,887,802.74
502,761.34 708,878.22 999,496.77 1,409,260.11
20144620 24221236 29725135 35161321
332,315.88 287,427.21 248,602.03 215,021.28
10,926.50 5,463.25 2,731.63 1,365.81
15,606.46 14,628.32 13,711.49 12,852.12
283,481.63 455,232.43 405,286.34 371,791.67
422,054.33 445,304.11 446,009.81 437,789.42
20925523 24974059 30436190 35828350

1778 1778 1778 1778

1788568 1766735 1743900 1766401
(143,128) (141,596) (141,225) (141,983)

2097005.41 3320247.1133 3751879.238029 4239623.53897277

(517,757.00) (748,287.50) (633,022.25) (690,654.88)
3226467 4198877 4723310 5175165
24151989 29172936 35159500 41003515
EBC Ratios

ROA=NI/A 2019 2020 2021

NI 135,098 157,465 154,665
Assets 11,628,775 15,964,190 23,512,128
ROA 1.16% 0.99% 0.66%

ROE=NI/E 2019 2020 2021

NI 135,098 157,465 154,665
ShareHolder's Equity 1,600,153 3,428,052 3,406,352
ROE 8.44% 4.59% 4.54%

NIM - Net Interest Marg. 2019 2020 2021

Net Interest Income 411,264 401,251 429,827
Total Assets 11,628,775 15,964,190 23,512,128
NIM 3.54% 2.51% 1.83%

EPS 2019 2020 2021

Net Income 135,098 157,465 154,665
Common Share Outstandin 147,451 159,370 172,252
EPS 0.92 0.99 0.90

P/E Ratio 9M22

Share Price 19.61
EPS 0.89
P/E 22.00

Efficiency Ratio 2019 2020 2021

Non Interest Expence 29,554 25,177 2,478
Revenue 587,263 540,824 632,668
Eff Ratio 5% 5% 0.39%
 ROA
9M22 1.50%
157,465 1.00%
22,042,933
0.50%
0.71%
0.00%
2019 2020 2021 9M22

ROE
10.00%
9M22
8.00%
157,465
6.00%
2,416,163 4.00%
6.52% 2.00%
0.00%
2019 2020 2021 9M22

NIM
9M22 4.00%
418,060 3.00%
22,042,933 2.00%
1.90%
1.00%
0.00%
2019 2020 2021 9M22

EPS
9M22
1.00
157,465
176,680 0.95
0.89 0.90
0.85
0.80
2019 2020 2021 9M22

Efficiency Ratio
6%
9M22 5%
10,173 4%
3%
542,660 2%
2% 1%
0%
2019 2020 2021 9M22
4%
3%
2%
1%
0%
2019 2020 2021 9M22
Provision for credit losses
PCL 2019 2020 2021 9M22
Provision for credit losses 6,300 38,800 (9,686) 7,045
Net Loans 8,899,184 9,593,958 12,157,281 12,752,942
PCL 0.07% 0.40% -0.08% 0.06%

Dividend Yield 2.09%

 2019
Net Income 135,098
Change in Equity
Other Comprehensive Income - 1,728
Cash Flow to Equity 133,370

rf (USA) 3.85%
Beta 0.56
MRP 6%
Tax 23%%
Weight of Debt 95%
Weight of Equity 5%
Ke 7.0%

2019
Average Equity 2,514,103
ROE 5.4%
RONE for CV 20%
Long Term Growth (g) for CV 3.0%

Discount Factor
PV of CF to Equity
CV = NI (1- g/RONE) / (g - Ke)
PV of CV
Total Equity Value 6,131,245
Shares out 178,000,000
Fair Value per Share 3.44%

Assumed Avg Duration of Loans 5.12

5 Yr US BB Corporate Bond Yield 3.85%

rf (UST 5Yr) 3.85%

Coutry & Currency Risk Premium 0.00%
Income Tax Rate (T) 23%

US Deposit Rates 0.50%

Coutry & Currency Risk Premium 0.00%

Loans interest rate (percent) rL 4.3%

Matched Opportunity Rate (MOR) for Loans (k L) (BB) 3.9%
Loans relative economic spread (percent) 0.4%

Average Loans (GEL'000 (L) 9,358,786

Loans economic spread before taxes 41,779
Taxes on Loans Economic Spread (9,609)
Tax penalty on loans (70,390)
Loans economic spread after Taxes (38,221)

Average Deposits '000 (D) 10,853,588

Deposits interest rate rD 16.7%

Matched Opportunity Rate (MOR) for Deposits k D 0.5%
Deposit Economic Spread 16.2%

Deposits economic spread Before Tax SD BT - 1,760,059

Taxes on Deposit Economic Spread (404,814)
Deposits economic spread After Tax SDAT (1,355,245)

Total Economic Spread (1,393,466)

NIM = LrL (1– T) - DrD (1– T) - 1,087,421

Loans economic spread after Taxes (SLAT GEL'000) (38,221)

Deposits economic spread After Tax SDAT (1,355,245)
Mismatched Maturity Charge L*(kL – kD) 313,519
Matched Maturity Charge LkD - DkD (7,474)
Total (1,087,421)
 2020 2021 2022 2023 2024 2025
22,738 154,665 206,597 180,753 213,142 81,451
1,827,899 - 21,700 - 3,406,352 3,429,292 - 1,013,129 -
878 - 1,166 1,166 - 3,640 - 825 3,342
- 1,804,283 175,199 3,614,115 - 3,252,179 1,225,447 84,792

2020 2021 2022 2023 2024 2025

3,417,202 1,703,176 1,714,646 2,922,728 2,416,163 2,821,315
0.7% 9.1% 12.0% 6.2% 8.8% 2.9%

0.93 0.87 0.82 0.76 0.71

144,566 180,497 147,606 162,690 58,111

3.4% 6.0% 0.0% 2.4% 2.6% 3.1%

3.9% 3.9% 3.9% 3.9% 3.9% 3.9%
-0.5% 2.1% -3.9% -1.5% -1.3% -0.7%

11,006,018 6,140,755 4,752,281 11,204,258 12,903,954 14,189,824

 (51,580) 131,166 (182,963) (165,054) (163,207) (101,515)
11,863 (30,168) 42,081 37,962 37,538 23,348
(79,182) (43,090) (34,233) (80,593) (92,721) (103,296)
(118,899) 57,908 (175,114) (207,685) (218,391) (181,463)

15,892,048 9,814,156 6,824,982 16,191,673 18,733,381 19,439,000

15.0% 45.6% 0.0% 16.6% 26.9% 26.0%

0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
14.5% 45.1% -0.5% 16.1% 26.4% 25.5%

- 2,301,037 - 4,429,495 34,125 - 2,612,318 - 4,953,351 - 4,949,823

(529,238) (1,018,784) 7,849 (600,833) (1,139,271) (1,138,459)
(1,771,798) (3,410,711) 26,276 (2,011,485) (3,814,080) (3,811,364)

(1,890,697) (3,352,804) (148,838) (2,219,169) (4,032,471) (3,992,826)

- 1,546,426 - 3,165,455 - - 1,868,764 - 3,629,336 - 3,543,713

(118,899) 57,908 (175,114) (207,685) (218,391) (181,463)

(1,771,798) (3,410,711) 26,276 (2,011,485) (3,814,080) (3,811,364)
368,702 205,715 159,201 375,343 432,282 475,359
(24,430) (18,367) (10,364) (24,937) (29,147) (26,246)
(1,546,426) (3,165,455) - (1,868,764) (3,629,336) (3,543,713)
 2026
357,416
810,304
- 493
- 453,381

2026
3,712,672
9.6%

0.67
238,349
7621771.764
5,437,774

2.5%
3.9%
-1.4%

17,116,321
 (233,474)
53,699
(126,055)
(305,830)

22,182,928

17.9%
0.5%
17.4%

- 3,857,779
(887,289)
(2,970,490)

(3,276,320)

- 2,728,256

(305,830)
(2,970,490)
573,397
(25,333)
(2,728,256)