Business and Financial Review • Nov 7, 2025
Business and Financial Review
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| 2025 Growth Expectation 1 | |
|---|---|
| Gross Profit | >30% |
| Other Income, net | >30% |
| General Administrative Expenses |
<55% |
| 2025 Year-End Expectations | ||
|---|---|---|
| Return on Equity 2 | 45% |
2Return on Equity = Net profit for the last 4 quarter / Average equity for the last 5 quarter
The above data does not include the effect of inflation accounting (TAS 29).
| Cash Dividend / Distributable Profit Ratios by Operating Year | ||||
|---|---|---|---|---|
| 2022 | 2023 | 2024 | 2025 (Expectations)3 | |
| 54.39% | 80.72% | 84.31% | >50% |
Our Company's dividend distribution proposal for the year 2025 will be resolved by the Board of Directors for the approval of the General Assembly after the year-end financial statements for 2025 are finalized, in accordance with the CMB legislation and our Company's Dividend Distribution Policy. The ratio shared in the table reflects our expectation for the year 2025, and in case of a significant change within the framework of CMB legislation, the necessary material event disclosure will be made.

1 The development in our Company's revenues is targeted based on the cyclical expansion in capital markets, while inflation expectations for general administrative expenses are taken into account in the calculations.
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