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  "documentTitle": "2025 12 Capital Markets Day",
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      "text": "Mid-term guidance 2024-28E: We will continue to deliver strong net revenue growth w/o treasury result of 8% CAGR until 2028; Combined with only 3% CAGR operating cost growth, we will achieve significant scale benefits; This will result in disproportionate growth in EBITDA w/o treasury result of 12% CAGR; With fading interest rate headwinds, overall growth (including treasury result) will improve (2026-28E): Net revenue 6%, EBITDA 8% and Cash EPS 10%; Overall EBITDA margin expected to increase to ~62% in 2028 (>3 percentage points increase)",
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