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  "documentTitle": "2025 Investor Day Financial Outlook",
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  "notes": "The slide compares two specific lending products with key financial metrics including ROIC and ROE.",
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      "text": "Delivering high returns on short-term consumer lending products.",
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      "kind": "disclaimer",
      "text": "Borrow unit economics are for 4-week loan period. Afterpay unit economics are blended global numbers for Pay-in-Four products, which is part of our BNPL platform. Unit economic numbers include warehouse financing costs and are rounded. ROE is directional and based on 80% leverage. ROIC is calculated using 2026 estimates, as margin divided by gross receivables. Figures are rounded approximations based on 2026 unit economic forecast. See appendix for definitions of ROIC and ROE.",
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