| Fiscal year | | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 | 2040 | 2041 | 2042 | 2043 | 2044 | 2045 | 2046 | 2047 | 2048 | 2049 |
INCOME STATEMENT |
| Revenue growth rate, % | | 15.7 | 15.2 | 14.7 | 14.2 | 13.7 | 13.3 | 12.9 | 12.5 | 12.1 | 11.7 | 11.4 | 11.1 | 10.8 | 10.5 | 10.2 | 10.0 | 9.7 | 9.5 | 9.3 | 9.0 | 8.8 | 8.6 | 8.5 | 8.3 | 8.1 |
| Revenue, $ | | 283606 | 326615 | 374486 | 427566 | 486207 | 550773 | 621632 | 699164 | 783753 | 875794 | 975691 | 1083858 | 1200718 | 1326706 | 1462271 | 1607872 | 1763986 | 1931104 | 2109735 | 2300406 | 2503666 | 2720083 | 2950251 | 3194789 | 3454343 |
| Variable operating expenses, $m | | 131310 | 151223 | 173387 | 197963 | 225114 | 255008 | 287816 | 323713 | 362877 | 405493 | 451745 | 501826 | 555932 | 614265 | 677031 | 744445 | 816726 | 894101 | 976807 | 1065088 | 1159197 | 1259398 | 1365966 | 1479187 | 1599361 |
| Fixed operating expenses, $m | | 24029 | 26072 | 28288 | 30692 | 33301 | 36132 | 39203 | 42535 | 46151 | 50073 | 54330 | 58948 | 63958 | 69395 | 75293 | 81693 | 88637 | 96171 | 104346 | 113215 | 122839 | 133280 | 144609 | 156900 | 170237 |
| Total operating expenses, $m | | 155339 | 177295 | 201675 | 228655 | 258415 | 291140 | 327019 | 366248 | 409028 | 455566 | 506075 | 560774 | 619890 | 683660 | 752324 | 826138 | 905363 | 990272 | 1081153 | 1178303 | 1282036 | 1392678 | 1510575 | 1636087 | 1769598 |
| Operating income, $m | | 128267 | 149321 | 172811 | 198910 | 227792 | 259633 | 294614 | 332916 | 374724 | 420228 | 469616 | 523084 | 580827 | 643046 | 709946 | 781734 | 858623 | 940832 | 1028582 | 1122103 | 1221630 | 1327404 | 1439676 | 1558701 | 1684745 |
| EBITDA, $m | | 150619 | 175182 | 202595 | 233059 | 266781 | 303970 | 344838 | 389601 | 438480 | 491697 | 549478 | 612055 | 679662 | 752538 | 830926 | 915076 | 1005242 | 1101686 | 1204676 | 1314486 | 1431400 | 1555709 | 1687715 | 1827729 | 1976072 |
| Interest expense (income), $m | | 2685 | 10624 | 12080 | 13700 | 15496 | 17480 | 19665 | 22063 | 24687 | 27549 | 30664 | 34044 | 37705 | 41659 | 45923 | 50510 | 55437 | 60720 | 66376 | 72420 | 78873 | 85751 | 93075 | 100863 | 109139 |
| Earnings before tax, $m | | 125582 | 138696 | 160732 | 185211 | 212296 | 242153 | 274948 | 310853 | 350038 | 392679 | 438953 | 489040 | 543122 | 601387 | 664023 | 731224 | 803186 | 880111 | 962206 | 1049682 | 1142757 | 1241653 | 1346601 | 1457838 | 1575606 |
| Tax expense, $m | | 33907 | 37448 | 43398 | 50007 | 57320 | 65381 | 74236 | 83930 | 94510 | 106023 | 118517 | 132041 | 146643 | 162375 | 179286 | 197430 | 216860 | 237630 | 259796 | 283414 | 308544 | 335246 | 363582 | 393616 | 425414 |
| Net income, $m | | 91675 | 101248 | 117334 | 135204 | 154976 | 176772 | 200712 | 226922 | 255528 | 286655 | 320435 | 356999 | 396479 | 439013 | 484737 | 533793 | 586326 | 642481 | 702411 | 766268 | 834213 | 906407 | 983019 | 1064222 | 1150193 |
BALANCE SHEET |
| Cash and short-term investments, $m | | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total assets, $m | | 399885 | 460527 | 528026 | 602867 | 685552 | 776590 | 876502 | 985821 | 1105091 | 1234869 | 1375725 | 1528240 | 1693012 | 1870656 | 2061802 | 2267100 | 2487221 | 2722857 | 2974727 | 3243573 | 3530168 | 3835317 | 4159854 | 4504652 | 4870623 |
| Adjusted assets (=assets-cash), $m | | 399885 | 460527 | 528026 | 602867 | 685552 | 776590 | 876502 | 985821 | 1105091 | 1234869 | 1375725 | 1528240 | 1693012 | 1870656 | 2061802 | 2267100 | 2487221 | 2722857 | 2974727 | 3243573 | 3530168 | 3835317 | 4159854 | 4504652 | 4870623 |
| Average production assets, $m | | 261201 | 300812 | 344902 | 393788 | 447797 | 507262 | 572523 | 643930 | 721836 | 806606 | 898612 | 998233 | 1105861 | 1221896 | 1346751 | 1480850 | 1624631 | 1778547 | 1943066 | 2118674 | 2305876 | 2505196 | 2717181 | 2942401 | 3181449 |
| Working capital, $m | | -25525 | -29395 | -33704 | -38481 | -43759 | -49570 | -55947 | -62925 | -70538 | -78821 | -87812 | -97547 | -108065 | -119404 | -131604 | -144708 | -158759 | -173799 | -189876 | -207037 | -225330 | -244807 | -265523 | -287531 | -310891 |
| Total debt, $m | | 265606 | 301991 | 342490 | 387395 | 437006 | 491629 | 551576 | 617167 | 688730 | 766597 | 851110 | 942619 | 1041482 | 1148068 | 1262756 | 1385935 | 1518007 | 1659389 | 1810511 | 1971819 | 2143776 | 2326865 | 2521587 | 2728466 | 2948049 |
| Total liabilities, $m | | 239931 | 276316 | 316815 | 361720 | 411331 | 465954 | 525901 | 591492 | 663055 | 740922 | 825435 | 916944 | 1015807 | 1122393 | 1237081 | 1360260 | 1492332 | 1633714 | 1784836 | 1946144 | 2118101 | 2301190 | 2495912 | 2702791 | 2922374 |
| Total equity, $m | | 159954 | 184211 | 211210 | 241147 | 274221 | 310636 | 350601 | 394328 | 442036 | 493948 | 550290 | 611296 | 677205 | 748262 | 824721 | 906840 | 994888 | 1089143 | 1189891 | 1297429 | 1412067 | 1534127 | 1663941 | 1801861 | 1948249 |
| Debt-to-equity ratio | | 0.420 | 1.442 | 1.430 | 1.420 | 1.413 | 1.407 | 1.402 | 1.399 | 1.396 | 1.394 | 1.393 | 1.392 | 1.392 | 1.392 | 1.392 | 1.392 | 1.393 | 1.394 | 1.395 | 1.395 | 1.396 | 1.397 | 1.398 | 1.399 | 1.400 |
| Adjusted equity ratio | | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 |
CASH FLOW |
| Net income, $m | | 91675 | 101248 | 117334 | 135204 | 154976 | 176772 | 200712 | 226922 | 255528 | 286655 | 320435 | 356999 | 396479 | 439013 | 484737 | 533793 | 586326 | 642481 | 702411 | 766268 | 834213 | 906407 | 983019 | 1064222 | 1150193 |
| Depreciation, amort., depletion, $m | | 22352 | 25862 | 29783 | 34149 | 38989 | 44336 | 50224 | 56685 | 63755 | 71469 | 79862 | 88971 | 98835 | 109491 | 120980 | 133342 | 146619 | 160855 | 176094 | 192383 | 209770 | 228305 | 248039 | 269028 | 291327 |
| Funds from operations, $m | | 114027 | 127110 | 147117 | 169353 | 193965 | 221108 | 250936 | 283608 | 319283 | 358124 | 400297 | 445970 | 495314 | 548504 | 605717 | 667135 | 732945 | 803336 | 878504 | 958651 | 1043982 | 1134712 | 1231058 | 1333249 | 1441519 |
| Change in working capital, $m | | -3464 | -3871 | -4308 | -4777 | -5278 | -5811 | -6377 | -6978 | -7613 | -8284 | -8991 | -9735 | -10517 | -11339 | -12201 | -13104 | -14050 | -15041 | -16077 | -17160 | -18293 | -19478 | -20715 | -22008 | -23360 |
| Cash from operations, $m | | 117491 | 130981 | 151426 | 174130 | 199243 | 226919 | 257314 | 290586 | 326896 | 366408 | 409288 | 455705 | 505832 | 559843 | 617918 | 680239 | 746995 | 818376 | 894581 | 975811 | 1062276 | 1154189 | 1251773 | 1355258 | 1464879 |
| Maintenance CAPEX, $m | | -22352 | -25862 | -29783 | -34149 | -38989 | -44336 | -50224 | -56685 | -63755 | -71469 | -79862 | -88971 | -98835 | -109491 | -120980 | -133342 | -146619 | -160855 | -176094 | -192383 | -209770 | -228305 | -248039 | -269028 | -291327 |
| New CAPEX, $m | | -35444 | -39611 | -44089 | -48886 | -54009 | -59465 | -65262 | -71406 | -77906 | -84770 | -92005 | -99622 | -107628 | -116035 | -124855 | -134099 | -143781 | -153916 | -164519 | -175608 | -187202 | -199320 | -211985 | -225219 | -239049 |
| Total CAPEX, $m | | -57796 | -65473 | -73873 | -83035 | -92998 | -103801 | -115486 | -128092 | -141662 | -156239 | -171867 | -188593 | -206463 | -225527 | -245835 | -267441 | -290400 | -314770 | -340613 | -367991 | -396972 | -427625 | -460024 | -494247 | -530376 |
| Free cash flow, $m | | 59695 | 65508 | 77553 | 91095 | 106245 | 123118 | 141828 | 162494 | 185234 | 210169 | 237421 | 267112 | 299369 | 334316 | 372083 | 412799 | 456595 | 503606 | 553968 | 607820 | 665304 | 726564 | 791749 | 861010 | 934504 |
| Issuance/(repurchase) of shares, $m | | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Cash Flow, $m | | 7406 | -24257 | -26999 | -29937 | -33074 | -36415 | -39965 | -43728 | -47708 | -51911 | -56342 | -61006 | -65909 | -71057 | -76458 | -82119 | -88048 | -94255 | -100748 | -107539 | -114638 | -122059 | -129815 | -137919 | -146388 |
| Pot'l extraordinary dividend, $m | | 101117 |
| Cash available for distribution, $m | | 166737 | 41251 | 50554 | 61158 | 73171 | 86703 | 101863 | 118766 | 137526 | 158258 | 181079 | 206106 | 233460 | 263259 | 295625 | 330679 | 368547 | 409352 | 453221 | 500282 | 550666 | 604505 | 661934 | 723091 | 788115 |
| Discount rate, % | | 4.90 | 5.15 | 5.40 | 5.67 | 5.96 | 6.25 | 6.57 | 6.89 | 7.24 | 7.60 | 7.98 | 8.38 | 8.80 | 9.24 | 9.70 | 10.19 | 10.70 | 11.23 | 11.79 | 12.38 | 13.00 | 13.65 | 14.33 | 15.05 | 15.80 |
| PV of cash for distribution, $m | | 158948 | 37313 | 43172 | 49047 | 54792 | 60251 | 65264 | 69669 | 73315 | 76064 | 77807 | 78464 | 77992 | 76394 | 73713 | 70039 | 65500 | 60261 | 54510 | 48448 | 42281 | 36205 | 30395 | 24996 | 20118 |
| Current shareholders' claim on cash, % | | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |