The values
- Reported: 31.2%
- Ex gain: 29.1%
- Aggregate effective tax: 25.9%
Where it comes from
Our calculation from other figures in the trainer’s notes:
Show the working
- 344,304 ÷ 1,102,861 = 31.22%
- (344,304 − 23,809) ÷ 1,102,861
Record
Affiliates aggregate pretax margin, year to March 2026 (Apr 2025–Mar 2026)
Year to March 2026 (Apr 2025–Mar 2026)
EstimateOur model or estimate. Treat it as an order of magnitude.