Tenaris S.A.

Good afternoon, ladies and gentlemen, and welcome to the Q3 2025 conference call of Raiffeisen Bank International. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Johann Strobel, Chief Executive Officer. Please go ahead.

Thank you very much. Good afternoon, ladies and gentlemen.

Thank you for being with us this afternoon. We are pleased to report a good set of results this morning and in particular loans growth across the region, which continue to pace in the third quarter. We can report the consolidated profit of 1 billion and 27 million euros for the first nine months of the year, excluding Russia, equal to a return on equity of 10% in line with our guidance for 2025. When we think about the future of RBI and exclude both Russia and Poland, we have achieved a 13.5 ROE in the first nine months. We can confirm our ambition to earn around 13% on this basis in 2025 and beyond. We will discuss this again on the outlook slide.