Bankinter, S.A.

Good morning, and welcome to Bonquinza's first quarter 2026 results presentation. Financial statements were posted with market authorities earlier this morning, and all materials can be found on our corporate website. Please refer to the disclaimer in the presentation and note that this call is being recorded. Today, we welcome our Chief Executive Officer, Gloria Ortiz, and our Chief Financial Officer, Jacobo Diaz. Gloria, over to you.

Thank you, Laurie. Let me start with the key highlights for the quarter, which confirm the strength of our business model. Disciplined volume growth, continued margin improvements, a diversified and resilient income base, and best-in-class efficiency and risk metrics. In volatile markets and in an environment of geopolitical uncertainty, that combination is not a nice to have. It is what protects earnings power through the cycles. This quarter, we delivered it once again, with growth that is both profitable and controlled, supported by high-quality balance sheets. First, customer volumes increased by 6.5%, with customer lending at 5%, retail funds at 1%, and assets under management growing by 17%. This is balanced growth. We are growing where we see attractive risk-adjusted returns, and we are doing so without compromising the quality of the franchise. Second, on margins, we continue to demonstrate strong pricing discipline, with customer margins at 2.68% and NIM at 1.76%. In other words, we are not buying growth, we are growing selectively with strict pricing discipline. Third, our income sources are increasingly more diversified and resilient. Net interest income grew by 5.5% and net fees by 8%, driving gross operating income growth of 6.5%. Finally, operational excellence and balance sheet strength remain key defining features of Bank Inter. We continue to improve our management ratios, with the cost-to-income ratio declining towards 35%, NPL ratio below 2%, and strong capital levels. All of this translates into profitability and value creation. Net profit reached 291 million at 7.6% with growth at 20%. Let's now go into some detail behind these figures. Customer volumes grew across the franchise, increasing by 14 billion year-on-year. Growth was led by lending and assets and management, with deposits stable and improving in mix. Geographically, Spain remains the core growth engine, while Portugal and Ireland continue to add faster momentum of a smaller base. On page 7, you can see the quality of our core revenue growth. One third of core revenue growth comes from fees, which now represent 26% of core revenues, a clear final of higher value client base and a more diversified business model. This is not cyclical growth. It reflects structurally more diversified core revenues and margin management that sustains net interest income even in shifting rate environments. Page 8, key management ratios reinforce the quality of execution behind our results. Improving efficiency, strong assets quality and strengthening capital all confirm that growth is disciplined, risk is tightly controlled and profitability sustainable through the cycle. Let me now turn to milestones for the first half of the year, first part of the year. Portugal is a clear success story for Bank Inter. Since launching in 2016, we have delivered high-quality growth, doubling our client base, tripling business volumes, and transforming efficiency from over 120% to the low 30%. Profitability has scaled strongly on the back of a disciplined and diversified model, built on a fully integrated operating platform with strong internal capabilities, reinforced by joint ventures and strategic alliances with partners such as MAFRE, SONAE, and Generali. None of this would have been possible without the teams. So today, Bank Inter Portugal has 884 employees, around 70% of whom have been with us since 2016, complemented by more than 150 new recruits from a younger generation who will help foil the next phase of growth. Together, they end up in a genuinely scalable and sustainable model supported by digital transformation, applied AI, and a clear focus on value creation. On page 10, earlier this month, we announced two complementary and clearly strategic corporate transactions to scale our business in alternative investments. First, we merged our alternative investment fund manager with premium partners to strengthen leadership in direct alternative investments, expand sector expertise, and reinforce capabilities. As a second step, we will take a significant economic stake in Access Capital Partners, accelerating our pan-European expansion through scale, specialization, and greater product breadth across investment strategies and geographies. Together, these two transactions directly enhance our value proposition while broadening access to alternative products where we already distribute today to more than 15,000 private banking and retail clients across Iberia. Overall, these strategic decisions strengthen a high-value capital light, recurring fee franchise, deepening long-term client relationships. And having just reviewed 10 years of growth, delivery, and profitable success in Portugal, I have the strong convictions that Bank Interinvestment is on the same path, building scalable long-term growth and delivering strong value creation for our shareholders. And before handing over to Jacobo, let me briefly frame my view of the current environment. While geopolitical uncertainty has increased in recent weeks, our assessment remains that this will not in the near term translate into a contraction in consumption in our core markets. What we are seeing is greater prudence rather than a deterioration in underlying demand supported by solid private sector fundamentals. In this context, our geographic diversification across Spain, Portugal, and Ireland continues to provide stability and quality to our earnings profile. And these markets are expected also to be less impacted and to perform better than the European average. So this is all from my part, and it is now over to you, Jacobo. Thank you.

Thank you very much, Gloria, and good morning, everyone. Let me briefly summarize the income statement. Net profit reached 291 million, up 4% quarter-on-quarter and 8% year-on-year, driven by resilient net interest income, solid fees, disciplined cost control, and lower provisions. I'll now walk through the key drivers behind each of these lines in more detail on the following pages. Net interest income continues to progress well. NII reached 571 million in the quarter, up 5.5% year-on-year, and around 2% quarter-on-quarter on an adjusted pay count basis. This is driven by volume growth and improving customer margins, in special due to the improvement in deposit cost, which declined by 6 basis points during the quarter, supported by better deposit pricing and mix. On page 14, let me take a minute to talk about our deposit strategy. Our approach to deposit growth remains disciplined and margin-focused. We are actively managing the mix toward higher quality, more stable retail funds while maintaining tight pricing discipline. This focus has meant prioritizing the management of the cost of our deposit base rather than maximizing volumes. During the quarter, we continue to optimize pricing including actions on digital accounts and a review of deposit spreads for treasury and fixed term deposits. Retail funds declined by 3 million due to a 3 billion due to a seasonally softer first quarter and well as active margin management actions. We continue to optimize our funding mix with a lower share of price-sensitive term deposits and a greater share of current accounts supported by our digital strategy. This translates into lower deposit beta, lower funding costs, and improved margin resilience through the cycle. average retail deposit costs for the quarter continue to decline, reaching 81 basis points. At the same time, digital accounts continue to perform very strongly, increasing by almost 2 billion during the quarter to over 13 billion. This clearly demonstrates that our campaigns remain effective and customer engagement strong, even after the price reductions implemented on digital accounts during this quarter. This is fully consistent with the year-on-year trend shown on the slide, a structurally healthier and more stable retail funding mix with growth in current accounts and a continued reduction in term deposits. On page 15, turning to fees, this grew 8% year-on-year to €203 million, driven by wealth management activity as well as a strong growth in insurance activity. Q4-25 included some one-off items, so sequential comparability increased is not fully like-for-like. Our underlying mix is increasingly value-added and recurring, strengthening revenue resilience. On page 16, on other operating income and expenses, this also shows solid growth. Equity method, trading, and dividend income increased by a combined 18% year-on-year, reflected the continued diversification of revenues from business, such as banking and investment, our insurance joint ventures, as well as with our partnership with Sonae in Portugal through Universal. Overall, this further reinforces the quality, diversification, and resilience of our earnings base. Expenses. Bank Inter is well known for its best-in-class efficiency levels, and we want to underline that the improvement we are delivering today is structural, recurring, and still has room to improve. Business growth continues to be absorbed without creating structural pressure on the cost base. At the same time, efficiency is not being achieved by under-investing. We continue to invest in people and technology, with applied AI and simplification initiatives already delivering tangible productivity gains. These allow us to grow, invest, and keep improving profitability at the same time. And that leads directly to the next slide, which shows how we are maximizing the potential of AI. Our approach is very pragmatic and built on a dual framework. On the one hand, we have toned down CEO-driven priorities, applying AI across software development, commercial process, and day-to-day operations. On the other hand, we are pursuing a bottom-up approach, equipping our employees with an increasingly accessible AI tool set embedded in their daily workflows. Together, this supports higher productivity per employee in front and back offices and a lower cost to serve as volumes grow. In short, AI is not a future promise. It is already reinforcing cost efficiency and strengthening the scalability of our operating model and will continue to be a key driver of efficiency improvements in the coming years. Next page on credit costs remains low and well-controlled at 32 basis points in the quarter. Other provisions also performing well down to 7 basis points. Profit before and after tax grew by 8% year-on-year with net profit at 291 million, confirming the resilience of our profitability and our ability to create value through the cycle. Asset quality remains strong and clearly differentiated. NPLs are low, coverage is prudent, and we continue to outperform the sector across all geographies with risk metrics stable, well-controlled, and with no signs of deterioration. On page 22, Z1 ratio closed at 12.96%, above our target range and well above minimum requirements. Strong earnings generation comfortably offsets risk-weight assets growth. giving us flexibility to support organic growth and allocate capital to strategic opportunities, like the alternative investment transaction that Gloria referred to in the introduction. Next page. Customer volumes grew by 6%, supporting a 6% increase in gross operating income, with well-diversified contribution across geographies. Loan growth remains disciplined and continues to outperform the market, especially in Portugal, Ireland, and business banking in Spain. Regarding Spain, Spain continues to see strong revenue growth with pre-tax profits rising by 10%. While retail volume softened this quarter due to seasonal effects and tighter mortgage pricing, corporate lending and off-balance sheet wealth management have remained resilient despite market volatility. Regarding Portugal, Portugal marks, as it was mentioned, its 10th anniversary. Growth remains robust. Year-on-year movements in cost of risk largely reflect the one-off gain from an NPL sale last year in the first quarter. Excluding this effect, underlying performance remains solid and well-controlled. Ireland also continues to deliver strong growth momentum, with volumes up 20%, improving profitability and exceptional asset quality. The NPL ratio remains just at 0.3%. On page 26... Corporate and SME banking continues to grow well above the sector. Lending in Spain is up 8% versus 3% for the market. With very strong momentum in international business, world growth reached 17%. In page 29, in retail banking, our approach remains disciplined and margin-focused on both the asset and liability sides of the balance sheet. New account activity continues to be robust, with salary and digital account balances growing by close to 50% over the past year. reflecting solid customer acquisition and engagement. New mortgage origination in Spain was lowered during the quarter, reflecting pricing discipline in a tight margin environment with compressed risk-adjusted returns. This is consistent with our focus of allocating capital where returns are more attractive, such as in Portugal, where mortgage growth reached 8%, and in Ireland, where it grew by 37%. Overall, Ripple Banking continues to prioritize profitability and balance sheet quality over volume at any price. Next page, despite wealth management, despite heightened market volatility driven by recent geopolitical tensions, our wealth management business continues to prove resilient. Customer wealth increased by 18 billion, up 13% year-on-year, supported by net inflows and a growing high-quality client base. Even in volatile markets, our clients remain invested and continue to allocate savings, reflecting the strength of our franchise and the quality of our customer base. with flows that remain resilient through the cycle, even in periods of elevated uncertainty. Next page, you can see the same trend with double-digit growth in both AUMs and AUCs, reinforcing the resilient and recurring nature of this business. Finally, let me take a moment to review our ambitions for the year. This first quarter of 26 we have delivered a solid quarter and results fully aligned with our previous guidance, following a disciplined execution with excellent quality of results supported by recurring sources of revenues. The recovery of client margin level to close to 270 bits in Q1 and the improvement of efficiency levels towards our ambitions are the supporting levels of another successful year. Despite the ongoing uncertainty in the market environment, our expectations and guidance for 26 remain broadly unchanged and current levels of profitability are expected to be sustained in coming quarters. We will consider changes to our guidance in the next result presentation with more visibility over impact on macro scenario of current geopolitical events. We continue to anticipate stable volume growth in line with our initial assumptions. while maintaining our disciplined and balanced approach to liquidity and risk. On the lending side, we expect volumes to grow at mid-signal digit rates, supported by a still positive macro environment for all geographies where we operate, by a selective origination and a strong focus on risk-adjusted returns. Deposit volumes will be actively managed to preserve comfortable liquidity ratios and balance sheet resilience. Deposits to loan above 100% or loan to deposit below 100% are levels that have been committed in the past and will continue to be in the future. Across the group, we expect growth trends to remain broadly consistent with 25 levels and year-on-year for the first quarter, with Portugal and Ireland continuing to deliver a strong performance, and Spain maintaining solid momentum, particularly in corporate banking. With respect to NII, The continued volatility in interest rates means that visibility of the coming quarters remains still limited. However, current levels of forward curves anticipate potential rate increases that are supportive for NII incoming quarters. We continue to manage customer margin towards the 2,270 basis points or above. In this context, Rather than providing new guidance on NII levels, we remain focused on the levers that we can actively control, which are pricing discipline of the assets and liability, customer margin management, and prudent balance sheet optimization. As a result, NII should continue to be driven primarily by volume evolution, rather than by changes in pricing or margin assumptions. We expect Quarter-on-quarter NII growth during the quarters in 2026. Beyond NII, we remain confident in our ability to deliver high single-digit growth in free income, supported by our diversified business model and strong customer engagement. Recent corporate transaction on the alternative investment front is a good example of our strategic focus on recurring growth on the wealth management business. At the same time, we remain fully committed to delivering positive operating jobs in 2026, with the cost-to-income ratio expected to decline below 35% for the year, supported by simplification of our business organization and the combination of talent and technological investments. In terms of asset quality, our outlook remains stable. We do not see any signs of deterioration in credit quality, and we expect the cost of risk to remain stable around current levels. In this quarter, we keep improving our capital position, maintaining strong levels of capital buffers and NREL ratios. And finally, we expect return on tangible equity to remain above 20%, reflecting the underlying strength of our business model and supporting continued attractive value creation for shareholders. Now, Gloria, back to you, please.