Bank Polska Kasa Sa Ord

Ladies and gentlemen, welcome at our conference with a presentation of our financial results for the fourth quarter and the entire 2025 of PKUSA. We have Cezary Stepukowski, CEO, Dagmara Wojnar, Vice President, responsible for Finance Division, Marcin Kodomski, responsible for Risk Management Division, Łukasz Januszewski, Vice President, responsible for Corporate Banking Division, and Ernest Pytlarczyk, Chief Economist of the Bank. Over to the CEO. We've already had the rehearsal of this conference with the media, so probably things will go smoothly and we might speed up a little bit. I would say that what characterised the entire 2025, and actually treated as a certain achievement of the Bank, That's acceleration of credit action and strengthening of the importance of commissions, profit. I have already said repeatedly, we... used the opportunity that we had built up until 2024 when the banks were under strong pressure, but our market shares were flat. Now they budged a little bit, not sold, but budged a little bit. The second thing is the result of commissions with all the caveats that we need To clarify, probably you will have some questions regarding these, and we will do our best to answer them. But that result is significantly higher, corresponding to the declarations that we announced here in this room back in April. Its structure is already encouraging, although it's not... so that we have resolved all problems. Nevertheless, we have steadily retained all the necessary ratios. The most important thing is probably the proportions of the entire aggregate. The result is plus 7 billion return on equity, more than decent. and covering the cost of capital probably one of not too numerous years where the banking sector was able to cover the cost of capital. And it seems to me that the public awareness is not yet widespread regarding the need for the banks to rebuild the capital. and the demand seems to be disappearing rather than growing. There were some issues related to cost of risks, so probably you will have questions on that. NPL, where we stumbled a little bit on those 5%, and consequently we restricted dividend flexibility. Now it's under full control. Here you can see the key areas with our strong dynamics. And this is exactly in those segments in which we wanted to achieve higher growths because these are products with higher margins. We have always been a strong bank among large corporal segment, also closely linked to the public segment in Poland. We are now rebuilding our position and the numbers are very attractive. Now you can see a slide with a greater granulation of our profit and the key drivers that had positive impact, particularly the sale of cash loans, grew. It's not so that We had a revolution of our market share, but the bank historically wants to be a deposit-oriented bank rather than a loan-based one. But I must say that things are relatively well. We are very happy about the rebound in micro. It was a certain surprise to me when I joined the bank that the micro segment was relatively weak, given the 500 branches of the bank across the country. It's not so simple because micro is strongly determined by digitization. where we lagged behind. Actually, we do lag behind still. But things are on track and we are happy about the growth, relatively happy about the growth. The gap, digital mobile gap that the bank had as a lack of investments during the years is now being made up for. We have Łukasz with us who... can give some credibility to our entry and ambitions in the corporate segment because he's responsible for that. And in corporate banking, as I said, the bank had always been a major leader and both the ambitious to be the premier bond house in Poland consolidated in trusteeship services. Our services are also developing and Forex is just bread and butter following the general line of business development. And with regard to the strategy, we can say that all of the elements are on track. We are above the targets. However, we should keep our detachment because we formulated our strategy under specific conditions in the first quarter last year with certain assumptions regarding the development of interest rates, The decrease is deeper than we had expected, but it is quite an achievement of the bank that we had managed to maintain interest margin. This is something that cannot be repeated, just to make things clear. But also from the perspective of the structure of our balance sheet and its components, that achievement has to be appreciated both from the perspective of our treasury and business lines. I could say we have managed to manage that. That will probably be the good description. As I repeatedly stressed, cost-to-income ratio, maybe if you follow my statements from my previous incarnations, you know I have always been obsessive about that, and PKO, we have more leeway in this, but I believe we need to make up for the backlog resulting from the lack of investment in the past. With decreasing interest rates, the figure can be at risk, but we assume that the process of technological revitalization of the bank will take some three years. Therefore, the flexibility at that stage will be greater. current costs and also deferred depreciation. As for dividend, for years the bank has been the postman delivering pensions regularly. when others were unable to do so because they were bound by the rules of the supervisory authority. However, we paid out the dividend and we don't want to change this. More, we will do everything in our power to be able to pay out the dividend in the range 50-70. There are a lot of elements that are structurally linked to our functioning within an agglomerate structure. But we keep this track. Over to Marcin. Maybe I will briefly announce something that we called a decarbonization plan in line with the directive on sustainable reporting, that is, transformation plan. It might be misleading. That's why we changed the name to decarbonization plan. For the years 2025 to 2027, we defined our assumptions for ESG. And environment, of course, is a major component, all environment-related issues. Now, in accordance with the requirements, we published our plan and we defined two major branches or two major components of our credit portfolio. That is the funding of energy sector and mortgage sector. loans that are under this plan in terms of targets by 2030. We want to reduce intensity of emissions in those two portfolios by about 40%. We are talking about major growths in our plan, and the growths focus on renewable energies, gas-powered power plants, and also in this time horizon we assume that some portion of funding of nuclear power plants will be there, with a decreasing proportion of funding of fossil fuel-powered plants. This is also in line with energy efficiency of buildings. Here our portfolio will be funding buildings that are energy efficient to a greater extent. We will also fund renovations aimed at reducing the consumption of energy. The entire document is published on our website. really want to vent here. I already did that at a previous conference, but I want to stress very clearly our determination to make sure that the goals related to the broadly understood environmental aspects and social aspects. So here the Bank is determined to organize itself around those issues. The doubts that emerged Not a long time ago I talked with a representative of a foreign bank where a single email was enough to cancel the whole problem. We are not in this camp. We will uphold our determination in this regard. But I would also like to share something I have already talked about. A certain... excess of discussions about CSRD. I also asked our report to be divided into two parts. One is financial, including ESG, and the other part is only focused on ESG. And this is overdone. Of course there is some thought behind it, omnibus addresses the matter to some extent, but I believe this is the best proof how much intellectual effort is being made to produce pages from 111 to 300, almost 50, versus report on activities, which also includes certain ESG activities, which comprises 100 pages. I would like to see analysts willing to read that. That is the most advanced professional group Have you read that on page 207? There is a table with very few numbers. So my point is I'm just baring my soul. That's my deep need to signal that there is too much form compared to the content. we can achieve a lot without getting engaged involving people, intellect of highly sophisticated individuals to produce material that only Andrzej is able to read.

So I had this urge to express my view here. Now, regarding how we organize ourselves, Well, it is with great humility that I have to admit, well, the bank has a lot of catch-up to do in many areas, but there is some success. It has something to do with PZU and the ability to calibrate in a friendly manner these products means that, for example, with reference to mortgages on properties, we have quite a good product, which is quite well received on the market. and we are able to offer it in those five outlets that we have. And also, binding our mortgage with the PZU product should, in fact, result in better sales. But it is not due to insurance that people go for a mortgage, right? There will be perhaps some questions that already were answered in the previous conference. Now, the cyber rescue. I could be biased here because this is a structure that was created in my other incarnation if I can take the liberty to use that term, but the banking sector actually owes its customers some extra effort in terms of cyber rescue. Now, in the past, I took part in many initiatives to sensitize customers. They were campaigns, awareness campaigns, social campaigns to that end. And in the structure of Accelerator, the cyber rescue solutions have been developed. And it's not just the issue of securities against cyber attacks on banks, but it's also a service that we have implemented and we are proliferating in our bank for individual customers whose goal is to arm our customers whenever they are faced with a cyber threat, not necessarily a banking cyber threat, to have a contact point. I'm not going to tell you stories. I remember when I myself was a victim of such an attack, I realized just how lonesome people are when they are undergoing this situation. A CEO of the bank, you know, copes because they have people that can call, but an average customer finds it more difficult. That's why I decided to devote more time to it during our first conferences and customers, due to GDPR or all the other wonders in the world, have legible access to such solutions and this is what banks can do and cyber rescue serves that purpose and it's a hub that has competent people that can give some advice 24-7 it might not have to be perfect it needs more investment perhaps but the openness to this is meaningful so it's not a question of 300,000 people giving consent vis-a-vis 5 million who haven't, right? We will have to reinforce the efforts here. We know that bank is behind in the area of digitalization and the self-service zone is something that will be spoken about again. Waukesha will speak about it mainly. But we have some progress here, systematic and inevitable. Most likely, it will be more visible towards the end of this year and next year. And we have an increase in customers in many aspects. Perhaps a few words about our 30% share in creating an infrastructure for family foundations. But what's most joyful to us is that an increasing number of our customers that have a slightly higher profile than those to our competitors are using our mobile banking app. And we have an increasing share in the products that should be sold digitally. Perhaps it's not yet up to our ambition, but it's growing. We might not be showing this, but for example, the idea of selling insurance products, which are a perfect fit for this type of sales. So on the right-hand side, you'll have a whole list of the solutions available. And we'll get over to you. Hello. A warm welcome. I had the pleasure to join the Management Board on the 1st of September, So over the next few slides, some information that I'm going to share with you, we will intertwine these facts with the corporate banking division that I'm responsible for. And then also with the division of Robert Zahacki, we cooperate very closely. Our areas intertwine to make sure that we are client-centric because the way we establish, report, and build relationship varies between the two sectors, but the banking platform and the synergies that can be achieved, especially from the point of view of technology and product, are really worth having a a joint outlook on these issues. In two years' time, the bank will be 100 years old. So we know about banking, we know about products. But what we believe in and what we were betting on in 2025 is the knowledge of industries. Because in the corporate business and what customers are facing, in a transformative economy a growing economy like ours are a number of challenges and in order to be able to find the right solutions you just need to know your business and that's where we're investing we are going to ensure further on to make sure that our people, other than being bankers, also do understand the corporate businesses they deal with. And in enterprises, the sectoral specialization expertise is important. If we can deliver this knowledge, this expertise, and this discussion, in various manners. We are talking sometimes about hundreds of millions of financing but we will be having a different conversation when we're talking about several hundred thousands or a few million. But the problems remain the same and the answer to those is digitization, webinars, making sure we can use the technology to be able to share and multiply the know-how and democratize this knowledge. We have made some investments to that end already. On the other hand, our local presence matters. We might not be the biggest country, but we are quite vast in terms of geography. So hence, our specialists are located in 74 corporate centers, which shows the scale of our operations. Thanks to that, we remain close to our customers. Now, relationships will remain the foundation of our growth, and this is a strong pillar, I must say. We have achieved a significant increase in terms of customer acquisitions, both in SME and the mid-market sector. Now, for the mid-market sector, we have customers with the turnover over 50 million zlotys, and we have acquired 1,013 customers. That's the data from last year. which illustrates really well the fact that, well, customers like banking with PKOSA, and they do want to cooperate with us. So the financial leg is very important in the growing economy. But on the other hand, what Cesare has spoken about, room for improvement, is digitization. And this has a few dimensions. First of all, our ambitions to grow faster than the market, and we have a two-digit growth on the market, so we need to renew quite a lot of our portfolio in corporations every year, and then new acquisitions are added on top of that, so the simplification of processes will be focusing on processes that have to do with financing, On the other hand, we need to be cautious in terms of cost generation. We don't want this to be head and head, parallel to the growth of our employees. It's not just a question of cost, but it's also a question of quality. If we want to be the leader of understanding industry, We need to invest in our employees. It's very important. In 2025, we used AI, especially for the purpose of preparing meetings for our customers. And we have prepared advisors to face our customers during meetings. And we can see... that this application of AI technologies is doing really well. On the other hand, we are also using quite important events We take our logo, Bison logo, to the stock exchange, and we bring this idea closer to our entrepreneurs who are thinking, considering expansion, and we're bringing them closer to various methods of getting capital equity or getting financing. So there's a whole area of advisory services that we have spoken about. So the digitization that I wanted to refer to, it has this leading motto, right? Cesare speaks about this often, and that's the technological debt that we have in PKO. We want to return it in the currency of time. We want to provide these constructive conversations about challenges, and we want to give it back to our customers to make sure that the relationship they have with the bank is convergent whenever we talk about important things such as development, expansion, diversifying exports, structuring, their financing, etc. These are issues that entrepreneurs really want the bank to be able to talk to them about, not necessarily issues that you can deal with yourself via electronic banking or something else. So these are issues that we are going to be investing in strongly. Now, economic transformation and enterprise transformation is also happening in the public sector. especially municipalities, communes, cities, agglomerations. And here, PKOSA happens to be the leader in terms of this cooperation. So both the energy transformation and all the aspects that we have touched upon in the area of environment is something that we strongly support. So my speech has been a little bit generic so far, but on the other hand, well, 2025 kind of illustrates all that in the current growth of credit volumes. Customers are responding really well to our proposals. We increased our market share. both in corporate and enterprise sector. Our market share has exceeded 15%. Also for large corporations, we have reached almost 14%. Like I said before, we acquired customers both in SME and mid-sector. And what we wanted to share with you is something that you might have noted already, is that our factoring company has reclaimed its leadership in the rank thanks to 100 billion turnover. and the year by year growth is 21%. I wanted to stress that because it's not just a question of implementing the strategy that we that we perceived as comprehensive for our group because we put the factoring offer and the leasing offer under one umbrella but this also has another dimension and that is of addressing potential bottlenecks or challenges in the flow of payments or receivables. And we are really, really proud of reclaiming this number one position here. On the other hand, our leasing has noted some growth as well. We are number five still. But it had a two-digit growth in volumes, which is good news to us. Volumes have also grown in the more granulated sectors, and that is financing micro-entrepreneurs, an area where we were undervalued before. And some selected transactions here in which our bank has had a significant role to play. This is a selection, and you will find us, I'm sure, in a majority of significant transactions from last year. Something that has had significant media coverage lately was the launch of a first since decades Polish ferry on the sea waters. We've had quite a contribution to this. So from the point of view of enterprise banking, it's very important to stand on two legs, right? to have the large strategic players in your portfolio, but on the other hand, some of the SMEs. And we can see quite clearly that this allows us to see the flows in the economy. And at the end of the day, it also allows us to better assess the risk. Dagmara will be talking about... our financial results more clearly. Other than the growth in assets, we are happy to see that our outcome also has two-digit dynamic in terms of commissions. So the growth in acquisitions plus the focus on customer relationships translates to higher product rates, better transaction rates and we are looking to see further growth in our results in this trend. So I would end here and give the floor over to Ernest.

So a quick macro update. For sure, already in 2025, which is the subject of this presentation, a lot of trends were outlined already in the last quarter. We had an increase in GDP. This year, it's likely to be 4% up. The structure of investments, the growth of investments may reach even 10%. 2026 and 2027 will see accumulation of the absorption of funds from the resilience and recovery program. Those investments will regard mainly large companies and large exposures. but will also have an impact on consumption and labor market. This is probably one of the aspects that differs us from other consensus. We see that the labor market is loose. It's not going to exert an inflationary pressure or an excessive pressure on pay rise. We had 6.1% remuneration dynamics, which is much below the consensus. We think we will go below 5%. This sheet is a summary. We could see 5% for pay rise, then there was an inflation and 2 with double minus is again inflation. Inflation is going to be very low. below the target. It consists of salaries which slow down and cheap exports from China and the extinction of the energy shock. There is an oversupply of many energy resources. And also regarding GDP, there is a lot of investments. In consumption, the dynamics is much lower than in previous years, and the labor market is kind of loose. We do not expect a significant increase in unemployment rate. No, definitely not. In certain respects, it is a major variable regarding the general sentiment, social moods. And as for dynamics of interest rate, something that is very important for the banking sector, we expect two or three cuts. It's hard to say yet how many exactly. But probably the growth in volumes is likely to compensate any loss resulting from lower interest rates. The volumes are going to grow aggressively, in particular in corporate segments. Good afternoon, ladies and gentlemen. My colleagues have given you... a business overview and I will tell you in greater detail how we embedded that in numbers and what our results for 2025 are. Starting with loans, these grow in general 8%, retail 5%, corporate 11% up. In retail it is worth noting that we had a growth in cash loans which was up 13% It is also important that we are going to transform. The cash loan is sold through electronic channels. Almost 90% of agreements regarding this loan are sold through electronic channels. As for corporate loans, MID and SME are growing, corporations are growing, micro is growing, and here we see two-digit growth. Łukasz has already mentioned the clients. The acquisition of new clients is important to us. And if we look at 2025, the acquisition was good. About 1,100 new clients in mid-segment were acquired. To sum up the credit loan side, we said in our strategy that we wanted to grow in key areas. And those key areas where you find is cash loans, micro, SME, and mid. These were the areas where PKO historically had not been properly balanced. Because in corporate segment, it had historically and continues to have a good position. In 2025, we consolidated our position, our shares, market shares, and those segments that are important to us. Loan credit side, 4% growth in deposits, both in retail and in corporations. It is worth noting here the role of TFI investment funds. We have 20% year-on-year growth. on assets under management. Apart from deposits, we are opening new accounts. Almost 500,000 new accounts were opened, and a large portion of those new accounts, about 35% of these were accounts for young people up to the age of 26. When we talk about liabilities, it is worth talking about issues. We had two issuances for MREL, one through two. It is worth saying that we had a significant, almost three-fold oversubscription, and the issuance offered excellent conditions. bring us close to major players from Western Europe. And if we look at 2025, we see that in our portfolio we had over 100 new foreign investors in debt issuances. Foreign investments now. 2025 saw intense decrease of interest rates. Three-month VBOR dropped year-on-year 7% and our interest margin remained, as you can see in this slide, on the same level. It is worth detailing how we did that. On the one hand, as you have already heard, one driver was the growth of volumes. The growth of volumes in segments that generate higher margins. Therefore, the structure of the balance sheet and the structure of loans changed somewhat in 2025. Then, on the side of liabilities, we reacted very soon to the fall of interest rates, decrease of interest rates, and the policy of managing deposits helped us to stabilize this margin. There was also a change in the profitability of our portfolio of securities. In 2025, we repriced old COVID papers with lower profitability to new debt papers with higher profitability. We also have hedging that is growing in 2025. If we look at our sensitivity, 15 base points versus 100 base points decrease in interest rates. As you can see, in the fourth quarter, our NIM dropped 4.7%. And if we look at how we start 2026, and if we keep in mind the upcoming interest rate cuts, keeping this four at the front will be a challenge. If we move on, a few words about our result on commissions. This is something we are happy about. That is another quarter in a row. where we have a two-digit growth. Year-on-year, the growth is almost 11%. This is also something that we communicated in our strategy. Historically, in the commissions, we grew at 1-2%, and we said we wanted to change this. This actually happened in 2025. We treat this profit on commissions as a stabilizer of our income. taking into account the decrease in interest rates. This is an element that does stabilise the results a little. If we look at 2025 as a whole, each component of the resultant commissions contributed to this overall growth. There was a growth in commissions on loans, cards, brokerage services. This element was quite significant there. Let's remember that in 2024 and in 2025... The profit on managing brokerage assets and services contained an element of success fee that takes into account the results of our investment fund. So that is a major element of our success here. If we move on to costs, we also declared that on the one hand we were trying to keep personnel costs under control and on the other we needed some space to increase depreciation and fixed costs, personnel costs decrease year-on-year. Let's remember that in 2024, at the end of the year, we announced a program of voluntary retirement or voluntary leaving of the company. We had five people who took advantage of this program of voluntarily leaving the company. On depreciation, we have 17% growth. We had an increase in IT, telecommunications, a little marketing and advertising depreciation and amortization also growth because projects that we started contribute to it as well as activities, investments, We announced in our strategy like modernization of our branches, modernization of the call center. These are the elements that we started implementing in 2025 and we will continue over the space of the strategy. Now the cost of risk over to Marcin. Thank you, Desmara. The cost of risk, as you can see, is at a low level, 39 base points, which is significantly lower than the strategy assumptions at 65, 70 base points. In the fourth quarter, the cost of risk in the retail segment was even negative, and throughout 2025, it was close to zero. That resulted from an excellent situation in the labor market, there were no signs of excessive loan rate among other clients or in Polish society at large. We have good loan repayment rate and also in the second quarter we reassessed, re-evaluated risk parameters that we use to make write-offs for impaired value. also the result on non-working loans, non-repaid loans throughout the year. As for costs in corporations here, these are more normalized. In 2024, we had a situation where some companies that a lot of energy intensive experience problems resulting from energy prices. Now the situation is stabilized, so there are no systemic factors that contribute to losses in this portfolio. It is more about individual problems of individual companies if they have some issues regarding their operations, then they are more exposed to possible perturbations. As for systemic factors, for sure in some segments we have competition from Asia. also related to customs and shifts in customs. However, these are not elements that would have a major impact on the overall situation in corporations. Low cost of risks combined with restructuring allow us to stabilize NPL. It is even decreasing slightly. In the corporate part, it is higher because unfortunately on the major issues, if there is something like several dozen million worth, such cases continue for years. And this ratio has a major inertia. But in retail, as you can see, it is at a much lower level. This is the ratio that allows us to pay the dividend in line with our dividend policy. Also, there is also the ratio of sensitivity of interest result. That is something that we meet. This is imposed by the regulator, financial supervision authority, but we are on track here. And back to Dagmara. Capital position. Marcin has said, from regulatory perspective, we meet the criteria for dividend payment. We assume that the strategy payment at the level of 50% to 75% of net profit – talks are underway on this now – CET at 15%. This CET does not contain profit for the second half of 2025 – only 25% from the first six months of the year. If we move on, MREL, we meet the MREL requirements with a surplus. In 2025, We had two MREL issuances, one in Tier 2, and it should be said that these were of broad spectrum. Green, senior preferred, senior preferred. And the only thing that is still missing in our range of instruments for capital management is an instrument for 81 management, and we will want to have an issue like that. To sum up, we end 2025 with the highest to date profit achieved by PKO. I could say that we are accelerating both in volumes as most of our volumes grow at a two-digit rate, we are also gaining market shares. Our result is stabilised by the component of the profit on commissions, and in spite of the Issues that I have mentioned cost are kept under control. We have a safe risk level. This was not discussed broadly, but we continue to be bank number one in stress tests by EBA. And all that translates into building a value for our shareholders.

Thank you very much and over to Cesario.

Well, I will not be boasting too much about the awards. If you want, you will read about this, but we have been given a few. And one thing that Martin has whispered into my ear is that I... I made a Freudian slip, actually. I confused the two names. So it's either a confusion or contamination of names. one of our friendly banks, which still means that we have some problems with calling things by their names. So it looks as though this is so deeply rooted in our consciousness, it happens on such a level, so we have a structural problem which we will be trying to address. What more to add? Not much, is there, really? Okay, let's give our audience a chance and take questions. Thank you for visiting us. Our conference is always a hybrid event, but you can still show up if you like. Question from the audience. To make sure that I'm seen in the audience, Anna from Cityhandlover. I wanted to ask you about the mortgage market. I understand that it is not your core market and that the strategy really allows for growth in other segments, but you are an important player on this market anyhow. What is happening there? because we are guessing that there's a significant share of refinancing, but we don't have a lot of data here. We mostly base on that feel. The scale of prepayments or overpayments could be something to think about, given the interest rates, which perhaps is not very encouraging to do so. But also, the big proportion of mortgages doesn't really translate into a growth in the purchase of real estate, which doesn't seem to be so big. So what's really happening in the mortgage market? Okay, a few points. Definitely, the reported sales... is higher than what is actually new money on the real estate market. Now, in our case, the early repayment would account for about one-fifth of new products, but from what we can see on the market, it's probably a little bit more than that. to talk about estimations. But you need to also take into account a phenomenon which is getting more and more visible now, is that some of that production is not seen. Because if a bank reacts to what's happening in the market and then annexes the contract, thereby lowering the interest rates, you don't see it as new products, but the outcome is similar. So that means somebody has lowered their interest rates. This is a phenomenon that is not yet visible on a mass scale as it is on mature markets, but the market is picking up on that. So, as a result, I think it is food for thought in terms of how this mortgage product presents itself here. Other than the legal issues, we're looking at a product where the fee for early repayment is very much limited, which creates the situation where the interest rates are dropping, they're variable, but when they are growing, it's fixed. We have been learning that, we have been forecasting that, and in our hedging policy, we have been trying to address it. Still, the standard of coping with this challenge will perhaps get a better shape after this decrease in interest rates because it's not yet been harmonized. Yes, well... I am reticent regarding mortgage product, not because I believe it's unimportant, it is very important, especially from the point of view of customer relationship, depending, of course, on the customer groups. This is mostly a trend driven by demographics, but it is a product where the Polish banking sector has been losing money systematically as a result of lack of regulatory security and the public noise that has been part of this deal and we are subject to some regulations and some disciplining measures we are accountable for the deposit part of it and I would be cautious we don't know what can happen to us in this area but every year there is a surprise Well, if we were to continue the account for mortgages, I think it's worth doing an exercise, right? With the fixed rates, etc. Well, the most... Reasonable conclusion is that the banking sector has been losing money on mortgages recently. So we live in a world where this product, from the professional point of view, is very difficult to defend. So, well, you need to find your way forward in it. My mantra would be that it's a product that essentially you should sell to your own customers that are loyal and they have a specific age profile. However, the market has gone a different way. There are some intermediaries on the market who make money on that and they don't take any risk upon themselves, but they take a fee. So my impression is that there is no holistic look on this market, regardless of the narrative that's visible here, which means that some moral loosening of the market dynamics. Some believe that the long-term mortgage is a very valuable product, and in the long term I generally agree, but Well, the only thing that's certain in the long term is the fact that we will die. The same economist also said that people would be working three days a week in 2000 and that never came through. But the fact that we will all die is definitely correct. And he was right about that. Hello. You mentioned that your strategy was created in a different environment. Investments are speeding up. You are repaying the technological debt from what I've heard with some outcome towards the end of this year and the beginning of next year. Have you thought about updating your strategy before the 100th anniversary? Our strategy was written up to 2027. It was a short-term strategy. There have been banks that announced a 10-year strategy, so we were pretty much in kindergarten. We assumed we had a short-term assumption, and we updated it to test. what the bank could do if it had slightly more discipline and was better managed. And some goals were set. The volume development, and that has been a success. It remains to be seen how lasting the success will be. fast growth often leads to a fast fall so we've seen that happen so we're on the trajectory but we need to still consolidate our path. And the other one is a question of commissions. How do we manage that to make sure that the growth has a reasonable pace here? And these two components have been successful. 2027 was included as the end of the strategy. 2029 is our 100th anniversary. So the effort is going to be to make sure that we root our strategy slightly deeper. And that's going to happen 2027 onwards, right? Seeing 2029 and after as a perspective. Right. Some of the questions were probably already answered during the speeches, but over to Camille, please, who always finds something. Santander, let me just ask about dividends. Is it going to be closer to 50% or are you comfortable with 75%? The comfort is within the scope. From the point of view of the results, everything seems to be clear. There will be some detailed questions about the reorganization of PZU. Please, can we have a status update? Well, we believe that we managed to develop over a few months a potential scenario for this transaction, what it could look like, assuming that there is a willingness from the side of shareholders to go forward with it. And indeed, This is also linked to how the PZU group itself and its insurance section should transform so that such a transaction can take place. And after many months of work, we have developed a market scenario which is not quite so complicated, which links us to the developed scenario. So PZU is working on splitting its structure into holding and operations, and work is underway, as far as I know, to keep it going. And I'm appealing to my colleagues in PZU to give a more precise answer. Now, furthermore, we have some aspects here that go beyond our competence. professional or technical that are linked with what we all know some political background which is quite sharp at the moment it could be perhaps it could perhaps be linked to some discussions that could go beyond what I can predict in my professional capacity, as far as the market conditions for this transaction are concerned, and it goes beyond my capacity to interpret that. But as has been said many times before, the prerequisite of that is that the laws are adopted. Also, from the point of view of PZU's capacity to divide and to isolate its holding inside the structure, regardless of the transaction of the deal. And this will probably materialize in the form of some argumentation. But in the near future, it will probably gain more shape. Any further questions? If not, thank you very much. 30th of April, first quarter report. Thank you so much for your presence.