Banco De Sabadell Sa Ord

Buenos días. Muchísimas gracias a todos los que estáis aquí presentes, tanto a los que sois de Madrid como a los que os habéis desplazado, y también a los que nos seguís por streaming, por vuestro interés en los resultados del tercer trimestre de 2025 de Banco Sabadell. Como habitualmente, primero el consejero delegado, César González Bueno, y el director financiero, Sergio Palavecino, harán una explicación de los resultados y después pasaremos al turno de preguntas. Cuando quieras, César.

¿Ya está? Pues no os habíais perdido nada. Buenos días a todos y vamos a ver los resultados del tercer trimestre. which are a positive evolution and we maintain the dynamism. I think that the great novelty of today is that there are no novelties, that what we are going to do is confirm that all the forecasts that had been given during the previous period, that they are still in force, that we are still on the line of fulfilling all that to which we had committed. And well, let's look a little back. I'm not going to bore you much, but let's look a little back with a little perspective. And the transformation and financial recovery of the bank have been very intense. And if you see the evolution, taking into account a figure that is quite significant, which is that of the ROTE, it has grown substantially until 2024. In 2025 we maintain our forecast of 14.5% and we maintain that of 16% for 2027. What does that mean? That during all this period, the bank has continued to advance, the bank has continued to progress, it has not stopped, despite having had such an intense OPA period that has lasted so many months. A reminder of the four keys of our investment case, of what we call our equity story, or what our purpose is. We are a bank focused on Spain. Spain is growing, it is an economy that is growing more than the rest of Europe. Our growth aims to gain some market share, segmented by products, but not in a radical way, as we have often said in a mature environment. It is very difficult, growing adequately in risk and in prices, to grow extraordinarily in market share. And, therefore, we will do it in a moderate way. But we will grow. We will continue with our solid execution trajectory. What does execution mean? It means the transformation of the bank. It is all related to digitalization, both in customer experience and in simplification of internal processes for greater efficiency and better quality of service. And one of our great axes is the remuneration to the shareholder, in which, I insist, the news of today is that there is no news and that we continue forward with a strong capacity to generate capital. Another reminder, and with this we are already finishing, I only have one more reminder, which is the plan we announced for the 25-27 that we announced in July of the 25. It seems that it has been a long time, but the truth is that it has been nothing. A margin of interest of 3,900 million, some commissions growing in an accumulated way to a medium digit, some total costs growing approximately to 3% during the coming years, a total risk cost of around 40 basic points and that break of 16% and the courtier one of 13%. And a remuneration that we announced then that it would be 6,300 million in this period, but just before, to give the last information before the offer period, we increased the return to the shareholder up to 6,450, which is more or less 40% of the stock market capitalization of the bank, And also, we reiterate our commitment that the dividend in cash per share of 25, 26 and 27 be greater or slightly greater than that of 24, which went up to 20.44 cents, if I'm not mistaken, Sergi. The dividend policy maintains 60% of dividend payments in cash and, well, until reaching that 13%, the rest may have a subsequent distribution. ...the extraordinary dividend for the sale of TSB of 2,500... ...and keep ourselves above that 13% of Courtier One... ...that produces us the tranquility that is conservative... ...and that allows us to face everything with tranquility. Key aspects now and so of the 3T... First of all, the commercial activity has continued to accelerate. If we look at the first nine months against the first nine months of the previous year, the living credit has grown by 8.1% and the customer resources by 7.8%, fundamentally driven, as we will see later, by the out-of-balance. If we go to the right, the quality of assets continues to improve, and we are already at a risk cost of 37 basic points, with a reduction of 18 basic points in the first nine months. Income in line with objectives. There is no novelty. Interest margin in line to reach the 3.600 million and commissions growing practically to half digit to 3.7% year over year. And then the remuneration to the shareholder that increases to the 1.450 million that we have already mentioned. And that second dividend to account in cash... of 7 cents that will be produced, and it is already approved by the Council, on December 29, 2025. This leads us to a 14.1% recurring loss, to a 13.7% of Q1, with an increase of 18 basic quarter-on-quarter points. Then we will also talk about what has been the growth Because here the provision of 60% of the benefits is already discounted for that distribution of the dividend in cash. We will also tell you how the capital has grown without doing that rest. And well, the book of credit continues to grow in Spain at 7.6, year over year, in other international businesses at 11, although at a constant rate they have grown to 14. And XTSB, this leads us to an 8.1 in euros. TSB, at a constant rate. with a decrease of 0.9%, but due to the devaluation of the pound with a decrease of 5.2% and this leads us to that total of 4.3% of the total growth of the living credit for the group. If we go to the right, to the customer resources, in balance ex-TSB we grow 5% year over year, out of balance 15.4%. And that brings us a total ex TSB of 7.8 to a constant type of 7.9. TSB again flat, but with a drop in euros due to the depreciation of the pound and what leads us to that 5.4 or 6.4 of growth if it is a constant type or a fixed type. The commercial activity is still strong, 26% growth in the first nine months in mortgages, in the production of mortgages. These are flows. You have to look, you have to probably focus more on what are the growth of sales, not But in any case, 26% in the first nine months. Consumption loans continue to grow strongly at 19%. Loans and loans to large companies, small decrease and small increase in PYMEs and large companies and circulating. If we continue with cards, healthy evolution of 6% in the first 9 months, and in point of sale terminals of 2%. And there is also an increase in invoicing, that is, what we have done has been to reduce those clients who had margins that were not enough. If we go down to the savings and investment products, You see that 4.800 million are growing. This corresponds to almost 8% of what we were talking about before. But when we see the composition, we see that there is a decrease. ...in balanced savings products, that is, deposits and something else... ...and a great growth in out-of-balance. And here it is important to note that the new net income is 5.300 million. The rest, 1.600 million, is due to the positive evolution of the market... ...which revalues those assets. And now, yes, we see the evolution of the variable stock, that is, of what grows, what we have in balance. In mortgages, year by year, a 5.6 grows, credit to consumption a 19, PYMEs and large companies a 6.2, public sector a 15 and other financing, although it has a smaller size, a 13 for a set of 7.6. If we look at Mexico, it grows healthy. There is also inflation there, 10.8% in euros, 12.7% in Mexican pesos. Miami, 7.5% in euros, 12.8% in dollars. And foreign offices, also a healthy growth of 17%. The international total grows to 11% and ex-TSB to 8%. And this is a reminder, also very relevant for analysts and investors, because here is where it is reflected in a simplified way what has been and what continues to be the strategy of the bank. We grow strong. but we reduce the probability of unpaid, that is, we improve the risk quality. This combined with an establishment of prices much more adjusted to risk, is what is producing that improvement in capital performance. And this strategy, which involves a lower risk cost, in relative terms, compared to what would have been otherwise, ...also means a smaller growth of credit marginally. That is why there is so much emphasis on the famous NII... ...and the Net Interest Income... ...and see its comparative evolution with others, etc. Well, here in our case and also... ...apart from other factors... ...a change of strategy. What does this lead to? To a much more resilient franchise. I don't know if many of you remember... ...how we were in the year 20... ...and the perception in the year 20... ...is that this was a great bank... but that it was going very well when things were going well and that it was going much less well when things were not going so well. That is to say, that we had a risk profile not sufficiently adjusted. And that was due, among other things, to the fact that our metrics and our objectives were more based on what was the top line of the result count, that is to say, the income, which is margin of interest, more commissions, and less focused on everything that followed afterwards. which is the capital cost and the risk cost and even the operating costs. Well, this transformation is producing a much greater generation of capital. 176 basic points, well, it is not more than a number, but it is almost two percentage points of capital generation. in nine months. And that, the truth is that it is a very powerful figure and it is what turns us into a bank that generates a lot of capital and that, therefore, distributes a lot of capital, which is one of the issues that, in principle, investors value more. TSB. We already saw the volumes before, quite flat, both in active and passive customers on the left. But if we look at the results, today the margin of interest is growing strongly. This is the famous caterpillar that continues to generate its function. In commissions, a reduction, but on a small basis, because it is a low-commission business. The total costs are a magnificent behavior due to the restructurations that occurred in previous years and the total provisions also with a clear fall. This means that the contribution to the group increases by 43.9%. in the first nine months of the year versus the first nine months of the previous year, and it brings us very satisfactory figures of profitability of 13.8, which is also a 13.8 considering that it has a Cortier One of 16.3. If this had been adjusted to a 13, obviously, in proportion, that mistake would be even greater. And a very relevant figure right now that we are already in the process of disinvestment of TSB, which is 104 million pounds, which is the growth of the tangible value. I don't know if you remember that the agreement is that there was a price set at the date of the agreement that would then increase due to the growth of that tangible value in books and that has been during this period of 104 million euros and therefore will be reflected and will be added to the final price of sale of TSB. Y resultados financieros, esto me parece que ya le toca a Sergio, por lo tanto me voy a sentar y te toca a ti. Muy bien.

Muchas gracias, César. Buenos días a todo el mundo y muchas gracias por venir a la presentación. Efectivamente, esta es la tabla con los resultados trimestrales comparados. En el trimestre, 414 millones. En los nueve primeros meses del año, 1,390, that means an increase of 7.3%. Remember that we account for the bank's tax differently last year than this. If we homogenize that accounting of the bank's tax, the increase would be 3%. Another comment I would like to make on this table is that we appear with a negative in the line of financial operations results of 26 million negative. That is because we are covering the totality of the price to be received by TSB. We cover the risk, the type of change. Como los tipos de interés de la libra son más altos que los del euro, esa cobertura tiene un coste que entra por esta línea de resultado por operaciones financieras. Son 15 millones que vamos a tener cada trimestre mientras tengamos esta cobertura. Pensamos que va a ser hasta el primer trimestre del año que viene incluido. Thank you very much. the main case. That said, we see a margin of interest that is stable in the quarter, as it was in the previous one, with a dynamic very similar to that of the previous quarter. As a headwind, that is, as an adverse, we have Clearly, the types of interest that have gone down and in our case it is a combination of both types of market interest and lower margins to focus on wallets with less risk. And in positive, we have the volumes and the savings in the majority financing costs. El margen de clientes se sitúa en el 2,91, retrocede 9 puntos básicos, y el margen total, 1,79, retrocede 6. Pensamos que a partir de ahora estos niveles van a estar mucho más estables, que el cuarto trimestre en margen puede ser un nivel parecido, pero que en 2026 con tipos estables y unos volúmenes creciendo, entonces el margen va a empezar a crecer. And that's why our guidance is 3.6 billion this year and 3.9 billion in 2027. En comisiones hay mucha afectación por el trimestre, que es un trimestre que tiene todo el periodo vacacional en medio, y entonces por eso ven que en el perímetro XTSB hay un retroceso de 4% trimestre contra trimestre. Pero cuando quitamos esa estacionalidad y comparamos los 9 primeros meses de este año con los 9 meses del año anterior, vemos que hay un crecimiento del 3,7%. The main driver of this growth continues to be the last block of the bar, the part of asset management and insurance, which is going very well and has a positive growing contribution. With this in mind, we maintain the objective of growing the commissions for this year around the middle digit. In costs, we would say that very good behavior in the cost line, they increase in the quarter, but here again, given the seasonality, it is more important to look at the whole of the year, a very flat increase of only 0.5%. En el cuarto trimestre esperamos un nuevo incremento de costes, pero nos va a dejar dentro de lo que esperábamos, es decir, un crecimiento de los costes que estará en el dígito bajo y que verán ustedes que compara especialmente bien con el resto de entidades financieras en España. La parte de coste del riesgo, pues una vez más, son las mejores noticias, la calidad de activos y todos estos esfuerzos en la transformación y en la estrategia que comentaba César antes. Pues aquí es donde se ve el resultado, el coste del riesgo de crédito en tan solo 21 puntos básicos en el perímetro XTSB. And the total in 37. We guide to 40 both for this year and for 2027. And here we could say that we are going a little better than what we guided and than what was expected. That is, good behavior. And that, once again, we see reflected with the balance metrics that, well, they do not stop composing themselves well, but the truth is that it is important to follow them. Specifically, the morosity ratio in the XCSB perimeter, this dotted line. Ha cerrado el trimestre en 2.75, una reducción de 6 puntos básicos con el trimestre anterior, pero si lo miramos con un poquito más de horizonte, nos vamos al año anterior, es prácticamente 100 puntos básicos de reducción del ratio de mora, por lo tanto, muy relevante. Se ve muy bien en la tabla de la derecha. in which the exposure to Stage 3, which is how it is called in English accounting, the morosity, there is a reduction of 1,000 million and practically 3,000 million in Stage 2, which is the one of special surveillance. Por lo tanto, todos los indicadores de que le da el riesgo mejorando y también el de los adjudicados. La cartera de adjudicados realmente está prácticamente en run-off. No hay casi entradas y vamos teniendo ventas. Hemos vendido el 20% de la cartera en los últimos 12 meses y lo hacemos con una pequeña ganancia del 11%. Moving on to the capital evolution, which will connect with the distributions and dividends. Again, a very good quarter in capital generation. The Z1 ratio is at 13.74, increasing 18 basic points in the quarter. And as you can see in the opening, with the current profitability, we are able to profit by dividing to 60% of payout and we are able to finance the growth of the loan portfolio that we are having. And also, the capital ends up growing, so that we are accumulating excess capital on the objective of 13%. Y ese exceso es lo que queremos reflejar en el gráfico de la parte derecha. Claro, la definición de exceso de capital para nosotros es todos los dividendos que llevamos acumulados. of avenged and unpaid, plus all the capital that exceeds 13%. The one that is already on September date, but here we also add in pro forma what will generate the sale of TSB, because TSB has been sold. It is only pending of regulatory authorizations, on which the truth is that we have little or no doubt. And then in a pro forma, the capital that we have already generated, over 13% of our goal is 3.7 billion euros. And that capital, therefore, we are very sure that we will be able to comply with the dividend distributions that we have promised. And the promised dividend distributions reach, in the horizon that comes, in the next six months, reach 3.6 billion euros. Como pueden ver en la página, hay un primer dividendo a cuenta que ya no lo contamos, que se pagó el 29 de agosto, hace un par de meses, está atrás, pertenece al ejercicio 25, pero ya no está en ese 3.600 porque ya está pagado. The one we are going to pay now is the second dividend on account, which will be paid on December 29th. And they will be 7 cents per share again, in total 350. And what is left for the 1,450 million announced distributions connected with the 25th, are 750 million additional. That, in January, when we have the exercise closed, will be the council who decides which is the best way to distribute it, possibly combining, dividing cash with a new program of rebuying of shares. Y luego, lo que comentábamos, en cuanto se cierre la venta de TSB, en cuanto se hayan obtenido esas autorizaciones, el último día del mes siguiente se pagará este gran dividendo de 50 céntimos por acción que totaliza 2.500 millones de euros. Y con esto, César, yo creo que si quieres...