Credit Agricole Sa

Good morning, this is the conference operator. Welcome and thank you for joining the Crédit Agricole fourth quarter and full year 2025 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions by pressing star and one on your telephone. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. Today's speakers will be Miss Clotilde Langevin, Deputy General Manager of Crédit Agricole, and Mr. Olivier Cavalda, Chief Executive Officer of Crédit Agricole. At this time, I would like to turn the conference over to Mr. Cavalda. Please go ahead, sir.

Thank you. Good morning, everyone. It's a pleasure for me to share with you the strong results published this morning by Canada Equality that Clotilde will describe extensively in a few minutes. Before that, let me start with a brief introduction and highlight the key commercial and financial figures, as well as give you an outlook for 2026. On this slide, once again, and despite the uncertainties and erratic events in 2025, Sanitario Colese is posting high results for 2025, reaching again a level above and this performance is supported by a very dynamic commercial activity. Net income group share amounts precisely to 7.1 billion euro. It is stable level compared to 2024, despite the tax surcharge of 147 million euros recorded this year. So, in fact, excluding these tax surcharges, it is a slight increase. These very good results are driven by an increase in revenues by 3.3% thanks to a dynamic commercial activity this year that I will further illustrate in a few minutes. These very good results results also translate into strong profitability with a return on tangible equity of 13.5%, stable compared to last year, and the capacity to distribute a dividend of 1.14 euros per share, increased by 3% this year. Casa's CUT1 ratio is above the 11.1%. Its level is off 11.8% at the end of December. We confirm that very high solvency level of the group with a 3 to 1 ratio of 17.4%, placing us among the most solid of major European banks. A few words on the fourth quarter that Clotilde will describe in much more details afterwards. Q4 is impacted by Banco BPM's first consolidation for 607 million. Thanks to this consolidation, there will no longer be volatility in the P&L linked to the evolution of Banco BPM share price. As this operation sets the foundation of a regular contribution of Banco BPM to our results, around 100 million Euro per quarter, regarding the 25 performance of BPM. On the next slide, in 2025, we have experienced numerous commercial successes. A few examples, these are to be highlighted. We have acquired 2.1 million new clients, Best performance in the history of credit and recall. Loan production for our retail banks increased by 15% compared to 2024, reaching 1 and 40 billion euros. Insurance premium income set a new record at 52 billion euros, up 20% compared to 2024. Amundi's net inflows were multiplied by 1.6 to reach 88 billion euros, which is record results driven by all its business lines across our different geographies. And despite the difficulties incurred by CRPFM in the automotive market in Europe and China, the level of activity remains high, particularly in personal finance. Furthermore, in 2025, Credit Agricole SA continued its momentum in partnership and investments, notably with structuring partnerships and targeted acquisitions in Europe, Asia, and U.S. We can in particular mention launch of partnership with Victory Capital in U.S., increase in our stake in Banco BTM in Italy, long-term partnership with Crelan in Belgium, acquisition of non-controlling interests in CASEIS, and major partnership with ACG in private assets. These key foundations strengthen the group's position as a leading European player and accelerate its development in high-potential markets. On the next slide, our solid results reinforce the financial ambitions set in our strategic plan. All in all, as illustrated in the chart in pro forma data, the results achieved in 2025 are fully in line with the trajectory of the plan and reinforce our confidence in our ability to meet objectives we have set regarding revenue growths, net income group share, return on tangible equity, and cost income ratio. For the cost income ratio, we have reached a peak point, and I'm very confident it should drop in the next quarters. More specifically, 2026 outlook is based on the set of favorable factors, in particular, The continuation and acceleration of the commercial momentum amplified by the rollout of new strategic initiatives of our plan. The gradual integration of recent acquisitions and realization of synergies. The retail banking and personal finance business line in France are expected to continue to benefit from the upturn in margins. Whereas mobility activities are set to see a recovery in profitability. Corporate investment banking should continue to perform in volatile environments. And finally, Banco BPM will now make a recurring and high contribution to profit of around, as I said, 100 million per quarter. Obviously, uncertainties, and you know that, will remain high. In the last slide, as it is, many investments undertaken in 2025 have already materialized or will materialize in the coming weeks and coming months. We are truly off to a running start. Here are a few examples, starting with our thoughts for acceleration. First, concerning retail banking in France, we can mention that the regional banks have developed, as part of their 2030 ambitions, the 100% digital housing loan journey. LCL has just deployed its digital offering for professionals, and is preparing its easy digital offering for individuals. The transformation of LCL is on track. We have launched Endless US Corporate Advisory to serve mid-sized companies, and we can mention also a few upcoming international developments. Particularly, the European Savings Platform will be launched in April in Germany. In Asia, CASEIS will open a branch in Singapore in 2026. And of course, our transformation and simplification efforts will continue, particularly around AI, as well as our innovation efforts with, for example, CASEIS, CASIB, and Amundi joining forces to launch initiatives in the world of AI. All these projects and the value created by our recent acquisitions make me very confident about the future. Our development in France, in Italy, in Europe, and in Asia is on track, and our model demonstrated its strength once again. Now it's time to give the floor to Clotilde, who will provide you with a more detailed presentation of her quarterly and annual results. Thank you, and see you soon, Clotilde.

Thank you, Olivier. Hello, everybody. So moving to the slide regarding the key figures, you see here that we have Strong annual results, as Olivier was saying, that are in particular stable for CASA this year without any form of adjustments. Now, in the quarter specifically, the results for group CRI Agricole and for CASA were impacted in particular by Banco BPM effects. One that I'm going to detail a little bit further down on the revenue front and impact of the fluctuations in the share price of Banco BPM for 320 million. and another on the net income front, an impact of the first-time consolidation of ECOBPM for €607 million. And this explains the decrease in net income by 23.9% for Group Cane Agricole and by 39.3% for Cane Agricole SA this quarter. Now, if we look at the annual results, however, the revenues are record, In 2025, both for the group, it increased by 3.9%, and for CASA, it increased by 3.3%, thanks to dynamic activity in all of the business lines, and in particular for the group, thanks to the rebound in net interest income in France. The gross operating income, as you see, was up this year, despite the investments that Olivier was talking about to set the stage for future developments in our medium-term plans. We have operational efficiency that is well managed with a cost-to-income ratio at 55.7% for CASA and 59.6% for the group. The cost of risk is under control. We have a cost of risk on outstandings of 35 basis points for CASA compared to 34 last year and 28 for the group compared to 27 last year. And so, all in all, net income group share reached $8.8 billion for the group and $7.1 billion for CASA. This is, in particular, stable for CASA, despite the impact of the additional corporate tax charge, which is $280 for the group and $147 for CASA. The increase in net income would have been 1.8% for CASA and 4.6% for group political, excluding this impact. Now, if I move to the next slide, activity supported this strong growth in revenues over the year. And in particular, we have activity that was sustained across all of the business lines this quarter and over the year. Now, customer capture was strong, 517,000 this quarter, which brings the total for the year to the 2,100,000 new customers that Omilia was talking about in France, Italy, and Poland. And our customer base is also expanding this year. Activity was strong, in particular, in retail banking in France. I talked about it for the group. Loan production was dynamic, driven by the corporate loan production that increased by 14% quarter-on-quarter and 16% year-on-year. And the home loan production was also strong, 9% quarter-on-quarter, 21% year-on-year, in particular in the regional banks this quarter. and over the year we have, again, an increase in market share for the regional banks. International loan production was also strong, in particular in Italy, with a 5.4% growth rate quarter-on-quarter in corporates and individuals, but also, for example, in Poland, thanks to retail, and so outstanding loans increased in all of our markets. On-balance sheet savings also increased in a lot of our markets, and the off-balance sheet savings inflows were dynamic, in France, and in Italy. And so this translates into the performance of insurance. We had record net inflows over the year in life insurance, $15.9 billion, and this quarter they were strong, driven by France, and both by unit links and the Euro Fund. The premium income in insurance is high. It crossed in 2025 the $50 billion threshold with a 20% increase this quarter. thanks, of course, to savings and retirement. You know that there's the context of increased precautionary savings, but also thanks to the PNC activity, to individual death and disability insurance, and to group insurance. And so PNC activity is growing, both in France and internationally, with 17.9 million contracts in our portfolio, and the equipment of our customers continues to increase in all of the new retail networks. In asset management activities, We have a record level of AUMs of $2,380 billion, thanks mainly to strong inflows. Olivier was talking about the $88 billion inflows over the year, $21 billion this quarter, thanks to millions of long-term assets and to the JVs, and in particular, passive management, and to continued strong momentum in third-party distribution. In wealth management, activity was also strong this quarter, with record net inflows and a strong customer capture. In wealth management, just to parenthesis, the integration of the group is well underway. We have 30% of synergies that are already achieved, and this allows us to comfortably confirm our guidance of $150 to $200 million net income group share contribution by 2028. In personal finance and mobility, production was also high, $12.1 billion this quarter, thanks in particular to dynamic activity in personal finance. As you know, the automobile activity was impacted this quarter and this year by unfavorable market conditions, but we have managed loans that increase across all segments. Production in leasing was dynamic this quarter, thanks in particular to renewable energy in France and benefiting from the integration of Merca Leasing. And finally, in the large customers division, the CID confirms its performance with a new record level of Q4 in 2025 revenues, thanks both to market activities, where we had a strong performance in rates and repos activities, and to financing activities, in particular the telco sector in corporate and leveraged finance. And, of course, we maintain our leading positions on syndicated loans and bond insurances. And finally, in asset servicing, we have assets under custody and assets under management that increased this quarter, thanks to positive market effects, but also to the arrival of new customers, And the ISB integration is now finalized. Customer and IT migrations are completed, and the synergies have been achieved at a rate of 66%. And so we're very confident on our guidance of 100 million net income for 2026 contribution of ISB integration. By the way, I was talking about the growth in ISB. If you're curious, on slide 41, we have analyzed the majority of our 2015-2022 transactions in order to look at the return on investments of these past acquisitions, which is, of course, on average higher than our 10% limits, 13% as of 2025. And it's too early to calculate a three-year ROI for the 2023-2024 operations, but we already have strong ROIs to date, and the synergies are on track. For the three main operations of the period, I was talking about ISB for Cathays, the group, but also ALD, which is very profitable. Now, moving to revenues. So, this activity, the dynamism of activity, translates, as it has been doing, as you can see on the figure on the right, for the past 10 years, into revenue growth. This quarter, CAFA revenues were impacted by a negative Banco BPM share valuation of minus 57 million. And so compared to the Q4 positive effect of 263, this valuation impacts the change in revenues by 320 million euros. Now, recall that until the first consolidation of Banco BPM in December, we have fluctuations in the share price of Banco BPM that impacted our revenues. And so we do still have this fluctuation. And this is why, in particular, we wanted to limit the exposure of our income statement to the volatility in Banco BPM share price. And this is why we asked and we received the authorization by the ECB to cross the 20% threshold in order to equity account our stake within the framework of significant influence And this is consistent with our position as a long-term shareholder and partner of Banco BPM. Now, going forward, this stake will be immune to the fluctuation of the share price of Banco BPM, and it's going to generate regular net income of, as Olivier was saying, if we base this on the past income statements of Banco BPM, about 400 million euros per year. This is strong value creation. Recall that over the past years, we have had strong value creation also, thanks to, in particular, the dividend earnings from Banco BPM. And so all in all, the contribution was $200 million in 2023, about $600 million in 2024, and about $200 million in 2025, including, and I'm going to come back to it just afterwards, the impact of the first consolidation. So you see we have a strong value creation in our accounts in the past and in the future, thanks to this share in Banco BPM. Now, if I come back to revenues, excluding this 320 million impact, the revenues increased by 2.7% this quarter, and this is thanks to the sustained activity that I was talking about in our business lines. The revenues increased by 60 million in asset gathering. We have a scope effect linked to the Amundi U.S. deconsolidation, but also a scope effect linked to the integration of our insurance activities that are in JV with bank or BPM. And these two scope effects more or less cancel out. Besides this, activity was strong in all of the business lines. Revenues also increased in CIB despite an unfavorable foreign exchange impact and in asset servicing thanks to strong fees and commissions income. In SFS, The revenues were impacted by a 30 million base effect that we had talked to you about last year in consumer finance. But on the other hand, we had revenues in leasing that benefited from the integration of mercury leasing. And besides this, revenues benefited from favorable price and volume effects in consumer finance, which offsetted the decline in mobility revenues. You know that we have mobility revenues in our Crédit Agricole Autobank entity. And finally, The revenues increased by $91 million in retail banking in all geographies, thanks to the strength of fees and commissions income in Italy and in France. And in France, finally, thanks to the rebound in net interest income. So, as you can see, we're starting to see what we talked about in the medium-term plan on net interest income, a net interest income that's going to continue to slightly decrease in 2026 in Italy. but net interest income that will increase in LCL, by the way, also in regional banks, thanks to the reduction in the cost of resources, we have a normalization of the customer deposit mix and the rates effect, and thanks to the gradual repricing of loans. So, all in all, we have growing revenues in the businesses, continuing the dynamics that you observed over the past 10 years. Now, if I move to COTS, the COTS-RECOM ratio has increased this year at 55.7%, but it remains very under control. It's an increase of 1.3 percentage points after 15 percentage points dropped between 2015 and 2024. And if we look at the quarter, you see that we have a growth by 4.7%, but if we break down the expenses, you'll see a certain number of elements. First, we have scope effects. We have scope effects linked to the deconsolidation of Amundi US, but we also, negative, but we also have positive scope effects for the integration of insurance entities in partnership with Banco BPM, Bank Teller, and the resumption of depository activities. So these scope effects, as you can see on the right, along with the integration and acquisition costs, they more or less cancel out, first point. The second point, we have restructuring costs. You know that we talked about in the last quarter about 80 million restructuring costs for Amundi in a context of an optimization plan in France, Italy, Germany, and Australia that will generate 40 million of annual savings from 2026 onwards. We have an addition to that for 8 million this quarter. But more importantly, we have strong restructuring charges in Italy, 65 million. This is really, as Olivier was saying, to prepare for a medium-term plan, i.e., the growth in digital customer capture, productivity efforts on administrative activities, improved Salesforce expertise. And then, if we take off these scope effects and restructuring costs, we have a growth that is very limited in recurring expenses, 2.5%. And this growth also allows us, this growth in recurring expenses, also corresponds to investments within our medium-term plan, for example, in SEL to continue to transform our distribution model, for example, in CIB, in cash management and equity solutions. So we're really laying the ground for our medium-term plan with these expenses. Now, if I move to cost of risk, cost of risk increased by 5.9% this quarter. But if you look at the Stage 3 incurred cost of risk, you'll see that it's very stable compared to the Q3 and Q2 levels. Now, what are the exceptional items that explain the increase in cost of risk this quarter? There's mainly two exceptional items. The first one is the $41 million provision on the UK car loans litigation. As you know, we have a 2% market share, so it's limited for us. Of course, all of the CAPSM UK entities immediately complied with regulation on, you know, it's the setting of rates by distribution intermediates. But we are subject, as the other players that have a larger market share, to customer claims related to the past. And so we decided to prudently increase our provisioning in the context of an ongoing consultation by SCA to bring the total stock of our provisions to 88 million euros. And so the outcome of the consultation is expected soon, hopefully by the end of the month. And the second exceptional effect is a 30 million provision. This corresponds in Italy, again, to a market element. It corresponds to our current estimation of our 5% share of the bailing out of a small digital bank in Italy, which is Banca Progetto, a bailing out by the Italian deposit guarantee scheme. And so, as I was saying, besides these elements, the Stage 3 cost of risk is very close to the Q3 and Q2 levels. 44% of the Stage 3 cost of risk is explained by SFS, where the risk has been relatively stable over the past quarters. Then we have 32% for LCL, with an increase in individual risk on corporate, mainly in retail distribution sector. And then we have a little bit In Italy, in CIB, the cost of risk remains very low, with investment-grade customers mainly in a diversified and a balanced geopolitical risk. So if I conclude on this slide, there's no surge in low-cost provisions, even though, of course, we monitor closely the corporate customers in retail banking, and in particular, for example, small real estate developers, construction, distribution, automobile, textiles, and more generally, SMEs. But our lending policy is cautious, and as always, our provisioning is very prudent. And as you can see, our main asset quality indicators are very solid. The cost of risk at the share of our standings is low, both at CASA and group. The loan loss reserves are very high, and we have among the best coverage ratios in Europe, both for the group and for CASA. I'm going to move very quickly on to the next slide, just to tell you that for credit card in Italia in particular, you see that the cost of risk are outstanding to stable at 39 basis points, excluding the Banco Progetto provision. And you see that we have relatively stable cost of risks after very low quarters, by the way, in beginning of 25 and end of 2024. Moving on to the slide on quarterly results. So, we have strong activity, managed operational efficiency, costs of risk that are under control. But, however, our results in the fourth quarter were impacted by two exceptional effects that I'm going to explain in a little bit more detail right now. First of all, a first effect, which is a negative impact, as you can see, on equity accounting of the performance of our JV with Philantis, which is Levis. with a minus 111 million contribution. Now, what happened? In CAPFM, we have three growth drivers in 22 countries, and we have two growth drivers that performed well in 2025, the servicing to the bank entities and personal finance, which is restoring its margins. There was one growth driver, mobility, that suffered in 2025, due to market conditions in particular, because the automobile market has been suffering in 2025, And on top of that, the car manufacturers that we have close ties with have had specific difficulties. So I'm thinking of Gash in China. I'm thinking of Tesla in Europe. And of course, I'm thinking of Stellantis with which we have our JV. So the three entities that we have on mobility, one is Crédit Agricole Autobank for which we have growth operating income, which is good. The second one is our JV with GAC, GAC Sofunco, where production has been impacted but results are positive and production is picking up in the last month of the year. And then finally, Lezis. Now, the difficulties faced by Stellantis reduced the attractivity of the range of vehicles. And so Lezis, which is the JV we have with Stellantis, had to make commercial investments and the performance of remarketing was impacted. And so in the Q4, we decided to review all of the remarketing values of our used vehicles portfolios in Leasys, systematically applying a conservative discount compared to market prices. So this impacted the Q4 results, but it's gonna strengthen our financial base for Leasys, and it allows Leasys to prepare for a rebound in profitability because we're well positioned to benefit from the growth which is coming in the long-term leasing market. We're starting on solid footing, and we also have a strong position in particular in Italy, number one. And going forward, we're going to roll out new services and insurance solutions focusing on added value. That's the first effect. The second effect is one that you know better, which is the impact of the first consolidation of banked BPMs. So you recall that we acquired Banco BPM shares in tranches, each at a different price. And so when we consolidated for the first time, we decided to take a prudent accounting position, which is to take as reference the equity value and not the share price. And so we asset at each date of the acquisition our share of the net assets acquired. So we carve out the fair value effect in PLN OCI for about 1.9 billion euros. It's negative because the price is higher today than what it was when we bought the shares. And then conversely, we recognize the Bagwell effect, which is the difference between the price of the shares at the moment of the acquisition and the equity value of our participation. And then there's an adjustment to net book value in that position. And so all in all, since the difference between the price of our participation at the time of consolidation and the equity value of our participation today is positive, we have a P&L impact that's negative. But as I was saying, going forward, based upon Bank of BPN's past results, we should have an increase of about 100 million euros of net income per quarter. So this quarterly net income has these exceptional effects that made it a little bit complicated to read. But if you look at annual results, without any form of restatement, we have stable results at $7.1 billion. So we have a certain number of exceptional elements that more or less cancel out. We have the impact of the first consolidation that I talked about of Banco BPM. We also have in the Q2 the capital gain linked to the deconsolidation of AMD US in the Q2. And we also have an additional corporate tax charge for $147 million. And so if you exclude all of these elements on the right of the figure, you see that we have a gross operating income, which increased in 2025 by 1.3%, thanks to buoyant activity in our business lines and thanks to our constant attention to operational efficiency. And cost of risk is under control. And so all in all, you remember that we had told you that we would have a stable net income over the year, excluding additional corporate tax. Now, including this, it's stable, and excluding it, net income would have increased by 1.8%. Finally, as indicated by Olivier, the ROTE is high at 13.5%. Pro forma is at 13.9%, and this bodes well for our 2028 financial trajectory. Now, if I move to capital, for Casa, recall that the target intermediate term plan is 11%, So we still have a very high level of CPU in this quarter, 11.8%, about 300 basis points above our 8.75% struck requirement. And this is thanks to, first, retained results, 22 basis points, which are the consequence of the generation of income that I commented before, but also integrating a 50% payout. payouts based upon a distributable net income, which we adjusted to exclude the capital gain related to the deconsolidation of Amundi US for 304 million euros. It's not a cash effect. And to exclude this accounting effect of the 607 million P&L impact of the first consolidation of Banco BPM. And so this amounts to a dividend of 1.13 euros per share, an increase compared to last year, of 3%. Now, if I come back to the waterfall, we also have the effect of the organic growth for the business lines, 6 percentage points. And we have an active management of our balance sheet. In particular, we have optimized, as planned in our medium-term plan, our RWA through the synthetic risk transfers for about 7 basis points, and this allowed us to release 1.6 billion RWAs in CACIB, net, and 0.6 billion in credit card personal finance and mobility in the fourth quarter. So we're going to really have an attitude which is scarce resource monitoring, always making sure that the cost of release is accretive. But you see here that we have this active management of the balance sheet, which allows us to compensate almost the methodological impact in the M&A and others. These M&A impacts include a plus nine basis points impact of Banco BPM. Now, we have a negative impact of the 607 million P&L first consolidation effect that I talked to you about, 14 basis points. And then there's naturally, because we have this prudent rule regarding our equity accounting, there's a decrease in the prudential value of Banco BPM in our CET1. So we have a positive impact, corresponding to the reduction in RWAs, corresponding to this decrease. And this is why the impact of the first consolidation is positive for CASA and non-significant for the group, because for CASA, this positive impact is stronger because our exemption threshold for the significant participations above 10% had already been full. So this is why we have a different impact between CASA and the group on the next page. This box also includes a share buyback impact, which compensates the Q3 impact of the capital increase for employees in order to neutralize the dilutive impact of that Q3 capital increase. This is nine basis points. And we have a couple of small M&A impacts, of which M&A is the beginning of the participation in ICG. And finally, we have a few methodological effects. For example, in Italy, we have put in place new retail RWA models. This was included. This is about 15 basis points. And this was included in the 40 basis points methodological impact we announced on our capital market day. And so the waterfall brings us to 11.8%, which is very comfortably above 11%. And then slide CET1 group, next slide. I'm going to go very quickly on this because I talked about the effect regarding Banco BPM in particular. But I just wanted to insist upon the fact that our objective is not to accumulate capital at the level of CETA. And so that's why, in terms of the validity, the relevant figure is the CET1 of the group, which is very comfortable at 17.4%, a 760 basis point distance to our SREP requirements. And so we have organic growth of businesses, and we also have a slight methodological impact regarding the correction of corporate unlocked given defaults for the regional banks. Leverage ratio is very comfortable. TLAC and REL ratios are very strong. So we have a very strong capital position at the level of the group. On slide 18. We also have a very comfortable liquidity position, a high level of liquidity reserves at 485 billion euros. The LCL and NSFR ratios are excellent. NSFR is going to be published end of March, but in the Q3, we were close to 120% for the group, 114% for CAVA. And the group has mobilized various levers to diversify the sources of liquidity thanks to its universal banking model. One are customer deposits that are abundant, stable, diversified, and granular. And so our liquidity to coverage ratio is very high above our targets, which is a range between 110 and 130%. On the next slide, we have our transition plan that continues to be organized around three pillars of accelerating of the development of financing to renewables and low-carbon energy sources. That has increased from the first half to 28.6 billion euros in 2025. We're also helping our customers in their own transition by providing financing consistently with the group's sustainable asset framework. This has increased this quarter to 116.5 billion. And finally, we continue to decrease our financing to carbon-based energy sources. And so, moving on to the next slide, let me conclude by saying that this quarter, net income is impacted by the counting effect linked to the impact of the first consolidation of Bank of BPM, and by the difficulties of the automobile market. These two elements should, in fact, disappear in 2026 and contributes, on the other hand, to growth thanks to the growth in mobility and thanks to the regular high and recurring profit contribution of Banco BPM. Activity was sustained in all of the business lines, with record inflows, outstandings, and premiums income and asset gathering, record performance in CIB, a strong pickup in net interest income in France, The fourth quarter, as Olivier was saying, marks the beginning of the medium-term plan, and we have already started rolling out the different dimensions of our plan in retail banking in France, in Germany, in terms of innovation and efficiency. And so the gross operating income increased in 2025 for Casa and the group. Income is high at $7.1 billion, and this strong performance allows us to post high profitability in with an ROT of 13.5% and to propose to the General Assembly an increasing dividend. So we're very much on track to meet our 2028 financial targets. I'm going to stop here. Thank you very much for your attention. We can now open the floor to your questions.