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.

This is the conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one under touchstone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Jacques-Henri Couleur. Please go ahead.

Yes, good morning, all of you. The question is a bit conceptual, but when I look at your results and revenues in particular versus consensus. I mean, it's very strong activity everywhere. You've beaten. It's very strong. But at the same time, Clotilde, I feel for you because you spent the last 45 minutes literally going through every single one-off and restructuring and everything. And at the end of the day, you know, your stock is down 3%, which, you know, I think is a bit harsh. So, I mean, I totally appreciate the whole non-recurring aspects of Banco BPM and everything. You've explained the legal cases, but Is it fair to say that the reason why you ended up with that accumulation of non-recurring aspect is probably due to the fact that you have a plan coming and you need a bit of a reset for a perimeter you feel comfortable with over the next three years and everything? Or is it actually, you know, the problems of having a decentralized structure, which means that, you know, you end up at the end of each quarter with an accumulation of things that were not necessarily planned at the beginning, just to try to figure out when we can actually expect something quite clean, if you see what I mean. Thank you very much.

Yes. Thank you, Jacques-Henri. I see what you mean, and thank you for filling for me for these 45 minutes. It's true that we really want to set the stage for the medium-term plan, and so that's why we were very satisfied when we received the authorization from the ECB to equity account our stake in Banco BPN, because that's going to reduce fluctuations and provide high and recurring profit going forward. We intentionally accounted for the restructuring costs in Amundi and Crédit Gréco d'Italia in 2025 because this, again, sets the stage for our medium-term plan and growth going forward in retail, in asset management. But we're also – I didn't talk about it too much, but we're also investing also in CIB, in LCL. So the costs that you have this quarter – really reflect this investment that we have for the future in our interim plan. Now, there are a few one-offs that don't depend on us, in fact, regarding in particular the UK provision and the Banco Progetto restructuring. And we have this issue in terms of the automobile market. But all of this should pick up. And I think what I really want to insist upon is the fact that we have really an outlook that's going to be strong for 2026. because we also have the integration of the recent acquisitions. That's also something that's going to pick up. We no longer have these integration costs for Cathays. We have very limited integration costs that are going to be coming in 2026 for DeGroof, but it's going to be limited. And as you can see on the slide on the 6th, We really have a lot of tailwinds going forward, in particular, with margins that are going to pick up, in particular, for French retail and for consumer finance. And, of course, performance continues to be very strong in CID and CDI record assurance.

Thank you.

The next question is from Estarik Almejad, Bank of America. Please go ahead.

Hi, good morning. A few questions on my side as well. First of all, I mean, given the restatement you've done for the BPM on your account, so this was very helpful, would you guide for an increasing net income year on year from the restated 7.27 billion in 25, given all the moving parts? Consensus has that flat issue slightly down, which I think is a bit too cautious. And the second question is on capital and distribution. I mean, you've been increasing your DPS, but still accumulating excess capital. So you just presented your plan, so there's no policy increase, policy distribution, and so on, but just want to hear you in terms of your plans, in terms of what areas you could do some bolt-on and where you see good use of capital. And then talking about this bolt-on, I mean, you had a very interesting slide, slide 41, showing the ROI for the previous M&A deals. I mean, I already picked some of this with you, Cotilde, on the CMD when you said the 10% ROI, above 10% ROI is satisfactory. I thought it was quite of a low number, but now I look at what you've done so far, you know, between 11% and 13%. I mean, is that something really you've kind of expected from the origination of those deals, or you are... or you were hoping for better than that and being disappointed by integration? Thank you.

Thank you, Tanya, for your question. Now, regarding guidance, I think really what I want to go back to is what Olivier was saying in terms of how we're setting the stage for the plan for the ACT 2028 plan. So, indeed, if you look at poor former, we had a 7.3 net income group share in 2025. And so we're well on track to reach our target, which is to go beyond 8.5% in 2028. But as you know, we really like to remain on multi-annual targets. In terms of cost of income, what I can tell you maybe more precisely, however, is that the 57.4% pro forma cost of income is a peak. It should go down next year, so 2026. cost to income should be lower than what it was in 2025. On the other elements, in terms of revenues, net income, and ROT, what I can just tell you is that all of this, we're on track to increase. And it's true that the 13.9% pro forma ROT of 2025 really goes well for the future. And I think we can really say that the 14% target for 2028 is really a minimum. Now, you were talking on organic bolt-ons. You know that our track record is really based upon a mix of organic and a mix of bolt-ons. In the capital markets, Dave, we talked to you about the fact that we had revenue growth that was 70% organic and 30% external growth. And that's why we had a revenue growth that was more than 5% over the past six years. And we're targeting a revenue growth of 3.5% in this medium-term plan. This is supposing that there would only be organic growth. We do hope we will do external growth operations. And as you were saying, Tariq, we do have very strict financial criteria. And so thank you for spotting out slide 41, and thank you for Cécile and the team, by the way, who prepared this slide. We take into account ROI, of course, and we're happy to have these figures. The 10% figure is the minimum. But there's also other criteria that we take into account, and we talked about it in the Capital Markets Day. We have to have operations that are accretive in terms of ROTE. We have to have a demonstrated integration capacity by the business that is integrating. We have to have revenues and cost synergies. And, of course, these operations have to be very well aligned with our strategy. And so to answer maybe your question as to what we can see in terms of bolt-ons, it's going to be linked with our strategies. Olivier was talking about the fact that we want to develop in terms of in France, in Europe, in Germany. We want to develop in Asia. We want to support the savings development in Europe in particular. We want to support the development of corporates with mid-caps. In Europe, more generally, we were talking about these different triangles of growth where the mid-caps and the corporates are going to support the competitiveness of Europe. All these are areas where we want to continue to develop. And all of the business lines that you see, by the way, on slide 41, all of the business lines have critical size, are profitable, and so are very well positioned to continue to seizing opportunities if they appear. But we're really in an opportunistic mode because our medium-term plan, we can reach the targets solely through organic growth.

Thank you.

The next question is from Delphine Lee, JP Morgan. Please go ahead.

Yes, good morning. Thanks for the presentation. And so I have two questions. The first one, if I can ask on sort of, you know, your comments, going back to your comments on 2026 outlook, when you mentioned the headwinds on NII for Italy, and wealth management, I'm just wondering, you know, is that just you're trying to be conservative? Because, you know, you do have already volume growth, and AIA has stabilized in Italy. Shouldn't volume be able to offset the rate headwinds? Just if you could give a bit of color on that. The second thing is, you know, do you mind just, like, expanding a little bit and elaborating more about, you know, sort of thesis and GACs in China? Because, I mean... how quickly can we see a rebound in your associate income? Production is picking up, it seems, in China, but, like, how quickly can we see that already in the numbers? And, you know, how can we measure the implications of the write-down you've done on this quarter in terms of, you know, what that means for, you know, 26 and 27? Thank you.

Thank you. Thank you for your question, Celestine. Yeah, we have tailwinds for net interest income in France, but we do have headwinds for net interest income, as you were saying, in Italy, in Cassis, and with managers. We're, of course, hoping that volumes are going to pick up and we have dynamism in commissions, but it's true that there is a race effect that we see in Italy. The decrease in net interest income in Italy should not be that significant. On the other hand, the increase in net interest income in France should be a little bit stronger, in particular for SDL and, of course, in the regional banks, which also are going to support growth in the regional banks, which is always good for the activity of the business lines of CABA. So, relatively reasonable headwinds on net interest income in Italy. Now, if I come back a little bit to leases and to China. So let me just maybe talk about China a little bit because I didn't go too much into detail about that. Because, in fact, the production had slowed down in the first quarters of the year. In particular, I talked to you about that in the Q2 and in the Q3 in China. And, in fact, we have had in the Q2 2025, an event where the Chinese authorities imposed a 5% floor to the commissions, which caused the market to normalize because we had had the entry onto the market of banks, which caused competitive conditions on the market. And so production is picking up. December was the highest month of the year for Gexos and Co. in gas leasing. But the effect of this normalization, it's going to take a few quarters to normalize. to come into the income because the average duration of these loans is a little bit more than 30 months. So we have to be cautious, but nevertheless, GAC has also begun to diversify its activities to the used car financing, for example, to the development of new services. So I think reasonably we could consider that China's income could stabilize in 2026 compared to 2025. and hopefully it's going to pick up going after that. Now, for NISIS, there's going to be drivers of profitability going forward for NISIS and for mobility more generally. A diversification of the distribution channel, a revamping of the services catalog, an improvement in the remarketing process with value sharing with car constructors, IT tools. We're developing a cross-European remarketing strategy, building on synergies between different entities. And, of course, the automobile market should pick up, and we're going to have more value-driven pricing. Now, we're confident in the fact that Mises was going to recover profitability levels in 2026 and pick up even more in 2027, so a regular increase over the years of the medium-term plan. Great.

Thank you very much. The next question is from Pierre , SEIC. Please go ahead.

Yes, good morning. Thank you for the presentation. Two questions on my side. First question regarding the launch of the platform in Germany and more generally in Europe on the saving side and online side. Will it cost some – do we have to anticipate some extra charges regarding this launch and this project in 2026? Because you were not very precise on that side in the PMT. So do we have, I don't know, IT investments, things like that? I'd like to come back also on the cost of risk in LCL. You mentioned some attention points regarding retail and distribution. Do you think that here we will have to have a forecast here? in the coming quarters in terms of cost of risk similar to what we've seen in this Q4 for the next quarter? Or is this a peak, I would say, in Q4 and the normalization in the coming quarters? Thank you very much.

Thank you, Pierre, for your questions. So regarding the development in Germany, of which we have the development of a digital savings platform, but which includes the development, for example, of everyday banking services. This development should be relatively low cost. I would say it would be below $50 million. Why? Because we already have a setup in Germany with Credit Plus, 20 branches, and Credit Plus is already doing $15 billion in on-balance sheet savings. What we're going to do is we're going to put up a very agile and efficient solution in particular to internalize the margins in terms of on-balance sheet saving. And this is something that we should start in the first half of 2026. And then we're going to incrementally build upon that, adding day-to-day banking solutions with essential banking products. This should come in the second half of 2026. And then in 2027, we should have Off-balance sheet savings offers, what am I talking about? I'm talking about all of the synergies that we can do with the entities of the group, such as Amundi, for example, or Cadillac Assurance. But these on-balance sheet savings themselves should be relatively competitive because we're going to propose a number of on-balance sheet solutions for our customers in Germany, which should make this digital savings platform very interesting. But to answer precisely your question, Pierre, All of these developments should be at a very low cost, less than 50 million euros, and hopefully we're going to have revenues that are going to contribute to our growth thanks to these initiatives. That's the first point. The second point, you're talking about cost of risk in LCN. It's true that we have had an increase in incurred Stage 3 cost of risk this quarter in LCN. And so it's true that we're going to be very cautious regarding the different sectors that I talked to you about, retail development, automobile, textiles, distribution, et cetera, et cetera. It's very difficult to say what's coming, in fact. A lot of uncertainty. We have a lot of uncertainty in France, in Europe, regarding the corporate market. What I can tell you is that we have had low cost of risk in the recent quarters. But we have, more importantly, accumulated over the past year very strong provisions, provisions at the level of the group, provisions also at the level of CASA. The provisions at the level of CASA include prudent provisions that represent about one and a half years of cost of risk. At the level of the group, we're close to three years of cost of risk. So we have very strong provisioning. And so if the Stage 3 cost of risk continues to increase over the next quarter, we really have these buffers in terms of prudent provisioning that allows us to limit the cost of risk, and I'm still very comfortable regarding the hypothesis that we have in our medium-term plan, which is a cost of risk at 40 basis points for TES-out during the medium-term planning.

Okay, thank you.

The next question is from Matthew Clark, Mediobanca. Please go ahead.

Hi, so a couple of questions, firstly on leases and then on slide 41. So with leases, can we expect it to break even already next quarter or is it more a full year break even kind of project? Is that the right way to think about it? And then the second question is just on the calculation of your ROI on slide 41. Is the 13% as simple as your net profit divided by the sum of all the considerations for those entities, or is it more like a return on invested capital calculation or some other aspects of it? Any guidance there would be appreciated. Thank you.

All right. Thank you, Matt. Regarding leases, I'm not going to give you any quarterly guidance. What I'm going to tell you is that hopefully we're going to have a positive profitability for leases in 2021. picking up in 2027, but uncertainty is relatively high on the automobile market, so it would not be reasonable for me to give you any quarterly guidance regarding leases. But we are confident on the fact that we're going to resume profitability, double-digit contributions net income in 2026. Now, for the M&A operations, It, in fact, depends because some of the M&A operations are difficult to calculate. The ROI is difficult to calculate because the objective of these operations usually is to really have them really feed into the business, and it's oftentimes very difficult to see what is the contribution of this integrated activity to cost or revenue synergies. So when we look at the ROI, we look at the revenue synergies, we look at the cost synergies, we compare that to the price of acquisition, and then going forward, we try to estimate the contribution of the integrated activity to the net income, but it's going to be an estimation naturally because it's difficult because we don't have separate entities. One of the cost synergies, one of the drivers of the cost synergies is the migration, IT migration, and the merging of legal entities. So this makes things difficult, but what we do look at to simplify is we do look at additional net income in year three compared to the capital that we invested.

So just to clarify, is it compared to the consideration that you, when you say capital that you invested, is that the consideration you pay to the seller or is that the CT1? It's the cash.

It's the cash that we paid. It's not the CT1. It's We do have a return on CET1, but that is more comparable, in fact, to the ROTE. When I'm telling you that we have an ROI and we want to have something that is accretive in terms of ROTE, to have something that's accretive in terms of ROTE, we look at a certain number of elements, the RO&E, but oftentimes the ROCET1, which looks at the capital consideration that you're talking about. When we look at ROI, we're comparing it to the cash invested.

Okay. Thank you.

The next question is from Alberto Artoni in Teda San Paolo. Please go ahead.

Good morning. Thank you for taking my questions. You have two. The first one is just a quick follow-up on the cost of risk in LCL. And I just wanted to better understand if the increase of cost of risk was linked to a limited number of big tickets or was more a broad-based issue with certain sectors that you called out in this slide? And the second one is on the tax. What do you expect for 2026 taxation at the CASA level? Thank you.

All right. Thank you very much, Alberto, for your questions. Regarding LCL, it's an increase in a certain number of individual risks on corporates, But I would not say that it's one or two large deals. It's not completely a large number of small corporates. There are individual risks, but it's a little bit more diversified regarding the SMEs. So it's an increase in the SME risk in the different sectors that I was talking to you about. It's not one or two specific cases. Now, regarding the corporate tax, going forward, we do have, as you saw, the publication of the tax decisions by the government, which causes us to forecast a relatively similar corporate tax going forward. It's too early as of today to draw conclusions, but we should have a corporate tax that should be based on an average of the fiscal revenues of past year and current year. So that's why we can't estimate it as of today. The corporate tax for 2025 was based upon the average of the fiscal revenues of 2024 and 2025. So we have to calculate, we're going to have to calculate the corporate tax going forward based upon the fiscal revenues of 2025 and 2026. Now, it's more or less the same type of corporate tax, except that the threshold in terms of turnover is a little bit higher. It goes from $1 billion to $1.5 billion, which could have an impact at the level of the group. But all in all, we will have appropriate tax. The amount will be in the same ballpark as what we had this year. And it's true that this is something that is taken into account in our medium-term plan. We know that we have to take into account a certain number of uncertainties And this is one of the uncertainties that we have to take into account. Hopefully, it's not going to continue until 2028, i.e., the end of our medium-term plan.

Very clear. Thank you very much.

The next question is from Sharad Kumar, Deutsche Bank. Please go ahead.

Good morning. Thank you for taking my questions. I have two. Firstly, on specialized financial services, I know that this is one area where confidence seems to be consistently underestimating your strength. Anything that you can say as to why confidence seems slower and what do you think it is missing? And a follow-up on leases, can you clarify what drove the higher used car sales losses and whether there's more pain to come? And lastly, on corporate center, if you can give guidance now that we will not have the bank or BPM accounting impact, do you think the 4Q underlying level of, say, call it 80 million negative net income is a reasonable run rate to extrapolate going forward?

Thank you. Okay. Thank you, Sharath. So, for SFFs. The thing is that it's difficult to estimate the impact on mobility in the context that we have currently, which is a context of an automobile market that is under difficulty. So this is something, in fact, that has had an impact on most of the car constructors, but it's true that the car constructors with which we have a relationship Kriegel, Colosso Bank, specifically with Tesla, GAC, Solfato with GAC, and Lezis with Stellantis. We have had difficulties on these three car constructors, each for specific reasons that hopefully are behind us and hopefully activity should pick up. That's the first point. But if I extrapolate a little bit to used cars, there is a market where the arrival of electric vehicles is making the residual value of used cars difficult also to estimate. That's also why we adopted a very prudent approach by applying a conservative discount to our used car residual values for leases. This is really to put us on a solid base for the future regarding this dimension. And if I – because we have a certain number of growth drivers in CAPSM, not only mobility, we also have personal finance. And in terms of personal finance, we're optimistic as to the pickup. We're going to have tailwinds linked to the margins, and we're going to have also a pickup in the insurance and services. So these are elements that should help us going forward. For corporate center, what we said in the medium-term plan was that we could target around $400 million in contributions. I'm just verifying that with Sissy right now. She's nodding. She's shaking her head. So maybe that's not that. I'm going to have to come back to you as to the guidance we have in the medium-term plan in terms of the corporate center.

Thank you.

Next question is from Bruno Avalo, AutoBHF. Please go ahead.

Yes, good morning. Thank you for taking my question. A few questions on insurance, if I may. which has a very strong figure. The first question is related to CSM, which has enjoyed a very strong growth of 9.1% over 12 months. So it's partly due, of course, to the activity, but also you mentioned some positive market effect. Can you just please tell us what has been the market effect or what has been the new business CSM, just to understand the quality of this strong increase? The second question is on P&C. Your common ratio has been broadly stable at 94.6% for the full year. So what do you expect in terms of price increase this year? And what do you expect in terms of common ratio this year and over the plan? I have in mind that maybe you expect a broadly stable common ratio over the plan, but I don't know if you can confirm or elaborate a little bit on that. And maybe the third question is on solvency. Solvency is down a little bit compared to your N24, but it's still very strong, so it's fine. My question is first, I mean, do you have a view on the dividend to be paid by Credit Agricole Assurance to CASA in Q2 and the impact on CT1 ratio, or is it maybe too early for this? And the second question is, do you have a view on what could be or what will be the impact of the Solvency II review on the Solvency Margin? Thank you.

All right. Thank you, Benoit. Now, regarding the CSM, So we have a certain number of elements, and in particular, we have the variable fee approach dimension, which is contributing to the allocation of the CSM. So we have a very slight decrease in the allocation factor, but nevertheless, we have a CSM that is we have new business contribution that is higher than the CSM allocation. The positive or market effects are effects that you can have in particular in the GSA in terms of for the life insurance. Now, regarding P&C, we have a combined ratio indeed that is 94.6% at the end of the year. Going forward, there's going to be pluses and minuses. There's going to be an impact on claims, for example, of climate change, for example. But on the other hand, the premiums in this context should adapt. And the idea for us is to be able to develop PNCs in France, internationally, to develop the equipment rate, to diversify also, to principalize our customers in the retail sector. on banking in order to increase the extent of P&C solutions that they can have. So these are areas for growth in terms of P&C going forward. But it's true that there will be this mix between claims and premiums going forward because this is linked to the evolution of the market. And in terms of solvency, it's really too early to give you any elements like that. Of course, the solvency ratio is something that we usually give you at an annual level for clinical insurance, which is very high. We had a slight decrease this year, six percentage points over a year in the context of increased rates, but strong growth in activity, but it remains extremely high and very comfortable.

Okay, thank you. Maybe just regarding the CSM, do you have the figures regarding the contribution from the new business to the CSM in 2025?

We have the fact that the allocation factor is 7.5%, and the new business contribution is higher than the CSM allocation.

Okay.

Thank you very much.

The next question is from Ned Padmash, Morgan Stanley. Please go ahead.

Good morning. Thank you for taking my question. I just wanted to ask, how is the current macro situation in France impacting Gaza? And can you talk a little bit more about your outlook on French retail going forward, given the recent positive developments on the deposit mix and pricing, please?

All right. Thank you. So, in fact, the uncertainty linked to the fiscal budget government situation has decreased a little bit. And we have seen that in the asset swaps from the OETs, which has decreased in these past weeks. In fact, the asset swap for OETs has gone below that of Italy. So we have had a market where conditions have been relatively good. Now, there is still uncertainty going forward more generally, but uncertainty linked to European growth, to the aging of population, to competitiveness issues. There is an uncertainty linked to the level of public debt, for example, in Europe, and also, of course, to the geopolitical risk, which will have an impact on the supply chain, global supply chain. This all creates uncertainty more generally. Now, two points. First of all, on our capacity to raise liquidity, to meet our funding plans, Casa has a very strong position. There is a slight impact of the fact that we have an impact due to the French government debt, but nevertheless, the spreads are very low for us. And in fact, our funding plan for last year, we went beyond our funding plan, which was 20 billion euros. We went to 23.1 billion euros because the conditions were very strong. And the funding plan that we have is very favorable, sorry. And the funding plan that we have this year is about 18.8 billion euros. And we have already achieved about 31% of this funding plan as of end of January, which is very good, and which shows that there's abundant liquidity for the European banks and for Chirico, which has a very strong capital and liquidity position. and our conditions, our funding conditions, are very good. So that's the first point. The second point is what could be – so there's no issue for us, Casablanca Group, Group Canarico, in terms of capacity to raise funding. The second point is will macroeconomic uncertainty have an impact on activity, activity in the countries where we operate, and our activity. Now, you saw in our beginning plan that we want to – increase the share of revenues outside of France from about 55% to about 60%. So this is development that will allow us to diversify also our business mix, first point. And then the second point is that we consider that we're very well positioned to support our customers in the developments that will be necessary, i.e., for example, I was talking about aging population. We're very well positioned to support the savings, the development of savings in Europe thanks to insurance, thanks to asset management, thanks to the deal that we just signed with ITG and private debt, et cetera, et cetera. That's the first point on savings. And in our medium-term plan, we're also committing to support the mid-caps in Europe in the way that they contribute to competitiveness of Europe in a certain number of sectors like defense or health or agri or technology. So we're well positioned to navigate in this uncertain environment.

The next question is from Siriu Tutunji, BNP Paribas. Please go ahead.

Hi, everyone, and thank you for taking my questions. So I've got two. The first one will be on Germany. I know you're launching your platform this year. So I'm just wondering what's your strategy to capture market share in a market that's becoming more and more competitive with new entrants. And the second one would be on French retail revenues. So it was really strong this quarter. And the drivers of NIA especially are pretty structural. So I'm just wondering what's preventing us to maybe extrapolate this growth that's quite above the strategic plan revenue target. Thank you.

All right. Thank you for your question. How do we want to gain market share? So we're being very reasonable in the targets that we have. We want to go from 1 million customers to 2 million customers in Germany. We have savings outstandings that are 15 billion. We want to reach about $30 billion. And if we extend that to other countries, we're going to reach the $40 billion that we talked about in our medium-term plan. So it's a relatively reasonable target because we're starting on this basis of 1 million customers and $15 billion in outstanding. And as I was saying just before, we think that we're going to have a competitive edge linked to the number of solutions we can provide in terms of on-balance sheet savings in this digital platform. time deposits, et cetera. So we have a certain number of solutions that should be more numerous than those of other competitors. But recall that Germany is a market where there's a very strong debt in terms of savings. We want to target affluent customers, and so we're relatively optimistic regarding this. First one. The second point, indeed, the net interest income revenue increased strongly in France this quarter, and in particular in the regional banks. And in the medium-term, we have an increase in net interest income. The 11% net interest income that we have seen in French retail this quarter is probably a little bit strong. but for going forward. But in 2026, I think we can say that we will have a high single-digit increase in French retail in 2026. And then maybe coming back, because Cécile and the team were just checking to the corporate center, the minus 400 million I was talking about is indeed a good order of magnitude for a guidance for the net income for the corporate center by 2028.

Thank you.

For any further questions, please press star and one on your telephone. Gentlemen, there are no more questions registered at this time. I turn the conference back to you for any closing remarks.

Thank you. Thank you very much, everyone, for your attention. So I'm not going to come back to the results that are very strong this year. I just wanted to make one last point. We talked a lot about the medium-term plan, which is very good, because we're really orienting ourselves into this medium-term plan by 2028. And during the medium-term plan, we had promised that we would do a couple of workshops on a couple of businesses. And in particular, we had talked to you about a workshop for LCL in the first half of this year. And so I'm very pleased to ask you to save the date of May 26th, where we will be pleased to host you for an LCL workshop in Paris. And I'm going to stop there. Thank you everyone for your attention and have a very nice day. Thank you.

Ladies and gentlemen, thank you for joining. The conference is now over and you may disconnect yourself