Finecobank Banca Fine Spa

Welcome and thank you for joining the Finecobank second quarter 2026 results conference call. As a reminder, I'll participate in a release alone mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference call. All this to Mr. Alessandro Foti, CEO and General Manager of Fineco Bank.

Please, go ahead, sir.

Good morning, everyone, and thank you for joining our results conference call. First half adjusted net profit up by 8% year-on-year at around 343 million. Revenues up by around 11% year-on-year at $713 million, with all product areas contributing positively. Banking up by 8.5% thanks to higher deposit volumes. Investing up by 11% thanks to the volume effect. Brokerage up by 15% thanks to the higher stocks of assets under custody and expanding active investor base. Adjusted operating costs, well under control, at around 193 million, increasing by around 6% year-on-year, excluding the additional costs related to the growth of the business. Cost-income ratio at 27%, confirming operating leverage as a key strength of the bank. Capital position confirmed to be strong and safe, with a common APT-TR1 ratio at 23.18%. and the library duration at 5.02. Among the main events, we have signed with SEMPE, Asicura, a four-year exclusive partnership for the distribution of live insurance products. The deal improves both the quality of products and services and Finicom marginality moving to a higher level. Moving now to our commercial performance, we are experiencing a material step up in our growth. This is driven by our unique positioning, capturing long-term structural trends and by our execution on several initiatives. The impact of this acceleration is clearly visible in our numbers. In the first half, net sales increased by 35% year-on-year. In July, estimated net sales at 1.7 billion, around 40% higher year-on-year. with around 2.4 billion assets under management, around minus 2.3 billion deposits and around 1.7 billion assets under custody. Brokerage clients were very active buying the dips leading to very solid brokerage revenues estimated at 23 million up around 20% year-on-year. New clients continued to grow at a strong pace up 26% year-on-year in the first half. In July, new clients are estimated at around 21,000, up by around 40% a year. Now most of the guidance. Further upgraded outlook for our 2026 and 2029 plan, confirming the quality of our diversified business model. The better outlook is driven by a combination of Better than expected net sales with all the mixed components contributing positively to the revenues. Combination of deposits, net sales and interest rates evolution. Slower growth of operating costs going forward compared to the CMD expectation. We are redesigning the backbone of the bank with artificial intelligence that is gradually moving into the execution phase 2015. 26. We expect all the product carriers contributing to higher revenues thanks to the acceleration of our structural growth. We expect net financial income growing thanks to the combination of positive deposit net sales and rates. Investing, a solid increase of revenues thanks to the combination of resilient net sales and mixed improvement. Brokerage, we expect another record here. Banking fees We are embedding a 5 million increase related to the marketing in additional cost for growth as clients are very responsive to our value proposition and we see a clear opportunity to further accelerate. I now hand to our CFO, Lorena Pellicciari, to start diving on results.