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Good morning, ladies and gentlemen. Before I hand over to Magda Palczynska, Head of Investor Relations, a reminder that today's call is being recorded. Ma'am, you may begin.

Good morning and welcome to Unicredit's second quarter and half year 2025 results conference call. Andrea Orchel, our CEO, will take you through the presentation. This will be followed by a Q&A session with Andrea and Stefano Porro, our CFO. As always, please limit yourself to two questions. With that, I'll hand over to Andrea.

Good morning and thank you for joining us today for Unicredit's remarkable second quarter results. Obviously, yesterday's announcement regarding BPM is in the background. Given the continued uncertainty for Unicredit and its shareholders generated by the Golden Power, we have decided to draw a line under this transaction and move on. As today's results and upgraded guidance demonstrate, we are accelerating beyond expectations, particularly neatly, gaining market share profitably and raising the value that we expect to create for our shareholders. As CEO of Unicredit, I believe that my job is to create the most value possible for our shareholders whilst strengthening our bank. M&A is just a tool, which depending on the condition of a transaction may or may not help in achieving that. While our decision has been difficult, It is absolutely the correct one for all our stakeholders. Going back to results, we are operating in a rapidly evolving banking landscape, one that continues to challenge the industry. Last year, the overall macro propelled us. This year, it is very different. And yet, we are on track to beat last year's record, becoming the benchmark for the sector across all KPIs. We are proving that Unicredit Unlocked is a winning strategy, that our strong and differentiated model delivers exceptional performance, that we can adapt, execute, and lead with confidence while we continue to invest, strengthen, and accelerate. The measures that enable our Unicredit Unlocked acceleration phase are already well underway and exceeding expectations. None of this would be possible without our people. I thank my colleagues once again for their stellar professionalism and dedication. Their execution continues to be nothing short of exceptional and the demonstration of the success of our culture. The second quarter marks a structural step forward in our journey. It is another quarter of setting records, growing returns and accelerating. We posted record net profit and return on tangible equity driven by core revenue growth both in the half and in the quarter, coupled with cost of risk discipline and continued operating and capital excellence, while keeping P&L buffers intact. These results come not from extraordinary items, but from the strengths of our core business. our franchise once again outperforming across all regions and more than offsetting stronger headwinds. Such results clearly demonstrate the strengths of our strategy and the progress in the execution of our transformation as we are shifting focus to revenue acceleration. We are well underway with the execution of our accelerator that shall positively contribute to our results from 2026 onward. These are the internalization of life insurance in Italy, which was executed in Q2, the integration of Alfa Bank in Romania, which shall be executed in Q3, and the Poland reentry, which supported by Aion Vodeno, which shall be launched in Q4. We are enhancing our acceleration from 26 onwards, even further by equity consolidating our stakes in Alfa. crowning a very successful partnership and in Commerzbank. We upgrade 2025 guidance once again, purely from the greater progress on execution of Unicredit Unlocked Phase 2 as the accelerator and the equity consolidation we only kick in from 2026 onward. We're also upgrading our ambition for 2027 from both our core acceleration and the impact from accelerators and equity consolidations. Our record first and second quarters have made the first half the best in Unicredit's history. What makes this performance so remarkable is its quality across the board and its ability to more than offset greater than anticipated headwinds while continuing to invest. In 2-2 alone, we achieved a net profit of 3.3 billion, 6.1 billion in the first half. In order to better compare our year-over-year underlying performance, we're excluding the significant net positive one-off. Sorry, the significant... I am sorry, one second. The significant net positive one-off... I'm sorry for a second, but... I'm missing a page. Here it is. Here we go. In order to better compare our year-on-year underlying performance, we are excluding the significant net positive one-off impact primarily related to Commerce Bank equity consolidation, life insurance internalization in Italy, and our front-loading of extraordinary provision for risk and charges to better protect our future. This is something that can only be done from a position of strength. Adjusted for one-offs, we achieved record net profit of $2.9 billion in the quarter and $5.7 billion in the half. These numbers reflect strong performance across the board. Core revenues defined as NII fees and dividends grew 1.3% year-over-year in Q2 and 1.5% in the half, a resilient top line more than offsetting stronger headwinds. Net interest income held up better than expected as volumes grew in our targeted segments without compromising margins. Fees grew 3.6% in the half and were slightly up in the quarter on a like-for-like basis, even in the face of market volatility, Liberation Day, and more general geopolitical uncertainty that contained fee growth and boosted trading. Trading excluding one-offs from strategic investments, primarily related to the equity consolidation of Commerce Bank, drew 22% in the half and 16% in the quarter, benefiting from greater client activity. At the same time, we further improved our operational efficiency. We reduced cost by 1.5% in Q2 and 1.4% in the first half on a constant perimeter, leading to further improvement of our cost-income ratio reaching less than 36% without impacting our net profit as we front-loaded the related integration cost in Q4 of last year and do not need to do it this year. As such, gross operating profit went up almost 3% in the quarter and 4% in the first half. Capital efficiency continues to improve, with net revenue to RWA reaching 8.8% in the quarter and 9% in the half. As a result, we deliver best-in-class return on tangible equity, excluding one-off, of 20.6% in the quarter and 21.3% in the half. On a per share basis, we grew EPS 26%, DPS 31, and tangible book value per share 19%, including dividends. And we've done all this while investing and keeping our more than $3 billion in P&L buffers intact, reinforcing the strengths and sustainability of our future trajectory. The table highlights the broad-based performance of our franchise. It strips out the noise created by one-off items. Our top line was impacted by $335 million trading one-off, driven by hedging costs related to the equity consolidation of Commerce Bank, only partially offset by the gains from our strategic portfolio. This top-line impact was offset below the line, the net operating profit line, by an overall net positive one-off of $675 million. $653 million from the revaluation of our life insurance stakes. $230 million in badwill linked to the Commerce Bank equity consolidation. 207 in front-loading of provision for risk and charges, further reinforcing our prudent and forward-looking approach to risk. So, while the quarter includes significant overall positive one-offs, the underlying message is clear. Our core performance, X, these one-offs, is well ahead of our plan and supports enhanced distribution. Our gross revenue grew 2% in the quarter and 2.7% in the first half, excluding one-off impact. Net revenue was impacted by cost-of-risk normalization, but still grew 0.5% in the quarter and 2.2% in the first half, excluding one-off impact. The resilience and quality of our revenue base is proven by our core revenue growth of 1.3% in the quarter and 1.5% in the first half as a result of strong fee and dividend income and resilient NII performance. This broad-based delivery gives us the confidence to upgrade our net revenue guidance for the year. Our net interest income has proven more resilient than expected, even in an environment of accelerated decline in interest rates. In Q2, NII declined by just 0.3% quarter-on-quarter, supported by increasing volume in the targeted segments, combined with our continued focus on protecting margins over volume. We continue to have excellent pass-through management, with the average in the quarter down 1.7 percentage points to circa 31%, well ahead of plan. This approach delivered results, maintaining our NII ROAC around 20% firmly best-in-class. As a result, we are upgrading our full year 2025 NII guidance. We now expect a mid-single-digit decline versus full year 2024. Asset quality remains strong and stable, with our gross NPE ratio at 2.6% and our net ratio at 1.5%, both steady. Cost of risk remains structurally low at nine basis points for the half, broadly flat quarter on quarter, while up versus previous year due to the larger non-recurring releases in Q2 last year in Central and Eastern Europe. Our default rate remains broadly flat at 1%, excluding two single names, at 1.2%, including these. Our NPE coverage remains stable and we maintain our 1.7 billion overlays intact. They will act as a further buffer against any potential deterioration in asset quality or to further propel profitability going forward. On the back of this solid trend, we are confirming our full year 2025 cost of risk guidance of approximately 15 basis points. Fees. Fees grew 4.1% in the first half and 1.1% in the quarter, excluding the payments one-off we flagged one year ago. Our fee-to-revenue remains top tier at 35%, underscoring the strengths and diversification of our revenue stream. We saw solid contribution from investment products, insurance, and client hedging. which compensate for lower performance in financing which suffered from mentioned macro uncertainty. Year-on-year comparison in payment are misleading due to one-off impact in Q2 2024 that benefited from renegotiation of contracts and changes in the timing of incentive scheme this year. Excluding these factors, payment would have been broadly flat. We are confirming our 2025 fee guidance of mid-single-digit growth and remain confident in delivering our 1.4 billion fee growth ambition by 2027 versus 2024. We continue to improve our operational efficiency. Cost declined 1.4% in the first half on a constant perimeter, even as we continue to invest in our people, in our technology, and in business growth. This disciplined approach allows us to balance efficiency with long-term value creation. Our cost-to-income ratio remains best in class, standing at 35.5%, excluding one-offs. A remarkable result, especially considering that strategic investments such as Alfa Romania and our Poland reentry are still ramping up and have yet to fully contribute to the revenue line. On the back of this strong delivery, we are improving our full year 2025 cost guidance to below $9.6 billion, lower than full year 2024 when adjusted for perimeters effect. This quarter, Unicredit generated 2.4 billion or 82 basis points of capital organically and 3.4 billion or 119 basis points overall. This more than absorbed the impact from model changes of 20 basis points, the distribution accrual of 86 basis points, while also increasing our CT1 ratio to 16.2% pro forma for the Danish compromise. We maintain our position among the most capital-generative and strongly capitalized banks in Europe. Our capital generation and level are strengths that support investments and best-in-class distribution. In the half, we accrued 5.2 billion, of which 2.6 in cash dividends. We continue to hold 8.5 to 10 billion in excess capital above our target CT1 range of 12.5 to 13%, providing further flexibility. As previously discussed, some of that excess is more volatile, and we shall consider it accordingly until it is secured. Looking ahead, we expect the CT1 impact from equity consolidation of the full stakes in Commerzbank and Alfa Bank to consume circa 130 basis points. We confirm our full year 2025 organic capital generation guidance are broadly in line with net profit, which has grown. Let's now turn to the engine behind these results, our region and product factories. In a persistently complex and volatile environment, the breadth and depth of our geographic footprint, client and product mix have proven to be a key differentiator. Each contributing uniquely, yet consistently, to our growth trajectory, reinforcing the resilience, balance and scalability of our franchise. Italy remains the cornerstone of Unicredit's performance and our strongest source of high-quality earnings. It is delivering quality, profitable growth, setting new records across all KPIs. Growth revenue reached 5.7 billion, broadly flat, excluding prior one-offs. NII declined 5.2% in the half and 3.2% sequentially in the quarter, primarily reflecting the rate decline. However, this was partially mitigated through disciplined pass-through management and targeted loan origination, up 12% year over year. Our focus on margin over volume translated into a strong NII ROAC of 24%. Our planned focus on SME resulted in an acceleration of our penetration in the segment with 7.5 billion additional or 41% increased financing delivered to the segment. Our progress was recognized by Euromoney that awarded us as Europe and Italy's best bank and best bank for SMEs. Fee income rose 2.3% in the half, driven by solid momentum in investment products, advisory, and financing, and flat in the quarter, adjusted for one-off. Our fee-to-revenue ratio stood at a top-tier 41%. Asset quality remains robust. Cost of risk stood at 26 basis points, down 3 basis points year over year, while our gross and net NPE ratios held steady at 2.6 and 1.4%. Adjusting for state guarantees, the net NPE ratio dropped to just 0.8%, almost entirely covered by our Italian overlays. Effectively, we're a zero net NPE bank in Italy. Operational efficiency improved as our cost-income ratio reached 33.4%. Cost decreased 2.2% in the half and 2.3% in the quarter, despite sustained investment in talent, in technology, and in business growth. Capital efficiency remained strong, with net revenue over RWAs at 10.8%, flat year-over-year. Profit before tax rose 4% to 3.5 billion, and ROAC reached 34%, reinforcing our market leadership. Organic capital generation was solid at 2.4 billion. We continued investing in our people and client, Andig, 430 new hires, and delivering over 410,000 hours of training to our people, a 20% increase year over year. We're enhancing clients' experience through Buddy, our digital branch, and BancoSmart 2.0 with a rollout of last-generation ITMs to the whole network by year-end. We'll continue to refurbish and redesign and digitalize our physical branches. We continue to invest in technology, with the UCX initiative significantly improving the speed and quality of our client's journey. We have also enhanced our product offering with secure digital asset solution, including crypto ETPs and capital-protected certificates. Italy exemplified our disciplined, high-performing, and client-focused model. Germany remains a strategically vital anchor for the group and a consistent contributor to our earnings quality. It is delivering another quota of quality, profitable growth, setting new records across all KPI, leading to the strongest first half in over a decade. Gross revenues reached $2.9 billion, up 3.2% in the half and 2.5% in the quarter, supported by strong demand for hedging products amid market volatility. NII declined 3.7% in the half, but increased 1% when adjusting for refinancing volume growth. Sequentially, it rose 3.3% without compromising our strong NII ROAC of 22%. Fee income was stable in both the half and the quarter. Investment and hedging fees grew strongly, offsetting lower fees from weaker financing activity. Fees to revenue stood at 31%. Credit quality remained solid with a gross and net NPI ratio respectively of 2.4% and 1.5%. Cost of risk remained stable at 12 basis points while maintaining overlays intact. Operational efficiency improved, with cost-income ratio down to 36.8%, and cost declined 2% in the half and 1.2% in the quarter, despite continuing investment in technology and in our people. Simplification continues to drive efficiency without compromising our network or frontline, a clear differentiator vis-à-vis some peers. Capital efficiency improved further, with net revenue to RWA at 8.3%, profit before tax rose 12% to 1.7 billion, ROAC exceeded 24% at nearly 3 percentage points year over year. Organic capital generation reached 1.3 billion. Our S&P rating upgrade to A-, validates our progress, and we are proud to have retained top employer certification for the 15th consecutive year. We remain the leading FX rates and commodity hedging provider for the corporate sector in Germany. We continue to invest in innovation through partnership like Rise Europe, investment like Banksware, and enhancements such as new security platform creating almost 150 jobs. This year marks the 20th anniversary of Unicredit's combination with HVB. We are proud to celebrate it with a top-performing bank that is leading across all KPIs and supporting the real economy, especially the Mittelstand. Our group implicit exposure to Germany shall increase from 2020 onwards, reflecting the planned progressive equity consolidation of our full stake in Commerzbank. Austria remains our second group anchor, continuing its successful evolution from value unlocking to sustainable growth. It is delivering another quota of quality profitable growth, setting yet another record. Gross revenues were slightly down to $1.3 billion due to NII decline, not fully compensated by very strong fees. Net revenue grew 2% thanks to the superior quality of our loan portfolio. NII declined 8.5% in the half, while growing 0.7% sequentially, supported by strong pathway management and the highest corporate lending growth in years. Fee income was a standout at 6.9% in the half and 5.2% in the quarter, driven by investments plus 12%, advisory and financing plus 15%, leading to a strong 32% fee-to-revenue ratio. Cost of risk is an overall net reversal of 15 basis points in the half due to continued repayments. Overlays are kept intact. Operational efficiency remained central, with our cost-income ratio below 39%, cost rose only 1.3%, well below inflation, and fell 0.7% in the quarter, thanks to efficiency measures coupled with continued investment in people and in technology. Our capital efficiency remained healthy, with net revenue to RWA at 6.9%, despite a 4.8% rise in RWAs mitigated by proactive actions. Profit before tax rose 1.2% to $0.8 billion, 4.4% excluding the new bank levy. ROC stands at 24.1%, greater than 25%, excluding bank levy. Organic capital regeneration reached 900 million. Austria started the re-internalization of issuing and acquiring, launching our in-house credit card and already onboarding 100,000 retail customers. We were proud to be named best bank for large corporates and continue to lead in innovation with simplified digital onboarding and consumer finance solution. We also strengthen our inclusive culture, earning edge recertification, launching girls' co-finance and supporting future talent through the Unicredit Foundation. Our CEE region continues to be a key growth driver, combining discipline execution with strong client momentum. Our commercial effort is driving profitable growth. Gross revenue grew 4.6% in the quarter and 5% in the half, reaching 2.3 billion, powered by both NII and fees. NII increased 2.4% in the half and remained stable in the quarter, supported by 10% volume growth in the half, including the contribution from Alfa Romania. NII ROAC stood at 26%. Fee income was a standout, rising 9% in the half, 2% in the quarter, with contribution across all categories. Fee-to-revenue improved by 1 percentage point to 28%. Cost of risk remained positive, thanks to continued repayment. Gross provisions are normalizing, but our conservative underwriting remains unchanged. Operational efficiency remains best in class, with cost to income at 34%, 32.6% excluding Alfa Romania. Cost rose 3.1% excluding Alfa Romania, but declined sequentially in the quarter, thanks to our focus on efficiency, while we continue to invest in people and technology. Capital efficiency remains strong, with net revenue to RWA at 8.6%, broadly stable, despite an 8% RWA increase due to Alfa Romania and Basel effects. Profit before tax declined 2.7% due to long-loss provision normalization, but would have increased by 2.9%, excluding VAT. ROC remained high at 29%. Organic capital generation reached 1.2 billion. We continue to invest in Central and Eastern Europe with long-term view, earnings awards across Bosnia, Croatia, Romania, ESG, and transaction banking. Innovation is a key focus with initiatives like AI-powered voice spots, seamless payments, and automated KYC enhancing client experience. Our group implicit exposure to CEE shall increase from 2026 onwards through the planned equity consolidation of our stake in Commerce Bank that owns circa 70% of mBank in Poland. From the onset of the crisis, we have committed to an accelerated, responsible, compliant and economically sound compression of Russia, and we have consistently delivered on that commitment. This quota marks another step forward in that journey, as we further reduce our exposure across all key dimensions. Local deposit declined 31% in the quarter, reaching $1 billion, or around 0.5% of group deposit, a total compression of 88% versus the first quarter of 2022. Net local loan declined 19% in the quarter, reaching $800 million, less than 0.5% of group loan, 89% less of the first quarter of 2022. Cross-border lending remained flat at minimal levels. It has declined by 94% since Q1 2022 and will reach zero by year-end. Cross-border payment decreased 17% in this quarter, reaching 6.4 billion, down 75% since Q1 2022. These are now almost exclusively conducted in Euro and US dollars. We have materially reduced the capital impact of full Russia write-down from approximately 130 basis points on a 14% CT1 to 78 on a 16.2 CT1. We remain fully compliant with applicable ECB targets and we continue our disciplined business compression, also targeting a full orderly exit from retail by the first half of 2026. Our product factories continue to deliver differentiated capital light growth and remain central to our strategy. In the first half, client solution generated $6.1 billion in gross revenues, up 4%, with over 67% coming from fees. Individual solution grew 7%, fueled by a 10% rise in investment products and 5% growth in non-life insurance. One market, AUM, reached $22 billion, with managed fund sales up more than 55%. We are well on track to retaining over 80% of the investment product value chain by accelerating proprietary product distribution, unlocking alpha growth well beyond market trends. Corporate solution grew 6% with fees up 13%, driven by strong advisory and client risk management. This was partially offset by weaker financing fees amid macro uncertainty. Payment solution delivered resilient performance when adjusting for contracts one-off and incentive scheme timing. These factories are scalable, as demonstrated by their use in our partnership with Alpha, client-centric and a key driver of our unlocking acceleration strategy through 2027. We're setting records and we're doing it against the backdrop of strong, I would say stronger headwinds. We have already absorbed over 500 million headwinds in the first half, mainly from rate normalization and inflationary drag on cost and some normalization of cost of risk. This was not unexpected. Our performance beat consensus across all key metrics, net revenue, NII, fees, cost, cost of risk, net operating profit, net profit, and CET1. This highlights the strength and consistency of our underlying business and position us to deliver our best year ever, even before considering anyone off. What's driving this result is the execution of our strategy at pace. We're now in the second phase of Unicredit Unlocked, moving from unlocking trap potential to unlocking acceleration. This is where we're truly scaling our story, delivering today what we continue to build for the future. Over the past three years, we have executed the first phase of Unicredit Unlocked with discipline and determination. We simplified and streamlined the organization, empowered our banks and our people, unified the group around a clear strategy and culture, and leveraged our scale. We benefited from tailwinds, but unlike many peers, we used them to prepare for the future, front-loading investment, building over 3 billion of P&L buffers, and generating excess capital that we are now deploying or returning. Today, we lead across all key performance indicators, cost income, return on tangible equity, net revenue over RWA, EPS growth and distribution. We have unlocked the majority of our trap potential and built the momentum and resilience to enter our next phase from a position of strength. In Phase 2 of Unicredit Unlock, we are making a decisive shift from transforming the operating machine to accelerating the commercial one. We are executing a clear and focused set of initiatives across 40 dimensions, geographies, clients, products and channels, with our people at the core. This is underpinned by continued investment in our organization, processes, way of working, technology, and data, ensuring that our operating machine remains resilient, efficient, and fully compliant. As our first half results demonstrate, we are progressing across all key dimensions supported by targeted sets of initiatives. Starting with geography, we are allocating capital to higher gross region. The 6% increase in allocated capital to Central and Eastern Europe in the first half, along with a planned re-entry in Poland, are clear examples of this targeted approach. On clients, our focus remains on SME and private and affluent segments, while maintaining discipline in mass market and large corporates. The 7.5 billion increase in SME lending in Italy and the significant growth in private clients in Germany are tangible results of this focus. Our UCX initiatives significantly improve the speed and quality of our clients' journey. For products, we continue to strengthen our offering and enhance its distribution, driving higher quality fee income while maintaining a selective approach to lending. Our new partnership with Wise in international payment and the rollout of digital asset solution are recent illustration of our product strengthening. In terms of channel, we continue to modernize our physical network while expanding our direct and digital reach, enabling a true omnichannel presence. BuddyBank added over 200,000 new clients in the first half, four times more than last year. And we are continuing to redesign and refurbish our branches to support premium advisory service at scale. Our first half also confirms our further progress on the operational side. We took concrete steps to continue to streamline our organization and invest in our people and technology. With respect to people, we hired 1,700 colleagues, mostly in the network and with early career profiles, and delivered 850,000 hours of training Engagement remains strong, with over 1,300 ideas collected through the CEO roadshows, 50% of which are or will be implemented. For organization, we continue to simplify, reducing layer, redesigning processes, and implementing over 1,000 simplification proposals received from our colleagues. On technology, data and AI, we're progressing with targeted investment. The Google Cloud Partnership, GenAI tools, digital platform like UCX, and are already improving speed, efficiency, and client experience. Moving to the organic accelerator. Our organic accelerators, which are part of a plan, are gaining momentum. although their contribution to our performance will only become meaningful from 2026 and beyond. Starting from next year, the internalization of life insurance in Italy, the Alpha Bank integration in Romania, and the scaling up of Poland and embedded finance are expected to increasingly contribute to over 400 million additional net profit by 2027 and growing further from there. In particular, the second quota 25 marks the internalization of the fourth largest Italian life insurance company within the group, together with 46 billion of directly managed assets. This will significantly further improve our revenue mix. These are unjust projections, but the result of tangible growth levers that will enhance revenue quality and strengthen our earnings, profitability, and distribution trajectory. We are now also equity consolidating our stakes in Alpha and Commerce Bank, further enhancing our profitable growth trajectory from 2026 onward. No impact this year. We expect to consolidate around 20% of Alpha in the third quarter and the remaining stake in Commerce Bank to reach circa 29% by year end. Alpha is the result of our welcome investment in Q2. Commerce Bank is the result of obtaining all the required approval, bringing us exactly where we said we would be from the start. Combined, they will contribute approximately $800 million in additional revenues, in additional net profit, and in additional distribution net of hedging costs by 2027, subject to their respective financial performance. Both investments offer a strong return of circa 20% and fully distributable. They also enhance our implicit exposure to attractive markets like Greece, Poland and Germany. Our partnership with Alpha will continue to develop, with our 20% allowing us to capture more of the value we shall create together. This will boost the original numbers of our organic plant by increasing our exposure to an attractive and fast-growing economy. such as Greece, and targeted clients within. It further reinforces our already strong partnership. Based on consensus, Alpha will contribute circa 200 million to our distributable net profit with a capital consumption of circa 40 basis points at circa 20% return on investment. Commerce Bank. The equity consolidation of our stake in Commerce Bank will further increase our implicit exposure to Germany, our resilient anchor, and Poland, among the fastest-growing European countries, while also accelerating our shift towards SME, private and affluent. As Commerce Bank's largest shareholder, we welcome change to strengthen the bank and set it on a sustainable, profitable growth trajectory. their success has become our success. Based on consensus, Commerce Bank will contribute over 600 million to 2027 distributable net profit, net of expected hedging cost, with a 90 basis point CT1 impact, a circa 20% return on investment. We will now turn to how the accelerated implementation of our strategy enables us to raise our guidance. Net profit guidance is raised to circa 10.5 billion for 2025. Net revenue guidance is improved to above 23.5 billion with NII now down by mid single digit and fees confirmed up mid single digit. Cost of risk is confirmed at 15 basis points. Costs improved to below 9.6 billion down at constant perimeter. Consequently, we expect stronger growth in earning per share and dividend per share, with return on tangible equity guidance improved to circa 20%. Distribution guidance is upgraded to at least $9.5 billion as it also takes into account non-distributable items. Dividend is expected to reach at least $4.75 billion, up 28% year-over-year on a declining share count. In 2027, we now aspire to reach at least 11 billion net profit at an over 20% return on tangible equity, with EPS and EPS growth further boosted by earnings growth related to share count reduction through share buybacks. This will allow us to deliver 25-27 cumulative distribution of at least $30 billion, of which at least $15 billion in dividend. Our best-in-class standalone profitable growth story is now upgraded thanks to a stronger-than-expected underlying performance, the confirmed execution of our organic accelerators, and the added contribution from equity consolidation in Commerce Bank and in Alpha. This leads to a consensus EPS and DPS double-digit growth significantly above the sector and return on tangible equity almost two times higher than the sector and above our top peers. We continue to accelerate on our standalone strategy, delivering excellent current results while laying the foundation for an ever-stronger future. Thank you, and I will now open for questions.