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Good morning, ladies and gentlemen. Before I hand over to Ms. 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 fourth quarter and full 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. Please limit yourself to two questions. Andrea, please go ahead.

Good morning and thank you for joining us. I'm proud to present our record fourth quarter result, crowning our best year ever and concluding five years of Unicredit Unlocked. Unicredit Unlocked was a transformation beyond what anyone thought possible. It released Unicredit's potential, taking us from laggard to leader among legacy banks, and set a new benchmark for banking. It allowed us to lead the way in all metrics, including profitable growth and distribution. It exceeded all the KPIs we set for ourselves and built an incredible momentum that sets us apart today. Some teams might see this achievement as a reason to pause and reflect, but not this team. This team is taking this momentum and using it to dramatically increase our aspirations, expand our vision, and supercharge the next phase of our profitable growth. While others are now following the path we carved with Unicredit Unlocked, we are determined to leap ahead. Today, we transition from Unicredit Unlocked to Unicredit Unlimited. If Unicredit Unlocked freed up our bank's potential, Unicredit Unlimited is about transcending the boundaries of legacy banks to continue to lead in the new competitive environment that includes fintechs and hyperscalers. Our people remain the linchpin across the two phases. They are dynamic, driven by excellence, and continuously upscaled. They are able to adapt to the changing needs of our clients and the environment, delivering faster decision, better service, and more creative solutions. We are an institution with the flexibility to navigate the unprecedented speed of technological change and the unpredictability of geopolitics. This is the start of a bold new era for our bank, one defined by unlimited possibility, bold ambition and fundamental rethinking of what a pan-European bank should be. We're doubling down on accelerating profitable growth and we're doubling down on our transformation, challenging every assumed limit of what Unicredit can be. This is necessary and it is urgent. FinTech and hyperscalers are not slowing down and technological development is only speeding up. It challenges us and redefines the boundaries we used to take for granted. But the work we have done in Unicrate Unlocked positioned us uniquely to go beyond these boundaries. We have the credibility, the ambition, the motivation, and the determination. We have the momentum and the strengths. We have a clear vision and a clear strategy. We have the proven ability to flex and adapt to manage change. The time has come to rewrite the rules of the game. This means fundamentally reimagining what a bank must look like. It means overhauling our inherited assumptions, outdated models, and artificial boundaries. It means not being bound by convention, but challenging them wherever they are found. It means recognizing that the greatest risks are not change and volatility, but remaining still and yielding to artificial limitation. Unicredit Unlimited is our commitment to move beyond those constraints, to think, to act, and build without limits. Unicredit Unlimited will provide a new blueprint that blends the strengths of a traditional banks, the agility of a FinTech, and the dynamism of a technology company to create a personalized offer that truly puts the client of today and the clients of tomorrow at the center of all that we do. It will enable us to continue to both grow profitably faster and generate capital more than any other bank in the market. This phase reflects our unlimited ambition for our clients, unlimited opportunities for our people, unlimited potential to deliver profitable growth and distribution for our shareholders, and the commitment to provide limitless opportunities for future generation of Europeans. Just as we set the transformation trajectory in the past with Unicredit Unlocked, now we are both accelerating our quality top-line growth and doubling down on transformation, leveraging modern technology and AI to push the boundaries of what is possible. With Unicredit Unlimited, we aim to exceed all expectations of what a bank can be and forge a new path for a new era of European banking. Our ambition has always been clear, to become the benchmark for banking and unlock our bank and our people's potential to deliver for all our stakeholders. From 21 to 25, we did exactly that. We maximized efficiency, both operational and capital, while reigniting quality top-line growth, delivering unmatched return on tangible equity and sector-leading distribution growth. We laid strong foundation for the future, leveraging a supportive risk and cost of risk environment. We have moved decisively to become the benchmark of a sector, delivering top tier net revenue growth, the best operational efficiency, market leading organic capital generation, and superior return on tangible equity. This outperformance is not theoretical. It is a testament to our ability to execute, to deliver what we promise, and to do so consistently, quarter after quarter, year after year. From 2026 to 2030, we will change gears, striving to transcend the boundaries of service, productivity, and efficiency that still constrain legacy banks. We will further accelerate our quality top line growth, capturing profitable market share across the right geographies, the right client segments, the right products. We're building on the last five years to deliver a decade of unmatched performance and returns. The pillars to reach this success remain unchanged. Quality top line growth, operational and capital efficiency, profitable bottom line growth outside organic capital generation underpinning growing distribution. Our outcome remains unmatched per share growth at high return on tangible equity and outsized sustainable distribution for the benefit of all our stakeholders. We aim to accelerate our quality top-line growth, growing net revenue at 5% annually to around $27.5 billion by 2028, and directionally aspire to exceed $29 billion by 2030. We will double down on transformation, leveraging technology and AI to reset the efficiency frontier. This will take our cost base down 1% annually to around 9.2 billion by 2028 and below 9 billion by 2030. This leads to best-in-class profitable growth as we aim to grow net profit at a 7% compounded annual growth rate to around $13 billion by 2028, increasing our return on tangible equity above 23% and directionally aspiring to reach $15 billion by 2030 with a return on tangible equity of 25%. For shareholders, this translates into unparalleled per share growth and a continuation of our market leading distribution story. With 80% ordinary payout and before complementing with excess capital deployment or return, we aim to deliver circa 30 billion in the next three years and 50 billion in the next five. This is in addition to the 9.5 billion related to full year 2025. We're in an enviable position of not having to compromise between being able to grow at the top of our sector and remunerating shareholders attractively also at the top of our sector. And we have excess capital available to accelerate our growth and distribution further should we choose to pursue M&A or returning it to shareholders if no better opportunity for deployment is found. These financial strengths and the structural advantage of our presence in 13 plus 1 market provides us with a unique advantage for inorganic growth. Any M&A will be approached with the same discipline applied to date. Three core elements underpin our superior equity story that intends to deliver a decade of outperformance with an unmatched combination of profitable growth and distribution. First, our winning proposition. We have proven our ability to relentlessly execute, transforming from lager to lever. We benefit from structural advantages that are hard to replicate and even harder to match. Second, strong momentum. Full year 25 was a year of record performance, achieved while absorbing more than one billion of headwinds from rates and 1.4 billion of front-loaded extraordinary charges to strengthen our future trajectory. Third, our winning strategy. Unicredit Unlimited is a plan designed to reset what best-in-class looks like. We will accelerate quality growth and redefine sector efficiency, pushing beyond traditional legacy boundaries. We have proven We have a proven and scalable transformation blueprint. This is enhanced by structural advantages combining attractive geographic footprint, best-in-class product offering, and a high-quality client franchise. This blueprint is rooted in group scale with local reach. We started by putting clients truly at the center, unifying the organization around one common vision, strategy, and culture. We empowered our banks and our people. We shrunk the center to what truly adds value and benefits from scale, ensuring our banks are as independent as possible within one clear group strategy and framework. This has created a bottom-up, execution-driven culture that is delivering exceptional results. We harness scale only where it genuinely creates advantage. Product factories, technology and data and AI, procurement, unlocking synergies and raising effectiveness across the group. This federal model enhances the entire system The group provides platforms, capabilities, and direction while empowered local bank deliver for clients and drive superior performance. Unicredit Unlocked was built around one core belief, that there was an unmatched potential inherent within our bank that needed to be unlocked by leveraging our structural advantages. First, our attractive geographic mix. We have the only truly pan-European bank with 13 banks plus one embedded across Europe with top three position in 90% of our markets. This gives us scale, diversification, stability, limited effects dispersion in our result, lower geopolitical concentration compared with other cross-border models, and it provides strategic optionality including M&A opportunities across 13 plus one markets. Second, our high-quality client mix. We have more than 20 million primary long-standing clients' relationships skewed towards private, affluent, and SMEs, where returns are structurally more attractive, driven by a higher ROC, cross-selling, and crossover ratio. Third, our targeted product mix. Our group product factories combined with our granular local reach provide a breadth and depth of offering that local competitors cannot match. All of this is brought together and leveraged by our people, continuously striving for excellence, raising standards every day, and turning strategy into delivery. Our structural advantages reinforce each of our three financial levers, delivering an unmatched combination of profitable growth and distribution. First, operational excellence. Our pan-European footprint is geographically close and increasingly integrated. We increasingly operate on shared platform, common infrastructure, and converging processes with common products, delivering unmatched efficiency. Second, capital excellence. We combine high-margin lending with capitalized products distribution, enabled by our unique product factories seamlessly connected to our distribution and a client mix skewed towards more profitable segments. This allows disciplined capital deployment at high ROAC, driving both profitable growth and capital generation. Through increasing internalization, we are retaining more value across the chain, including investment, insurance, and payments. Third, quality profitable growth. We're exposed to structurally higher growth in Central and Eastern Europe, with limited effects dispersion, and to a fiscal stimulus dynamics in Germany. Italy remains our core capital life growth engine, while Austria ensures resilience and further growth potential. Our federal network means we lead in cross-border solution, amplifying growth through cross-selling and upselling across market and products. This is why our outperformance is structural and gives us confidence in our superior growth and distribution over time. We have delivered top-tier net revenue growth and established ourselves as the leader in efficiency, organic capital generation, and return on tangible equity. We have outperformed peers in value creation, driven by strong share price performance and distribution growth, resulting in best-in-class shareholders' returns. The past five years demonstrate our consistent execution and outperformance, positioning us to extend this leadership into the next five, achieving a decade of outperformance. We have delivered a record fourth quarter and record full year, crowning 20 consecutive quarters of quality, profitable growth. This strong momentum is broad-based across all KPIs, delivering today while building for tomorrow. We are the benchmark, and we are entering 2026 with unmatched momentum. NII, fees and net insurance, cost, organic capital generation, net profit, and Rote all performed better than expected at the beginning of the year. The underlying engines remain strong. NII sequential growth for the first time since rates began to normalize. Fees and net insurance drawing ahead of expectation, supported by investment products and the internalization of life insurance. Cost, flat, entirely absorbing new perimeter, minus 1.8% without them. This allowed us to front-load more than $1.4 billion of extraordinary charges in hedging and integration costs so that future profitability is cleaner and stronger. As a result, net profit reached $10.6 billion in 2025, up 14%, with return on tangible equity increasing 1.5% to 19.2%, or, importantly, 22% when adjusted for excess capital compared to peers. Distribution increased 6% to $9.5 billion, crowning our best year ever. On a per share basis, we accelerated further with EPS up 20%, DPS up 31%, and tangible book value per share up 19%. Our revenue engine remains strong. NII proved more resilient than anticipated, fully absorbing over 1 billion of rate compression. Margins remain stable, supported by quality loan growth of 4 percent and discipline pass-through of 31 percent. We saw the first sequential NII increase since 2024, up 2 percent quarter on quarter, a clear sign that the trough is behind us. Fees and net insurance continued to grow, up 6%, driven by accelerating investment fees, supported by strong commercial momentum, internalization of life insurance in Italy, boosting net insurance income. Fees and net insurance also saw a sequential pickup in the quarter, up 1%, with their ratio to net revenue reaching a top-tier 36%, up 2 percentage points. Investments, including hedging costs, were down 14% as they were impacted by preemptive hedging costs in the quarter. Investment would have been up 60% without that. The contribution from equity investment is set to materially increase in 2026 as the impact from the equity consolidation of Commerzbank and Alpha fully materializes and hedging costs decrease. Trading and balances, excluding hedging costs, declined due to a positive one-off impact on balances in 24. They would have been up 2% excluding this. Overall, our top line remains well diversified and increasingly balanced, with NII stabilizing and growing, fees compounding, and investment poised to strengthen significantly. Our net revenue remains resilient, supported by a disciplined approach and a cost of risk that remains structurally low. Cost of risk stands at 15 basis points, continuing to benefit from strong write-backs and confirming the benign credit environment across our geographies. We have kept overlays unchanged at 1.7 billion, the highest in the industry, preserving a significant buffer to mitigate future pressure on cost of risk or to further support profitability. Asset quality remains sound, net NP ratio at 1.6%, low default rate at 1.3%, coverage broadly stable at 44%. This consistent quality across portfolio demonstrate prudent origination, robust underwriting, discipline, and tight monitoring. Together, these drivers sustain our net revenue through the cycle. Our operating performance was better than expected, with GOP down only 2%, 1% excluding one-off hedging cost. costs remain flat, whilst at the same time fully absorbing the integration of Vodeno Ion, Alfa Bank Romania, the internalization of life insurance, and the continued significant investment in technology and people. Excluding new perimeter, costs would have been down 1.8% this year. Our cost-income ratio remains the best in the peer group, supported by resilient revenues and strict cost control, and confirms our ability to deliver efficiency while continuing to invest. Even with rate headwinds and significant investment, we preserved sector-leading operating efficiency, reinforcing our competitive advantage. As a result, our cooperating performance is materially better than our expectation, with GOP resilient, revenue stabilizing, and the bank entering 2026 with a much stronger underlying run rate. This is efficiency with purpose, streamlining where it matters, investing where it counts, and ensuring that Unicredit continues to deliver sustainable, high-quality growth. We delivered record profitability, taking advantage of one-off gains, life insurance stake revaluation, Commerce Bank badwill recognition, favorable taxes, and higher than expected Russia contribution, together with strong momentum, to front-load more than $1.5 billion of integration and one-off hedging costs to strengthen our future trajectory. Net profit reached 10.6 billion, up 14%, return on tangible electricity exceeded 19, with return on tangible electricity at 13%, reaching 22%, up one percentage point, and best in class. Capital excellence continues. Organic capital generation was strong, yet again, broadly in line with net profit and complemented by other one-off levers. This allowed us to support $9.5 billion in dividends and share-by-backs and the equity consolidation of Commerce Bank that will significantly contribute to our future growth while keeping our capital position essentially stable. The decline of our CT1 from 59 to 14.7 was due to expected significant regulatory headwinds and additional taxes in Italy. On a pro forma basis, for the equity consolidation of 29.8% of Alfa Bank and the Danish compromise, our CT1 ratio shall increase to 14.8%, although with a timing mismatch. As such, net of regulatory headwind and Italian taxes, our CT1 ratio would have remained stable at over 59%, while supporting 9.5 billion in distribution and circa 3.5 billion from equity consolidation of Commerce Bank and Alfa. Italy confirms its leadership. outperforming peers across all KPIs and acting as the group capital light growth engine. In 25, our franchise gained strong momentum with loans and deposit growing 2.7 percent and 3.8 percent, respectively, expanding our market share in the targeted segment. These commercial strengths supported a resilient, top-line performance despite the challenging rates environment, which hit Italy above and beyond any other of our markets. Revenues were down only 3.1 percent. NII declined 7.8 percent, but excluding the impact of rates, grew 4 percent, giving us confidence in what we can achieve going forward. Indeed, NII shows a clear acceleration in the quarter, and we expect its sequential growth to consolidate further in the first half of 2026. Cost of risk remains stable at 27 basis points. Fees and net insurance continue to grow up 6.5%, supported by strong commercial momentum, with total financial asset excluding deposit up 12%. We continue to improve our efficiency while investing, with costs down 2 percent. All this translates into a ROAC of circa 27 percent, the best in the country. Germany confirms its leadership in efficiency and profitability in the country, remaining the group's resilient anchor. The franchise is also showing the first signs of acceleration, with loans up 1 percent, gaining market share in the targeted client segment. Revenues increased 2.1 percent despite the challenging rates environment. NII was up 0.6 percent, visibly accelerating in the quarter up 1.3 percent, giving us confidence in what we can achieve going forward. Cost of risk remained stable at 20 basis points. Fees and net insurance grew 4.4%, supported by strong commercial momentum, with total financial asset, excluding deposit, up 7%. Germany continues to deliver operational efficiency while investing, with costs down 4%. All this translates into a ROAC of 21.3%, the best in the country, despite substantial regulatory headwinds. Austria confirmed its leadership in efficiency and profitability relative to its peers in the country, remaining another group resilient anchor. The franchise is showing signs of acceleration, with both loans and deposits growing 3%, increasing market share profitably. Revenues declined 3% due to the challenging rates environment. NII was down 8. The trend clearly reversing in the fourth quarter, but was up 5.7% sequentially. Cost of risk remains low at five basis points. Fees and net insurance were up 1.8%, 6.3% excluding the disposal of card complete. supported by strong commercial momentum, with total financial asset excluding deposit up 6 percent. Austria continues to deliver operational efficiency with costs flat while investing. All this translates into flat net profit at a ROAC of 22.6 percent, the best in the region, fully absorbing NIA headwinds and a higher bank levy in the country. CEE confirmed its leadership in profitability and efficiency in the region, remaining the group's gross engine. The franchise shows strong acceleration with loans up 11% and deposits 7%, delivering on our ambition to grow profitable market share. Revenue rose 5.5%. NII was up 2.5%, showing strong sequential growth. Cost of risk remains low at 11 basis points. Fees and net insurance grew materially by 10.7%, supported by strong commercial momentum, with total financial asset excluding deposit up 20%. Central and Eastern Europe continues to deliver operational efficiency with a cost-income ratio at 34.6%, absorbing most of the impact of new parameters. All these translate into a ROAC of 27.4%. Client solution is our product factories that converts group scale into capital light, repeatable growth. They represent more than 90% of group fees and net insurance. It is central to how we strengthen client connection while improving the quality of our revenue mix. Client Solutions delivered $11.7 billion of net revenue, up 5%, and $8.2 billion of fees and net insurance, up 8%. Within that, investment continued to perform strongly, with net revenue up 9% to $2.5 billion, supported by the continued expansion of our offering and the strengths of distribution, including strong growth in one market. Insurance, now a meaningful growth pillar, was up 15% to $1.1 billion. The internalization of life insurance further strengthened our value retention and positioning. Advisory and financing solution net revenue grew 17% to $2.1 billion, reflecting our ability to leverage the franchise across markets and client segments. Client risk management delivered $2.3 billion net revenue, up 9% with very strong ROAC reinforcing the quality of client-driven activity. We're closing 2025 with record results and entering the new year with strong momentum and a stronger underlying run rate than expected. We beat start of the year expectation on all core operating lines. We were able to take $1.4 billion in extraordinary charges, which together with our overlays of $1.7 billion that remain intact and our excess capital greater than $4.5 billion further protect and strengthen our future trajectory. From first quarter of this year, we will implement an intra-revenue restatement. Total gross and net revenues are unchanged. This has no material impact on the underlying gross trends of NII and fees plus net insurance. What changes is the presentation of our result aimed at improving comparability versus peers, transparency, and predictability. Specifically, we will move commodities interest margin from trading to NII. certain certificate costs from NII to trading, securitization costs from fees and NII to balances, and bank insurance negative indemnities from balances to fees. The managerial reclassification of hedging costs from trading to investment remains unchanged. We believe this will make for a more clear and homogeneous aggregation of the drivers of our P&L. Unicredit Unlimited is predicated on going beyond traditional boundaries. It is about disrupting, about innovating, and rethinking how we grow and operate. Unicredit Unlimited is built on two pillars. First, unlimited acceleration. We intend to gain quality market share and grow revenues profitably faster than our peers through quality NII and fees and net insurance. This is further supported by the capital-like growth of the net income of our equity investment. Second, unlimited transformation. In parallel, we are determined to reset our efficiency frontier, not from a standing start, but by leveraging our leading position, the experience we have gained in the last five years getting there, and the new AI and technology tools that are now available. During the next three years, we aim to grow our top line at 5 percent CAGR, with net NII plus fees and net insurance excluding Russia at above 5 percent. Importantly, the earnings of our equity investment, net of henshin cost, should more than offset the impact of our Russia compression and substantially exceed it on a net profit basis. To deliver our ambition on net NII plus fees and net insurance, we intend to grow market share in a targeted and profitable way, as we have done in the past. Quality first, capital light, and with higher value per client. We aim to go deeper with the clients we already have and win new primary relationship that matters, focused on private, affluent, SMEs, and the large corporates we are closer to. We aim to maintain our NII ROAC at around 20 percent through disciplined, targeted, profitable lending, not volume for the sake of volume. We aim to increase the weight of fees and net insurance on net revenue towards circa 38 percent over time, improving the quality, resiliency, profitability, and capital generation of our earnings. Our equity investment growth over time is capital light. Our unlimited acceleration stand on four mutually reinforcing pillars. First, our people. They remain the engine of our success, delivering impact through a shared vision and winning culture, combined with relentless execution. Second, our factories. We continue to strengthen the connectivity between our product factories and our distribution that closely interprets our clients' needs while expanding our offering, internalizing more of the value chain, and scaling innovative solutions across geographies. Third, our channels. We leverage a superior omnichannel model, physical, remote, and digital, with AI elevating speed, accuracy, and personalization. And fourth, our digital and data. We are accelerating AI adoption across client service and advisory, technology, and operation, using it to deepen relationship, improve efficiency, increase speed, and unlock new value. This is how we turn scale and innovation into sustained competitive advantage. We continue to invest in our people, engaging them in the definition of our strategy and objective, providing them with personal growth opportunities, fostering a culture of ownership, empowering them, developing them through a corporate university now focusing on deepening skills in digital and in AI. and continuing to hire to drive growth. Our people have been essential to our success so far, and they are essential to achieve our ambition. Our product factories combine into a powerful engine of capital light, scalable growth. We continue to enhance their strengths and deepen their connection to the front line, ensuring that every capability we build translates directly into fulfilling client needs and hence direct commercial impact. We're expanding our product offering so we can meet evolving client needs across Europe with greater breadth and precision. We aim to grow our share of wallet in the right segment and geographies while improving cross-selling for international clients, leveraging our pan-European footprint. We will continue to internalize more of the value chain across key products. This allows us to retain more value, control quality end-to-end, and deliver an offering that few competitors can match. And we're embedding digital solutions across the entire platform. DealSync, SmartFactor, TradeFinanceGate, for example. We're turning innovation into a tangible uplift in client experience, revenue, and efficiency. Let's take a first example, investment. This model is already delivering. In asset management, we're transforming the role that a distributor can play by gradually capturing more of a value chain, internalizing the blocks in which we can add the greatest value. As such, we have created a new benchmark for what is possible in asset management, and we are not done. Our distinctive asset management platform, holding a leading market share across 13 plus 1 countries, now ranging from proprietary asset management to value-adding selection and repackaging of third-party mutual funds to proprietary capital-protected certificate and to unit-linked, in which we command a leadership in Italy with a 30% market share. Our one-market funds have grown from zero to more than $30 billion in three years, and we aim to more than double that amount by 2028 and triple it by 2030. At the same time, our internal value retention has increased from around 60 percent to above 80, and we target beyond 85 percent by 2028 on an increasing base. This transformation improves clients' experience and returns as it gives us full control and materially strengthens the economics of our business. And we are applying the same successful formula across other factories, including insurance, client risk management, and even payment, using internalization, innovation, and scale to create even more value. Our omnichallenge setup is one of our strong competitive advantages. We combine physical branches, remote AI, and people-supported advisory with digital platform into a single, seamless client experience. AI is enhancing every touchpoint, improving speed, accuracy, and personalization. Clients choose where, when, and how they interact with us, and we adapt. Our network includes 3,000-plus branches focused on high-value, personalized interaction. Unicredit Direct, providing flexible and tailored remote advisory. Digital and hybrid channels, key access point for every interaction of our client. This is an omnichannel model built for today's expectation while we develop tomorrow's opportunity. A case in point. Buddy is a tangible example that is transforming our client access, advisory, and banking services, and its innovative model is setting a new blueprint. It is more than a digital channel. It is a fully-fledged remote branch that offers clients a full product and service catalog digitally. with 24-7 access to AI or people-based support. It is seamlessly integrated with the rest of the branch network and channels and offer the tailored experience at a lower cost to serve. It has already reached 800,000 clients by the end of last year, with a trajectory towards 2 million by 2028, and we expect it to continue to grow at an accelerated pace after that. The buddy model is ready to be exported across all our 13 countries and beyond. Please do come and try it. We have several other pilots at different stages of development being experimented across the group in Poland, in Croatia, in Bulgaria, for example, but if successful, will be rolled out more broadly. We aim to be at the forefront of what can be achieved using technology, data, and AI in our sector. Their rollout is underpinning the improvement in client experience and productivity that supports our targeted gains in market share and ultimately the quality growth of our core revenue. We follow a clear ROI-driven approach, combining group-wide critical process-by-process redesign with a bottom-up use case development to maximize impact. We have unified our data and AI platform, enabling control and ability to scale custom solutions. Our AI platform already ensures approximately 35% lower time to delivery and 30% lower IT cost. We have multiple AI-driven solutions already in place, such as Uniask and DealSync, already driving tangible results. And we're just beginning. We're in the process of leveraging AI to reshape client engagement through AI-powered survey channels, next-generation virtual assistants, predictive analytics for tailored solutions, and smart recommendations for advisors. At the same time, We aim to further empower our people by giving them upgraded tools to enhance the quality of their work and their productivity while streamlining and automating manual processes. DealSync is a case-in-point example. DealSync is a tangible example of how technology and AI transform the service we can provide to clients, in this case, mostly SMEs. It is an AI-powered platform focused on matching and introducing SMEs among themselves and with investors and advisors that would otherwise not happen given their fragmentation. DealSync reduces marginal cost, expands access to capital markets, and creates new business opportunities for clients and for Unicredit. Already live across all Unicredit major markets, it has been recognized as an ABI innovation winner in 2025 and has already captured a market of over 4,000 SME deals opportunities since its launch one and a half years ago. We see digital asset as a structural shift, and we're moving decisively across asset tokenization and digital money, pioneering in many areas. On tokenization, we have completed two proof-of-concept initiatives in minibonds and structure notes showing how tokenization can simplify issuance, cut cost, and accelerate execution for clients. On digital money, we are a founding member of Kivalis, the European strategic systemic alternative to U.S. dollar-denominated stablecoins. We are also actively looking at other on-chain settlement instruments, as demonstrated by our participation in the ECB-led Pontes initiative. All of this positions us as an early leader in real-world asset tokenization and reflects tangible progress in a space where there is often far more hype than real execution. Our ambition is clear, to become Europe's reference point for tokenization, executed with a focused strategy and a defined roadmap. In the crypto space, our approach is more careful and neutral. We are offering interested clients access to public ETPs with underlying crypto with clear disclosure to inform on volatility and risks. We have also pioneered capital protector certificate with underlying cryptocurrencies, an innovative product that mitigates the downside risk of the asset class. The second pillar of Unicredit Unlimited is unlimited transformation. We're aiming to reset the sector efficiency frontier once again. Starting from a position of strengths, best in class capital and operational efficiency, with Unlimited, we shift gears again. We move from improvement within existing boundaries to transcending those boundaries, reinventing ourselves and using new technologies and AI to support that step. On capital efficiency, we aim to further increase our net revenue to RWA to 8.6% and move beyond that by 2030. On operational efficiency, we aim to decrease the cost base by 1% per year to around $9.2 billion in 2028, confident we will maintain that trajectory towards 2030 and beyond. We will do so while supporting growth and investing, staying at the forefront in the future as we have done in each of the last five years. We continue to sharpen our capital efficiency as we remain focused on growing NII while maintaining a 20% ROAC. and increase the weight of capital-light revenues, including the growth of the contribution from our equity investment in Commerce Bank and Alpha net of hedges. We will continue to execute securitization above the cost of equity, enhancing capital velocity and reinforcing the quality of our lending book. In practice, this means deploying capital only when return justified redirecting it to the right geographies, the right clients, and the right products, and maintaining our leadership in profitability, growth, and distribution. Over the past five years, we simplified and streamlined our bank, proving that even a large multi-country institution in Europe can become sharper, faster, and more efficient. That was a critical part of Unicredit Unlocked. It was about fixing what was inherited and building a model capable of outperforming peers. The next phase is fundamentally different. Unicredit Unlimited is not about incremental improvement. It is about rethinking the operating model at its core, and the key enablers of the ships are technology and AI. They allow us to go far beyond what manual processes or traditional structure can achieve. We are automating at scale, embedding AI into every critical workflow, accelerating execution across risk, compliance, finance, operation, and HR, removing friction, and eliminating repetitive tasks. With these tools, we can redirect capacity towards high value activities, faster, critical decision making, key value added steps in technology and operation, deeper client engagement, delivering stronger commercial impact. Value activities are how we reset the industry operation frontier. This isn't simply about efficiency, but about thriving in a competitive environment that is rapidly shifting, having the courage to lead the change of how the work itself is done. Vodeno is our next generation proprietary core banking platform, a cloud native modular infrastructure that accelerates implementation, improves flexibility, and reduce dependency on third party systems. It provides enhanced internal technical expertise powered by more than 200 specialists across engineering, technology, and data and AI. A sandbox to test entry in new market and segments, validating new features and products. A foundation to scale embedded finance and banking as a service. It enables us to deliver a faster and lower cost to implement and cost to serve. And once validated, solution can be expanded across group at speed. Over the last five years, with Unicredit unlocked, we have organically transformed this bank, driving the best total shareholder returns in the industry. With Unicredit Unlimited, we face an even more exciting and ambitious proposition that should result again in best-in-class total shareholder returns. Both Unlocked and Unlimited not only deliver for our shareholders, but greatly motivate our management and broader team alike. As such, M&A remains not a necessity, but an accelerator. executed only under our strict terms and only when it creates incremental value for our shareholders. We only execute when there is a clear strategic fit and the returns are superior to our share by backs. Our discipline has already been proven. That said, we do retain unique optionality across two strategic stake and 13 markets. Our winning proposition, strong momentum and forward-looking strategy, with its related granular, simple levers to execute it, leads to our ambition for Unicredit Unlimited. We aim to deliver, once again, the best combination of net profit growth at leading return on tangible equity and distributions within the European banking sector, supported by a dynamic, higher quality top line and a lower cost base, all resulting in achieving a decade of unmatched performance. We continue to believe that guiding our net revenue is more aligned on how we manage the business, as the combination of NII, net of the related LNPs, and fees and net insurance are interconnected in multiple ways and cannot be seen separately. All numbers that I will go through now are post the restatements I just described earlier. We aim to grow. net revenue at a 5% compounded annual growth rate, reaching sound 27.5% by 2028 and directly exceeding 29 billion by 2030 and beyond. In terms of gross levers, we aim to accelerate core revenues, net of LLPs, at 4% CAGR while absorbing Russia compression, 5% CAGR without it. Benefit from the contribution of our Commerce Bank and Alpha Investment Gross net of hedges that shall reach 1 billion by 28 and more than compensate Russia. Cost of risk should remain stable at 15 to 20 basis points. Overlay shall be used as required to support that expectation. we aim to reduce our costs by circa 1% per year net of investment and other headwinds to around 9.2 billion by 28 and below 9 billion by 2030, leading to a cost income ratio of circa 33% in 2028 and below 30 by 2030. As such, we aim to increase our net profit by 7% per year to circa 13 billion in 28 increasing our ROTE to above 23%. Such trajectory is directionally set to continue towards 2030 and beyond. As a reminder, we can rely on a combination of substantial unique buffers to defend that performance. 1.7 billion of overlays, more than 4.5 billion of excess capital, 1.4 billion front-loaded external recharges, 1 billion additional revenue from equity investment that are fully distributable. Our trajectory is underpinned by quality, profitable growth, operational excellence, and capital excellence. On the top line, we aim to grow more than the peer group, both in absolute term and in quality, with a stable and controlled cost of risk. On cost, we aim to reset the efficiency frontier, shifting transformation from simplification to reinvention. On capital, we aim to deliver the best combination of profitable NII and rising capital-light revenues. all while maintaining one of the strongest balance sheets in Europe. Together, this will result in EPS growth and return on tangible equity at the top of the peer group. Our distribution policy reflects our confidence in the sustainability and quality of our earnings. We confirm 80% ordinary distribution split between 50% dividend, 30% share buyback. The mechanical result is cumulative distribution of circa 30 billion over the next three years and 50 billion over the next five. This equates to a best-in-class distribution yield before considering any deployment or return of our more than 4.5 billion of excess capital evaluated yearly. The numbers above do not include the nine and a half billion of planned distribution for 2025. When you bring it all together, gross, efficiency, profitability, capital generation, and distribution, Unicredit stands apart. We deliver the best combination of return on tangible equity, EPS growth, and distribution yield among major European banks. Performance of this magnitude should be reflected in the premium valuation, providing further relative upside going forward. To conclude, Unicredit Unlocked transformed our bank, proving what disciplined execution, empowered, motivated people, and a unified operating model can achieve. Our performance confirms the effectiveness of our model, resilient, diversified, efficient, and relentlessly focused on value creation. We have delivered another record year with 20 consecutive quarters of quality profitable growth, and we're entering 2026 with an unmatched momentum. We now shift decisively from unlocked to unlimited, a new phase defined by greater ambition and a fundamental rethinking of how a European bank should operate. Unicredit Unlimited is designed to transcend legacy boundaries, pushing beyond traditional banking limits through disruptive change supported by technology and AI and continued convergence of our operating model. Our people remain the linchpin of getting us there. Our superior equity story speaks for itself. Market leading growth at best in class return on tangible equity and an unmatched distribution trajectory all achieved within Europe. We have M&A optionality that others do not and we will continue to exercise the same discipline. This bank was transformed once with Unicredit Unlocked, and we are determined to do it again with Unicredit Unlimited, delivering a decade of outperformance. Thank you very much, and we'll open to questions.