Ladies and gentlemen, welcome to the Erste Group Second Quarter 2026 Results Conference Call. I'm Moritz, the Co-call Operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Thomas Sommerauer, Head of Group Investor Relations. Please go ahead. Thank you very much, Moritz, for this kind introduction. Also want to welcome on behalf of the Erste Group to this conference call. As usual, Peter Bosek, our Chief Executive Officer, Stefan Dörfler, our Chief Financial Officer, and Alexandra Habeler-Drabek, our Chief Risk Officer will present to you the main achievements of the second quarter, after which they are ready to take your questions. Before handing over to Peter Bosek, my usual disclaimer comment. On page two, you will find the disclaimer on forward-looking statements, which applies as usual. With this, I hand over to Peter Bosek for the presentation. Good morning, ladies and gentlemen. Welcome again to our second quarter 2026 conference call. I'm on page four now. Let's get right into it. Irrespective of how we look at the financials we present today, whether we compare the second to the first quarter, also which already include the contribution from Erste Bank Polska, or we compare the first half of 2026 excluding the Polish contribution with the first half of 2025, the conclusions are the same. We saw revenue growth significantly outstripping cost inflation, resulting in a record operating profit. Add to this a solid credit risk performance, you also get a great record net profit. With this return on tangible equity also hit the new quarterly high of 22.1%. Net interest income was up 1.5% quarter-on-quarter, while net interest margins stayed flat on the back of a strong increase in interest-bearing assets. The latter was driven by a jump in loan volumes and even more pronounced rise in financial assets. Net fee income equaled a record rate of the third quarter. Once again, security business, which includes asset management, was the main growth driver. Trading and fair value result also came in strong. Costs were down on quarter-on-quarter as they usually are in the second quarter due to seasonality higher banking levy burden in the first quarter. Consequently, operating profit marked a new record as did net profit. If we look at a clean first half comparison, excluding the contribution from Erste Bank Polska, the picture is equally positive. Net interest income was up 6%, net fee income by almost 9%, net trading and fair value results close to 50%, while costs rose by slightly above 3%. Unsurprisingly, as already mentioned, we posted record operating profit and with risk costs remaining moderate, also record net profit in the first half of 2026. Based on the good business and profit momentum, we decided to tweak some elements of our 2026 outlook to the positive. We now expect better loan growth, higher fee growth, and improved operating efficiency in 2026. In addition, higher net profit and higher return on tangible equity. This is not the end of it. As we have announced recently, we have gone one step further. We also defined medium-term financial targets to 2030. We aim to double in earnings per share by 2030 to more than EUR 15 per share. That's an equivalent to a compound annual growth rate of about 15% and also means that we should deliver return on tangible equity north of 20% throughout the forecast period. I will share some more thoughts on our short and medium-term guidance at the end of the presentation. Let me first give you some further color on our key P&L financial indicators on page five. Some points I already mentioned. Just a quick recap on those. Net interest margin was flat quarter -on -quarter, up year -on -year. The latter was attributable to the inclusion of the higher margin business of Erste Bank Polska. The cost-income ratio improved to 43.9%, driven by a solid performance of our pre-pooling business and the inclusion of Erste Bank Polska. The improvement in risk cost ratio was almost entirely due to the non-recurrence of the EUR 302 million one-off related for first-time consolidation of our Polish unit in the first quarter. In addition, the credit risk situation in our region also remained good. Banking taxes declined in the second quarter due to the full year upfront payments in Hungary in the first quarter, were up year -on -year, driven mainly by the inclusion of Erste Bank Polska. Finally, earnings per share and return on tangible equity both hit record levels in the second quarter, as already mentioned. Let's now move to the development of the balance sheet on page six. The impact of consolidating Erste Bank Polska is immediately evident. Even without Erste Bank Polska, balance sheet growth was excellent and well distributed in the first half of 2026, irrespective of whether we look at assets or liabilities. Customer loans, excluding Erste Bank Polska, grew by 4%, while customer deposits rose by 4.5% year -to -date. On the asset side, we saw a good growth balance with both retail and the corporate segment making good contributions. On the liability side, retail growth was somewhat slower, complemented by higher inflows in the corporates and markets businesses. The increase in intangibles by more than EUR 4 billion resulted from the acquisition of Erste Bank Polska. Roughly half of this amount is allocated to goodwill, the other half to the customer stock. The latter will be amortized over the next 10 years, as already guided. Financial and trading assets also expanded. The increase in equity was attributed mainly to the inclusion of Erste Bank Polska related non-controlling interest, also due to interim profit. As a result of the good volume growth balance I just mentioned, the loan-to-deposit ratio hardly moved over the past quarter and the level of around 87% remained excellent. I'm on page seven now. If we look at volume growth year-on-year as opposed to year-to-date, as we did the previous slide, exclude the impact of Erste Bank Polska, growth was also satisfactory. Loans were up by 7.7% and deposits grew by 6.4%, in line with moderate risk costs. Asset quality also contributed quarter-on-quarter stability. The NPL ratio improved slightly to 2.3% as did the [inaudible] coverage ratio. After digesting the impact of first time consolidation of Erste Bank Polska in the first quarter, capital ratios advanced again in the second quarter. Including first half profit and dividend accrual of 50%, the CET1 ratio came in at 15.2%. Despite the continued dividend accrual, we will retain flexibility in 2026 as far as distributions are concerned, in order to be able to take advantage of opportunities that may benefit shareholders more than making large payouts. When it comes to liquidity and leverage ratios, traditional strengths of ours, the second quarter brought limited change compared to the first. Let us now briefly examine the macroeconomic environment in our region on slide nine. Since we last reported three months ago, the geopolitical situation remained fluid. Nonetheless, it would be fair to say that this volatility so far had a smaller impact on the macroeconomic outlook for 2026 than previously anticipated. Yes, growth expectations continued to come down somewhat in the second quarter, but not everywhere. Multiple exceptions were Hungary, Serbia and Slovakia, where we saw slight upwards on raw change. The same can be said about inflation. There were no material additional forecast changes as energy prices first stabilized, then came down. As far as 2027 is concerned, the growth forecast remains stable. In addition, central bank interest rates either moved slightly up, like in the Czech Republic or in the Eurozone, or remained unchanged when previously they were expected to stay flat or trend downwards. Here again, Hungary was an outlier, with the central bank starting a new rate cut cycle this March. On the long end, higher interest rates proved provided better reinvestment opportunities. If you put it all together, the current operating environment is actually quite okay for banks in general and favorable for banks that operate in growth markets like we do. Talking about growth, let me share with you a couple of performance highlights of the retail business in the second quarter of 2026. I am on slide 10 now. Once again, I will focus my comments on our business excluding Erste Bank Polska, even though the Polish retail performance was certainly encouraging in the second quarter. Aside from Poland, there were two major developments in both the period. Number one, we saw an acceleration in loan growth. Number two, we posted the best year-on-year and quarter-on-quarter growth in the most profitable deposit category, i.e., in overnight or current account deposits. Retail loans were up by 7.8% to EUR 119.6 billion year-on-year. Growth was somewhat better in housing loans than in consumer business, particularly strong in CEE. Quarter-on-quarter, loan growth accelerated 2.4% and was fairly well balanced between housing and consumer loans, with most geographies doing better in housing loans. Czech Republic, Erste Bank Österreich and Slovakia, ensuring penetration in consumer lending. The quality of the retail book remained good. Retail deposits advanced by 2.1% quarter-on-quarter to EUR 175.5 billion, supported by higher current account deposit volumes. Year-on-year, the deposit development mirrored the quarterly trend. Stronger growth in overnight deposits compared to term and saving deposits. Securities savings plans that enable customers to build long-term wealth in an easy-to-manage digital format hit 2.2 million in the second quarter, resulting in a growth in gross inflows of customer excess of more than EUR 600 million in the quarter. George, our digital platform for retail clients, continued on its growth path. The number of onboarded users climbed to 11.8 million in the second quarter, and the digital sales ratio in the retail business improved to 73%. In the corporate segment, excluding Erste Bank Polska, and I am on page 11 already, loans were up by 7% year-over-year and 3% quarter-over-quarter. In the second quarter, growth was primarily registered in the SME and large corp business. In terms of loan types, working capital facilities and overdraft were in higher demand in the second quarter than investment loans. In the first quarter, it was the other way around. The Czech Republic and Hungary enjoyed the best loan growth. Corporate deposits slipped slightly in the second quarter after an exceptional strong performance in the first. In terms of geographies, it was mostly attributable to Romania, the Czech Republic, and the Austrian segment. Overnight deposits held up comparatively better than term deposits. The market business again contributed to our fee performance. The ECM and DCM teams successfully executed more than 193 transactions, and with a co-arranged issuance volume of EUR 146 billion in the first half of 2026. In asset management, net sales of EUR 2.5 billion contributed to assets under management, which reached a new high of EUR 112 billion in the second quarter. If we include our Polish asset management operation, assets under management would be at EUR 120 billion. On the digital front, we were continuing to roll out George Business across the geographies. With this, 85,000 corporate clients across our region are now using George Business. At the same time, we continue to expand our product offering, making George Business even more useful to our corporate customers. With this, I hand you over to Stefan for a presentation of the quarterly operating trends in the reporting segments. Thanks very much, Peter, and good morning all of you also from my side. We move on to page 13. Peter already told you that loan growth was strong in the second quarter. In absolute numbers, we added EUR 7.1 billion to our net loan stock during this quarter, of which EUR 1.3 billion came from Erste Bank Polska. Consequently, net customer loans increased to almost EUR 283 billion, and at this level, almost matching our old full year guidance. In terms of geographic highlights, Hungary continued to do best. Housing loans, once again, were the growth driver in the second quarter, but all other categories, be it customer loans, investment loans, or working capital facilities, also grew strongly. Admittedly, currency appreciation also helped. Importantly, the Czech Republic also performed very well. There was a good growth balance between retail and corporate business, both quarter-on-quarter and year-on-year. In retail, the growth pattern for housing and consumer loans was similar, while in corporates, demand for investment loans was high. The Other Austria segment benefited from increased lending to large corporate clients, as you know. Thanks to the continued healthy growth momentum in the first half of 2026 and the robust macro outlook, we upgrade our 2026 organic loan growth target, which excludes the impact of Erste Bank Polska consolidation of more than 5% to now 6%-8%. As a logical result, we also raise our year-end net loan stock guidance to EUR 290 billion or better from higher than EUR 285 billion. This, of course, includes Erste Bank Polska. Let's now move to the highlights of our deposit franchise on page 14. Our deposit base grew by almost EUR 9 billion or to EUR 324 billion in the second quarter of 2026. Erste Bank Polska contributed an exceptional EUR 5.5 billion to this excellent performance, thanks to increase across the entire deposit spectrum. Aside from Poland, we saw good quarter-on-quarter growth in Hungary, where this was attributable to the generally improved market environment and in addition, supported by currency appreciation. Inflows related to money market business drove deposits in the Other Austria segment higher. At Erste Bank Österreich, the good quarter-on-quarter performance was driven by retail current account inflows. Talking about current account inflows and taking a top-down view, this is a key feature of our deposit development over the past couple of quarters. In other words, we see a continued shift in our deposit mix towards overnight deposits. This is in particular true for retail deposits. This is relevant because retail overnight deposits are the most cost-effective source of funding for us. A final comment on the cost of deposits funding itself. It was broadly flat quarter-on-quarter and slightly down year-on-year. Let's take a more detailed look now at net interest income on page 15. I just talked about the steady but favorable shift in the deposit mix, and Peter mentioned a strong rise in interest-bearing assets in the second quarter, both of which bode well for the NII outlook in the second half of 2026. In the second quarter itself, net interest income also developed favorably, up 1.5% sequentially. If we had not booked the amortization of positive fair value adjustments resulting from the consolidation of Erste Bank Polska, the amount of EUR 41 million, and a EUR 17 million one-off related to a legal decision in Poland, it would have been even better. Excluding Erste Bank Polska, net interest income was up by 5.7% year-on-year, and with this, fully in line with our guidance. Aside from the supportive volume development and broadly stable business margins, the trends we observed in the first quarter extended into the second quarter. Notably, income tailwind from the replication book, and generally speaking, an interest rate environment, as mentioned by Peter, that is supportive of bank profitability in Erste. In terms of segment highlights, the continued NII recovery in our Austrian retail and SME businesses is noteworthy. Year-on-year, this was mainly due to deposit repricing, while quarter-on-quarter, higher income from debt securities contributed, as did some asset side repricing. The Czech Republic also performed well, benefiting from volume growth and higher bond income. The story was the same in Hungary. When it comes to NII sensitivity, we continue to be fairly neutral positioned versus a 100 basis point instant rate shock. In concrete numbers, the net impact is currently estimated at around EUR 130 million. A 100 basis point parallel shift downwards would have a slightly larger impact. In both cases, the savings banks in Erste Bank Polska would show the strongest effect, counterbalanced by the holding positions. Now for the outlook. A quarter ago, we told you that we target net interest income north of EUR 11 billion in 2026. This we confirm today with the conviction level being high. Due to the fact that we see better volume tailwinds, as evidenced by our improved loan growth guidance, which should help us cross this level by the year-end. Over to our fee performance on page 16. This continues to be a success story for us, so much so that we are upgrading our guidance. You will certainly remember that our EUR 4 billion ambition for 2026 came with the caveat that it depends where around EUR 230 million worth of Polish FX fees will be booked. Now we are removing this disclaimer. Despite missing this income in the fee line, obviously not missing it completely as it's booked in the trading income, we believe we can get to EUR 4 billion of fees around about at least in the current year. This is due to the fact that our business, excluding Erste Bank Polska, is growing faster than we expected at the start of the year. Consequently, we now project Erste ex Polska fee growth to be between 7%-9%, instead of higher than 5%. The reasons for our strong fee track record are, in the meantime, very well known. Securities business, which includes asset management, is a major growth driver for us. It was the key reason we managed to grow fees in excess of 10% year-on-year, excluding Erste Bank Polska, of course. The consolidation quarter-on-quarter should not confuse anyone. It's an absolute normal, and in fact better than normal, seasonal development and actually means consolidation at our record levels. Let's take a look at operating expenses on page 17 now. Let's start with the year-on-year development, excluding Erste Bank Polska. Costs were up only 1.8% in the second quarter, which was mainly due to higher staff costs. The slight decline quarter-on-quarter is very much explained by the pattern we know from previous years. We saw the usual seasonal decline in deposit insurance contribution, which was partly offset by higher wage costs on the back of the new settlement taking effect in Austria, always from April. Second quarter costs again included the amortization of customer relationship and brand in the amount of EUR 65 million. With this, the brand is now fully amortized. Quarterly expenses also included integration costs of EUR 43 million, with effectively the entire amount being booked locally on account of rebranding. To conclude on costs, we confirm our round about EUR 7 billion cost target for 2026 on an FX-adjusted basis, as we likely face almost EUR 100 million of currency appreciation working against us in this line in 2026. The same is applicable to the cost inflation projection for Erste, excluding Erste Bank Polska, of 3%. Our guidance for integration costs and intangibles amortization in 2026 remain unchanged at EUR 180 million and EUR 240 million respectively. With operating revenues growing faster than costs, we posted record operating profit and improved operating efficiency in the second quarter, as summarized on page 18. Excluding Erste Bank Polska, operating income again hit a new high on EUR 3.1 billion, helped not only by good momentum in net interest income and fees, but also by strong contribution of net trading and fair value result. Costs excluding Polska declined quarter-on-quarter for the reasons already discussed. Consequently, quarterly operating profit for the first time surpassed EUR 1.7 billion, and the cost-income ratio matched a historic best from three years ago at 44.7%. Including Erste Bank Polska operating income climbed above EUR 4 billion in the second quarter of 2026, with a sustainably higher contribution from net trading and fair value result as the Polish FX fees, as mentioned, of about EUR 230 million annually, are on group level allocated to net trading result. In aggregate, quarterly operating profit including Polska climbed to a new high of EUR 2.25 billion. In light of all this, we decided to upgrade our cost-income ratio guidance as well to lower than 45%, underscoring strong positive operating leverage in 2026. With this, over to Alexandra for more details on credit risk. Thank you, Stefan, and also good morning, everyone. I'm on page 19 now. As Peter has already outlined, the credit risk environment in our region remained very solid in the second quarter. We posted risk costs of 20 basis points, pretty much unchanged compared to the first quarter when adjusted for the one-off ECL provision in the amount of EUR 302 million. That was a requirement under IFRS 9 upon first-time consolidation of Erste Bank Polska. The regular second quarter FLI update and the review of overlay provisions only resulted in a minor top-up of EUR 40 million. While Romania saw an increase in FLI provisions, Austria benefited from some releases. In all other countries, the impacts were immaterial. In terms of segment and country highlights, we mainly posted allocations in the corporate business in the second quarter, but this has to be viewed in the context of net releases in the previous quarter. In the retail business, allocations declined quarter-on-quarter quite notably. Hungary again benefited from a net release, while all other geographies posted minor allocations. We therefore confirm our full-year outlook 25-30 basis points, including Erste Bank Polska. The rationale for doing so, despite the excellent first half-year performance, is the ongoing volatility in global geopolitics and its possible downstream effects on energy markets, as well as growth and inflation expectations. Let's now turn to asset quality on page 20. When I talked about asset quality a quarter ago, I talked about all-round stability. Now, I would go one step further and say that all asset quality metrics are very good and actually steadily improving. A case in point is the NPL ratio, which now stands at 2.3% compared to 2.5% a year ago, and 2.4% a quarter ago. NPL coverage also saw a slight improvement quarter-on-quarter, while the decline year-on-year is simply attributable to the inclusion of Erste Bank Polska and some FLI and overlay releases that we did in 2025. These developments are remarkable insofar as the geopolitical backdrop was less than favorable over the past quarter. If we look at individual segments, the Czech Republic, Hungary, and Other Austria, which is home for our large corporate and large commercial real estate lending activities, continue to present themselves in excellent shape. But we also saw improvements in Erste Bank Österreich, Croatia, and also Romania. In the remaining segments, asset quality metrics were also very much acceptable. Based on this first half performance, we see no reason to change our asset quality outlook for 2026. We expect that the group NPL ratio will stay more or less at current levels, while NPL coverage is projected somewhere around 70%. With this, I hand back to Stefan. Thanks very much. We move on to page 21. In the second quarter, we saw the usual seasonal development in other results. Quarter-on-quarter, banking levies came down due to the upfront payments in Hungary and at the start of the year. The same can be said about resolution fund contribution, even though they are less significant these days. In addition, there were no significant one-offs, positive nor negative, in the second quarter. Accordingly, other results improved compared to the first quarter. Year-on-year, we saw a deterioration which was essentially attributable to two factors. First, due to the higher banking levies driven by the inclusion of Erste Bank Polska, but also higher charges in Romania and Hungary. Secondly, other results benefited from a very positive one-off of EUR 88 million in the second quarter of 2025. When it comes to the outlook for this line item, and assuming that there will be no material one-offs in the rest of the year, we would expect other results to closely track banking levy charges adjusted for the positive creation one-off we had in the first quarter of 2026. Let's now move to the bottom line and returns on page 22. With operating profit hitting a new high, risk costs being moderate, and other results fully in line with expectations, quarterly net profit for the first time surpassed EUR 1 billion mark. In fact, almost hit EUR 1.1 billion. Correspondingly, earnings per share rose to EUR 2.48 for the quarter, and return on tangible equity was above 20% by a comfortable margin for the first time, fully benefiting from intangibles deduction. Ordinary return on equity also improved to 16.7% in the second quarter. Tangible equity climbed by EUR 2.3 per share to almost EUR 45 in the second quarter, while book value per share improved to EUR 59. All of this warranted an upgrade in our 2026 bottom line outlook. We now target a return on tangible equity of higher than 20%, instead of previously about 19%, and we believe that we can achieve a higher than 20% EPS uplift even without adjusting 2026 net profit for extraordinary items. In other words, we deem a reported net profit of higher than EUR 4 billion as achievable in 2026. Moving to page 24, let's turn our attention to wholesale funding and capital. The main impact on our liability structure year to date was clearly coming from the consolidation of Erste Bank Polska. Quarter-on-quarter, there were no meaningful changes aside from the customer deposit growth that we already discussed in an incremental increase in equity. This means that we continue to benefit from very strong deposit franchise across all markets and the highly granular and well-diversified retail deposit base. The wholesale funding we require, we can currently issue at very favorable terms as we show on page 25. A case in point are our funding activities in the second quarter. In May, the parent company issued senior preferred paper in a volume of EUR 750 million. In June, this was followed by an AT1 liability management exercise, combined with the issuance of new AT1 paper in the amount of EUR 750 million at very favorable levels. Our subsidiaries were also very busy during the quarter, with placements being successfully executed in Czech Republic, Croatia, and Slovakia. Let's now move to regulatory capital and risk-weighted assets on page 26. While the first quarter was primarily impacted by the first-time consolidation of Erste Bank Polska, in the second quarter, we were pretty much back to normal course of business. Quarter-on-quarter, we posted a big increase in regulatory capital driven by parent company and minorities' profit inclusion for the half year. The former was net of dividend accrual at a level of 50%. A lower deduction related to other comprehensive income also contributed positively to the quarterly capital build. Risk-weighted assets rose by 1.8% quarter-on-quarter to EUR 186.9 billion. This was attributable to strong volume growth in loans and exposure. The main driver of credit RWA inflation was the corporate business. Forward-looking to the remaining year, we will see some credit RWA updrift by methodological effects, likely compensated by planned SRTs. Operational RWAs will be driven upwards mechanically by high profitability, while market risk-weighted assets are expected to be rather stable. While you can assume further organic capital build in the second half of 2026, you should not simply extrapolate Q2 for the rest of the year. Looking at the CET1 ratio waterfall on page 27, we see how the ratio has developed to the very respectable level of 15.24% as of June 30th. Importantly, the current CET1 ratio includes a dividend accrual assuming a payout ratio of 50%, as already mentioned. How does this fit with what we told you a quarter ago? Actually, not too much has changed. We want to signal to you strong confidence in our distribution capacity, while at the same time retaining flexibility when it comes to deciding on eventual 2026 payout. Simply because we want to be in a position to deploy capital more profitably in case of opportunities. With that, I hand over to Peter for concluding remarks. Thank you, Stefan. I am on page 29 now. A quarter ago, I mentioned that we will review our 2026 outlook should the geopolitical and macroeconomic situation allow for it. As I already highlighted on this call, and somewhat counterintuitive than what happened over the past months. Based on the good volume and P&L performance in the second quarter, and more generally in the first half of 2026, we decided to upgrade certain elements of our 2026 outlook. We now believe that we can grow our loan book, excluding Erste Bank Polska, by 6%-8%, which combined with our Polish business, should bring our year-end net loan stock to about EUR 290 billion. Furthermore, we are now officially upgrading our fee guidance. We see net fees in 2026 at around EUR 4 billion, even with EUR 230 million worth of Polish FX fees being allocated to the net trade residing group accounts. As a direct consequence of this, we also improve our efficiency outlook for 2026 to reflect more sizable operating jaws, because income ratio should come in below 45% rather than around 45%. Finally, we believe that reported net profit should surpass EUR 4 billion in 2026, despite the numerous one-offs related to the first time consolidation of Erste Bank Polska. This in turn is expected to result in a return on tangible equity north of 20%, as opposed to about 19% previously. At this stage, ladies and gentlemen, I would usually conclude this call and get ready to answer your questions. Today, there is one more thing, and that is our medium-term financial outlook. I am on page 30 now. In addition to upgrading our 2026 guidance, we are also making a strong medium-term profit commitment, or put it differently, we are fast-tracking net profit growth. The reason for this is the completion of the acquisition of 49% controlling stake in Erste Bank Polska early this year. This led us to assess and more clearly communicate our financial ambitions over the next few years. In my view, our Polish acquisition is a similar growth trigger as it was the purchase of the initial 52% stake in Cetelem in more than 25 years ago. Back then, the acquisition kicked off and remained as growth phase for Erste in the same way as buying into Erste Bank Polska will do today. In the early 2000s, it was all about M&A and organic growth, while today it will be all about organic growth and M&A optionality. In the context of the latter, I can tell you that we are making progress towards finding a good solution for a potential Polish top-up, but we are still not there yet. What I can share with you today is how we see the financial path to 2030. Our aim is to double earnings per share by 2030, which translates in a compound annual growth of about 15% and a return on tangible equity north of 20% throughout the forecasting period. The baseline for this is our reported 2025 net profit adjusted, as is customary for the AT1 dividend, but also for the meaningful positive one also we benefited from last year. This yields earnings per share of EUR 7.70 for 2025, and this figure we target to get above EUR 15 per share by 2030. We have multiple ways to get there. Organic loan and deposit growth, continued expansion into asset management, better operating efficiency, and continued favorable credit risk profile will be at the core. But we also have M&A options, and we can do share buybacks. We know where we want to be in 2030, but we also know that it will not be a straight line development. There will be twists and turns along the way, and clearly this financial ambition is built on a number of assumptions, such as reasonably stable geopolitical environment and interest rate backdrop will stay fairly similar to what we have today. No further material increase in the banking levies or regulatory burden. Most importantly, on the continued economic outperformance of Central Europe, in which we firmly believe. With this action, we are raising the bar for financial performance at Erste, and we instill an even higher level of focus and discipline in strategy execution with an end result that, in my view, is out of question, one way or another, shareholders will benefit. This now concludes our presentation. We much thank you very much for your attention. We are ready to take your questions. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode while asking a question. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question comes from Gulnara Saitkulova from Morgan Stanley. Please go ahead. Hi. Good morning, and thank you for taking my questions. The first question on NIM trends. On a group level, they appear to be broadly stable this quarter. Can you walk us through the key drivers, by markets, specifically starting with the Czech Republic by seeing a further decrease in net interest margins? A number of peers have previously highlighted increasing competition for deposits, a mix shift towards higher yielding deposit products, and the pressure on margins. What trends did you observe during Q2, both on the asset and liability side of the balance sheet, and how have these evolved at the start of the Q3? In addition, are you seeing the impact from the recent retail bond issuance, and do you expect this to become a more meaningful headwind going forward? What levers does Erste have to defend the margins and mitigate these pressures in the Czech market? Turning to Poland, some local banks have commented on intense competition in the corporate banking sector and as a result, seen some spread compression. How do you see the competitive environment evolving there, and what actions are you taking to strengthen your corporate banking franchise in Poland while protecting profitability? Thank you. To answer your Polish question. From our perspective, the skill set in Poland when it comes to corporate banking is extremely good. This is one of the very huge competitive advantages we see in Poland. We are on our way to distribute this kind of knowledge throughout the whole group. I think we are at the right point in time because we see a lot of local flow in terms of economic flow between the countries in our region. We see a lot of companies doing a lot of business in other countries of Erste Group. We are quite happy about the performance of corporate banking in Erste Bank Polska. In terms of competition, I think there's also a lot of government business taking place at the moment. Of course, this is in terms of already assets. You always see this kind of competition. I think this is not something which has changed recently. Coming to Czech Republic, just answering from a retail perspective, mortgage growth is still going very strong. We see a slight increase in competition in terms of term deposits. I think we are doing quite well in how our colleagues locally manage the balance between trying to keep our margins in mortgage lending and trying to keep as much as possible our margins in term deposits. Yeah. Can I build on what Peter just said around the trends in the market, in the business? Look, on the NIM question, I'm very thankful for it because it's of course, the most intensively discussed also internally when it comes to operating performance. I think we need to really look at the pages 13, 14, 15 combined. What I'm saying, the volumes, be it on the asset or be it on the deposit side, play an enormous role when, so to say, short-term calculating the net interest margin, as you of course Not only technically, but also in terms of content, no. The biggest driver, obviously, was the significant increase in interest-bearing assets after the very strong loan growth in Q2. That's just as a general comment. We have seen pressure on margins. Honestly speaking, more in Romania, if you look at it on a year-on-year comparison. If you look at the Czech market, beyond what Peter said about the term deposits, we have seen a significant inflow, as well as in other countries, on current accounts. That combined with a very good loan growth. Let's not forget that the Czech loan book has been growing north of 10% on a year-on-year comparison. Definitely in the calculation yielded into a certain net interest margin calculative drop. We are watching that very closely. It's the most important market in terms of direct contribution to the Group profit. We are very happy with the overall performance, not only on NII, but in general on the Czech market. The other comment I would like to make is that, let's not forget that such a substantial growth as we've been seeing it in the first two quarters, of course, always has also an indirect impact on the NIM calculation short-term. My forecast for the rest of the year remains broadly unchanged. We are going to hover around the levels that you have seen now, and if we can maintain this level next to strong volume growth, I'm not worried about at all. To the contrary, I'm very positive about our NII development. Thank you. Can I follow up on the question on your targets? To what extent is the potential acquisition of the remaining stake in Erste Bank Polska reflected in your 2030 EPS growth outlook? If it is included, what ownership stake have you assumed? Do you want to, Peter? As you like. Look, from a technical perspective, in terms of how we get to the ultimate delivery of our financials, it's not depending on it, but it certainly would be a very nice helping factor. That's from a technical perspective. There are many ways to get there, as you see in the second quarter, for example, or year to date. Half -year, we certainly did not have this ownership yet, and we are delivering. There are many scenarios how to deliver without it, but having an uptick there in terms of ownership certainly would help. Peter, maybe- Yeah. No, just a follow-up remark. One of the major reasons why we're coming up with these midterm or long-term financial targets was that we are very much listening to our long-term investors. What we have heard over the last several months from long-term investors after the decision of Poland, that they would be very much interested in such kind of mid- or long-term perspective. Although we are in a situation where we are able to upgrade our forecast for this year, I think we are all aware that the environment is quite bumpy. Things are changing from time to time on a weekly basis when it comes to geopolitical situation, and the mood is swinging around. Therefore, we took the decision more on a line-by-line basis, not only NII, but very much with an overall indicator in a way that we keep all opportunities for us open. We are clearly committed to achieve this goal, there could be, over time, different options how to achieve, because again, the environment is not so super stable, as we are all aware. Thank you. The next question comes from Gábor Kemény from Autonomous Research. Please go ahead. Morning. My first question would be on Polish NII. There are quite a few moving parts here, clearly, FX, litigation charges, amortization costs recurring. How shall we think about the developments going forward? Shall I expect the Polish NII to grow in line with balance sheet volumes, or would you highlight any other factors to consider? On the Polish minorities purchases where you mentioned you were making progress, what is your latest thinking around the funding of such transactions? On the likelihood, is there a likelihood of a transaction this year? If not, at what stage would you be able to update us on your potential share buybacks? My final question would be on the 2030 targets, and the capital deployment options here. To get above a EUR 15 EPS, do you foresee running at your CET1 target of 14.25%? Do you think that more than EUR 15 would be achievable at possibly higher capital levels as well? Thank you. I very quickly take the NII question and the strategic question, hand over to Peter on Poland. Look, in principle, the answer to your core question is yes. We are assuming going more or less with the volume trends. However, as I mentioned in my presentation already, there is a positioning slightly, so to say, biased to the upside when it comes to yield. The Polish bank is more exposed to sensitivity to the upside, not dramatic, but we are talking about a little bit less than EUR 100 million. That is something that you have to keep in mind depending on how the Polish central bank will decide further. The other element, I kindly refer you to the reporting of our colleagues today there. Let's never forget that in the translation from the local results to the results on the group level, we are, of course, seeing a significant adjustment on the NII methods from consolidation. You know that. Please, on the pure Polish performance, at least for next couple of quarters, it's better to look at the local results. Everything I hear is that they will send out a positive overall sentiment regarding their NII expectations. When it comes to the acquisition or potential increase of our participation in Erste Bank Polska, as you are very much aware, of course, we think this could be a good opportunity. There is still no decision taken. We are working and figuring out how such a process could look like. It's also too early to come up with an opinion about how to fund this kind of situation. Coming to your question about the 2030 financial targets about our equity ratio. Listen, from our perspective, 14.25% is a very reasonable equity ratio when you look at our business model. We have a quite conservative business model as a kind of universal bank. From our perspective, I think this is very good reflected also in all other kind of numbers we are coming up with. It's definitely helping us in further diversification, which is adding a lot of value to us. This is also something we started to discuss with our rating agencies. We have different income streams, in Poland is adding there a lot of value to the overall composition of our mix in terms of different revenue streams, different currencies, different industry environments, which makes us a much stronger bank compared to before. Thank you. The next question comes from Amit Ranjan from JP Morgan. Please go ahead. Yes. Hi, good morning, and thank you for taking my questions. The first one is on the 2030 targets. Could we please get some more details on the assumptions that you make behind these? Anything you can share around loan growth, rates and cost growth, or any other details you could share on that, please. The second one is on the dividend accrual, 50% for the first half. I didn't see a dividend payout range mentioned on the slide. Should we read anything into that, please? Thank you. Could you be so kind on the dividend question, the 50% accrual? What exactly was the question? We had very bad sound quality. The payout range that you used to have in the past- Yeah. ... on the 40%-50%, is that still applicable? Because I didn't see it on the slide. Thank you. Thank you. Thank you very much. No, we didn't change at all the payout range and the policy, but we are accruing on the absolute upper end of this range. That's the answer. That's why we used the upper end of the policy for accrual, and that's where we stand. Yeah. That hopefully answers your question. Before maybe Peter will say something strategically on the 2030. Look, we were looking at the trends of this year. We were looking at what we have to expect in the overall bigger Erste Group nowadays. That's maybe the point which has not been so visible yet in the discussions. We are a completely different animal, as Peter was describing, as an overall franchise. We were looking into a couple of scenarios, and I can tell you very clearly that our base case scenario is delivering fully on everything we put out there in terms of ROTE, in terms of earnings per share. That's why we said, okay, why not sharing that with our long-term investors? It's something which is, I think, signaling not only our ambitions, it's what the potential is. I think many comments in the last one or two days were reflecting that this also very much hits the consensus. How to get there are many ways. If you look back at the last five years, of course, very, very turbulent five years, but there are very little indications that it might not be equally turbulent in the next five years. We were managing that in all directions. It can be, if there is good growth, which we believe in, then we will probably target most of the goals from the top line. There could well be also a scenario, remember early 2020s, where you have a very slow environment for whatever reason, then we will have to address much more the efficiency side of the matter. This is unforeseeable over a five-year period. We believe that in most of scenarios, everything that we can manage directly, we will get to what we've been indicating, and that's what we wanted to share. That's as simple as that. Yeah, if I may just add. When you step back a little bit, the big game changer when it comes to profitability of European banking was middle of 2022, when we entered again a phase of positive interest rates. I think this was a kind of very important moment in a way that whole economy started to reset somehow because we had more or less 10 years with very low or even negative interest rates. I think in most of our countries, the economy did very well. You see a situation where we have much higher interest rates compared to 10 years before. Companies are doing well. Demand for mortgage lending is still there. There was just a short shock in 2022 when people were not aware that interest rates can be increased again. Now we are there, and it works. We see this as a kind of the mortgage lending trend or the consumer lending trend is not a short-term trend. This is here since quite some time, and we are deeply convinced this is here to stay. When it comes to asset management and especially our fee income, we are deeply convinced that this is a general trend in our region for the upcoming 30-40 years. Why is this the case? Because compared to Western European countries, these countries have very different retirement systems. It is very obvious to people living in the countries we are operating in that they have to take care by themselves. This trend is here to stay. Nobody expects Central Europe to jump on already outdated Western European retirement systems because demography is a game changer. Therefore, I think Central Europe is a role model in terms of how people are taking care of themselves, and this is, of course, the underlying assumption for our fee income in asset management. Beside that, we are also seeing a very clear trend in bank insurance. This is also not something new. This is ongoing since the last 20 years, and there is still a lot of room for catch up. It is very clear when you have this increasing middle class in our countries, which we already see, there is a lot of room for bank insurance. Those of you who know us quite some time, it was always part of our equity story that the other countries are catching up. I think now we have entered a different stage of development, which has proven that we had the right equity story, because most probably you will see next year that in terms of asset management, assets under management volume-wise will be higher in the Czech Republic than Austria. 10-15 years ago, this was hard to imagine, but now we are there. Fee income in asset management is already higher in Czechia than in Erste Bank Österreich. When you sum it up, this very positive development in the region, being one of the regions in Europe which is growing, and it is growing in a much more self-sufficient way than in the past 25 years, is the reason why we typically believe that we can achieve above EUR 15 per share. Thank you. Very helpful. The next question comes from Máté Nemes from UBS. Please go ahead. Yes, good morning, and thank you for the presentation. I have three questions, please. The first one would be on Poland. I noted a 10% sequential deposit growth in Poland. I was just wondering if you could give me some color on what drove that. Is there anything that has changed in the commercial strategy? Was there a deposit campaign? Anything along those lines? Also in this context, Peter, could you perhaps talk about the initial experience of ownership at Erste Bank Polska? What is particularly positive and positively surprising in your view after the first six months, and also perhaps where do you see improvement opportunities in the country? The second question is on costs. You're expecting a EUR 7 billion FX-adjusted cost. I noted that in the previous guidance, the FX-adjusted part wasn't there. I'm just wondering if you could mention what does this mean on a stated basis. If I use the Q2 run rate before any growth or any inflation, I get to EUR 7.1 billion for the year, so presumably EUR 7.1 billion, EUR 7.2 billion. Are there any offsets to that in the back end of the year? The last question on the capital trajectory. Stefan, you mentioned there will be some moving parts in the second half, and we should not extrapolate the net capital build that we saw in Q2. Could you quantify the moving parts, the SRTs, and the methodological changes that you mentioned? Thank you. If we may start with your first question about the experience we had over the first six months. Let me start by saying there are no surprises, which is, from my perspective, good news. The cooperation with our Polish colleagues is fantastic. We are very happy how things are going. Together, we are a very strong local team and a strong central team here in Austria. We succeeded to do rebranding within two days, which we believe is outstanding. When you see the first numbers in how the rebranding worked, it's working very well. In terms of spontaneous recognition, we are way above what we expected. We also succeeded to increase gross number of clients in retail, around 300,000 clients during these six months, which is a strong proof that we succeeded to do the, so to say, onboarding after closing in a very smooth way from a client perspective what of course our product would. When it comes to the skill set in the bank, we are extremely happy. As mentioned before to the first question, the knowledge and the way how they execute in corporate business is outstanding. Yeah. We see a lot of opportunities, as also mentioned before, to further build our corporate banking in the other countries because we will see a lot of companies doing business within our region. In retail, they are also doing an excellent job. When it comes to potential opportunities where we see room for improvement, this is true for the whole market in Poland. This is very much related to asset management. When you look at the TFI, which was also part of our transaction, assets under management, it is TFI up between EUR 6 and EUR 7 billion. When you take into consideration that Erste Bank Polska is the third largest bank on the market and the biggest privately owned bank, I think there is a clear opportunity that we can dramatically increase asset management volume over the upcoming years. Yeah. Still, of course, a lot of work ahead of us in terms of IT integration. Also here we have very strong teams on both sides. This will take another 18 - 24 months, as we communicated from the beginning, but we are very well on track. Yeah, thanks, Peter. I am just complementing on the Polish picture with the technical extension on the deposit question. There is, as you heard from Peter's words, absolutely no change in a strategic manner or so. However, yes, we had a substantial updrift in the second quarter, which we were looking into. It was mainly driven by corporate side, 40% term, 30% overnight and repos. Yes, there was some campaign in the context of the rebranding, but not a strategic shift in any form when it comes to, so to say, deposit management. Second point on cost. Yeah, well, your view is spot on. What is most important for us is that how does the overall operating leverage development. If anything, it is even a touch better due to the FX development. What you see as an impact on the cost side is more than outbalanced by top-line effects. That is one of the reasons behind the very strong trading result. It is one of the reasons why we are able to uplift the fee income. Altogether, operating leverage has been rather strengthened by that, I have to say, and I very occasionally say that we are very confident on all our deliveries of our efficiency targets that we have been putting out in 2024, 2025. I think the numbers are proving that. Third point, thanks for the question around RWAs. I can be very specific on that. First thing, out of the business side, we are expecting around about EUR 6 billion- EUR 8 billion second half effects on the combined credit risk RWAs and operational RWAs, roughly with a 75% to 25% ratio to each other. That is just ordinary course of business, respectively effect of the very good profitability. When it comes to the methodological effects, we are expecting already in Q3, right, Alexandra? Q3, a EUR 2.7 billion effect from an LGD model effect, which will not fully, of course, but to a certain extent, be managed against with SRTs. EUR 2+ billion effect is what you can count on there. That's why I was saying, okay, we will build capital from our profitability. The other effects right and left are going to be rather neutral, maybe a touch negative, but that's just to flag it so that, let me say the capital expectations are not going through the roof. Thank you very much. Thank you. The next question comes from Ben Maher from KBW. Please go ahead. Hi. Morning. Just two quick questions from me, please. First is the capital rebuild continues to exceed expectations. Assume no inorganic development later this year, how do you see the ratio by year-end? I think you mentioned, Stefan, that we shouldn't assume a similar quarterly run rate as we saw in 2Q. Is there also a particular reason why you've decided to clear the upper end of your payout range? My second question, sorry, it's another follow-up on the minorities in Poland. I appreciate no decisions have been taken, but if you do pull the trigger, would you consider issuing equities to get over the line sooner? Do you also expect you will need to show capital for a top-up to the entire 100%, or is there potentially some flexibility here? Thank you. I think on the capital build, it was pretty much the point I discussed with the colleague before. Just to repeat, yes, it was a very dynamic capital build, in particular in Q2. We will build capital organically further, but not at that pace. That's the short answer, and the rest I've already put in the answer a minute ago. When it comes to the potential increase of our stake in Erste Bank Polska, as mentioned before. There is still no decision taken. Of course, if we take a decision, then we may comment how funding could look like or how it could work out, but it's too early to comment on that. Okay, thank you. The next question comes from Jovan Sikimić from Oddo BHF. Please go ahead. Hi. Thanks a lot, good morning, and thanks for taking my questions. I have one on loan growth outlook for the end of this year. I think it was upgraded to EUR 290 billion. Now you are at EUR 283 billion, EUR 284 billion. With this EUR 7 billion quarter-to-quarter growth, do you see this kind of new target still a bit conservative, or you expect a kind of slowing down in the second half of the year? The second question would be if you could share your thoughts if it comes to, of course, related to 2030 targets. If you can share your thoughts about countries performance over the next years and which countries you would expect more pronounced net profit creation or earnings creation, and which countries may be slower. Thanks a lot. I can be very short on the loan matter. While we have the guidance clearly around EUR 290 billion, which gives a little bit of room to upside, I embedded in my loan growth comment a kind of small side comment that I'm personally expecting it rather to be north of it. Look, it was a very strong second quarter, we will need one or the other observation points still to see whether this is confirmed. I agree with you. If one had to make a forecast today, it could be rather slightly above than below. Time will tell in the next one or two months, we will certainly update you with Q3- Okay. ... on how it really goes. Thank you. Thank you. Talking about the countries and 2030 targets, I think it's very obvious that Poland and Czech Republic will really play a crucial role. When you look at our development over the last 25 years, Czech Republic, or Czechia, was always a very strong contributor to our net profit. The same will be true for Poland also, when you look at the economic outlook for the upcoming years in these two countries. We, of course, see now also very positive momentum in Hungary. You see very strong loan growth compared to the past because the country, for many years, a kind of environment where the companies and private individuals were deleveraging. This is turned around already some time ago. We are quite optimistic when it comes to Hungary. When you look at the overall development of Croatia over the last years, and the way how the government succeed to put everything in place, they are also in front of becoming a member of OECD. I think they're doing very well. We see their strong growth incorporating personal retail lending. We are quite optimistic when it comes to Croatia. Environment in Romania is still tough, still a relatively high budget deficit, and we are all aware the government reforms are quite high. We still believe strongly in the potential of the country, that's very clear given the strengths of the country, but it needs a little bit increase in stability, if I may say so. When it comes to Austria is now the, more or less, the third or fourth year in a very low growth environment, but it's still a good place to do business because it's still a relatively rich country. If there will be a point in time where Austria starts to recover, given the strengths of the country and the skills that are in the country, and still very good education on a very high level and some very positive momentum in some parts of science, I'm sure that Austria will come back on to it. Of course, Austria will also contribute further to the financial 2030 targets when it comes to net profit. Great. Thanks a lot. Maybe if I may add one, maybe it's too detailed, but of course, in some countries, there is extraordinary high taxation level. In these 2030 targets, I suppose that you also incorporate normalized banking levels and corporate income tax, particularly in Poland, it's definitely elevated over the next three years. I think we said it in the presentation that we are broadly, and also in the information about the 2030 ambition, that a broadly, let me say, a broadly unchanged environment would be necessary to achieve, so to say, the exact target. That is, I would say, a very general statement. Honestly speaking, if you look at the 2026 situation, we have a substantial uplift in the overall tax ratio- Yes. ... to around about 23.5% nowadays as being the expectation, we can manage. I think as long as things don't go completely crazy out of bounds, we don't really refer to it strongly. Honestly speaking, if it comes to my expectation, looking at the budget situation in many countries and so on, we do not expect massive relief, so would we count on that? We could maybe even uplift our expectations. Of course, a certain range should not be violated. That's it. Everything else is pure speculation whenever it comes to political decisions, as you know. Okay. Yes. Perfect. Thanks a lot. Appreciate it. The next question comes from Riccardo Rovere from Mediobanca. Please go ahead. Thanks for taking my question, good morning, everybody. Two or three, if I may. The first one, Peter, is a clarification. When it comes to your 2030 financial ambitions, my two center suggestion here is that at some point you should shed a little bit more light on how you want to get there. The question here is just I want to be 100% sure I understood it correctly, that the 15% EPS CAGR does not necessarily depend upon the level of ownership in Poland. Did I get it right? Absolutely. I misunderstood it? No, you absolutely got it right. Perfect. Okay. Thank you very much for that. The second question I have is, in the press release with regard to the 2030 financial ambitions, you mention inorganic growth in Poland and across CEE countries. I'm not going to ask anything on Poland, when it comes to the other CEE countries that you mentioned in the press release, given that you have generally a very strong market share where you already operate, what do you have in mind? You could share some thoughts or how we're thinking. Is it niche business, bolt-on acquisition, maybe portfolios? What do you have in mind there? The last question I have is, Stefan, I'm not 100% clear I understood it correctly when you stated that you expect NIM in the second part of the year to be kind of stable despite higher rates. I'm not sure I understood it, I got it correctly. Thank you. If I may start with the question about other M&A opportunities. Of course, we are always monitoring the situation in our existing countries. I think this would be a situation where we always can also come up with kind of cost synergies. I think we showed in the past, over the last years, that we are good in taking over portfolios. We have all the necessary skills to do so, and there could be some opportunities in the upcoming years. That's more the secret when it comes to geography. Thanks very much, Riccardo, for checking. I didn't say depending on higher rates, as I was talking about expected ongoingly higher volumes. Yeah? Because obviously the NIM in the first place before the new business starts really yielding and contributing to NII, it's immediately increasing the denominator. That was the remark. I said NIM to be stable, roughly stable, maybe even tick up, to be honest. Yeah. Remember in the first quarter call, I was kind of indicating this 270. I'm a little bit more cautious today because simply the volume growth was substantially better than expected. Somewhere between the 264 where we are now and the 270 would be my best guess as of today. The comment was referring to volume. Thanks very much for checking. NIM stable despite very strong volumes. Thanks. Very clear. The arithmetic is very clear. Okay, thanks. Thank you very much. The next question comes from Robert Brzoza from PKO BP Securities. Please go ahead. Hello everyone, thank you for the presentation. I have a more detailed question regarding the adjustment affecting the Polish unit results. I'm curious where the differential between the Poland unit standalone reported profit before minorities versus the Excel file or your reported within the group results net profit before minorities for Poland, where this differential is coming from. As per my estimate, the group reported results in Poland is roughly, say, EUR 40 million higher from the standalone reported results, and this is despite the already discussed the fair value adjustments which were booked in the NII. Basically, I'm wondering what accounts for the Swiss franc provisioning charges, which are visible in the Polish unit P&L, less so in the consolidated accounts. I'm also wondering whether that is being somehow covered on the consolidated level with, I think, the purchase agreement with Santander Bank. Thank you. Very well spotted, if I may say this as a compliment. Yes, it is exactly like that. It is absorbed in the PPA on the group level, it has nothing to do at this point with Santander. We would need to have much higher Swiss franc bookings, which we of course all don't expect to be. It is through the price purchase allocation that is absorbed on the group level, exactly like that. Right. I am supposing this is going to continue throughout the year, most likely, especially when we see at some point, maybe or maybe not, any bigger Swiss franc provisioning in the Polish unit, correct? Absolutely correct. If everything, so to say, goes according to the usual booking, and so far it has, it is going to be fully absorbed on the group level, correct. Can you provide possibly the size in terms of the 2026 year? How much these adjustments could amount to eventually? No, I cannot for a very simple reason. We are not influencing in any form. We cannot and will not, how much the local bank is booking. I cannot give you an answer. I can tell you if things in terms of booking the Swiss franc provisions in Poland are going as expected, it will be fully absorbed on the group level. Right. Thank you very much. Appreciate it. The next question comes from Krishnendra Dubey from Barclays. Please go ahead. Thanks for taking my question and thanks for the clarification on the EPS part from not including the Polish part. Just to confirm, I guess in your greater than EUR 15 EPS, you're including some buyback, and also you're kind of including. That's the first part, you're including some buyback, but actually you're not disclosing how much that is. Secondly, when you're talking about ROT or greater than 20%, I should look at your 40%-50% as a number for the future year as well? Those are the two questions, actually. All right. On the first one, there is absolutely no possibility for us to forecast exactly what we will be doing over the next five years in terms of capital distribution in the detail beyond the guidance, so to say, period. The likelihood that a share buyback is going to happen one year or the other is relatively high, simply because of our extremely strong capital build. Unless there is every other quarter, so to say, a fantastic inorganic growth opportunity, the likelihood that we will have a combination of dividend payout and share buyback at one point in time is very high. That's on point number one. On point number two, that's a very good question. I would say that actually is leading to the similar answer as with the share buybacks. If there is no massive growth on the organic side and then the great opportunity on inorganic side, sooner or later the dividend policy might be lifted further up. That is absolutely clear. When this between 2026 and 2030 might possibly happen, I am sure you understand, no one of us can forecast. I think everything combined is actually doing the math on the back of the envelope to deliver on the return on tangible equity ambition that we have been communicating. Sorry, just one last one if I can get it then actually. I guess earlier you were talking about more than EUR 4 billion on the adjusted basis. Any guidance on that? I guess that is not there now, so how should we look at the adjusted run rate for the net profit? What exactly? If you are saying, EUR 4 billion, you mean for 2026 consensus expectation, or what? Yeah. For 2026, I guess prior you had net profit below EUR 4 billion for reported basis, it was on adjusted it was above EUR 4 billion. Yeah. Just trying to understand the underlying run rate of adjusted net profit, actually. If you break down the run of that would be great, actually. That you are kind of thinking about doing this now. Thanks for the clarification question. We are expecting, or we are guiding for a reported north of EUR 4 billion now, right? That's the result of the improved operating performance and the confirmed risk guidance, is that we are seeing a very solid chance to beat the EUR 4 billion in the reported. Thanks for asking the clarify question. Maybe we have not been clear enough on that. Thanks for checking. Thank you. We do have one follow-up question from Riccardo Rovere from Mediobanca. Please go ahead. Oh, thanks for taking my question. I have one for Alexandra. If I'm not mistaken, this quarter you have added a little bit of additional FLI related to Romania, if I'm not mistaken, if I understand correctly the wording in the slide. With regard to that, when we read your financial ambition 2030, when you say we rely on solid, robust credit risk environment, how should we think about that? Should we think that the amount of FLIs that are still sitting on your balance sheet will be progressively used/released, that therefore you see the risk cost 25 - 30 basis points to stay more or less as it is if the macro scenario does not change dramatically? If you can add a little bit of color on that. Thanks. Thank you, Riccardo, also for addressing the final question also to me. First of all, yes, Romania, and also to give you some more precise numbers, the FLI impact on Romania from the update in the second quarter was EUR 23 million addition, which was partially offset by smaller releases in Austria, the other countries neutral. When it is about the 2030 targets, I think Peter also has mentioned it today twice, that we consider our risk appetite is very adequate. When you look at the past, we have grown substantially with a very stable and keeping and maintaining a very stable risk profile in a very demanding environment. This is exactly what we want to do going forward. When you look at the current risk cost levels, this is something I'm not talking about the Q2, yeah, the very low 20, but the overall our guidance for this year, this is a very healthy level that we would also consider healthy going forward and still allowing for enough very good loan growth. On the FLI, I think we discussed two quarters ago that we have now reached a level where we would not expect major releases going forward. Even if there's some release, there will be some base amount of EUR 300 million something which more or less remains stable. It might go up a little bit, might go down depending on the macroeconomic development. The big releases we have seen. Yeah, we have seen in the past. If I can, these FLIs were built for COVID, then energy. In other countries, for example, in the Nordics, those post-model adjustments overlays, call it as you prefer, have been in many, many cases, brought to zero. Why should EUR 300 million remain as a part of the furniture over the next one, two, three, five years? The FLI model has not been basically introduced for the COVID crisis. This has been introduced and is mirroring the macroeconomic outlook and development. It was much bigger and with huge amounts, as you may remember, or as you surely remember from the crisis situation. Look, I would not rule out it could go down to EUR 200 million, but it can go also again to EUR 400 million. It always depends on the macroeconomic outlook and on the model. To be very honest with you, it's not a buffer that we keep here for counterbalancing anything. This is the output of the macroeconomic model. When you look at our overall exposure, I think some EUR 300 million something having a base. To be honest, maybe the others don't report the FLI model in that extent. When we would be talking about the overlays that we had for the crisis, they also have gone down tremendously, and I also could say crisis overlays will go down to zero, but this is not the same as the FLI model. All right. Okay. Thanks. Ladies and gentlemen, this was the last question. I would now like to turn the conference back over to Peter Bosek for any closing remarks. Listening in. Thank you for all your questions. Let me announce that the results for the third quarter of 2026 will be communicated the 30th of October. Thank you very much. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call. Thank you for participating in the conference. You may now disconnect your lines. Goodbye.