Ladies and gentlemen, welcome to the Half-Year Results 2026 Conference C all and Live Webcast. My name is Yusuf, the conference call operator. I would like to remind you that all participants will be in listen-only mode and that this 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 followed by one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or for broadcast. At this time, it is my pleasure to hand over to Mr. Holger Laubenthal, CEO. Please go ahead. Thank you, Yusuf, and good morning, everyone. Great to be here for the presentation of our first half 2026 results. I am here with our CFO, Christoph Glaser, CRO Volker Gloe, and we look forward to walking you through the slides and then to your questions. Key messages we have for you this morning for the first half. First, given continued strategy execution, we achieved a solid 6% growth in net income. It is primarily due to further efficiencies from our transformation program. Second, we are pleased with receivables growth of 2% from across business units, including personal loans. Net revenues remain stable despite lower maximum interest rates. Strong improvement in cost income ratio by over 4 points to 43.5%, and loss performance continues solid and aligned with the guidance that we have given. Overall, this delivers strong capital position of 17.7%. With that, we are also pleased to confirm our full-year guidance we have provided based on the core performance excluding this next point. Now, we are really excited to announce our acquisition of Santander's auto financing business in Switzerland. We look at it as a right zone opportunity for us. Transaction is well-aligned with our strategy, further strengthens and expands our presence in Switzerland. We will have more on this later, but we expect this transaction to be EPS accretive next year with resulting ROE improvement from 2028 onwards. Again, Christoph with more details on this later. A few key highlights here on the first half. Net income came in at CHF 92.3 million, up 6%. As I said, we are pleased with financing receivables growth. As mentioned, flat revenues against the backdrop of lower interest rates. Strong continued progress with our operational excellence program leads to reduction of cost income ratio to 43.5%. Losses in line with guidance, ROE increase of 30 basis points, and overall delivering strong Tier 1 capital ratio. Just zooming in quickly here on the specific segments in our market. Personal loans, we see nice rebound here given focused growth initiatives. With that slightly ahead of the market. Auto is up as well in receivables. Continued positive momentum, again, leveraging our new platform and further increasing automation in these processes. Good results in cards in terms of receivables growth and Buy Now Pay Later continued focus on profitability. Invoices up 12%, volume down based on mix and portfolio management. Next page, just a few words on our continued benefits from strategy delivery. It illustrates continued focus and execution across programs. We are increasing penetration in our app. We've got more products live, simpler, more automated interaction for increasing customer value. With the auto platform, pleased with further automation here and then particularly straight through processing significantly increased, which makes us faster, more efficient, and again, significant value for our partners and customers. We've also introduced a number of add-on products in our app that makes them more intuitive, more relevant offerings, and we're seeing strong conversion increase on those products. With last but not least, driving accelerated AI adoption, both in customer interaction as well as related analytics for faster and more efficient servicing going forward. With that, let me hand over to Christoph for a closer look at the financials. Thank you, Holger, and welcome everyone. It's a privilege to join you on this call following my arrival in spring. As Holger already mentioned, we have delivered CHF 92.3 million of net income and CHF 3.15 of EPS, which represents a 6% year-over-year growth. Our net revenues are stable despite lower maximum interest rates and a softened macro environment. Our provisions for losses are back to normal levels, and Holger will provide more details on that in a moment. The substantial decrease of our operating expense shows once again our continued commitment to manage the company efficiently. NIM is stable at 5.4%. Our cost income ratio substantially improved to 43.5%. Our ROE improved to 14.1% and our ROA to 2.4%. With that, let's take a quick look at net financing receivables and yields, which shape our interest income. Firstly, as Holger has already mentioned, it is important to note that we have grown net financing receivables across all product lines. We've managed to reinitiate growth of our P-loan receivable space following moderate declines in the past. We have also managed to contain the impact of reduced maximum rate levels and yields, keeping them broadly stable or at mildly lower levels, like for instance, in the case of P-loans. That said, we would like to reiterate that we're focused on the management of our NIM and the related guidance, which takes me to the next page. Our NIM has been kept stable at 5.4%. We had to digest CHF 5.7 million of negative pricing impact related to lower maximum interest rates and CHF 0.8 million of lower income from cash and cash equivalents. We've managed to compensate this challenge entirely by reducing cost of funds, taking both price and mix actions. We intend to keep NIM at 5.4% as we go through the year. With that, I would like to ask Volker to cover the next topic, provisions for losses. Thanks, Christoph. For the first half of 2026, the loss provisions came in at CHF 36.2 million or translated into a loss rate at 1.1%. This is slightly higher than in the same period last year when we reported 0.9%. I want to remind us that in the last year's number, we had this effect of the previously described synchronization of collections and write-off procedures that impacted the loss rate. If one would normalize for this temporary effect, the comparison year-over-year would rather show stability at an around 1% level. We also see now the expected stabilization of delinquency and NPL numbers. These metrics were also affected by the mentioned synchronization, and now the level of stability is reached. Both the 30+ delinquencies and the NPLs have actually slightly improved when looking into a year-over-year comparison and comparing to last year's numbers. They came in at 3.3% for 30+ delinquencies and 1.7% for NPLs respectively. We show on the upper right on the page the adjusted NPL number as well. This enables the comparison over the longer term and is excluding these synchronization effects. You again can see that the underlying asset quality has actually not materially moved. Our calibration of this triangle of risk, price, and volume to optimize profitability has continued. We allowed in the first half of 2026 slightly more credit risk on the book. Therefore, the credit grade distribution shows also a lower portion of CR1 and CR2 volumes compared to the previous period. Nonetheless, we feel comfortable with the risk that we have been taking here as we do it in a prudent way as always, and the underlying performance remains solid. It has been, and we have been seeing that on the previous pages, rewarded by asset growth and also a constant NIM. As we continue to stay diligent in our risk-taking, we would also not change the outlook for the full year. We still expect a loss rate around 1%. Though I have to add that this is the pre-transaction expectation. The transaction itself increases the auto financing receivables and auto leasing assets have an attractive risk profile. There is a certain one-off effect related to loss accounting under U.S. GAAP. Consequently, including the transaction and hence also including the one-off effect, we would foresee a loss performance for 2026 that is slightly above our midterm target of around 1%. With that, I hand it then back to Christoph. Thank you, Volker. Now, disciplined risk management and prudent loss income trade-offs are a part of our DNA as much as disciplined cost and prudent cost income trade-offs. In the first half of 2026, our OpEx amounted to CHF 116 million, i.e., CHF 11 million less than in the first half of 2025, reducing our cost income ratio from 47.6% to 43.5%. We managed to reduce OpEx across almost all categories of spend. Our FTE number has dropped from 805 to 744 as of June 2026. Let's take a bit of a longer-term look at our OpEx performance on the next slide. Firstly, as Volker already mentioned at the beginning of the presentation, there are benefits from the transformation we started a couple of years ago, and we continue to drive that transformation as we go through 2026. The number of group employees has dropped from 877 in mid-2024 to 805 in mid-2025 and to 744 over time. Our operating expenses have dropped from a level of CHF 265 million in 2024 to CHF 245 million in 2025. Now looking at 2026, we expect to spend no more than CHF 228 million-CHF 230 million. We thus expect inherently a cost reduction of CHF 15 million or more in 2026, and the cost income ratio run rate in the second half of 2026 below 40%. Now let's turn to the balance sheet before we cover funding and capital. With regard to the asset side, there are really two key points to be made. As Volker already mentioned, in that financing receivables have grown 2% from CHF 6.584 billion to CHF 6.690 billion. Secondly, with a 2% growth in P-loans, we have managed to outgrow the market in the first half of 2026. With regard to the liability side on the next page, there are really four key messages to be covered. Funding profile, cost of funds, the funding mix, and then of course liquidity and funding ratios. Our funding profile remained well diversified in the first half of 2026, with deposits representing 57% of total funding and non-deposit funding 43%. Total funding was broadly stable at CHF 6.3 billion. Importantly, our end-of-period funding cost declined further to a level of 1.17%, while the remaining term increased slightly to 2.3 years. On the wholesale side, we continued to strengthen the covered bond pillar, now with three outstanding issuances, while the ABS matured in May 2026. Our liquidity and stable funding ratios remained very strong, with an LCR of 446% and an NSFR of 112%. With that, let's stay on the right side of the balance sheet and talk about capital. With a Tier 1 capital ratio of 17.7% and a CET1 ratio of 15.3% as of June 2026, our position remains strong. RWAs logically increased in line with our net financing receivable growth. Our dividend policy, and that's important, remains unchanged. The company intends to pay a dividend of at least CHF 4.60 for 2026 and growing thereafter. Now, with that, I'd like to hand over back to Holger, who will provide more detail regarding the acquisition of the majority of Santander's Swiss auto business. Great. Thanks, Christoph. Look, as mentioned, we're very excited about the acquisition of Santander Swiss auto financing business in Switzerland. Really, we look at this as a strike zone opportunity for us. You know our clear approach to M&A, and this deal is very compelling strategically and with attractive financial returns. Couple points I'd mention here. First, really strengthens our position in one of our core pillars. We like the auto business. It is in our DNA. It is a secure business. We have great market coverage, and this is a strong addition. Second, we have communicated at the beginning of the cycle that we want to invest and drive scale in auto, and we're doing just that. This opportunity adds significant scale to our new platform, providing meaningful leverage. Third, it expands our partnership network. We're adding existing partnerships with importers and dealers across the country. Fourth, this is important, we're entering an exclusive commercial cooperation agreement with Santander that allows us to participate in pan-European partnerships going forward, as it essentially makes us their Swiss partner for such opportunities. Really a strong pillar for our auto business and for future growth. Christoph will talk later about the financing. We have a well-balanced and diversified solution here and expect closing of the transaction in November this year. EPS will be accretive from next year on with ROE increases of around 25 basis points from 2028. Capital target and dividend policy remain unchanged. Just a few points on this next slide on the strategic rationale. A few illustrations to add some color to this. We're strengthening our auto business through both scale and diversification. We're adding roughly 25% of receivables, which gives us a four-point lift in market share and delivers diversification both in terms of new car mix as well as distribution relationships. Overall, great opportunity, straightforward asset deal where benefits come from the book acquisition, as well as relationships with one of Europe's leading auto financing players, number of importers, as well as dealers across the country. Back over to Christoph for a bit more detail on this transaction. Thanks, Holger, for laying out the strategic rationale. In terms of financial implications, there are really three topics to be covered. Firstly, as to the P&L impact, the acquisition is going to be EPS dilutive in 2026. That's driven by day one expected credit loss recordings and some integration costs. Starting 2027, the acquisition is going to be EPS accretive, adding 25 basis points of ROE by 2028 and then going forward. Secondly, the purchase price of CHF 820 million covers CHF 755 million of net financing receivables, CHF 46 million of PP&E, which is linked to operating lease positions, and CHF 19 million of intangibles. No goodwill will be recorded. The financing will be comprised of CHF 120 million of equity and CHF 680 million of debt. As to the capital management, we will use deployable excess capital, our Tier 1 capital ratio will be impacted by 70-80 basis points, and it is expected to be around 17% at year-end 2026. In addition to that, it's important to note that the credit risk profile of the bank will improve, with secured assets increasing to north of 50% and incremental capacity to issue covered bonds and to take in more retail deposits. All of that explains the three topics that are important to note with regard to financial implications. With that, back to Holger to wrap it up with a few outlook-related comments. Very good. Thank you, Christoph. A couple words on outlook, what to expect for this year. We'll continue our proven focus on profitable growth, balancing risk, volume, price, as you know from us. In operational excellence, we're progressing with automation and personal loans as well. We want to continue, as we have, simplifying our application landscape and decommissioning. Leverage the momentum we have in personal loans, clearly continuing to scale the auto platform. As we said, we look to close this transaction in November for a focused integration going forward. We also want to embed our simplified leaner organization across the business for continued simplification of the company. On the outlook, and this is now adjusted for the transaction, we do continue to expect organic net revenues to grow in line with GDP. Last performance, as Volker already said, slightly above mid-term guidance, giving the accounting impact. Cost income ratio at 43%. Importantly, H2 excluding transaction below 40%, the ROE around 14%. Strong capital, unchanged dividend policy. We look forward to giving you an update on our next strategic cycle in December this year. Now, before we wrap, I want to take this opportunity to thank Volker for his leadership and partnership over the many years in this company. We are, of course, in a good position given the joint transition work between Volker and Christoph. We talk about risk management as part of our DNA, Volker has really played a key role in embedding these capabilities in our organization. Volker, a big thank you again. With that, let's turn over to questions. 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 followed by two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast while asking a question. Anyone who has a question may press star one at this time. Our first question comes from Manish Mehta, UBS. Please go ahead, sir. Yes, good morning, thanks for the presentation. I have three questions, please. The first one would be on H1 financials and the outlook from here. I'm specifically interested in the moving parts, the net interest margin. You were at 5.4% in H1. You are expecting 5.4% stable for the rest of the year. Could you comment on what do you expect in terms of asset yields? I suspect primarily on personal loans. Where do you see financing costs move from the end of period 1.70% here? Any color on that would be appreciated. The other two questions are on the acquisition. Firstly, Holger you mentioned that part of the deal is an exclusive partnership on a pan-European level with Santander. Can you help me understand what does this mean in practice? The other question is on the financials of the acquisition. It's clear that transaction helps you gain scale, helps you deploy your excess capital into productive use. I was just wondering, would you be able to comment on the ROI, the return on investment on the acquisition? That would be very helpful. Thank you. Thank you, Mehta, and good morning. Let me start with a bit of context on the acquisition and then hand over to Christoph for the financials and also the NIM question in general. Mehta, again, as we said, strikes an opportunity for us. It's also a straightforward transaction as an asset deal. During the discussion with Santander, at some point we had contemplated other consideration, which might have led us into a holding structure as a favorable advantageous structure, of course, it is a straightforward, simple outcome to execute. As we said, helps with scale, leverage our platform, expands our partnership universe. Specifically to your question, Mehta, many importers when they go through deciding who to partner with on financing in a region, in Europe in this case, you have two options. You either go country by country, that makes it complicated. Because you have many partners to deal with, or you choose one partner that can cover the entire continent in this case. That is the typical approach that importers would take. That gives us an opportunity now to be Santander's essentially partner in Switzerland for such pan-European opportunities for these importers. Hopefully that clarifies it, otherwise let me know and we can dive a bit deeper. It does. Excellent. Thank you. That's certainly something we're excited about and a real addition in terms of the tools that we have at our disposal for growth. Christoph, let me hand over to you for the financial and the acquisition and the NIM question. The NIM question. All right. Look, first of all, I like the transaction for the reasons you've mentioned. On top of that, also for the fact that we're enhancing distribution capabilities, get an operating lease capability with it, and most importantly, a secured book expansion, which then has positive impacts on covered bond capacity and retail deposit capacity. That said, the transaction is going to be ROE accretive given the fact that it is a secured book with relatively lower price or return profile. It will be accretive, but to probably a slightly lesser degree than you would expect from a P-loan book, for instance. Because we do have day one upfront loan loss provisions to be booked and because we have some integration costs upfront, two-thirds of which sit in 2026 and one-third in 2027, the deal will be initially dilutive, but then as we mentioned before, at 25 basis points of ROE, which is quite nice to see. Back to your interest margin-related question. Look, as you could see from the page presented earlier, generally speaking, we're managing yields at a quite a stable level. There is, of course, a link to the KKG maximum interest decrease, an impact on the P-loan book. As higher priced vintages mature, portfolio yields are gradually normalizing via lower funding costs partly offset yield pressure, and I've talked about that earlier today. Now we are in the business of actively managing that interest income through the cycle. We do expect the yields compression to moderate with yields progressively stabilizing over time. That's pretty much it. Thank you. Other. Our next question comes from Andreas von Thoppel. Please go ahead. Yes. Thank you very much for taking my questions. Maybe on the guidance you provided in terms of the impact of this year, it would be helpful to get a split of the CHF 11 million that you guided. How much is that from integration costs and how much is this potentially from loss provisions? Would it be fair to assume that going forward after this one-time effect, actually, the acquisition should have a positive impact, very slightly, of course, on the loss rate, due to the secured business, of course. But also on the yield in the auto business, is my assumption correct that this is primarily a new car business and therefore the yield should actually be lower compared to your current book, which is more used car. Maybe you could comment a bit on the commission income side. For instance, on the credit card, how you see that. You mentioned the impact from the FX side, maybe you could comment a bit further on what you see there and also on the BNPL in terms of the pruning of the book, where you stand and what to expect going forward. Thank you. Yeah. Great, Andreas. Good morning. Thank you. Christoph, why don't you take the question on guidance, also in terms of the split of CHF 11 million. The commission question I'll take by now for later on. Yeah. Thanks. Look, as I mentioned just before, the impact of the transaction in year one and year two is there. The CHF 11 million of net impact in 2026 represent roughly CHF 14 million pre-tax. Of that CHF 14 million pre-tax, roughly CHF 8.4 million are linked to day one expected credit loss recordings, and CHF 5.6 million are related to day one or 2026 OpEx. In 2027, again, the level of that impact is going to be not more than half of what it was in 2026. The operational reason for that is that we are going to migrate the portfolio. We're going to shift originations and so on, and some of that is still fragging out into 2027. That's the answer to your first question. The second question was whether there would be an impact on the loss rate going forward. Broadly speaking, we're buying a low risk secured book here, very similar to the new car business we're doing in Cembra already. Although that is clearly volume-wise inferior to the used car business we're doing. We know what we're doing here, and we do expect, generally speaking, a moderate impact and an impact that should directionally be moderately positive. Yeah. It's not going to shake the overall equation significantly. That's maybe the short message. With regard to yields in the order book. Again, we do have used car portfolios in our book, which is yielding directionally below the level of the used car book. We're going to add more of that. Logically, the average yield should moderately decline. That's the logical expectation. Again, let's not forget about the added benefit of risk profile calibration and funding capacity increase, which is strategically quite valuable in addition to just the yield question. With regard to your last question on commission income related to credit cards and in particular FX related impacts. Look, what's really good on the credit card side from my point of view is that the customer base is growing. Our book is growing, our net financing receivables are growing, that's quite a sticky trend. We're enjoying a good and growing interest income and we do have a slight challenge on the fee line right now, but it is temporary in nature, and it is simply just linked to the fact that in the first half of 2027 compared to the first half of 2026, there's quite a differential in terms of the strengths of the Swiss franc. That means technically, simply that certain transaction volume balances that are being translated into Swiss franc are translated to a lower Swiss franc level. We look at this trend as temporary in nature and nothing special and probably not to be seen again in the foreseeable future. Great. Thanks, Christoph. The question on buy now, pay later. Look, I think we've explained some of these dynamics in the past, right? We've essentially finalized the exit of some non-strategic partnerships here. We still see a little bit of impact there in terms of the associated volumes. The flip side is, and we quite like this, right? The relationships we have with TWINT, with some of the retailers that we onboarded recently are really developing well, compensating for this. You also see the increase in billing volumes. We slightly de-risked the activity, so this is why the nominal amounts are a bit lower, but we're on a good track here in terms of, again, just as we do across the board, focusing on profitable growth in this product line as well. Then, as we said, we're also continuing to work on cross-sell opportunities, and that's at least this being a significant element of our value proposition to partners across the board. There's some background noise. If someone's not speaking, please go on mute. Thank you. Andreas, hopefully that answers the question. Thank you. As a reminder, if you wish to ask a question, please press star followed by one. Our next question comes from Regli Daniel, ZKB. Please go ahead. Yes, good morning. Thanks for having me for asking questions. I have two follow-up questions to Andreas, questions on buy now, pay later and credit cards. I have a third question on cost of financing. First on credit cards, here, obviously commissions, as you have explained, have been a bit disappointing driven by this FX volumes effect. Can you give us a little bit of backbone confidence about the credit card business? Can you talk a bit about the number of cards, how is this growing, and what are your expectations in the mid to longer term from this business in terms of revenues or business volume growth, if you want? Similarly on buy now, pay later, you have again, talked about portfolio restructuring or can you give us a bit of a timeline? Is this now done and do we look into a clear future and what are your growth expectations from buy now, pay later? Is this still a double-digit growth business or should we get used to being, let's say, lower single-digit growth, also for the foreseeable future? Lastly on the cost of financing, as we have heard, you had seen this pressure from the maximum rate caps, which were applied by 1st of January on lower levels. How do you see the kind of potential to reduce your cost of financing going forward, particularly given we have seen a bit of a change in the outlook for interest rates going forward? Thank you. Yeah. Dan, morning, thank you for the question. Let me take the first two and then Christoph, the cost of funds. Look, we're quite pleased, broadly speaking and overall with the progress on cards. Receivables are up. That speaks to the strength of portfolio. Number of cards are up. Our co-brand programs are running well. Our own proposition is running well. As you know, we continue to engage with potential partners in the market to expand what we have today and add to this beyond that. In general, I think strong portfolio, Daniel. We do expect, as everywhere else. We're making trade-offs in terms of risk, price, volume, but we do expect, as we said, overall the guidance revenues to grow in line with GDP and cards being an integral part of that guidance. Buy now, pay later. The restructuring itself is essentially done, Daniel. I think what you're seeing is if you look year-over-year, you do have some residual pressure. That's what I was trying to say. The underlying performance of the focus areas that we have, the new partnerships that we have onboarded, we see solid growth and continued growth. Whether that's through TWINT, where we have strong relationship, we're building out the product suite, great platform, great reach, and some of the other relationships that we have. We do expect growth to come back into this business going forward. Whether or not it's low or mid or upper single digits, I think this also depends a little bit on how e-commerce developing, how that penetration increase, et cetera. Certainly, I do see this business going back into growth. Let me hand over to Christoph for the cost of funds question. Thank you, Holger. Look, we're currently experiencing cost of funds at a level of 1.17%. I've already alluded to that. As we go through the year and reach the end of this year, we're probably going to be at a level slightly higher than that, but not materially. That's driven by two things. There's a couple of older vintages which were priced extremely favorably maturing. Secondly, as we execute the Santander-related transaction in the fourth quarter, we will raise some debt at current cost levels. The combination of the two will drive total COF levels slightly up. Going forward, medium-term related to question on link to interest rate development. Assuming for a moment that rates may start to go up at some point in late 2027 or 2028. For us, the way we look at that is that yields will then have a tendency to go up again because maximum rates may shift and cost of funds may also slightly go up. Overall, the net interest margin will be a dynamic game to be played. We're going to have continued the ability to influence cost of funds in that scenario by optimizing mix and by obviously doing a good job taking them in in terms of pricing. As you know, we're focused on margin management and guiding that as opposed to yield as such or cost of funds as such. Thank you very much. Our next question comes from Anne- Chantal from Octavian. Please go ahead. Yes, good morning, everyone. I just have a question. There has been a lot of reorganization in terms of personnel, but also structure in Cembra announced in H1. For instance, you have transited from nine branch, making it five hubs. If you could maybe tell us how this transition from branch to hub will improve the customer experience and also the service delivery and ultimately also the efficiency in the organization. Sure. Good morning, Anne- Chantal, and thanks for the question. Yes, indeed. We've been quite deliberate on the structure. Let me start by saying we are by definition an omni multi-channel player, right? We service the market quite broadly across our product categories, and we want to be where the customer can best access us. That includes and continues to include very clear and deliberately physical distribution. This centralization around hubs, one, we've put a lot of emphasis on where we locate these. You may have heard recently about the one we opened in Lausanne. The other thing that this really gives us, Anne- Chantal, is a possibility through some larger centers to co-locate our expertise and customer-facing personnel across products at these hubs. We'll be able to service customers more broadly across the needs that they have. It also gives a scale in these hubs, which drives a bit the efficiency element that you talked about. That's really the notion behind it, right? Multi-channel player we want to be, and we will be, where the customer is looking for us, whether it's in the digital or physical world. That's the main background. Anything to add, Christoph? Thanks, Holger. Looking back and looking at this topic from my experience as a sales leader in Central Eastern Europe, one of the things I'm looking at right now is sales force effectiveness and the impact of such relocation moves on customer stickiness and propensity to still look for us and visit us. I was very positively surprised that there was really no dent in that respect. Customer behavior was not impacted by this consolidation effort. Thank you. Further question. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Mr. Holger Laubenthal for any closing remarks. Thank you, Yusuf. Thanks everyone for dialing in this morning. I think we have some exciting news that we shared here with the acquisition. Everything that really strengthens our position in the auto business, expands our footprint, expands access to more deals and growth going forward. We also reiterated the guidance that we have provided on the core performance excluding this transaction. We're pleased to have returned to growth across business units, including personal loans. With that also looking forward in terms of the guidance that we've given for the second half, including net revenue growth in line with GDP. Then, at the latest, we look forward to talking to you at the Investor Day at the beginning of December. Thank you very much, and have a great day. Ladies and gentlemen, the conference is now over. 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