Good morning, welcome to Bankinter's results presentation for the first half of 2026. Our financial statements were posted with market authorities early this morning, all materials can be found on our corporate website. Please refer to the disclaimer in the presentation, please note that this call is being recorded. We are joined today by our Chief Executive Officer, Gloria Ortiz, and our Chief Financial Officer, Jacobo Díaz. Gloria, over to you. Thank you, Laurie. Before talking about results, I wanted to express my sincere congratulations to the Spanish football team for the success in the World Cup last week from the whole of Bankinter team. Well, coming back to results, we have delivered another strong quarter, excellent results for the first half of the year. Profitable growth and disciplined execution once again translated into strong shareholder value creation, EUR 605 million of net profit, a ROTE above 20%, continued capital generation, 17% increase in shareholder value. What is quite encouraging is the quality and consistency of the performance. We continue to grow while improving margins, maintaining excellent asset quality, and strengthening capital. This is another demonstration of the Bankinter way: grow better, execute better, and create more value through the cycle. The first pillar of our model is diversified organic growth, supported by the strength of our franchise, our continued ambitions to grow across all business and geographies. Total customer volumes increased by EUR 18 billion or 8% over the last 12 months. Customer lending grew by 5%, while customer funds increased by 10%, supported by a 2% increase in on-balance sheet retail deposits, an excellent 20% growth in assets under management, reflecting both strong net inflows into our wealth management business and the quality of our customer base. Growth remains well-diversified geographically, with Spain providing scale, Portugal and Ireland continuing to grow at double-digit rates. Growing better is not only about volumes. It is also about building a stronger and more diversified revenue base. Gross operating income increased by 7.3% in the first half of the year, with both net interest income and fees reaching record quarterly levels in the second quarter. Net interest income grew 3% quarter-on-quarter to EUR 589 million, while fee income increased by 17% to EUR 237 million. Importantly, an increasing share of our growth is coming from recurring and capital-light fee businesses such as wealth management and brokerage, making our revenue mix more balanced and resilient. The second element of our model is disciplined execution. As we grow, we remain very focused on the three levers that sustain value creation over time, efficiency, asset quality, and capital generation. Our cost-to-income ratio has improved significantly, falling to 34.3% from 36.1% in 2025. This demonstrates the scalability of our business model and highlights an important point. In banking, scale alone does not warrant efficiency. What matters is agility, disciplined execution, a culture that remains aligned as the organization grows. These have long been the key strengths of Bankinter. Asset quality also remains a clear differentiator, with an NPL ratio below 2% and a prudent coverage ratio of 69%, despite continued growth in customer volumes. At the same time, strong earning generation has allowed us to further strengthen our capital position with CET1 increasing to 12.9% while maintaining our position as one of the most resilient banks in Europe. The third lever of our model is shareholder value creation. ROTE increased above 20%, earnings per share grew 11%, and shareholder value generation measured through tangible book value plus dividends increased by 17% over the last 12 months. Importantly, strong capital generation allows us to do more than simply grow the business. It gives us the flexibility to invest in attractive opportunities that strengthen the franchise and diversify future earning streams, including the alternative investment platforms announced this year and our entry into the Netherlands through Tulp, while at the same time continuing to enhance shareholder returns. That is why we continue to view Bankinter as a long-term compounder capable of increasing earnings, creating value, and delivering attractive shareholder returns through the cycle. Now, I leave you with Jacobo for a more detailed description of our P&L and businesses. Thank you, Gloria. Good morning. Let me briefly summarize the income statement. Net profit reached EUR 315 million in the quarter, up 8% quarter-on-quarter and 16% year-on-year, bringing first half net profit to EUR 605 million, up 12%. Performance accelerated in the second quarter versus the first, with revenues up 6% quarter-on-quarter and net profit up 8%. This was driven by strong revenue growth of 7% year to date, with both NII and fees contributing positively while costs remain contained and provisions under control. I'll now walk through the main drivers behind these lines in more detail. Next page. NII continued to evolve positively in the second quarter, reaching EUR 589 million, up 5% year-on-year and 3% quarter-on-quarter. This performance reflects solid volume growth across the franchise, together with continued pricing discipline, allowing us to improve customer margin to 2.71% while keeping NIM broadly stable. On fees, fee income accelerated further in the second quarter, reaching EUR 237 million, up 23% year-on-year, while results include EUR 23 million of relevant income this quarter from a performance fee on the sale of an alternative investment vehicle announced in April. It is worth highlighting that our recurrent asset management and brokerage business still grew by an impressive 19% year-on-year, excluding this item. This reflects strong customer activity, continued net inflows, and increasing contribution of higher value-added investment products to our fee-based. Let me expand a moment on Bankinter Investment, which contributed with the EUR 23 million performance fee we discussed in this previous slide. Importantly, we do not view this as simply a one-off event. It reflects a platform that is reaching greater scale and maturity, with a growing proportion of vintages entering the stage where performance fees and equity accounted earnings can increasingly contribute to results. Since its launch in 2017, we have built a differentiated alternative investments platform that today manages 32 vehicles, serves more than 20,000 investors, and has accumulated EUR 5.9 billion of committed capital. Importantly, around 1/3 of committed capital comes from vintages launched before 2020, providing a growing pool of assets approaching the stage where monetization opportunities become increasingly relevant. The corporate transactions announced with Plenium and Access Capital Partners last quarter represent the next step in this strategy. They expand our scale, deepen our capabilities, and broaden our European footprint while maintaining the capital-light characteristics of the platform. Overall, we believe Bankinter Investment is entering a new phase of scale and maturity in the business of alternative investment funds, creating additional opportunities for value creation through management fees, equity accounted earnings, and performance-related revenues over time. Moving into expenses. Turning to efficiency, we continued to deliver widening positive operating jaws in the first half of this year. As you can see, revenues increased by 7.3%, while expenses grew by only 2.7%, expanding the gap between revenue and cost growth to 4.6 percentage points, compared with less than 1 percentage point last year. This reflects a combination of a strong commercial momentum and disciplined cost management. We continue to simplify our corporate structure, invest in technology, in digital capabilities, and in growth initiatives while maintaining tight control over our cost base. As a result, our cost-to-income ratio improved further to 34.3%, down from 36.1% in 2025, reinforcing the structural efficiency of our business model. Looking at costs, growth remains well contained. Personnel expenses increased by just 1%, with most of the increase coming from amortization, reflecting our continued IT investment in the franchise. Overall, widening operating jaws remain a key driver of profitability growth, efficiency gains, and strong capital generation. Let me build on this efficiency a little bit and explain how technology and AI are helping us further enhance the scalability of our business model. Importantly, AI is not about reducing cost. It is a core enabler of our business model, allowing us to manage higher volumes, create additional capacity, and provide better service to a growing number of customers without a proportional increase in resources. The chart on the left illustrated this clearly. Since 2020, customer volumes have grown by 55%, while our workforce has increased by only 9% and has remained broadly stable since 2024. At the same time, our branch network remains essentially unchanged from more than 15 years ago. As a result, the annualized cost required to support each EUR 1 billion of customer volumes has decreased by 14%. Put differently, we are handling substantially more business today with broadly the same physical footprint and a largely stable workforce. Today, we continue to invest more than 10% of gross revenues in technology, while increasingly embedding AI across the organization. We have already deployed AI through a combination of top-down initiatives and bottom-up adoption, with growing employee engagement and an expanding range of practical use cases across the bank. Moving into the next page. As we continue to grow the balance sheet, asset quality remains very strong. Cost of risk remained low and stable at 33 basis points despite the strong growth in lending volumes over the last 12 months, while other provisions remain well controlled at just 8 basis points. Together, these metrics continue to demonstrate the quality of our diversified and disciplined growth. Let me conclude the income statement review. The earnings momentum continues to reflect the strength of our business model. Net profit increased to a record of EUR 315 million, up 16% year-on-year and accelerating versus the first quarter, supported by solid revenue growth, positive operating jaws, and stable risk costs. Asset quality remains a clear strength of the franchise. NPLs continue to improve, coverage remains robust, and we continue to outperform the sector across all geographies. Risk metrics remain stable and well-controlled, with no signs of deterioration despite strong business growth. Moving into capital. CET1 closed the quarter at 12.91%, comfortably above our target operating range. The strength of our earnings generation more than offset business growth, allowing us to further strengthen our capital position while continuing to support growth across the franchise. This provides us with significant flexibility to support future organic growth, pursue attractive strategic opportunities, and deliver enhanced shareholder value. As discussed last quarter, in the coming months, we expect to complete the alternative investment transaction with Plenium and Access Capital Partners, as well as the pending acquisition of Tulp, the Dutch digital platform, which Gloria will cover in a moment. Together, these transactions are expected to have a combined capital impact of less than 40 basis points and are not reflected in today's CET1 ratio. It is also worth noting that the second phase of the Spanish counter-cyclical buffer will come into effect later this year, increasing our minimum CET1 requirements by approximately 40 basis points. Beyond capital generation, our resilience remains a clear differentiator. The latest EBA stress test once again positioned Bankinter as the most resilient listed bank in the Eurozone, while our Pillar 2 requirement remains among the lowest in Europe. Moving on to the performance of our geographies and businesses. Spain continues to perform strongly, with revenues up 6% and pre-tax profit by 11%. Corporate and SME banking remain particularly strong, with lending volumes growing 7%, while wealth management continued to deliver robust growth. Overall, strong commercial activity and operating discipline translated into further efficiency gains and another period of double-digit profit growth. Portugal. Turning to Portugal, the business continues to scale rapidly, with revenues up 10% and pre-tax profit up 9% in the first half. Lending volumes increased by 8% and customer funds by 12%, reflecting the continued expansion of the franchise. Importantly, profit growth accelerated during the second quarter, reinforcing the positive trajectory of the business and supporting a strong first-half result. Ireland. The business continues to gain scale and deliver attractive growth. Customer lending increased 24%, led by mortgages balance, which grew by 29% year-on-year. As revenue increased 19%, we continued to generate positive operating leverage, with pre-tax profit also growing 19% and the cost-to-income ratio improving by more than 2 percentage points. Moving into next page with corporate and SME banking, where growth continues to outpace the market. Lending volumes increased 7%, compared with sector growth of 3.6%, supporting further market share gains, where our international business remains a key contributor. In our retail business, customer acquisition remains strong, with salary and digital account balances increasing 20% over the last 12 months. In mortgages, although we continue to prioritize profitability over volume, we have seen origination trends improve significantly during the second quarter, with June production exceeding June 2025 levels by 8%, while maintaining our disciplined pricing approach. This allows us to optimize capital allocation across the group, directing growth towards segments and geographies offering the most attractive risk-adjusted return, including Portugal and Ireland. At the same time, the mortgage-backed book continued to grow at healthy levels, increasing 3% year-on-year to EUR 39 billion. Turning to wealth management, the business continues to demonstrate remarkable resilience despite periods of elevated market volatility. Total assets under management and custody increased by EUR 27 billion over the last 12 months, supported by both strong net inflows and positive market performance. In particular, assets under management grew by 20%, while assets under custody increased by 18%, delivering another year of a strong double-digit growth. What is particularly encouraging is that clients continue to entrust us with a larger share of their savings, even during periods of uncertainty, reflecting the strength of our wealth management franchise, the quality of our client base, and the depth of our customer relationship. Before handing back to Gloria, let me take a moment to reflect on our ambitions for full year 2026. In the second quarter, we continued to deliver strong results. Customer margin recovered to 270 basis points. Recurrent fees remained very strong, supported this case by an extraordinary performance fee from our alternative investment vehicles, while efficiency continued to improve and provisions remain well contained. Our certainty around the macroeconomic and interest rate environment remains, our underlying business trends continue to evolve broadly in line with our expectations. Having said that, we continue to deliver solid and diversified volume growth in line with our initial assumptions, while maintaining a strong focus on capital allocation and risk-adjusted returns. On the lending side, we continue to expect mid-single-digit growth supported by resilient economic conditions across our geographies. Across the group, we expect growth trends in the second half to remain broadly consistent with those seen in the first half, with Portugal and Ireland continuing to deliver strong growth and Spain maintaining solid momentum, particularly in corporate banking. We will also continue to actively manage deposit volumes to maintain not only liquidity ratios are at current levels, with a deposit-to-loan ratio remaining slightly above 100%, or the loan-to-deposit slightly below 100%, but also our strong cross-selling activity focused on building up volumes in assets under management and assets under custody, a strong source of stable fee generation and return on tangible equity. On net interest income, our bias is still even more positive. This is supported by continued loan growth and current forward curves. We expect NII to continue growing quarter- by -quarter, allowing us to reach the upper end of our mid-single-digit growth ambition, above our expected lending growth for the full year. Once again, higher Euribor rates are supportive to our NII growth. Our NII sensitivity remains similar to previous quarters, with a 7% increase in expected NII for the next 24 months for a 100 basis points parallel shift increase. While we expect deposit costs to have reached the trough, we continue to target an average customer margin for the year on 270 basis points or slightly above. On fees, strong recurring growth combined with a performance fee recognized this quarter from our alternative funds franchise supports an upgrade of our fee growth ambition to low double digit for the full year from high single digit where we were before. We remain very confident in the outlook for wealth management. We remain fully committed to maintain positive operating jaws. We expect cost growth to remain low, supporting a gap between revenue growth and cost growth at least in line with current levels. I remind you, our long-term ambition towards a 30% efficiency ratio is getting closer. In terms of asset quality, our outlook remains stable. We continue to see no signs of deterioration, and we expect the cost of risk to remain around current levels. We also expect to continue generating capital at a strong pace, supporting organic growth, strategic opportunities, shareholder remuneration, and resilient management buffers. Over the long term, we expect to allocate excess capital first to profitable growth in our existing businesses and geographies, then to new business opportunities like those recently announced in alternative investment funds and in the Netherlands. Rest assured, any remaining excess capital will be returned to shareholders through the most efficient route, as we have done in the past, like for example, with the Línea Directa spin-off in 2021. Finally, we expect to deliver a sustained level of return on tangible equity above 20% in the following quarters, with disciplined capital allocation, disciplined execution, reflecting the long-term strength and sustainability of our business model and our ability to continue creating attractive and compounding value for our shareholders. Thank you. Gloria, back to you, please. Thank you, Jacobo. Before I speak about our recent announcement to acquire Tulp and enter the Netherlands, I would like to take a step back for a moment. While the geography may be new, the approach is not. The decisions we are making today follow the same principles that have guided Bankinter for decades. What you see on this page is not a result of a particular year or market environment. It is the outcome of a business model that has applied the same principles consistently for decades. Part of the reason for that consistency is our strong alignment with shareholders. Around 30% of our share capital is represented by our board management team and employees. We think like owners because we are owners. Over the years, we have combined solid organic growth with the development of new capabilities and selective geographical expansion through joint ventures and bolt-on acquisitions, as reflected in the milestones shown in the slide. Whether it was Portugal, Avantcard in Ireland, the launch of a digital organization, or the alternative investment transactions announced this year, we have consistently focused on opportunities that strengthen the franchise, expand our capabilities, and create long-term value without distracting us from our core business or compromising our financial strength. Our long-term track record speaks for itself. Over five, 10, and 15-year periods, we have consistently grown customer lending ahead of the sector while delivering superior value creation for shareholders. We often say that slow and steady wins the race. We believe our history demonstrate exactly that. Looking ahead, our objective remains unchanged. We will continue to grow prudently, allocate capital thoughtfully, and invest in opportunities that can strengthen the franchise and create value over time. The initiatives shown on this timeline are all examples of that approach. They started small, they required patience, disciplined execution, and ultimately became relevant contributors to growth and shareholder value. The acquisition of Tulp follows the same logic. It is not a change in strategy, but another step in the same journey, which brings me to the final slide. Let me now spend a moment on Tulp and why we are excited about this opportunity. We see this as an attractive combination of limited downside risk and meaningful long-term upside. With Tulp, we are entering the third-largest mortgage market in Europe through established platform. The business that has more than 20 years of operating experience in the Dutch market and currently originates around EUR 1 billion of mortgages each year. At the same time, the Dutch mortgage market combines larger scale, higher yields, and historically lower levels of credit risk than Spain. When we close the transaction, the capital impact will be limited to less than 15 basis points, giving us access to an attractive market while preserving the financial profile that investors expect from Bankinter. What I particularly like about Tulp is the flexibility of its business model. Tulp already successfully operates through a strong advisory network, institutional investors, and funding through securitization, providing multiple sources of funding to support future growth. As with Portugal and Ireland, our approach will be progressive. We are establishing a new platform that can expand our growth opportunities and diversify earnings over time. Looking farther ahead, our ambition remains clear. Spain will continue to be our core business, we want the group to become increasingly diversified. Over the medium term, we continue to see Spain representing around 70% of group profits. When I look at Tulp, I do not see a small transaction. I see a proven platform that gives us a foothold in a large and attractive market with limited capital at risk today and multiple avenues to expand earnings over time. Thank you, and back to you, Laurie, so that we can begin the discussion with our analysts. Thank you, Gloria. Thank you, Jacobo. We'll now move on to the live Q&A. As per the instructions sent previously, please remember to press star five on your phone to submit a question, and we would like to ask you just to limit your questions to two a piece, please. Our first caller is Marta Sánchez from JP Morgan. Marta, please go ahead. Good morning. Thank you very much. My first question is on volumes and margins. With your loan-to-deposit ratio now at 101%, how are you thinking about running the balance sheet from here? Does the priority on protecting deposit costs limit your capacity to grow loans? Linked to that, how should we think about NIM versus customer spread from here, given that NIM went backwards again this quarter, even as the customer spread continued to improve? My second question is on the Netherlands strategy. Can you give us milestones about earnings contribution, loan growth? Are you just going to be doing mortgages there, or would you consider launching a savings platform or expanding what you have there through a savings platform? Do you think that growing that business will be consistent with keeping those efficiency gains that you've committed to over the next three years? Thank you. Good morning, Marta. Regarding the first question, our loan-to-deposit ratio is at 97% or deposit-to-loan at 103% these days. This is more or less where we want to be, I think that the answer is of course not. Deposit cost is not a limitation for growth because our ambition is to keep growing in any geographies, in every segment, in a profitable way. Funding is not a restriction. We manage closely the loan-to-deposit, deposit-to-loan. We want to keep in the current similar levels in the following quarters. I think we've been running the bank in similar levels in the past quarter, this is exactly the case. Even though we think that, as I mentioned, the client margin is sustainable, we have quite a positive bias on the evolution of these 270 basis points in the future. Coming back to your question also regarding the NIM, the NIM, we believe it's in a stable way since client margin are going to be resilient, sustainable with this positive bias, since current forward rates are quite supportive of it. We feel comfortable with where we are running, in terms of deposit- to- loan and in terms of NIM. Hello, Marta. I will answer you the second question. I think as I've mentioned, during the webcast, the strategy has not changed. This is a small transaction, that the idea is to start slow, like we did, for instance, in Avantcard in the past. To start financing mortgages, leveraging obviously on Tulp, on the broker platform, and probably using securitizations as they have a service for securitizations to fund these mortgages so that the business is fully compressed on itself. In the future, obviously the platform is a good platform also to build upon other businesses like we've done in Avantcard. For the moment, in the medium term, we are going to focus, as I've mentioned, in mortgages, in analyzing and the market. If we see that there are opportunities in certain businesses, we will see in the future. You also asked if the 30% in 2030 is at risk. No, this is going to be a very light operation in terms of costs. No, it shouldn't put at all at risk the 30% objective in cost to income. Thank you, Marta. Our next question comes from Ignacio Ulargui from BNP Paribas. Ignacio, please go ahead. Hi. Good morning, everyone, thanks very much for the presentation and for taking my questions. I have two questions, if I may. The first one is on the alternative investments and the effect of the success fees. Could you just help us a bit better to model how should we model about these success fees? Because the relevance of the alternative investment products is increasing within the group, and it looks like that we should be considering this as a bit more recurrent than what it could be perceived at this stage. If you could help us to model a bit, how should we think about these success fees? What is the level that you charge on the asset of the products so that we can get a bit of a sense of how to consider them more recurrent? The second one is, if you could elaborate on the competitive landscape in Spain, particularly on the lending side. You have been saying, Jacobo, focus on corporates less so in mortgages. You could come back on, you have seen any rationalization on the competitive landscape in the mortgage market. Also wanted to get a bit of a sense of how do you see the Irish market given the PTSB transaction. Is this raising some incremental opportunities for you for growth there? Thank you. Good morning, Ignacio. I'll take the first one on the alternative investment. Yes, definitely. That's why we wanted to dedicate some minutes to the alternative investment business, because it's becoming a quite relevant business for us. It's growing. We have a strategic focus on this business. We believe there is a very large and relevant opportunity in the coming years. Therefore, we are putting a lot of effort. We're growing in assets under management in these type of funds. Unfortunately, it is very, very difficult to predict when this transaction will deliver a success fee or not, because the opportunities given by the market is not something that is controlled by ourselves. What I can tell you is that we are coming to a certain level of maturity where a large number of vehicles have reached a higher probability of being sold. Therefore, there is more and more probability of this type of recurrent success fee. I know it is a little bit contradictory to one-off can be recurrent, basically, the message is that definitely we should expect an increased number of this type of performance fee coming into the future. Unfortunately, it's very, very difficult to share a sense of the amount, the volume, when, how, et cetera, because this business is run by this way. Unfortunately, I cannot help you in providing you a methodology or how to expect or how to input in your models the income from this business. I think it's much more a matter of probability, of an average volume, et cetera. As you know, these assets under management funds in alternative investment fund provide us a quite long-term, stable source of fees. At the end of the day, we have to sell them to distribute to the members of these funds and to achieve a much better, even very high profitability. Unfortunately, I cannot add any expectation or prediction to this income. Definitely, this is going to be much more recurrent than it's been in the past. I will take the one about mortgages. The first thing I have to say here is that you know that there is a process by the CNMC open at the moment, precisely, that has to do with the prices of mortgages and competition. I am not going to, for respect to the process and also for prudence, I will not talk about mortgage prices at the moment. What I can tell you is what is there. The decision of actually reducing the production in Spain has been a decision of capital allocation to allocate capital in other businesses that were more profitable. As you can see, the reduction rate is diminishing. With time, I think by the end of the year, we will be probably in the quarter alone, not being reducing the production in mortgages in Spain. Said that, in Ireland and in Portugal, we are doing pretty well. We are growing at 19% in the new production. Precisely, Ireland is doing particularly well. PTSB, yes. PTSB, obviously, any corporate transaction that means restructuring, closure of branches, maybe also a restructuring in the workforce is always an opportunity for doing acquisition, and we will take advantage of it, of course. Thank you. Our next question comes from Francisco Riquel from Alantra. Francisco, please go ahead. Yes. Thank you. The first question, I see the cost of deposits has fallen one basis point despite the rise in interest rate environment. I wonder if you can please elaborate on how you are managing the cost of online deposits and the trade-off with volumes, because the online deposits are falling EUR 3 billion Qo Q. Then also comment on your expectation for the overall cost of deposits and deposit growth for the rest of 2026. In particular here, I also see that you started to print deposit numbers for Ireland for the first time. It's still a small figure, but I wonder if you can update on where are you on the rollout of your deposit franchise in Ireland. My second question is on fees. I see that you have raised the guidance growth from high single-digit to low double-digit, including the performance fee. Excluding this one-off fee, recurring fees are also growing 12% in Q2. I wonder if you can update also on trends and guidance for the recurring fees, if you would be also raising the guidance, as well, without the performance fee. Thank you. Hi. Good morning, Paco. I'll start with the second question. Yes, the increase in guidance is excluding this performance fee. We believe that the underlying of, I would say the traditional fees, the assets under management, brokerage, transactional fees, are behaving a little bit better than expected, and that's why we decided to raise the guidance in fees. We think we're going to be in the low double-digit range versus the high single-digit range. We do not expect major changes in trends, very positive trends of these items in fees. This is probably linked to your first question, because we keep transforming our deposits into value-added type of products, and this cross-selling is quite valuable for us. You mentioned the first question regarding the cost of deposit reducing by 1 basis point. Indeed, we think that we've reached the trough. Indeed, we think that the cost of deposit will be in the coming quarters a little bit higher, although betas will continue to go down. As you know, marginal beta on the whatever increase in ECB rates in the future, it will be transforming no more than 10%, 20% impact in terms of beta. We believe that the cost of deposit is going to be a little bit higher, but basically under control and towards beta much lower. We do expect in Ireland, we have already started, we're growing. The level of growth will be accelerating across the coming months. We are, as you know, building the brand, investing more and more in marketing, and this will take a little bit of time, but the speed is, we're happy with it. Regarding the volumes and how are we managing the volumes, as I mentioned before, we do track the liquidity ratio, the deposit -to -loan, and the loan-to-deposit, just to make sure that we stay at the levels where we want to stay. We close at around 103% deposit -to -loan or 97% loan- to- deposit. This is the range when we want to be close to 100%, and for the time being, this is not a restriction for growth. I must remind that the macro environment is positive, there are still more and more deposits in the industry. That means that there is, of course, different commercial strategies in the different banks, but the overall perspective is that the betas will continue to go down. Okay. Thank you. Our next question comes from Maksym Mishyn from JB Capital. Max, please go ahead. Hi. Good morning. Thank you very much for the presentation and taking our questions. Two from me, please. The first one is on the loan market, on the corporate loan segment. Bank of Spain data suggested that volumes have been quite subdued in April and May. I was wondering if you could give us some color on what kind of outlook you foresee for the corporate segment in the second half, and any comments on the pipeline and type of demand you see would be super helpful. The second question would be on the AUM growth. Could you please share with us how much of the growth came from net inflows in the quarter? Thank you. Yeah, I will take that question. Well, first about AUMs, it is around 45% is net inflows, the rest is market effect. With respect to the corporate loan segment, we are seeing quite strong growth, particularly this quarter in Spain. Also showing in Portugal, this quarter has been particularly strong in Spain. I would say, obviously, international business is still one of the principal levers for growth, trade finance and the public sector, where we had a very low market share, we are starting to be a little bit more active. For the second half of the year, we still see demand. We see no signs of asset quality deterioration, we expect to grow at the end of the year by mid-single digits, to be able to maintain the growth pace that we have so far. Thank you. Our next question comes from Alvaro Serrano from Morgan Stanley. Alvaro, please go ahead. Good morning. Thanks for taking my questions. I guess my two questions are a bit of a follow-up. Jacobo, you mentioned on the performance fees, thanks very much for the slide where you talk about the vintages. Can you give us a bit of detail on that performance fee in the quarter? When we look at those vintages that you've laid out in the slide, obviously you've given us by year, can we make assumptions around typical sort of exit route? It's five years and based on the vintages, on the capital gain or the performance fee you've had in this quarter, can we extrapolate anything on the potential vintages we might see materialize or monetized in out years? If you could give us more detail on those EUR 23 million, maybe we can make our assumptions around extrapolating in future vintages or any color around that would be very helpful. The other follow-up is on deposit competition, I know you've touched on it, I'm just curious to understand. Going forward, obviously your digital deposit campaign has been pretty noisy over the last few quarters when it comes to, in these calls, we've discussed it at length. Going forward, now that you have Ireland sort of at a launch stage, do you think you're going to need to raise deposits through your digital capabilities in Spain as you have before, or will that play an increasingly lower role? I'm thinking obviously that you're going to have to sort of grow deposits more than you have this quarter in future quarters. Is that going to come from Ireland, Spain, less digital? A bit of color on that. Thank you. I'll take the first question. Listen, it is a bit difficult, I will tell you that it has to do with the type of vehicle. There are vehicles, the shortest life vehicle is seven years, they are more into the 10 years. It depends on the type of assets. For instance, this comes from renewable energy. The vehicle was called Helia. I think you have all this information probably in Bankinter Investment website. You have all the vehicles that are alive, what the vintages are, and what are the assets underneath. We have a very good track record of management. Obviously you have to take into account the assets, how much they have, or how they have performed in the market, how well can we have done it better than the market, and then the average life of the vehicle. Said that, yes, as you can see, the vintages are very diversified and many of them are coming to the end of their lives. I don't know if I've answered that. Again, I don't have a more precise answer. Yes, Alvaro. The second one related to deposit conditions and digital campaigns, Ireland, et cetera. I think each country has different commercial strategies. Ireland is fully decided to keep increasing the level of deposits because at the end of the day, what we are aiming is to fund all their growth with their own funds. 100% deposit- to- loan in whatever they grow. If they grow EUR 1 billion per year, the target is that they are able to reach this same level of funds in the country. It's independent from the commercial strategy that we have in Spain, because in Spain, we do have these digital campaigns, we do salary accounts, we do different things. From a commercial perspective, in terms of bringing new clients on board and from a perspective of bringing new assets under management volumes and that generate fees. As we always say, we do combine the vision of NII and fees all together because we don't mind to do a commercial campaign, to bring new volumes to the bank, and then transform them in something that will deliver stable fees in the coming years. We see the deposit condition from a global perspective, but in each country, they need to deliver their own commercial strategy in order to make sure that they can achieve their own self-funding of their business. In parallel, we need the commercial activity that provides new client, that brings new client to the bank that will generate more transactional fees or assets under management fees. Thank you. Our next question comes from Carlos Peixoto from CaixaBank BPI. Carlos, please go ahead. Hi, good morning. The first question is actually still on deposits, and apologies if I missed anything since this was a very debated theme. Basically, what would be your expectation for deposit growth for the full year? Do you see a pace of growth catching up to loan growth at some point? The second question would actually be on other provisions. This quarter, it increased a bit versus the previous quarter, and even on a year-on-year basis. I was just wondering what drove that, and above all, what should we expect in this line going forward? Should this be the benchmark for upcoming quarters? Thank you very much. Thank you, Carlos. The expectation for growth in deposits, again, it's linked to the deposit-to-loan ratio or loan-to-deposit. We are aiming to stay where we are, around 103%, 102% deposit -to- loan, or 97%, 98% loan- to- deposit. It doesn't mean that we are aiming to grow exactly the same proportion than the level of lending of loans. As far as we keep similar levels of ratio, we are fine. In terms of the other provisions, basically, there's more related to seasonality, much more than any other things. No major changes, as we say at the beginning. We are around 7 basis points-8 basis points in terms of these costs, cost of other provisions, and we don't expect any changes on that front. Thank you. Our next question comes from Pablo de la Torre from RBC. Pablo, please go ahead. Thank you for taking my questions. First, I had a few quick follow-ups, hopefully on both Ireland and the Netherlands. On Ireland, in terms of your product rollout for the next year or so, could you please specifically comment on any plans around the new Savings and Investment Accounts Initiative that is expected to launch in the second half of this year in the country, and your plans around that? With respect to the Netherlands, your comment in terms of representation of Spain being eventually 70% of the group in the long term. I think it was a year ago when Gloria mentioned a similar ambition to increase the contribution from all international businesses to around 1/3. I guess my question is, if you think that after the acquisition in the Netherlands, you can get to that level now, or you would only expect to get there with further inorganic growth. I just had a quick question on something on slide 26, where I believe you mentioned that roughly 50% of your new mortgage origination is now at variable rate, which is a change in the trend versus last year. I guess if you could just elaborate on what's driving that and any short-term implications that we might expect. Thank you. Good morning, Pablo. I'll take the first one and probably the third one. The rollout, we have launched the term deposits, as you know. We are in the process of launching current accounts in terms of saving accounts, in terms of salary accounts in this second half of the year. Okay. Related to the Savings and Investment Accounts that you are mentioning. We are much more focused on deposits, and this type of salary accounts, and saving accounts. We are still preparing the deliveries of the rollout for the 2027, where we might put a little bit more focus on loans. But this is more or less the information that I can share with you. Related to the floating rate mortgages, around 50%, I think it's been a little bit stable. It is true that the new production of fixed rate mortgages has been higher in the past years than some years ago. That means that there is a little bit more proportion of fixed rate mortgages in our book, and that's the reason why we have reached this 50% or so. Yeah. With respect to the contribution of other geographies that are not Spain. The first thing is that, yes, we maintain our ambition to have around 30% of our profits outside Spain, but Spain is still our core business. The first thing is that it is like a moving target because Spain is already performing really well, which makes the growth in the other geographies more challenging. Anyway, both Ireland and Portugal are growing, and even Luxembourg that is doing a pretty good performance this year. They are growing well above, and they count for around half of the delta in credit growth. They are already contributing very heavily. With Holland, obviously, it is going to help us in the short term to grow the contribution of the international markets, but I think it's more a medium-term goal rather than something that is going to happen immediately. It will also help, probably credit volumes will be greater than 50%, the one that comes from other markets, it won't be the case in profits for the moment. Thank you. Our next question comes from Borja Ramírez from Citi. Borja, please go ahead. Good morning. Thank you very much for taking my questions. I have two, please. The first question would be on the deposit trends. I would like to ask if you could provide more details on the deposit volumes in Spain and in Portugal, because based on the previous quarters, you showed a very strong growth in deposits in Portugal, and it's increasingly becoming closer to become fully self-funded in Portugal. I would like to ask if you could kindly provide the volumes and cost of digital deposits in Q2. Lastly, I think if you could provide details on the costs. On the cost growth, I can see that your other admin costs are showing quite better trends than inflation, and same for personal costs. Maybe there's some opportunity related to AI and also the simplification of the group. Thank you, Borja. Related to the second question. I'll answer you first. Then you answer the other one. Listen, there are several things here. One contributor this year to the improvement in cost, both personal and administration, has been the simplification of the group. Obviously, with the integration of EVO Banco and also the recent integration of Bankinter Consumer Finance. The simplification is important, but the most important thing is actually all the investments that we have been doing in technology. Not only AI, but in technology in general to improve the productivity and the scalability of our business. I would say it's the two things, both simplification and also all the investments that we are performing to improve the scalability of the business. Hi, Borja. Related to the first one, if I don't answer you properly, we'll talk later. Basically, again, we are trying to manage the liquidity ratio, deposit -to -loan and loan -to -deposit. Of course, as I mentioned before, each geography needs to look after these ratios and need to reach a good level, like you mentioned in Portugal, which are almost fully self-funded. The digital accounts remains with similar costs as last quarter. Nothing has changed there. The commercial strategy are different in each country. Each country has different competitive landscape. They can reach, or they can do campaigns on different type of products with different type of pricing. At the end of the day, the aim is to continue growing in deposits, to continue funding the growth. We are very ambitious in the level of growth. Of course, we mentioned the mid-single digit. We're not planning to go farther this amount, just again, because we target a specific type of client, profitable type of client, specific profile. Therefore, we are quite happy with this type of client, with this type of credit risk profile, to keep growing mid-single digit. Behind that, the funds will target growth in order to fund this growth, also in order to transform them in value-added products that will increase our level of fees. Thank you. Our next question comes from Ignacio Cerezo from UBS. Ignacio, please go ahead. Yeah. Hi, good morning. I've got just a follow-up, actually, on the digital accounts. If you can give us a little bit of information on whether the take-up of this most recent campaign has been different versus previous, given the kind of proliferation, if you want, actually, of similar products in the market. Also, if you're experiencing changes in the retention rate, actually, of your clients once they come off of the teaser rate. Thank you. Hi, Ignacio. We haven't noticed any major changes in the level of retention. I think the level of retention, in our opinion, is quite high. Of course, there is always a small proportion of these clients that are just targeting their remuneration. As you know, these type of products, what we're looking after is a relationship, not just basically a remuneration. In terms of the proportion of clients that we are cross-selling, I think we are in the similar levels like what we mentioned last time. We're happy. As you know, that even this week, we have continued to launch a new campaign on these type of products. I guess we are happy with that. Just bear in mind that a year ago or two years ago, everybody, we were targeting term deposits. We were changing the strategy just basically to have more flexibility in pricing. We are fully convinced that this is the appropriate way to approach the market with some product which is very flexible, that provide us the opportunity to cross-sell more product. Even if the first remuneration that we offer to the client might seem a little bit high, the reality is that the vast majority of the volumes stay, and the cost over time goes down. Product which is much more flexible and with good retention levels. Thank you. Our next question comes from Miruna Chirea from Jefferies. Miruna, please go ahead. Thank you very much for taking my question. I just had one on Portugal, please. I see that in retail banking, you are growing loans at 11% year-over-year, but in corporate and SME banking, you're only growing at 2%, whereas the system is growing at close to 6%. Just curious why that is, and if you expect to accelerate growth in the corporate segment in Portugal. Then maybe just another one quickly. I was wondering if you could provide us a bit more color on your rate sensitivity by market. Just to be able to understand which is the market in which you are most rate sensitive and least rate sensitive. Thank you. Okay. I will answer with regards to the growth in corporate in Portugal. Well, here they have an effect that is completely extraordinary, which is the financing to Universo, which is a JV that we have with Sonae. Bankinter Portugal was funding part of Universo's balance sheet. We have decided to change the strategy in Universo, and Universo is now going to securitize a part of its balance sheet. Basically, it has to do with a one-off. With this one-off, the growth is pretty sound as it has been in the past. We expect to end the year with greater growth than you've seen in this first half of the year. Hi, good morning. Regarding your question about the sensitivity of each market, I would say that probably the sensitivity in Portugal and Spain is pretty similar. Again, we're talking about those clients which are sensitive, which tend to be the large corporations or the wealth private banking type of clients, which are always sensitive. Every change in Euribor, changes at the ECB rates, just putting in the table a conversation about remuneration of deposits. In terms of sensitivity, I think that both markets tend to be very similar. Ireland is probably a different story. Probably we don't have yet enough experience to answer properly that question. Which is the only thing which is real is that the level of remuneration in the Irish market is much lower. There is excess liquidity. The majority of the clients tend to have their savings in their accounts. Probably, I might say that they are a little bit less sensitive, but I'm sure that this over time will change. Thank you. Our next question comes from Sofie Peterzéns from Goldman Sachs. Sofie, please go ahead. Hi, here is Sofie from Goldman Sachs. Thanks a lot for taking my question. When I had a look in your Excel file on the yield slide, I can see that the wholesale funds in the quarter, the average volumes increased by around EUR 3 billion this quarter quarter-on-quarter. How should I think about the wholesale funding going forward? Is it fair to assume that if you keep the loan deposit ratio just below 100%, you might do a little bit more wholesale funding? Could you maybe also comment at what spreads the wholesale funding is done? My second question would be around the costs. In the past, you have seen higher costs in the second half compared to the first half. Is it fair to assume that the cost growth in the second half will be similar to the cost growth we saw last year compared to the first half, which was mid-single digits? Thank you. With regard with the increase in the balance sheet, it has occurred obviously in both sides. This is a treasury operation. It is basically, they are making temporary acquisitions and then temporary, how you say, repos. Basically, what they get is a small margin on both operations. Most of the growth you've seen in the wholesale liabilities has to do with these type of transactions, which is not wholesale funding that is funding the balance sheet. It is funding the temporary acquisition of certain assets. The cost of new wholesale funding, that is actually, yes, funding the balance sheet. The last issue was around 90 basis points or something like that. Was something like that. We are only expecting to make wholesale issues for MREL. Probably one by the end of the year, we will see. We don't fund the balance sheet with wholesale funding. Regarding your second question, I think we should see quite similar levels of cost in the second half of the year, again, very stable amount quarter- after- quarter. You shouldn't see major differences between quarters this year regarding costs. Okay. We just have time for one last question, and we'll take that from Hugo Cruz from KBW. Hugo, please go ahead. Hi. Thank you for the time. I have just a couple of questions on Portugal. First on NII, there was a comment from one of your competitors yesterday talking about lower mortgage yields in Portugal. Are you seeing any changes in the market there, or at least in your book there? Second, on asset quality, your cost of risk and other provisions grew 28% year-on-year in the first half. Anything to worry about there in Portugal? Thank you. Hi, Hugo. No, asset quality has not changed. It has more to do with the update of the macro variable that happens at the beginning of every year. Last year, we have a release or quite a limited release. This year, we have a limited contribution, the difference seems a little bit higher. Basically, the asset quality is exactly the same. NPL ratio, as you've seen, are extremely low, nothing to worry about. In terms of mortgages, Portuguese market is also a very competitive market, but nothing has really changed regarding the yields. As far as I know, no major difference. Okay. Thank you all for joining the call today. On behalf of the entire Bankinter team, we thank you for your interest and your participation. If you have any further questions, we'll be available from the investor relations team to help you later in the day. Thank you very much, and have a great day. Thank you very much, and have a great summer. Thank you.