Good morning, and welcome to CaixaBank results presentation for the 2nd quarter of 2023. We are joined today by the CEO, Gonzalo Gortazar, and the CFO, Javier Pano. In terms of logistics, we plan to spend 30 minutes in the presentation and about 45-60 minutes with the Q&A. In the Q&A is live, and you should have received the instructions by email on how to participate. One additional housekeeping item this quarter: Please note that the historical figures for 2022 and the first quarter of 2023, that were reported in the first quarter, have been restated to reflect additional information related to the presentation of the P&L under IFRS 17. With that, just one reclassification that has taken place in that restatement. Just to note that it has been reclassed some revenues from service insurance result to NII. There has been no impact on net income for the full year 2022 or the first quarter of 2023. With that, let me finish by saying that my team and I will be at your full disposal after the call. Without further ado, please let me hand it over to the CEO, Gonzalo Gortazar. Thank you, Marta. Good morning, everybody, and I'll get directly into the highlights of the quarter. It's been a very good quarter for us. I would say in terms of volumes, and particularly looking at how volumes have evolved also for the market and our competitors, these 2.7% growth in customer funds and 0.8% in performing loans, though affected by seasonality, are pretty good numbers. The sense we have is that we are functioning at 100% in terms of commercial activity. Non-performing loans, down again to 2.6%, is a minimum over the last 15 years. High coverage, liquidity and capital continue to be very strong. I will highlight the liquidity continues to increase, despite the fact that we repaid partly the TLTRO. Return on tangible equity at 12%, which is our target to exceed this level by the end of next year. Clearly well ahead of plan. Efficiency gains with cost income below 46%, all points in the right direction. With that, we have decided to announce the share buyback for EUR 500 million. Basically, the amount that is pro forma for the pending impact or regulatory impacts that we have on capital. This is the amount that is over the 12% target. Given that we can do it now, we've decided to accelerate accelerate that and make sure that we are able to execute it starting this second half of the year. Obviously, this buyback is in addition to our 50%-60% payout, so it's not replacing dividend. It's in addition of, and in line with our strategic plan and our commitment to generate EUR 9 billion of capital available for distribution. About that, 12%, of which obviously with increased profitability, we're running ahead, and and hence there's a clear upside on that on that front. Net income up 35% or 35.8% year-on-year, and 48% if we look at last year in terms of the M. Points on the economy. Obviously, the economy is doing much better than expected. We just had this morning, figures for the second quarter on GDP, which basically are in line with our estimates, so they confirm what you see here on this page. We have upped our projection for GDP growth for Spain for this year for to 2.3%, compared to 1.3% in January. In the case of Portugal, we're talking about a similar even further increase up to 2.6%, well above the Euro area. We're doing better in inflation. As you know, we also have inflation numbers this morning. Obviously, inflation was, was too low in, in May, is now slightly correcting, but in line with our estimates for inflation this year, 3.4%. A bit higher in Portugal, both cases below the euro area. Housing prices are doing better than expected, with still some growth almost flat in real terms, but 2.9% growth in nominal terms. Employment, we had figures yesterday. Very strong employment figures with over 600,000 jobs created in this six months. You can see the export performance in terms of both services and goods, doing doing very well. The figures for this second quarter also indicate that domestic consumption is, is recovering, thanks to, I think, also a lower level of inflation. All in all, to be honest, the environment is much, much better than what we expected, huh? This is obviously a bedrock for our performance and particularly for our expectations going forward. In terms of the loan book, what I mentioned, 0.8% growth with some seasonality in this quarter. If you take that away, basically loans are flat, and you see the evolution, growth and business lending and consumer lending and deleveraging in mortgages associated to the higher level of rates. This is something that we expected in the case of mortgages. I think both business and consumer lending, I would say we're doing better than expected. We're gaining share, as you see, on the business front. With respect to the mortgage book, remember that 70% approximately of that book is, is floating. You have here some numbers, and I think there are two messages for you to take away from this. One is, already 55% of the portfolio has repriced at a Euribor, Euribor that is at, at or above 3%. But we still have pretty good levels of asset quality, and the affordability ratio is actually gonna stay below 30% on average, moving from lower than 25 to lower than 30%. On the one hand, you'd say Goldilocks, but on the one hand, we're not seeing a negative or significant impact that is negative on asset quality. At the same time, as you can see, almost half of the portfolio has not yet reached the 3% level. In terms of NII and asset repricing, there is further to come. Loan production, consistent with the evolution of stock. Small fall in business lending, a significant one in mortgages, 21.5%. Note, however, that it is much higher than the first half of 2021, it is comparing to a very high level of activity that we had in the first half of last year. Consumer lending, again, sustaining those production levels, which is significant, I would, I would say. Loan yields on the front book, obviously picking up very strongly in the semester. Customer funds up 2.7%. I, I would say particularly noteworthy, the increase in long-term savings, 5.5% in the year. Half of that, approximately, or a bit more than that, EUR 6.8 billion, you can see on the bottom left, comes from market effects. There's over EUR 5 billion of net inflows, both in insurance, in the insurance business and in the mutual funds business. There is also a positive impact on balance sheet deposits, although there we also have a positive seasonal effect associated to extraordinary or double salaries that are paid at the end of June. But, all in all, a fairly positive figure, as you can see on the customer funds side. Protection insurance, doing well. Growth of almost 9% in insurance premia over both life risk and non-life. On the life risk, obviously some impact from the lower production of mortgages. Despite that lower production of mortgages, you see it's quite remarkable we had growth in new insurance premia, and that is a lot to do also with the new product that we launched last year, MyBox Jubilación, which is affecting positively both our savings, but also our protection insurance, because it has a component of life risk on top of the sort of retirement saving feature. Very positive, hence, the evolution of market share in the life risk business, and still quite a lot of potential. MyBox Jubilación currently has just over 160,000 clients after just one year. Obviously these are, these are sort of saving on a monthly basis, and we continue to grow that. Here we have a business that today is already having a positive impact, but particularly it's gonna have a very significant compounding effect over the years. It will continue being successful with it, which is what we think. On non-life also, pretty good performance across the board. BPI is really becoming an engine more and more for the group. You see market share in loans, residential mortgage, long-term savings, all up year-over-year. Numbers that actually are consistent quarter-over-quarter, also for card turnover. With increase in rates, now you see how cost income has come down to 43.6% and return on tangible equity of 12.5%. It is now at a very attractive level, but obviously with further room to improve. Asset quality continues to be extremely good, particularly looking also at the levels in Portugal, 1.9% of non-performing loan ratio and a very high coverage. Again, another very strong quarter from BPI. We get to 12%, obviously, because of fundamentally the increase in revenues, a lot of that associated with interest rates. Good level of activity, obviously some negative from the banking tax, and then the evolution of costs and the rest has a negative, although not a very significant impact. That's how we get from last year to this to this one. Just to finish on my side, we continue to be in a very strong position when I look forward. We said here is the best financial position in 10 years, and probably could be in 15 years, certainly since 2008, 2009. We've seen now that we have the lowest NPL ratio in the last 15 years. Remarkably, we have reduced it another quarter in June. The pre-provision profit obviously now being at 1.81%, giving us a wide margin to absorb any deterioration on the cost of risk side, which we're not expecting in any significant way. Obviously gives us comfort to know that we have all that cash and should there be negative developments. Liquidity, I'm sure Javier will provide some further details, but very attractive levels. MREL, full compliance, capital generation, MDA buffer, and basically our profitability and efficiency. I think when we look to what is happening this quarter, we feel very good about what we have achieved. When we look forward, we actually feel even better about what we can achieve in the future. With that note, I will. Sorry, it seems that I have a couple of pages more before I get into the P&L. I am kind of holiday mindset, as you can see. Just trying to find shortcuts. Apologies. I have a couple of comments. Obviously, good track record in terms of earnings and tangible book and dividend per share, we are certainly looking forward to project that track record to the future. In terms of delivering on our capital distribution targets, we have obviously distributed already EUR 3.5 billion. We are adding this EUR 500 million, and with cash payout for this year, next year, and obviously additional exercises of capital distribution, we expect to be able to meet, and in fact, we are clearly running ahead now of that EUR 9 billion estimated level of capital available for distribution. One final note on the great quarter and a great half of the year. I have spended a lot of time reminding everyone in the financial community and outside the financial community that beyond our shareholders, we're taking care of many other social causes that we have. Through our profitability, we're helping La Caixa, the foundation, and obviously, we expect that to continue on the rise. Continue to have this commitment to be present in rural Spain, which is quite unique. We're obviously by far the largest bank. It's quite unique and also it's been profitable. We are very happy to say we did not withdraw from many towns. It used to be a business that was hardly breaking even. Obviously, with positive rates, it becomes a business that is attractive again, and we have obviously a major competitive advantage there vis-à-vis others Microlending continue to be the largest in Spain. We have had a few requests under the Code of Good Practices for mortgages. Five, little bit below 6,000, which indicates, one, that we're obviously helping our clients that cannot pay their mortgages, and at the same time, that the number of clients that are in that situation is, is quite limited, no? Hence, it means that we do not have a social problem, certainly at this stage, associated to the increased level of interest rates, no? Diversity, employment, our volunteering programs and our partnership with the foundation and our commitment to sustainability, among other things, can be shown by the funding that we do in sustainable development or SDG bond issues we have done over the last five years, which is the largest for European banks. A note to remind you that we have a different positioning to most other banks in Europe because of our origin and our DNA. We want to make sure that bringing good news for shareholders is also bringing good news for the society at large, which is obviously what we are doing. It's a message that is important to convey everywhere, every time. Thank you. Okay. Thank you, Gonzalo, and welcome, all of you. Well, as usual, further details on the P&L and the balance sheet. Net income, slightly over EUR 1.25 billion. That is close to 50% year-on-year and quarter-on-quarter. Strong revenues, basically core revenues, NII growing strongly. We'll go into that in a minute. Fees affected by lower banking fees. This is gradually being partially offset by recovery in asset management. The insurance service result, that continues to grow, double-digit year-on-year. On non-core items, I would remark the dividend from BFA. Also the Single Resolution Fund charge that, as is usually the case, is impacting the second quarter. Below, costs in line with our expectations, in line to meet our guidance for the year. Remember, circa 5%. On loan loss provisions, stable at, remaining at low levels. I would remark on other provisions that this quarter are impacted by the update of IFRS 9 models related to contingent commitments, that for accounting reasons, there is a small impact on this P&L line. All in all, an historical high in terms of net income, this second quarter. Now, yes, moving into the details. NII, as you see, close to 12% quarter on quarter, over 60% year on year. Below, on the NII bridge evolution quarter on quarter, you may see client NII being the largest contributor. Still, the ALCO, having the impact from Euribor repricing on our wholesale funding, that, as you know, is basically swapped into floating. All in all, a really strong performance, during the second quarter. Margins expanding significantly with our customer spread at 320 basis points, up 34 basis points in a quarter. Below, you see the yields of our loan book and our customer deposits. The loan book at 375 basis points, obviously reflecting the repricing, positive repricing, on our floating rate loan book, but also the positive impact of the front book loan yield, that, as you may see, at 472 basis points, is clearly accretive. On deposits, 34 basis points is the cost of our client funds, excluding structural hedges and foreign exchange funding. Well, this is deposit beta that is gradually increasing, now this second quarter at 11% from 7%. Clearly, those trends imply upside on our fiscal year guidance, something I'm sure we are gonna discuss in the Q&A session. The ALCO, not much to say. We have had a few maturities this quarter. There is not much incentive to add to the portfolio with a negative yield curve. You see here the maturity profile, the ALCO portfolio breakdown, the yield that has been progressing and is now standing at 1%. The average life and duration, pretty much stable, slightly below five years. On the chart on the right, you see the evolution of wholesale funding costs. Remember, this is, those, this wholesale funding is swapped into floating, so 96 basis points over six-month EURIBOR, clearly reflecting a part of the issuances we have done during the quarter. Moving to fees. As I said, the fees are affected by recurring banking fees that are reflecting the gradual normalization in this positive rate environment. It's cash custody fees that all of us know that have already gone, but also lower account maintenance fees as initiatives implemented in the negative rate environment are now gradually reversed and as we are trying to find the right balance in this new rate environment. Asset management, gradually progressing. You may see a positive evolution year-on-year and quarter-on-quarter. Below, you see the evolution of average balances. As you may see, the average balances during the second quarter, already one percentage point over the average of last year, but by the end of the second quarter, 4% above the average. Markets permitting, and so far is the case, we can expect that important revenue line for us to do well in the near future. Insurance distribution, affected by some non-recurrent positive items in the second quarter last year and the first quarter this year. Well, this, we're expecting, from an accounting point of view, to improve during the second half, and the underlying business, as you saw in terms of volumes, is doing, is doing really well. Wholesale banking, always more volatile. We had a really strong first quarter, basically here you can see the evolution year to date and that fee line up by 17%. Continuing with some comments on other revenues. Here you have the insurance service result, plus equity accounted revenues on the left-hand side chart. You may see the combination of both growing close to 20% year-on-year. Remember that on the first quarter this year, we had an inorganic, externally positive in the equity accounted on SegurCaixa Adeslas, thus you need to take this into account when making the quarter-on-quarter comparison. In the central, in the center part of the slide, you see the breakdown of the insurance service result. Positive evolution, I would say, in the first two lines. Life risk insurance up by 24% year-to-date. Life savings insurance up by 17%. As Gonzalo commented, we are having approximately 50% of the long-term savings inflows into life savings insurance. Obviously, here, higher yield curve is helping on that revenue line as we can build attractive products for our clients, no? Then on unit, unit linked, I would say that you can expect the same, that with AUMs, markets improving, so average balances hopefully will gradually improve, and we can expect this to do better in the second half of the year. Shifting to costs, as I said at the beginning, not much to say, on track to meet our guidance for the year, circa 5%. The most remarkable in this slide is the cost to income evolution, 45.7% by the end of the quarter, and you may see on the bridge below, that is basically revenues that is contributing, but also the impact of the banking tax, it's 1.7 percentage points, so we are disclosing a cost to income ratio, including that impact. Finally, on comments on the P&L cost of risk, loan loss charges at low levels and, well, on track also to meet our guidance, below 30 basis points here. This quarter, we have updated the IFRS9 models with new parameters, and as a consequence of that, we have assigned approximately EUR 300 million of the collective provisions for macro uncertainties, and now the balance outstanding is EUR 1.1 billion. We continue to hold a high NPL coverage, 76%, as you may see. Moving to the balance sheet, a few comments, NPLs, historical low, 2.6% NPL ratio. You may see that we don't have any deterioration across any segment, you may see that below. A few comments on our credit exposures, a low commercial real estate exposure, 2.4% of our loan book. As always, an update on NICOS, 45% of those loans already amortized, and the current balance standing at EUR 14.4 billion, and what is classified on that portfolio as stage three is 3.8%, which is fairly stable, actually a little bit below previous quarters. Liquidity, an ample liquidity position, which is clearly becoming a competitive advantage now. You have here several liquidity metrics, a liquidity cover ratio well above 200%, even including or excluding, better said, the TLTRO funding, we have a pending maturity in March 2024 for approximately EUR 8 billion. The liquidity cover ratio is pro forma 189%, very comfortable position. Other metrics also very comfortable ones, asset encumbrance, a loan to deposits at 91%. And, uh, bottom left, you see, uh, our liquidity sources, close to EUR 200 billion, is not only HQLAs, it's also DCB, deposit facilities available, and on top of that, uh, EUR 52 billion of covered bond issuance, uh, capacity. On the right, you see the breakdown of our, uh, client deposits, uh, the weight of retail, uh, 79%, uh, and wholesale 21%. And, uh, clearly also a key aspect is, uh, the percentage of, uh, deposits that are, uh, guaranteed is, uh, 64%. A few words on MREL. Uh, we end the quarter on a pro forma MREL ratio at 26%:26%, and that pro forma includes issuances in the, in the month of July, basically one point five billion senior non-preferred. What we have announced today, the, which is this call for EUR 500 million AT1, that, as I say, has been announced this morning. With this, we have an MDA buffer, taking into account the expected 2024 MREL requirements of close to two percentage points. You may see that we face maturities and/or potential early calls in a comfortable calendar across several instruments, and you can expect us to be in the market regularly, as has been the case so far this year, across several instruments in order to keep our MREL stack at approximately current levels. Finally, capital. Strong quarter, 61 basis points of organic capital generation, - 39 basis points from the dividend accrual, remember, accruing at 60%, + 81 coupons. On markets and other, basically, we have here - 29 basis points from regulatory impacts, plus the impact on OCI from the depreciation, among others, of the Angolan kwanza. Also, we have a CT1 ratio at 12.3%, and we also disclose a pro forma ratio at 12%, including our estimate for pending regulatory impacts, - 20 bps. We expect those in the third quarter. Also the EUR 500 million share buyback that is having an impact of - 23 basis points. On the right, finally, the tangible value per share evolution, we end the quarter at EUR 3.82, up by close to 8%, including the dividend. Finally, as just as a reminder, although it has already been said, we keep our dividend policy unchanged for a cash payout between 50% and 60%, and on top of that, this new share buyback expected to begin in the fourth quarter for EUR 500 million, pending the supervisory approval. Thank you very much, and I think that we are ready for questions. Thank you, Javier and Gonzalo. With that, let's open it up for Q&A. Operator, can you please let the first call in? The first question is from Ignacio Ulargui of BNP Paribas Exane. Please go ahead. Thanks very much for the presentation, thanks for taking my questions. I have two, if I may. The first one is just coming back a bit to what you left open, Javier, on the full year guidance for NII. I mean, what should we expect in terms of an NII outlook for 2023, after the performance in this quarter? You could update us a bit on when the peak mean could be reached and, and how the deposit beta that you have given us, in previous quarters should end up, for 2023 and 2024, it would be great. Also linked to your comments, Rafael, on the prospects that you have for the future. Looking a bit to your expectations of ROTE, trying to see whether the current levels that we have had in the quarter, if we could extrapolate net of the charges, taxes, and the Single Resolution contributions, what could be the level of profitability of Caixa going forward? Thank you. Thank you. Thank you. Obviously, I'll let Javier elaborate on, on NII, it's pretty obvious that after the second quarter, our guidance is, is too low, and... Javier will, will give you the details. There are things that are obviously working well for us on that, on that front. In terms of, of capital, at this stage, we're not gonna be giving new figures or profitability or capital generation for next year. The environment is, is, is moving, obviously fast, fortunately, it's moving fast in the right direction. Clearly, based on anyone's projections in the market, you see we're gonna be ahead of our targets, particularly on these EUR 9 million. We will be as, as time goes by, we will be updating, you. You will be seeing what's generated, but certainly our commitment to distribute the excess capital over 12% is unchanged, and the reality is profitability means that there is a clear upside on that on that front, no? NII, Javier. Okay. You anticipated this question, maybe. No, I, I, I wasn't expecting that one. Well, NII, and thank you, Ignacio. Well, basically, so far this year, we're having more positive news, I would say, across the board, no? It's, it's basically rates that is, that are higher than initially expected. It's better volumes in general, so not only on the asset side, but also on the liability side, and this is important also. Probably the most important of all, which is deposit beta, that is evolving, I would say, more slowly than initially expected, no? On the back of that, clearly, we have delivered a really strong second quarter, and, and, and we are gonna be over our, our initial guidance. We now expect that we are gonna be, for this year, over EUR 9.25 billion. Exactly how much, I don't know, but because it's depending on beta, basically. We had yesterday a little bit of a piece of bad news because, you know that the minimum reserves are no longer gonna be paid, and this is gonna have a negative impact. I can already tell you, which is the amount we are estimating, is approximately between EUR 140 million-EUR 145 million per year, assuming current, current, current rates. Well, even with that impact, we are expecting, we are gonna be able to be over one a quarter for this year, no? I can understand here that the question is, what about 2024? I will do my best on that front, no? Basically, here we have uncertainties on two fronts, no? Basically, it's rates. The market is already pricing two rate cuts from next summer, as you know well, and then the evolution for beta, no? For beta, we are estimating that this year we are gonna be ending 2023 with a beta circa 20%, and this to keep progressing into 2024 to end the year with a beta in the mid-30%s area, no? It's not clear to us this path, if it's gonna be linear or to what extent at some point will accelerate. If it accelerates, if it accelerates earlier or later, no? It's an open question, no? Although we have all those uncertainties and considering, well, that, what is now the market pricing in terms of rates and that internal estimate we have for the evolution of betas, we are expecting that for fiscal year 2024, NII should be around EUR 9 billion. This is our, this is our expectation. If we outperform in terms of betas, or betas in general do better than this guidance I am giving you or this estimate I'm giving you, obviously there is, there is an upside to that figure I make. If at the end of the day, those rate cuts that are now priced in by the market are, finally do not happen, then there is also, that will result into upside, no? I think that I am not missing anything here, and this is our best view as of today. But obviously, we'll have to follow that, basically on the, on the beta front, we continue to be of the opinion that we can deliver better than the average. So far, considering the figures we are seeing reported from our peers, is what we do, eh? This, I would say better transactionality we have with clients, not only with retail, but also with SMEs and corporates, at the end of the day may result into, into lower beta than the others. The figures I gave, it's the estimate from what we have built these projections I have commented with you. Thank you, Ignacio. Thank you, Nacho. Operator, let's move on, please. The next question is from Maksym Mishyn of JB Capital Markets. Please go ahead. Hi, good morning. Thank you for the presentation and taking our questions. I have a couple. The first one is on fees. Your fees has disappointed somewhat in the second quarter because of banking fees. I was wondering if you reiterate the guidance for fee and insurance revenues to reach EUR 5.1 billion in 2023. What measures are you going to take in the second half to reach that guidance? The second question is on the outlook for loan book growth. You could just give us a little bit more, more color on why are you growing so well in the corporate segment. What is the outlook per segment for the rest of the year? The last one is on the, on your Angolan stake. There were some news in Portuguese press about the potential disposal that was halted down. I was just wondering if you could provide a little bit more information on, on what's your strategy there? Thanks. Thank you, Max. On fees, maybe, Javier, you will comment on the loan book, on the corporate segment. I'd say, we are functioning at on, let's say, on all engines. Obviously, our corporate book also includes what we're doing through our international branches. I remember that we had a goal to continue expanding our international business, which is basically investment grade with or with mostly Eurozone clients. That has added some growth, that is growth in our loan book, in our corporate business. It's approximately EUR 5 billion of growth this year to date, which is obviously helping our figures when you look at the comparison with others. In any case, I think it's relevant to look at just the business from Spain, we are, we are also gaining market share, eh? I think basically the investment that we've made in foreign branches, in Europe and our ability, because we have the relationship with all these corporates, for time, we have upgraded the relationship at parent company level where we're needed. The fact that actually our CIB business has been doing well, particularly when markets have been volatile and then capital markets instruments have been less of of an alternative, or at least corporates have been willing to make sure that they do not fully rely on capital markets for their funding. All that has has has favored us clearly, you know? Javier, maybe you want to take the, the rest, huh? Okay. On fees, well, yes, we are confirming, reconfirming our guidance. Here, you need to take into account that this reclass that has Marta commented, is going to result into a transfer from insurance to NII. For this year, we are estimating approximately EUR 50 million, eh? Well, just taking this into account, I think that we are going to be there. Basically, here, what is happening is that as I was commenting on the presentation, no, we have been charging maintenance fees for current accounts. Well, in this positive rate environment, we need to strike the right balance between charging clients to maintain a current account and the cost of funding, no? At the end of the day, you may see some pressure on that specific part of the few revenue pool, but on the other hand, you are seeing clearly a better performance in terms of betas or in terms of NII at the end of the day, you know? I, I, I give you this explanation because this is, at the end of the day, the dynamic in order to manage our client base, no? On the second half, in general, we expect a better evolution, no? We have basically AUM balances that as always, markets permitting, nobody looks like at least the difficult market situation impacting fixing complex equities we had last year, is not gonna be the case this year. We are seeing average AUMs, just by market impacts, doing better. Also, the pace of inflows that, although we had a really strong first quarter, but it's continuing into the second quarter. We expect that AUMs, in general, will do better. You know that this is very important for us. It's a very important part of our business. There is always seasonality in payments. Payments, you have a better second half. You have the summer season, then you have Black Friday, Christmas. All that is a positive factor in the second half. In non-life insurance, that has been impacted, as I said initially, with some, let's say, accounting issues in terms of the accrual of the fees that are being recognized. W e expect that, from the second half, as the underlying business is doing well, you could see, in terms of new production and new premium, et cetera. We expect that, also will do well, no? The insurance business itself, the insurance result, life savings, it's 50% of our inflows into long-term savings. A higher yield curve is allowing us to build more attractive products for clients, so you can expect that part of the business to continue to do well. Life risk, as always, and now with new products being launched, MyBox that is clearly doing very well with very low churn. I think that on that part also, we continue to do well. Yes, it's true that probably we have had a weaker first half, but we expect to, to recover, and at the end of the day, taking into account those restatements, to deliver on our guidance. Thank you, Max. Next question, please, operator. The next question is from Francisco Riquel of Alantra. Please go ahead. Yes, hello, thank you for taking my questions. Wanted to ask about the cost of deposits, which is 20 basis points lower than reported, if excluding the hedges. You can guide us through on when the hedges will unwind and when the reported costs will convert with the adjusted. If you can clarify whether the guidance in terms of deposit beta is on the adjusted or the reported deposit costs? Two questions about the share buyback. One is your share price is trading close to your TNAV per share. Is that a gap would you consider executing the share buyback, or would you be willing to buy the shares above the TNAV? You are returning the excess to the 12%. I wonder if you plan to build a buffer for potential regulatory impacts by the end of the strategic plan. You are still committed to the 12% target, if you can update on the regulatory headwinds left, on Basel IV. Thank you. Thank you. Thank you, Francisco. On the share buyback, I'll let you on deposits, Javier, as always. TNAV is not relevant for the share buyback purposes, so we're committed to execute it. Tangible net asset value is, I think, a low bar in terms of valuing our shares. It's obviously the current market now, but what could I say? Given our profitability, our resilience, and the cash flow that we can generate, because a lot of our profitability is distributable, obviously we see much more value. In any case, it's the market who would decide, but we will execute, and tangible net asset value is not a reference for us. Yes, I confirm our target is 12%, and our commitment is to distribute the capital above that level. We're not changing that 12% at all. With that, Javier? Yes. Hi, Paco. Yes, on hedges, we have approximately EUR 20 billion that are swapped to floating. We have approximately EUR 5 billion that are maturing early next year, and the other EUR 15 billion, it's longer term, so it goes already into 2026, 2027. When we give beta, it's, let's say with the ex hedges, in order to be understood, so taking into account the real cost, we pay to customers. In terms of regulatory impacts, we have those 20 bps pending. We have had the rest that were expected this second quarter, and those 20 pendings, the base case is that are gonna be in the third quarter. In terms of, you made a question, if I, remember well, on Basel IV, we are not expecting a material impact from Basel IV. I would say, a very few basis points, if any, at all. This is our estimate as of today. Thank you, Paco. Thank you, Paco. Operator, next question, please. Thank you. The next question is from Sofie Peterzens of J.P. Morgan. Please go ahead. Yeah, hi, this is Sophie from J.P. Morgan. Just going back to net interest income, on a quarter-day level, when should you-- when should we expect net interest income in Spain to, to peak? Do you think that will be kind of mid-next year or earlier? My second question would be on the Single Resolution Fund and Deposit Guarantee Fund cost next year. One of your competitors expects these to be net almost nothing next year. Is that also your expectation? Just the final question, on the share buyback, should we expect any further share buybacks in 2023, or you're kind of done in terms of new share buybacks for this year? If you could just comment here. Thank you. Thank you, Sophie. Again, I'll leave NII for Javier, and, and, and you can add to any of my points on, on the contributions to the deposit guarantee fund and, and the domestic, and the, and the resolution fund, for next year, it should be zero on the resolution, fund at, the full, and it would be very limited in 2024 in, in Spain for the Deposit Guarantee Fund. This is something that we actually presented already when we discuss our strategic plan last year. That was our expectation, and, fortunately, that has been, pretty much confirmed at this, at this stage in both, instances, you know. That will certainly help our profits next year. On the share buyback, we obviously have, looked at pro forma numbers for the end of June. I think being practical, you should expect us to look at pro forma numbers again at the end of this year, December, you know. These are, we need to measure what our capital position would be in December, and obviously, then make decisions on extraordinary capital distributions that will be based on profitability generated in 2023, but will be obviously executed in 2024. Then, to be honest, during 2024, we plan to do the same. I think an important point in our mind at this stage is, we think that with the current sort of set of circumstances, we're gonna be generating capital on our current basis. Rather than wait and do large exercises, you may see us coming very very frequently to the market and doing smaller exercises. Obviously, we would like to, over time, aim to incorporate into our own valuation, the fact that this is an exercise that we tend to do with high frequency. High frequency, meaning, it doesn't necessarily to be once a year or once every year and a half, but smaller distributions that could happen once or more likely twice a year, you know? Time will tell, because it all depends, obviously, on profitability and and capital generation. To be honest, we feel very positive on this front. Okay, Sophie, on, on NII. Well, let me elaborate on terms. In terms of the loan book repricing, we can expect a positive repricing until the third quarter of next year, then it's about beta evolution, no? Depending on your assumptions on the final landing level on the pace or, or the shape of the curve of the beta, then you may reach the peak in terms of NII, one quarter or another. Our base case estimate is that we are gonna be delivering quarterly NII, not far from current levels, until the 3rd quarter of next year. This is our, this is our expectation. It depends on the yield curve, depends on if those rate cuts priced in the yield curve finally are delivered or not. It depends on, on not only on, on the absolute level, level of beta, but on the shape of how you reach that level, no? I hope that helps, Sofie. Thank you, Sofie. Operator, let's move on, please. The next question is from Andrea Filtri of Mediobanca. Please, go ahead. You, with the ECB change [from monetary reserve, yes, expectations further more by the central bank that the right]. Mr. Filtri, we cannot hear you very well, actually. Try again, Isabel. Can you call again, Andrea, please? We are hearing you with a lot of problems. Sorry about that. Okay. Thanks. Next, please, operator. The next question is from Alvaro Serrano of Morgan Stanley. Hi, good afternoon. You'll be pleased to know I'm not gonna ask about buybacks. Two questions around the NII, please. Sorry, if you've addressed this already. On, on deposit balances, you're actually growing deposit balances, possibly one of the only banks in the world doing that. Can you explain what's going on there? In particular, in demand deposits, I see they're pretty much stable. What's your outlook for, for current accounts going forward? Do you think you can maintain it that stable and, and, and your general views of, of what's going on there? Second, I just want to follow up on Javier, on one comment you made in passing around, you didn't think it was time to increase the bond portfolio. Other banks are doing it, not necessarily in Spain, but other banks are doing it as they start to think about 2024 and 2025 and rate cuts. What are you waiting for? Where do you want to see the yield curve? I know you said it was inverted, but which specifically... What are you specifically looking at in terms of short-term yields versus long-term yields to put that back on? Thank you. Thank you, Alvaro. O n deposits, let me say, we have seasonal impact. We actually pay pensions and payrolls for approximately 10 million people in Spain. As many of you know, we have the pagas dobles, the double salary in or extraordinary salary in Spain for many companies. That generates always in June, a significant increase of money in our current account, in our current account. I think you should look at it more like flattish, once you take away that, that impact, no? And hence, there is a deviation, a positive one, from other banks, certainly, but maybe not as marked as the number suggests. Our the strength of our franchise is precisely this one, no? We have a 36% market share of payrolls in Spain. Similar one of, in pensions, 34%, way above our sort of total deposits. This is transactional money. Javier has, you know that Alvaro and all of you, has mentioned it many times, this is zero cost money, and it's relational, transactional, very sticky. Hence, I'm not surprised at all that we are doing better. I also have to say that our commercial effort has been focused on continuing to gain payrolls this year. We have gained 800,000 payrolls so far. Obviously, We have also lose some payrolls as people change jobs, et cetera. In terms of the marketing effort is above last year, and means that this, this is our core sort of competitive advantage in basic banking. I would expect that we do better than others, both in volumes, but then particularly when we talk about beta, it's not that we pay less. It, it is mostly that our mix is different and, and we have a higher component of zero cost deposits, no, than others. The outlook, I would say, is going to be certainly better than the market, in my view. In terms of volumes, we need to see how this transfer of money away from on-balance sheet to off-balance sheet evolves. What we have seen in this second quarter is that it has reduced its pace clearly. This is not related to the events of Silicon Valley and and sort of market concerns, because that didn't hit Spain at all, as you know. It's more about just alternative ways of investing, no? What we are seeing is a major opportunity also as if and when, but it looks increasingly likely that markets are stabilized, that we have this feeling of maybe this soft landing is possible in general, and that eventually inflation is brought under control without a major sort of economic earthquake. What we're going to see is not just money moving from deposits towards fixed income products, but for instance, this year, mutual funds for the whole market have been just about sort of buy and hold fixed income, short-term products, and obviously in many markets as well. I think looking at balanced portfolios, reconstructing what's a normal sort of saving portfolio is going to be a key investment case, and we will be net beneficiary of that, moving on to 2024. Provided that sort of the, the backdrop is of a reasonable recovery from the current uncertain situation. Hi, Alvaro. You had a question on the ALCO. Well, here, basically, we have had the yield curve pricing rate cut since the very beginning, no? What has been happening is that the yield curve has, has become even more, more inverted. Actually, when you look at long-term yields or longer-term yields or medium-term to long-term yields, have been pretty much stable, eh, although with some volatility, but pretty much stable, since some time ago, no? Actually now, making the ALCO portfolio larger, you are locking in what is already priced in the market, no? Which are those rate cuts. Well, you are no longer giving the chance that at the end of the day, those rate cuts end not happening, no? Obviously, you can be wrong, and you may have even more rate cuts than what is already priced in the market, no? We are a little bit waiting if there is some kind of opportunity in the market in order to increase hedges, being the ALCO portfolio or derivatives, in a situation where at some point, the yield curve is no longer discounting rate cuts as soon as are priced now. It's basically what is driving our decision-making process. Thank you, Alvaro. Thank you very much, okay. Thank you, Alvaro. Operator, can we try to reconnect with Andrea Filtri at Mediobanca, please? Sure. The next question is from Andrea Filtri, Mediobanca. Please go ahead. I hope my line is better now. The question was the remunerating of the reserves, if you expect further negative by ECB? Second question is, what assumption do you have ALCO contribution in 2024 in our EUR 9 billion guidance, and finally, cost, solution for next year on the growth we're seeing in, in three years, project. Thank you. Andrea, I think we couldn't hear. I think I got the first question. I thought it was about the ECB impact or whether it was included in our guidance. Is that correct? Andrea? If, if the question is that, the, the answer is yes. It's about. What? Can you hear me? Not. Not really. Fine, that's completely fine. Look, if, if you don't mind, I will call you after the call, Andrea, and try to address all the questions. Clear. Thank you. Good. Sorry about that. Operator, next question, please. The next question is from Britta Schmidt of Autonomous Research. Yeah, hi there. Thanks for taking my questions. Just to follow up on the ALCO portfolio, I mean, obviously, the shape of the yield curve impacts your thinking there. What sort of mix of non-remunerated versus remunerated deposits do you expect? Just the lack of terming out impact this as well. Maybe you can give us also an update as to where you would see your ALCO portfolio next year. The second one is just on the LCR, which is a very high post TLTRO. Where do you think there will be a reasonable target, either for you or even the sector? Thank you. On the last... Hi, Britta, good morning. On the liquidity cover ratio, I think that our levels to be, let's say, comfortable, are over 140%–150%. But well, obviously, if we have those 180%-1 90%, happy to, happy to have, no? Nice to have, no. It's... I think that generally speaking, if I, as a manager of the liquidity of the bank, I think those levels are, let's say, the comfortable ones, because the liquidity cover ratio may be a little bit volatile, depending on the conditions, no? On the remunerated and non-remunerated deposits. At the end of the day, this is like a go-to figure, no? Because this is progressing, as you could see, the percentage of time deposits that are being remunerated, is gradually increasing, and this is what will continue to happen going forward, no? According to our internal models, we're estimating that approximately very close to 40% of our deposits will be even in, let's say, at the end of the cycle, interest rate cycle, being non-remunerated deposits. This is our internal estimate, and is, we have back tested that with past situations and really stressed situations back 10 or 15 years ago during the sovereign crisis. It's actually what we had. Precisely, we have the feeling that we can do even better than back then in terms of transactionality and our capabilities in order to maintain balances at a very low cost, no? I think that probably this is gonna be a figure that obviously is moving upwards, no? Upwards, what is remunerated, and downwards, what is non-remunerated. Our estimate is that we can end having, like, 30% non-remunerated. Hope that helps, Britta. Thank you, Britta. Operator, let's move on, please. The next question is from Marta Sanchez Romero of Citi. Please go ahead. Thank you very much. You're gonna be making a lot of money next year. You do have a history of leakage, right? Cost restructuring, clean the balance sheet. My question is, what can we expect in terms of costs and provisions in 2024? Are you going to be using some of your extra NII to address pending tasks? My second question is related to the first one, really. Can you improve your cost-to-income target of less than 48% for next year? What do you think your ROTE should be, based on the current forward curve? Just finally, one quick one on your insurance savings book. What is the spread that you're generating here? Sorry if I missed that, how much do you expect to grow that book? Thanks. Thank you, Marta. On, on capital impacts, we're not expecting any. We have obviously done exercises of cost restructuring in the past, and we don't see anything on that front looking forward. Now, we have gone through the integration. We feel we have the right resourcing in sort of big terms. Of course, there's always things we can do here and there, but we're not expecting to use capital for restructuring at this stage, neither for other things. In the past, obviously, over the years, we also had a significant, sort of, non core equity portfolio, the things that are all, things we have dealt with. Nothing to nothing that I can think of that should sort of get part of this capital. Prevent from shareholders getting it. In terms of the cost income target, the 48% that we announced at our three-year plan, when we presented it, was pre-IFRS 17. Post IFRS 17, we've said it's approximately two percentage points, so obviously the 48%, let's say by definition, becomes more like 46%. On both cost income and return on tangible equity, our expectation is, in both cases, we said it's cost income below that 48%, now I would say below that 46%, and the cost income is above that, at, or above that 12%. In both cases, we obviously to meet these targets. We need to pull that cap on return on tangible equity or a floor on cost income, and hence, at this stage, it is pretty obvious that these targets are within reach. But we are not, at this stage, reproducing guidance on how much better will 2024 be on this front. I think there is enough uncertainty, mostly on NII, as Javier said, what's eventually, do we have rate cuts in the second half, which we think is unlikely, but the market is pricing in. That will have probably more an impact on 2025, but then, what's the evolution of betas, et cetera. I think at this stage, obviously reconfirming and increasing our confidence that we will be both at or above 12% and at or below 46% in cost income is what we would like to do. Obviously, that doesn't help you much because you'd like probably to see how much we, how much better we do, but, but at this stage we're not revising guidance for next year on, on those, on those two, no? There's a question on insurance- Yes. Maybe anything you wanna add. Hi, Marta. Well, insurance, as I said, is, is doing well, you know? It's now, the weight on the inflows is approximately 50%. I don't have clear it's, it's gonna continue to be 50%, but what is, what is clear to us is that it's gonna continue to be very positive, eh? Well, because of our client base, because our expertise in terms of building those products, we think that we can deliver. Obviously, I'm not giving you guidance for 2024, but for this year, probably we can expect approximately EUR 1 billion inflow into long-term... Sorry, not into long-term savings, into savings insurance, for the next couple of quarters, no? One, one quarter, EUR 1 billion per quarter. You need to take into account here that the amount of benefits that are being paid is significant. When we talk about inflows, it's the net. That's to give you some figures. Far, we have had year to date, approximately EUR 2.5 billion net inflows, but at the same time, we have had benefits of approximately EUR 1.5 billion, so it's quite a significant amount, no? It's positive. The average margin we are making here is approximately slightly over one percentage point nowadays. It was much tighter with very low rates, but with rates in the long end between 3.5% and 4%, we can work with those margins. Thank you, Marta. Thank you. Operator, next question, please. The next question is from Ignacio Cerezo of UBS. Please go ahead. Yeah. Hi, good morning, and thank you for taking my questions. I've got three. The first one is, if you can help me reconcile the EUR 9 billion guidance NII next year with Javier's comment around NII probably being around current levels until the third quarter of next year, because the latter would suggest actually higher NII for 2024. The second one is, there seems to be a bit of a gap, actually, in terms of the yield on the total fixed income portfolio and the ALCO portfolio this quarter. I mean, normally, there has been a decent amount of correlation between both these quarters, around 30 basis points higher for the total portfolio. If you can elaborate on why. The third is, if you can give us basically the capital cost of unwinding the swaps. How much it would cost you basically from a CET1 point of view, to break those swaps, and stop basically having negative carry? Thank you. Well, on guidance, just to reconfirm what I have said, I said that for next year, we can expect a quarterly performance on NII, not far. Not far means probably below current levels, but not that far, eh? I, I didn't give a specific figure, well, this is what I intended to say. On the ALCO and the yield, here, basically the difference is on SAREB bonds. We hold like EUR 17 billion of SAREB bonds that are at floating. Those are basically indexed to three-month Euribor. As three-month Euribor it reprices higher, then you have a difference between the two figures, you know? The ALCO portfolio, we're disclosing as, let's say, a structural ALCO portfolio, that is yielding now 1%, and including, Sareb bonds, that is, that is higher because three-month Euribor is, is obviously higher than 1%. In terms of the impact on capital, on hedges, well, there are several hedges in several places, so it's not only those on deposits. We have hedges also on wholesale funding. We have a few hedges also on mortgages that at fixed rate, that initially were swapped into floating. I would say that looking at a very specific part of the balance sheet on that topic probably does not make sense. By the way, I don't have the figure with me here. But here, Ignacio, I think that this is not what should be looked at, and I think that all banks have hedges here and there. I don't know if everyone is disclosing specifically the mark to market of all those hedges, no? In any case, you can loonak at page 37 of our today's presentation, where you have all assets and liabilities at amortized cost, including the ALCO portfolio, that are fair valued, and that includes all hedges, eh? Includes hedges on the asset side, hedges on the liability side, the fair value of deposits, of wholesale funding, and the net amount of assets, liabilities, ALCO portfolio, on all those hedges is positive by over EUR 30 billion, eh? Just to give you a figure of the overall impact of all those hedges and mark-to-market of portfolios within the whole picture. Thank you, Nacho. Operator, next call, please. The next question is from Carlos Cobo of Societe Generale. Please go ahead. Hello, good morning, thank you for the presentation. Two, three more questions from our, from our side. One is a follow-up on that hedging strategy. I mean, the message is very clear, but more broadly, could you elaborate a bit more on how do you use those hedges in the balance sheet? What's the intention? Because in general, we tend to assume that you use the ALCO portfolio to hedge the NII, but how do you complement that overall big picture hedging with, with the IRS swaps? It'll be interesting to see and to understand which parts of the balance sheet you use it, because some of the banks claim, they're using the ALCO portfolio, and you seem to be using it in other parts of the balance sheet. Understanding your hedging strategy would help. Second is on, on price competition. I think we are seeing enough concerning trends, because the sector is well-capitalized, it's strongly funded, and we are seeing how new mortgage spreads are coming in below. Basically, with negative net spreads. How, how do you see that evolution? Do you think that is gonna accelerate because people continue to accumulate capital, and they try to compete on price and cross-sell, or, or do you think that process is gonna stabilize going forward? Lastly, on 2024, you've touched a little bit on NII. Could you discuss more like directionally, not, not specifically, but the direction of the cost of risk evolution next year and the cost inflation next year? Where do you see that trending? Will be, will be very helpful if you could share. Thank you very much. Thank you, Carlos. On price competition, I expect the market to continue to be very competitive in pricing overall. There's always some times where some products can be subject to further sort of degrees of stress in terms of competition. Overall, I think we have a very competitive market, and it's going to stay that way. One good proof is what you say on mortgage spreads. Obviously, all banks look at mortgages not just as a product by itself, but looking at the complete picture of a client, that usually in Spain, when you bring the mortgage, you bring the whole relationship with that client. In fact, to achieve some of these prices, certainly as we obviously, we demand for the client to become relational and bring their financial business to us, including insurance, et cetera, et cetera. I would expect this to be sort of the normal state of things in Spain, strong competition. On the last point, cost of risk and cost inflation for 2024. We are expecting... You saw that our expectations for inflation this year on average in Spain, 3.4%. Next year, we actually have the same number, because, as you know, we still have some positive base effects during this year in inflation associated to the increases in energy prices that now are being reverted, no? It's that 3.5%, 3.4%, 3.4%, then coming down closer to 2%-2.5% in 2025. If you look at the agreement of the CEOE, eh, the Employers Association and the Business Association and the unions, it mark a path of 4% increases this year, 2023, then 3% and 3%. That gives you the framework of where costs could evolve. I think that 3%-4% range, obviously, then there would be impact of other things. One is we're gonna keep investing in the business obviously, this year everything is kind of dominated because of this big swing in NII, but we all know that, there's a lot of, other things happening. To stay competitive and to be even more competitive long term, we're gonna need to continue investing. At the same time, we are putting in place various programs of, looking at, higher degree of efficiencies. Technology has to help us, AI, et cetera. We will have some further pressure and also some efficiency on the other front, affecting that kind of 3%-4% sort of cruising speed of the cost base that I am, expecting. Obviously, we in due course will do an, similar exercise, three-year plan, and we will be able to provide further details. Sort of ballpark, this is where I see, where we see things, now. Cost of risk, we're still expecting some deterioration in asset quality. Obviously, this is, is the story that gets postponed every quarter, no? There is logically going to be some pressure. We have the unassigned collective funds, which means obviously that we have some protection, but we're gonna be using those progressively, no? This, this quarter, in fact, as we updated our macro scenario, we used a part of that, this will continue to be the case. All in all, I think cost of risk is not going to be fairly different from the current levels. There will be some upside pressure into next year if we get it right, and there's some modest deterioration of the economy. On the other hand, we do have these collective provisions to protect us from that pressure. We'll see how that evolves, but I, I wouldn't see big swings on that on that front, hmm. Carlos, on, on the rationale about hedges, basically, the starting point is the structure of the balance sheet, from a commercial point of view. In our case, we have approximately two-thirds of the loan book that is at floating rates. Then on the liability side, as we have been commenting, we have a lot of transactionality with clients. I mentioned to a previous question from Martha, that we were estimating that we had approximately 40% of our deposits, that we are estimating that are so transactional, that at the end of the day will be very sticky and very insensitive in terms, in terms of, the sensitivity to interest rates. Also, in order to manage all that and the positioning of the balance sheet, you need to at some point introduce fixed rates. You need to receive fixed rates in order to stabilize and to not to make this positioning towards higher rates too extreme. Okay? This is the rationale, and we have our internal metrics, our internal risk framework, in order to manage all that, and this is the rationale behind. What is what is in here? We have been very transparent. It's all wholesale funding that is swapped into floating on the liability side. On the liability side, also we hold EUR 20 billion of hedges, where EUR 5 billion are maturing early into next year, and EUR 15 billion that will remain for longer. On the asset side, there are very few hedges that transform fixed-rate mortgages into floating, but this is a small amount and not that material. This is what all we have. The fair value of all that, including the amortized cost accounted assets, is, we disclose it on our yearly presentation or yearly results. We have been updating this this second quarter, and you have on page 37, the summary of all that. As I said to the question from Ignacio, it's a positive fair value of approximately over EUR 30 billion. Okay? Thank you. Thank you, Carlos. Operator, I believe we have time for one more question, please. That will be the last. Thanks. The last question is from Fernando Gil de Santivañes of Bestinver. Please go ahead. Thank you very much for taking my questions. Two quick ones, please, on international businesses. The first one is on BPI. NII is up year-over-year, about 90%. I wonder if you can comment on the trends for the rest of 2023 and 2024. Second is on the AUM, on the funds and the management that you have, seems to be down in the quarter substantially, and I wonder if you can just share why this metric case, and that would be mainly it. Thank you very much. Okay, Javier. Okay, on NII BPI, basically, the structure of the balance sheet of BPI is not that different compared to that of CaixaBank. Here, although there is a slightly higher percentage of loans at floating, because Portugal in general has been later in terms of originating fixed-rate mortgages in recent years. Okay? This is first thing. Second, loan dynamics are more positive. There is more loan growth in Portugal than in Spain in general, BPI is delivering well on that front. This, it's I would say, affecting marginally a little bit more positive. In terms of deposit beta, I would say that the evolution is not that different. You can expect probably betas in Portugal to be slightly higher. First thing, BPI does not have, let's say, the market share we have in Spain, what this to some extent may affect. Also, you know, and I commented that on the previous quarter presentation, we had this product by the Portuguese treasury distributed to retail, that at the end of the day, was also impacting on that front. No, so far, you can expect BPI to be a little bit more sensitive to rate changes than Spain, but not that different, no? You said about AUMs, if I understand well, well, we have had inflows this quarter of approximately EUR 1 billion, slightly over EUR 1 billion. This is less than the previous quarter. The previous quarter, we had. It was like, the first quarter with, high rates, et cetera, we had, clients that, shifted, funds, from deposits, to money market, funds, or, targeted profitability or targeted yield funds, that, we launched also during the first quarter, no? This is why we had, I would say, a higher, inflows into, in the first quarter compared to this quarter. Well, we can expect this to continue to do, well, we're expecting, the pace of inflows to continue. As I said before, with markets, also recovering, I think that, we are gonna perform well on the, long-term savings business. Okay, that's all for today. Thank you, Gonzalo. Thank you, Javier. Thank you, everyone, for joining us. Have a wonderful summer, and be safe. Thank you. Thank you.