Good morning, and thank you very much for attending Unicaja's Q2 2026 results presentation. First of all, let me confirm that as we usually do, this morning before the market opened, we have published this presentation along with the rest of the financial information at the CNMV and on our corporate website. As every semester, we have with us our CEO, Isidro Rubiales, and the Chief Financial Officer, Pablo González. We estimate that the presentation will take us just under 30 minutes to leave enough time for questions. As for questions, first of all, we will give way to the analysts and investors who follow us by phone on the original line in Spanish, and then we will give way to the telephone line in English. Isidro, you have the floor. Thank you. Thank you very much, and good morning. It's a pleasure for me to be here again today to share with all of you the main items of our Q2 2026 results. Results that mark the halfway point of our 2025/2027 strategic plan. We first announced this plan during the presentation of our 2024 financial results and subsequently updated it, refining some of the objectives during the 2025 presentation. Today, we will try to show you the strategic plan, which as you know includes an initial effort in investment and continues to move forward in the right direction. Although its purpose is to lay the long-term basis for Unicaja, we will see how it also allow us to continue improving the bank's business dynamics and in financial position in the present. On page three, we show you the usual summary of the key highlights for the quarter. First, I would like to highlight that the business activity continues to improve and accelerating quarter- after- quarter. Business volumes rose by 3.5% in June 2026, speeding up their growth rate quarter-over-quarter. Total customer funds rose by 3.5%, led by mutual funds, which posted growth of over 18%, allowing us to maintain a market share of 10% in net subscriptions during the Q1. And loans, which had been lagging somewhat in recent quarters, rose 3.7% over the past 12 months. Therefore, as we have been explaining over the past few quarters, the acceleration in business activity driven by the initiatives and levers of the strategic plan is now confirmed. In terms of profitability, net income for the H1 of 2026 totaled EUR 361 million, up 7% from the H1 of the previous year. This growth is driven by higher revenues and lower provisions, which offset the increase in operating costs, a reflection of the efforts and future-oriented investments that we are doing. Adjusted ROTE reaches 12% with an efficiency of 46% below the 50% target. And we expect that over the next few quarters, and mainly from about 2027, we will start to see an improvement as revenues improve and we continue to crystallize the initial effort that we have made to attract talent, new processes, different agreements, and the set of missions that we have identified to develop the strategic plan. I would also like to highlight once again the ongoing improvement in the bank's credit quality. Given an aspect that, given its recent performance, had received somewhat less attention, but due to the international geopolitical context, we must continue to monitor closely. Non-performing loans continue to decline for yet another quarter. The coverage ratio continues to strengthen to over 80%, and the cost of risk is beginning to stabilize at levels below our initial guidelines. This is why we have decided to improve the initial guidance we provided at the beginning of the year. In terms of capital management, we continue to have a comfortable solvency position with CET1 at 15.8%, which among other things, allow us to announce the first interim dividend of EUR 217 million, 28% higher than the previous year. In turn, we inform you that the board of directors has decided to pay the entire additional remuneration for this year in dividends. This will allow us to make three cash dividend payments from 2026 earnings, amounting to 95% of the bank's net income. On the following page, we provide more details about the dividend. As you probably know, shareholder remuneration is one of the bank's priorities, as I mentioned before, we also confirmed the information on the first interim dividend for the year approved by the board of directors, which will amount to EUR 217 million, equivalent to EUR 0.084 per share that will be paid on the 24th of September. As I mentioned, the interim dividend represents a 28% increase over the 2025 dividend and more than a 40% increase over 2024 interim dividend. This is due to the growth in the company's net income, also to the higher percentage of net income that we allocate to dividends, a percentage we have been gradually increasing over the past few years. As you can see, in 2023, the dividend represented 50% of the company's net income. This percentage has risen steadily to 70% last year and will continue to rise this year to 95%. If you look at the bottom of the page, you'll see that even though the stock's value has tripled over the last three fiscal years, the positive trend in earnings and the higher percentage allocated to dividends have allowed us to maintain the dividend yield at extraordinarily high levels, between 9%-11%. As you can imagine, this has been possible, in addition to earnings growth, thanks to the company's strong capital position. On the next page, we show you another important aspect related to shareholder remuneration. As you remember, at the beginning of the year, we updated the bank's dividend policy, setting a structural distribution of 70% of net profit through dividends, to which we add an additional remuneration of another 25% of the result in the form of dividends and/or share buybacks. As you can see, the board of directors has decided that all additional remuneration for 2026 will be made through an additional cash dividend. Therefore, we will allocate 95% of the 2026 result to cash dividends that we will pay in three payments. A first interim dividend in September that we showed on the previous page, the dividend with the additional remuneration in December, and the complementary dividend, which will be paid in April after its approval by the general shareholders' meeting. In total, dividend payouts will account for 95% of the company's net income for the fiscal year, which, based on the current net profit consensus estimate over the average share price for the H1 of the year, would represent an attractive return of around 9%. On the next page, we share some of the advances and initiatives in the context of the strategic plan, which we think are important. On the innovation side, as many of you know, we are enhancing our technological ecosystem by incorporating Google Cloud together with NVIDIA and Deloitte to accelerate our conversational bank model based on generative AI. This strategy is complemented by the bank's own AI infrastructure. We are also working on a hybrid integration of technology by combining dedicated infrastructure and cloud capabilities that provide elasticity, scalability, and improved resilience without compromising regulation or data governance. Using NVIDIA AI Enterprise provides us a solution on Google Cloud to run open and commercial models, optimizing efficiency, and maintaining sovereignty over our systems. Use cases have been implemented in areas such as insurance, mortgages, software development, claims management, and back-office automation, achieving reductions in response times between 40%-80%, thereby freeing up time for higher value-added tasks. I would also like to highlight that we are participating in pioneering tasks of multi-bank tokenized deposits in Spain and in the pilot phase of the digital euro alongside other institutions. Looking at cases such as P2P payments and in-store payments. We remain customer-focused, increasing the number of direct deposit payroll accounts by 40,000 in the H1 of the year, significantly improving the NPS in our digital channels and achieving the top rankings in specialized rankings with our app for both retailers and businesses. All these initiatives are boosting the strategic plan because the investments that we are making allow us to grow above the sector in the H1 of 2026, as is the case with investment funds, and where we are consistently maintaining market shares in net subscriptions that are double our natural market share. As you have noticed, the company's positive financial performance continued during the H1 of 2026, confirming that investments and initiatives that we are undertaking as part of our strategic plan are allowing us to accelerate business growth and boost results. This, combined with the decision to pay out 95% of the net income as dividends this year, allows us to offer an attractive return to shareholders. In short, we are achieving growth in both our business and shareholder returns thanks to improved results and a strong capital position. I'll hand over to Pablo, who, as usual, will go over the quarter's financial performance in more detail. Pablo, go ahead. Thank you, Isidro. We'll continue with the business activity on page eight. As you can see, total customer funds continue to show positive growth, with a 3.5% increase for the year and nearly 2% for the quarter. Regarding deposits, I think it's important to note that growth is concentrated in demand deposits, which are 4% higher than in June last year. In contrast, time deposits declined by 5% over the same period. Although these are end-of-period balances, if we look at the average monthly balances, which move out some of the seasonality, private sector demand deposits increased by EUR 3 billion, or 6%, compared to June 2025. While time deposits remain virtually flat. This movement is also a consequence of the evolution that we see in off-balance sheet funds, which rose by 12.7% in the year, driven by the mutual funds, which exceeded EUR 18 billion for the first time after rising by 18.2%. On the next page, we provide more detail with this trend in assets under management and insurance. As you can see on the left side, assets under management have risen by 13% over the past year, and in case of funds, growth has been 18%. Particularly striking is the significant improvement that we see in net fund subscriptions, which is shown at the bottom, exceed EUR 1 billion, equivalent to a 10% market share of net subscriptions in the H1 of the year, according to data from Inverco. On the revenue side, as you can see on the right, both businesses segments increased their contribution to earnings by 7%, accounting for 19% of the total revenue for the fiscal year. With regard to lending, as can be seen on page 10, during the Q2 of the year, growth continued to accelerate. The balance of loans in a normal situation increased by 3.7% in the year and by almost 5% in the quarter, which excluding the seasonal effect of advances, would be 3.2%. By segments, the growth we had been showing in corporates continues, rising by 2% quarterly and 6.6% annually. A growth that we achieved, among others, as a result of the implementation of certain measures envisaged in the strategic plan. In the case of individuals, annual growth accelerated to 2.6%, supported by better volumes in the mortgage segment, which increased balance by 1.3% quarter-on-quarter and 1.8% year-on-year. A growth that is still lower than that of the sector. As we have been announcing, it is also gradually improving. Finally, in consumer lending, the loan portfolio rose 8% year-over-year and 3.6% quarter-over-quarter when we isolate the seasonal effect of payroll advances. In short, a trend of progressive improvement, which we have been showing during the last quarters, and which is explained by greater diversification and better commercial dynamics, together with an increase in new production that we show on the following page. As you can see, new production has improved once again across all segments. In the H1 of 2026, new production in the private sector reached EUR 5.515 billion, which is 19% higher than the H1 of last year. Growth in the corporate sector was 7%, and in the consumer sector, 26%. In the case of mortgages, as you can see, the trend has been improving quarter- by- quarter, exceeding EUR 2 billion so far this year, a 40% increase over the EUR 1.5 billion recorded in 2025. The H1 of 2026 has seen new production continue to improve. Thanks, among other factors, to the processes, measures, and investments we are implementing as part of the strategic plan. On the following page, you will find some highlights of our ESG strategy. As you can see, we continue to promote sustainable business with a specific focus on corporates with both environmental and social objectives, a portfolio that has grown by 11% so far this year. In terms of responsible investing, 77% of the funds we offer incorporate sustainability criteria. In the social sphere, we remain committed to financial inclusion, facilitating access to banking services in underserved areas. Furthermore, we believe it is particularly important at this time to promote access to housing for the younger segment of the population, supported by the agreements we have signed with the autonomous communities. As a result, nearly half of all of the mortgages granted in 2026 went to people under 35. We also continued to finance renewable energy projects and green buildings through the issuance of green bonds, such as the recent issuance of EUR 700 million in senior non-preferred bonds. These bonds, whose impact measured in terms of avoided CO2 emissions, is one of the drivers contributing to our decarbonization path and are complemented by the specific targets we have set for [SIC] sectors within our finance portfolio, which account for 80% of our private sector lending. This represents a firm commitment to sustainability, and we continue to make progress in this area. We will now look at the income statement in detail in the next section. Starting with the quarter, net interest income grew by 2%, a rise that is partly attributable to the number of days, combined with an additional impact driven by higher returns on assets. Although this growth is slow and gradual, this quarter offset the slight increase in the cost of liabilities resulting from the rise in interest rates. The rest of the revenue lines were positively affected by Q2 seasonality, with a significant increase in the contribution from dividends and equity investments, which also offset the seasonal effect on fees, which tend to be somewhat higher at the beginning of the year. Gross margin rose 8.5%, and pre-provision profit rose nearly 15%. Combined with lower provisioning, this brought quarterly net profit to EUR 201 million, 25% higher than the previous quarter and 12% higher than the same quarter last year. In the H1 year of the year, revenues rose 2.5%, driven by net interest income and fees. Costs continued to increase at a mid-single-digit rate in line with guidance, reflecting the investments we are making to lay the groundwork for future growth. Provisions fell significantly, loan provisions by nearly 25% and other provisions by 8%, resulting in pre-tax profit of EUR 506 million, which amounts to EUR 361 million after tax, including EUR 10 million from the IMIC net interest income and fee income tax. This net profit is 7% higher than the previous year. We will now take a closer look at the income statement. Starting with net interest income on page 15, we show you the trend in customer margin. As you can see, it fell by two basis points during the quarter, driven by the rise in interest rates during the quarter was partially offset by higher loan yields, which as shown, grew for the second consecutive quarter. This follows the same trend as in the previous quarter, and we expect it to gradually improve going forward. As for the NIM or net interest margin on profitable assets, this improved by four basis points to 1.73%. On the following page, we present another breakdown of the net interest income performance during the quarter, but from the perspective of financial income and expenses. As can be seen, the margin rose by EUR 9 million during the quarter. Approximately one-third of this increase is attributable to the number of days, while the remainder, as the breakdown shows, is due to the fact that higher yield on loans, liquidity, and ALCO more than offset the slight increase in the cost of deposits mentioned earlier. Turning to fees. We can see that this quarter's performance is similar to that of recent quarters, with non-banking fees continuing to grow at a very strong pace, offsetting the decline in fees from collections and payments. This trend is a result of the strategy that we have been implementing to move towards higher value-added services such as mutual funds and insurance, which already account for 54% of fee income. Here, as you already know, the idea is to continue focusing on fees that offer greater value to customers, while simultaneously rolling out loyalty programs and waiving fees for lower value-added services such as transaction fees. This strategy limits fee growth in the short term, but it is also allowing us to improve customer relationships and increase our customer base, which is far more important in the long term. These loyalty programs are performing very well, we will continue to implement them going forward. That is why our fee guidance for the remainder of the year is for low growth. As a result, you can see that in the H1 of the year, fees for collections and payments fell by 6%, while non-banking fees rose by a significant 11.8%, bringing the total increase in fees to 2.6% in the first six months of the year. Continuing our review of the P&L, we now present the breakdown of other income, which reflects the typical seasonality of the Q2, a period when dividend income and income from equity method investments typically improve significantly. Total other income amounted to EUR 50 million in the Q2 and EUR 60 million for the H1 of the year, up 12.6% from the H1 of last year. On the next page, regarding costs. As we've highlighted over the past few quarters, the 5% increase reflects the investments we are making, including new hires, which we believe are necessary to implement the action plans outlined in the strategic plan. Even so, the efficiency ratio remains at 46%. On the next page, we continue with provisions, which highlight one of the most positive aspects of the quarter. Loan provisions fell once again to EUR 23 million in the Q2, down from EUR 25 million in the previous quarter, and well below the EUR 32 million recorded in the same quarter of 2025. This level of provisions implies a cost of risk of only 18 basis points, reflecting the positive trend in credit quality despite the geopolitical context. On the right, we see total provisions, which include, in addition to credit risk provisions, legal provisions, and other impairment charges, which include primarily the results of real estate asset sales. As you can see, total provisions fell by 24% in the H1 of 2026, with declines across all three types of provisions. In the case of provisions related to real estate, as you can see, there was a small release resulting from the proceeds of the sales. In summary, the trend in credit provisions in particular, and in total provisions in general, was extremely positive during the H1 of the fiscal year. On the following page, we provide a summary from a profitability perspective. On the left-hand side, we present a chart that clearly illustrates the company's relative profitability. The reported ROTE, without any adjustments, stands at 10%. The excess capital with which we operate compared to other similar institutions would improve this metric by an additional two percentage points to 12%. Furthermore, if we adjust for the excess shareholders' equity necessary to offset deferred tax assets deductions, the ROTE would improve to over 16%, a metric that is more comparable to that of other institutions since it isolates the effect of excess shareholders' equity we need to absorb the DTA deductions. On the right, we show how net profit has evolved. In the H1 of 2026, it reached EUR 361 million, up 7% from the H1 of 2025, and 23% higher than in 2024. Over the past 12 months, tangible book value plus dividends has risen 8% to EUR 2.59 per share. We now move on to the credit quality section, which, as we mentioned before, continues to maintain a very favorable evolution. The balance of NPLs continued to fall for another quarter. The quarterly drop was 4.6% and the annual fall was 14%, which places the NPL ratio below 2% at a new low of 1.8%. In turn, NPL coverage continued to rise from 73% a year ago to 83% today. If we consider all non-performing assets, which we call NPAs, we can see that in net terms, they account for only 0.5% due to the significant 23% drop in their balances over the year, with coverage rising above 80%, a very positive evolution, which as you can see, continues over time. Finally, I would like to review the bank's solvency and liquidity position. On page 25, we show you the quarterly evolution. As you can see, organic generation through earnings is 68 basis points, slightly higher than the dividends and coupons of AT1, which we are accruing a dividend of 95% of the result, which is the payout we expect to pay this year. On the other hand, the crystallization of DTAs this quarter represents another 14 basis points of CET1 that partially offset the growth of risk-weighted assets, mainly credit risk RWAs, leaving June CET1 at 15.8%. On the next page, we show you the position of the entity in relation to its different requirements. During the H1 of the year, we've carried out two issues, an AT1 for EUR 500 million and a green SNP or senior non-preferred for EUR 700 million. Both issues have had a very positive reception, as reflected in the order books, which we show here on this slide. After the refinancing of these two issuances, the MREL ratio rises to 27%, with subordinated instruments representing 24.4%. On the right side, you can see the buffers that we have with respect to the main requirements, which as you can see, will continue to be very comfortable. At the bottom, we show you the liquidity ratios that continue to be among the highest in Europe, highlighting the liquidity coverage ratio, which continues to be above 300%. Finally, we show you the detail of the debt portfolio. As you know, our low loan-to-deposit ratio translates into a high retail liquidity position, which we invest in this structural portfolio, mainly in the amortized cost portfolio. As can be seen in the quarter, the portfolio hardly change in size, also maintaining its profitability and duration. That's all from my side. Isidro, you have the floor. Thank you, Pablo. I continue on page with an update of the guidelines that we expect for the rest of the year, starting with the net interest income. In the 2025 results, we told you that we expected some growth in 2026, a growth with which we are somewhat more specific. Following the performance of the H1, we expect that the net interest income to rise between low and mid-single digits this year, accelerating its growth over the coming year quarters. For fees and commissions, we continue to expect low single-digit growth since although the evolution is somewhat more positive, the loyalty campaigns we are implementing are working very well. Despite reducing the most transactional bank fees in the short term, they are allowing us to significantly improve the relationship and the future projection of our customers, and we intend to continue implementing them. Regarding costs, these will continue to grow at mid-single digits, reflecting the investments that we want to do to continue executing the strategic plan as we've done so far. The cost of risk is another of the guides that we updated this quarter. Initially, we expected a cost of risk of less than 30 basis points. Since the beginning of the year, the evolution has been somewhat better, but we wanted to wait until the middle of the year to confirm this evolution, which is consolidating. Therefore, we expect to end the year with a cost of risk between 20 and 25 basis points, slightly better than initially expected. Business volume, which includes loans, deposits, and off-balance sheet funds, reaffirmed an expected growth of around 3%, which, as you can see, is being met thanks to the progressive acceleration of volumes and the improvement in commercial dynamics. Finally, as a result of the update of the net interest income guidance and credit provisions, we think that net profit will grow in 2026 by mid-single digits. To conclude, let me share with you some quick conclusions before moving on to the Q&A. With these results, after a year and a half, we have reached the halfway point of our strategic plan. Although we are very satisfied, we think that we can still improve, since some of the measures and investments that we are making will still take a little longer to crystallize. In any case, these investments, although they are designed for the long term, are also allowing us to improve business volumes and commercial activity in the present. Therefore, these better business dynamics are translating into higher results, which also allow us to pay more dividends and maintain an attractive remuneration for our shareholders. In short, during the H1 of 2026, we have demonstrated that it's possible to invest in the future, improve results, and increase shareholder returns, and grow without compromising our solid financial strength. This has enabled us to generate a total return for our shareholders of more than 300% since the start of the strategic plan, including dividends and share volume appreciation. In short, during the H1 of 2026, we continued to lay the groundwork that will allow us to keep improving in the long term. While in the short term, we've already managed to crystallize some of the benefits that we are pursuing for the future. Finally, let me reiterate once again that this evolution is thanks to our employees and customers, who are our most valuable assets. Alongside them, we also have the trust and the commitment of our shareholders and board members. Thanks to all of them, we are making progress on all of these areas we've tried to share with you during this presentation. Thank you very much to everyone, if that's okay, we will conclude the presentation and we move on to the Q&A session. Thank you very much, Isidro. Thank you very much, Pablo. We move on to the Q&A. We start with the telephone line in Spanish. Please give your name and try to limit to two questions so that we can cover as many as possible. Please, go ahead. Thank you. We are going to start with the Q&A session. If you want to ask a question, please dial [inaudible] five on the keypad of your phone. If you change your mind, dial [inaudible] five to cancel your request. Before asking, please make sure that your device is not muted. The first question is from Maksym Mishyn from JB Capital. Please go ahead with your question. Good morning, thank you very much for your presentation and allowing us to ask questions. The first question is on the financial margin. Could you share your expectations for 2027? What are your expectations? The second one is cost of risk. Thank you very much for updating the guidance, I would like to know what do you expect for after 2027, assuming that the macro scenario is kept as it is? Thank you. Thank you, Maks. With regards to margin, as you've probably seen, we've updated the guidance for this year, we won't give guidance for 2027. Among other reasons, because there's a volatility in the interest rates, and that we still need some time to see how it goes. We confirm our positive approach in that we will see a continuous improvement of the margin this quarter and the previous quarter. We've seen an increase, and we expect that this trend will continue given the better contribution of the credit contribution in the following quarters. With regards to the costs or cost of risk, the current Spanish financial situation, which has been updated 2.8 of the GDP on the quarter over the estimate market, is at 2.4%, and it's based on the internal consumption with the reduction of the public consumption, which makes it even more sustainable. These figures allow us to have a more positive outlook. We want to be prudent. We are in a very complex geopolitical situation, and the impacts of this geopolitical situation can change. We see it in a kind of deceleration, and we will see this in the savings rate in families has reduced, but it's above average The savings rates, which is positive for the resource for the asset evolution. This has implications in the credit quality. We can have an outbreak in terms of tariffs. There's the energy aspect. We'd rather be cautious. Given the positive evolution of the credit portfolio performance, we have improved the guidance, but we still want to be prudent. Thank you, Pablo. We move on to the next question. The next question is Francisco Riquel, Alantra Equities. Please go ahead. Good morning. You have earned 40,000 accounts payroll in the H1 of the year. You're getting new customers via mortgage contracts, that goes up by 40%. However, current account balances are stable at EUR 55 billion. The account remuneration is going up in the getting customers is about reducing commission fees. Can you talk a little bit more about the profitability of the new customers that you're obtaining, whether it is through payrolls or through mortgages? If we can get more detail. Thank you. My second question, if you can tell us a bit more about the customer spread over the Q1 s of the different parts. What kind of deposits that we can expect in terms of the credit book between the fixed floater hedges and how the logic could develop in the dynamics. Good morning, Paco. I'm Isidro. Thank you for your question. We believe in getting new customers so that Unicaja becomes the main bank for them. This commitment is not a short-term commitment, but a mid-, long-term commitment. The loyalty of the customer is something that is very valuable, and this increase in the number of payrolls and continue getting new customers through mortgages is a strategy so that Unicaja becomes the reference bank and increase transactionality. It's not a short-term commitment, but it's something mid- and long-term. We believe that it's a profitable strategy. In that strategy, striking a balance between the non-banking financial fees need to be also sustainable over time. With regards to the customer spread, I don't know, Pablo, if you want to add on that, but our expectation for the following quarters, well, the impact has a bigger impact on the cost of liabilities than in the assets. What we are seeing is that the spread, we've seen some increases. That customer spread will increase in the following quarters. I don't know whether, Pablo, you want to add something about this. Thank you, Paco. The customer spread evolution, based on our expectations as Isidro, I think that this is the floor, the basis, and from there, we're going to build up, always subject to the evolutions of the deposits. The credit will go up because the repricing is a little bit slower, and it will need to improve in the future. Although we see some updates to the reference values regarding the environment and the interest rates, we expect a certain increase in the cost of deposits, but not to the same level with the others, because we've done that before. With regards to portfolio profitability and issuances, the portfolio has allowed the NIM to go up by four points, although we've gone down in the customer spread because we have short-term positions to cover fixed positions in accounts, and we also cover some deposits. With regards to the strategy coverage, we have been covering the long-term mortgages and fixed mortgages to turn them into variable. We've also done some hedging or some covering of deposits in order to adjust the duration of the asset and liability. We believe that this will stabilize the positive evolution of the margin for the following years. I would like to ask about the interest rate at fixed and variable. This will change. Some of the mortgages will continue to reprice, and some of the mixed mortgages will turn into variable. In the next two years, that 65% could go up to 50%. We can move on to the next question. The next question is from Ignacio Ulargui from BNP Paribas. Go ahead, please. Good morning. Thank you very much for your presentation. I have two questions. One is on deposits. Over the presentation, Pablo, you said that the average balances are higher than at the end of the quarter. You're saying that there's been a drop in the quarter. How should we understand that the deposits grow up and the mix over the H2 would perform? In the second question, if you can give us more detail on why we've seen an increase of the fees paid, and how is this going to be evolving, and was it a one-off, or is it something that is going to be followed in the future? With regards to deposits, I've referred to average balances because it's more relevant. The end of months and end of quarters have a certain seasonality and are less relevant in terms of the evolution. The evolution of the customer deposits, especially the current accounts, we are growing by EUR 3 billion. The growth% is thanks to the strategy explained by Isidro to grow in customers and in payroll. It's not a one-off situation. It's about looking at the average evolution of the deposits. With regards to paid fees, there's nothing relevant. Since there is more transactions, the fees% go up as well. Thank you very much, Pablo. Operator, could we please move on to the next question? The next question comes from the line of Ignacio Cerezo from UBS. Please ask your question. Hello. Good morning, and thank you very much for responding. I've got two questions. The first question is a follow-up on Paco's question. Perhaps you can give us more details about the yields in terms of the front book with respect to the back book and the different loan segments. The second question, I'd like some information or more details about the corporate book. If you have anything to actually balance the mix between corporates and SMEs, and if you could perhaps give us some more details about the sustainability of that specific book, whether these are larger tickets that you're actually establishing or if there's a stronger relationship with the customer, which makes sustainability much easier to predict. Thank you. Thank you, Ignacio. Well, just a few comments about one of the reasons why we believe that the yields on our investment or lending investment is going to improve with respect to the reference indices, and that's because the front book is actually above the back book. In terms of Q2 data, it would be almost 40 basis points fundamentally from there are various components I would have to highlight. Something that we're doing in almost all portfolios is a type of front book above the back book. With this mix, we're growing more in corporates than in consumer loans and mortgages, where the difference is perhaps less, and the yield in those segments is also higher. That has an impact. In terms of the overall front book, it's 40 basis points higher. We can also see significant repricing due to the maturity of loans with lower rates in public sector and also in corporates, fundamentally. Yes, Ignacio. I'll answer the other question. As regards our strategy on corporates, well, as you know, as we've shown, there was a clear challenge there for us to strengthen our capabilities in the corporate segment. It's something that we're doing. If you look at the evolution in corporates, we've separated or segmented corporates, whether they have more than EUR 10 million or less than EUR 10 million. In corporates, we're growing slightly in the SME segment. For the first time, the corporate sector, which had fallen significantly, we've reported an international closing figure, which is virtually flatlined. The risk profile for large companies, for large corporates, is very positive in our eyes. There's a clear commitment to transactionality and to ensure that we can get closer to the SMEs, given the fact that they're our reference. Growth in this sector is clearly much slower over time. Our aim is to grow with the same degree of ambition that we've had in large corporates and to achieve exactly the same thing in SMEs. That's our ambition, particularly to work closely with our territories and accompany our corporates in their development. Therefore, the pace of growth is different in each segment, all of the books, as the trend has shown in recent quarters, we can see that the pace of growth is positive. Thank you very much. Operator, next question, please. The next question comes from Carlos Peixoto from CaixaBank BPI. Please ask your question. Hello, good morning. My first question concerns deposits. We can see that being a significant drop in public sector deposits, I would just like to understand whether that is something specific to the public sector or with other entities that you work with. Have you lost any market share in that particular segment? Secondly, in terms of the income line and your forecasts, what do you think that we can expect for the H2 of the year and in the midterm? Thank you very much. Good morning, Carlos. Well, I'm going to answer your question. Well, I'm going to start with the first question. Well, the evolution of public sector deposits is closely linked to the management of liquidity on the part of public administrations, and that may be affected by a certain degree of seasonality. This has greater impact on final balances rather than mid-balances, where the effect is different, and that decrease or fall is not so evident. My response would be that all we can highlight is the specific or intrinsic seasonality of managing liquidity on the part of public administrations. I can perhaps answer the second question. We've already commented on this. One thing that we observe is a positive evolution over the last two quarters, and our forecast up to the end of 2026 is that that evolution will continue to be positive during the Q3 and Q4 of the year. With respect to 2027, although you didn't ask me about this specifically, it touches upon something Pablo was asked. As we get closer to the year, we'll have a clearer idea what we can expect in 2027 and be able to offer you clearer guidelines about what we can expect in terms of margins for 2027. Okay, as regards other income and other references in the P&L or dividends and where the equity method has been applied, I think that the trend is gradual and positive, and particularly linked to our insurance business, which are evolving very positively, as we highlighted in the presentation. Thank you very much, operator. Next question. The next question is from Sofie Peterzens, Goldman Sachs. Please ask your question. Unfortunately, Sofie, we can't hear her. I'm not sure if you've muted your microphone. Otherwise, we can move on to the next question and come back to you. Come back to Sofie's question, operator, please. The next question is Hugo Cruz, KBW. Please, you have the floor. Hi, can you hear me? Hello. Hi. Thank you for the time. I have a few questions. First, you had some release from real estate gains this quarter. Should we assume that will continue in the coming quarters? Second, can you give more detail on the DTA deductions mentioned in slide 21, the total amount, and how long do you think it would take for those deductions to go down to zero? Third question, can you explain your rationale to prefer cash dividend to buybacks for the additional payout? Should we assume that future additional payouts are also likely to be in the form of a cash payout? Thank you. Yes. Perhaps, Hugo, I'm going to start with the third question there. Well, I understand that the question was more to ask for greater clarity regarding the dividend payouts. Well, as we mentioned in the presentation, at the beginning of the year, we had only one decision to take, which was namely the way in which we're going to remunerate 25%, or the complementary 25% with respect to the overall objective or target of a 95% dividend. What we finally decided from all of the different alternatives was to opt for the cash dividend. Therefore, 95% of the earnings obtained in 2026, well, the dividends will be paid out in 3x. In September, the first dividend payment, interim dividend. In December, 25%, which was the additional payout, and the complementary payout would reach that 95% of the total result, which would be at the end of the financial year in April, after the shareholders' meeting's approval. Hugo, as regards the gains from real estate sales, last year, we mentioned that we expected that this line would no longer be relevant. It hasn't been particularly positive either this quarter, but I wouldn't extrapolate this to the future, largely because the volume of assigned assets that we have on our balance sheet is extremely low. Therefore, the impact will be immaterial. We don't expect anything relevant in this respect. It could be net positively in net terms, but only slightly. We don't perceive a strong impact on our PNA that would actually prompt us to change earnings forecast. As regards DTAs, deferred tax assets, well, the result for DTAs will depend very much on the specific circumstances in each quarter. In some cases, the contribution may be slightly lower. This is what partly accounts for the difference between our ROTE and the [ROSET]. This is largely due to the large volume of DTAs, and we believe that logically, this is something that will continue for some time. Thank you very much. Operator, we can move on to the next question, if you please. Thank you. The next question is Borja Ramirez from Citi. Please ask your question. Yes. Hello, good morning. Thank you very much for taking my questions. I have two. Apologies if this has been mentioned before. I'm afraid I had another results call this morning. Firstly, I would like to ask on NII 2027. Now, I understand you haven't disclosed any additional new details in the presentation, but I would like to ask how should we think about the sensitivity to rates in year two, the volume growth, and any other moving parts in the NII? Then, my second question would be if you could kindly provide your latest thoughts on M&A, please. Borja, I'll respond very briefly. We mentioned that we are not going to provide guidelines on 2027 in respect of NII, net interest income. What I can tell you is that the trend will continue to be positive, following in the same lines as in previous quarters. We believe that this will continue for the reasons we've explained, due to repricing in a context of higher interest rates and higher volumes. All of this will have a stronger impact on net interest income. We'll give you more details further down the line. In terms of interest rate risk, this is a net positive in the bank, but in the short term, we will tend to hedge to ensure that sensitivity over one year due to interest rate fluctuations that evolve positively is fairly well-anchored. During the first 12 months, we're looking at 1%, more or less, and between 12 and 2024 will increase to, as from year two and three, we'll be looking at somewhere more in the region of 10%. That's just to give you a reference. In any case, if we see that the interest rates discounted by the market increases sufficiently and confirms a specific trend, we will anchor part of that increase. With regards to concentration, I think that you are referring on the Spanish financial system. When I've spoken about this, I've always explained that I don't see catalyzers, that in the short or mid-term, there are corporate operations or transactions. I think that the financial Spanish system that was concentrated, and there was a degree of sufficient competitiveness and sufficient volume of entities and institutions with the right ability. We don't see in the short or the mid-term, there is corporate operation or transactions or M&As. Thank you. We move on to the next question. The next question is Sofie Peterzens from Goldman Sachs. You have the floor. Yeah. Hi, can you hear me now? Yes. Okay, great. I was just wondering, there has been some local press news around [inaudible] card business. Maybe if you could just comment around the [inaudible], and what you're seeing here. Then the equity method income, I know it was flat year-on-year, but how should we think about that income line going forward, given the volatility that we see? Is it just fair to assume Q2 is seasonally higher, or how should we think about the associate income line going forward? With regards to the first question, about [inaudible], I'm just going to say that the information that we have published when we announced the analysis of the operation of the CNMV. About the second question, with regards to the equity method, there's not so much volatility. In the Q2s, we have the Oppidum contribution will be increased significantly, and it will be positive. It will be around EUR 20 million this quarter because there will be the payment of the BP payout, the LP payout, and that generates volatility. The rest of the components are more or less unstable, and they have a very similar performance. Except for the outlier in the Q2, we will expect certain stability along these lines. Thank you, Isidro. Thank you, Pablo. We have a last question. We have time for a last question. Please go ahead. The last question comes from Cecilia Romero from Barclays. Please go ahead. Thank you. My question is a follow-up on a previous question with regards to deposits. Is it true that the year-on-year growth of the private deposits has decelerated vis-a-vis the previous quarter, and we are seeing this in the sector? Are you observing a greater competition in deposits, both in retail and wholesale? In thinking in the guidance of the single-digit, what assumptions are you having in order to get to the higher rate of the mid-single-digit? The customer spread, you've explained that you expect to see an improvement. Where could we stand at the end of the year? For the ALCO, the liquidity remuneration, wholesale, will it have a positive evolution in aggregate? Thank you, Cecilia. I will answer the first question, which is more strategic in terms of how we perceive the evolution of deposits. Deposits movements are related to the savings rate, which has reduced, maybe that has some impact at global level. There's always been competition at this degree of deposits. Sometimes it's competing with some players, but I don't think there's a different scenario to what we've been experiencing over the past years with regards to the competition position in the sector. There's always been competition, will have competition. At the end of the day, financial institutions, we try to help our customers to make the best decisions, sometimes the deposit structure has movements. We are growing in resources outside balance, for example. That gives us a balance. We're seeing changes in resources in and outside the balance. For the second question, Pablo? With regards to the customer spread evolution, the trend will continue being positive. It will depend on the deposits behavior, we think that the lines will be as they are. The repricing, we've been a couple of months with higher interest rates since the Iran conflict broke out. We will see an improvement of the credit quality. I won't give you a specific number, the evolution is clearly positive for the next two quarters. With regards to the other items of ALCO and liquidity, we expect to grow in the credit investment. In deposits, it will depend on the appetite, the evolution of the markets, the out of balance, the customer appetite for out of balance will depend on the market evolution. What makes sense is that liquidity position is kept. We don't plan to grow the ALCO portfolio because we are already growing in lending, and the idea is to keep it as it is, and the contribution will continue growing, but lower than this quarter. Between the liquidity and ALCO, they will be slightly positive. Thank you very much, Isidro. Thank you, Pablo. Thank you everyone for your questions and for your interest in our results. The investors relations team is still available for any questions, and we wish you a nice summer, and we'll keep in contact. Thank you very much.