Good afternoon, ladies and gentlemen, and welcome to the Deep Dive call dedicated to Commercial and Personal Banking Belgium, CPBB, with members of the top management of BNP Paribas. For your information, this conference call is being recorded. Supporting slides are available on BNP Paribas IR website, invest.bnpparibas.com. During today's presentation, you will be able to ask your questions by pressing star one on your telephone keypad. I would like now to hand the call over to Bénédicte Thibord, Head of Investor Relations. Please go ahead, madam. Good afternoon. We are delighted to welcome you to our seventh Deep Dive call dedicated to Commercial and Personal Banking in Belgium. I now pass on the mic to Lars. Thank you, Bénédicte. Good afternoon, everyone. I'm also pleased to welcome you, Thierry Laborde, COO, Head of Commercial and Personal Banking Services, as well as Yannick Jung, Deputy Chief Operating Officer in charge of Commerce and Personal Banking, Eurozone. Of course, we are here today together with Michael Anseeuw, CEO and Chairman of the Executive Board of BNP Paribas Fortis, Head of CPBB, and Franciane Rays, CFO of CPBB. During this presentation, we walk you through our strategic roadmap, financial trajectory, and the key levers during our growth and profitability ambitions for 2028 and beyond. With this, I hand over to Thierry to take you through the key elements driving CPBS and CPBB contribution to BNP Paribas. Thank you, Lars, and good afternoon, everyone. You know well the Group's clear ambition to exceed 13% ROTE by 2028. Delivering on this ambition relies on disciplined execution of the Group's strategic plans, combining revenue growth, cost control, and capital efficiency across all business lines. Within this framework, CPBS is a key pillar of the Group's performance alongside CIB and IPS. Each CPBS business line contributes to the Group trajectory with clearly defined profitability targets, whether in Personal Finance or the Commercial and Personal Banking platforms in our core European markets, as well as Arval with the Ayvens integration. Together, these businesses form a strong engine for higher returns. Within CPBS, CPBB is now expected to play an even greater role, combining leading franchises, scale, profitability, and capital efficiency. Accordingly, we have materially revised upwards the contribution of the Group's ROTE trajectory from plus 0.3% to plus 0.5%. CPBB is expected to deliver now a pre-tax ROE of around 22% by 2028 and 25% by 2030, up 2% compared to previous targets. I now hand over to Yannick to take you through the tech, the key elements of the CPBB strategic plan at the heart of the commercial and personal banking activities in the Eurozone. Well, thank you very much, Thierry, and a very good afternoon to all of you. CPBS is the Group's main division. It combines commercial banks and specialized businesses, and every single one of which is laser-focused on delivering profitable growth. Within this construct, CPB, that's the unit that I have the pleasure to lead, accounts for about half of the size of CPBS. Its pre-tax return on equity was a bit above 13% last year, but it has a strong runway for improvement over the next strategic plan. My team and I are in the process of building CPB into the commercial bank of tomorrow in Europe. We're doing so by combining leading market franchises with efficient operating models and faster digital transformation. CPB's Belgian unit, CPBB, sits at the very core of this model. CPB accounts for close to 30% of the revenues, pre-tax income, and RWAs of CPB. CPBB enjoys strong positions across retail, private, and corporate banking that has a flexible operating model as well as leadership in digital and AI. CPBB is a key contributor to CPB's growth, efficiency, and returns. Today's Deep Dive is going to zoom in on CPB. Michael and Franciane will, in a moment, tell you more about its growth and profitability strategy. Let me sum it up for you. We intend to do three things at the level of CPBB: leverage our leading market positions, streamline our operating model, and accelerate our digital and AI transformation. I will now hand over to Michael, who will tell you all about CPBB. Yannick, thank you very much. Also, ladies and gentlemen, on my behalf, a good afternoon. When we look at the fundamentals of the Belgium market, this is a benign, supportive environment for activities of commercial and personal banking. The individuals and households can look at a large savings pool, which make them richer than European average. They have a clear Belgian dream of home ownership. We see in Belgium, due to the demographic evolution, a significant wealth transfer between now and 2030. The two latter elements, home ownership and wealth transfer, require dedicated banking solutions. The Belgian market is also attractive for the corporate segment. We are an open economy where the family-owned business dominates and which creates a deep client base among SME, midcaps, and corporates. We also see that the Belgian companies are more biased towards banks than their European peers. In this market, CPBB has a number one market position across its core client franchises, which acts as a key differentiator and underpins robustness of the growth and profitability model. Allow me to briefly illustrate this number one market positions across our core segments. First, let's start with affluent and mass market banking, where we are the number one serving more than 4 million active clients. We are truly part of the daily life of our customers with 20% market share in current accounts, and we enabling the realization of their Belgian dream with 23% market share on the mortgage side, the largest asset class on the Belgian market. We are number one in private banking and wealth management, catering more than 105,000 active clients, and more than one fifth of our assets under management are stemming from ultra high net worth individuals and wealth management clients. We can also have a first demonstration of the group integrated model thanks to a 33% market share in production with the CIB offering of structured products in this client segment. For corporate banking, we have more than 87,000 active clients and across all segments from small enterprises to largest corporates, we hold a 25% market share on corporate loans. Again, thanks to the integrated model, we have a unique penetration as the lead bank for the Belgian large corporates. This leadership is enabled by an unmatched physical and digital distribution reach on the market. As of 2024, thanks to the agreement with Bpost, we are the most accessible bank on the market with more than 1,000 physical locations unmatched by competition, of which more than 85% are on a variable cost base. We complement this physical presence with deep advisory debt through private banking centers, through business centers, but also by 16 shared client houses, where as a customer, you find both private banking and corporate banking services. This physical distribution is complemented by strong remote and digital capabilities. On the remote side, we have a very strong call center where we see a significant growth as well of the rollout and the deployment of our chatbot services, which is part of the plan that we will present you. We are the leading digital banking franchise. We have the largest digitized customer base. We have the most active digital customers, leading to more than 40% of sales in banking and insurance originated through digital channels. We see the same evolution of digital adoption, the strong adoption across the SME and the corporate clients. I will now hand over back to Lars to discuss the profitability drivers. Thank you, Michael. Let's walk through slide 10, which illustrates our recent gain of momentum. Let's take the top line first. We are now fully leveraging our market leadership, as Michael mentioned, and to benefit from the recent increase in interest rates. This is reflected in the accelerating growth of our net interest income since mid-2025, with the Belgian state bond effect now fully absorbed. If we look at another line, the cost, you see on the slide that our cost discipline is very well illustrated. Cost growth was kept well below inflation, and we delivered the bpost Bank merger synergies well ahead of schedule, and we maintained costs flat in 2025. That's the P&L. If we look at the capital management is also a key priority. As you know, CRR3 in Europe significantly impacted our risk-weighted assets as the input floors largely ignore our inherently low credit risk profile, also as Michael mentioned. Our mitigation efforts started in 2025 and will be continued. In a nutshell, our Return On Notional Equity pivoted at the end of 2025 and will improve significantly from here to 22% in 2028 and 25% in 2030. With this, back to you, Michael. Thank you, Lars. We are accelerating with a clear roadmap to capture this growth on the Belgian market. As Yannick highlighted, this plan is built around three levers. First, on the customer side, it's about leveraging our leading client franchises across two key actions. It's putting the right customers in the right segment on the one hand, and it's enhancing our dual banking model where we combine professional and private needs of our customers. We can do this thanks to the leverage that we have on the group integrated model fully at play here for CIB, IPS or CPBS, and this allows to deepen the share of wallet in our customer base. We want to drive operational efficiency via streamlining our operating model to improve our cost base, and this is done either via the shoring of activities and in combination with the mutualization of our assets, again, where we can leverage and use the group platforms. Third, it's accelerating our digital and AI transformation. This industrialized rollout allows us to lower our cost to serve and optimize our client interactions in a very competitive environment, again, benefiting from the interaction with the entities from BNP Paribas group. When I switch to the financial trajectory, while executing this plan allows to revise upwards as explained our RONE target from 20%-22% in 2028 and allow to add 50 basis points of additional ROTE for the group by 2028. This uplift is driven by, on the one hand, a sharp rebound of the revenues, +9% CAGR over the next three years, combined with the disciplined cost control, allowing to lower our cost income with 10 percentage points over the same period, and creating room to invest. We see normalization of our cost of risk to a low level, around 10 basis points on average per year, which we combine with a disciplined capital growth, where the growth in RWAs stands at half of the growth of the loan activity. This allows to realize the ROAE uplift from 2022% in 2028, and to deliver a ROAE of 25% by 2030. On the next page, you find a mere illustration of these three drivers over the three-year period. With that, I will now hand over the mic to Franciane Rays, our CFO, to go into more detail on each of these elements. Thank you, Michael, and good afternoon, everyone. Let's now delve into the revenue generation. We anticipate a very strong NII trajectory at 11% CAGR or about EUR 1 billion more interest income over the period. This is primarily supported by reinvestment of our current and regulated savings accounts across tenures averaging four to eight years. This represents the lagged benefit of higher interest rates, which is still valid under the current rate environment since the Middle East crisis began. We anticipate that our deposit mix will remain broadly stable at the levels observed over the past two years, and it compares favorably with the situation in 2022. As you can see, our deposits are heavily weighted toward regulated savings accounts, a characteristic feature of the Belgium market. Our targets are based on reasonable volumes and rates assumptions described in the slide here, and we've also included sensitivity allowing you to model your own scenarios. Turning to fee income, we expect a 4% CAGR growth driven by our integrated model, which unlocks cross-selling opportunities. The fee expenses cover our variable distribution costs, including our independent branches, the bpost servicing network, and Batopin, our shared ATM network with Belgium's four big banks. This allows for a more flexible cost base. Our revenue growth, excluding those fees, would still be 9%. Let's move now on the next slide on the cost side of our plan. We maintain strict cost discipline with savings offsetting inflation while creating room for targeted investments supporting future growth. As you know, in Belgium, there is a salary indexation with inflation, which means our cost trajectory must factor some degree of salary catch-up given the current environment. We will also face a substantial banking tax increase in Belgium as from 2027. The circa 4% cost increase will enable us to generate jaws effect of more than 5% and mainly reflect spending on digital, AI, technology, and platform transformation, all aimed at lowering our cost to serve over time. Our approach to deliver additional cost saving relies on five levers. Carrying on further efforts towards making the cost base more variable. Leveraging group assets and offshore servicing platforms. Accelerating digital and AI deployment, enabling us to reduce the cost to serve. Mutualizing IT and technology investments across CPBB, and streamlining our support functions in line with the group initiative that we are preparing this year and launching next year. Our actions are already delivering results. You can see that our headcount and branch network have fallen by respectively 28% and 70% since 2015, despite the integration of bpost Bank and without weakening our commercial reach. This was made possible thanks to digitalization and the Bpost partnership. Let's now turn to the next slide to discuss our cost of risk outlook. We anticipate normalization at a low level of around 10 basis points, reflecting our prudent and proven risk management framework. This reflects two characteristic of our portfolio. First, a near zero cost of risk through the cycle for our mortgage portfolio that accounts for close to half of our loan book. Second, a low-risk corporate loan book, thanks to a market-leading position that allows us to maintain highly selective underwriting standards and actively manage our risk profile. Our track record illustrates this prudent risk management, with the lowest cost of risk among peers averaging just seven basis points since 2019, half the level of our peers. We move now to the RWA bridge, as you can see, we're expecting RWA growth below 1% CAGR or half of the targeted loan. We will endeavor to reduce RWA consumption through two main strategies. First, we are being selective on our loans underwriting, prioritizing those segments that generate the highest ROAE. This naturally helps optimize our capital usage. Second, we've implemented a comprehensive RWA optimization program that we expect will deliver close to EUR 20 billion in cumulative RWA savings by 2028. This comes from three initiatives, expanding our securitization transactions, leveraging the group's strong distribution capacity, scaling up our insurance solutions, particularly for specialized lending like factoring, and accelerating our comprehensive work on data quality improvements. These efforts will enable us to keep credit risk RWA broadly stable throughout 2028. The limited overall RWA increase will come from operational risk RWA, which mechanically reflects the revenue growth. I will now hand over back to you, Michael Franciane, thank you very much. In section three, we will go deeper into our strategic roadmap, which is based on three pillars. On the commercial front, we want to leverage our three leading client franchises. By putting the right customer into the right segment, we can boost income growth and create fee. We will fully exploit the group integrated model to deepen our share of wallet, and this is thanks to the multi-product expertise and the tailored advice that we can bring to the market. Even today, beyond the EUR 3.9 billion revenues already generated by CPBB, we generate an additional more than EUR 700 million of revenues in the group for IPS, CIB, and CPBS on our customer base. Secondly, in terms of operational efficiency, we want to streamline our operating model by further increasing the valorization of our cost base by mutualizing our assets and capabilities with the group, by capitalizing our active workforce management, thanks to, among others, the evolution and the impact of AI and digital development, and to continue, as Franciane said, with the deployment of our industrial approach around active RWA management. Finally, it's all about accelerating our digital and AI transformation to enhance our client experience. We will continue to invest in new offerings to perform our digital transformation on our active customer base. We want to leverage on the AI and data-driven insights in the deployment and the development of our chatbots, and we will reinforce investments in security and safety to ensure client trust. Let's start with the first pillar and dive into the franchise of affluent and mass market banking. The priority is clear. It's to reinforce the franchise and grow at marginal cost. The client franchise, well, our plan foresees to continue to drive the strong client acquisition that we see today, thanks to the acquisition via the Bpost network, and very important, increase the client value through upstreaming with an objective of more than EUR 5 billion of assets under management over the period 2026, 2028 from affluent and mass market to private and wealth banking. Furthermore, we launched dedicated actions to rejuvenate our customer base by focusing on the youth segment, but especially on the business starters. There we see that we gain back market share in 2025. Second, from a product penetration perspective, we want to capitalize further on the group solutions that we have today. As an illustration, on average, a mass market client has five products, and an affluent client is active in 13 products. Two examples here is the consumer finance activities that we deploy to our customer base in collaboration with Personal Finance. When we look at the assets under management of our mass market and affluent customers, close to 40% are investments in funds of Asset Management. A key development area is the insurance penetration, thanks to the signing of the new distribution agreement with AG Insurance, the largest insurance on the Belgian market that goes into scope as of 2027. It's a continuation of our current collaboration. We are able, on both sides, to further invest in digitization. It's a long-term agreement, 15 years. It allows to widen the offering and also widen the customer segments that we will address with insurance solutions. This would already lead to an increase of gross written premiums by 40% by 2028. Third, it's expanding the digital adoption of the largest digitized customer base on the market, where more than ever, mobile will be the primary channel of interactions, and we want to further develop end-to-end digital sales and boosting self-care for our customer base. Let's continue with private banking and wealth management. There we want to double down on our number one client franchise to accelerate our fee growth. We want to reinforce our leadership by the very successful dual banking collaboration that we have between private banking and corporate banking, and where we see that a customer being active both on the private banking side, on the corporate banking side, leads to a significant uplift of NBI and assets under management. Furthermore, we want to focus more on unique positioning that we have in ultra-high net worth entrepreneurs and families, thanks to capitalizing on the wealth management and the CIB platforms. Just like for affluent and mass market, we will create and we will rejuvenate the customer base by focusing on the targeted acquisition of the next generation. There we have launched in 2026 a dedicated approach, which is called My Family. It's leveraging on the group's extensive capabilities to further strengthen our offering on the investment side, not only with Asset Management and CIB, but also with AG Insurance. There, thanks to the integration of AXA IM in Asset Management, we will be able to further grow private assets to selective customer segments in private and wealth management and growing the current portfolio that we have of EUR 1.2 billion. We will engage with expertise and innovation. At the core of our current model is our deep advisory expertise in which we want to continue to invest and complement this with digital innovation by the launch of a digital execution-only platform in the first half of 2027. Last but not least, we have the corporate banking activities where we want to turn our market leadership into capital efficient revenues. It's also about reinforcing our leadership. We have a unique model today where we combine our very strong local presence with more than 600 dedicated bankers with the group's international network. The other side of the coin, it's capitalizing on the one bank approach with private banking. As of 2027, we have an additional focus on business banking and midcaps through a new organizational approach that shall be implemented on the 1st of January 2027. When you look at the model where we stand today, we want to further accelerate the synergies across the group's integrated model. Just as an illustration, for each EUR 100 revenue generated by a corporate client at CPBB, we generate an additional EUR 32 of revenues across BNP Paribas outside of Belgium. This is thanks to, amongst others, the CIB inside approach that we have in BNP Paribas Fortis, where for the first time in 2025, we were the first bank on the CIB market, that capital markets, equity capital market advisory and leveraged finance in Belgium. We want to further leverage on this position and accelerate our growth in the corporate segment, but not only in the existing corporate segment, but also extend it to the midcap segment where we explained that we will launch a new approach as of January 1st, 2027. Finally, it's also about reinforcing profitability, as Franciane already highlighted, by combining, on the one hand, the industrial approach to boost capital efficiency of our portfolio, complement this with the selective origination by ensuring profitability hurdles on the new production. This should allow us to maintain our 25% market share while consuming less capital and generating more fee income. Let's turn to the second main strategic lever being operational efficiency. We see this as a key enabler on the one hand to optimize cost, but also to improve client interactions. Our continued disciplined cost growth allows to invest for the future, even for 2030 and beyond. We do this across three axes. Smart sourcing allows us to further variabilize our cost base. We already highlighted the evolution that we have with the Accenture program. On January 1st, 2026, we outsourced more than 500 operational people to Accenture. We are working on the transformation. In this plan to come, we will continue to work together to use the near and the offshoring capabilities of the group. This will allow us to increase the number of short FTEs from 217 at the end of 2025 to around 1,000 at the end of 2028. Second, it's doing and working on asset mutualization to capture scale benefits. This is a two-way approach. On the one hand, we act as a platform as the Belgian activities or the payment competence center for BNP Paribas, creating scale benefits. On the other hand, we use the group platforms, amongst others. The whole infrastructure of the Belgian activities will move into the group cloud at the end of 2026. Third, active workforce management allows to combine targeted hiring with attrition management to reshape the workforce in a disciplined way. We will continue to invest in expertise. We are preparing, on the one hand, our employees for an AI-driven future and managing the impact of it through the AI rollout. We are also reviewing the management span of control of the central functions. This brings me to the third strategic lever being our investments in AI and digital. These activities are again executed in close collaboration with the CPBB and the other entities in the group. I will highlight the work ongoing across four different domains. First, we have the commercial interaction, so AI for the customer. This allows to lower, on the one hand, our cost to serve. Also increase our client interactions. Today, we already apply models to lower our churn and to propose intelligent pricing, for instance, on mortgages. In a couple of minutes, I will go deeper into how we deploy our chat and our voice bots for clients. Secondly is the employee efficiency. Today, it's very important that our employees are prepared for an AI-driven future, and they extensively use our internal AI agent. More than 85% of the employees use the agent, and we generate around 140,000 prompts on a monthly basis and growing month after month. This agent will also be migrated into the group agent, myCompanion, another illustration of the interaction on AI that we have between the operating entities. Another element I would like to illustrate are the role-specific agents. We have a coding assistant agent in IT that generates efficiency between 15% and 25%. In a second, I will talk about how we use and deploy AI on fraud and financial security, and I will end and combine already on the next phase, how we use AI for process optimization, cost-efficient operations, where we put our focus on the call center automation in combination with the launch of the chatbot and the voice bots. I will now highlight two tangible use cases to show how we can scale AI to reinforce our customer intimacy. On the one hand, with the evolution and the development of our chatbot and the call center interactions. We are capable of generating structural cost savings. You might remember that in 2025, we have around 3.5 million interactions in the call center and 1 million interaction via the chatbot. We see this evolution growing to 7 million interactions in the chatbot by 2028. How do we realize this growth? Well, to illustrate this, I give the example of what we do from a card servicing perspective. Today, CPBB operates with more than 6 million cards that are active, being debit cards or credit cards, that generate 8.6 million service requests. The large majority of these requests are handled by the customer itself in self-serving digital channels, an important amount is tackled via the human-in-the-loop. The customer goes to the branch or goes to the call center. In the summer of 2025, we launched the chatbot capabilities for card servicing, there we saw that it immediately led to a reduction of the call center interactions and to increase of the chatbot interaction. The chatbot deployment is a real alternative for the human-in-the-loop conversation in the call center. The purpose is, as next steps, we will launch similar industrialization across products and services for all business lines, and we expect a saving of around 180 FTEs by 2028 in the call center due to this program. A second example is how AI enables us to do significant cost avoidance, and this is done in the domain of AMLR, the new regulation that will enter into practice in the summer of 2027. On our customer base, this new legislation would lead to 855,000 additional recertifications per annum on our customers. Should we do this in the normal way of working, this would represent a workload of 290 additional FTEs. Therefore, we launched a specific program in 2025, 2026, and 2027, combining AI and transactional profiling, allowing us to execute this task without any upstaffing. We save 290 potential FTEs. The purpose is that after 2028, we will deploy this to other KYC activities to further reduce our cost base. I will now briefly illustrate two enablers, the cost mutualization and our people. Let's start with the mutualized platforms. To achieve our strategic ambitions, it is key that we are selectively investing in mutualized platforms, and this can be done across two dimensions. First of all, we can do it with the group, and secondly, we can do it on a domestic perspective. With the group already highlighted that CPBB is the payment competence center for multiple countries within BNP Paribas group. I think we have the very well-known initiative around European sovereignty in payments with Wero and EPI. A key element that we are looking forward to is the payment processing platform, Estreem, which is in a first phase being rolled out and developed on the French market. We are now currently in this plan, investing for a rollout on the Belgian market, but that will take place beyond 2030. Secondly, on Belgium, we have a long history of structurally collaborating with other banks. We provide and guarantee access to cash to the Belgian citizens by the ATM mutualization program in Batopin, and we are also facilitating the administrative life of our corporate clients by facilitating KYC onboarding and ESG exchange of information. The second lever is about our people. When we look at our people, we have a very strong belief that growing and developing expertise of our people is at the core of our model. We do this via dedicated trainings, via talent management programs, and by investing in certified sales program. Secondly, we will further, as we mentioned, pursue a strategic workforce planning. The diversified workforce that we have need to be reinforced by skills-based hiring and by leveraging on the combination of natural attrition and dedicated hiring. Third, it's very important that we have a culture that allows us to execute our strategy successfully, and for that reason, we have launched a dedicated corporate culture track to support the rollout of our strategy. This brings me to the conclusion, and there I will paraphrase some French house tech. We want to go harder when it comes to structural cost discipline to drive efficiency gains by shoring mutualization of assets and strategic workforce planning that allows to lower our cost income with 10 percentage points over the period 2025- 2028. We want to better leverage on our number one client franchise, thanks to group integrated model and an optimized collaboration between the different segments to boost, on the one hand, fee generation, but also to allow our revenues to grow faster with a 9% CAGR over 2025 to 2028, combined with the normalized low cost of risk of 10 basis points. We want to be stronger, thanks to our capital efficient model, where we will grow our RWAs at half of the loans of the growth. The combination of all this allows us to present best-in-class returns, 22% in 2028 and 25% in 2030, enabled by investments in our people, in technology, and in our digital capabilities, amongst others, AI. Thank you very much. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. I also would like to remind you to please limit yourself to a maximum of two questions. We will take questions as many as time permits. Again, please press star one to ask a question. First question is from Benoît Valleaux, Oddo BHF. Yes. Hi, good afternoon. Thank you for taking my question, and thank you for the deep dive. Two question on my side, maybe the first one is, what is driving the revision of planned of your ROE target by 2% from 20%-22% in 2028, and from 23%-25% in 2030? Is it more driven by revision of work on revenue or more cost efficiency or capital optimization? Just to understand where it's coming from, this revision. The second question is regarding your cost-income ratio target. How do you compare with peers such as, for example, Belfius or KBC? Thank you. Thank you for your question. Actually, to answer your first question, indeed, where we have revisited our ROE target by 2%. At the time when we announced the initial target back in end of October, our financial trajectory was based on economic assumptions dated back from end of September. In the meantime, the interest rate curve has increased by approximately 30 basis points. We have locked the additional margin as from there. This is for one part that explained the increase on the net interest income. We have also revisited up our fees trajectory. For example, we have integrated the renewed partnership with AGI on the insurance product that will generate more cross-sell fees. That's an example for the fees. We have also revisited our RWA trajectory, considering the results of the optimization program that we have hold out since the beginning of the year. There are different levers that explain the 2% uplift. If I now take your second question about the cost/income ratio. First, you cannot just compare CPBB, which is a business unit, to other fully-fledged banks in Belgium. You know under BNP Paribas organization, we do not report under CPBB several other financial services that are offered by BNP Paribas on the Belgium territory. Starting with asset management. Asset management, we have presented that we generate EUR 200 million cross sell on IPS, so asset management revenues are reported under IPS. For the consumer loans activities, it's reported under PF and not CPBB. The same for the car leasing reported under Arval on both PF and Arval, being part of CPBS but not CPBB. It's the same for CIB. All these other financial services have, by essence, a cost/income ratio that is lower than a commercial bank. We do not benefit from this lower cost/income ratio on our CPBB KPI. As you have seen, we anticipate to reduce our CPBB cost/income ratio by 10 percentage point within the next three years, and we will deliver 5% jaws in the next three years. Okay. Thank you very much. Next question is from Delphine Lee, JPMorgan. Yes, thank you for taking my questions. Thank you for the presentation, very useful. My first one is just to go back on net interest income, which is a very big driver of your revenues. I just wanted to get, if possible, if you could share the average yield on the investments of your deposits, just to understand a little bit kind of like the repricing dynamics in the next three years. Also, more generally speaking, do you see or expect any changes in sort of competition which could put a little bit of pressure on your stable deposit mix assumption? Any risk that we would get another government bond placing in your view, or that risk is now relatively low? My second question is on the fee growth. Just to kind of understand this, because you have 4% target for fees excluding the variable cost. I think we've seen that the trends in Q1 or the fees growth reported was not that strong. I'm just trying to understand the impact of those variable costs and what are you actually expecting for total fees in general, including everything. Thank you. For your first question about the net interest income, we benefit from a very large deposits basis, which is made of current accounts and saving accounts, which is again very specific to the Belgian market. Those current and saving accounts are reinvested on tenures averaging four to eight years. Hence, that explain why we have this acceleration in the net interest income. Maybe, Michael, I leave it to you to answer about competition and government bonds. Yes. Thank you. The Belgian market is a quite competitive environment, be it from the incumbents or the new entrants on the Belgian market, with a specific focus on the government bond. I think we have a new government. This government might be less inclined to launch such an activity. Secondly, in the recent financial stability report of the National Bank for the first time, it was very clearly expressed that we have a very competitive market on the lending side, especially on the mortgage lending side. That also, of course, is closely interacted to the other side of the balance sheet, on the savings side. I do believe that in the current environment, the risk is quite remote of having a repeat activity of the state bond, just like we had in 2023. Turning to your second question about the fee growth. Indeed, we have a fee growth of 4% for the fees received. The fees paid, we have a sort of a base effect between 2025 and 2026, and as from 2026, we expect these valuable costs to grow by an average of slightly above 3%. Thank you. Sorry, just to go back on NII just very briefly, because it looks like the tailwinds are much larger than, say, in France, with NII growing more than 11%. It must imply that the average yield on your maturing swaps is relatively low. If you could share anything on the maturing yield, that would be great. Thank you. Actually, the specificities of the Belgian market compared to France is really related to the existence of the saving accounts. As you see, they account for close to half of our portfolio, and this gives us a quite large deposit base that we invest between four to eight year, on a time horizon between four to eight years. In France, it's a little bit different because they do not have the saving accounts, but their time horizon for investment is slightly longer. Yeah, the other thing, Delphine, to ended up, if you compare it to France. What Franciane has been saying is what's happening on the deposit side. France, you also have the lending side. In France, what you see is on those margins, you have some further pressure. That is also a driver explaining the difference. Thank you very much. Next question is from Giulia Miotto, Morgan Stanley. Hi, good afternoon, and thank you for taking my question. Can I just quickly check again on the NII, deposit pass-through. What have you assumed for this rate increase, in terms of pass-through? On the term, I assume 100%, but on the savings account, if you can share how much you pass through on that. Have you changed the hedging policy recently? Because if I look at, you say current and savings accounts are invested in the range of four to eight years, so that on average is basically six years, which would be duration of, I don't know, three to four. Over the past three to four years, basically the average yield I get is not as low as your 11% would imply. Then, sorry, one last one on AI. When you use AI for these use cases, do you set up the processes to be completely straight through, so no human intervention, or it's still a hybrid? Thank you. For the NII, we have provided on this slide some sensitivities. You can see that if the interest rate curve increased by 50 basis points, it would result in higher income for us by EUR 100 million. Symmetrically, if the interest rates go down. This, of course, integrates a part of transfer to the client repricing, client remuneration rate. What is the assumption in your 11% CAGR? You assume rates go up to 250. On the savings account, how much do you assume you pass through on that one? Actually, what we have taken here for our financial trajectory are the rates that are already existing in the market. We continue with this rate, as I said, and we have taken, yes, 2.5% deposit rate of the ECB, which is most probable to occur in the next weeks or months, and then back to 2%. It's this kind of trajectory. The same for the long-end rate of 2.8%. This trajectory is already factored in the current interest rate swap. This is consistent with the way we price today the deposits. Okay. You don't assume any change in the savings rate cost on deposits? No, not for this project. Giulia, not within this range of scenarios. Got it. Thank you. Next question is from Tarik El Mejjad, Bank of America. Yeah. Sorry, if I may, on the second question on AI. Of course, it depends on the use case. When you take the use case of the call center optimization, then we use AI, but the delivery is done by the call center agent, so you always have a very hybrid model. On the contrary, when we look at the KYC use case that we illustrated, that it will be a straight to AI processing that will happen. The final control and oversight will always remain human at this stage. It will be very low key intervention, but the oversight will be human. Tarik El Mejjad from Bank of America. Just thank you for the presentation, very helpful and just a couple of questions from my side. First on the volume growth in Belgium, you target 2% for loans and deposits. That sounds a bit low. If that translates your strategy overall, the group of the focus on fees and profitability rather than the volume, because your revenue target is punchy. Yeah, if you can, especially versus competition that's growing much faster in Belgium in the same segments. The other question is on savings, in Belgium. Can you update us maybe on what's the latest on the different potential reforms, both from the tax incentives, the product design with the loyalty bonus or copying maybe the wrong practice of France on Livret A and so on. What's the latest there? I can sneak in a last question, please, on costs. In Belgium, salary is directly indexed to inflation. You factor it 3%, I think, in your plan. What if inflation surprises the upside without ECB being able to curb down inflation for some reason? What's the other levers you can push to potentially offset, though that inflation could be indeed temporary but still hurting the parts of the plan. Thank you. On the first question on the volume. We expect the overall market evolution to be around 2%, so it's defending our market share. Nevertheless, we have a strategy where we focus on value over volume. It's key that we increase our share of wallet on the one hand through cross-selling, but we will defend our market shares. Secondly, on the question of how we see the savings market evolving. As you know, most likely Belgium has received an, how you call it, received injunction from the European level that the product as itself is not deemed as the correct product from European standards. The government is awaiting further details from Europe before replying. I know that the sector federation is in discussions at this moment with the government on these matters to see how the fidelity premium and how the tax scheme will be maintained or has to be adapted to be in line with European regulation. On the third element, when you discuss about the inflation, it's of course, key that inflation on the Belgium market links to the automatic indexation of the salaries. This could drive the cost base further up. However, last week, there has been a vote in Parliament of what they call, in Dutch, the centeni ndex, which allows that basically the increase of the salaries will be limited to the salaries below €4,000, and the increase of the salaries above €4,000 would only be translated into an amount and not into a percentage. This width will take away in 2026 and 2028, further pressure from the inflation on the indexation and also protect potential cost increases from the Belgian activities. Thank you. Next question is from Sharath Kumar, Deutsche Bank. Thank you for taking my questions. I have two. Firstly, on the cross-sell. In 2025, you said CPBB generated about EUR 700 million of additional revenue. If you can say, how is the percentage of cross-sell expected to evolve? Also, you shared some details in slide 20. Can you give a further split by each of the sub-segments? I assume that the share of IPS would go up significantly post the Ageas and AXA IM deals. First one is on the cross-sell. Second, follow-up on fees. I was surprised to see just a 4% CAGR ambition in fees. Can you quantify the fee contribution from the Ageas insurance distribution, where you expect to see a 40% rise in gross written premiums? Thank you. Thank you for your question. I will first look at the cross-sell. It's indeed what you have on page 19. We generate more than EUR 700 million of additional revenues for IPS CIB and CPBS activities. With the growth that we have leveraging on the group integrated model, we foresee a growth across the three areas. Of course, with IPS, as you mentioned, you have the release of the development of private assets and the asset management activities that will contribute. On the CIB side, if we can extend what we intend to do, the leading position that we have on the corporate segment to the mid-cap segment, that will also further drive CIB cross-sell revenues. When you look at the CPBS cross-selling revenues, a large part of it is also related to what we do with, for instance, personal finance and Arval, and it's clear that this is also part of the development program going forward. From that perspective, deploying the group integrated model and accelerating the deployment of the group integrated model will only increase the contribution of the CPB activities, in these domains. For the growth of the fees, I will give the floor to Franciane and the 4% growth rate. Yes. The 4% growth rate is supported by the different cross-sell opportunities that we have with all the other business lines of the group. We have integrated additional revenues for the partnership with AGI, which will start beginning of 2027. There is a ramp-up trajectory for that. We also have some additional fees on the new products offered by AXA IM, following the merger with BNP Paribas Asset Management, so on the private assets. This contributes to the 4% CAGR. Thank you. Next question is from Flora Bocahut, Barclays. Yes, good afternoon. Thank you very much for the presentation. I have actually two follow-ups. One is on fee growth, which was just discussed. I'd like to better understand the structure of the existing fee base. If you could give us more information on what part is service fees, what part is financial fees, or even more details, more granularity within these. Because most of the banks in Europe, not just in Belgium, obviously also in other European markets, are talking about pressure on the service fees. Is it something you see as well, especially from some of the online players? Is that captured in the 4% CAGR that you present? The second question is on the cost. On the slide 16, you give us on the top left this work, which is very useful. Coming back, I think it was Tarik's question on the indexation. Can you tell us what inflation assumption you have embedded in this plan? I think you talked about an increase in the bank tax. Do you mean just because deposit balances are going up, or you mean there's going to be a change in the way the bank tax is calculated? Thank you. For the fee structure, actually, when you look at the different nature of fees, selling fees are going up. Financial fees are still going up because the financial markets are still quite high. We will, as I said, also benefit from cross-sell fees on the other products, insurance, asset management, and CIB. The growth is really supported by all the nature of fees. To your question on costs, we have taken an inflation of 2.7% in 2026, then down 2.1% in 2027, and 1.8% in 2028. It's going down. Michael, for the banking tax. Yes. Thank you. On the banking taxes, again, legislation that has been voted last Thursday in Belgium. We have a fully funded deposit guarantee tax as of the end of 2025, which explains that the tax base has been lowered. The banking tax is between 2025 and 2026 for the Belgian banks. However, as of the 1st of January 2027, this is replaced by a single increase in the single banking tax. It's a tax which is calculated based on the deposits volumes that you have, and a percentage of basis points is applied to that. When we look at the plan we foresee, in this plan, and this is the increase that is mentioned in the banking taxes, it's an increase between 2026 and 2027, around EUR 77 million to EUR 80 million of additional banking taxes, bringing the taxes of 2027 back to the level of 2025. This is what the government wanted with the replacement of the DGS tax by a single banking tax as of 2027. This is what is calculated into the assumption of the increase in banking tax compared to 2026. Understood. Thank you. Next question is from Jacques-Henri Gaulard, Kepler Cheuvreux. Yes, good afternoon. Congratulations. Great content. Two questions. The first one on the banking tax, because you're going to have this increase in 2027. Is there any way you're going to consider phasing maybe that tax? The Q1 always is very weird and as you know, very, very low and not representative of the banking activity. Just technical level, if you're thinking about ways to potentially do that, would be helpful, or are we just going to have to keep that line close to zero and for the quarter? The second one is about, really, and I think a lot of questions have been around that, the profitability of BNP Paribas Belgium, which would include IPS, CIB, and CPBS. If I get you right, with all the accumulation of revenues there, which is about EUR 700 million for the whole group, if we include CIB, CPBS, and IPS. Is it fair to say that your pre-tax ROE in Belgium would be uplifted by about 2%, I think more or less, which would indeed make you at the best-in-class level that you have in the country? I'm sure you've done this analysis. Thank you. First question about the banking tax. Unfortunately, we have no choice but following the accounting standards, we cannot anticipate neither phase the recognition of the banking tax, we will have to take it in Q1 2027. Regarding your second question about the profitability. First of all, if you take the EUR 700 million, it's worldwide. Of course, CIB do also serve our corporate clients outside of Belgium. If I just may on that one. Of course, you make the analysis internally from that perspective. However, we have a model within BNP Paribas, and so if you would take it away from the left to add it on the right, it does not change the structure of BNP Paribas. That's why we look at the performance of CPBB and what we contribute to the other activities and not recompute what we have on our own scope. Thank you. Next question is from Jason Napier, UBS. Good morning. Sorry. Good afternoon. Thank you for taking the questions. This first one is on capital optimization. EUR 20 billion is an enormous number for this division. I appreciate that RWAs will still be growing, but that's nearly a third of RWAs. One of the things that we can see at a group level is the output floor headwinds look like they're increasing as you're optimizing the balance sheet. Perhaps a question for Lars around group-level attitude towards output floors, whether there is a sort of a limitation on the amount of optimization that ought to take place now, or whether, given it's 2033, it's not something to be concerned about. Secondly, just to follow up on the previous question, EUR 700 million booked elsewhere obviously could fundamentally change the value that investors put on the Belgian franchise. As we look at it at the moment, it's a pretty inefficient, narrow margin undertaking. Is there anything at all you can tell us about the sort of combined returns or efficiency ratios, or economic value added or anything about the aggregate Belgian business? My fear being that investors look at units such as these and underestimate the broader value of the unit. Thank you. I'll take the first one, Jason, on the capital. Listen, with the arrival of this new set of regulations, there are a couple of "frustrating constraints" like this one. What we do see is with our current distribution and growth at the group level, this constraint should not be biting. Even if you go into 2030, even if the phasing phases out, let's say, we see that with the structure that we have, that we would shy away from having an impact at the group level. I'll commenting on the second question again, looking at the Belgian territory, you have activities which are located within BNP Paribas Fortis, you have activities which are located into BNP Paribas. Within the group, we don't have a territory approach to define what is the return of the territory as such. We have the business line approach. That means that on the Belgian territory, we will have activities that you can find back in the numbers of CPBB, activities that you can find back in the numbers of BNP Paribas Fortis on the Belgian territory, and then activities that you can find back in the different business lines of BNP Paribas. We have the business line approach from a horizontally integrated, Group integrated model, and we do not recalculate from that perspective what the territory as such has from a return perspective or from an efficiency perspective. Sorry, just to follow up on that. When you think about the way the group works with cross-borders, are you recommending that we don't think about the aggregate business, in other words, that there's not as much transfer pricing on costs as there is on revenues? Does the cost income ratio of the Belgian unit on its own mean a great deal, or is it distorted by the revenues that are booked elsewhere but are served within your unit? Listen, we can go into this at length, but in the end, if you want to have the concept we do, we steer ourselves by divisions. If you want to get to the market capitalization of the bank, you look at those divisions, then taking a look at the countries is basically perpendicular to that. Yeah. Trying to construct it, in our view, does not really make sense. If you don't mind, we leave it to this. Next question is from Anke Reingen, RBC. Yeah, thank you. Good afternoon for doing this presentation and for taking my questions. The first is just on the cost growth. I guess you say a five percentage points jaws on average per year with 9% revenue growth. That still implies quite meaningful cost growth. I hear you on the bank levies, but you mentioned the opportunity from AI quite often, or you also point them out. Do you expect most of the benefits beyond 2028 or are they quite conservatively considered in your cost path? Because I guess the 4% seems quite high. On bpost, apologies if I should know this, but how material is this for your business and how much is the profit and when are renegotiations due? Sorry, just one small question on your financial targets. If I wanted to translate them into the two-thirds within the group structure you said for the revenues is quite similar, but how should I think about the cost-income ratio and the ROE? Thank you very much. Well, thank you for your question. I'll go first into the bpost question just to explain. It's not a separate segment as such, what we have. We acquired bpost Bank, the 50% that we had in the JV with bpost in 2022. We have integrated the full customer base into the customer base of BNP Paribas Fortis, CPBB. Now we use the bpost network as a distribution channel. We're selling the offering of BNP Paribas Fortis through the bpost channel. Whether you're a customer of BNP Paribas Fortis, be it private banking or be it a mass market or an affluent customer, you can use the postal network for servicing and basic banking services. As such, it does not have a separate customer line or a separate P&L from that perspective. The first question was about the growth of the cost base at 4%. When I look at the plan that we have today, first of all, there's more than 1% that comes from the banking taxes, as you have referred to. Secondly, it's a plan where we invest in the transformation of the bank going forward. We make significant investments from a digitization perspective, from the development of an AI perspective. Also what I explained, for instance, on the Estreem project, the payment processing platform that we will implement, where we see that this plan contains investments in the period 2026, 2028, where the benefits will be reaped either in the plan 2030 or even beyond. That's something that you need to take into account. On the third question, I have to look at my neighbor. The question about the two-third. Two-third and We will have the same KPI for the two-third private banking, meaning it's also a 22% ROE by 2028. Thank you. Next question is from Stefan Stalmann, Autonomous Research. Noon. Thank you very much for the event. I wanted to ask, please, could you give us a rough split of how your deposit base in the division splits up between households and corporates, please? I was also wondering if we look beyond 2028, where it's obviously getting a little bit more abstract, but you still have quite a meaningful expansion of your return in your numbers. Can you give us a rough sense of what's driving this? Is it basically a similar picture like between now and 2028, or is there anything materially changing, for instance, on cost or NII dynamics to produce this further return improvement? Thank you. I'll start with the second question. Of course, you have the generation of the revenues and the plan that we have going forward and the strengthening of the cross-sell with the group integrate model that plays a role. As I explained in the previous question, we have an investment track in the plan 2026, 2028, where we will also reap benefits of in the next phase. You will also have an impact from a cost evolution perspective. You will not find back the cost growth that we have today in the next coming years, explaining the improvement that we have from a return on normalized equity perspective. On the first question, I will give the floor to Franciane. Yeah, our cost base is largely made of individuals deposits. Pardon, not cost base, deposit base. It's more than three quarters that are individuals deposits. Great. Thank you very much. Next question is from Pierre Chédeville, CIC Market Solutions. Yes, good afternoon. Thank you. Just a point because, of course, I'm not a specialist of the Belgium market. There's something which is a little bit strange from outside. When you compare your figures, for instance, 2025, with those of KBC Belgium, I'm not talking about KBC Group, but KBC Belgium. What we can see is that you're the number one in terms of market share, as you said. At the end of the day, their income before tax is EUR 2 billion above. Their cost/income ratio is roughly 10 points below. Their profitability is also seven to eight points above. I was thinking, is it due to the fact that they are much more developed than you in terms of insurance, which seems to be the case at first glance. I'm not covering KBC. When I look at their figures, it seems that there is something there. My first question is then, what are your ambitions regarding insurance and notably since your partnership with Ageas, what are your equipment rate in life and non-life, and what are your ambitions there? The second thing I was thinking of regarding the difference is the bank online. KBC is famous for its app, as far as I understand. Here, I wanted to know where you stand compared to competition, and particularly this player, and what are your ambitions regarding bank online, which as we all know is driving significantly down the cost/income ratio. Thank you very much. Yes. Thank you for your question. I think on the first comparison, as Franciane highlighted, it's extremely difficult to compare the management division being CPBB with a bank like KBC, where you have, you mentioned, a different operating model from an insurance perspective, a fully integrated asset management, and you have the full banking setup. This is something where we can make multiple comparisons on the left and on the right to see where it goes, but you cannot rebase the banks on both sides in the same view, and you have to look at both banks from their own strengths and their own type of activities. When I look at the insurance model, what we have, we already have a long-standing collaboration with AG Insurance, and AG Insurance is operating either via us, the banking channel, or via the broker market, and is the leading insurance company on the Belgium market, be it on the life side, be it on the non-life side. As a bank, we are a significant contributor for the life insurance. When you look at the market shares of AG Insurance in life insurance, they're mainly driven by the bank channel. On the non-life segment, their activity is mainly driven by the broker segment, and we have a strong development plan. That's why we signed the new distribution agreement with AG Insurance on that perspective. Just to give you a number view, we have more than 1 million today of non-life insurance contracts on our customer base in the mass market and the affluent segments. The purpose is clearly to grow the non-life activity further, not only to the individuals, but also to the professionals with an offering that has been launched in the last couple of years. It's clearly a growth track in a distribution model where we work on a commission-based structure, fully integrate into our model, with AG Insurance. On your question with regards to digital banking, as CPBB today, we operate at a high level of digital maturity as we have the largest digital customer base on the Belgian market, and also the most active digital customer base on the Belgian market. However, the strategy that we follow is different than the strategy from a digital perspective than KBC. We start from a market leadership position where we operate into a multi-channel approach and a multi-brand approach, where we try to deploy what we call the embedded finance approach. I'll give an example. We mentioned that we operate with Personal Finance on the Belgium market. We have a 35% market share in car financing, this is done via multiple channels, the banking channel, the broker channel, but also the channel at point of sales. That means at the concessionary of the cars. What we do from a digitization perspective is we're mimicking in our digital strategy, this multi-channel and this multi-brand approach. For instance, as an illustration, we have launched a platform which is called Touring Car Select, where we sell secondhand cars that are being approved from a quality perspective by Touring, combined with the financing of BNP Paribas Fortis, with the insurance offering from AG Insurance. The cars come from the world of Arval and Personal Finance. Of course, we use that platform from a data management perspective. We have a different strategy than the competitor where you refer to, where we try to do it leveraging on our leadership position in a multi-brand strategy, in a multi-channel strategy. The chatbot is part of the overall strategy. As we said in the presentation, we have more than 1 million interactions in the first full year that we were live in 2025, now we're executing a gradual rollout across segments, across offering of all functionalities in the current plan going forward. It's a different model where we can benefit from the highest level of digital maturity on the Belgian market in our customer base. Thank you very much. No further questions? We have no further questions registered at this time. Ladies and gentlemen, then on behalf of CPBB, BNP Paribas and all the people around the table, I would like to thank you for your attention and the interesting questions that you raised. I know that you always can reach out to the teams at BNP Paribas in case of requesting for further information. Thank you very much and have a nice afternoon. We'll be seeing you on July 23rd for the second quarter results. Thank you. Ladies and gentlemen, thank you for joining. This concludes the deep dive call dedicated to Commercial and Personal Banking Belgium. Thank you for participating. You may now disconnect.