Good afternoon, ladies and gentlemen, and welcome to the presentation of the BNP Paribas second quarter 2026 results with Jean-Laurent Bonnafé, Group Chief Executive Officer, and Lars Machenil, Group Chief Financial Officer. 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 Jean-Laurent Bonnafé, Group Chief Executive Officer. Please go ahead, sir. Thank you. Good afternoon, ladies and gentlemen. We are proud to present very strong second quarter results, which further strengthens our conviction that we will beat our 2026 trajectory. We are well on track towards our 20th target of double-digit earnings growth CAGR over 2025, 2028, something that is not yet fully reflected by consensus. Our CET1 is now at target, paving the way for accelerated distribution in the future. I will first start with a summary of our results on slide four. Q2 amplified the solid positive trend we showed in the previous quarter. Revenue rose at a very strong rate of 12%, a level we have seen for a decade. Jaws effect was just shy of 3.7 points at constant scope and exchange rate, and is at 1.6 points on a reported basis, reflecting largely the impact of the AXA integration. Cost of risk was stable at 39 basis points, including EUR 95 million of addition to H2 provisions for geopolitical environment, and remains within our guidance of less than 40 basis points, which we observe through the cycle. All in all, this means that operating income was up nearly 16%. Below the operating income line, we obviously also have the Ageas, AGI transaction, which means that net profit was up by one-third. Beyond our very strong earnings, we also continued to deliver on capital. Our CET1 reached 13%, up 20 basis points, meaning that we have already reached our target previously set out for end of 2027. I will come back to our distribution outlook in a few minutes, but let me mention that we will be paying an interim dividend of EUR 3.23, equivalent to 50% of our H1 2026 EPS. Obviously, having reached the milestone of 13% was important, but we intend to continue and build capital. If we focus on our revenues, they have upped 12% with well-balanced growth between the businesses. More than two-thirds of our businesses generated revenue growth in excess of 9%. CIB revenues accelerated sharply, up 13%, driven by Global Markets and Securities Services. Furthermore, Global Banking pivoted this quarter, and we see a strong momentum moving forward into the H2 of this year. CPBS revenues maintain a very positive upward trend, up 5%, helped by strong NII and commercial momentum illustrated by increased financial fees. CPB was particularly impressive, with revenues up 9%. Finally, IPS grew 27% or more than 8% at constant scope, supported by market effect and organic growth in all divisions. Let's now move to slide five, which highlights the positive momentum in the rate sensitive part of CPBS, namely our commercial banks in the Eurozone and Personal Finance. The second quarter accelerated further with revenues up 8.2%. This very strong top-line growth reflects the strong momentum we expected and translates into a sharp profitability increase. Our deposit mix remains stable, enabling the reinvestment of our non-remunerated site deposits on the mid to long-term end of the curve. Based on the current economic outlook, we expect this favorable environment to extend well into our next strategic plan, taking us through to 2030. CPBS profitability will also improve substantially thanks to the strategic plans that are already well underway. This is well illustrated on slide six. After a strong H1 of the year, we confidently reconfirm both our 2026 and 2028 trajectories. Given the strong progress we have already made towards exceeding our 2026 target, we are fully focused on accelerating EPS growth and delivering our double-digit growth target over 2025, 2028. We expect our return on tangible equity to exceed 13% in 2028, and this will be driven by strong revenue momentum, very well illustrated in the second quarter, but also tight cost and risk-weight discipline. We will come back to this later. As you see on the right, we're already well advanced in the execution of our strategic plans. We recently presented Belgium, and we'll present BNL in Italy on 18th of November. Arval will follow in the H1 2027 once the Athlon acquisition is underway. These plans cover most of CPBS and close to half of the group's risk weight. They all contribute to our return on tangible equity trajectory and share a very ambitious cost-income ratio improvement, as well as disciplined risk-weighted growth. Overall, we expect our cost-income ratio to fall below 56% in 2028, with a lot more improvement to come by 2030. Finally, our CET1 at 13% already meets our target, and we'll consider excess capital for distribution on an annual basis. On slide seven, allow us to remind you of our key targets, double-digit earnings and EPS growth for 2025, 2028, and minimum 60% payout policy from 2027. On slide eight, we summarize our equity story ahead of our strategic plan that will be announced on our fourth quarter results on 2nd February 2027. Our business model is in fact simple. We have a very well-balanced model, both by activity and by geography. It's uniquely powered by cross-selling across business lines, accounting for one-third of our revenues. Importantly, each of our three main divisions is on a clear profitability improvement path. In CIB, we have built a division at scale with strong positions across products and regions. Our originate and distribute model is well-positioned to benefit from the Savings and Investments Union, supporting further market share gains in the context of the looming investment super cycle. In CPBS, we're accelerating profitability through self-help NII tailwinds and strategic initiatives aimed at improving platform efficiency while maintaining disciplined capital management. Finally, in IPS, we're building a leading asset gathering platform supported in particular by the significant scale we have now achieved following the AXA IM acquisition. Let's now move to efficiency improvement on slide nine. Earlier in the year, we announced a comprehensive review of our support functions with a view to sharply amplify the annual savings from EUR 700 million annually to EUR 1 billion. We will pool and streamline our amplification portfolio, amplify the use of AI, and simplify organization, optimizing processes and reducing silos. All divisions, geographies, and functions will be impacted by our actions with an addressable cost base of EUR 15 billion. Focusing on IT support functions, which account for roughly half of the addressable cost base, we have already identified around 80% of the savings targeted by 2030. Importantly, we expect approximately 25% of these savings to be delivered as early as 2027. We will hit the ground running in our next plan. This provides a good illustration of how advanced our preparation work already is. It also gives us confidence that the improvement in our cost-income ratio can accelerate to around two points per year from 2027 onwards. We will announce our 2030 targets early next year, but we clearly see a path towards a cost-income ratio of around 50% over the time. Before handing over to Lars, let me say a few words on AI on slide 10. Of course, AI represents a significant opportunity for us to enhance value creation across the group and will accelerate its deployment in an industrial manner. To support this ambition, I chair the Group AI Strategy Committee, ensuring strong governance and clear priorities. We'll focus on high-impact use cases with return on equity, on investment, with cost control and cyber risk at the heart of our approach. We'll share more details with you when we'll publish our strategic plan early next year. Beyond what we can achieve with AI internally, we also see a significant revenue opportunity from the upcoming investment super cycle. Capturing this opportunity will require origination and distribution capabilities, as well as investment vehicles to finance future projects. Our integrated business model is well positioned to benefit from this. Let me now hand over to Lars, who will present our second quarter results on slide 12. Thank you, Jean. Good afternoon, all. I will not spend time on slide 12, as in the meantime, you know all our numbers, but zoom on slide 13, where I want to highlight the significant capital gain we booked on the AGI, Ageas transaction for EUR 858 million. We are particularly pleased with it, not only because of the capital gain, but as it contributes directly to increasing our CET1. It also improves distribution to shareholders to the tune of EUR 0.50 per share, and it will add EUR 40 million of annual recurring earnings starting next year. If you now go back to the business, and let's look at slide 14. You see our revenues are up 12% or 10.4% at constant scope and exchange rates. Let's first look at CIB. CIB had an excellent quarter with revenues up 13%. Let's look at the three businesses. First, Global Banking. Global Banking pivoted in the second quarter as FX and rates headwinds that we saw before eased. We maintained our number one position in EMEA investment banking amongst European banks. This quarter, we also ranked number three in M&A, and we see a strong pipeline for the H2 of the year. That's Global Banking. If we turn to Global Markets, which was particularly strong, up 17%, including if you look at equity and prime services, which was up 43%, when we look at FIC, revenues matching those. EPS is matching those of FICC. FICC was stable compared to a high base last year. Remember, there was a lot of volatility a year ago in April. The third division is Securities Services. It grew by 17%, taking advantage of high market levels, volatility, but also improved margins and client onboarding, of course. If we move to CPBS, up 5%. As Jean-Laurent explained earlier, our Eurozone commercial banks are enjoying very strong top-line growth and double-digit net interest income growth on the back of an interest rate environment that is quite favorable to us now and to come. Moreover, client activity was strong, as illustrated by the healthy uptick in financial fees. If you then look at the specialized businesses, they benefited from improved volumes and margins at Personal Finance. Arval recorded double-digit organic growth, but obviously the geopolitical environment and rising gas prices continued to impact used car sale results. We now turn to the third one, IPS. They reported 27% revenue growth, which reflects the successful integration of AXA IM. Having said this, the division reported about 8% organic growth, even at constant scope, thanks to strong business momentum in each of the three divisions. Assets under management were boosted by, on one hand, strong inflows and also market performance. We've looked at the top line. Let's now move to slide 15, and let's look at the costs. On this slide 15, if you look at the top left, you can see that our Jaws reached 1.6% or 3.7% at constant scope and exchange rate. All in all, at constant scope, costs grew around 6%, of which about half variable costs that are linked to the strong revenues, 2% for development, and about 1% inflation in particularly in Europe, Mediterranean. We look at the group level, we keep on track for substantial cost income ratio improvements, still expecting it to be below 56% in 2028, laying a firm foundation for our next strategic plan ramping up to 2030. As you also see now on the opposite side to the bottom right, a significant portion of the restructuring charges for AXA IM integration will be booked this year. That's one of the drivers between the Jaws effect and the Jaws effect at constant scope. Let's now, we've looked at the top line, we've looked at the costs. Let's now look at the asset quality. We do this on slide 16- 18. On 16, you see the cost of risk reached 39 basis points this quarter, in line with the first quarter. The intrinsic cost of risk is stable year-over-year, and we reinforced our forward-looking provisions by EUR 95 million. We booked that in the corporate center, so you'll see that in the divisions, cost of risk is stable, and that EUR 95 additional million is to reflect the geopolitical environment. So bar unforeseen step-up in these geopolitical tensions, we anticipate a cost of risk to be below 40 basis points over the year 2026. In particular, as I mentioned, on the divisions stable, if you look in particularly on stage 3 provisions, they show no deterioration, and we remain comfortable with the quality of our portfolio. So let me emphasize once again that we are very diversified with little reliance on French economy. I remind you that we have less than 10% of our profit before tax in France. I will not comment on the review per business, as I basically synthesized it, but you'll find the details on page 17. If you can move to slide 18, where we provided an overview of the strong risk culture through the cycle. Indeed, our portfolio offers significant sector diversification and high exposure to investment-grade counterparts. This enables us to reduce the volatility of our cost of risk. We also want to remind you of our selective approach to all credits, but private credits in particular, and private credit which accounts for, let's say, 3% of our loan book, and 90% of that 3% is basically senior portfolio financing. Moreover, this segment has no NPLs and is built on conservative standards with moderate loan to values, high diversification, and exposure to the strongest private credit players, so providing further collateral. Having said that, let's now look at the regulatory metrics on slide 19. As mentioned by Jean-Laurent, our Common Equity Tier 1 reached 13%, so up 20 basis points over the quarter, delivering our target that we had the ambition to be at 13% end 2027. We reached it 18 months earlier. This shows our commitment to building capital and positions the group for accelerated distribution in the next strategic plan. The improvement this quarter, it basically stems on one hand from the very solid results. That solid results with contained risk-weighted asset growth generates 30 basis points of Common Equity Tier 1. Two-thirds of that goes back to the investors. There's 20 basis points that is accrued for distribution, and then there is 10 basis points parameter, which is basically the AGI's deal. Note that in the H2 of this year, the impact of the acquisition of Athlon, which is coming in the third quarter, will consume around 13 basis points, but this should be offset in the fourth quarter by the divestments of BMCI in Morocco. That's the capital, but it's not only the capital that is doing well, it's also the liquidity. We reported a very high LCR at 149% this quarter, so up from 125% a quarter ago. This highlights our strong ability to manage our balance sheet. As a reminder on slide 20, we wanted to give the overview of our SRT and our credit insurance programs, which we have discussed before. As of today, just to look at the impact, we have a cumulative risk-weighted asset benefit of around EUR 65 billion, which is equivalent to 990 basis points of CET1. Our priority is to diversify our SRT so that it's not all happening in one moment and on one sector, and that, as you can see, we are doing it very well and we also complement it with credit insurance in order to optimize here the setup. This gives me the opportunity to update you on the progress also on the Savings and Investments Union, which you can see on slide 21. In particular, from what we understand in the H2 of the year, the European trial should be completed. It's started. It's the commission, the council, and the parliament that basically paved the way for the first phase of SIU implementation in 2027. This SIU represents a significant opportunity for Europe, but in particularly for our CIB originate and distribute model, but also for our IPS asset-gathering platform, further strengthened by BNP Paribas Asset Management's new and leading alternative assets capabilities. Moreover, it's good for CIB, it's good for IPS, and also in the meantime, CPBS will be well-placed to increase its financing in the real economy. Let me now conclude. We've covered the divisions, we've covered the prudential metrics. Let me conclude on slide 30 with the corporate center. The corporate center, we are adjusting our trajectory after a first-half performance that was better than anticipated. While we acknowledge that the corporate center can be volatile from one quarter to another, we now expect a better outcome for the full year than previously thought and guided on. We are therefore adjusting our gross operating loss trajectory from EUR 1.4 billion- EUR 1.2 billion, very much in line with the consensus. Let's not forget, this is a sizable amount, but it includes for EUR 800 million of restructuring charges, half of which are related to the integration of AXA IM. This is basically the view. I'll now hand it back to Jean-Laurent, who will offer some final remarks and conclude the presentation. Thank you, Lars. Second quarter results are a very clear illustration of our acceleration. We're delivering strong balance and resilient earnings growth with Group revenues up 12% and positive momentum across all divisions. Our 2028 return on tangible equity trajectory is on the fast track, supported by strategic levers that are already being executed. Costs remain tightly controlled, and we're making strong progress on the program to overhaul our support function, which will start to deliver benefits as early as next year. We expect our cost-income ratio to fall below 56% by 2028. Our earnings growth is accelerating towards a CAGR of more than 10% over 2025, 2028. With our CET1 now at target, we'll consider additional distribution on an annual basis. On February 2, 2027, we'll announce the main targets of our next strategic plan, taking us to 2030. We are well advanced in our preparation with top-down and bottom-up processes nearly fully aligned now. We'll provide you with our divisional trajectory, and we'll continue throughout 2027 our series of deep dives, notably CIB. These deep dives provide you with insight about our strategy, action plans, and financial ambitions. Both externally and internally, these deep dives get significant recognition. This concludes our presentation. We would now be happy to take any questions. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. I would like to remind you to please limit yourself to a maximum of two questions to ensure that all attendants are able to participate. Again, please press star one to ask a question. First question is from Tarik El Mejjad, Bank of America. Hi. Good morning. Good afternoon, everyone. Thanks for taking my questions. I have two, please. First, on the Global Markets, I want to understand how the Q2 actually strong performance, how much of it is sustainable. Can you tell us in the equities which part is derivatives, which part is client demand versus pure volatility actually benefits? Would you qualify it as a super exceptional quarter or a quarter that could be actually largely repeated if the current geopolitical and macro environment persists? On Global Banking, you had other ways up 5% quarter-on-quarter. I know it can be lumpy. Should we expect some more optimization through different tools To bring down RWAs there because the revenues has not really showed up yet in the quarter despite the big RWA increase. That's my question on CIB. On distribution, I think in the slide you removed, in 2026 result, the 60% payout confirmed that you had in previous slides. Would you consider if, let's say, you do a buyback in Q4 calendar, to start the higher than 60% payout already with the 2026 earnings into 2027 calendar? Is it clear that it would be really from 2027 earnings that you would pay more than 60%? Thank you. On CIB, looking at the Global Markets, this very strong performance derives from, in particular, equities. What we are seeing is both the result of a certain level of volatility, market that was expanding, but also a strategy of continuous investments, especially in structured products. Structured products, for example, in the U.S. domestic, we're number four today. In APAC, we're just the same with roughly 9% market share. We're also having momentum in anything that is prime brokerage. What we are having in the second quarter is, of course, the momentum derived from the global environment in those businesses, but also the fact that we have continuously invested in those domains with good results and good market share gains. This is for Global Markets. Global Banking, those risk weights are very much linked to the ramp-up during the second quarter, this is very much a phenomenon that took place at the end of the quarter. Those 5% growth for risk weight is not, I would say, represent the evolution of the second quarter, but it gives an idea of what is coming for the second part of the year. This division is having a very good strong prospect for the second half. To some extent, the risk weight evolution is an early signal of this upcoming evolution. On distribution, well, as of today, the policy for the 2026 plan is 60%, 50% being the dividend and 10% being the buyback. Yes, it could happen that the 10% might be, I would say, enforced in the fourth quarter, like last year. This is a possibility. We have not decided, it's a possibility. When you are saying that above 10%, we will have to take a decision in terms of additional distribution. It's difficult to say if it's linked to the 2026 year or the 2027. We are going to close the, I would say, the yearly accounts end of January 2027. At that moment, probably, or in between that moment and the general assembly, we will make a decision on the, let's say, excess. This is coming in 2027, you can say it comes from the 2026, I would say, results. It's something that can be read in the two dimensions. This is the way it is. 13% is our target. Good enough. We're at 13%. Anything that is above will be considered for additional distribution, additional investment to be decided by the board. This come on top of the 60% policy. Of course, for the next plan, we will have to set a new policy in terms of, I would say, distribution and buybacks. This is going to be a piece of the new term plan. Clearly, it's going to be higher than the one in the current plan because the company is more profitable. Thank you very much. Next question is from Stefan Stalmann at Autonomous Research. Good afternoon. Thank you very much for taking my questions. I wanted to ask about the LCR ratio, which saw this spike in the second quarter. Was there any particular reason to that, or was it a bit of a random number at quarter end? Regarding Arval, I guess back of the envelope, the business has probably lost around about EUR 200 million on the sale of used cars in the H1 of the year. Can you give us any indication of whether this is going to get worse before it gets better, or what we should expect to see maybe through the end of the year? Is there any need to revisit your residual value more fundamentally? Thank you very much. For the LCR, we are having this quarter 149 percentage points. We're going to integrate Arval on the 3rd of August. Athlon, on the 3rd of August. We have to prepare for that. You need to have the liquidity upfront. Athlon is roughly 12%-14% on spot. We want to operate at 135. The cycle 130, 135 is the target. We are preparing for the integration of Athlon. There is nothing very specific about the LCR. It's a good, I would say, testimony that the company can tap any kind of, let's say, any pool of liquidity worldwide in a number of domains through a number of different businesses. We have absolutely no difficulty upgrading the, or pushing up the liquidity ratio if needed. Here there were something particular linked to Athlon, so we went up at that level. On Arval, well, the business, as you know, was hit in the beginning of March because of the war in the Gulf. This environment remains very much volatile, so it's difficult to understand exactly what's going to be the future. But we are, I would say, quite conservative. We are having norms and accounting approach that are quite conservative. We tend to adapt upfront, I would say, the residual values of the cars we are having. This has an impact on the top line beyond, let's say, the day-to-day business. It's not, I would say, a loss that is being made on cars we are selling. We're not, I would say, posting losses in that domain, but we're anticipating something that could be slightly below former, I would say, provision. We're doing that in a quite conservative way. It has an impact, and it's moving because the environment is volatile. If you look at the consensus, looking at the consensus for the H2 of this year, probably as of today, the consensus is still too high by, let's say, EUR 100 million. If you look at the consensus for our H2 of this year, we still have something that is a gap of around EUR 100 million. You have so many other businesses that are delivering better results, in particular the commercial banks in the Euro area, thanks to in particular, the red scenario is the steepening of the curve that is even higher than anticipated that, well, this is going to be compensated in the company one way or the other. This is just an information on Arval, but doesn't change the global outlook. Intrinsically, Arval is doing very well. If you look at the fleet, it's growing by 5%. Given the fact that we not only finance but also sell other services, the top line is basically up 12%. The intrinsic is fine. There is this weight on the resale of the cars, which as Jean mentioned for the second half, and it would be a similar amount compared to the consensus again in 2027. Thank you. Thank you very much. Next question is from Giulia Aurora Miotto, Morgan Stanley. Hi, good morning, and good afternoon rather. Thank you for taking my questions. I have two. You are providing a very useful slide on SRTs, and you are at 90 basis points at the moment. What is the go-to level here on SRTs? Is 100 basis points a good level? Could you do more perhaps? Could things change with the securitization reform? That's my first question. Secondly, Jean-Laurent, I heard much more conviction on costs and the path to 50% cost income. What makes you confident? How quickly can you get there? I would be curious. Perhaps you learned something new on AI, I would be curious on your take on the cost trajectory. Giulia, I'll start with the SRT, and then Jean will continue. On the SRT, as you mentioned, it's an important part. If I express it in basis points, we have a gain of 90 basis points. As I mentioned, we do this over time. We don't have it all in one go. On average, of the instruments of the past, there is 10 basis points falling over. We do an additional 20 basis points every year. If you look at it, we have the intention going forward, and this is before the Savings and Investments Union, to have 10 basis points a year. If you look over the last couple of years, that is what we have been doing. That is what we continue to do. As I said, that is before the SIU. Jean, on costs. On costs. In the current plan, we are having every year, an additional EUR 700 million of additional efficiency. The initial target used to be EUR 600 million. Two parts. One was the, let's say, the infrastructure of the company, the functions, EUR 300 million per year. The second half, I would say, the interface in between the bank and customers, EUR 400 million. We grow and invested quite a lot in the current plan and also in the previous one. When you're investing a lot, increasing the level of diversification, increasing the momentum in a number of domains like CIB, asset management, Wealth Management, and so on, insurance. When you are pushing quite far in terms of digitalization in the commercial banks, it's slightly more tricky to also completely leverage that part that is the infrastructure of the company. Most of this is done, we can now tackle those domains. This represents basically EUR 15 billion. Out of it, we will cumulatively extract EUR 2.4 billion over the period. We will extract basically 15% of this. The EUR 300 million that were coming every year from that part is going to be pushed up at EUR 600 million. On top of that, we will continue on a yearly basis to deliver the EUR 400 million. This, in addition, is going to be EUR 1 billion per year. Roughly the next plan is pushing the EUR 700 million up to EUR 1 billion, and the EUR 300 million within the EUR 700 million up to EUR 600 million. This is the story. We're very well advanced. We're looking at this situation since August 2025. Now we are one year later, and bottom-up, top-down approach now are close to the conclusion. More than 80% of those, EUR 2.5 billion over the period of EUR 600 per year, are now clearly identified, and we are having plans and actions. We are quite confident on our ability to deliver. Thank you. Next question is from Pierre Chédeville, CIC Market Solutions. Yes, good afternoon. First question regarding asset management in Q2. The net inflows were only EUR 6 billion compared to EUR 15 billion in Q1, if I'm correct. I wanted to know if you consider this figure a little bit disappointing, and if there is any specific reason. My second question is relating to the likely operation in Germany that we have in mind, and I wanted to know if you consider that it's a game changer, first, from your ambitions in Germany regarding the Mittelstand customers, but also from a more global view on the European banking landscape. What do you think of the potential birth of a new giant at the European level? Thank you. I'll start with, so on asset management, listen, between quarters, you can have some difference in volatility and demand. If you look at the overall evolution, we've guided for 4% growth. We are a tad above that. There is nothing else to read into this. On Germany, tendentially, this is an operation that is very much around private individuals, SMEs, and this is not typically the domain in which we are really operating in Germany. We are very much an investment bank, global bank in Germany, Wealth Management, asset manager, car fleet financing, specialized consumer lending, which is not typically a business competing with Commerzbank. We are not in the SME domain. For us in Germany it is neutral. We have nothing that can come from this transaction, nor in a negative or positive way, if I understand well the point. Anyway, if you look at it intrinsically, as you know, there are many banks in Germany, the trend for consolidation is logical. For us, it is not in our space. Thank you. Next question is from Delphine Lee, JP Morgan. Yes, good afternoon. Thank you for taking my questions. Just two quick ones. Just wanted to come back on capital. You target 13% CET1 ratio in your new plan. Just trying to think a little bit about your approach on distribution. Would you want to distribute all the excess above 13% or keep some kind of buffer? Or set some capital aside for investment? Just if you could share a little bit your thoughts about just the general approach. Also related to capital, is the intention still to deliver the 20 to 30 basis points of capital benefit from disposals by 2027? My second question is on BNL, where NII is still a little bit under pressure. Kind of wondering a little bit when we should see a little bit of that infection point and improvement on margin. Thank you very much. 13% is 13%. It is not 13.2% or 13.3% or 13.4%, it is 13%. Above 13% starts at above 13%, this is very simple. Benefits are coming from organic generation of equity or disposal, or both, but they are just equity. We do not make a difference in between additional equity coming from divestments or additional equity coming from, I would say, organic generation. Once a year, the board will have to take a decision, having in front of the eyes a certain level that is going to be above 13%, and we will have to decide which amount they will distribute on top of the regular, I would say, distribution. Once again, for the next plan, this could be different, meaning higher than in the current plan. We could say instead of 60%, we could say 70%. This is a possibility. It's not decided, but it's a possibility. We could say 70. We could say that. Even at 70%, there is a possibility that even at 70%, on a regular basis, the group might generate additional equity. Back again, you will have to decide year after year how to distribute through, I would say, additional dividends or buybacks. Still to be understood. On BNL, the balance sheet is very much a fixed rate balance sheet because the strategy of the bank, which is a big difference compared to the market, is to distribute fixed rate mortgages. It had some advantage in the previous cycle. It's a major complexity in the current cycle. This is the way it goes in banking. You have cycles. In the next plan, that will be disclosed in November, you will see that BNL will target a 20% return on national equity. I would say, targets also, this is the program. You have a number of domains in which BNL can make and deliver good progress, the cost base, grabbing market share, additional cross sales. This is the point. 20% is not as high as the Belgian bank that gave 26 in 2030, but if you look at the evolution, it's basically just the same. This is for BNL. Maybe if I can have one complement is even that, given the fact that we have been repricing the deposits, you should see a pivot in that line for the second half. That's the one thing. Also, let's not forget that BNL is just part of what we have in Italy. That's one of the other things we will do during the deep dive in November, show that there is adjacent to that, a similar activity that is complementary to what BNL is. Great. Thank you very much. Next question is from Chris Hallam, Goldman Sachs. Yeah, good morning. Morning. Good afternoon, everybody. Just two quick ones. First, on restructuring, is EUR 800 million still the right number for this year? I expected it to be up a bit quarter-on-quarter, but it was down slightly. I just wondered if we're going to finish the year below the EUR 800 level you talked to earlier, or whether we should be expecting sort of EUR 250 million-EUR 300 million per quarter in the H2 of this year. Another one again on capital. You mentioned several times in the prepared remarks, RWA and capital efficiency. You've already got to the 13% target CET1 level. You've sort of ruled out any major acquisitions. If I think about 2027 RWA growth mirroring the discipline you've seen this year- Yeah. Maybe you'll eat up 25 basis points or so from RWA growth. That puts you in a position to distribute, 80%-90% of earnings a year from 2027 onwards before any M&A tailwinds or headwinds. Is that logical or am I missing something there? I think it chimes along with what you just said about sort of maybe thinking about 70+ as the right run rates for 2027 onwards. Chris, thank you for your questions. On the restructuring, we stick to EUR 800 million. That's what you see on slide 30. Those restructuring costs, they are not linear. They can fall in different periods because you have to decommission systems and what have you not. We stick to EUR 800 million. When you look at the 70 basis points on the common equity T1, listen, as we mentioned, we typically have, with the growth of the earnings and the risk-weighted assets that you see, we on average have a touch high of 10 basis points that we generate a quarter. That could go up a little bit. Let's say that that could be 40 basis points, and then I don't know if getting to the 70, you add the whatever the disposal of 25. In the run rate, it is rather 10 basis points that those RWAs with the earnings will generate on a given quarter. Just on 70, I meant 70% payouts. I think you sort of said a 70%- Oh, yeah. Plus. Should be like 80- 90. No. Rephrase your question, because then I probably misunderstood. Can you rephrase? Yeah. I think next year, if you were to do relatively disciplined RWA growth, there's no major acquisitions. The RWA growth maybe consumes 25 basis points. If I just think about your payout potential as a percentage of earnings, that puts you closer to 80% or 90% payout as a sort of structure from 2027 onwards, which I think chimes with what you just said earlier, of 70% or more. I just wanted to double-check on that. No, that's right. I misunderstood your question. Indeed, in the natural generation that we have, then if we will look once a year what the excess is and decide that we return it would indeed get you to a ratio, something around what you mentioned. It's clear. Thank you. Thanks a lot. Next question- Operator, any more questions? Next question is from Sharath Kumar, Deutsche Bank. Hi. Good afternoon. Thank you for taking my questions. I have two questions, both on R1. Firstly, on the fleet growth, given that it's been growing by 5% annually for several quarters, what can you say reassuring about the residual value risks in light of all of the used car price pressure that we have seen? From an accounting point of view, do you also take prospective depreciation adjustments in anticipation of weaker residual value? Is that already included within your used car sales? Can you provide a mix of electric vehicles versus ICE vehicles in your overall fleet? That's the first one. Second is on Athlon. Given the pressures now seen in used car markets, what gives you the confidence that the Athlon acquisition is still on target to achieve 18% ROIC? Can you quantify the P&L impact, assuming that we have an August integration, and any integration cost we are aware of for this year? Thank you. First. On the fleet growth, as you mentioned, we see continues the 5% that we see on the fleet. As a reminder, on the distribution between ICE and EVs, at a stock today, we have 20% which is EVs, 80% which is ICE. If you look at what we saw in the last quarter, the production of new EVs was rather 28%, and the ICE was 72%. That's a bit how the fleet evolves, and that is why. That fleet evolution basically drives the prices up for the EVs and drives them down for ICE. That is why every time we look at the cars that come back onto the market, well, they face EVs, which have a higher price, which is good. They have ICE, which have a lower price. Given the fact that we have 80% ICE, 20% EVs, that is what weighs on the resale value. Listen, I will not give more on that. Jean-Laurent mentioned compared to what is the consensus, what we see in our stance to be the difference. When it comes to Athlon, indeed, we intend to basically have closing beginning of August. Remember that one of the things that we mentioned on Athlon is that it consumes capital, but that capital will be compensated by the sale of BMCI. I remind you what we said, with the capital consumed by BMCI was generating EUR 30 million net profit, whereas with Athlon after integration, and we anticipate that it generates on a yearly basis, EUR 200 million. That. On the valuations of it, we are confident. If you look at what is the public data, Athlon did not revalue much during COVID, and with all of the due diligence we have done, we don't anticipate that situation to be that different. Moreover, Athlon has a higher fraction of EVs versus other. I remind you, by putting it together, we really make a champion that now has material activities in many of the countries we are active. That is why we are very pleased to be closing the deal beginning of August. Thank you. Next question is from Andrew Coombs, Citi. Hi there. Thanks for taking my questions. Just a couple, flipping around some of the previous questions, actually. Firstly, a lot's been talked about the potential to increase the payout ratio next year. Given where you already are on the core tier one ratio, would you also consider increasing the 2% organic RWA guidance? Are there areas where you think you could deploy capital and you'd like to deploy capital given where you've already reached on the capital position? Second question, you got asked about Italy, and the interest margin there, but on the flip side, France and Belgium were very strong. You've particularly called out the decline in term deposits. You've called out the reinvestment on the remunerated deposits. Was there anything one-off in nature this quarter, or anything you call out, or could we expect further margin expansion similar to what we've seen this quarter? Thank you. If you look at, so indeed Belgium and France, no, there was no one-off. We've guided that the growth that we are having is basically that we take now the impact of the higher rates. On top of that, we have the cross-sell and that we step up. If you look at that, so there is the impact, there is also, if you look at it, the deposits are going up, so the margins are kicking in. The volumes are going up. The overall pricing, particularly in Belgium, the margins versus the competitors are holding better. Those are all the elements that drive up, and there's basically no one-off in it. When it comes to, we have the payouts, so we basically answered it. On the acquisitions, listen, with what we have done, we basically considered that the setup of the bank is where it should be. In the past, we have been building and redeploying capital in CIB. We've been able to get Exane on board, the prime brokerage and so on and so forth. Now that is a complete system. You saw second quarter results. We have that platform. We are growing it in several regions, and so that's working very well. We've done with Athlon, we've basically done the same thing when it comes to IPS. There also, we have the setup and within CPBS, within our networks, we have it as well. That is basically what I would say with respect to that. Next. Operator, would there be any other questions? Yes. Next question is from Anke Reingen, RBC. Yeah. Thank you for taking my questions. I just have some small questions. On asset management, I'm a bit surprised to see the revenues down quarter- on- quarter, given the strong growth in assets. Anything we need to consider here? Then, a question on the corporate center. I know it's hard to estimate, but, is the EUR 77 million negative adjusting for the EUR 80 million gain? Should we see this as a run rate or is there anything in terms of updated guidance? I'm sorry, a sneaky question on capital. I apologize if I missed it. Is there still any guidance about model update headwinds that we should consider? Thank you. Anke, I'm a bit confused. Can you rephrase your question on the corporate center so that I understand? Any guidance on the run rate and revenues? Thank you. Yes. The run rate what we've guided for is basically zero over the year. You have seen that in the second quarter we have EUR 200. I adjusted the overall charge of EUR 1.4 to -EUR 1.2. Basically, the gain that we have taken this quarter, I've adjusted it. That basically means I still, with whatever I see, I consider it will be zero for the rest of the year. Listen, there are many volatile elements. There can be, like here, there have been some elements on liquidity, and also given the transactions that we have been doing, that basically gets accompanied by derivatives in that time, that impact. Our overall guidance remain on zero. Can you also rephrase your third question on the capital gains? No, in the past, you've guided to regulatory headwinds- Regulatory headwinds. Yeah. Yes. Is there anything we should consider? The headwinds we have been having in the past are indeed material. There is the whole supervisory and regulatory changes that we have seen. At this stage, we have seen it coming down. If I can look at it, if you look at Europe and the legislator, they basically see that they have to find the right balance. On one hand, the FRTB is pushed already to the end of the decade, we'll see what they do. If you look at the simplification document that has been published by Brussels last Friday, they are really looking and also reflecting on how the whole banking regulation can be coherent, with banks supporting the economy. That's a bit where it stands. Remember our guidance, though. We have said that on average, what we still expect is the impact of 10 basis points given regulatory supervisory kind of things. We stick to that. We don't see anything else on the horizon, Anke. Okay. Thank you. Operator, we are done. We have no more questions registered at this time. Again, as a conclusion, as you can see, we delivered on the CET1. I guess we gave some additional clarification on anything that is going to take place now in terms of distribution, return to shareholders, and additional, I would say, buybacks. 13% is 13%, not more. We are very confident in our target that is earnings growing at a minimum of 10% on a yearly basis. We are well advanced in terms of preparing the next term plan, in particular for anything that is support function, additional efficiency. Close enough to confirm that so far we have not found any, I would say, additional complexity or anything that could prevent targets we already, I would say, gave previously. That is to say, 50% cost-income ratio for 2030 and a return on tangible equity of 15%. This is in a nutshell the situation we are in. Good strong quarter, good momentum, I would say, solid preparation of the next plan to come with those targets that we believe, I would say, more than a possibility for us looked at from the second quarter of this year. The next plan will start in only half a year, because in five months we'll be in the next plan. We have to be confident, and we are confident. Thank you so much. Take care. Thank you. Have a good summer. Ladies and gentlemen, this concludes the call of BNP Paribas second quarter 2026 results.