All right. Good morning, everyone. I would like to extend my thanks and a warm welcome to our shareholders, bondholders, and analysts joining us here in the room in person, but also online. We deeply appreciate and value your continued commitment and engagement with Société Générale. Today is an important milestone for us. It is an opportunity to step back, assess our achievements, discuss where we are headed, and more importantly, explain how we intend to keep creating value for our shareholders. In 2022, the group was in a difficult position. Our organization was too complex, our operating model was not efficient enough, costs were too high, profitability was too low, and a weak capital position hampered our ability to grow and to distribute value to shareholders. It was also clear that the group had strong franchises and a clear potential. A potential, however, that was not translating consistently into financial performance. The average profitability languished at around 6% for the 2018-2022 period. In 2023, we set out to fix that. We established a strategic roadmap with clear priorities to build a stronger, simpler, and more profitable group. A group with greater capital flexibility, tighter operational discipline, and a sharper focus on a higher and more sustainable value creation. This is exactly what we have done. Of course, there is still much more to do. What I want to share with you today are the next steps we will take to create the conditions for disciplined, profitable growth, reaching a ROTE between 13% and 14% in 2029, and above 15% in 2030 and beyond. We know that promises don't earn you credibility, results do. To give you a better sense of how we plan to achieve our future ambitions, let's revisit how we engineered this turnaround. Three years ago, to strengthen our foundation, we decided to increase our CET1 ratio target from 12% to 13% after Basel IV. It was an ambitious goal at the time, designed to create a robust buffer above regulatory requirements, give greater flexibility to manage the group through different market conditions, and to remove the perception of the dilution risk. At the time, we combined this capital objective with a payout policy of 40%-50% of the reported net income. As we all know, you have to make money before you can spend it, and we had to earn the right to distribute more. By Q1 2025, our CET1 ratio had already reached 13.4% after Basel IV, above our 13% target. That marked a fundamental change in our position. Instead of being a constraint, capital became a source of strategic flexibility. It also became the foundation for more predictable ordinary distributions, as well as a lever for additional capital returns when our capital generation exceeded the needs of our business. We have moved from rebuilding capital to actively managing it. Over the past three years, we have also fundamentally improved the operating performance of the group. We made difficult decisions. We simplified the organization. We reduced structural complexity. We increased accountability across the group, and we applied strict discipline in the allocation of every euro of expense. These actions are now producing tangible results, and we now have a cost base that is 8% lower than it was in 2022. Yet at the same time, we organically grew revenues by 8%, and this despite stable organic RWA. Those measures have improved our cost-to-income ratio, which by the end of this year will be below 60%, exactly what we committed two, three years ago. That 60% is also 11 percentage points below the 2018-2022 average level. As a result, profitability has increased to around 11%. That is 5 percentage points higher than the 2018-2022 average, and above our initial target of between 9% and 10%. All this resulted in a higher distribution to our shareholders, with the ordinary payout reaching 50% of reported income as early as 2025. We were also able to return excess capital to shareholders beyond our ordinary distribution policy. We have done this through three extraordinary share buybacks totaling EUR 3.5 billion. By 2025, just 18 months after the cut, the total distribution to shareholders was almost 3 x what it was in 2022. In total, we distributed around EUR 9.5 billion since 2023. Total distribution, combined with the increase of our share price, represents a total shareholder return of 270%. This performance is among the best in our industry. Greater profitability also strengthens our risk profile. In the past few years, our earnings have not only grown, but they are significantly more resilient. First, we reduce the volatility of our revenues. We are now generating revenues that recur with greater predictability at lower levels of volatility across market cycles. As the chart on the left shows, this is better than most of our peers. Second, the combination of stronger revenues, lower costs, and greater operating efficiency has increased by 50% the pre-provision profit generated by the group compared to its 2018-2022 average. Third, our cost of risk has remained low. It has been consistently below 30 basis points every quarter since 2023. This reflects the quality of our loan portfolio, our disciplined origination standards, and our prudent management of credit risk. We are now better equipped to absorb shocks, generate capital, and deliver sustainable returns through the cycle. This is the risk profile we intend to maintain as we move into the next phase. One look at these results leads to a clear and simple conclusion, we have met or exceeded all of the targets from our previous plan. Given how well this playbook has performed, we want to enhance it and build off our strengths. Our group is built around three powerful and complementary pillars: French Retail Banking, Global Banking and Investor Solutions, and Mobility & International Retail Banking. Each pillar has its own strengths, sound client franchises, and growth drivers. Together, they give us a diversified revenue base, a broad range of expertise, and a distinctive capacity to serve our clients across their different banking needs. Of course, a strategy is only as strong as the organization's culture and capacity to execute it. Société Générale is well known for its resilient, business-minded, entrepreneurial, and innovative culture, as well as for a strong sense of belonging, which are unique assets. Our success is a testament to the performance of all our talented teams all over the world. I want to take this opportunity to warmly thank them for their hard and consistent work, which delivered a particularly successful turnaround. We knew we could do better, so we also worked hard to reshape our culture around four principles: ownership, efficiency, cooperation, and responsibility. We changed, and this is why we can look into the future with confidence. And those future next steps come straight from a familiar playbook. It is a strategic equation that has already proved successful for us. It does not need to be changed; it needs to be enhanced. We can take an even lower cost base, combine it with profitable growth, underpin it with disciplined risk management while continuously transforming our businesses to make them more competitive with higher level of sustainable performance. So here are the targets for 2029. Lower costs in absolute terms, standing at EUR 16.3 billion, down 2% versus 2026. Higher revenues growing at a CAGR of around 3% between 2026 and 2029, leading to a cost-to-income ratio below 55%. A low cost of risk between 25 basis points and 30 basis points, and a ROTE between 13% and 14%, with a CET1 ratio above 13% and a distribution payout ratio of 50%. Now, here is what this strategy and those targets mean in terms of shareholder distributions. Our policy is built around two complementary components. The first is an attractive and sustainable ordinary distribution with a payout ratio at 50% of our reported net income. This will grow along with the recurrent earnings and organic capital generation of the group, and this ordinary distribution will continue to be balanced between dividends and share buybacks, and it will translate into a low to mid-teens DPS growth CAGR over the 2026-2029 period with an expected cumulative ordinary distribution above EUR 13 billion. The second is an extraordinary distribution, which allows us to return capital generated above our 13% targets. If no relevant and accretive M&A opportunities are identified, we will return to shareholders the entirety of this excess capital, estimated at around EUR 8 billion. Therefore, the total return to our shareholders may reach EUR 21 billion for the period, or 39% of our market capitalization. Think of it this way, we could distribute around 80% of our earnings each year after funding our businesses for profitable growth. Now, let me outline how we will lower costs, which has been and will remain at the heart of our strategy. Over the past few years, the steps we took to reduce our cost base and improve our efficiency have paid off. Our costs, as you know, have decreased by 8% compared to the 2022 level. That is a decrease of EUR 1.4 billion in absolute terms, despite an average annual inflation rate of 2% to 3%. Restating from perimeter impact and inflation, our cost base has decreased by 17% thanks to savings of EUR 2.6 billion. This is massive, and we accomplished this because we worked on every component of our cost base through decisions both large and small. We adjusted our workforce to reflect our strategic priorities and the changing needs of our business. As you can see, compared to the end of 2023, headcount is down 17%, and 11% when adjusted for the disposals. We implement a strict control on hiring and on external spending. We simplified our organization and reduced management layers, creating clearer responsibilities and faster decision-making. But creating a lasting efficiency culture takes more than that, so we conducted an exhaustive review of our processes, and thousands of employees took part, generating thousands of ideas on how to be more efficient. In IT alone, we reduced costs by EUR 900 million between 2022 and 2026, in part by consolidating our supplier base from 650 providers to just four key partners. This reduction in spending, however, did not come at the expense of operational resilience or security. On the contrary. In fact, we improved the quality and stability of our IT production, bringing the number of incidents down by 80% versus 2022, and our composite IT efficiency index improved by 27%. At the same time, we have continued to reinforce our prevention, detection, and response capabilities in cyber risk. Even with all that, our cost base is still too high. Our organization remains too complex in some areas, and we still have too many systems, processes, and activities that are duplicated across businesses and functions. The next phase, therefore, will go beyond the measures already implemented. In 2029, we expect our cost base to be at EUR 16.3 billion, representing a net decrease of 2% compared to 2026 levels. We will continue to invest billions to support our businesses with an incremental EUR 600 million, bringing the total investment to over EUR 5 billion over the period. Our strategic approach is to spend less on what causes inefficiency and more where we can create lasting value. The savings generated will more than offset inflation and the investments required to deliver our strategy. Here is how we are going to do this. We have three main levers. The first one is technology and AI, and more on that in a minute. The second one is our human capital. It is simple, really. Every recruitment decision is put to a clear test. Can the need be addressed internally, either through reskilling our own people, automation, or reallocation of resources? If it cannot, we will hire from outside. We will also continue to improve spans of controls and reduce unnecessary organizational layers. The goal is not simply to reduce resources, it is to use our talent more effectively. We will also reduce costs through procurement. External spending represents a significant part of our cost base, and we see further potential to improve how we manage this through stronger control. It starts with a simple shift in posture. Before being disciplined in spending, one has to be disciplined in his or her needs. This is how we will continue to decrease our cost base in absolute terms. We are just getting started. Despite the significant progress we have already made, our IT intensity ratio, which stands at 15%, remains above that of our peers. It tells us that we have plenty of room for improvement. We are now targeting an IT intensity ratio of 12% by the end of the plan. We will achieve this, again, through three main levers. The first is the continued simplification of our application and technologies landscape. The second lever is to pursue the simplification of our IT operating model. The third lever is AI, which will be an important accelerator for our transformation. By 2029, we will have reduced our IT costs by 30% since 2022, despite inflation and higher investments, all while substantially improving our IT KPIs and KRIs. AI will, of course, support our journey, and we see three major opportunities here. First, lower costs, particularly in technology, through more efficient coding, testing, and maintenance, and support. Second, higher productivity by streamlining low-touch processes, automating reporting, and reducing repetitive administrative tasks. Third, it should free up our people to have more personalized interactions with our clients. In short, AI makes it possible to develop and operate technology at a lower cost, and it makes our teams more productive. We will scale use cases selectively based on measurable benefits and within a rigorous risk and governance framework, as we are not just any business, but we are a bank. Right now, we see AI generating EUR 500 million- EUR 600 million of cost reductions with around EUR 350 million embedded so far in the trajectory. Last week, we signed a strategic collaboration with Anthropic that gives us access to its advanced capabilities and latest generation AI models. This collaboration will provide us with a highly scalable platform, enabling us to accelerate the deployment of AI use cases across the group, resulting in all the benefits I just mentioned. Their focus on enterprise AI applications will be key to supporting the deep strategic transformation of our IT environment and core systems and processes. This is, in our view, an important step in our AI journey, allowing us to combine external technological capabilities with our own data, expertise, and understanding of our clients. We addressed cost first for a simple reason, because of operating leverage. Growing off a lower cost base creates more value and more resilience. Now let's address growth. Three years ago, in this room, I told you we would grow differently, in a more disciplined manner, and we've done that. With almost no organic RWA allocation, our businesses grew by 8% between 2022 and 2026. We did that by transforming our core businesses and playing to our strengths. French retail grew by EUR 1.4 billion during that period. BoursoBank is now a real bank at scale and profitable. With more than 9 million clients, it has around EUR 85 billion of assets and leads in the French online banking sector. At SG, we're growing and building on our leadership in savings and wealth management, supported by record life insurance inflows. Global markets are less volatile, delivering recurring and predictable earnings while achieving a record profitability of 20%. In financing and advisory, we implemented a new model to make more efficient use of our balance sheet, and this increases our ability to originate financing solutions and distribute them to investors while supporting our clients even more effectively. With the integration of LeasePlan, Ayvens has reinforced its position as a global leader in fleet management with close to 3.2 million vehicles worldwide. They do operate in a complex environment, but thanks to, again, our disciplined approach, we managed to increase margins and preserve profitability. We expect group revenues to grow by an average of approximately 3% per year between 2026 and 2029, supported by a disciplined organic RWA growth of around 2% per year. This growth will be broad-based and balanced across our three businesses. It will not depend on any single franchise, market environment, or source of income. Just because we now have capital doesn't mean we're looking to grow all businesses all at once. First, we will accelerate growth in BoursoBank and in our wealth and savings franchise in France. Those businesses are capital light and highly profitable. They can build on existing platforms, expertise, and client relationships to generate additional revenues with limited RWA consumption. This operating leverage argument, so to speak, also applies to Global Equities, Financing and Advisory, to our retail banks in the CEE region, and to Ayvens, where capital investments in RWA will bring accretive returns thanks to scale and high marginal returns. Our U.S. platform represents a distinct growth opportunity. It's already a highly profitable, well-diversified business with a large and deep client base across financial institutions and corporates in a growing economy. We will increase our capital allocation to the region to take advantage of this compelling combination of opportunity and strength. Our objective should be clear to direct resources towards our most profitable growth opportunities and maximize the value created from the group's existing franchises. More broadly, our approach in terms of portfolio management remains consistent. Three years ago, we defined specific criteria. Those principles still apply. What has changed, however, is our capital position. This means that we can be open to potential M&A opportunities, but let me be clear. We do not need acquisitions to deliver the financial targets we are presenting today, and any transaction would have to meet strict conditions. It would need to have a compelling strategic fit, reinforce one of our core franchises, and be consistent with our risk appetite. It would need to meet strict valuation criteria, demonstrate financial accretion, and offer credible opportunities for synergies. We'll therefore remain selective and disciplined, and we will only pursue an opportunity if it offers a more attractive use of capital than the alternatives available to us, including investments in organic growth or returning capital to shareholders. Let me also address our minority interests. From a strategic perspective, we already have control of these businesses through our majority ownership. At the same time, we regularly assess the most appropriate ownership structure for each of them. This includes considering their strategic importance, growth potential, capital requirements, valuation, and so on. Here, the technical benefits of reducing the minority interest frictions, in our view, do not outweigh the strategic consideration, nor the principles we apply to managing our excess capital. At this point, we are satisfied with our current ownership of these assets. Our responsibility is always, and will always be, to maximize value for the group and its shareholders. Good performance results from solid execution, and risk management is, of course, vital to that execution. Our risk profile benefits first from the diversification of our business model. We operate across different geographies, client segments, and economic sectors. We also combine complementary businesses across a wide range of markets. Our diversification is also reflected in our credit portfolio, where our exposures are well spread across industries, and top five sectors represent less than 13% of our EAD, with limited client concentration. This diversification matters, of course, as it reduces our exposure to any single market, business, or sources of revenue, and it provides greater stability and resilience to our overall earnings, as I showed you earlier. With regards to market risk, I implemented a significant shift in risk management, which has been in motion since 2021. We have significantly reduced the amount of market risk taken by the group. You can see that in the drastic reduction in our market stress test limits usage. At the same time, we improved commercial performance and grew our business substantially. Our Global Markets activities have delivered record revenues, demonstrating the strength of the franchise and the quality of its client-driven model. We are therefore generating stronger revenues with significantly lower market risk intensity, operating with an improved risk return profile and with a better quality of earnings. Let me bring these elements together. Over the past few years, our cost of risk has remained low and well controlled. We have an S1, S2 provisions buffer in terms of cost of risk, which is effectively almost double that of our peers' weighted average. At the same time, we have significantly increased our pre-provision profit, and this provides us with a much stronger hedge against any potential deterioration in the environment or in the credit environment. Looking ahead, we are targeting a cost risk of 25- 30 basis points over the 2026, 2029 periods, and the target reflects a prudent approach and incorporates a degree of normalization from the low levels observed in recent years. Let me now turn to the transformation of our businesses, which will be critical to unlocking further growth and higher profitability. Of course, the transformation of any business is always impacted by the broader environment and how it is rapidly changing in both challenging and promising ways. We are no exception. The global economy is undergoing profound structural change. This environment will remain complex and volatile, but it is also creating significant opportunities for us because of our business portfolio, franchise strengths, well-aligned to core secular trends, thanks to our global multi-local reach, and because of a willingness to embrace change. Let's start with French Retail. Over the past three years, we have delivered a significant transformation of this franchise. We have a strong and integrated platform that is unique in France. It serves more than 17 million clients, combining the number one online bank in France, our traditional network in France, a leading private banking franchise, and strong capabilities in insurance and savings. Together, these franchises give us a particularly strong penetration with all individual and corporate clients in France, and the ability to address the full range of their needs. We now manage close to EUR 500 billion in deposits and saving assets. Life insurance outstandings have reached EUR 170 billion, an increase of 27% since 2022. Private banking assets under management now exceed EUR 145 billion. That is up 30% over the same period. BoursoBank has AUA of EUR 85 billion, an increase of more than 70% since 2022. These strong achievements have improved profitability, and we are well on track to achieve all our targets for 2026. Three years ago, when the cost-to-income ratio of this business stood at 73%, we set a target of below 60%. It is fair to say that at the time, few considered that achievable. Today, we have not only delivered on that commitment, we have exceeded it. Our cost-to-income ratio reached 58% in the first half of 2026. This 15 percentage point improvement reflects a powerful combination of revenue recovery and cost reduction. At constant perimeter between 2022 and 2026, and consensus 2026, revenue increased by 14%, while costs declined by 11%. 25 percentage points of positive jaws. This operating leverage has also translated into significantly stronger returns, with RONE reaching 14.2% in the first half of 2026, compared with an average of just above 10% between 2018 and 2022. Three years ago, we were facing many challenges, and we had two unbalanced and somewhat unstabilized assets. On the one hand, we had significant opportunities to improve efficiency in traditional retail banking, both through cost reduction and better commercial performance. On the other hand, we had the massive opportunity to grow, to double really, the size of BoursoBank. We simply had to grab this unique opportunity to establish our leadership. Despite, as you know, an otherwise conservative approach to spending, we had to build our group's future, and we managed to do that. Today, BoursoBank has 9 million clients and EUR 85 billion of AUA, EUR 300 million profit and 60% RONE. Overall, our French retail banking pillar has a cost-to-income of 58 and a RONE above 14. We now have a unique French retail banking setup, strong and profitable, stabilized and mature, with critical size across all market segments and channel, and ready to embrace the future. We will take this business step by step into that future by combining all our businesses into one integrated but differentiated franchise. One market, one business, with several assets to address it under one management, dedicated to the individual retail banking business in France. As you know, we announced the appointment of Benoit Grisoni as its leader starting October 1st, and Benoit will be under the continued leadership of Lubomira Rochet and my supervision. From now on, all our individual clients will be served by one integrated franchise led by one management. BoursoBank will continue to serve digital clients across all levels of wealth and grow aggressively its footprint and its asset base in the French market. The traditional network will focus strategically on the mass affluent and affluent clients. This will be done in close cooperation with our private banking franchise, which will continue to operate its high-net-worth client business, on the one hand, and continue the existing and widely successful cooperation with the traditional network in addressing the upper band of the affluent segment. The product offer, the relationship model, the relationship channels will be highly differentiated by client segments, using all our assets consistently from BoursoBank to private banking. Importantly, the pricing and cost to serve will be highly segmented and differentiated across client segments with the clear objective of reaching consistent profitability across all client segments all the time. We will develop synergies across the businesses and seamless transitions for clients interested in moving from one channel and product offer to another as their needs and behaviors change. Finally, we will work to eliminate all duplication over time, whether that is product factories, digital tools and services, or process design. This vision will be implemented step by step over time to protect the franchise and to execute the transformation in the most effective and responsible way. That implementation starts now under these strict principles. Over time, this vision has the potential to disrupt the cost to serve equation in the French market while carrying a high RONE increase potential. Its benefits will flow through progressively for years to come. It will support the delivery of not only our 2029 targets, but also the further profitability increases we project for 2030 and beyond. Building with this vision, we are setting out a clear roadmap through 2029. We are targeting cost-to-income ratio below 55% by 2029. First, we will continue to grow BoursoBank aggressively as we capture growth and a meaningful contribution to the group's profitability. Second, we will continue to improve the efficiency of the unified platform. We will adjust the number of branches in our network to better reflect continuously changing client behaviors. We will streamline our central functions, simplify processes, and further reduce duplication, as I said, across the platform. We are currently removing one regional management layer. Finally, we will focus our efforts on a strong position among affluent clients and leading franchises across our traditional network, private banking and life insurance in the French market. The step-by-step transformation of our entire business will unlock the unique potential of our French retail. The powerful platform of BoursoBank, you know, is built on four strengths. First, client acquisition. BoursoBank combines a leading brand in online banking brokerage and financial information with a highly efficient acquisition model. Its client base has grown by 29% per year over the past three years, at the same time that acquisition costs have declined. Second, client loyalty. A comprehensive product range, a leading digital experience, and consistently high client satisfaction resulted in a churn rate below 4%. Third, client potential. BoursoBank's clients are young, financially attractive, if we may say so, and still early in their relationship with the bank. As these relationships deepen, their value continues to grow, with assets increasing sixfold since 2016. Fourth, scalability. With around 1,000 employees and highly automated processes, the platform operates with a very low cost to serve, and this naturally supports a return on normative equity above 60%. BoursoBank combines client growth, deepening relationships, and exceptional scalability. The result is sustained double-digit growth and profitability well above its competitors. We see two complementary sources driving BoursoBank's revenue growth. The first is the increasing value generated by our existing client base. As clients mature, they become bigger and bigger contributors to revenues and profitability. We intend to go beyond that to monetize our client base. We will enhance our advisory capabilities, notably through AI, and this will allow us to address a greater share of our clients' financial needs. The second source of growth is new client acquisition, of course. The French market continues to offer a highly attractive opportunity. Traditional banks are not yet able to provide the market with the same combination of service, product breadth, and competitive pricing, while neobanks still offer a more limited range of products. BoursoBank is uniquely positioned between these two models. It combines the simplicity and pricing of a digital platform with the breadth of products and services of a full-service bank. Building on this competitive advantage, we are targeting a total client growth of more than 50% between now and 2029, and that will take our client base to more than 14 million. To us, it is crucial that we maintain a strong balance between rapid client acquisition and high profitability. We should not over-earn. We are therefore targeting a RONE above 45% each year from 2026- 2029. Bottom line, BoursoBank will combine continued client growth with increasing value per client, allowing it to expand at scale while sustaining a very high level of profitability. Wealth and savings represent a major growth opportunity for the group as well. France is one of Europe's largest and most attractive savings markets. French households hold around EUR 7 trillion in financial assets. That is the second-largest pool in Europe. Their savings rate is around 80% of disposable income. An aging population is placing greater emphasis on retirement planning. With state-funded retirement benefits shrinking, individuals will need to take greater responsibility for their own financial future, and they will need investment solutions. We also expect wealth transfer between generations like we have never seen before. By 2040, an estimated EUR 9 trillion, around three times the French GDP, is expected to be transferred from baby boomers to other generations, and these trends will change both the scale and the nature of our clients' needs. Here, our unique position, our new highly segmented approach, and our focus on mass affluent to high net worth individual clients positions us well for these opportunities. At BoursoBank, our goal is to increase AUA to EUR 115 billion by 2029. In our private bank, our 2029 target is EUR 180 billion. In insurance, our ambition is to at least exceed EUR 200 billion by 2029. The value of our model lies not only in the strength of each franchise, but in their combination. Here is a summary of the different financial targets I just laid out. Turning to Global Banking and Investor Solutions, our corporate investment banking franchise is built on strong foundations as well, with leading positions in highly profitable and differentiated businesses such as equity derivatives, structured finance, equity research, and tokenized finance with SG Forge. We serve more than 6,000 clients worldwide with a well-balanced client base across financial institutions and corporates. Our revenues are also diversified by product, as you can see, contributing to the strength and resilience of the franchise. In 2025, GBIS generated record revenues of more than EUR 10 billion. When we consider its profitability, the quality of the franchise becomes even clearer. GBIS is among the most profitable corporate and investment banks globally. RONE reached 19% in the first half of 2026, an improvement of three percentage points since 2022. This performance has also been supported by a more capital-efficient revenue mix, with fees growing and representing 45% of revenues in 2025, compared with 40% in 2022. As a result, GBIS is on track to outperform all its 2026 financial targets. The cost-to-income ratio stood at 62.1% in 2025, and improved further to 60.5% in the first half of 2026. That is already significantly below our target of less than 65%. Both our global markets and financing and advisory businesses are also on track to exceed their respective 2026 objectives. GBIS therefore enters the next phase from a position of strength with leading franchises, diversified revenues, disciplined costs, and top-tier profitability. Our 2029 roadmap is based on the same four priorities as the group. Together, these actions will support a cost-to-income ratio below 60% in 2029. We expect financing and advisory revenues to grow by an average of 3%-5% per year between 2026 and 2029. For global markets, we are targeting revenues between EUR 6 billion and EUR 6.5 billion, compared with approximately EUR 6 billion in 2025. We will do all this while sustaining top-tier profitability through the cycle. In global markets, our goal is twofold: capture opportunities in under-penetrated client segments, and address selected gaps in our product offering. While historically a core component of our client base, hedge funds and asset managers currently account for a substantially lower share of our client mix than the industry average. We therefore see significant potential to scale our presence in this segment. At the same time, we will strengthen certain product capabilities so we can diversify our business mix and increase the contribution of recurring revenues. Prime brokerage, for instance, will be a key priority. We see a clear opportunity to gain market share there as we expand already existing relationships with institutional clients and grow our cash prime brokerage balances. Finally, we will grow fixed offering beyond the flow business, and we will build on our strong origination capabilities to expand credit distribution. Together, these initiatives will broaden our franchise and support profitable growth. In 2025, global markets revenues were 28% higher than the 2018- 2022 average, while our markets stress test usage declined by more than 70% over the same period. In other words, we have generated much higher revenues while taking far less market risk. This performance is more than just high quality, it is also predictable. Back in the 2019- 2023 period, our revenue volatility was broadly in line with our peers. Since the third quarter of 2023, volatility has been almost half that of our peers. This improvement is not accidental, of course. Reducing revenue volatility was a clear strategic priority for us. We have intentionally improved our business mix, reinforced our risk discipline, and increased the contribution of more recurring revenues. This has translated also into strong capital efficiency. In 2025, our revenue to RWA ratio in global markets was around twice the level of our peers. At the same time, global markets delivered a RONE of 20%, approximately six percentage points above our CIB peer group. These operating principles will continue to underpin our growth ambitions through 2029, and we will pursue opportunities where we have clear competitive advantage, always within a disciplined risk appetite and with a strong focus on risk-adjusted returns. The other key division of GBIS is Financing & Advisory, as you know. Thanks to our client base and leading positions in structured finance, we increased total origination volumes by 60% between 2023 and 2025. This growth was achieved with more efficient use of capital, as over the same period, we doubled the volume of loans distributed to investors, increasing our distribution rate from 40% to 50% in 2025. We intend to take this model further. By 2029, we are targeting a distribution rate of 60%. More origination and more distribution increases client impact as well as fee generation, and leads to a more efficient balance sheet usage. Total origination volumes will grow by 50% between 2025 and 2029, while maintaining disciplined RWA consumption and, of course, attractive risk-adjusted returns. We also see meaningful upside potential in investment banking. The combination with Bernstein is generating strong momentum in equity capital markets, particularly in the U.S. We will build on this distinctive expertise through targeted investments, strengthening our sector teams and our client coverage. We will focus particularly on expanding our advisory business with financial sponsors and on reinforcing our presence in the U.S. market. Finally, global transaction and payment services will provide an additional source of profitable growth. We intend to address their new client segments and increase our share of wallet with existing relationships. This should support an average annual deposit growth of approximately 10% between 2025 and 2029, providing a valuable and recurring source of revenues and liquidity. A strong risk profile, of course, is one of the core features of the Financing & Advisory franchise. Our credit portfolio is well diversified, here again, across sectors, geographies, and clients, and this diversification, combined with disciplined origination and prudent underwriting standards, reduces our exposure to idiosyncratic risks and supports the resilience of the franchise. This is also true for sectors that have recently attracted greater market scrutiny. Our exposure to private credit remains limited and controlled, as does our exposure to software, IT consulting, and data centers. More broadly, our track record here speaks for itself. F&A has consistently delivered a low and stable cost of risk, including through periods of significant economic and market volatility. These operating principles will remain firmly in place. These are the different targets for our GBIS businesses. Over the past three years, we have also reshaped our Mobility, International Retail Banking & Financial Services businesses. We completed the disposal of most non-core activities in Africa and exited equipment finance. This gives us a simpler and more focused portfolio. With the successful integration of LeasePlan, we have built Ayvens into a global leader in mobility. Ayvens has what it takes to capture the long-term growth of this market, namely scale, expertise, and operational capabilities. This pillar also benefits from a strong and well-recognized European banking franchises in the Czech Republic and Romania, as well as from our specialized consumer finance activities. Together, these businesses provide the group with valuable diversification across different geographies, client segments, and revenue sources. Our lending portfolio there is also well-balanced between retail and corporate clients, contributing to the resilience of the platform. Importantly, this diversification comes with strong profitability. Since 2023, the pillar has delivered an average RONE of approximately 14%. Its cost-to-income ratio reached 53% in the first half of 2026. This positions us to achieve our 2026 target of below 55%. As we enter the next phase with a streamlined portfolio of strong and efficient franchises that generate attractive returns and provide the group with complementary sources of profitable growth. These businesses are accretive to group profitability and consistent with our strategy. Now, here's what we have planned next for MIBS. Our first priority is always to further improve the efficiency of the business model and bring the cost-to-income ratio below 47% by 2029. In our international retail networks, we will use our strong positions in attractive markets to grow consistently, aiming at market share gains in target market segments. At Ayvens, growth will remain selective. The industry does not yet offer the optimal risk/reward balance across all segments, and we will not pursue volumes just for volume's sake. We will focus on the client products and markets offering the most attractive profitable growth opportunities while preserving strong margins and responsible risk management. Historically, our consumer finance business has demonstrated strong profitability, and our priority here is to rebuild that performance progressively through prudent origination and, again, a clear focus on risk-adjusted returns. The direction from MIBS is clear, efficiency, selective growth, and rigorous capital and risk discipline, and this will make MIBS an increasingly accretive contributor to group returns by 2029. Each of our three international retail banking franchises has a specific roadmap. At KB in the Czech Republic, we will preserve our leadership among large corporates, grow selectively in SMEs, and accelerate in retail through AI and the KB+ digital platform, which was a key investment in the previous plan. This will support further growth while maintaining high profitability in a profoundly transformed entity. At BRD in Romania, our priority is to consolidate our market position and close the efficiency gap with peers by scaling our digital capabilities. Growth will remain selective there as well. In Africa, following the streamlining of our portfolio, we will continue to manage our five franchises according to our proven playbook. In consumer finance, we have a focused footprint and leading car finance positions in France, Italy, and Germany. Looking ahead, we will look to grow in this business by strengthening partnerships with leading manufacturers, particularly in new car financing. We will do so while preserving our highly efficient model and strict credit origination standards. Together, these levers will enable us to improve the business RONE by 2029. Ayvens, as you know, is the global mobility leader, and we have positioned it to realize its long-term growth potential and shape the industry for years to come. Three years after the beginning of a complex integration with LeasePlan, Ayvens successfully delivered its 2025 financial targets and is firmly on track to achieve its 2026 objectives. By shifting from a volume-led expansion to disciplined, profitable growth, the Ayvens teams have done a remarkable job restoring strong margin amidst a rapidly changing mobility market. Under a skilled new management team and with strong governance, Ayvens is now ready to enter the next phase of its strategic development. That next phase will be built around three priorities. The first is selective growth in the most attractive customer segments. We see significant potential in retail, both among SMEs and individual clients. We will focus where margins are strong, namely in the light commercial vehicles category for SMEs. This is less a market growth opportunity than a market penetration opportunity, where Ayvens scale, expertise, and product capabilities provide a clear competitive advantage. We will also deepen client relationships through additional services like insurance, electric vehicle charging solutions, and enhanced fleet management services. This will increase value per client while further diversifying the revenue base. Second priority is cost reduction. Ayvens is committed to reducing its cost base through 2029. Technology, AI, and a more effective allocation of resources will help simplify the operating model and improve productivity further. A major lever will be the optimization of the cost to serve across vehicle operations, from delivery and maintenance to end-of-contract management. The third priority is to prepare Ayvens for the future of mobility. We will develop new sources of value, including used car leasing, next-generation automotive technologies, and over time, the transition toward autonomous mobility. By 2029, we are targeting a cost-to-income ratio of approximately 49% and a ROTE between 14% and 16% at Ayvens level. This summarizes the key targets we have set for mobility, international retail banking, and financial services. Let me now hand over to Leo, our CFO, who will take you through our financial trajectory and targets. Thank you. Thank you, Sławomir, and good morning, everyone. Let me start with the key macroeconomic assumptions that underpin our financial trajectory. Our outlook calls for a subdued growth in the near term, followed by a gradual recovery through 2029. Inflation is expected to steadily ease while short-term interest rates normalize from their current levels as energy markets stabilize over time. However, we expect both nominal and real rates to remain structurally higher than during the previous decade. Long-term sovereign yields are also expected to remain elevated and volatile, reflecting higher term premia and public financing needs. While our euro-dollar outlook remains relatively stable across all of the period. Taken together, these assumptions describe a scenario of moderate growth, progressively lower inflation, some normalization in short-term rates, and persistently elevated long-term yields. This scenario, of course, is not without risk. Geopolitical tensions, commodity prices, public financings, or market volatility could lead to less favorable outcomes. For these reasons, our targets are mainly driven by factors within our control: the structural reduction of our cost base, disciplined and profitable growth, rigorous risk management, and the continued transformation of our businesses. In other words, the delivery of our plan does not depend on macroeconomic tailwinds. It depends first and foremost on our ability to execute. Turning to the key revenue drivers for 2027- 2029. The group targets a compound annual growth rate, a CAGR, of its revenues of around 3% from the end of 2026 to the end of 2029. All businesses will have a balanced contribution to this growth, as can be seen in the slide. Revenue growth in French retail, private banking and insurance, or RPBI, will be supported by the wealth and savings segment, as well as by a strong contribution coming from BoursoBank. In the case of BoursoBank, this will be driven, among other factors, by the significant increase in the number of clients served by the franchise. In global banking and investor solutions, GBIS, growth will mainly be driven by targeted commercial initiatives in structured finance, prime services, and credit activities. With regards to mobility, international retail banking, and financial services, MIBS, revenue growth will be underpinned by a strong commercial momentum at both KB and BRD, as well as by a sustainable and profitable growth at Ayvens. These revenue streams will be supported by an organic RWA CAGR of around 2% over the whole period. I would like to focus on RPBI for a moment and try to address a request that many of you have made in the past. First, as a context, let me remember that the NII is an important driver, of course, but even within RPBI, it represents only half of the total revenues. This is substantially lower than in many European peers. Moreover, as a proportion of the group's total NBI, RPBI's NII only represented 17% in the first half of 2026. As we have been doing in the past, we will continue to share our expectations on the direction of travel, which continues to be one of gradual progression and moderate growth over the following years. Let me now explain some of the dynamics, which I hope should help you to gain a better view of that trend. First, in this perimeter, we maintain a very low sensitivity to changes in market rates, thanks to our proactive hedging policy. As you can see, the NII sensitivity is only +EUR 10 million for plus or minus 100 basis points parallel shift in interest rates. Second, we expect deposits to grow by 1%-2% annually from 2026 to 2029. Also importantly, at this point, we expect our deposit mix to remain broadly stable. That is driven by the fact that term and regulated deposits are at peak levels since the rate increased back in 2022. This implies that the share of term and regulated deposits should stay close to current levels. This is 40% of total deposits. Third, the average maturity of non-remunerated deposits is five to eight years, which gives you a reference of the rollover pace of our replacement portfolio. As a result, volume dynamics and the replacement of back book deposits are expected to be the key drivers of NII dynamics during the 2027 to 2029 period. As I explained earlier, we expect NII to grow gradually over the coming years, although, of course, in any case, this is a trend and therefore may not always be completely linear. Now let me take you through an accounting change we are introducing regarding BoursoBank's client acquisition. Under IFRS 15 standard, client acquisition costs may be capitalized when their recoverability can be demonstrated through future revenues. We now have more than 15 years of reliable customer cohort data and enhanced profitability analysis. This provides robust evidence of the recovery of these costs. In this context, starting Q3 2026, acquisition costs, around 75% of all marketing expenses, will be booked and therefore amortized through P&L over a seven-year recovery period. This recovery period is determined by using only revenues eligible under IFRS 15, which in this case only take into account net fees. The capitalization will lead to recognition of an asset in the balance sheet, which will be 100% risk-weighted, which will reflect the long-term investment made through the acquisition costs. Overall, this change will allow for a more faithful representation of the customer value creation over time. This will happen through a closer alignment between the accounting and the client's lifetime economics, through a better matching of commercial investment and revenues, namely acquisition costs and related revenues, and also through greater visibility into sustainable and profitable growth. Disciplined cost management will support the group's performance throughout 2029. Here is how. Having delivered EUR 2.6 billion of gross savings or about 17% net cost reduction since 2022 pro forma, this is including inflation and perimeter changes as shown in the slide, the group enters this new plan with a relentless focus on enhancing efficiency. We expect to bring our cost base below EUR 16.3 billion, or a -2% compression versus 2026. This is after accounting for inflation as well as additional investments to further grow our businesses. Adjusted for these items, inflation and investments, the underlying gross savings amount to approximately EUR 1.9 billion. The cost savings measures will reap benefits well before 2029. In fact, most of the savings will be delivered earlier in the plan, providing a meaningful improvement as soon as 2027. It is also important to point out that we will reduce the structure through natural attrition. In other words, we will not have to invest in any costs to achieve these reductions. With regards to operating performance, the group is expected to deliver a significant step-up over the course of the plan. As you can see, gross operating income, as shown on the left, is expected to increase by around 25% between 2026 and 2029. This translates into a significant improvement of the cost-to-income ratio in 2029, with a target below 55%. This is an improvement of more than five percentage points versus the end of 2026. This performance will be driven, as explained before, first by our structural cost discipline, and therefore net cost reduction, and then by the organic revenue growth, which together will more than offset for inflation and additional investments in the period. Our targets for cost-to-income ratios across our businesses demonstrate our ambition to further improve efficiency throughout the group by 2029. In our RPBI, the cost-to-income ratio is expected to improve to below 55% in 2029, compared to below 60% in our 2026 target. For GBIS, we are expecting to be below 60% in 2029 versus below 65% in our 2026 target. Finally, in MIBS, the cost-to-income ratio is expected to be lower than 47% in 2029 versus below 55% in our 2026 target. These improvements reflect our continued focus on operational excellence, simplification, and disciplined cost management across all of the businesses of the group. Within the context of the pillars cost income ratio, it is important to mention that in the last few years, we have significantly reduced the corporate center drag, and therefore narrowed the gap between group ROTE and business RONE. First, since 2023, restructuring charges have been recorded at the business level rather than at the corporate center. This was done to better reflect individual business performance and enhance accountability and ownership. Second, we optimized the management of our excess liquidity, while also improving the group liquidity steering with the businesses. Ultimately, each business must be fully accountable for the value it creates and the capital and resources it consumes. While substantial progress has already been made on that front since 2023, we believe there is still more to do. In this context, from 2027 onwards, we will keep on working on optimizing our liquidity buffer and we will reallocate to the businesses EUR 0.3 billion of regulatory and overhead costs, which were previously booked at the corporate center. To put this into context, this further reallocation represents 75% of the overall costs booked at the corporate center in 2025. Those initiatives will reduce the difference between group ROTE and RONE to less than 3 percentage points in 2029 compared to the current 5 percentage points. Moving on to reviewing risk management. Let me now come back into it since Sławomir already gave you the strategic approach. Nevertheless, we will maintain a prudent and disciplined approach to ensure that we remain resilient across a broad range of economic scenarios. The combination of a low cost of risk, a prudent provisioning, and higher pre-provision profit provides the group with a strong buffer against potential shocks. We are therefore targeting a through-the-cycle cost of risk of between 25 and 30 basis points throughout the 2027-2029 period. With regards to profitability, we are targeting a ROTE of 13%-14% in 2029. Importantly, the improvement will be broad-based. Each of the three businesses will contribute in a balanced manner, reflecting both the strength of our diversified model and the progress expected across all our franchises. This increase in profitability will be supported by a combination of a structural cost reduction, organic revenue growth, and continued risk discipline. Together, this will generate stronger operating leverage and improve the quality and resilience of our returns. In terms of trajectory, we expect ROTE to increase steadily over the next three years. Finally, as Sławomir outlined earlier, with regards to shareholder distribution, we are proposing an attractive policy. This policy is comprised of two complementary components. The first one is an ordinary distribution, which is equivalent to 50% of group net income after interest on AT1, and will be delivered through a balanced combination of cash dividends and share buyback. This should translate into a low to mid-teens cash dividend per share CAGR growth over the 2027-2029 period, with an expected cumulative ordinary distribution above EUR 13 billion. An interim dividend will also be announced each year in H1, continuing the approach we apply today. The second component would be the return of excess capital. We intend to maintain a CET1 above 13% throughout the 2027-2029 period. If no additional accretive organic growth and no relevant and accretive M&A opportunities are identified, we will return to shareholders the entirety of this excess capital. The accumulation of excess capital over the period is expected to be approximately EUR 8 billion. Extraordinary distribution, if any, will be communicated once a year during our Q2 results, as is already the case. Taken together, the potential shareholder distributions could exceed EUR 21 billion from 2026- 2029, both included, or 39% of our current market cap. In other words, this can be translated to distributing around 80% of our earnings each year after funding our businesses for profitable growth. This framework combines the visibility of an attractive ordinary payout with the additional return of excess capital, and it reflects both the strength of our capital position and our continued discipline in allocating capital to where it creates the most value. Let me now give back the floor to Sławomir. Thank you, Leo. I want to spend a few minutes now on ESG. In the last three years, we have made substantial progress decarbonizing our activities. It was driven by a sense of responsibility. It is also creating significant and growing business opportunities. The growing distance between the two curves shown here on the far left provides tangible evidence of our execution. With the doubling of our financing of low-carbon energy since 2019, we have managed to dramatically flip this ratio in favor of low-carbon energy production and by a wide margin. We are not just raising our contribution to financing new energy technologies, we are expanding the scope of our contribution to capitalize on growing business opportunities. Our competitive edge here is our expertise and our reputation. We have established ourselves as a leading project finance house and advisory partner for clients investing in the transition. Between now and the end of this decade, we remain committed to mobilizing EUR 500 billion for environmental and social projects. We play a bigger role than just financing the energy transition. Our expertise helps clients both navigate the transition and adapt to the consequences of climate change. Investment needs are growing rapidly across water infrastructure, climate resilience, nature restoration, and supply chain adaptation. We see this both as a critical challenge, of course, but also a significant business opportunity. We have already deployed EUR 1 billion to support emerging leaders of the transition, and we now intend to invest an additional EUR 1.5 billion in debt and equity, which will allow us to support both established transition players and earlier stage companies in developing climate solutions they can bring to a broader range of clients. We also firmly believe that one of the best investments is the one you can make in your talent. Our teams are playing a key role in the group's performance, and when that team is diverse, the return on that investment is even greater. That is why building an inclusive culture remains one of our key priorities. While our progress may be slow at times here, our ambition remains firm to achieve greater gender balance by reaching, by 2029, 35% of women in senior leadership positions at group level and 40% in France. We are looking to accelerate our talent development by expanding leadership training to 2,000 employees by 2029, which is vital for critical expertise as well as continuous talent pool development and sound succession planning. Something else that enhances performance is a sense of ownership. That's why we'll continue to strengthen share ownership through employee share ownership through our annual share plan. Ours is one of the largest employee shareholding bases among European banks. It's our way of saying that if you have helped create value, you should benefit from it. The more alignment there is, the more performance there will be. Our investments also extend to the wider community. Société Générale develops educational programs that help build people's skills in terms of financial skills, confidence, and opportunities they need to thrive in society. Finally, we're expanding our philanthropic efforts by increasing our corporate foundation's annual budget by 50%, and this will make it possible to widen and deepen our initiatives across our three areas of focus: education, culture, and the environment. Another important strength of our group is governance. Our governance framework is built on a clear separation between the roles of Chairman and Chief Executive Officer and is supported by a highly independent board. This ensures a clear allocation of responsibilities between the oversight and executive management of the group. Together, with appropriate challenge and accountability, the board brings together a broad range of backgrounds, nationalities, and perspectives, as well as vast experience across a wide range of expertise. Our governance also benefits from independent external expertise, notably through our scientific advisory council. The council provides an external and scientifically grounded perspective on climate and environmental matters, as well as on technology, public policy, macroeconomy, urban planning, and human rights. This makes it possible for us to challenge our assumptions, understand emerging developments, and strengthen the quality of our decisions. As you can see, these efforts have not gone unnoticed with consistent external recognitions. We remain committed, as ever, to best-in-class governance. Let me conclude by bringing together the key elements of the plan we have presented today. What makes Société Générale distinctive? Three strong and complementary pillars, leading franchises, and a diversified business model with a significantly strengthened financial and risk profile. Our ambition for 2029 is equally clear: to translate these strengths into structurally higher profitability and greater value creation for our shareholders. Our plan is built around a simple and disciplined equation. First, a lower cost base. Second, balanced and profitable growth across our three business pillars with a focus on capital light activities, high marginal, and risk-adjusted returns. Third, rigorous risk discipline. Finally, transformation, so that the group's operations continuously improve through simpler organizations, stronger cooperation, more scalable platforms, and the disciplined deployment of technology and AI. The financial targets on this slide outline the expected outcome of this strategy. It is broad-based across the group and driven primarily by actions within our control. By 2029, Société Générale will be an even simpler, more efficient, and more profitable group with stronger franchises, resilient earnings, and an attractive capacity to return capital to shareholders. Our ambition does not stop in 2029. The actions we are taking today will create value and sustain our profitability well beyond the horizon of this plan. Looking beyond 2029, we see significant potential for the group to continue improving its profitability. This potential will come from four drivers: discipline and efficient capital allocation, continued growth of our franchises with high operating leverage, sustained cost discipline, and the full benefits of the transformation of our French retail. These benefits will build progressively and extend well beyond the formal horizon of this plan. We have strengthened the group. We have restored its capacity to perform and to unlock the full potential of our franchises. We enter this next phase with clarity of purpose, with discipline, and an unwavering commitment to the responsible and effective stewardship of your capital. Thank you very much. Thank you. Let's now take a small break. You deserve it. We deserve it, but you deserve it even more. So thank you very much, and small break before opening the Q&A session. I don't have a watch, so I don't know, 15 minutes or something like that. Okay? See you in a second. [Break] We'll start with Q&A. Just as a reminder, please, two questions max per guest, and if you can please introduce yourselves and the organization that you represent. So let's start. It's crowded. All at once, so I'll pick. If we can go on the third left, please, with Tarik. Hi. Hi, Tarik. No, I don't think. Yes, hi. Morning. Tarik El Mejjad. Morning From Bank of America. I have two questions, actually, and I will start where you left it, Sławomir, around the 15% ROTE target after 2030. I just want to understand, you added this extra guidance without any backing from cost income or any granular guidance. Is this to show actually that your 13%, 14% is more a 14% ROTE? Because going from 14% and 13% in 2029 to above 15% sounds a bit of a jump. Or is it actually to position yourself with European banks and some banks closer to home, maybe in terms of profitability? So question one. My second question is slightly provocative. Sorry about that. It's actually about BoursoBank, and you talk a lot about cross-convergence, and the question, actually, is this actually more about integration? I think you've said it in so many ways and words that BoursoBank is growing fast, there is intergenerational wealth transfer, there's a maturity and vintage of existing clients, profitability. So running these two networks, this is maybe not 2029, but this direction of travel is more integration, maybe on the retail side, not maybe the wealth and the SMEs. T his appointment of Benoit Grisoni as deputy of the French retail is not a strong hint to that. Thank you. All right. I can't say that I wasn't expecting the first one. Let me walk you through the reasoning. We provide a range for 2029, not just because we provided one last time, but also because in the current circumstances, it's difficult to exclude all kinds of sets of scenarios in terms of macroeconomic conditions, in terms of market conditions, and so on and so forth. Also, I would expect everybody to position their expectations somewhere in the middle of the range. Once you start saying this, you see that the differential is substantial versus the 15% in the ROTE of 2030 and beyond, but it doesn't need heroic achievements to get there. What we're saying with this guidance is that the continued usage of the same equation. This is what you have on the last slide. It's the same playbook. Simply factor in more capital allocation to organic growth, adds improving further and further high marginal returns, add the same approach in terms of risk management and to volatility of earnings, et cetera, and then add a few hundred millions in terms of the upper band of the AI opportunity. As you know, we recognized EUR 350 million out of an opportunity, which we see but don't want to bank on yet, closer to double that. Then add, indeed, and that's going to be a segue into your second question, add the steady-state effects or, let's say, wider, bigger scale effects of what we're trying to do in French retail. Without any, again, heroic assumptions, you're going to get there. This is what we want to say is that there was a first step. It's behind us. There's a second step now, the upshift, but there's again, room to go further across the board. You could also, because of what we're saying about our strategy and what we've done, et cetera, that yes, there's further cost efficiency. I can't tell you right now that costs are going to be down in absolute terms in 2030. That would be stupid of me. But the idea that focus on operating leverage will be a high point of our agenda remains true. To French retail now. I hope I used quite a bit of word to say that things are changing and are going to change deeply. Let's talk about this. Let's talk about integration. This is integration or is something slightly different from merger. I don't think that at this point, anyone would think about the merger nor that the merger would make sense because of the purity and clarity of the business model, of the unique selling proposition of BoursoBank, of everything that goes so well in that asset. Equally, on the other hand, we do have still room to be better, but first, by thinking about this market in one unified way. Again, what's the before and after, if you allow me to say it this way? Today, we have BoursoBank, which is mostly all types of clients, of course, but the vision is it's a channel. It's a successful channel with its own, let's say, strengths. On the other hand, we have traditional network. You can see that the former way of thinking about this is driven by channels. I think, well, I don't know if it was a good idea in the past, but it is true that today it is not a good idea, right? You need to look at clients and at their behaviors and use that as the input into your model, not that you happen to have a channel that you have built over the last 160 years, right? So the idea here is by having one approach to the entire market, knowing that we are the only ones to have all these assets at the same time, we are going to optimize the offer based on client needs and expectations and behaviors, and optimize cost to serve. So we do not want to have, again, BoursoBank on the one hand, traditional retail where you have everything from mass market to actually large international corporates and everything in between. This is not, in our view, the right way to manage this. So from now on, individual clients, one management, one business addressing all the changes in the French market with BoursoBank doing what it does right now, and SG continuing to do what it does, but much more segmented and focused on mass affluent to high net worth with private banking. Meaning, and this is maybe the most important sentence I said earlier, which is, with a segmented approach in terms of offer, pricing, and cost to serve. The most important idea here is you have to segment your cost to serve at a much more granular level and much more effectively. So in the end, you have BoursoBank, you have the focus on wealth and savings, where we already have much better strengths than the overall footprint in our market, and you have a separate approach for each one of the segments. T his will, in our view, over time, create massive opportunities indeed, in terms of operating model, in terms of cost to serve, and in terms of simply profitability. C hoices are going to be made in terms of how we address everything. All the clients are welcome, but they get a segmented offer that is in line with what they expect. Okay, thank you. We will take a question from Giulia here, just in the second row on the left. Thank you very much. Giulia Miotto, Morgan Stanley. I have two questions, one on cost and one follow-up on French retail. So costs. I thought the below EUR 16.3 billion was the highlight of the day and quite a commitment, especially because in the previous plan, you had two tailwinds, the SRF and the restructuring costs coming down. You do not have that going forward. T here is inflation, peers are investing. So what can you tell the market to give us confidence that this is achievable and also it does not cost another investment, if you wish, in the business? It will not prevent you to compete with the peers. Then secondly, if I expand on French retail, will a client now have the same app? Will the interface be the same for BoursoBank and the networks? Will the systems be the same? If that is the case, why cost income 55%? That number surprised me because you are already at 58%. So I would have thought a number much closer to 50%, especially if you are integrating the networks into BoursoBank would make sense. Thank you. All right. On the first question, I think, the most important idea here is, I will come back to our track record, but I do not want to lead with this. The most important idea is that when you run operations inefficiently, you are actually destroying value at a high pace and in high volumes, if you will. We have proven that in the last three years by, and I am taking the most important achievement, I guess, from a cost reduction perspective, which is the EUR 1 billion almost shed off our IT spending. We have done that, and I gave you stats. While reducing incidents and increasing efficiency and productivity and quality of production, availability of production, and so on and so forth substantially. The incident is 80%. Here, what you absolutely need to understand when you are thinking about this is that we are not perfectly optimized and trying to do much better. We are coming from something which was really all over the place in terms of efficiency, having done a lot of work in the last three years, but still having substantial, real, true efficiency spending increase opportunity. I am going to give you another stat, which is when we look at the structure of some of our teams, and we have improved that and hence the improvement in IT cost and in IT intensity ratio. But we have still teams where we have double the number of non-coding, non-developing resources versus coding resources, in a number of projects or a number of areas. So the sheer efficiency gains are not what they were, in terms of potential three years ago, but they are still substantial. Procurement is this other example where we did a lot of things. We think that we can do much better in this case, and it's what? It's policies that are at the group level, much more control in terms of application and so on and so forth. We refer to what we call the control tower. We've implemented something very strict in terms of controlling the headcount and controlling replacement rate of the attrition, and this is, of course, an extremely important process. But we also have a spend control tower, we call it like that. What you see there, think about this as, it's not about just we're deciding that one every two expense requests, we say no. Of course, that would be, again, stupid, right? What we're trying to do here is understand through this much higher level of management, let's say much more detailed level of management, understanding what's going on. I'm going to give you an example. One of the things we spotted and started to address already with Laura, our Chief Operating Officer, is that a number of requests on significant IT spend come late. You can have a much smaller impact on procurement if you don't have alternatives, to keep it simple. You're much more in the hands of your suppliers if you start thinking about that procurement process, in this particular case, late in the process. Here, by changing the way we look at these things, by taking the right amount of lead time, we put more pressure and we create more alternatives in terms of these procurement discussions. And so on and so forth. Don't underestimate the level of, let's say, still entropy in the system. We're in the process of, in procurement, for instance, of putting that back together at the right level with the right level of controls and so forth. So you should be confident because of that. Lastly, because of the way we work. We're not working, I insist on this, out of our joint office and saying, "Oh, you know what? I look at this benchmark, you're 10% above. Why don't you cut 10% and just come back in six months or once you're done?" The approach is completely different. We have this ongoing, running every single week. Every single week, with reviews at all kinds of levels. Leo gets three meetings a week on this. I get one every week where we follow a super granular cost and efficiency plan, where we have thousand of initiatives which are replenished very regularly and so on and so forth. So we feel very comfortable that we are going to reach this target. In terms of the French retail question, I think the heart of the answer is it takes time. It takes time to affect total change there, because the answer is not so much that it's going to be the same interface. It's going to be blue and pink for BoursoBank, unless we make a very aggressive decision to change the colors, and red and black on the SG side. But to your point, yes, ultimately, we don't want two entire teams doing digital applications and digital processes design and production in our company. We want only one, and at that, we want the best one. Absolutely, part of this whole logic and part of what's going to help uplift, support the 2029 targets, but after that, uplift even further the profitability, is this idea of convergence across everything while maintaining the purity of the channels with a focus on wealth and savings on the traditional side. Going back to your 55%, well, first of all, 58 is an H1 number. Always remember, and you know that, in Q4 usually you have a number of true-ups, et cetera, which could kind of change a little bit that number at a quarterly mark. But more importantly, the next step is 55. But of course, the steady state contribution of what we're trying to do should drive this performance higher. Okay. We'll take a question from Chris in the second row here, please. Good morning. Chris Hallam from Goldman Sachs. So two questions. First, any color you can give about RWA growth on a divisional basis? I guess the trends are reasonably different across the three landscapes, so to speak. Is it fair to assume that leverage exposure will grow faster than RWAs through the plans? Does that have any impact on the AT1 issuance or AT1 costs we need to think about in 2029? Then second, on slide 29, I think it is, the Prime balances growth. Looks like roughly an ambition to double Prime balances by 2029. When you think about that, what are the key drivers to grow? Is that product, geographies, people, tech, balance sheets? What are the kind of ingredients you want to put into that business to roughly double the size of balances? All right. Let me do it this way. I'll start on the RWA, and then I'll leave the floor to Leo. I'll just talk about the business side of things, and Leo, on the second part of your question, then I'll take it back for prime brokerage. From a business perspective, the way you should think about this is more capital light on RPBI, meaning support for BoursoBank. But as you know, it's not a high RWA-intensity business today, and support for Wealth and Savings, which is also not a high RWA-intensity business. Conversely, you should expect us to be on the conservative and super disciplined, side of things in terms of the allocation to corporate or to broad lending into the mass market. For obvious reasons in the French market, it's substantially lower profitability than anywhere else in Europe, and we have to take this into account. Versus the logic of what we're explaining, the opportunities actually to grow more in asset-light businesses there. The most important part will indeed support more GBIS, both in F&A and more marginally in markets, because of prime brokerage, which consumes RWA, but also, of course, at the heart of it, the F&A business, which is one of the destinations for capital. On MIBS, it is capital at KB and BRD, but at the level of the group, this is not super material and we don't want to, in growing markets, especially in Romania, we don't want to overdo it as well. We will be disciplined there as well. There is allocation, but at the group level, it's not that much. Lastly, Ayvens is a final destination for also capital investments. As you know, and we'll see whether we have questions on this later, but the idea there is we see the market substantially still in deep transformation at the beginning of the plan. We don't expect these investments to come early. We expect them to come towards the end of the trajectory. Sure. Just rebounding on that, obviously, there's going to be a part which is going to be driven by loan growth, and therefore normal RWAs. We can be talking about, the Eastern European franchises as Sławomir was mentioning, or on F&A effort. On this, it's important to remember that we want to increase the origination, I think by somewhere around 25%. We did 50% in the previous cycle. We also want to increase a little bit the distribution. The net will have an increase in RWAs, but it's balanced, if you wish. On the other hand, on the markets activity, it will be more driven by leverage, indeed. Leverage is going to be something that we will need. Right now, at this point, today, we've done almost 100% of the funding program of the group. Now going forward, we have a buffer, which is above the bucket of AT1. Right now, we're not in a constraint at all. We're actually beyond that. Normally, we usually do some pre-funding of the previous year, so we'll probably do the same this year. Our funding program in the coming years, we expect it to remain more or less stable. We're going to do something around EUR 13 billion- EUR 16 billion every year. Of course, if we distribute more capital to shareholders, we may increase that a little bit, but it's not going to be anything sizable. In terms of the prime brokerage business, the opportunity, again, quickly, we, as you know, have a very strong franchise in equity derivatives. High profile, one of the leading ones, especially in terms of thought and innovation leadership, and the capacity to do all kinds of things for all kinds of clients. But historically, we've had two issues with prime brokerage. We didn't develop this business organically that much because we were focused on synthetic prime brokerage. The second piece was obviously cash equity and research, which actually are significant components of cash prime brokerage businesses. First thing that happened, we invested in Bernstein, and we now have a much more meaningful platform from this perspective, both in terms of the cash equity business, but also in terms of the research. Second, we have been investing in the systems because that's the other component organically, and we're now progressively, and we're now at maturity to kind of roll that out. The idea is now that we, again, have all the components, we can really accelerate the development of this business. As you know, the market dynamics there, for all kinds of reasons, led to concentration. The opportunity is very simple, is that, as you know, I'm sure, most of the clients, well, actually, they do seek an alternative provider, and SG, because of everything we have done for decades, we are a relevant and a trustworthy provider in this space. Nothing's easy in that business, and certainly not in CIB, but it is a real tangible opportunity, where now that we have what it takes, it's possible. You need RWA, you need sales force, which we are investing in, and to your point, there is a component in human capital, there is a component in IT spending, there is a component in capital, but which we now can put at work on something that has the infrastructure to be developed. Okay. If we take fourth row, second left, please. Hello, I'm fourth row, second left. Jacques-Henri Gaulard from Kepler Cheuvreux. Thank you for the red and black. No, thank you, mate. I love doing that with the banks. Generally, put the colors. Two questions. First, the agreement between AI and Anthropic. It's true you're not the first financial institution to announce one. Can you be a bit more specific explaining to us how this is going to work? Is there any chance that in five years' time, you wake up with twice the cost, which had been decided by your provider? That's question one. Question number two, it seems that Revolut is on a rampage now. They've hired somebody who's not completely unknown to you to chair the company. Just a little bit about how you view that particular type of competition in France, vis-à-vis, in particular, your BoursoBank franchise, which is going to be under attack, I assume. Thank you. Thank you. On the first point, let me address the latter part of your question, which is there a risk that we wake up with a substantial increase in costs, wherever this thing is, let's say, applied three years from now? The answer is, I don't think that the risk is substantial because we are going to pay attention. I know you guys are very busy, so I don't expect you to follow what I happen to say about AI, but in our regular interaction, I think you got the gist that we were always very conservative on this topic, and you've never heard me or Leo or us in any way, shape, or form, drum rolling the fact that we're going to reduce our workforce by 30% thanks to AI. I thought always that this was absolutely unrealistic to say things like that right now. I guess the last few weeks give a little bit of color on why that's unrealistic, especially in highly regulated, highly supervised businesses where the trustworthiness is absolutely fundamental. So, the risk of us overspending there or not paying attention to what happens is very, very low. We don't want to do this. To your point, you do have already today in some of the AI firms, I'm not going to name names, but 10%-15% of their spending is actually the cost of tokens, et cetera. So you can easily see a world where, yeah maybe you're down 30% with your workforce, but you're also up 50% in your IT costs. I'm 100% with you there, and I think it's a view that we share at the management level. Now, what is it? It is something where what have we been doing? To some extent, you know us. 25 years ago, we were running high-frequency trading desks, and BoursoBank is what it is, like one twelfth of the workforce of the regular retail. So, talk about being focused on efficiency and on high automation and so on and so forth. But on the other hand, we want to go from experimentation. Yeah, sure, coding is a little easier. Yeah, sure, people can do some things that seem to be burdensome before faster, et cetera. But if we stop now, take a step back, et cetera, what is embedded today in terms of AI, actual AI impact, positive on either revenues or costs, it's a minimal figure, if we're honest, in terms of being at scale and so forth and so on and so forth. Our vision here is we need to change tax a little bit, and it's not about trying to grab everything that's out there and use it and experiment like we're all some form of Albert Einstein or Leonardo da Vinci of today's world, but rather take advantage of Anthropic's approach to enterprise AI. It's not that they're perfect at it, but it's the one firm that has, in their thinking, embedded the idea that it's not so much about the models, but very fast, it's about what can we do with these tools at scale in deep transformation of companies. I'm going to say something crazy. Can we rewrite an entire CBS and then implement it with no frictions? Something we all tried at some point in time and never succeeded at. Usually drowning EUR 500 million in the process. Is that the future? In which case, guys, the opportunity is incredible. Or is this going to happen maybe in 20 years' time? For this, you need constant dialogue. This collaboration agreement gives us access to all their technology, gives us access to co-developing, adjusting their models, like Claude, for instance, et cetera, specifically for the needs of our business and financial services in general, whatever we choose to work on. But more profoundly even, it gives us access to their experts so that we can think about this in strategic terms and stop just throwing money indiscriminately at all kinds of ideas. So that's really that. With all that, I forgot the second question. Revolut and BoursoBank. Revolut, yeah. This is why I forgot it. No. I choose to forget it. Indeed. No. Listen, first of all, as I always said, you have a market competitor that enters your market of choice, with a strength, with a strategy that is working, and with apparently very determined views about their growth in France. You have to pay attention, and we are paying attention. Now, I go back to what I think sometimes alluded to, which is today, we have still very different businesses. On the one hand, a bank, BoursoBank, that has the entire product offer, as you can say, a proven track record in running an entire product offer from very simple things to very sophisticated ones, the brokerage, remember, et cetera. On the other hand, we have something which has so far covered a large ground geographically and in terms of types of clients. One could say, what is the usership versus clientship in that? Is that me? No. Well, that is not a great idea. In terms of AUA, it is a fraction, one tenth of what we have. Most likely our AUA per client is in the 8,000-9,000. Theirs is below 1,000, et cetera. So we think we are not exactly doing the same job today, but a client is a client, or a user is a potential client, and this is why we are working very hard adjusting some of our marketing approach in terms of how we acquire clients. We had a certain way of doing it in France. For those of you who follow us super precisely, we have tilted that to a slightly different approach and being much more present online with a different kind of marketing, et cetera. But in the end, what we are working off is the entirety, back to what I said earlier, of the market, including with high-end segments, which are going to continue to be covered by traditional networks that have to be more segmented and more optimized. So ultimately, Revolut can't be Société Générale in the French market anytime soon. Société Générale, the way I described it earlier, which is all of our assets together, one market, one business, one management. No one can do that in the French market so far, and we will increase substantially our usage of this competitive advantage. Okay, thanks. Let's take a question from Andrew, please. Third row, second right. Morning, it's Andrew Coombs from Citi. Hi. Just a broad question, then a follow-up on BoursoBank. On the broader question, you talked about a steady improvement to your ROTE target in 2029. At the same time, you said that the cost reduction would be front-loaded in 2027. So should we assume that the revenue growth is more back-weighted in 2028 or back-loaded in 2028 and 2029? T hen the second question, specific to BoursoBank. You've given an absolute profit target for this year. You haven't given an absolute profit target for 2029, but you've alluded to the RONE actually declining versus this year, so greater than 60% to greater than 45%, and that's even with the IFRS 15 accounting change. So can you just talk through both the implications of the accounting change from a numbers perspective, but also the reason for the decline in the return profile of BoursoBank? All right. Leo, you will take some of these questions, both on costs and on the accounting change, et cetera. Well, I will start then by addressing the strategic side of the 45, 60, et cetera. It is quite simple. Three years ago, we already had a discussion about, is it worth developing BoursoBank, growing it? There was a number of voices on the buy side, not only analysts, but also investors, who were questioning why would you continue to develop this asset? Why do not you milk it and generate the high returns that it carries, basically, structurally? I hope that by now, the answer is clear, and that when you have an advantage like this from a growth perspective, from a strategic disruption potential for an entire market, your first duty is to make sure that you develop it while, and you saw that, containing costs. We did much better in terms of containing costs than what we initially planned. This idea that we have this unique asset that needs to continue to grow and to continue to disrupt the French market through cost of serve. Think about it this way. The French market has a number of positive features. It has a number of negative features. You know the products, some of the structural constraints with the regulated savings, with the nature of our mortgage products, and so on and so forth. If you apply a radically different cost to serve to this market, well, you are going to create a big opportunity out of something which initially seemed challenging. This is the thinking that we have. Going back more precisely to your question, the idea is exactly what you implied, which is at 60% RONE, we have a much, much lower, we still grow, as you can see, but we have much lower growth rates while delivering a profitability which is equivalent to over-earning. Just having these two things shows you that it is not the right thing to do. You need to find something which is much more balanced between the growth and the earning. From now on, we have a highly profitable BoursoBank that is going to contribute to the group, but at a lower level than it could because we still want this to grow at a very high pace, 14 million in 2029. As I said many times, ultimately way more than 20, and the leading bank in France in terms of market penetration. That is that. With everything I said, you can imagine that we are not disclosing it right now, but the absolute terms contribution in terms of net income is going to grow at a slow pace. Taking it from there, if you wish. The reason between the difference of the 65 and the 45, as Sławomir just explained, just to drop a couple of numbers there. In the first half of the year, BoursoBank acquired 300,000 clients. Now we want to acquire 2 million. Which, by the way, it's more or less the same amount of clients that we already acquired in 2025 when Revolut was already trying to get deep into France. I would like to highlight that there is no change in the accounting framework. The accounting framework doesn't change. What changes is that we're going to apply now a norm, IFRS 15, which was in place or was implemented back in 2018. The reason why we didn't implement that norm in 2018 is because we didn't have the historical, very granular, by-vintage data that could support how long it takes us to recover the initial investment through the revenues that are being brought by those specific vintages per year. At this point, we now have over 15 years of experience, and moreover, a very good experience over the course of the last three years where we doubled the number of clients. It's very specific. Then again, the norm is specific. We cannot take into account all the revenues. We cannot take into account the revenues, for example, that are driven by the IFRS 9 norm. We cannot take into account NII. The NII that we acquire from the clients. We can only take into account the net fees. Going forward, we're going to capitalize this asset, actually from this quarter. So that's going to be risk-weighted, and therefore will have an impact on the CET1 of BoursoBank, while amortizing this asset to basically align the investment made on the acquisition of the client with the revenues that we're going to get from the client going forward. Yeah. If we didn't have that, the returns would be lower. We do. There was another question on the... Second is on the- ... curve in terms of both costs- Sure and revenues. On this regard, we've been a little bit more cautious. We obviously have more control on everything that has to do internally, is intrinsic to the bank. It's on us, if you wish, as management, and that's costs, and that's why we wanted to show that the costs are not going to be back-loaded, but front-loaded. And of course, this comes from a lot of work that we've been doing, not only in the last two months, but in the last, whatever, 18, 24 months. There's a very granular number of projects, I think we've explained these in the past, which don't give all the benefits in one quarter, but are spread out through the course of several quarters or even years. Right? W e monitor these very precisely. As Sławomir was pointing out before, I have three meetings per week. Sławomir has one, and we are constantly monitoring the milestones behind those projects so that we achieve them. Indeed, the cost reduction, it's going to be significantly front-loaded to 2027. On the other hand, as per the revenues, we have taken a more cautious view for 2027. Why? I'll try to explain basically pillar by pillar. On the MIBS side, we're going to have a little bit of an impact of perimeter for some of the companies that we are still divesting in Africa this year. So we will not have that kind of revenue next year. On the second hand, Ayvens will still be normalizing on the used car sales by 2027. Basically, we're not expecting a huge increase in the revenues of Ayvens because of that reason, and probably they will grow further on down the line because of all the things they want to aim for. On the GBIS side of things, we have an F&A which we do think will grow next year, more or less linearly every year on the grounds of the numbers that we gave you, 3%-5% CAGR. So that's not something that we see at risk at this point. On the other hand, on the markets side, which represents 60% of the pillar or more, if you wish, well, we gave a target this year, which was a range between EUR 5.1 billion and EUR 5.7 billion. But honestly, we always said we were going to lend above EUR 5.7 billion. Last year, we did EUR 6 billion. We're on track to be there. We are already at the bottom part of the range, right? We are being a little bit cautious, and next year, we are more aiming for the bottom part of the range than the higher part of the range. Again, this is a big part of the pillar, so that is another piece of conservatism, if you wish, in our numbers. Lastly, in RPBI, we cannot avoid to understand that next year we may have volatility in that market driven by all the uncertainties regarding the French elections. We have, again, being conservative on that end. We have the increase of rates driven by increase of inflation, which will have an impact in Livret A, and therefore, that will directly have an impact on the cost of funding of our franchise, and actually sets the floor for the term deposits for the overall franchise. The benefits that we are going to see from the wealth management and from BoursoBank, it is something that is going to scale up over the course of the next three years. It is not that we are not going to have them this next year. We think we are. Of course, those 2 million new clients in BoursoBank per year are escalating over the course of the trajectory, and that is why we have been a little bit more cautious on the revenue side in 2027. But it is under the same assumptions that we have for 2028 and 2029. Just very precisely, but it is not that all the costs happen in 2027, of course. Not EUR 1.9 billion of gross savings happen over 2027. Equally, it is not all the growth happens there. I know that some of you are going to take the ruler and take a pass at the slide. We try to be accurate even from that perspective. To give you some color. Okay. If we just take a question on the fourth row on the end there, please. Thank you. Thank you very much. It's Anke Reingen from RBC. Two questions, please. First, on RWA growth, you say 2% organic RWA growth. What would it be, including the BoursoBank effect, regulation and any capital optimization? Then on global markets, you say we're stepping up from EUR 5.1 billion-EUR 5.7 billion this year to the EUR 6 billion-EUR 6.5 billion. If we think about the drivers that drive that step up, is a large part of the increase in your normal run rate coming from prime brokerage, given the increase in the balance? Thank you. I'll take the second one and- I'll take the first. On markets, I think to be fair, it's the combined effect more than prime brokerage kicking in by, say, from a guidance perspective of EUR 300 million in one year, which is not the case. It's more a combination of continued growth indeed in this business center, a bit across the entire franchise, and the recognition that there was undue conservatism now in the previous guidance. Think about it as a combined effect of some of that organic growth, but also us recognizing that the argument that I served you with for years, which is the market conditions were exceptional, which again, I think was a reality, now is simply the regime in which we're working. If we have another 2017 with a VIX at 7% or 8% throughout an entire year, not moving and at that kind of level, the performance is going to be much lower. That is for sure. But the likelihood of this happening anytime soon is equally extremely low. In a base case scenario, we do believe that the steady state of our performance in markets actually is higher than what we have been guiding to. So combination of that changing guidance, reflecting progress made. Remember, I checked, because I knew that I would have some questions about the guidance. When I took over at CIB in 2020 and at CMD in 2021, the target was 4.5. So there is a real substantial increase in the earnings capacity of this business and the guidance reflect partly this and partly some of the growth projects that we have. Regarding your question in BoursoBank, I think it is worth perhaps taking one step back. So why is BoursoBank so profitable at this point? With 60%+ RONE, or 45 for the future. If I can oversimplify, it is basically because of two reasons. On the one hand, because we have 9 million customers and 1,000 employees. So obviously, it is the end game of whatever we could dream of out of AI, if you wish. The efficiency is very important. But it is also because our clients are different, are younger than in a natural or a historical retail franchise and therefore, they are much more leveraged on the liability side of things than on the asset side of things. So we have much more deposits in AUA than loans granted to them because they still don't have that need. Our purpose is to retain those clients so that we can serve them as their need for other financial assets grow, and therefore we can offer the best product there. But in the coming three years, we are not expecting BoursoBank to be highly using RWAs because this path will take some time. As per the impact on the amortization or the capitalization of those costs, again, I don't think it is going to be very material in the overall scheme of the group. Regulation- Regulation in the coming three years, we're not expecting a major. We're still forecasting, but it's beyond 2029 and 2030 FRTB. We still put it in our trajectory because it's there. Of course, we will have some plus and minus over the course of the years as we're showing in the last couple of years now, because you have some add-ons that are released, and you have some OCs where you need to book a few basis points here and there, but it's nothing material. Okay. If we just take the question fourth row on the right, please. Yes, good morning, Pierre Chédeville, CIC. Morning. First question regarding your FICC activity. You mentioned the last two quarters also that your mix of activities was not optimal for the period, but from a more general point of view, do you see any change in this activity where you are a little bit less, I would say, present than in equity business? How do you see your future in this activity in Europe but also in the U.S.? You didn't speak a lot about that. Any complementarity also with what you did not mention, SGSS, with these activities. How do you see the future of that with the cost income ratio of this activity? We don't know it, but we suppose it's much above It's not low. 60%. My second question is on retail. You did not mention your ambitions regarding P&C protection. You mentioned your ambition in the life business with outstanding, but in protection or P&C, we don't see anything. Do you think that for you forget it for the next plan or for another life? Do you have any views there? For individuals, we have a good environment for pricing today, so it could be an opportunity for you. Thank you. All right. Thank you. Thank you very much. On the FICC franchise first. Again, quickly, we discussed that in the past, but quickly, the biggest gaps are product because of our substantial focus on rates in general and euro rates in particular, overrepresentation of Europe versus the equities business as well. These are the biggest gaps, and then always, it is a management choice, not a reporting choice, because frankly, we could have a reporting upside if we change that. But part of the credit business, which is very often reported in a fixed income, almost everywhere else in our house is partly booked in the global banking in F&A. Why? Because we made, I do not know, 15 years ago almost, right after the GFC, the decision that credit-intensive activities would not be run out of the market activities, but out of the credit business where we do underwrite on a regular basis every day, billions of exposure and where that expertise is. It is a super important choice that Pierre and I made when Pierre was leading that division, and I was working for him. We continue to run it this way. It is a very successful business, and if it were on the FICC side, it would also support that business from this perspective. We are very happy with the performance and risk management, most importantly, right now there. Closing these gaps over time. The other thing that you see on the slide is that the flow business on the FICC side is a much bigger component of the business than if you compare this to equity. It is really, think of it like us doing the job step by step, we do not expect, and this is why we did not spend too much time in the presentation, we do not expect revolutionary change there. But what is important for us is to continue closing the gaps also through the investments in the prime brokerage because there is a continuum there, right? Once you have the cash prime brokerage business at scale with your clients, it is actually supporting also, obviously, your fixed income franchise as well. That is one of the avenues. The investments that we mentioned in the U.S. are part of it as well. We do intend to invest very selectively in the U.S. I am just going to give you an example. 15 years ago, when I took over there, we were running a huge investment in an MBS, an agency, a desk, et cetera. Believe me, we are not going back there because that would be completely irrelevant, and it would be a bad investment for sure if we were to go there. But again, around credit, around some of the corporate business, we can do better because we have a substantial client base in corporates there, where we can do better. That is part of the investments that we were referring to earlier. Usually, that business, as you know, in the U.S., is actually marginally to substantially more profitable than the corporate business in Europe, and let alone France. Expect us to do this gradually to support our entire markets business, but also specifically FICC. In terms of the P&C, within two answers, I hope very clear. It is not a highlight of this plan, so I do not know if it is another life or another plan. More precisely, we believe that in this business, you have some of the products which are important, especially in France, life benefits linked to the mortgage origination, et cetera, and some other products there that have, to your point, a high margin and high opportunity. It is a big opportunity in terms of cross-selling and so on and so forth, and the market is very sound from this perspective. On the other hand, on pure P&C, two things. One, because of our historical focus on savings, and when I say historical, here, we are talking about decades, and investment and a little bit higher-end segments, we have a cultural challenge there in terms of the marketing for these products. Let us recognize this. It is much more difficult for somebody who is working with that tilt, if you will, towards investments and savings, et cetera, to be a super good salesman on P&C. The other thing also with P&C is that when we look at the. Well done. Well done. When we look at the differential in penetration, we do have a differential in penetration of this product with our client base versus other banks and some of the leaders in the space. That differential would be, with the best ones, I think 15-20 percentage points, so it is substantial. But when you take the end profitability on this product and apply it to the client base, et cetera, let us say addressing half of that gap would not dramatically change the overall picture for RPBI, for French Retail and Private Banking and Insurance. This is how we are thinking about this. It is important, we are working on this, but it is not the number one priority, and neither from a revenue nor from a bottom-line perspective. Okay, we'll take a question at the back, third to the left first, please. Back row. Hi there. Thank you. I don't know if you can hear me. Jeremy Sigee from BNP. Two questions on BoursoBank again, please. Of the 5 million extra customers you expect, how many of those do you expect to come from the SG branch network? I know historically it's been a very small proportion. Is there a difference in this plan? Then second question, you talked about lower customer acquisition costs in BoursoBank. Is that just a function of the accounting, or are you finding ways to bring in customers with less cash payment? On the first question, the one-word answer would be 500,000. Because more or less, and we monitor this very carefully, we've been monitoring this for the last decade very carefully. Basically, the cannibalization, so to speak, which we don't see and have never seen as a cannibalization, but rather as customer development, is roughly the size of our SGRF market share in the market, which is around 10%, to keep it simple. So we expect this to be consistent with this historical trend. If your question, and I do want to address this, I normally try not to answer questions you didn't ask. But in this particular case, if the implication was also linked to the new strategy, the new vision with the bank, the 14 million does not include any transfer from the traditional bank to BoursoBank. Not any transfer. This is standalone growth strategy for BoursoBank. As we develop the vision, can you imagine flows both ways? Again, in the spirit of one business addressing one market, we expect these flows to go both ways. We'll work on this so that the flows are both ways. But that would be incremental. The CAC is down, the customer acquisition cost is down, actually, substantially if you compare it to what BoursoBank was doing earlier. This is why, if you remember, we had projected a negative geo of EUR 150 million, that would be the consequence of the investment in the previous cycle from 2023- 2026. It has not been the case. We have been profitable net contributor. BoursoBank was a net contributor to the net income throughout the entire trajectory. You can see, and that's directly linked to all the efforts made on optimizing the customer acquisition cost. The way it's done is twofold mainly. One, a much more subtle regulation, if you will, of this expense throughout the year and throughout the campaigns. Because, obviously, it's run through all kinds of campaigns linked with advertising or not, or this or that. Instead of being a little bit, if I may say so, blunt and aggressive, it's much more subtle and trying to optimize that, so that's one of the drivers. The second one is also more recent and important evolution, which is trying to, how to put it, be more sophisticated about it, not just focus only on the acquisition fee, which was a little bit of a feature of the strategy in terms of acquisition. Like just pay a fee, get the customer, since you are the best performer in terms of quality and app efficiency, you turn it into actually a very good and active one, hence the level of AUA per client. Rather taking into account the online opportunities and how the younger generation, let's say, navigates these offers, et cetera. The combination of all this, it's a 65% reduction in cost of acquisition since 2016. Just to give you a sense. Okay, we'll take a question from Sharath at the far left, please. Good morning. Sharath Kumar from Deutsche Bank. Hi. I have two questions. Firstly, on Ayvens, the fleet growth at 3% between now and 2029 is still very modest if you compare it with your closest peer, BNP Paribas Arval, who have been growing at 5% per annum. My question is, the gap is now significantly reduced with their acquisition of Athlon. How important is being the number one player to you? Related, Arval has also started doing more SRTs in this particular business, so how open are you in this regard? The second one is regarding SRTs. At a group context, any change in your message? Again, if I compare to BNP Paribas, they are doing net 10 basis points. Cumulatively, they have 90 basis points. I just wanted to understand these figures from your perspective, and is there any messaging, versus your previous stance? Thank you. All right. I will address the Ayvens question by saying, I guess two things. One is, when you compare us to competitors, any competitors, it is possible to also look at other parameters of the performance. We try to obviously look at what is going on in the market. What we notice if we read things well, is that some of the competitors, I am not going to name them, but some of the competitors have a much more aggressive stance, not only on growth, but also on profitability and funding for that matter. You think about us, you tilt this the other way around. We pay attention to funding and we pay attention to building businesses that are strong from a healthy, from a risk management perspective, and so on and so forth. Our focus in the market, which think about it again. Between the EV, the paradigm shift, between the UCS paradigm shift, and so on and so forth. Still unstabilized customer behaviors on both origination of these assets, but also at the back end in terms of what happens at the end of the contracts and the secondary markets and so on. It is a market where you do want to protect value. Value at the expense, for now, of growth. Because once these things are stabilized and they will be stabilized, obviously. We get inputs every year. This year, this market got a huge input from the war in the Gulf, so with Iran. Once all these things are stabilized, we will be happily pouring capital at this sound and healthy base so that we can use the high profitability that we will have there, that we have already and will continue to have, to grow at super high levels of marginal return. That is how we think about this. On the SRT, short answer, there is no change in stance. It is a tool, it is an efficient tool if you manage it conservatively in terms of diversification of your providers. That is very important, of course. When you do not rely on this as a fundamental piece of your equation. Because if you start relying on this as a fundamental, inexorable, I wanted too fancy a word, like unavoidable piece of your equation. You're going to maybe wake up one day with no capacity in the market and what do you do then? If you used it too aggressively in terms of capital management, or frankly, in terms of huge differences between underwriting and what you actually want to hold on your balance sheet. From this perspective, our stance has always been and remains one focused on risk management as an additional tool, just to kind of manage some of the extra opportunities or whatever. But that's fundamentally where we stand. So no strategic change in SRT. Okay. Fifth row, please. It's just Delphine with her hand raised. Thank you. Yes. Delphine Lee from JPMorgan. Just a few questions on cost, just to come back on cost reduction. Just wanted to check that the -2% 2029 versus 2026, that's going to be mainly driven by France and you talked, I think, in the presentation about 11% decline in headcount at the group level. How much have you assumed? Are you going to see an acceleration in this next plan? Also very quick one on the decline in 2027, which is more pronounced. If you just can explain, is that related to the disposals you've made recently, or is there a staff reduction plan that impacts a bit more 2027 compared to later years, or is it just the phasing of the cost investments that you're going to make towards later years? Thank you. Thank you. In terms of the headcount, in your first question, I'll leave the second to you. So 11% is the headcount reduction over the last plan when adjusted for disposals, right? Otherwise, it's closer to 20. We're giving this figure just to point to the fact that obviously, cost savings don't come from nowhere, and it is a combination of IT, headcount, and procurement in the end, if you oversimplify. There was a substantial contribution from this reduction in headcount, which, as you can see, is far higher than, let's say, the sporadic news that you can read in the press because of this or that particular little action that we take, right? Just to give you some perspective, this is why we chose to give you this number. For the future, the way you should think about it is we have decided to run all these transformations through natural attrition. One, because it compels us and our teams to be better, simply that, at transformation. Not rely on big announcements that are value destructive, and you guys of all people know that better than us. You put this in an Excel spreadsheet, you will see the difference in present value between a high CTA-intensive move versus a no CTA move. There's no argument that natural attrition is a much better way of doing this, and much safer way as well because of the losing expertise phenomenon that you have in the plans and the negative bias, especially in voluntary plans, which is what we can do. We can't do anything else, in particular, in France. We focus on this. We don't do it everywhere in the world, but we focus on this, and we focus on this in France. The natural attrition creates an opportunity to run these things, which, we're not disclosing the figure, but think of us as one of the players in this industry. You can take some average turnover and average retirement hypothesis, and you'll get to a pretty significant number. So what's happening is that this is what we can do, but of course, there is a reasonably high replacement rate. Just to give you some color, last year, we actually recruited 8,000 people in the group. So there is, of course, a replacement rate because you need to replace some of the expertise, and you need to replace some of the capacity. But as our efficiency work kicks in, we do want to use this in the future as a main tool to work on that part of the cost base. With that, I didn't give you any number. I won't, but it gives you the color of how we think about this. The single most important condition for this to work is the control of hiring. Because why plans based on attrition don't work often is because you don't exercise enough control on rehiring. Believe me, we exercise extremely strict control on rehiring. Leo? On the front-loading in 2027, again, as I tried to explain before, there's no big bang. There's no huge project which is going to bring, I don't know, hundreds of millions of euros just because of one project. No, as a matter of fact, we have literally thousands of initiatives which are small. Some are bigger than others, obviously, as you can imagine, and that we'll go through over the course of the coming years. Additionally, some of the initiatives that we have in IT, in IT, most of those costs are capitalized, and therefore, they need to be amortized going forward. So it's not something that you see in one quarter, but it's going to streamline over the course of our trajectory, obviously. On top of that, yes, there may be a little bit of more of an opportunity to front-load some of those procurement initiatives because it's the renewal of those contracts. So there's more perhaps opportunities in the short term, and then you roll them over, and you keep on working on them over the course of the future, if you wish. But it's no big bang, no big opportunity that's going to drive this significant reduction of costs in 2027. It's more an addition of many, many, many initiatives for which we've been already working for the best part of two years. Okay. If we take a question at the back, please. Last row from Matthew. Thanks. Hi. Matt Clark, Mediobanca. Hi, Matt. A couple of questions on the resources that you're deploying into revenue growth. I guess I'm curious how you decided not to spend more on costs, and presumably, there would have been opportunities to grow revenues faster. How do you think about marginal cost versus revenue opportunities? The same in terms of capital deployment. The slide you have showing the very high return on incremental capital deployment into the equities business and the various other businesses is quite impressive, but why is 2% risk-weighted asset growth the right level? Does that return on incremental capital deployment rapidly tail off were you to deploy 3% risk-weighted asset growth per annum? I'm just intrigued why you've framed your footprint of capital resource deployment over the plan as conservatively as you have. Thank you. Thank you. Listen, two different things. One, in the deployment of capital, you have to think about this as something that is linked to two different forces. One is the one you described, which is you have an opportunity, you decide to deploy the capital, and therefore, it's an increase in capital allocation and a capital consumption. There's another force which we didn't speak to, which is continued focus on eliminating waste in terms of capital deployment. While we have done quite a bit, as you can see in the figures, both at GBIS since 2021, but also elsewhere in the group. There are areas where we are just getting started in terms of pooling capital from where, just to be blunt, there's no prospect whatsoever to ever reach the right level of return. You have portions of retail where it's like that, both in France, but more marginally elsewhere. The 2% is also, again, you need to think about this as the combination of these two forces. Again, we're not doing anything stupid. We're being responsible. We talk about clients here, sometimes clients that have been around with us for a while. We don't do this. We try basically. Like with everything else, we try not to be a caricature of what we're trying to do and be responsible with all the stakeholders that are involved in our transformation. That's one set of reasons. The second set of reasons has to do with the table that we're referring to. I'll actually first support your point even further. There is no theoretical capacity or declining returns in these businesses, in our view. Of course, nothing ever grows to reach the sky, but all of the things that are on this page have actually quite a bit of capacity to absorb investments. The question here is not so much, and I am addressing your question, how much basically revenue are we willing to leave on the table for the sake of cost containment? We think about this slightly differently. If I have a business that comes to us in the various processes that we have, strategic planning, budget, et cetera, and tells me, "Listen, I want to increase here my investments so that by the end of next year, by the end of the trajectory, you have something which generated accretive cost to income and accretive ROTE." Both of us are going to say, "Let's do it." The question we will have is, one, how confident are you on the cost spend there? And how confident are you on the market environment and market conditions? My point here is the reason it is 2% and not, say, 5%, because theoretically, in a spreadsheet, you could easily make that argument. Why isn't your growth rate 5%? Well, because last time I looked outside the window, the world was pretty challenging. One thing that we have done way back in the past is both throwing capital indiscriminately at the entire business mix of the group. The argument on marginal, are we in banking? Once you have a stabilized franchise, you could actually make it throughout the entire business portfolio. But the point is, if you do this, you will end up with uncontrolled growth, either from a cost or a risk perspective, and we are not going there. That is how we think about this. Hopefully, that was clear. Okay. Question from Se- Ting, please, on the fourth row here. Thank you. Hi, Se- Ting Frenzel from Moneta Asset Management. The first question is on your French retail. Why not give us a little bit more in terms of guidance, particularly on the revenue growth side, where I imagine this division should be quite visible, have good visibility. I am thinking particularly on the NII side. Some of your competitors have given fairly precise guidance there. Should you not have similar range, I suppose, that is my underlying question. Perhaps it is because you want to build some flexibility, and I am thinking, is it because we want flexibility on the investment side on BoursoBank? Would you give us the disclosure of your cost of acquisition for the customers so we can have a better visibility on the underlying trend? That is the first question. The second one, M&A, you mentioned that briefly. Could you perhaps give us a little bit more color about what fits strategically nowadays? All right, thank you. On the first question, one, and I am just saying this because that is true, we do not disclose these numbers for the peers. I am not saying it is a great answer to your question, but it is the framework in which we communicate. Second, as you can see, though, like I said earlier with my ruler, a little joke, you have a representation which is not strict. In the way we represent this in the presentation, there is flexibility indeed, in terms of the actual number. But what we are saying is that this growth is going to be balanced, and if you look at the slide very precisely with a ruler, you will see that indeed, French retail has a contribution which is slightly higher, which looks slightly higher than the other peers. So you can make an assumption quite easily here, through the calculation of how much NBI is expected here with a 3% CAGR. Knowing that, a little more than a third is going to come from our RPBI. You are going to be, I guess, very close to the reality. That is one. In terms of, is it about flexibility? I will come back to NII in a second. Is it about flexibility? I guess a little bit. In the sense that, in our markets, and that is part of why we have a diversified business portfolio, you have circumstances which are going to be different even in a normal world. Today, with everything that is going to happen in the next few years, we will be managing, with flexibility, our resources to optimize, again, the stewardship of your capital, the capital of the investors. So yes, this is why, a little bit like Jamie Dimon, I am not thinking I am Jamie Dimon, but he basically never gives guidances. Why? Because to some extent, there is intrinsic flexibility to be used when running this company. Now, the banking firms. In the past and today in the objectives, you have something which gives you color, and it is going to be balanced with a slightly bigger share of RPBI. In terms of the NII, Leo talked to you about the size of that in our business mix. Here, I absolutely confess to a PTSD from my early days as CEO, where I inherited an NII guidance which we had to communicate on, of course, because it was a guidance that was formal. I went through a few quarters where we were doing twice to 3 x better than any competitor, but everybody was obsessed with the fact that we were below the guidance. From that moment, I decided, and I personally will never change my mind, you will never get a guidance from me on NII from French Retail. That is it. There was another question. I got so worked up that the other question was? M&A. M&A. As I said, the strategic fit, it is really how can we grow, expand in our businesses, either by closing gaps or by moving into something adjacent in terms of either geography or, again, product or client segment or something like this. The first rule is this something that basically we know how to manage? The idea that we would go out there and start from scratch doing something new is not something that is going to happen. That is the first parameter. The second one is, of course, that this thing has synergy potential, either from revenue perspective, but you know us, so more on the cost side. Is there a synergy on the cost side that could justify that we pay the price that we are supposed to pay, and that overall, the financial equation makes sense for you and for investors, of course. Right now, it is fair to say that I think it is extremely difficult to imagine what kind of asset would meet all of these criteria. Both being strategically fit for us, and us for it, and the valuation as well. But anything that has to do with, again, some of our product gaps in investment banking, some of our product gaps in fixed income, some of our gaps from a geography perspective. I do not know. If Banco Sabadell is a little cheaper, we go for it the next day. We do have some insights into the asset. But again, today, I think the set of circumstances is still very challenging to see anything super material happening there. I think we can stop there and we can maybe continue the conversation with Sławomir, Leo, over lunch. All right. Thank you very much for your time and for all the questions. Let's take a little time to chat. Thank you very much for being here. Thank you for joining us online. Let's talk soon. Thank you very much.