Good afternoon, and welcome to the NatWest Group Full Year Results 2025 Fixed Income Update. Today's presentation will be hosted by CFO, Katie Murray, and Treasurer, Donal Quaid. After the presentation, we will open up for questions. Katie, please go ahead. Good afternoon, everyone. Thank you for joining our Full Year 2025 Fixed Income Results Presentation. I'm joined today by Donal Quaid, our Treasurer, and Paul Pybus, our head of Debt IR. I will take you through the headlines for the year. Donal will take you through the balance sheet, capital and liquidity, and then I will go through the forward look and targets, and then we'll open up for questions. So turning to the headlines. We delivered broad-based growth across our three businesses, adding 1 million new customers during the year, with customer loans up 5.6%, deposits up 2.4%, and assets under management up 20% for the year. Strong income growth of 12%, combined with modest cost growth of 2%, drove positive jaws and operational leverage of 10%. The cost income ratio reduced to 48.6%. This performance led to strong capital generation before distributions of 252 basis points, a CET1 ratio of 14, and return on tangible equity of 19.2%. These results underpin our track record of delivering shareholder value. Earnings per share grew 27% to GBP 0.68. Dividends per share increased 51% to GBP 0.325, and tangible net asset value per share was up 17% to GBP 3.84. I'll now take you through the performance for the year. Income, excluding all notable items, was up 12% at GBP 16.4 billion. Total income included GBP 241 million of notable items. Total operating expenses were 1.4% higher at GBP 8.3 billion, and the impairment charge was GBP 671 million or 16 basis points of loans. Taken together, this delivered operating profit before tax of GBP 7.7 billion, and profit attributable to ordinary shareholders of GBP 5.5 billion. Our return on tangible equity was 19.2%. Turning now to income. Full year income, excluding notable items of GBP 16.4 billion, exceeded guidance of around GBP 16.3 billion. Across the three businesses, income grew by GBP 1.8 billion. This was largely driven by higher net interest income as balance sheet growth and the benefits of the structural hedge more than offset the impact of Bank of England rate cuts. Net interest margin was up 21 basis points to 234 basis points, mainly due to deposit growth, coupled with margin expansion. Non-interest income grew 1.3%, reflecting solid customer activity as we supported their investment, FX, and capital market needs. Turning to growth. Our three businesses have a strong track record of growth over the last 7 years, with customer assets and liabilities, or CAL, up 4.6% a year. We have grown customer lending at 4.5% a year from broad-based organic growth, as well as acquisitions, which support scale in underweight areas. Customer deposits have grown 3.9% a year, supported by a boost during COVID, as well as new propositions and an improved digital offering. AUMAs have grown at 12% a year and have more than doubled since 2018. This track record gives us confidence that we can continue to grow CAL in the future. Let me take you through the last year for each of these elements in turn, starting with lending. Gross loans to customers across our three businesses increased 5.6% or GBP 20.9 billion to GBP 392.7 billion. There was broad-based growth across mortgages as we increased our flow share of the first-time buyer and buy-to-let markets, with strong retention as well as new business flows. Unsecured lending growth was supported by the addition of Sainsbury's Bank balances and the first full year of our personal loan offering for the whole of market. In Commercial & Institutional, we grew in all three businesses, with lending up GBP 14 billion, excluding the repayment of government loan schemes. This reflects our leading position as the UK's biggest bank for business, with growth across social housing, residential commercial real estate, infrastructure, project finance, and fund lending. I'll now turn to deposits. Customer deposits across our three businesses increased 2.4% to GBP 442 billion, with a stable mix throughout the year. Retail Banking deposits increased GBP 7.8 billion or 4%, reflecting growth in savings and current account balances, supported by balances acquired from Sainsbury's Bank. Private Banking and Wealth Management increased by GBP 300 million in 2025, also reflecting growth in current accounts and saving balances. C&I deposits increased by GBP 2.3 billion, reflecting growth within large corporates and business banking. Moving now to assets under management. We are pleased to see delivery on the plans we talked about at the June Spotlight. AUMAs increased almost 20% this year to GBP 58.5 billion, and net flows of GBP 4.6 billion were up 44%. Fee income from higher AUMAs grew 11% to GBP 300 million. Moving now to the continuing tailwind from our structural hedge. In addition to our product structural hedge, we also have a longer duration equity structural hedge. Together, they are GBP 198 billion in size and an important driver of income growth. In 2025, product hedge income was GBP 4.2 billion. This is GBP 1.2 billion higher than the previous year and GBP 3.2 billion more than 2021. Our equity hedge income was almost GBP 500 million, which is around GBP 50 million higher than the previous years and up around 25% more than 2021. The yield on both hedges has increased significantly over the last few years as interest rates rose. This slide shows our expectation for future yield progression based on our current macroeconomic assumptions and hedge durations, together with associated income growth. We expect yield to increase from 2.4% in 2025 to around 3.1% in 2026, with further increases thereafter. Our illustration here assumes steadily increasing average notional balances for both product and equity hedges, driven by growth in CAL and higher levels of capital held to support that growth. This expectation of increasing yield and notional balances drives higher annual income through to 2030. We expect 2026 total hedge income to be around GBP 1.5 billion higher than 2025, and for 2027 to be around GBP 1 billion higher than 2026, reaching total income of around GBP 7.2 billion. Exactly how this develops will be subject to prevailing reinvestment rates each year, as well as the composition of growth in CAL. Turning now to costs. Other operating expenses were GBP 8.1 billion, including one-time integration costs of GBP 96 million, in line with our guidance. We are pleased with our delivery of around GBP 600 million of gross cost savings, which has allowed us to invest and accelerate our simplification programs. Our cost income ratio reduced 4.8 percentage points to 48.6%. In 2026, we expect other operating expenses to be around GBP 8.2 billion. Turning now to our updated macro assumptions. Our base case outlook for the macro environment in 2026 assumes moderate growth, slightly lower than our previous view. We expect unemployment to peak in 2026 at levels we are comfortable with in terms of lending risk appetite, and we expect to reach a terminal bank rate of 3.25% by the end of 2026. Our balance sheet remains well provisioned, with expected credit losses of GBP 3.6 billion and ECL coverage of 83 basis points. Stage 3 is 1.1% of loans, down on the prior year, reflecting management actions in personal portfolios and lower defaults in non-personal. Our remaining post-model adjustments for economic uncertainty are broadly stable at GBP 246 million, and we assess these quarterly. Our latest scenario also shows that even if we were to give 100% weight to our moderate downside scenario, Stage 1 and 2 ECL would increase modestly by GBP 54 million. Turning now to impairments. Our prime loan book is well diversified and continues to perform well. Our net impairment charge was GBP 671 million, equivalent to 16 basis points of loans. There were no significant signs of stress across our three businesses, and impairment levels across our products have performed broadly in line with expectations. In 2026, we expect our loan impairment rate to be below 25 basis points. This guidance is not dependent on post-model adjustment releases or any material shift in risk appetite. It simply reflects a normalization in impairments and lower one-off releases, as well as growth in the book and ongoing changes in mix. And with that, I'll hand over to Donal. Thank you, Katie. Good afternoon, and thank you for joining today's call. I'll start by sharing some highlights from 2025 before moving into more detail on the balance sheet, covering capital, liquidity, and funding. I will then update you on our funding plans across the group for 2026. Starting with an overview of the key metrics on Slide 15, we ended the year with a strong capital, MREL, and leverage position, comfortably above the regulatory minima with a CET1 ratio of 14%, a total MREL ratio of 31.9%, and a leverage ratio of 4.8%. Our average Liquidity Coverage Ratio was 147%, giving us comfortable surplus over minimum requirements. Our average Net Stable Funding Ratio was 135%, and primary liquidity was GBP 157 billion. The group's funding is very well diversified. Our loan-to-deposit ratio is 88%, and we have a strong retail, private, and corporate deposit franchise with around GBP 442 billion of customer deposits across our three businesses. We successfully completed our 2025 funding plan with GBP 7.1 billion sterling equivalent of benchmark issuance from NatWest Group across Senior MREL, AT1, and Tier 2 capital securities, and GBP 7.9 billion sterling equivalent from NatWest Markets. Thank you for your continued support of NatWest in both the primary and secondary markets. We were pleased with the strong NatWest Group performance in this year's Bank of England stress test, where we had the lowest capital depletion under stress. 2025 marked another positive step in our credit ratings journey, as Fitch upgraded all rated entities while affirming a stable outlook, and S&P upgraded the Senior Unsecured AT1 and Tier 2 ratings for NatWest Group. Moving to capital generation on slide 16. In 2025, we generated 252 basis points of Common Equity Tier 1 capital before distributions. Strong earnings added almost 300 basis points, partially offset by 89 basis points from growth in risk-weighted assets. Distributions, including the accruals for our ordinary dividend payout of around 50%, and the share buyback of GBP 750 million announced on Monday, accounted for 213 basis points of capital. We ended the year with a Common Equity Tier 1 ratio of 14%, up 40 basis points on last year. Risk-weighted assets increased by GBP 10.1 billion in the year to GBP 193.3 billion, in line with our guided range of GBP 190-195 billion. This included GBP 3.8 billion from operational risk, including GBP 1.6 billion in the fourth quarter, reflecting an acceleration of our annual operational risk recalculation from Q1 2026. You should now expect us to include this in the fourth quarter each year. GBP 11.1 billion of business movements, which broadly reflects our lending growth across the year, and GBP 7.3 billion from CRD4 model inflation, of which GBP 4.8 billion was in the fourth quarter. These movements were partially offset by a GBP 10.9 billion reduction as a result of RWA management, which included GBP 5.7 billion in the fourth quarter. Basel 3.1 implementation comes into effect from the first of January 2027, and based on our latest recalibration of a higher balance sheet, we currently expect the impact on risk-weighted assets to be around GBP 10 billion. The majority of the RWA uplift from Basel 3.1 is due to operational risk and the removal of the SME and infrastructure support factors. We do expect an offset in our Pillar 2 requirements for these elements, but the net result will still require us to hold a higher nominal amount of CET1, given the offsets are at a total capital level. Turning now to our CET1 target on slide 17. Our approach is to review our capital targets as part of our annual ICAAP process and risk appetite review, taking into account any changes or expected future changes to our capital requirements, given that our regulatory requirements can and do change on an annual basis. Our 13%-14% CET1 target has been in place since 2019. Today, we are holding considerably more capital despite the restructuring and de-risking of the balance sheet, as average RWA density has reduced from 55% at the end of 2019 to 46% at the end of 2025. Since the end of 2021, our risk-weighted assets have increased by around GBP 32 billion from CRD4 model changes, increasing nominal capital by over GBP 4 billion. The successful restructuring of the bank and de-risking is evident from the consistent and material improvement in our Bank of England stress test results, which I'll cover in a moment. The performance of the business has also materially improved, and we've demonstrated a track record of strong earnings, high capital generation, and returns. We expect growth to consume more capital proportionally as we deliver on our strategy. There are also more regulatory changes to capital requirements to come. As we finalize CRD4 and implement Basel 3.1 over the next 12 months, our nominal CET1 requirements will increase further through higher RWAs. As of full year 2025, our minimum CET1 requirements stood at 11.6%, but we do expect this to reduce further with the implementation of Basel 3.1 next year, with a reduction in our Pillar 2 requirements, as I just mentioned. As a result of all these considerations, and having taken into account the views of stakeholders, including debt and equity investors and rating agencies, we have announced a reduction in our CET1 target to around 13%. The revised target takes into consideration the expected reduction in Pillar 2 on January 1, 2027, and the capital impact of the Evelyn acquisition we announced earlier in the week. The CET1 target of around 13% continues to represent a healthy buffer over our MDA and supervisory minimum requirements. Turning now to our stress test performance on slide 18. We were pleased with the strong NatWest performance in this year's Bank of England stress test. NatWest had the lowest capital depletion under stress for both CET1 of 250 basis points versus the aggregate of 430 basis points, and 30 basis points of leverage versus the aggregate of 90 basis points. We were the only U.K. bank with no strategic management actions required. The results reflect the continued strengthening of our balance sheet since the 2022/2023 stress test, underpinning our ability to support our customers and the broader economy, including under a severe stress scenario. This exercise has highlighted again the strength of the NatWest Group's balance sheet, supporting customers and delivering sustainable value creation. Turning to our capital position on slide 19. Our total capital ratio of 19.3% reflects the strength of our CET1 ratio and more normalized levels of AT1 and Tier 2 capital relative to our minimum requirements. We currently have an AT1 ratio of 2.4%, with GBP 4.6 billion of securities outstanding. During the year, we called two dollar AT1 securities, including the $1.5 billion AT1 in December, resulting in a CET1 benefit of GBP 90 million through an FX retranslation gain, given the security was equity accounted. Redemptions were partially offset by GBP 1.25 billion new issuance during the year... Our Tier 2 ratio is 3%, with GBP 5.8 billion of securities outstanding. Turning to our total MREL position on Slide 20. Our total MREL is very healthy, at 31.9%, significantly higher than our risk-weighted asset requirement, leaving us well-positioned for the growth in risk-weighted assets I mentioned earlier. Having built out the maturity curve of our MREL stack, we have an annual refinancing requirement of GBP 3 billion-GBP 5 billion over the next few years. Turning to liquidity on Slide 21. Our liquidity position remains very strong. At the end of the year, the LCR was 147% on a 12-month rolling average, reflecting around GBP 50 billion of surplus primary liquidity above minimum requirements. Our total liquidity portfolio was GBP 238 billion, comprising primary liquidity of GBP 157 billion and secondary liquidity of GBP 81 billion. Primary liquidity decreased slightly during the year, driven by an increase in lending, including the purchase of the consumer loan portfolio from Sainsbury's Bank, partially offset by issuances during the year. Secondary liquidity increased as more eligible collateral was pre-positioned at the Bank of England. During the year, we continued to transition the portfolio from cash holdings into securities, which provides a tailwind to income. The percentage of primary liquidity held in central bank balances has reduced from 87% of full year 2022 to 52% at the end of 2025, inclusive of net repo positions. Our central bank balances are held at both the Bank of England and the European Central Bank, with 74% of balances held in sterling. Looking at the composition of the securities portfolio, 65% are held to collect and sell at fair value through other comprehensive income, and 35% are held to collect and held on the balance sheet at amortized cost. The remaining primary liquidity is a smaller percentage of Level 1 high-quality covered bonds and Level 2 securities. Turning to Slide 22 and our funding composition. Although customer deposits account for over 80% of the group's funding, we also have access to stable and diverse sources of wholesale funding across a range of products, maturities, and currencies. Of the GBP 88 billion of wholesale funding outstanding, the large majority is Senior Holdco and regulatory capital issuance from NatWest Group and senior unsecured issuance from NatWest Markets. Drawings under the Bank of England's TFSME scheme are part of our funding mix, and we repaid GBP 3.8 billion during 2025. Our current drawings are GBP 8.2 billion, with GBP 5.2 billion repayable in March 2027, and GBP 3 billion in March 2031. On Slide 23, you can see that we were very active in 2025 in the wholesale funding markets, including benchmark transactions from both the group holding company and NatWest Markets. From NatWest Group, we have issued GBP 5 billion sterling equivalent in Holdco Senior against our guidance of GBP 4-5 billion for the year. In addition, we also issued GBP 1.25 billion of AT1 and GBP 0.9 billion sterling equivalent of Tier 2 capital during the year. Sterling is, of course, our home currency, and it was pleasing to see such strong support for our sterling capital trades this year. While for NatWest Markets, our benchmark trades totaled GBP 7.9 billion across euro, dollars, Aussie dollars, and Swiss francs, which included some pre-financing of 2026 requirements. Turning now to our 2026 funding guidance on Slide 24. From NatWest Group, we expect our Holdco Senior issuance to be around GBP 3 billion this year, primarily to refinance maturing securities. On capital, we plan to be active in both AT1 and Tier 2 this year and expect to issue around GBP 1 billion equivalents in each, providing flexibility for expected increases in risk-weighted assets and looking ahead to the upcoming AT1 call in 2027. Actual issuance, as always, will be subject to both the evolution of risk-weighted assets, market conditions, and any decisions on calls. Credit markets started strongly in 2026, and as a result, we took the opportunity to issue EUR 1 billion senior unsecured towards the NatWest Markets PLC 2026 funding plan, leaving a requirement of around EUR 4 billion for the remainder of the year. For NatWest Bank, we anticipate a return in 2026 to the secured credit markets with an expected requirement of around GBP 1 billion. Finally, turning to credit ratings on Slide 25. It was pleasing to see progress in our credit ratings during the year, with our group senior rating now rated in the single A category across all three rating agencies. In June, Fitch upgraded the rating of NatWest Group PLC to A plus from single A and upgraded all rated operating companies, including the issuing entities, NatWest Markets PLC, NatWest Markets N.V., and RBSI Limited, to double A-minus with a stable outlook. In September, S&P raised the rating of NatWest Group PLC to A-minus with a stable outlook, acknowledging the group's strong profitability, disciplined risk management, and sound funding and liquidity profiles. That was followed in November by rating upgrades on NatWest Group PLC's AT1 and Tier 2 capital instruments to triple B-minus and triple B plus, respectively. With that, I'll hand back to Katie. Thanks, Donal. Let me summarize our guidance for 2026. Excluding the impact of Evelyn Partners acquisition, in 2026, we expect income, excluding notable items, to be in the range of GBP 17.2 billion-GBP 17.6 billion. Other operating expenses to be around GBP 8.2 billion. The loan impairment rate to be below 25 basis points. Capital generation before distributions to be around 200 basis points. And return on tangible equity to be greater than 17%.... I'd like to finish with our plans for the next three years and 2028 targets. With our strong performance in recent years, we have refined our three priorities as we raise our ambition for the bank. We remain committed to pursuing disciplined growth with an emphasis on returns. First, by focusing on key customer segments, second, by making it easier for customers to engage with us, and third, by broadening our propositions to ensure we serve more customer needs. Our second priority has evolved to leveraging simplification, and we will continue to invest, in particular in AI, to drive growth, improve productivity, and enhance the customer experience. We will continue to manage our balance sheet and risk well by redeploying capital to drive returns with a greater emphasis on dynamic pricing as we increase our speed and agility with more advanced data and analytics. The purpose of these priorities is to deliver growth and attractive returns, and for 2028, having considered our acquisition of Evelyn Partners, our aim is to grow customer assets and liabilities at an annual rate greater than 4% from 2025 to 2028. Reduce our 2028 cost-income ratio to below 45%, while generating more than 200 basis points of capital before distributions and operating with a CET1 ratio of around 13%. We are targeting a return on tangible equity of greater than 18% in 2028. With that, we'll open up for Q&A. If you would like to ask a question today, you may do so by using the Raise Hand button within the Zoom app. If you are dialing in by phone, you can press star nine to raise your hand and star six to unmute once prompted. We'll now pause for a moment to give everyone an opportunity to signal for questions. Our first question today is: Thank you for your slide on risk density. It's a very helpful disclosure. You have had a very strong couple of years on capital actions and SRTs. Going forward, how do you think about risk appetite and quantum of RWAs that can be optimized? Thanks, Oliver. Donal, would you like to take that one? Yeah, sure, Katie, I'll take that one. Thank you. Yes, so again, in 2025, you said we executed five SRT transactions in our C&I business, and we said, you know, GBP 4.6 billion of RWA optimization. We also executed, in our retail business, securitization of Stage 2 and Stage 3 mortgages, delivering a further GBP 2 billion of RWA benefits. So we see significant risk transfer as a very important capital and risk management tool going forward, and one of a number of levers we have to manage and optimize our capital base and risk profile. We continue to see good demand for SRTs across multiple asset classes. So going forward, we do see further potential to do more transactions in 2026 and 2027, to further increase the capital velocity of the business and contribute to our, our ROTE, in BAU and, and performance under stress. In terms of risk appetite, you know, we assess and consider the quantum and timing of risk weight securitizing back onto the balance sheet, and we also consider the duration of the transaction against the duration of the underlying asset pool, which is very well matched. So if you think 2026 will be the third year since we reestablished the program, so we're getting closer over 2026, you know, 2027 to what we would say would be more of a steady state, given the underlying transactions roughly have about a four-year duration. Do expect more to come in that space next year, this year. Thanks, Donal. Our next question comes from Dan David of Autonomous. Dan, if you'd like to press star six to unmute, and then we'll take your question. Thanks, Dan. Hi, Dan. Please go ahead, Dan. Hopefully you can hear me. Yeah, we can hear you now, Dan. Thanks. Please, can you hear me? Perfect. Thanks. Congrats on the results. I know the CET1 target cut, and I appreciate the disclosure and the time at which those targets have been set. However, if I look at your numbers, I think the leverage headroom is a bit tighter, and leverage appears to be the binding framework. We also see this in MREL. So I'm just interested, how do you set the leverage buffer target in relation to the capital target or the RWA framework? Can you maybe just talk us through that? And then, I guess, in relation, you've got an 81 in the plan this year and no calls. Should we see that as net new to provide leverage headroom? Then finally, more broadly, do you think that the PRA is gonna cut your leverage requirements as a result of the comments in the FSR? Thanks. So, Donal, do you want to- Yeah. Leverage in AT1s. Thanks, Dan. Yeah, a couple of elements there. Please shout if I miss any element. Yeah, I think if you're looking at the total MREL, there's not a lot really between our risk weight and leverage requirement. I think one way I would probably think about it is, given the guidance we've given you on Basel 3.1 today on risk weights, you know, what we would do is we would expect risk weights. Once that comes through to GBP 10 billion on the first of January 2027, expect risk weights to be our binding constraint on a look-forward basis. So you know, we don't see leverage as binding over the medium term. Secondly, I think from an AT1 perspective, in terms of the guidance we've given you, just think about that in terms of both the growth aspirations again that we outlined this morning, the uplift in risk weights from Basel 3.1, and then the upcoming call, as you mentioned, in May of next year. So in effect, it's primarily driven by the refinancing with a little bit of growth in plan as well. And then the, I think the final element to that question in terms of the FPC review, I think what was quite clear from the outcome of that FPC review was that leverage requirements in the UK are higher than across kind of a peer comparison across Europe and the US. So I think, you know, I would be hopeful that we will see something on leverage buffers, in particular, I think from the FPC this year. I hope that answers all elements, Dan. I think it did. Thanks. Thanks, Dan. ... Thank you. Our next question come from, Gildas Surry of Crédit Agricole. If you'd like to unmute by pressing star nine, sorry, star six, and then we'll be able to take your question. Hi, Gildas. Good afternoon. Thank you very much. Yeah, thank you very much for taking my question. Congratulations on the results. So I just wanted to follow up on SRT. So I understand that you are more on, in a ramp-up mode. You indicate 4.6 billion of RWA, so if we factor that in, into your ratio, it's about a bit more than 30 basis points. So if we sort of project that into 2 or 3 years, should we expect maybe the SRT CET1 savings to land around maybe 60-80 basis points? Or if you could guide us, maybe, please. And the second question would be on liquidity, in particular, your LCR. So when we look at the digitalization trend, in particular, what you indicated this morning, 82% of your customers in retail are actually banking entirely digitally. When we compute the LCR, in particular, the denominator, and we look at the mix of stable deposits and less stable deposits, so you basically have 61% of stable deposits versus 39% of less stable. And then, yeah, just curious to hear more context about how we can reconcile, you know, the trend towards digital, so 82% in retail, and the mix of stable versus less stable deposits that is actually very sort of set in stone, because of the 5% and 15% outflow rates that are factored in into the LCR calculation. And typically, if we factor a higher portion of less stable deposits to reflect the 82%, there's a massive move in the LCR. So, just wanted to hear your feeling about, you know, the way LCR reflects adequately what is happening in the digital shift within retail. Thank you. Perfect. So, Donal, why don't I start off on that one, and then you can come in and finish off, and then go on to the SRT question? Perfect. Sure. Look, I guess as we look at the sort of split between NIBs and IBs, it's been obviously incredibly interesting to kind of watch. But what I would say, we've kind of seen the level of stability, I'd say, within the last couple of years, and we've kind of stuck with that kind of 17% that's sitting in the kind of fixed term and about 30% that's sitting in the non-interest bearing. What we have talked about today in terms of our greater than 4% increase in CAL, which is our lending, our deposits, our assets under management, we do expect to see an ongoing increase on that non-interest-bearing deposit. So they kind of—the numbers which are more appropriate for us in terms of that liquidity value, in terms of their kind of stickiness. So we do expect that to continue to grow a little as we move forward from here, which I think is helpful. But it has been interesting that the percentages overall haven't really moved around a lot, and we do continue to see growing deposits across all of the bank. I mean, Donal, do you want to talk about the specifics of percentages? Yeah. And then maybe go into SRTs? Probably, the only other thing I would add is, in terms of, you know, the digitalization, that's not something new in the UK. You know, kind of digital banking has been around for a number of years, and when we look at the underlying behavior of deposits, yes, we, you know, there has been some movements, as Katie mentioned, across, particularly in the, probably in the fixed term is where we've seen kind of, a lot of competition and kind of customer behavior changes over the last kind of 12-24 months. But if we look at the underlying composition of stable and non-stable from a world of digitalization, we haven't seen a huge change in, in customer trends. So I'm not expecting in the near term anyway, for that to have any material impact or change in our, in our LCR metrics on, on outflow assumptions. On the second question on, on SRTs, you know, we, we, we haven't kind of guided to the, the exact CET1 impact but, you know, what, what you're-- the math you've done is, is not too far away, 4.6 billion of, of risk weight benefit this year, I think about 4 billion last year. You know, if I was kind of to run some quick sums on that, that's about a 50 basis points benefit to CET1. Kind of your 60-80 basis points doesn't seem kind of too far away, given our aspirations to kind of execute more transactions over this year and next year. But obviously, you also need to consider there the accretion of the existing transactions back onto our balance sheet as well. So hopefully that answers those questions. Thank you. Thank you. Thanks. As a reminder, if you would like to ask a question, you can do so by using the raised hand function on Zoom, and then, if you would like to... Oh, sorry, if you are dialing in by phone, you can press star nine to raise your hand and star six to unmute once we come to you. Our next question is: Could you take me through the rationale for moving your impairment change guidance to 25 basis points? If I look at the past couple of years, it has been significantly below that. So my question is, what is driving it higher? Yeah, thanks very much. That's great. Look, so we are guiding to less than 25 basis points for 2026. We've always guided you to, through the cycle guidance of 20-30 basis points, so that's unchanged. I would say, as we look at why is our guide higher than 2025, there's a few things that it represents. First, there's been a broader kind of normalization in impairments, which will include sort of less one-off releases than we've seen. We've also got a growth in the loan book coming through, and particularly from particular sectors. So if I look at things like our retail unsecured mix has grown from around 6.5% in 2023 to over 8% in 2025. You know, and those unsecured balances grew more than GBP 3 billion in 2025. And so, as you know, when you look at your impairment level, they naturally attract a larger impairment charge. And that was, of course, the change was supported very much by the acquisition of the Sainsbury's Bank unsecured books. What I would say is, you know, our guidance isn't dependent on post-model adjustment releases. There's no material shift in risk appetite. We also aren't anticipating or seeing any particular stresses in our three businesses at this stage and not expecting that in 2026. So it really is just a normalization of the historic guide, historic kind of practice, and I wouldn't see any particular reason to be too concerned about that. Thank you. Our next question comes from Robert Smalley from MacKay Shields. Robert, if you'd like to unmute and ask your question. Morning, Robert. Hi. Hi, thanks very much for doing the call, greatly appreciated. Just one more follow-up on RWA density. Especially with the acquisition announced earlier this week, both commercial and industrial and retail banking, you have ways that you can offload RWAs, but in the private banking and wealth management area, might be a little harder to do. I'm wondering, especially given the acquisition, are you looking at increasing lending there, and as a result, RWAs and RWA density goes up in that segment? That's my first question. And then just secondly, on issuance, simply, senior holdco number is a little bit less, but when I look at maturity profile over the next couple of years, we ratchet back up. So can we expect 2026 to be kind of a low in terms of senior holdco issuance and then a couple billion GBP more in 2027 and 2028? Thank you. Shall I take the first one, Donal- Yeah ... and then you can jump in. So, Rob, if I talked kind of, RWA density, we've actually included a slide at the back of the equity slides earlier- Mm-hmm ... which is on slide 44 in equities, and apologies, it may well be in the fixed income slide, which kind of shows you- It's on 33. Oh, lovely. You're, you're already there. Yeah. But it shows you the density, and that actually it's been really quite stable, and so we're not expecting that to particularly change as we move forward. We are expecting, obviously, growth in our RWAs as we grow the, as we grow the book. And then if you look at the private banking, you can see that that's... They only account for GBP 11 billion of our RWA pool. They, they are obviously, you know, they're at kind of 51% sort of density. So not a number that's particularly out of line with some of the CNI, slightly better than there. When I think of the Evelyn acquisition, we'll carry a little bit of RWAs in terms of operational risk within there. Obviously, the actual product that they have is a capital-light business, so they're not, we're not going to be allocating capital to it in the same way. What we do expect to do is to do some sale of our banking product through to them. So we might see a little bit of a tick-up in the RWAs that we're carrying within private banking, but I'm not overly worried about that. You know, the pool itself is quite small, which would be harder to do some kind of SRT-type transaction on, but we certainly push the business to make sure that they are managing those SRTs very efficiently. They're on a standardized basis, which is why you would see relatively, compared to other bits of the group, they might appear a little bit higher. But we're very comfortable with the level of density that we have and comfortable that it's pretty stable. Donal, do you want to talk to calls? Yeah, just on issuance- Issuance for the plan. Yep. Hi. Hi, Robert. I think your summary is spot on, to be honest with you. So as we've guided to GBP 3 billion for this year, we're normally in around that GBP 4 billion-GBP 5 billion requirement. As you said, it's purely just driven by the maturity profile. So I would expect, yeah, beyond 2026 for us to be back up properly at that roughly GBP 2 billion higher. That's great. Thanks, and thanks for doing the call. You're very welcome, as ever, Robert. Thank you for all your questions today. I will now like to hand back to Katie for any closing comments. Lovely. Thanks. Thanks very much, and Luke, thanks very much for joining the call. It really means a lot to us to get this opportunity to speak to you directly. As you know, Paul Pybus is available within our Debt IR team if there's any other questions. We'll meet many of you over the coming months as we do some IR road shows, but we are always very appreciative of our debt investor support, and I thank you for another strong year of that, and we look forward to working with you closely in 2026. Take care. Thank you very much. Thank you. That concludes today's presentation. Thank you for your participation. You may now disconnect.