Good evening, everyone, and welcome to PT Bank Mandiri 's third quarter 2025 results briefing. Thank you all for taking the time to join us today. My name is Laurensius, Head of Investor Relations. Joining with me this evening are Ibu Novita, our CFO, Pak Tim, our Operations Director, and Pak Dan is our Risk Director. Before we get started, please feel free to download both our presentation materials and financial statements. They're available on the Investor Relations webpage of Bank Mandiri. After the presentation, we'll open the floor for the questions. You're welcome to raise your hand through Zoom, and we'll take the questions one by one. If you prefer, you can also send your questions in the chat box or email, which we'll help you address as many as possible during the session or a follow-up afterward. When asking a question, please remember to mention your name and institution before the question. Once again, thank you for being here, and I would like to hand over the presentation to Ibu Novita, our CFO, [Foreign language]. Thank you, Lau. I will now begin the presentation with a brief overview of the macroeconomic environment in Bank Mandiri positioning. In September 2025, the economy remained relatively stable in the third quarter, with GDP growth expectation around 5%, supported by stronger investment activity. During the quarter, Bank Indonesia maintained its dovish stance, delivering a total three-rate cut amounting to 75 basis points between June and September, bringing the bench mark rate down to 4.75%. We expect BI to maintain their [dovish stance], with one additional rate cut anticipated before the year end. As of September 2025, we continue to outperform the industry in Loan Growth, with growth expansion of 11.6% year-on-year versus the industry growth of 7.69%. On the deposit side, we saw an improvement in the liquidity in the environment reflected in the industry deposit growth of 8.5% year-on-year, while our deposit grew strongly at 12.3% year-on-year. The improvement is driven by Indonesia's dovish policy direction and accelerated government spending during the period. Lastly, despite ongoing macroeconomic pressures, our asset quality remained robust, with NPL ratio at 1.03%, well below the industry average of 2.28% in September 2025. Now, we will move on to discuss the key strength and challenges during the quarter. Up until September 2025, in our Cost of Funds, supported by a more optimized deposit pricing mechanism. Our asset quality also remained resilient despite ongoing macroeconomic headwind, reflecting prudent risk management and continued improvement in net NPL formation. We also delivered strong Non-Interest Income. The growth during this quarter supported by a recurring fixed growth of 23% quarter on quarter and recently increased growth of 24% quarter on quarter, further strengthening our revenue. On the challenge side, we saw softened yield environment coming from competitive loan pricing and a declining benchmark rate environment, while our ability to price higher yielding loans remained limited improvement in funding costs and liquidity conditions have allowed us to maintain stability. Retail Loan Growth remained modest, with 5% year-on-year growth in 9-month 2025. As we deliberately maintain a prudent stance amidst softer retail economic conditions. We expect retail Loan Growth to improve in the fourth quarter, although the growth will remain selective and focused on value chain based lending. OpEx growth remains elevated, continuing from the previous period due to the pause audit adjustment. However, our internal efficiency initiative of maintaining consolidated OpEx growth stable at 25% year-on-year with a consolidated cost-to-income ratio [managed] flat at 44.6%. As a result, in 9-months 2025, our consolidated Loan Growth grew by 11% year-on-year, above our guidance level. Our net interest margin also managed within our guidance level, with 9-months 2025 at 4.89%. Our provisioning remained ample with current level at 73 basis points, better than our guidance of 80 basis points up to 100 basis points. As of September 2025, we recorded a solid consolidated Loan Growth of 11% year-on-year, supported by an encouraging quarterly increase of 3.71%. The expansion was primarily driven by Wholesale segment, which is 14.7% year-on-year, while Retail growth remained modest at 4.57% year-on-year. During the quarter, Corporate loan grew strongly by 8.19% quarter-on-quarter, followed by Commercial loans at 1.92% QoQ. Growth, within the segment was directed towards the Real sector, particularly Energy & Water, downstream related industry and telecommunication, in line with our commitment to support sustainable economic growth. Given the soft macro environment, we have the emphasized growth in the broad er Retail segment to focus more strategic portfolio. In the Retail segment, we are focusing on the value chain retail pipeline, with Micro KUR grew by 2.89% QoQ, and Mortgage increased by 0.78% QoQ. Meanwhile, we continue to prudently manage our exposure in Auto Loan, - 3% QoQ, SME loans, - 1.7% QoQ, and Payroll Loans - 0.5% QoQ as part of our growth strategy under current macro conditions. Going forward, we expect retail disbursements to gradually improve in the fourth quarter of 2025, supported by stronger demand recovery, while maintaining a tighter focus on Ecosystem driven segments. Entering 2026, we expect slightly stronger overall Loan Growth, driven by improvement macro sentiments, project execution in the Real sector, and deeper financing along key value chains. Now, let us move on to profit ability metric of the bank. Overall, in September 2025, our net profit reached IDR 37.7 trillion, down by 10.2% year-on-year, while PPOP remain solid at IDR 61.9 trillion, down by 7.4% year-on-year. Our net interest income still posed encouraging growth of 4.90% year-on-year. Non-Interest Income increased 7.97% to IDR 33.2 trillion, and revenue grew by 4.79% year-on-year, despite OpEx growth of 25.3% year-on-year. On the lending side, we maintained a disciplined stance. Our consolidated loan portfolio grew by 11% year-on-year to IDR 1,764 trillion. In parallel, we continued to strengthen liquidity with CASA deposit rising 5.97% year-on-year to IDR 1,305 trillion, supporting [balancing] stability. Improved liquidity contribute to 4 basis point decline in cost of deposits, compared to the previous quarter, bringing it down to 2.40%. On the other hand, loan yields stood at 7.67%, resulting in a stable NIM of 4.89% at September 2025. Risk discipline remained a key strength. Cost of Credit improved to 73 basis points, reinforcing asset quality and overall balance sheet resilience. Return on assets stood at 2.02%, while return on equity remained robust at 18.4%, underscoring our consistent ability to deliver healthy and sustainable returns amidst a challenging operating environment. Next is our margin performance. Our NIM remained resilient through the third quarter of 2025. As of September, NIM stood at 4.89%, relatively stable compared to the 4.92% in the previous quarter, despite some pressure on the loan yield. Loan yield slightly declined to 8.26%, mainly due to increased competition in Retail segment and a broader decline in benchmark rate. The softened yield environment still continues, as our month-to-date figure stood at 8.21% Cost of Funds improved, with 9-month 2025 at 2.43% from 2.46% in the first half of 2025. The improvement continued as our month-to-date Cost of Funds stood at 2.33%, supported by better deposit mix management and a reduction in special rate deposit. While we continue to see softened loan yield, the Cost of Funds should support the margin stability for the remainder of the year. Consequently, we expect NIM to remain stable within our 4.8% up to 5% full-year 2025 guidance range. Going forward to 2026, we see additional Cost of Funds improvements, as rate normalization progressed and CASA-driven deposit continue to strengthen our funding base. Liquidity conditions also show signs of stabilization, providing a supportive backdrop for NIM performance. We remain encouraged by the ongoing improvement in funding costs and are consciously optimistic that when yield pressure moderates, there could be upside potential for NIM next year. Let us turn on Non-Interest Income and Operating Expense. On September 2025, total Non-Interest Income grew by 7.97% year-on-year, driven by strong treasury income and recurring fee income from both digital and non-digital channels, which delivered double-digit growth. We expect the Non-Interest Income growth trend to strengthen further toward year-end, supported by sustained momentum in recurring income and the realization of our Cash Recovery pipeline. Approximately 40% of total full-year 2025 Cash Recovery is expected to be realized in the fourth quarter of 2025, primarily from the Wholesale segment. Looking ahead to 2026, we anticipate continued solid growth in Non-Interest Income, supported by the monetization of our digital initiatives, particularly from Livin' and Kopra. This development is expected to serve as an incremental growth drivers beyond the recurring fee base, reinforcing our long-term focus on digital ecosystem value creation. On the Cost side, we saw an improvement in OpEx, as Operating Expense growth declined by 1.34% QoQ. This reflects our active efficiency measure and the gradual normalization of operational activities, resulting in our consolidated share to remain manageable at 44.67% in 9-month 2025. Overall, CIR and OpEx growth are expected to remain at the current level for the remainder of the year. With normalization underway, we expect OpEx growth to be flat or slightly lower next year, while CIR is projected to normalize to the 42% range on consolidated basis. As of September, Loan at Risk improved slightly to Cost of Credit remained stable at 73 basis points, reflecting a disciplined and well-managed Loan at Risk average remained strong at 44.7% on a consolidated basis and 42.5% for bank only, both above pre-COVID levels, providing a solid buffer against downside risk. Our NPL coverage also remained robust, with bank-only coverage at 271% and consolidated coverage at 243% as of September 2025. We remain confident in sustaining healthy asset quality through 2025, supported by continued improvement in Net and PL formation trend up September 2025. Ladies and gentlemen, allow me to walk you through our consolidated financial highlights. As stated earlier, our loan portfolio grew by 11% year-on-year, supported by stronger loan demand in third quarter, resulting in an overall asset growth of 10.3% year-on-year. On the Liability side, the total deposit increased 13% year-on-year, outpacing the industry deposit growth of 8.51%. Our CASA growth remained solid, with 5.97% year-on-year, while current deposit grew by 32.8% year-on-year, to support our sustainable liquidity strategy. Looking ahead, our 2025 Loan Growth remained on track within the guidance range, supported by ongoing growth in the Wholesale segment and steady recovery in retail demand. Entering 2026, we anticipate a more supportive demand environment than 2025, reflecting macro recovery momentum, accelerated government investment, and more accommodative liquidity and rate environment. Now, moving to the P&L side, total interest income grew by 10.5% year-on-year, with interest expense growth of 22.2% year-on-year, resulting in a maintained NII growth of 4.90% year-on-year. Our Non-Interest Income grew by 7.97% year-on-year, supported by both recurring and non-recurring fee, bringing total revenue growth to 4.79% year-on-year. On the Cost side, as previously mentioned, Operating Expense increased 25.3% year-on-year, leading to a 7.42% year-on-year decline in the PPOP. Bottom line, our 9-month 2025 net profit declined by 10.2% year-on-year to IDR 37.7 trillion. Looking ahead, we expect profitability to improve gradually supported by stable margin, encouraging Non-Interest Income, and normalizing cost growth. With this factor, we remain confident that our ROE will improve, progressively moving toward to the 20% target in the medium term. Lastly for the guidance full-year 2025, we maintain our Loan Growth guidance at 8.10% year-on-year, supported by expectations of stronger loan demand in the remainder of the year, underpinned by higher government spending and Bank Indonesia's conti nued dovish policy stance. We are optimizing our portfolio mix to enhance profitability by expanding investment loans relative to working capital loans. In addition, we continue to align Loan Growth with deposit expansion through our [Loan follow Deposit] strategy, ensuring prudent liquidity management. Our focus remains on the ecosystem value chain segment, and second, consistent with our internal portfolio guidelines. Cost of Funds in 9-month 2025, an expectation of further system-wide liquidity enhancement, we anticipate NIM to close the year within our guidance range. On asset quality, we expect net NPL formation to continue to decline, supported by our prudent approach in the Retail segment and our value chain growth strategy. According ly, Cost of Credit remain ample for 2025. Now, I would like to hand the presentation to Pak Danis, our Risk Director, to explain more about the asset quality. Please, Pak Danis. Thank you, Ibu Novita. L adies and gentlemen, allow me to provide an update on our asset quality as of September 2025. In line with our conservative Loan Growth strategy, our asset quality remaining resilient, reflecting disciplined underwriting amidst challenging macro backdrops. In September 2025, Loan at Risk improved to 6.48%, supported by selective growth in positive sectors within the Wholesale segment, and targeted expansion through our ecosystem value chain and retail. Going forward, we expect LaR to remain stable at around 7% through year-end. With NPL formation manageable across both Wholesale and Retail segment. We remain well- provisioned with consolidated LaR average of 44.7%, remaining NPL coverage ratio of 243%, providing a solid buffer against downside risk. Cost of Credit or CoC stood at 0.73% in September below our full -year guidance. Looking ahead, we are confident in maintaining the asset quality underpinned by robust risk management and the strength of our value chain strategy, which drive high- quality growth. Lastly, let us discuss our capital positioning. As of September 2025, Bank Mandiri's capital adequacy ratio or CAR, improved to 19%, primarily reflecting a higher dividend payout ratio. Looking ahead we aim to maintain CAR and Tier-1 in the 18% - 20% range over the near to medium term, balancing capital efficiency with sustainable growth. Now, I would like to pass the presentation to Pak Tim, our Operations Director to continue the presentation on our digital and ESG performance. Please, Pak Tim. Thank you, Pak Danis. Good afternoon. I think for those who have been following us, this is gonna be an update where I'm just gonna underline some of the items that have been mentioned by Ibu Novi ta. In particular, why we are driving all the transactional capabilities through our digital initiatives. The first one that I'm going to update is the performance of Livin’. I'm very encouraged to say that we have continued to position Livin' as the primary gateway for our retail transactions. The important piece to underline is the double-digit growth throughout as transactional platform for retail clients. We can see that the users are continuing to grow, still double-digit, with users touching 35 million now. Following that would be the transactional frequencies and value. You can tell that from the bottom numbers, our clients are highly engaged. In my view, with numbers that are north of 90%, touching in some cases close to 100%, this is almost near optimal in the way we drive the transactional platform. I think towards the end, as Novita mentioned earlier, the actual gain for this is going to twofold. One is the balances, where we can see 87% of saving balances already linked to Livin’. More importantly, we can see the strong growth in the fee base, as you can see on the chart. Next, I think from a Livin' perspective, we have pretty much built strong use cases and features so that we can answer all the banking needs, payments, and lifestyle. It really has become the super app for daily life for our clients. [That is modeled] on the left as you've seen before, in terms of how we position to become a strong transaction capability to gain significant traction. I'm just going to name a few there where the QR payments, for example, has likely surprised ourselves where the growth has been phenomenal from where we were before to where we are today, even this year. It has gone up over 7x. Livin’ Mortgage has taken off. We have seen a 2.5x growth. Major funds continue to be strong with our investment capabilities, as well as stocks. While it's quite important on the Retail L ending side, we see also other Mortgages, we see Auto that's going to be growing significantly through our ecosystem. Cross-border remittances, we are probably one of the most complete. It's grown significantly higher, almost 9.5x, with almost complete currencies that can serve the foreign currencies [unclear] of our clients. Next, I think this is where the slide is gonna be very important to understand why we are driving all that. If we break down the client base that we have, what's really driving the fee base income obviously would be the transactions, hence the features that we built. You can see that as declines grow stronger, the users, as we move to the right, with what we call from the committed, consistent, and explore types, we can see that the more they are more engaged with us, 30% of them now are highly committed, and they drive the [FBI] strongly. Obviously for us to build this super app, is to continue to push so we see more committed clients that are using the app for their daily needs. That will contribute strongly to the fee base income that we continue to see double-digit growth since the launch of the platform. Next, I'm just going to move to the other part, what we've discussed earlier, has been Livin' for the end users. Now, we're going to move to Livin' Merchant where on the other side of the Livin' users, these are the merchants. As we know, Indonesia has got UMKM that has about 67% of the GDP of Indonesia. Livin' Merchant's since l aunch in June 2023, we have now touched 3 million users. This is actually complementing the engine that we in Livin' for end users. Now, we've moved to merchants to provide the right solutions, and the fastest onboarding, free subscription, now real-time settlement, so that for micro-players, they can see their money straight in their accounts as soon as payment is done. The activities has picked-up s ignificantly, as you see in these two charts, but more importantly, I think now we can confidently say that the transactions almost doubled at least [1 point an x] of our existing [industry] solutions that we have offered in the market. This is showing great traction for our merchant side, that we are leveraging the ecosystem. Next, I'm going to move to our Kopra- side. This is our platform for corporates. The same way that we've positioned Livin’, this has become the largest wholesale platform in the country. Volume-wise, I think, we are touching almost IDR 19,500 trillion for the nine months, and this is continuing the double-digit growth since the launch. The current account balances continue to grow for our wholesale players. Next, again, I think similar concept to, next page, similar concept to Livin'. What we want to drive is going to be the engagement in a similar fashion that we see in Livin'. Kopra similarly have the same concept hence the use cases and the experience that we built. What's quite important to note here is the more engagement we see, i.e., what we call the highly engaged clients that we have, the balances that we see are significantly higher. Hence, this platform is going to continue to improve, where we're going to look for balances with high engagement. We have a complete set of platform where we provide liquidity management, pro-active collections, even now, distributor ordering platform. We believe, as we've reported before, our corporate platform has been benchmarked to the best global platforms that are offered by global banks. Next, I think the last launch or launch of features that we did were these are two important products where, in Kopra now, clients can do time deposit creation themselves without even contacting the bank. If there's a need for working capital, pledging these deposits. Because there's a us e case that we see strongly here. Clients can do it straight away. This is going to be very seamless and easy to create to support our clients. Next, I'm just gonna bring you back again, linking all of the different platforms that we have. Be it Retail or Wh olesale, as you all know, that we are a Wholesale player with a strong ecosystem all t he way down to Retail side. We have the ability now to combine Kopra and Livin' merchant, where all our smaller merchants can actually be linked to the larger corporates for their needs. For example, FMCG, they can do their orderings and payments there. Livin' end users and Livin' M erchant, again, these are being combined, and we can even push for different invoices and all that, from Livin' to Livin' M erchant. Similarly, Kopra to Livin' end users, we can do collections and all that. What we're saying here is all of our platforms that we've built, they are interconnected. They're in the same platform where we can see the usage for our clients to make their day-to-day cases easy. Next, I'm going to show that I think, these days you don't talk about technology where we're not talking about AI. We have progressed very strongly. We run [7 petabyte] of data. We have 200 billion of data records. We have dedicated data scientists that we have mentioned before. But those data scientists are driving three things in the bank: productivity improvement, revenue growth, and better risk management. These are the right use cases that AI, machine learning, and data analytics are driving. What is quite important, we've been recognized externally, where our investment for AI and machine learning has been aligned with the good practices in the market. That would be the end of my update for digital. Let me move quickly now to ESG. ESG has been a core key for the bank, and what's important, I'm very proud to update that we have been recognized by the international stakeholders, especially for our ratings, by Sustain alytics, where we have significantly improved the rating from previously medium rating, 27.6 as far as the [score] is concerned, down to a 9.5, which is on the low r ating. That means, I think, in a span of a very short period of time, with our consistently executing our strategy, we have today become the lowest ESG risk rating compared to all the other larger banks in Indonesia. You can see from the chart. We are executing, obviously, using our strategy where we want to be consistent with our vision to become the Indonesia Sustainability Champion. That framework, is being executed through sustainable banking, sustainable operations, sustainability Beyond Banking, and governance, obviously. You can tell that, in the last, all the activities we've done, have contributed to lowering the risks to a low score now. Next, I'm just gonna briefly touch from the sustainable banking perspective. Mandiri remains committed. Our sustainable asset growth p ortfolio has shown a strong 8.70% year-on-year increase to IDR 310 trillion. Led by the Green portfolio, which is showing a very strong uptake of [12%], and social trailing behind that. This is again our commitment to improving the ESG portfolio of the bank. The Green portfolio, Bank Mandiri actually remain the lead in Green portfolio as compared to the three other banks as you can see on the chart. As far as the Green portfolio is well, our market share is the highest. I'm just going to move quickly to the last page. We want to say that from the sustainability of operations sustainability Beyond Banking, we continue to drive improvement, and not only that, but also on the gender and diversification, we remain committed to delivering all the commitments that we have put up before. With Beyond Banking, we have actually in line with our SDGs or sustainable own goals. We have committed with the promoting the inclusivity using all digital capabilities that we have in particular with Livin' Merchant. That would be the end of my presentation. I hand it back to Lau for the next session. Thank you. Great. Thank you, Pak Tim and thank you to all the speakers for the opening. We're now moving to the Q&A session. I know some of you are going to type the questions on the chat box but if would be great if you can ask the questions live as well. There are set of questions coming from, I think, JP Morgan. Harsh, if you could ask the questions live that'll be appreciated. Thank you so much. Hi. Yeah, thanks for allowing me to ask questions. The first question is on the liquidity that came in. How much was lent out of? Sorry. Harsh, we couldn't hear you at the start. Can you repeat the questions? Yeah, can you hear me well now, Lau? Yes, we can. All right. Great. The IDR 55 trillion liquidity that came into the bank, how much was lent out? The remaining which was not lent out, where has that money been deployed? That's the first question. I'll go one by one. Okay. That's the first question. I think Novita will take that one. Thank you, Harsh. The IDR 55 trillion liquidity injection right now as a stated on the agreement it's stated as a pool of fund. So, we can use the IDR 55 trillion to disburse our loan right now. The duration of this IDR 55 trillion is, Ministry of F inance states that it will be six months, and we place it as a deposit on-call. Deposit on-call is on the Deposito criteria in our third-party fund. This is the reason why our time deposit increased significantly this third quarter. T he rate is around 3.8%. [0. 3%] is because of, the rule is level is 80% of the BI rate. The liquidity injection, we already disbursed around 70% of, the 55% already disbursed, and the majority goes to the Real sector, which is including energy, electricity, water transportation, et cetera. Right. When you say deposit on-call, are you receiving any interest on that, or you're not receiving any interest on that? The deposit states as Liability so we are actually paying on top of that deposits a nd the Cost of Funds. So, b asically that extra liquidity of IDR 55 trillion, 70% is being disbursed. The remaining that is still sitting in the balance sheet with the Cost of Funds. Which is not a bad thing considering that we have a lot of special rates that are actually costing us in a quite meaningfully higher than 3.8%. I understand that. You are paying 3.8% on that, but that money, where have you kept it? The 30%, which is not lent out. Oh okay. So yeah. Let's say about IDR 20 trillion. Yeah. That money is on the reserve. Where we actually do not basically receive much of an interest rate as in yield. So, t echnically, yes, we need, where we are, supposed to basically, you know disburse it as soon as possible so that the liquidity doesn't sit on a negative carry. Right. Hopefully, you are unwinding some of the higher cost deposit. Okay, thanks for that. Yeah, we are. Yeah, yeah. Makes sense. Thanks. Thanks for that disclosure on the September month-to-date yield and cost. That is very useful. Second question. Sorry, Harsh. Just to add, the figures we mentioned earlier are figures as of September 2025. Yeah. So, as we speak now, some of that have been [unwind]. Thanks. Second is on LDR. If I look at your NSFR number, that has already gone down to 110. If I look at last [5-10 quarters], 109% NSFR is where you tend to bottom. The question is, can LDR move up meaningfully from here, or probably not by, let's say, for December quarter? By December, our guidance is around 93%. In NSFR, we want to mantain above 100%. The reason why we want to keep 93% is because we want to balance between the liquidity condition Cost of Funds. The IDR 55 trillion can, w e can use the IDR 55 trillion, that have rate 3.8%, to replace our [special rate] deposit. We still want to maintain 93% by the end of this year. Great. Thanks, Ibu. Last one, the NPL coverage guidance is for 230%. Shall we assume that you will use the excess loan loss reserves and get NPL coverage ratio down to 230% by the end of this year? 230% is on the, sustainable longer term. Our guidance is, in terms of Cost of Credit, we want to make it 80% up to 100%. If we, sorry, go. 80 basis points up to 100 basis points. Based on our assessment, we do not expect any surprise on the NPL side by the end of this year. We can maintain the coverage level by the end of this year, which is about 250%. Yeah, around 250%, Harsh. Great. Thank you, Ibu. With Cost of Credit 80 basis points up to 100 basis points. Yeah, thanks. Those are the only questions. Thank you. Yeah, I think there's a question in the chat box from EOB Sebastian on the question about the IDR 55 trillion additional liquidity. I think we've answered that question so we can skip that. Okay. I think there was an extra follow-up question as regard to the IDR 55 trillion liquidity disbursement. To what sector and whether or not we have not changed our underwriting criteria. Maybe Novita can elaborate on that one. Yeah. In terms of the risk appetite and underwriting standard, there is no change. We still focus on our latest portfolio guidelines and our risk appetite statement also. What is the difference this time? By IDR 55 trillion already in our balance sheet, the liquidity injection can Cost of Funds. It helps our strong Loan Growth. Great. Thank you. I think we have a question coming from Jayden Vantarakis, Macquarie. If you could please ask the question live, that would be appreciated. Thank you. Hi, Lau. Hi, management team. Can you hear me okay? Yes, we can hear you. Okay. Great. Thank you very much for the opportunity. I just wanted to understand a little bit better on the quarter-on-quarter movement in the Operating Expenses. It looks like there was quite a large pickup in employee-related, both at the bank and the subsidiaries, and the promotion expenses were down. It looks like the overall cost was sort of stable. Can you give us some background as to why the employee expenses were taken at this time? What's your view on absolute costs as we get into the year-end and also early next year? Will we see the normalization we talked about last time? Thanks very much. Jayden, our QoQ, yeah, we see, we do a lot of efficiency activities. Remember that the June number is one time. The number is, quite big on t he first time. After, quarter on quarter, month on month, we will normalize all of the costs in terms of report. Yeah. Maybe just to add, Ibu Nov. W ithin, basically, if you look at the quarterly trend, Jayden, you'll see that there is, or somebody, can you please share the screen? You'll see that there is a, QoQ growth on the personal expense. That on the OpEx table. QoQ growth on the personal expense, 27.8%. But there's also decline in the G&A and other expense, 18% and 35% QoQ. This, as Ibu Novita mentioned is related to the one-off. The one-off that essentially came from initially capitalized cost across, you know, a certain period of time that is to be recognized entirely in 2025. In the second quarter, a bit of that came from G&A and other expense. In the third quarter, there is part of that coming from, you know, the personal expenses. But in general, you know, we would suggest to look at the 9-month 2025 and the trend toward the end of the year where we want to keep the total OpEx growth of 25% stable u ntil the end of the year. This will normalize next year, which means that the OpEx growth next year can be actually zero or actually negative depending on the situation. But OpEx will be, you know, will be flat in term of growth in 2026. Thank you very much, Lau. That's clear. So, 25% through to the rest of the year, and then we're seeing some normalization. Thanks for the guidance. Thank you. We have a question coming from Linda from Eastspring. If you could please pass the question live? That'll be appreciated. Thank you. Yeah. Yeah. Hello. Thank you, Board of Management, and Lau. I just want to ask with regards to KDMP. I know there are still a lot of unclarity. It's not as yet clear, but I just want to know whether you have any inkling with regards to the disbursement timing, as well as the borrowing rates Cost of Funds and the Cost of Credits. Yeah, as there are a bit of noises on the ground with regards to that. Thank you. Thank you, Linda. Tough question. Unfortunately, anything related to KDMP at the moment is still under discussion. We'll wait and we'll see the development of the progress and discussion as with regards the KDMP, and we'll update you as soon as we get any final format of the program. Sorry, just to follow up on that, for this year, is there any direction so far? Direction in terms of? In terms of the amount disbursed that has to be disbursed for this year? There's a direction to discuss and to have a dialogue regarding the program, and that encompass disbursement and, you know, risk assessment and all other governance-relates sort of stuffs. All of that is a part of the still undergoing discussion that we mentioned earlier. Okay. Thank you, Lau. I'll just wait for your updates then. Thank you, Board of Management and Lau. Thank you. We 'll update you as soon as we get a final call on this one. Thanks. I think we have a question from Goldman Sachs. Melissa, can you ask your question? Hi. Thank you very much for taking my questions. I just have two questions. Firstly, on your margins. We saw some news article regarding government want for you to push down in terms of lower loan yields. I think they talk about at the BI meeting as well for the transmission to happen. They also talk about certain sectors where if you cut the yield, you can have lower in terms of your RR R. Sorry we were not able to hear the question clearly. Apologies. Okay. Can I try again? Can you hear me? Yes, we can. Yes. Okay. In terms of margins, how do you think of it given government's push to lower the loan yield, as they inject the liquidity? Secondly, there's also articles out regarding, like, you know, if you lower loan yields for certain segments, you get RRR relief. How would that, you think, impact your NIM going forward? Are you able to control it with lowering deposit costs at a much faster pace? In my second question, in terms of your dividend, I guess, you know, if we look at your numbers, in terms of your net income today, it's down. We know that you won't be paying out as much as you did last year given that that's not, you know, that's that kind of capital-consumptive. In fact, what do you think you have to do in terms of your payout range this year, so we can get a sense of where DPS will be. The second question was about dividend? Mel, just confirming. Yes, dividend. In terms of your payout for this year, given your net income is in decline. I think on the net interest margin side, one of the reason why we've been very cautious a nd conservative in setting up our range, which I think is 4.8%-5%. With some hope of recovery in 2026 but we still want to be also conservative there, is actually mainly on the yield side of the equation. Not really a function of being pushed to bring down yield, but just the macro environment. For instance, for the corporate segment, we are faced with the overall declining benchmark rate. That is a natural, that will bring a natural impact to the yield of our corporate book. On the other hand for the retail book, the macro environment, you know, will dictate the overall yield. Macro and competitive environment will also dictate the overall yield. One thing that we are pretty confident to see is actually the the Cost of Funds. We have a big hope that we actually do expect that, with the overall injection of liquidity from the government, and also the net releases from the liquidity of the central bank into the system, t hat will Cost of Funds. And we are Cost of Funds coming down so far. But the NIM trend challenge is, going forward is actually more toward the yield side of the equation. For now we would prefer to keep stability. A stable NIM trend as a direction. Guiding 4.8%-5% range that we're keeping this year and potentially similar sort of ran ge that we want to keep at the moment for 2026. That's on the NIM side. As regard to the dividend, we believe that our comfort level for dividend is 60% payout ratio. That's is the level that we would like to communicate to our shareholders. There's also another element to dividend that we are actually considering, and that is the interim dividend. We would like to study an assessed global standards and also global practices with regard to dividend payment, and we believe that, potentially, as we move forward, interim dividend could be actually a way to also sort of reward our investors. That's something that we can work on. As regard to dividend payout and all that, we are comfortable with 60%. We have a range of 60%-70%, but 60% is the level that we want to keep. That is something that we would like to propose to our shareholder. But obviously, at the end of the day, dividend payment will be highly dependent on the request from the ultimate shareholders. Can I just also check if share buyback can be an option for you? We have a share buyback approved in the previous [AGM] in March 2025. That has still applied all the way to 2026 March. Yes, absolutely. Share buyback is still part of our, it's still on the table and still there for us to execute. All right. Thank you. Thank you. Considering the time we'll open for one last question from Calvin, Schroders. If you could please ask your question live, that would be appreciated. Thank you. Hello? Can you hear me? Yes, we can hear you. I was just wondering, just to get a sense of the color Cost of Funds, how big the Wholesale, your Wholesale deposits with a rate above 3.8%, was prior to the IDR 55 trillion placement from the government? Cost of Funds has come down as a result of this additional injection of liquidity, which we use as a momentum to reassess, revisit, and renegotiate existing balance of deposits that we have that earlier sits at special rates. Clearly the impact has been positive so far. As regard to what is the level of higher Cost of Funds deposits that we have today, if that's okay we'll get back to yo u, Calvin. Actually we'll just send email across all the participants today. We'll have to double-check first. Okay. Perfect. Thank you very much. Thank you, Calvin. Thank you. With this last question from Calvin, mark the end of the analyst meeting. Thank you very much. If there are further questions, feel free to email and reach the Investor Relation team. We'l l do our best to respond to your question as soon as possible. Thank you, everyone. Have a good rest of the evening.