Good afternoon, this is the Chorus Call Conference Operator. Welcome and thank you for joining the Azimut Group nine months 2025 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on the telephone. At this time I would like to turn the conference over to Mr. Giorgio Medda, CEO of Azimut. Please go ahead. Thank you and good afternoon everyone and thank you for joining us today for the Azimut 9 Months 2025 results presentation. I'm Giorgio Medda, CEO of the Group, and I'm very pleased to be here with Alessandro Zambotti, our CEO and Group CFO, and Alex Opera, Head of Investor Relations. You know, this period marks another important step in our growth journey, reflecting both the strength of our business model and the consistency of our strategies across market. This year in 2025 we continue seeing a great execution and delivery in terms of objectives, translating to tangible results and exciting corporate developments that we will certainly elaborate in detail later. Moving on to slide three, please. Let me start with the key highlights for the periods. The first nine months of 2025 represent the best on record for Azimut in terms of managed net inflows reaching EUR 13 billion, together with a strong 17% growth in recurring net profits. These results confirm the strength of our diversified business model and certainly the quality of our recurring revenue base. We also made very significant progress on the TNB transaction which continues to advance and represent a transformational step for the group. Alessandro will discuss this in more detail later. Now we certainly can say we operate with greater clarity and visibility over the next regulatory steps related to the TIMBI project, whose authorization is expected by the second quarter of 2026. Building on the strong commercial momentum to date, we are raising our Core Group net profit guidance for 2025 and today we are projecting the Core Group net profit to exceed EUR 500 million in 2025. While we see 2026 net profit, including the expected contribution from the TNB transaction, to surpass EUR 1 billion. As a result of the updated timeline regarding TNB authorization, we have decided to anticipate selected key guidelines from our Elevate 2030 strategic plan, in particular relating to our global business. The new strategic plan will outline an even more ambitious growth trajectory and further cementing Azimut's leadership position among global independent players. Certainly Amina will be able to elaborate on that in greater detail later in the presentation. Moving to slide four and turning to the highlights for the first nine months of the year, let me mention that total assets have reached EUR 123 billion, marking a new record for the group. Net inflows were equally strong at EUR 15 billion, of which 43% came from our global operations. This demonstrates and shows the continued diversification of our growth and the relevance of our global platform, which once again outperformed other players in the Italian asset management industry. Revenues in the nine months exceeded EUR 1 billion, supported by a 9% increase in recurring revenues, confirming the quality and resilience of our business mix. EBIT stood at EUR 171 million, with recurring EBIT up 12% year on year and group net profit reached EUR 386 million, representing a 17% growth compared to the same period last year. That is essentially driven by the steady expansion of our recurring profit base. Finally, let me stress what is the contribution from our global operations reaching EUR 60 million corresponding to EUR 43 million in the same period of 2024. This is almost 50% growth versus the nine months last year. This consistent growth across regions confirms the effectiveness of our international strategy and the scalability of our global business model. Let me say as a general comment that these figures put us in a strong position to continue executing our long-term growth agenda while we continue creating value for our shareholders. Looking at the bridge between nine months 2024 and nine months 2025, I'm looking at slide number five. Our group net profit reached EUR 386 million compared with EUR 439 million in the same period last year. The difference here mainly reflects lower performance fees and capital gains below the operating profit line, while recurring profitability continues to grow very strongly. Recurring EBIT increased by 12% after costs, confirming the solid momentum of our core operations, while performance fees were lower by about EUR 90 million mainly due to insurance related products. However, I would like to highlight our strong 3Q results and a solid cut into Q4. Strategic affiliate and GP stakes have contributed slightly less than last year, with dividends from our GP staking activities offset by lower net results from Sanctuary Wealth and SDNGA. Under other items below EBIT, the comparison is significantly affected by nonrecurring income items, most notably the capital gain from the sale of our stake in Kennedy Lewis. As such, it's important that throughout this call and for the broader analysis in general, I would rather focus solely on recurring growth, which posted a 17% growth year on year as a result of our continued expansion across the globe. On page six you will see how our total assets have evolved since the start of the year under the new reporting method. I won't go too much into the detail of this analysis. These are figures that have been already published and commented on in press releases. The thing I would like to mention here that what is remarkable is the fact that growth was essentially coming from organic flows which have totaled almost EUR 12 billion during the period and represents the best results on record in Azimut history. You know, while we do not have all the final numbers as of yet, let me anticipate that October is poised to be another month with very strong inflows across the board. Turning to page seven again here, I would not go too much into the details of this, will be also commented by Alessandro more in detail. Let me certainly mention in Slide 7 the breakdown based on our four distribution lines. Integrated Solutions is our core line of engagements with clients including Italy, Brazil, Egypt, Mexico, Taiwan, and Turkey. This continues to be a powerhouse and commands superior margins that are driven by the vertically integrated business model and market leading positions that we have in these geographies. We have then the Global Wealth Division which brings together the group's hubs in Monaco, Dubai, Singapore, Switzerland, and the United States that is becoming an increasingly important growth driver serving high-net-worth and ultra high-net-worth clients worldwide. Then we have the Institutional and Wholesale effort that is gaining traction and saw a very strong increase in profitability. Let me remind you that this segment brings together our global institutional initiatives across Latam, Asia, NDA, and certainly Italy. The strategic importance of this business is rising and will continue to do so. It is a source of innovation, distribution, diversity, and partnerships such as the contribution for Nova. Let me mention that strategic affiliates remain in a phase of growth and consolidation and we still have investments ramping up to expand the respective aggregating platforms of financial advisors in the US and Australia. Very important also to mention that as we keep growing, the group is able to maintain a very healthy recurring net profit margin at 43 basis points. Moving to slide number eight and zooming in on the performance by region, these results confirm the strength and the diversification of our global platform. Again, here I will not go into details too much as numbers and the notes speak for themselves. Let me tell you that something that is very, very important to highlight here. Azimut has evolved from a successful Italian player into a global platform with very strong local roots and international breadth that spans 20 countries. Every region has contributed to growth guided by unified culture, consistent governance, and the shared vision for long-term value creation. We are going to talk about Elevate 2030 later, but these results set a very solid foundation for the ambitious growth targets that we are setting for ourselves in the years to come. Let me now hand over to Alessandro for a more detailed commentary on the figures. Thank you Giorgio and good afternoon to everybody. We can now move to slide 9. Total revenue in the first nine months 2025 go up to EUR 1 billion, marking an overall increase of 6% EUR 51 million year on year. This is the result of an increase in recurring fees, plus EUR 58 million thanks to the strong growth recorded in terms of total assets. In particular, EUR 31 million came from the Italian perimeter with a strong contribution from all business lines, from mutual funds, alternative funds, and pension funds, and also to Nova some numbers. At the level of the alternative funds, we have a positive contribution of EUR 12.5 million through the growth mutual funds around EUR 7 million and discretionary advisory services and pension funds contributed for EUR 9 million. With regards to our global operation, we have a contribution of about EUR 27 million, and thanks in this case as well to the after growth mainly driven by US, Brazil, Singapore, and Monaco. We should also factor in the change in perimeter due to the consolidation of Kennedy Capital and HNDI Post, which occurred for EUR 17 million. Moving to the performance fees, these were EUR 4 million lower year on year, merely reflecting softer results in the first half of the year, but partially offset by strong third quarter performance thanks to Brazil, Turkey, and Monaco. At the level of the insurance revenue, we have a decrease by EUR 18 million compared to the first nine months of last year. However, in this case as well, despite market volatility, we have a positive contribution from permanent performance fees of about EUR 27 million in these nine months and in particular strong contribution in the third quarter. We also grew our recurring revenue by about EUR 8 million compared to last year, and these two components largely compensated for the lower performance contribution, resulting in an overall variance of EUR 16 million compared with last year. To conclude this first part of the revenues, at the level of the other revenue, we were up to about EUR 50 million compared to last year. In general, we continue to see good consistency across all the areas that contribute to this line. I would like to particularly highlight the contributions from infrastructure in fee related to our Brazilian private infrastructure business. These fees are not recurring on a quarterly basis since they depend on deployment activity. However, given the size and the ongoing growth of our infrastructure platform, we do expect them to recur on an early basis, although with varying amount depending on timing and at the level of the single transaction. Now, moving to Slide 10, we are going to focus on cost trend. Compared to revenue growth of about EUR 61 million, cost increased by a total of about EUR 33 million. Distribution cost increased by EUR 24 million. This change is explained by the general increase in distribution costs mainly within the Italian perimeter, directly correlated to the growth of our assets and revenues and EUR 8 million as well from the growth of the variable and dispensing components, an increase in marketing costs also directly connected to the TMB project operations, and finally EUR 4 million stemming from the increase in costs directly linked to the growth of our foreign business. The administrative costs were up by about EUR 11 million and it is largely explained by the change in perimeter, meaning the line by line consolidation of Kennedy Capital and Diapost that contributed about EUR 14 million with offsetting effect from the effects. We also would like to highlight anyway the cost discipline, especially concerning the Italian perimeter. Then DNA also on the other end we see that it is substantially in line with the previous year. Moving to slide 11, as you can see, considering the revenues and cost dynamics just explained, we're recording a strong EBIT growth of 12% or EUR 47 million year on year. Equally important, we recorded growth in the recurring net profit of about 17%, EUR 44 million versus the first nine months of last year. Before moving to the next slide, let's highlight also the significant contribution from the financed income item which shows an increase of about EUR 62 million driven by EUR 37 million from assets and portfolio performance, EUR 19 million from the fair value option and equity participation, EUR 9 million from interest and EUR 8 million from GP stake and affiliates. We also had a negative, in this case negative impact of the IFRS for EUR 11 million. Now moving to slide 12, we have the classic picture of our net financial position which has a positive balance at the end of September of EUR 765 million, substantially the same value as last year. Compared to June, we have an increase of around EUR 120 million. That can be reconciled considering the pre-tax results of EUR 198 million less the tax advance of EUR 78 million, h for EUR 8.5 million, the proceeds from the sale of Ramses that contributed to the cash for EUR 38 million, and then a technical adjustment of EUR 27 million from UCIUS units move out from the net financial position. Moving to slide 13, let me share a key update on the TNB project. During the past month we secured the antitrust approval to acquire the banking license and I am delighted to announce today that we have signed yesterday a binding agreement with Bank Discount. Our negotiations with FSI continue. Following the press release published today, we have updated the project finalization timeline to Q2 2026. This timetable establishes a clear and orderly process providing Azimut and its shareholders with greater visibility on the final stages of the transaction. The schedule is fully aligned with the operational work already underway for the launch of TNB. I remind you once again the extraordinary long-term value of this transaction. Again, the EUR 1.2 billion potential total consideration plus the EUR 2.4 billion revenue guarantee plus the 20% stake that we will maintain in TNB. Turning to Slide 14, we have, I mean here, share the 25 targets. We confirm our net income inflows target for the full year for EUR 28-31 billion. We have already achieved more than EUR 15 billion of net inflows. At the end of September we saw primary figures for October and then expected contribution of about EUR 14 billion from the NSI. Integration could lead us to reach up the guidance and then moving to Slide 15. Given the strong results achieved in the first nine months, we are pleased to announce an update to our 2025 core group net profit target. We now expect to exceed EUR 500 million in 2025 compared to our previous lower end guidance of EUR 400 million. Looking ahead to 2026 including the expected contribution from TMB in this year as a result of the updated timeline, we estimate group net profit to amount above EUR 1 billion. Finally, reflecting both the strength of our results and our solid capital position, the Board of Directors intend to propose announced the dividend policy for the 2025 financial year. This will be above last year EUR 1.75 per share which represented a 51% payout on the current net profit. Further demonstrating our commitment to rewarding shareholders through sustainable and growing returns. We will share the final details with our full year 2025 results presentation that will be happening at the beginning of March 26. Thank you for your time and your attention. I will hand over to Giorgio again. Thank you Alessandro and I will move to Slide 16. Following the completion of the Ordinary Supervisory Review by the Bank of Italy on part of our Italian business, we can say that we have full clarity and greater visibility on the regulatory timelines ahead. This gives us a very solid foundation to move forward with confidence toward the launch of TNB. That is a key milestone in Azimut's evolution. The Group's strategic plan Elevate 2030, which will include targets for all business lines and both the Italian global platforms, will be presented in full as previously announced to the market following the authorization of the TNB transaction. However, global expansion continues to be a cornerstone of Azimut's strategy and we continue building on our presence in 20 markets and we are very determined to continue strengthening our leadership among the world's leading independent players. That is why in the meantime, we have decided to share a few key guidelines focused on our global business that is a part not impacted by the supervisory review. This plan emphasizes growth, diversification, and sustainable value creation for shareholders. With Elevate 2030, we are certainly defining an even more ambitious growth trajectory, one that will showcase the full potential of our diversified global platform and reinforce Azimut's position as a truly global success story. Let us now take a closer look at what lies ahead and I would move to Slide 17. First of all, to help everyone to better understand the potential of our global operations, we started with a bottom up analysis of the expected contribution in terms of net inflows from each region. This has historically been an area where the market underestimated our potential, and we believe these figures better illustrate the scalability of our platform. What we are showing here are the expected yearly net inflows from our global operations only, and we are excluding Italy. These targets are indeed very ambitious, but we see them as incredibly realistic. They are consistent with our historical growth trajectory, which also reflects a clear step up as we continue to scale, broaden our investment solution base, and bring innovation to our markets. We believe there is strong potential for Azimut to replicate the success that we have achieved in Italy. We expect total net inflows from our global platform between EUR 5 billion and EUR 8 billion per year, with the Americas region remaining a major growth driver, contributing to EUR 2 billion-EUR 3 billion annually, supported by the integration of NSI in the United States which will add approximately $16 billion or EUR 14 billion upon closing of the transaction at the end of the year. Our strategic affiliates, led by Sanctuary Wealth in the US and SDNGA in Australia, are also very well positioned now to capture powerful structural trends and the shift of top financial advisors away from bank owned networks toward independent platforms continues to accelerate and the ongoing intergenerational wealth transfer in both markets is expanding every day. The addressable client base for advisory driven models like ours for the strategic affiliates, we are expecting to add between EUR 1.5 billion and EUR 2.5 billion of annual inflows, confirming the strength of our partnership model in high potential markets. The EMEA and Asia Pacific regions will also contribute steadily, driven by our ongoing expansion in markets such as Egypt, Taiwan, and Singapore. Overall, this figure illustrates the depth and balance of our global business in general. What I would like to stress here is that the international component of Azimut is becoming an increasingly powerful engine of growth and value creation under the new strategic plan. Moving to slide 18, here we are really converting the income inflows into the overall asset base at the end of the period. We are now projecting our global average total asset to grow from around EUR 54 billion to between EUR 95 billion and EUR 110 billion by 2030. This is a very exciting plan. We are essentially showing here our ambition to double our asset base. It certainly demonstrates the strength and maturity of our global platform. Achieving these goals will require certainly focused determination. I believe we have all the right elements in place. We have now a robust and diversified product offering across public and private markets. We have the ability to tailor solutions to the specific needs of each client. We have a unique entrepreneurial model and mindset that will allow us to move quickly and seize opportunities. This combination gives Azimut a unique and clear competitive advantage that positions us among the very few independent global players able to grow at scale while preserving quality and agility. Now, moving to slide 19, I want to really focus on margin. These are very important elements to help the market better understand what lies ahead and the true earnings power of our global business. Here we show where our current net profit margins stand today by region and where we expect them to evolve by 2030. We have provided what is a wide enough range to capture different market conditions. We also want to illustrate what is the significant operating leverage and the economies of scale that our global platform can deliver as it continues to grow. The Americas are expected to see margins rising from around 27 basis points today to between 25-35 basis points by 2030. This will be our largest region by total assets supported by the NSI integration and the planned launch of ActiveTF which will bring Azimut global product capabilities to the world's largest market. EMEA remains our most profitable region with margins expanding towards 50-60 basis points. We see the potential for the Asia Pacific region to gradually improve its contribution as the region scales and matures. Looking at these figures on a consolidated level, we expect the global business, excluding Italy and the strategic affiliates, to reach a net profit margin between 30-40 basis points by 2030, corresponding to an annual profit of approximately EUR 180 million-EUR 280 million. This compares with a margin of around 35 basis points and a net profit of EUR 70 million generated in the first nine months of this year. Also, I think it's important here to put into perspective that since 2019 our government profit has grown at a compound annual growth rate well above 35%. And this gives us a very strong base and clear visibility on the profitability path we are building toward 2030. You know, I would move to slide 19, 20 and 21. And you know, on the next three slides you see the same breakdown as before, but this time by business line rather than geography. And that should help if you want to cross check our assumptions and better understand the contribution of each vertical to the overall growth plan. I will not spend too much time here, but it's important to highlight the strength and balance across our global platform. Let me tell you that the Elevate 2030 plan will bring greater transparency to the market by showing our strategic and financial objectives through these four verticals that we have already introduced this year with the new reporting structure. This structure certainly enhances clarity, ensures consistency in how we represent value creation, and makes it easier to appreciate the growth and profitability potential for each business line. Four verticals provide a diversified and complementary growth platform that is underpinning our market leadership, operational integration, and long-term strategic partnerships. I would move now to slide 23 where there is essentially highlighted what is a key pillar for Elevate 2030, that is strategic capital management. This is a framework designed to enhance our valuation, to strengthen financial flexibility and deliver consistent and attractive returns to our shareholders. Our focus is on improving transparency and disclosure to help close the valuation gap that we continue to believe the market is still applying to the stock and not really truly appreciating the potential of Azimut. We are also proactively managing regulatory risk by simplifying our structure and ensuring greater operational clarity across jurisdictions. We furthermore plan to unlock value from our global operations through a series of operations that could potentially include targeted demergers, dual listings and or strategic partnerships. We are also very pleased today to announce a new share buyback program with a commitment to cancel up to EUR 500 million of repurchased shares over the next 18-24 months, equivalent to around 10% of our share capital. This initiative aims to maximize shareholder remuneration and reflect the constructive feedback that we have received from our investors over the last few months. It is a clear signal of our confidence in the strength of the group, the resilience of our cash generation, and our commitment to deliver tangible value to shareholders. Beyond this, we remain committed to maintaining a debt free position given the strong cash flow generation of our business. However, we will preserve the optionality for future value accretive M&A opportunities to be financed via debt. As Alessandro has already highlighted, we will propose a new enhanced ordinary dividend for the full year 2024 versus the prior year. Certainly, we give you more insights with our full year results in March 2026 when it comes to a broader and more comprehensive digital policy as part of the Elevate 2030 plan. I mean, I think, you know, we can already anticipate that when it comes to shareholder remuneration, you know, one key principle will be that any policy that we will announce to the market will be aligned with cash flow generation to ensure an attractive and sustainable payout over time. Let me move to the last slide really to wrap up everything that we discussed and shared with you today. First of all, we are upgrading our 2025 core net profit target to. Above EUR 500 million. We project now net income to exceed EUR 1 billion in 2026. This reflects the solid momentum we have built throughout the year and continued strength of our recurring earnings. Second, we have made meaningful progress on the TNB transaction, gaining enough clarity on the timeline for the next steps. This gives us a clear regulatory and strategic pathway to move forward. Third, with Elevate 2030 we are releasing ambitious yet achievable targets for our global oper. We project between EUR 5 billion-EUR 8 billion of annual net inflows over the next five years and total assets between EUR 95 billion-EUR 110 billion by 2030 with an expected net profit margin in the region of 30%-40%. At this point and last point, our strategic capital management remains a key driver of value creation supported by an EUR 500 million share buyback program with full cancellation of repurchased shares and then a new dividend policy to be presented in 2026 after the completion of the TNB transaction. As we mentioned already, we are providing an enough dividend payout for 2025, you know, obviously applying on a payment in 2026. Together we believe these initiatives position Azimut for a new chapter of profitable, discipline and sustainable. With this we are done and we certainly open the floor to any questions. Sqv this is the Car School Conference Operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Gian Luca Ferrari of Mediobanca. Please go ahead, sir. Thank you. Thank you very much. Three for me, please. The first one is on the foreign business. I think what you are telling us today, Giorgio, is that the foreign operations are closing this year very close to the cost of capital you put in that development outside Italy. Given the trajectory you are disclosing today, is it fair to assume that by 2027 the IRR of these will reach 20% or something very close to that level? The second is on Nova. Last week, Amundi and then UniCredit. They have been pretty vocal in what is the relationship among them. I will not ask you the level of AUM you are expecting from UniCredit, given the acceleration of the divorce, let's say from Amundi. I am more curious to understand what is the level of margins after 2028. After UniCredit will have exercised the call option, is it fair to assume that your 20% in Nova will represent something like 15-20 basis points on the AUM that UniCredit will have transferred at that point? The third question is, I do not know if I can ask this question, but are you eventually considering a dual listing of Azimut even in other stock exchanges, like in the U.S. for example, and sorry if I made the last one. In the press release after the Bank of Italy inspection, you have some, let's say, adjustments to the business to be compliant with what Bank of Italy is asking to you. Are the costs related to that material or are we talking about a few million euros? Thank you. Gian Luca. I'll pick your first and second question. Regarding foreign business or the global business, as we call it in Azimut. You know, you look at this year and you look at what we have delivered for the first nine months, I think it would be fair to assume that we will generate a return on invested capital between 13-15% that I think is above our cost of capital. I think we are already proving value creation. Indeed, when you look at the earnings trajectory over the next couple of years, certainly I see as very realistic a return on invested capital in the region of 20% within this time frame. When it comes to Nova, as you know, and I think you know, it's important for me to stress it again, we will never, never disclose any confidential information regarding the activity of clients with our platform. We have never done that with any client, we have never done with Nova. Let me guide you towards some generic principles that govern our partnership with Nova. Certainly the moment that UniCredit will exercise the call option to buy 80% of Nova, that should not have a material impact on earnings contribution. As already today, we have an agreement under which we are working like UniCredit was already an 80% shareholder. When it comes to basis points, I think we have guided in the past a range between 40-50 basis points. I would assume that we are ballpark again in line with our level in the second stage of this partnership. If we get to the second stage after the exercise of the call option. You were also asking about U.S. listing. Yes, indeed, the U.S. stock exchange remains a very viable option for us. Certainly we see today a very significant valuation differential for players in our industry being listed there, as opposed to being listed in European markets. You know, we will retain obviously full optionality in deciding which exchange we would be eventually decided for our alternative listing. Back to Italy side. In general, as you said, and as you probably read in the press, the report is focused on increasing our strength in terms of oversight and strategic planning. Nothing they say caused us an impact on the business and therefore on the P&L of the group. It is just a matter, you know, to focus on paperwork and fix what, let's say, they found missing. As you said also during the question, it's just a few, let's say, a few euros to spend to fix quickly the gap and then looking forward to focusing on our business. Thank you. Thank you both. The next question is from Giovanni Razzoli of Deutsche Bank. Please go ahead. Good afternoon to everybody, two set of questions. The first one is on the target for the international operation contribution, you are targeting EUR 5 billion-EUR 8 billion of inflows, half of that are from the States. If I look at a nine month run rate, you are already at close to, you know, EUR 4 billion, EUR 4.5 billion with US at EUR 2.5 billion. I was wondering if we can consider the low end of the range, this EUR 5 billion-EUR 8 billion contribution of inflows from the international operation as a quite conservative, quite conservative target. The second question relates to the announcement of the share buyback. I was wondering, how shall we look at the 10% share buyback that you have announced in the context of the 3% treasury shares that you have already owned. Shall we assume that the 10% is on top of the 3% or you will proceed with the cancellation of the 3% and then on top of that, in two years time you will buy another 10% with the cancellation and then as you have mentioned, you know, medium long term targets. Given that your net financial position is very strong, actually you are cash positive with a capital light business. Shall we assume that apart from these EUR 500 million share buyback, if I move forward, I don't know, three, four years down the road, the share buyback becomes a kind of recurring component of your distribution strategy, let's say EUR 500 million of a share buyback in two years time as a kind, as I said, of recurring contribution of your remuneration policy. Thank you. Yes, Giovanni. Let me start with the question regarding the EUR 5 billion-EUR 8 billion expected lenient money from our non-Italian operations. Indeed, you know, we have provided you a target. These are targets applying for a five-year period. Certainly, we always work with the ambition of beating the targets that we set for ourselves. Indeed, I would say that, you know, the bottom end of that range assumes a deterioration in market conditions and things changing as opposed to what we are living now. You know, the range is a range, it is a long period of time, and I was certainly with everyone in Azimut to make sure that our real objective is to beat that range when it comes to the share buyback. I don't know which figure you are looking at, but I would say that probably today treasury shares amount to 1% of our outstanding capital and you should assume that the 10% is on top of this 1%. For the question regarding what will happen in the next three to four years, I would certainly think in what we have announced today, and time will tell, I think we are making a very strong statement in terms of committing to ensure that our shareholder remuneration policy is inclusive and makes all our shareholders benefit from the value that we create every day in our business around the world. What is important to say here is that after the TMB transaction we will be able to provide a more comprehensive shareholder remuneration policy, including also the ordinary payouts policy when it comes to dividends. Thank you. The next question is from Hubert Lam of Bank of America. Please go ahead, sir. In the global business, just wondering how much of that would you expect it to be coming from organic? Your plans and how much is it M and A. Do you need M and A to kind of get there or are you confident that organic you can, you can still achieve your targets? Second question is on the share buyback, the EUR 500 million. I'm just wondering in terms of timing, when it gets started, does you need the approval for the new bank first before you can start the share buyback, or can it come before that? Lastly, any questions on the new bank? Any update in terms of expected profits you expect from this both in 2026 and maybe beyond that? Thank you. I will. I'll reply to your first two questions. I'm not sure I got right your first one, but let me start with the first one. Regarding organic growth, you know, from our global operations, the guidance we provided you should assume is mostly organic. And by the way, when you look at what we have done this year, again, the figure that we mentioned earlier is essentially most organic. You should really consider any M&A contribution to this level when it comes to the share buyback. As a matter of fact, the share buyback is live in the market because we had already approved the share buyback with our AGM in the first quarter this year. What the AGM will approve next year will be the renewal of the plan and the cancellation of the repurchased shares. The Sherberback is, as a matter of fact, live right now, live in the market. As far as your first question is concerned, we missed it. Yeah, sorry. Sorry about that. Yeah. The answer to the first two are very clear. On the third question, yeah, sorry. On the new bank, just wondering how much in terms of profit contribution we can expect from it in terms of delivering profits in 2026. I know that's just the first year. And also like beyond, any update in terms of guidance around that. Nowadays, it's running around with the projection at the end of the year, it's around EUR 60 million for 2025. Therefore, I would say we are going to be the 20% of this range. Less fuel cost that obviously has to be incurred through the fact that it has no safe standing banks. Therefore, I would say that we are in this range. Okay, thank you. The next question is from Alberto Villa of Intermonte. Please go ahead. Good afternoon. Thanks for taking my questions. A few left. One is on the acquisition side. I read that your Chairman also indicated that there might be opportunities for future acquisitions, especially in LatAm. I was wondering if you can give us an idea what is, let's say, of interest for the group in terms of completing the setup of the global operations you have. And. Broadly speaking, what is the leverage that you would consider as a good setup for the group, if you find an interesting opportunity, also inorganic in the framework of the. Also the capital remuneration, shareholder remuneration that you have in mind. Thank you. Okay, thank you, Alberto. Your first question referring to the interview of our Chairman a couple of weeks ago in Italy. Indeed, we will continue to explore and to seek acquisition opportunities on a bolt-on basis and acquisitions that will never be material in terms of cash outlay and certainly will carry a strong strategic sense in terms of adding and complementing our existing businesses around the world. I think during the interview it was mentioned our interest in Latin America. Let me tell you that there are a few situations we are looking at in Brazil, but that would be negligible in terms of cash investment for the firm. Certainly, we strengthen our distribution business in the country. When it comes to the leverage, we often said that we certainly recognize the merits of having an optimal capital structure policy and in general we would guide the market when it comes to what we would envisage in the case of a transformation formative of material M and A transaction in terms of leverage, probably in a situation where we have a net debt to EBIT in the region of 1x-1.5 x ratio. Okay, thank you. You're welcome. The next question is from Elena Perini of Intesa Sanpaolo. Please go ahead. Madam. Yes, good afternoon and thank you for taking my questions. I have some. The first one is about your new net profit targets for 2025 and 2026. Basically you move the more than EUR 1 billion target to next year due to the timing of the conclusion of the TNB transaction, if I understand correctly. While you have for 2025 target about EUR 500 million in terms of targets, just to refer to your global business, the wide range that you set for 2030 is EUR 180 million-EUR 280 million. Is this only due to the different range of annual flows and due to the different potential margins on the assets, or are there any other factors that could explain this wide range? A clarification about other income and tax rate. About other income, you mentioned structuring fees. Are they any recurring items for next quarters too? Do they represent a one-off item? For the tax rate, I think that there are some one-offs for this quarter as you confirm your guidance of 25% for the full year. I am asking you about this. Thank you. Thank you, Elena. I'm going to take a few of your questions and then Giorgio will conclude. Starting from your first part relating to the net profit, the new target and as well the moving of the 1 million to the 2026, clearly your understanding is correct. I mean the contribution of TNB that we plan, I mean we were planning at the end of each of the year, is not going to push, not going to happen. Therefore obviously the contribution and the equity transaction is going to happen in 2026. Therefore as well the P&L impact from this transaction is going to be booked next year. At the same time, following the good results and the good trend of the group, we were updating the guidance for, let's say, the simple reason that the projection that we see, the territory that we see for the last few months of the year is, if nothing happens, let's say, complicates, we will be able to get the target. You refer to the other income, as you were saying, there is a one-off effect that is linked to these taxual fees. At the same time, as I was saying at the beginning, it has not to be considered one-off for the yearly basis because it is quarterly basis. For sure, we cannot say that every quarter we will have this contribution. Looking on a yearly basis, this amount could happen that following these type of services that we are providing, they came up a contribution as well on the other income on the future years. At the level of the tax, I think it's more close to the concept of seasonability. I mean, this quarter is always lower than in December. Considering also the provision of all the dividends coming from the other countries, we will probably get a impact of tax for that. We kept the guidance stable as per the previous. Yeah, when it comes to the 2030 margins targets, the EUR 80 million-EUR 280 million net profit from global operations. Look, this range is admittedly very large. It reflects simply the addition of the lower bounds target for each divisional geography and the upper bounds. There is nothing else there. It certainly is a basic assumption that the business mix going forward will essentially remain unchanged or not dramatically different from what it is today. But, you know, as I said, we work every day to beat the target that we give ourselves. And, you know, we certainly do our best to even, you know, do better on what we are disclosing today. It is five years, it is a pretty long period of time. But we are starting off a very strong base and I see us capable of doing very, very well. Okay, thank you. The next question is from Ian White of Autonomous Research. Go ahead please. Hi there. Thanks for taking my questions. Just a couple from me, please. First of all, can you call out some of the most important drivers of the improved organic net inflow performance this year, please? I'm particularly interested in where you think you've seen the strongest growth in your market share, thinking about the organic flow specifically. That's question one. Question two. In terms of the Bank of Italy's inspection, can you say a bit more about the specific findings there and the remediations that you're going to introduce? Am I right to read into the statement today that the delay to TNB approval is linked to the regulator's findings? If so, what's your view as to why the regulator has connected those things? Please. Thank you. Okay, let me take your question. I start with the first regarding the underlying drivers of our terrific new money performance this year. I think if you look at the presentation that we have shown earlier, slide 6, you find what is a pretty accurate detailed breakdown in terms of any new money to different product lines as opposed to different geographies. Let me tell you from a qualitative standpoint that five solutions have been doing very well in Italy. Certainly we have the contribution of Nova here. Let me mention what also we have done in Turkey, in Egypt, in the US that is certainly our key product, our bread and butter. We are proving now to be able to grow both catering to individual clients and institutional as well in terms of wholesale agreement. Let me mention that our wealth management business has been this year delivering incredible growth out of Asia, out of the Middle East, Switzerland, Monaco as well, doing better than the previous years. We see now what is a very sustained momentum that is testament of our ability of building now a cross border platform and being able to deal with ultra high-net-worth individuals that recognize in Azimut the ability and the capability to deliver performance vis a vis even larger players. When it comes to your question regarding the ordinary inspection from Bank of Italy, again I would refer to the press release, you should assume that we are subject to inspections every week. As you can imagine, we operate across 20 countries. We are subject to the supervision of 20 regulators, sometimes in certain markets like in the U.S. by two regulators in the same country. That is also the case for Italy by the way and there are routine inspections. You can say that every day we are subject to an inspection. I do not see the Bank of Italy inspection in Italy as being particularly different from others that we have been subject to. Also let me stress to you that the topic of the inspection was not the announced transaction with TNB. You know, the inspection was very much covering for our, you know, let's say asset management, a product factory activities and has been very much referring to this aspect of the business that is not related to the announced transaction with FSI. You know, one of the outcomes of the transaction was that we need to put in place some very ordinary remedial actions. As you can imagine, although these actions are not related to the TNB transaction and constraints, see that the timeline is relatively short. We will work on this remediation plan with some very close deadlines. Also suggesting that there is nothing dramatic there, maintaining what is an achievable target for the transaction to close within Q2. By the way, this inspection started even before the binding agreement was signed with FSI. You know, it's really to be seen as completely unrelated. Maybe unfortunate in terms of timing, but to be honest, not really a reason of concern for us. Okay, thanks. If I can just clarify, I'm not sure if I missed this in terms of the. Is the delay to TNB approval a direct consequence of things that the regulator has found on its during its ordinary inspection? Or am I reading that incorrectly? Not at all. You know, it's procedural if you want. And as we said very often, you know, the two things are separate. There's not really, you know, we should not see the TNB transaction as the inspection has to be related to each other. As a matter of fact, the transaction occurs in a way where the company that is paying off half of our network is the one that was subject to the inspection. But nothing of the activities that will be spun off has been subject to the inspection itself. It was mostly related to funds management, to discretionary portfolio management. Really nothing at all that was related to the asset base that will be spun off. Okay, got it. Thank you. For any further questions, please press star and one on your telephone. Mr. Medda, there are no more questions registered at this time. Okay, let's close the call here and let me wish everyone an excellent end of the year and obviously we keep looking forward to seeing you soon. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.