Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Azimut Group nine-month 2026 results presentation. 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 0 on their telephone. At this time, I would like to turn the conference over to Giorgio Medda, CEO. Please go ahead, sir. Thank you very much, and good afternoon, everyone, and thank you for joining us today for the Azimut Group nine-month 2026 financial results and business update. I'm Giorgio Medda, Group CEO, and I'm delighted to welcome you to today's webcast. Here, joining me from our headquarters in Milan, Alessandro Zambotti, CEO and Group CFO, and our Head of Investor Relations, Alex Soppera. Today, I will walk you through our operational progress and key strategic initiatives before handing over to Alessandro for a detailed look at our nine-month financial performance. With no much further ado, let's turn to slide three. Today, we are very pleased to report on another milestone period of strong operational delivery, robust cash generative growth, and steady progress against our Elevate 2030 strategic plan. Over the first nine months of 2026, we have continued to leverage our unique multi-generational financial advisory platform to drive high-quality recurring revenues and build sustainable scale. First things first, and backed by continuous commercial traction and M&A execution, I'm very happy and delighted to firmly reconfirm our full-year 2026 guidance of over EUR 35 billion in net inflows and EUR 550 million in net profit. This is on the back of the close to EUR 11 billion net inflows generated so far and the more than EUR 370 million net profit for the first nine months of this year. Second, on capital allocation, we have already completed the first EUR 250 million tranche of our share buyback program after just three months. That is actually slightly earlier than we expected, and let me remind you that this comes on top of our ordinary dividend distribution and demonstrates our disciplined commitment to returning capital to shareholders. On strategic M&A, we are approaching the imminent closing of our acquisition of the Yapı Kredi Portföy in Turkey, which redefines our scale in international markets. Domestically, on Project TNB, we have made positive progress and gained enhanced visibility following constructive regulatory feedback from the Bank of Italy. Alessandro will provide additional context and details on this point. With that in mind, let's turn to slide four for a closer look at the key drivers of this performance. Looking at the financial metrics, certainly we can say that we have delivered what is continuous operational expansion across our group. Total revenues reached EUR 1.2 billion for the first nine months, supported by a strong 15% year-on-year increase in recurring revenues. This underscores the resilient high-margin nature of our revenue base. Operating profit reached EUR 529 million, with recurring EBIT up 10% year-on-year to EUR 485 million. On the bottom line, reported group net profits stood at EUR 373 million, while recurring net profit, capturing the underlying core earnings part of our business, grew by 4% to EUR 382 million. Our global footprint generated about EUR 60 million in net profit, accounting now for 16% of total group net profit, while total client assets reached a record EUR 159 billion at the end of October, up 13% year to date, driven by EUR 10.9 billion in net inflows over the last 10 months, with 49% originating from our international operations. Our global network remains a central engine for long-term growth as we build towards our Elevate 2030 strategic goals. Turning to slide five, let's look at our commercial momentum through the first 10 months of the year. What we have here certainly is the number that I mentioned, total client assets have reached a record EUR 159 billion at the end of October, representing a 13% expansion year to date. This is driven by total net inflows that's out of the EUR 10.9 billion reflect EUR 9.6 billion of purely organic growth, marking with another record-breaking 10-month result in Azimut's history. The underlying momentum that we are experiencing gives us the confidence to look beyond ongoing market uncertainties and the softness of the past months, where I can say we have all experienced what I would call a perfect storm, combining market turbulence in Brazil and Turkey in a context of rising interest rates in Europe and the U.S. that have impacted our October net inflows overall, but certainly not changed our medium and long-term view on the performance of our networks across our footprints. Actually, the soft global result in October, in fact, have seen some contribution from very robust inflows in Italy, where we raised more than EUR 616 Let me tell you that despite volatile market conditions across key global hubs, after just nine months, we have already reached the lower range of our full-year net inflow target for global operations, EUR 5.2 billion against a target of EUR 5 billion-EUR 8 billion annually. Moving to slide six, we have our usual net profit bridge, where we take a closer look at the underlying trends of the first nine months of this year against last year. We mentioned net profits at EUR 386 million in the period, and you see how this was largely driven by the strength of our core business, driven by EUR 46 million increase in recurring EBIT, up 10% year-on-year. That was supported by EUR 12 million rise in performance fees, driven primarily by our insurance products, EUR 15 million, alongside a positive EUR 1 million contribution from our strategic affiliates and GP staking business. The solid operating performance absorbed what was EUR 72 million in non-operating items below EBIT, largely non-recurring or accounting-driven items, and we have commented on those already at the time of our H1 results. Despite this non-recurring headwind, the underlying power of the business comes through loud and clear. Our recurring net profit rose by 4% to EUR 382 million, and this confirms once again the high quality, resilience, and steady compounding power of our core franchise. Let's look now how this performance breaks down by business line and geography on slide seven and slide eight. First, slide seven, that as usual provides transparency into the earnings table of our platform by breaking down performance across our core business divisions. Integrated Solutions remains the primary powerhouse of the group, combining our proprietary manufacturing with our advisor network. The first nine months, it generated EUR 947 million in revenues and EUR 443 million in EBIT, commanding an exceptionally stable recurring net profit margin of 70 basis points. Global Wealth Solutions continues to strong commercial momentum and operating leverage even beyond our internal target, delivering EUR 82 million in revenues and EUR 23 million in recurring net profit, driven by advisor productivity and high net worth client acquisition in key hubs like Singapore and Monaco. Our institutional and wholesale business expanded significantly, reaching EUR 46 billion in average total assets and EUR 142 million in revenues, propelled by Nova and NSI. Let me tell you that as this platform mature, full profitability will unfold progressively, and we see actually month-over-month this being a very visible contributor to earnings and cash flow growth. Finally, our strategic affiliates, Sanctuary Wealth in the U.S. and AZ NGA in Australia, continue to scale the footprint. While net contributions reflect temporary financing costs tied to the rapid expansion, their underlying business expansion remains very solid. Moving on to slide eight, we illustrate here our P&L by geographical vertical, demonstrating the compounding strength of our domestic franchise alongside our growing international diversification. Italy remains our rock-solid core, delivering EUR 355 million in recurring net profit, up 7% year-on-year, driven by strong recurring fees and effective cost management. While we will look at our regional hubs, EMEA delivered a strong performance with EUR 105 million in revenues and EUR 41 million in recurring net profit, and America generated EUR 130 million in revenues and EUR 42 million in EBIT. Here, I think it's noteworthy to highlight the profit contribution from Brazil, that this year was impacted by the absence of private market structuring fees that are recurring in nature, but this year being in a way affected by seasonality, given the more challenging market conditions that the country and the markets have experienced since the beginning of the year. That was well before recent elections, but we certainly expect from here a material improvement, both in confidence and underlying conditions. Lastly, Asia Pacific contributed EUR 25 million in revenues as we continue expanding our advisor footprints and assets. So, all in all, globally, our international platform generated EUR 260 million in revenues and EUR 86 million in EBIT, contributing EUR 59 million to reported net profit, which represents 16% of our group total. Now, if you compare this figure to 2019, when the international share represented less than 6% of our total earnings, I consider that once the Yapı Kredi transaction is closed, this share is set to expand to nearly 30% of expected profits, and it is very clear that we have achieved what is a truly remarkable milestone in our international and global expansion. Let us move now to the next slide, in particular focusing on the transaction that sees us acquiring Yapı Kredi Portföy in Turkey. There are a few things here that I would like to highlight. First of all, we want to confirm our commitment to business expansion in Turkey, despite the recent volatility driven by some very specific and isolated situations that have nothing to do with overall standing of the business, and certainly were not affecting directly our business, but have generated a bit of a hiccup in the underlying fundamental trajectory of growth in the industry. So, we will confirm our confidence in the country, and let me remind you what are the key terms of the transaction and the impact on the group. First of all, we expect to consolidate, once actually we consolidate the Yapı Kredi Portföy, our Turkish platform will show a EUR 27 billion assets under management, slightly lower than the EUR 29 billion that we mentioned at the time of the signing of this partnership. And that will also have a very marginal impact on the transaction consideration, now just shy of EUR 300 million versus what we previously communicated of EUR 305 million. There have been outflows in the markets, and let me tell you, these were linked to market dislocations. There was what was essentially widespread industry sell-off, but the underlying business fundamentals are indeed very, very intact. As I said, we remain fully committed, confident in the temporary nature of the recent event, which allows the quality of our institutional-grade offer to stand out. We want to be very open and upfront about what is happening in Turkey, as we have received a lot of questions regarding business conditions and how our business and Yapı Kredi Portföy have performed over the last few months. You can see from page 10 how these long-term fundamentals of the industry are indeed very resilient. First of all, what happened, although it was major in size, did not really impact what is the underlying growth of the market. Still 12% growth in assets for the industry since the beginning of the year. Certainly, Azimut Portföy, our existing platform, outperforming this with a 20% growth until the end of September. Yapı Kredi Portföy, the target actually still growing more than the markets by 18%. Something that I have to say is that certainly markets have been affected, particularly equity markets, and that has driven, given our higher exposure to equity products and Yapı Kredi Portföy, what has been a decline in assets under management during Q3, but we expect this to be reabsorbed over the next few months, not really changing what is our expectation for net profits that you see highlighted once again in 2011. So we still expect, on a pro forma basis, a combining platform managing EUR 27 billion or $31 billion in assets under management, with essentially what is a profitability perspective where we see a combined business expected to generate 65 million to EUR 75 million in net income for 2026. And that, let me tell you, is essentially unchanged versus what we communicated in July, despite the small downtick in the overall assets under management. Then let me update you on slide 12 on the recent acquisition that the group closed in the U.S., the acquisition of Beanstox. That is actually a strategic transaction, a strategic entry into the U.S. direct-to-consumer digital wealth markets. So we are acquiring 100% of Beanstox. That is a direct-to-consumer digital wealth platform, an RIA, that offers personalized automated ETF portfolios via its mobile app. This is an app founded in 2018 by Kevin O'Leary and Connor O'Brien. Kevin O'Leary is a relatively known figure in the financial community in the U.S., certainly because he was the host of a very famous TV show, the Shark Tank, but more importantly, is a very well-regarded investor, having himself over the years made a lot of money from venture capital investments that created an image of certainly being wise and bright when it comes to allocating his personal wealth to performing strategies and assets, and certainly helping to reach out to a very wide audience of investors that for Beanstox represent a great opportunity to tap on what is a very forgotten part of the market, 120 million Americans that have never invested neither directly nor through investment products in financial assets. This is a transaction that certainly allows Azimut to capitalize on its wealth management expertise to offer its proprietary ETF offering that NSI launched already before the summer, and certainly allows Azimut to compound its global reputation and scale, supported by an existing platform that has a proven acquisition model with very low customer acquisition costs, and has proven already to generate strong unit economics, growing efficiently with the potential to enter the B2B2C space that today represents a very interesting market in U.S. financial services. And with this, I will hand over to Alessandro to comment on our financial results for the first nine months. Yeah, thank you, Giorgio. We can now move to slide 13, where, as usual, we begin with the analysis of our top line. Total revenues for the first nine months of 2026 reach EUR 1.2 billion, so it is up by EUR 158 million compared to EUR 1 billion in the nine months of 2025. The principal engine behind this performance is the outstanding expansion of our recurring fees, which grow by 17% or EUR 136 million compared to the EUR 1 billion registered in 2025. Looking to the breakdown of this EUR 136 million recurring fee growth, we can split, let us say, the contribution between Italy and the international business. On the Italian side, we have approximately EUR 62 million, and from the abroad business, EUR 84 million. Again, in looking to the contribution from the Italian business, the result is explained naturally by the strong net inflows, including the market effect, across all the general business and product lines. In particular, we print a contribution of EUR 34 million from the open-ended funds, EUR 12.6 million from the alternative funds, EUR 4.6 million from the advisory, and then pension fund with EUR 4 million. Not less important, Nova is growing significantly with a contribution of EUR 12.6 million compared to last year. Looking to the international business on the other end, as I said, we have an evolution, actually an increase of EUR 84 million, and this is explained by the change in perimeter for EUR 41.4 million. You may remember the acquisition of Knox, Unifinance, which in Brazil, but also more significantly in U.S., the acquisition of NSI, with a contribution of EUR 38 million back to the change in perimeter. The remaining EUR 43 million, that is an important amount of contribution, it is reflecting again the organic momentum across our global network. Just to give you a highlight of contributions, the main numbers are coming from U.S. with EUR 13.2 million, Brazil with EUR 7.5 million increase, Singapore as well with EUR 7 million, and Turkey with EUR 4.6 million. To conclude, Egypt is contributing compared to last year with EUR 2.4 million. About the performance fees, as you can see, we have a contribution of EUR 2.7 million for this nine-month period. These third-quarter performance fees were impacted by minus EUR 5 million due to the fulcrum mechanism, that as you know, it is a mechanism that is in place on our Luxembourg funds. Overall, over the nine months, the fulcrum is working negatively with EUR 10 million. This amount is absorbed thanks to our strong gain generated in the first half of 2026. In particular, at the end of September, we note the following contribution: EUR 4.5 million from the Brazilian business, EUR 0.6 million from Switzerland, and as well from Egypt and Monte Carlo, around EUR 2 million, and not less important, Turkey with EUR 3.2 million. I would like also to remind here that usually the third quarter suffer from the peak seasonability as the performance fees abroad and the DPM in Italy are only booked at the end of the year or semi-annual. In the entry commission and the other income, you see that EUR 14 million at the end of September, down EUR 6 million compared to last year. As mentioned before, last year we were positively impacted by EUR 14 million structuring fee from our Brazilian private infrastructure business, but as well we were able to recover this lower contribution, I mean, so lower effect that we have this year thanks to the evolution of the business. At the level of the insurance revenue, amounting to approximately EUR 229 million, so up EUR 21 million compared to the same period last year, the result is the combined effect of the increase in recurring fees for EUR 6 million and the increase in variable fees of around EUR 14 million. Before moving to the analysis of the cost, a comment as well on the performance related to the third quarter. We notice an overall decrease of approximately EUR 20.4 million compared to the previous quarter, but this is mainly explained by the lower performance fees of around EUR 34 million and other revenue of about EUR 4 million that we were able to recover approximately with EUR 18 million thanks to the solid performance of the recurring business. Moving now to slide 14, the first nine months of the year show a balance of approximately EUR 642 million with an increase of about EUR 10 million compared to the same period of last year, with the operating income standing at EUR 529 million, representing a significant growth of EUR 58 million, which is directly correlated to the revenue growth described earlier. Looking to the cost breakdown, you see at the level of the distribution cost, EUR 369 million, up EUR 34 million year-on-year. This is the result of, again, the split between Italy and international side. The Italian perimeter is increasing by EUR 14 million, recurring payout of our financial advisors increased by EUR 21.5 million. That is in line with the top-line growth, but we were able to partially offset this amount of increase thanks to lower social security and severance provision for EUR 2 million and EUR 4 million in lower marketing and contest expenses. On the international side, we see an increase of approximately EUR 20 million due to, again, growth on one side, but as well perimeter changes. We see an increase in cost in Singapore and Turkey, but again, in line with the evolution of our recurring revenue growth. Personal and general G&A, the expenses reach EUR 245 million, up EUR 54 million year-on-year. Again, the split is between the international and the Italian business that we try to give you in terms of more details. The overall business, EUR 38 million increase, EUR 28.8 million was driven by the change in perimeter. So, back to what we already mentioned, U.S. and Brazil, while EUR 9.2 million reflected the organic business expansion across fee growth hubs. So Turkey with EUR 8.5 million, Dubai EUR 3.4 million, Singapore EUR 1.4 million. In Italy, we have an increase of EUR 16 million, roughly EUR 10 million related to change in perimeter, TNB setup and regulatory expenses that increased with EUR 2 million, and the remaining EUR 6 million reflected general business development across Italy, Luxembourg, and Ireland. Depreciation and amortization increased by EUR 12 million year-on-year, primarily reflecting the change in perimeter, but as well, you probably remember that we benefited last year from Tawana legal provision release. Finally, looking again with a quick view of the third quarter dynamics, CG operating expenses drop by EUR 7 million compared to Q2, driven by lower acquisition and administrative costs. This is due to the combined results of business growth on one side, but lower social security and lower severance payment, and seasonality on marketing and client event activity in Q3. Moreover, we also recorded a lower [total of] third-party servicing and other costs in Italy, coupled with essentially flat development of global business. However, we expect both items to increase a bit in Q4 due to the further business growth and variable incentive to both the FA side and the employees globally on the back of very solid results to date. We conclude then with the next slide, looking to the evolution of the EBIT and the net profit. We see that the recurring EBIT rose to EUR 485 million, so 10% plus, EUR 382 million recurring net profit, plus 4% year-on-year. Finance income and non-operating cost amounted to EUR 60 million in nine months, EUR 26 million driven by the interest income contribution of EUR 6 million. The realized and unrealized gain losses are approximately negative with EUR 11 million impacted. You probably remember last quarter for EUR 25 million write-off in the previous quarter. The IFRS 17, that is negative of EUR 10 million, and then we have the positive contribution on dividend and equity stakes for EUR 3 million. With reference to slide 16, we present our net financial position that stands at EUR 672 million, that is maintaining a very strong balance sheet. Total cash and cash equivalent reach EUR 878 million, representing a positive increase of EUR 65 million compared to the EUR 813 million at year-end 2025. This positive cash variation is largely driven by the nine months results of EUR 510 million net result before tax, from which we have subtracted the EUR 110 million for M&A, EUR 64 million for tax advances, EUR 352 for dividends, plus the EUR 60 million deriving from the net between the credit line facility of EUR 160 million and what Azimut Holding at the level of the buyback was already completed at the end of September, so EUR 120 million. What is important to mention here is that we completed the full EUR 250 million first tranche of buyback. Looking at the center of the slide, we want to provide a greater granularity of our EUR 878 million gross liquidity position at the end of September. We try to split the cash that we have, and you can see that EUR 238 million represents immediately distributable cash. This is what we are building, let's say, for the dividend that we will pay in 2027 related to the results of 2026, while the remaining EUR 639 million is committed and allocated across five specific buckets to support our global operation and strategic growth. You see the first 40%, so roughly EUR 255 million is allocated to operating cash needs. To put this in perspective, our group comprises roughly 100 operating companies across 20 countries. Because we operate without a centralized global cash pooling structure, each local entity maintains a prudent working capital buffer to run day-to-day the operation, pay suppliers, and cover payroll. In simple terms, this equates to an average of just EUR 2, 3 million for the operating cash per company. Second, 23%, around EUR 145 million, is linked to the M&A and strategic investment. This cover recently announced the transaction, such as Beanstox in U.S. and the equity portion of the Yapı Kredi Portföy acquisition alongside the external debt, and as well as deferred commitment and earn-out from past transactions coming due. The third one, 19%, is reserved for global regulatory capital requirements across our regulated asset management and insurance entities. Fourth, as of 30 September, 11% was allocated to our share buyback program, which is substantially deployed in October to complete our first EUR 250 million tranche. Finally, the remaining 7% is deployed in proprietary investment to seed and support our product innovation. Let me also spend a moment on the total debt line, which include EUR 160 million credit facility drawn at the Azimut Holding level during the third quarter without a global cash pooling system. Azimut Holding primarily received cash sub-stream from our operating subsidiaries during the annual dividend cycle in March and April. Drawing this facility has allowed us to bridge the natural timing cycle and aggressively front load our share buyback, completing the entire EUR 250 million first tranche in just three months, also taking advantages in an opportunistic way due to the volatility of the market. At the same time, we structured this facility to give the holding company optimal financial flexibility over the medium term as we execute our Elevate 2030 plan. It has a competitive cost of six months Euribor plus a spread of around 100 basis points, and this is scheduled to be repaid after a grace period through a mix of installments starting in 2028 and a final bullet maturity in 2030. Moving to slide 17, I would like to briefly remind you of the strategic shareholder remuneration plan under the Elevate 2030 framework, which we presented alongside our full-year results back in March. As you may recall, we committed to returning approximately EUR 1.3 billion to our shareholders across full year 2026 and 2027 through a combination of dividends and share buyback. This commitment was built on a rigorous bottom-up analysis of our distributable cash at the end of 2025, combined with the expected free cash flow our business will be generated over these two years period, as well as potential proceeds from divestment, the most notable the TNB transaction. Year to date, we have already returned more than EUR 530 million to our shareholders, bringing the execution to our two-year remuneration plan to over 40%. I also want to highlight that we intend to proceed with the cancellation of the share purchase under this first tranche, subject to a resolution by our board of directors, and it will be communicated to the market once this has happened and in line with the resolution of the AGM. Looking forward, the second tranche of our share buyback program will be initiated in the coming months, and also for this, we will keep the market promptly informed. Before handing back over to Giorgio, I will close with slide 18, where we provide an update on the progress of the TNB project, so where we stand today. Following the receipt of the Bank of Italy's inspection report on Azimut Capital Management, we are pleased to share that the review concluded with a partial favorable assessment. In practical terms, this clear Azimut Capital Management governance and remediation framework and identified only targeted areas for final alignment, for which we will submit our action plan by the end of November 2026. Then crucially, the implementation of this remediation plan doesn't constitute an impediment to moving forward with the transaction and allow Azimut Capital Management to resume externally corporate transaction, including M&A and the merge. As a result, the path is now clear to formally initiate the regulatory approval process, and we are confident that FSI will be in a position to file the authorization application with the Bank of Italy before the end of the exclusivity period. Reflecting this constructing visibility, the board of directors of Azimut Holding today approve the establishment of the sub-holding entity that is instrumental to executing the transaction in line with the regulatory requirements. So, all in all, this is a positive step forward that give us a clear, well-defined roadmap toward completion. We will, of course, keep the market properly updated as we progress through the next milestone. I leave over to Giorgio. Thank you, Alessandro. Let me wrap up this initial part of our call, essentially going back to where we started. Today, on the back of these very strong nine months results, we are very pleased to reconfirm our targets based on continuous commercial momentum and M&A. I remind you the targets were calling for EUR 35 billion of net inflows for the year. We have already achieved EUR 10.9 billion, out of which a majority comes from organic growth, and we are expecting to close the transaction in Turkey with acquisition of Yapı Kredi Portföy in the next few weeks. That will make us work towards the target and maybe even exceed it. When it comes to the net income, we confirm our EUR 550 million targets. We have already achieved over the first nine months what is more than two-thirds of this target. I remind you that Q4 is a quarter traditionally affected by seasonality, plus we have visibility on the underlying momentum of the business, and we are confident that this target is absolutely within reach. With this said, I would certainly open the floor to any questions. Thank you. This is the Chorus Call conference operator, and we will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. To remove yourself from the question queue, please press star and two. We kindly ask to use handsets when asking questions. Anyone who has a question may press star and one at this time. That is star and one. We will pause for a moment while questioners join the queue. The first question is from Gianluca Ferrari with Mediobanca. Please go ahead. Yes. Hi, good afternoon. Ciao, Giorgio, ciao, Alessandro. The first one is on TNB. I think when FSI will present the filing, if I am not mistaken, Bank of Italy will have 30-45 days to green light or to give the final approval, so the so-called silenzio assenso, if I am right. After that moment, can you remind us the cash proceeds you will get on the deferred cash and the bank earnout, the timing you expect this cash to enter in Azimut? The second is on Beanstox. I think they started in 2018, and they are still loss-making. Can you explain, in your opinion, why after so many years still they haven't reached breakeven? The third is on Turkey. I do not understand much. At page 10, I think the AUM did not suffer from what happened during the summer, if I understand this slide correctly. At the same time, you have revised down by EUR 2 billion the total AUM you will have in the region, which I guess is mainly due from what has happened. At the same time, I think you have revised the price. Am I correct? Another one is on the EUR 542 million outflows from strategic affiliates in October. If you can elaborate a bit more where these outflows were standing. And last one, I do not think you can comment that much, but if you can give us the inflows year to date and the AUM of Nova. Thank you. Okay, Gianluca, a lot of questions. Hopefully, I am going to be able to answer in the next five minutes. So I start with what you asked about Beanstox, Turkey, Sanctuary. I will touch upon TNB, and then Alessandro will complete on TNB. So on Beanstox, we are aware that there are some publicly disclosed information about Beanstox as of the end of 2025, reporting very limited losses. Let me tell you that as far as 2026 is concerned, the company is essentially operating in breakeven. This is a business where there have been very limited investments, particularly in terms of client acquisition. Essentially, Kevin O'Leary has been attracting just with his persona and his social media presence almost 20,000 clients, in average $1,000 per account. And this is what makes Beanstox to be a very nicely run fintech platform, but very, very low numbers that I think today represent a starting point for Azimut to come in and bring in what it takes for achieving certainly greater, higher levels of business performance. So, even the transaction from a financial standpoint, we are talking about a transaction where the total consideration is very tilted towards earnouts and equity value creation participation. So it is something that represents, as a matter of fact, today, free optionality for the group. But what we really like is the commitment that both Kevin and Connor O'Brien have expressed in working with Azimut for the next five years. When it comes to Turkey, yes, we understand figures might be confusing. Essentially, when you look at slide 10, you can see there that we were showing an expectation for Azimut Portföy net profits between EUR 25 million and EUR 30 million of net profit for 2026. Let me tell you that today, simply annualizing what we see for the month of October, we will end up at the bottom end of this range. Hence, we have experienced outflows, market performance leading out to the overall level of assets, yet we are very much at the bottom of that expectation. We are not changing what is the overall impact on the acquisition. Okay? The lower consideration for the transaction is merely a reflection of currency depreciation, very minor, and adjustments here and there that constitutes a small difference as opposed to what we released to the market. Currency depreciation is not, funny enough, much about Turkish lira against the euro, it is U.S. dollar against the euro that in the meantime moved, if I am not wrong, almost 3.5%. That impacted the consideration in euro, having that U.S. dollar appreciated against our currency. For Sanctuary, let me tell you, Sanctuary, as you know, is an aggregator, is a platform essentially allowing independent advisors, RIAs, to come on board and to be in a position to cater to the clients, leveraging services and infrastructure that Sanctuary provides to them, marketing, taxes, compliance, risk management, asset management. Sanctuary has grown tremendously over the years. That was our certainly purpose when we invested in Sanctuary, was really to accompany and to support the company, the platform in this process. It was in 2024, they acquired another smaller platform called tru Independence, a platform that itself was bringing along RIAs, particularly located in the West Coast. That was, if you want, fulfilling what was a bit of a gap in their geographic exposure across the country. It was a very concentrated platform. I mean, certainly bigger RIAs. To be honest with you, also in terms of profitability, less exciting that the Sanctuary business was able to deliver. When you work with these RIAs, at some point you need to strike a balance between growth, assets, and profitability. There are RIAs, there are advisors who decided to be in the market as the cheapest provider of a service, and we did not find ourselves in the same position. Let me tell you, though we are today reporting these outflows, these are assets under custody with essentially very low fees. As a matter of fact, we expect underlying profitability to the business to improve from this exit. So nothing to be worried about. I mean, as we try always to see the glass half full, we see this as a positive for our KPIs. On TNB, so let me tell you about the process, and Alessandro Zambotti will comment on the figures. Once the filing is completed, something that, as I said, we said we are confident will happen by the end of the exclusivity period, then the Bank of Italy has a process to manage this filing and then to forward this to the European Central Bank. That, as a matter of fact, is the authority issuing the final approval. What we know is that this process has an administrative elapsed time of 90 days. We are confident that we will be able, considering the work that has been done so far in terms of preparatory, pre-filing activities, that this should and hopefully happen pretty smoothly, with not much problems. The point here is that following the interaction that we had with the Bank of Italy regarding the remediation plan, I think today we are in a position to express this strong confidence when it comes to FSI to be in a position to file the authorization that will finally bring us to the creation of TNB and the completion of a process that, to be honest with you, but I think none of you will be surprised, has been pretty intense and certainly tiring. We remain very committed and very excited about the prospects of the business. Then I'll leave Alessandro to respond on the figures. On the figures, I mean, as you may remember, there is a closing to EUR 40 million related to the upfront cash. This is going to happen, let's say, the day that we merge Azimut Capital Management, so we transfer the client, the financial advisor to TNB. Then there will be this up to EUR 210 million linked to the preferred dividend or proceeds that was relating the results that the TNB will generate over the following years. The dividend that they will pay, the part, let's say, related to the 80% will then follow, let's say, the payment of this 210. Then there will be the earn-out going forward, looking to, let's say, five-year times or six-year times when there will be the exit or other events related that will trigger the earn-out. Back also to the figures that we present in terms of the remuneration, the EUR 240 million that I mentioned before are linked to our EUR 1.3 billion of remuneration of our shareholders. Then we will decide, let's say, but with no significant impact, let me say, between using this for the buyback or for the dividend, because at the end of the day, it's remuneration of our shareholders. Gianluca, sorry, I did not respond to your question regarding Nova. Let me repeat what we have already said in the past. I think we will never disclose single clients' assets that are entrusted to us when it comes to a service being provided. But we have guided the market in the past in terms of half a billion euros average net new money contribution to our growth. I mean, if you made the calculation since the joint venture and Nova started, today you would end up with a total asset of between EUR 16 billion and EUR 17 billion. Thank you so much for the answers. The next question is from Giovanni Razzoli with Deutsche Bank. Please go ahead. Good afternoon to everybody. One clarification on the TNB transaction and then another couple of questions on the group. Basically, Alessandro, on what you said before regarding the timing, I mean, we understand that we are now very close, hopefully, to the finalization of the transfer of the TNB perimeter to FSI. But when you mentioned in the contract that the EUR 240 million of cash payment would take place with the closing of the contract, so with the transfer of clients and assets of TNB, that implies that TNB, I mean, FSI should have the approval of Bank of Italy to the acquisition. So, my question is, the closing is likely to be in the first quarter of 2027, given the 90 days that you have mentioned, and just to square the timing and the amount you were referencing to. The second question is again on Nova. Can you remind us what are more or less the terms of the call and put option that you and UniCredit have, and what would be the impact in terms of profitability in case of UniCredit buying back the Nova in total? I think you will retain an equity stake, but I want to understand what the impact on the profits. The last question is on Brazil. In the last years, you have signed, if I'm not mistaken, a JV with XP. Can you share with us what are the state of the art there? One last question, because the line was quite bad. You mentioned the outflows of some clients' assets in the strategic affiliates. Is that you are referring to Sanctuary, if I'm not mistaken? Thank you. Okay, Giovanni. I'll try to answer your questions. Regarding TNB, yes, obviously, the cash will go around at closing, and the regulatory approval is a condition precedent to closing. Indeed, assuming that during the week of Christmas is realistic to think that an authorization will be provided, and we are talking about anyway, an administrative time that is foreseen for this type of procedures, the closing is expected to be at the beginning of 2027. But as you rightly pointed out, I think the worst is behind us. I don't want to say that we are going downhill from here, but certainly, the very major hurdle that was before us now is behind us. It's not that we are optimistic because we got nothing else to hope for. I think now we have very concrete and high visibility on a process that will go as it's supposed to go. We know that it takes time, and obviously, there are things that we can control, things that we cannot control. But the recent months, they have given us a very strong confidence that everything now is set to be delivered after so many months of work. For Nova, I remind you that by mid-2028, UniCredit has a call option to acquire 80% of Nova. Now, the way the agreement works is a bit complicated, so I'm not going to get into the details of that because I think it will only create confusion in your mind. What we are expecting is following the acquisition of this 80%, the impact on our earnings would be relatively limited by the way the fee structure and the products have been engineered. Certainly, we will have the consolidation of assets, but when it comes to net profits, we are really expecting a very minor impact. This 80% call option will have no strike price, so to speak. We will remain 20% shareholder of an entity where, at that point, under the full control of UniCredit, we are very confident there is a possibility to grow and to develop with us being as a minority shareholder, so benefiting from that development. Then after five years, so 2033, there is on the 20% the call and put mechanism, a traditional call and put mechanism with some earnings multipliers being already set and agreed with UniCredit when Nova was created. There is some embedded equity value that will be crystallized or maybe not, and we will be obviously forever happy to be a shareholder and a part of UniCredit without having this 20% option being exercised. For Brazil, the partnership with XP within AZ Quest has been going great. I have to say that 2026 was a very difficult year for Brazil. As I said, we have been in the country for 13 years, so we have seen this happening every three or four years. This is an emerging market, a great market, but with this fix of volatility, and the political backdrop was not necessarily conducive of stability. But the partnership with XP gave us very strong footing into markets that have been creating, particularly in the fixed income space, some troubles. We have not experienced any of that, but certainly, investors' confidence gets dented, and that can bring outflows from the industry without really ourselves having delivered anything negative to our clients. XP being part of the platform helps to stabilize flows. We have now grown into a very, let me call it, comfortable position to engage with all our minority partners across our footprint. As we have seen with Kennedy Capital earlier this year, we are now able to have a very constructive dialogue with these minorities, and we are very often in a position to swap what is this minority position into Azimut stock, that I think is very positive for two reasons. One, because we are working towards reducing the impact of minorities, the minorities line in our P&L, and we know that that is positive and appreciated by investors. Second of all, it creates a really perfect alignment of interest between Azimut and all the partners. This is a conversation that certainly we are very open and keen to have also in Brazil with both XP and the management that, I remind you, still holds a direct stake in the business. That's it. I think we responded to all your questions. Sorry, Giorgio, if you can please repeat the answer to Gianluca Ferrari's question about the outflows on your strategic affiliates. Sorry. What we experienced in October was an outflow of approximately slightly more than EUR 500 million related to a very large RIA onboard and working with Sanctuary. That was an RIA that was actually added to the Sanctuary platform in 2024 through the acquisition of tru Independence, a West Coast-based business acquired by Sanctuary two years ago. What I was mentioning was that this platform business is a great business, and we certainly see a lot of value, and Sanctuary delivered very material growth over the years. But sometimes you have RIAs who are, let me say, very price-sensitive because they want to come across the market with the lowest cost possible proposition to their clients. As a platform providing services to them, at some point, you need to strike a balance between volume assets and margins. In this case, we were sorry to part ways with this RIA, but as I said, as a matter of fact, this is improving our underlying profitability, considering how low the margins were related to them. So, it looks disappointing from an asset standpoint, but it is not changing at all what is our bottom line. Thank you. The next question is from Alberto Villa with Intermonte. Please go ahead. Mr. Villa, your line is open. I move to the next question that is from Elena Perini with Intesa Sanpaolo. Please go ahead. Yes. Thank you and good afternoon. I have got three questions. The first one is about the recently presented draft of our budget law. According to my understanding, but I ask you for a confirmation, you are not going to be impacted by this, while I imagine that TNB will. If you can elaborate on this. The second question is about the recent turmoil in Turkey and Brazil. I have not understood very well whether in Turkey this is over or is still ongoing, and also about Brazil, what is the outlook for these weeks and the coming months. You had good recurring commissions in this quarter. I was wondering whether you can elaborate a bit on the outlook for margins. Thank you. I am going to take the question of the tax. At the level of the group, we do not see impact in terms of this, let us say, new law, let us call it new law. I mean, we mentioned as well, we confirm, let us say, the level of our guidance as well in the presentation, slide 15. So, no major impact, no major effect. Prevention and be conservative in the 200 number, as in the business plan we used to be as well, a bit conservative in terms of percentage applied on the, let us say, net profit before tax. So, at the moment, I would say no major effect, no major impact with this. Elena, picking up on your question regarding Turkey and Brazil. I can say that the situation in Turkey is over. I mean, there was one specific widespread fraud case that has created, at the beginning of September, the equivalent of an earthquake across capital markets in our industry. As you might have read in the press, a lot of people were involved in this case, but it was very much related to two asset management companies. It was a criminal organization, as a matter of fact. Unfortunately, there were some officials involved, but nothing that has, if you want, created any structural issue to the industry. I mentioned that Yapı Kredi during the month of September actually experienced inflows to the business. That proves that, yeah, something that is far from ideal, yet is not really changing the long-term fundamentals. In a way, we are actually pretty comfortable with the market that now, having this case created such a turmoil, regulatory measures have been implemented, and overall, the industry comes out of this much stronger, and the level of confidence and trust from both individual and institutional clients, if you want, today is well supported by the underlying improvements following the negative events. For Brazil, look, it is very much a macro situation. Brazil is experiencing very high interest rates. Equity markets have been very volatile. This is a country where the corporate credit and the corporate bonds market is very developed. When you have high interest rates, economic uncertainty, political volatility, this is never good for an asset management business. I have to say that AZ Quest, that is our product factory, managed to navigate throughout these times pretty well. I mentioned the role and the impact of the partnership with XP, and we have seen that already. It is part of the cycle. There are cycles that last 10 years, cycles that last two to three years. Unfortunately, Brazil is more on the latter, and let me remind you that when we entered in Brazil, it was 2014, and our total asset base back then was EUR 200 million. Now, we have in Brazil approximately a EUR 9 billion business. This business has grown tremendously. Profitability is improving. Certainly, there is a lot of room to do better, but we feel very, very strong, and it is not the first time that we have seen this, and we know that what doesn't kill you makes you stronger. We move from there, and we build on that for a future that remains very positive. We are not expecting this to have any material impact on our profitability. As a matter of fact, Brazil is not a situation of the last few weeks. I mean, there has been since January very, very, very tough market conditions. I think we have commented throughout this year about this, and you have never seen anything particularly visible or material coming through our numbers. Thank you. I had the last question on the management fee margin, if you consider it as sustainable, and so it was a good result in this third quarter. Yeah. Let me tell you, obviously, everyone is always concerned about the fees and margins. We operate in very competitive markets. I always remind everyone asking about fee compression that we are in the market, and the only thing that we need to deliver to our clients is performance. Performance is always net of fees, and I think as long as we keep doing the good job, delivering performance, fees become secondary in the sort of consideration the clients have as they engage with Azimut. This has been the case for decades now, even before I was working with Azimut, and we keep the tradition as a light, as a beacon of our everyday commitments. Let me tell you that we have levers to manage costs. Certainly, we start with discipline, but then we have technology, we have our ability to adapt that gives us ample room to compensate for eventual fee pressure. It is not that we are complacent, but we feel that the situation is very manageable, and we do not see fee compression to be a threat to be particularly worried about right now. Okay, thank you. The next question is from Alberto Villa with Intermonte. Please go ahead. Hi. I hope you can hear me now. Sorry, apologies for the problem with the mic before. A couple of questions from my side. One is related to the TNB current situation, so if you can remind us where we stand in terms of consultants, AUM, and earnings capacity, if there has been any change in the perimeter, or everything has gone as we remind in the previous call. And related to that, if you also can remember us the cost incurred or you are incurring this year for TNB that are related to the setup of the bank, and that hopefully will not be there once it has been spun off. And the second question is related to the guidance for the net profit on 2027. Assuming that TNB is spun off at the beginning of the year, what is the earning capacity of Azimut, considering also obviously the inclusion of Yapı and excluding the one-off benefit from TNB? Thank you. Alberto, I start from the last question, and I leave Alessandro the first. When you look at 2027, obviously, we will update the market at the beginning of next year as we normally do. Let's assume that the sort of deconsolidation of TNB will be compensated by the consolidation of Yapı Kredi. If you want euro for euro, we will be able to fill the gap. Actually, there will be a bit of an excess because we will continue owning 20% of TNB. As a matter of fact, Yapı Kredi will more than overcompensate. I think that is the answer to your question about 2027. Alessandro will comment now on one-off costs. Yeah, I mean, the TNB perimeter today is, let's say, almost the same in terms of FAs. Someone left, but also we added new financial advisors. All in all, the net is slightly positive. In terms of AUM, we are around EUR 30 billion, so we're growing compared to last year, again, thanks to net new money and market effect. Looking to the year-end, let me say, projecting the nine months of the TNB division, we are at around EUR 60 million net profit. Again, also from a net profit standpoint, we are increasing compared to last year. Back to, let's say, the level of the group, and the effort that we are putting also in terms of hiring people that will be the new people that will run the business in TNB. We see around, let me put EUR 2 million-EUR 2.5 million in terms of running costs related to people, and then there are also legal costs, lawyer, and people involved in the process that obviously increase a bit this number over the year that obviously we hope we will not have next year. Okay, thank you. The next question is from Hubert Lam with Bank of America. Please go ahead. Hi, good afternoon. I just got two questions. Firstly, on the remediation process, just some background on it. What were the remaining areas that needed to be met as requested by the Bank of Italy? It's just a question on what are the issues that are outstanding. Second question is on the fulcrum revenues. It's been another quarter where it's been negative. Can you talk about the fund performance, what funds are driving this, and is this a worry? Thank you. I'm going to take the point of the remediation. Basically, something not very complex, I would say. Also, taking consideration that they gave us 30 days to fix these new guidelines that we have to define and implement over January 27. Basically, during the remediation, we build up new control function, I mean, new function related to the organization and other stuff related to the ICT. Therefore, they just have to assess if, as you probably know, that we used to be supported more from the outsourcing instead of increase the number of the FTE. Therefore, they ask us to assess and to think if it's probably better to add one or two FTE more to be more covered in case the effort is increasing. Therefore, this is one point that is at the end two points together. They also ask us to better represent the governance, the level of Azimut Capital Management, so linking simply everything to the CEO. We are just moving something that we already agreed in the past with them, so we just now need to fix better. Yeah, and that's it. Nothing more. Therefore, as I said, we are proceeding positively, and we will now implement these small changes to fix everything. Yeah. Hubert, sorry, I missed your last question. Can you please repeat it for me? Yeah. It's regarding the fulcrum performance fee revenues. It's been another quarter where it's negative. I think that reflects just weak performance of your funds. Maybe you could just talk about what's driving this. Is this really underperformance? Is this a concern? No, let me remind you, the fulcrum has never been neither a contributor, neither a detriment to the baseline of our management fees. Over the last quarter, markets, as you know well, particularly on the equity side, have been moving sideways. We are supposed to obviously perform in any market condition, but the way the fulcrum works sometimes in this sort of tight trading range, our active management style might not deliver what is the level of outperformance that we generally are displaying over the medium and long-term timeframe. Okay? The way the fulcrum works, if we underperform and then we outperform, we are able to recover with the negative adjustments, and we are not particularly worried. The last three months, guys, were very, very tough. You work in markets, you know how things are. I think we have been delivering constantly very good performance, but the last three months with an increase in rates and equity markets, particularly across developed equities, were hard to provide. They are not very conducive of outperformance, but nothing that really should worry or create a concern. Great. Thank you. The next question is from Davide Giuliano with Equita. Please go ahead. Hi, good afternoon, and thank you for taking my question. I have just a quick two. The first one is on mutual fund net inflows in October. If you can provide us more color on mutual fund net inflows, and in particular, what has been the impact from the turbulence in Turkey and Brazil, if any. The last one on performance fee, how much in performance fees are you including in your EUR 550 million guidance? Thank you. Hello. On the funds, you should assume that the impact from Brazil and Turkey was approximately, let's say, slightly shy of EUR 300 million, out of which 50/50 essentially, Brazil and Turkey. That obviously has resulted for group inflows still to be positive, but less than you have seen in the previous months. Turkey in September was major, but we have shown the numbers. I think we experienced EUR 650 million of outflows. But now, as we speak, over the last few days, actually, we have seen even money coming back to funds. I think it is just a matter of business normalizing and coming back. Brazil has been merely a reflection of risk aversion, and we would expect that to sort of dry out in terms of outflows in the very short term. In terms of taking the question of the performance fee, the variable fee that we are running for the year end, it is around EUR 10 million-EUR 15 million contribution. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. For any further question, please press star and one on your telephone. We have got a follow-up from Elena Perini with Intesa Sanpaolo. Please go ahead. Yes. Thank you. I hope that you can hear me. It was just a follow-up on your guidance of EUR 550 million for this year in terms of net profit. It is still a big jump in the fourth quarter compared to the EUR 383 million of the first nine months in terms of recurring net profit. There was a previous question on performance fees incorporated in your guidance, which I have not understood the answer because I had been disconnected. I suppose that something could come from this, and if you can elaborate a bit on this implied positive outlook for the fourth quarter. Thank you. Look, Elena, I think, first of all, you should always take into account that H1 results were affected by the write-offs. Looking at what happened quarter by quarter this year might be misleading as opposed to have an assumption for Q4. Q4 are generally seasonality expressed in the form of performance fees and fair value adjustments to our proprietary book of investments. We have seen this year-over-year, and we have visibility today that brings us to reiterate the target. I would definitely discourage you to look too much at what happened in Q2 or Q1 or Q3 this year, and to look more what happens the previous years, taking into account that the business has grown in the meantime. I think you are, as I said, very well within the reach of the target that we gave you at the beginning of this year. Okay. Thank you. You are welcome. There are no more questions registered at this time, and I hand back to you, management. Thank you very much. I want to thank everyone for attending this call, and if you do not have a chance to engage before the end of the year, we wish everyone a good end of the year, and obviously, we look forward to seeing you all in 2027. Thank you.