Good morning. This is the Chorus Call conference operator. Welcome, and thank you for joining the MPS Group first quarter 2026 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 zero on their telephone. At this time, I would like to turn the conference over to Mr. Luigi Lovaglio, Chief Executive Officer and General Manager. Please go ahead, sir. Mr. Lovaglio, perhaps you have your line on mute. Yes, thank you. Good morning, and thank you for joining our first quarter result presentation. This was a strong quarter with disciplined execution and clear strategic momentum. We enter the next phase with fully established governance, aligned priorities, and strong focus on delivery. The newly appointed board ensures continuity of leadership while strengthening our collective expertise and execution capabilities. It brings together high-qualified professionals with complementary skill sets, reinforcing our ability to navigate complexity and deliver on our strategic commitment. The message is simple. Uncertainty is behind us. Execution is now the focus. The Mediobanca integration remains central, progressing in line with plan and supported by clear operating model designed to preserve brand strengths while capturing the full value of our high-quality talent base and unlocking synergies and scale. This is an execution-led transformation with clear milestones, accountability, and quarterly measurable outcomes across our five business lines. Q1 results validate the strategy. High quality, well-diversified revenues mix, improving profitability, tight cost discipline, strong capital position, and leading shareholder returns. At the core remains our franchise strengths, a broad and resilient client base across families, entrepreneurs, SMEs, corporates, and local communities, supported by a consistent high-quality service model. We are building a more diversified, more resilient banking group while remaining firmly anchored to our identity and to the needs of over seven million clients. Let me now turn to the key highlights. This quarter demonstrates earnings momentum with visibility and repeatability. We deliver EUR 521 million net profit and EUR 111 million profit before tax, up by 13.6% quarter-on-quarter and 6.7% year-on-year on a pro forma basis. Operating leverage is unmistakable. Gross operating profit exceeded EUR 1.1 billion, up 8.4% quarter-on-quarter. Revenues increased 3%, cost declined 3.1%, and the Cost-to-Income Ratio improved to 44, down 3 percentage points versus last quarter. Commercially, growth is broad-based. Loans reached EUR 129 billion, up 1% quarter-on-quarter and 5.2% year-on-year, supported by EUR 1.7 billion of new mortgages and EUR 2.7 billion of consumer credit. Funding is resilient. Direct funding is stable at EUR 106 billion, and indirect funding stands at EUR 185 billion, up EUR 12 billion versus March 2025. Asset quality remains strong. Cost of risk is 42 basis points. Gross NPE stock is down to EUR 3.7 billion, with ratios at 2.5% gross and 1.3% net, and coverage up to 15.6%. Capital is a differentiator. Quarter one is 15.9%, even after 100% payout accrual and risk-weighted asset growth. Critically, integration execution is on track. The merger was approved on March 10, 2026, with eight work streams, 50+ projects, and 300+ colleagues mobilized, and synergies progressing as planned. Let me now go one level deeper, starting with profitability. Net profit in the quarter was EUR 521 million, but it reflects tax effects and PPA adjustments, which limit like-for-like comparability with prior periods. The cleaner profitability indicator this quarter is profit before tax. EUR 911 million, up 15.6 versus Q4, and 6.7% year-on-year on pro forma basis. That uplift is driven by operating performance, core revenues, cost discipline, and a well-contained risk profile. We are strengthening the bank's run rate while executing the integration. Let's look at operating results that best captures the dynamic. Net operating profit was EUR 947 million, up 9.5% quarter-on-quarter, reflecting strong operating momentum and improving earnings quality. Performance was driven by positive revenues mix dynamics, and tight cost discipline with a stable risk profile. Year-on-year growth of 3.4% confirm strength and consistency of our earnings trajectory. Let me now show how this translates into operating leverage. Gross operating profit was about EUR 1.1 billion, up 8.4% quarter-on-quarter. Revenues rose 3%, while operating costs declined 3.1%, which is the definition of positive jaws. As a result, the Cost-to-Income Ratio improved to 44%, down 3 percentage points versus Q4. Year-on-year gross operating profit was up 4.3%, confirming the solidity and diversified business model even in a complex environment. This matters for integration because synergies are delivered by a culture of cost ownership and performance management. Now I will move to the two revenues pillars, net interest income first, then fees. Net interest income was EUR 1.036 billion, up 1.9% quarter-on-quarter. The increase came from improving commercial spread and higher lending volumes, fully aligned with our strategy. Year-on-year, NII was stable, showing resilience, supported by volume growth and proactive management of funding costs. You can see that in commercial spread dynamics, this trend with disciplined pricing on both lending and funding. Beyond the current quarter dynamic, the combination with Mediobanca structurally reduces interest rate sensitivity, now at around EUR 50 million for 100 basis points, strengthening earnings and the stability of our earnings across rate scenarios. Fees and commission were EUR 618 million, up 2.8% quarter-on-quarter. The most important point is mix. Wealth management fees increased 7.6% quarter-on-quarter, reflecting a targeted commercial focus on strategic areas. Commercial banking fees show some seasonality effects quarter-on-quarter, and the year-on-year reflects the normalization of the Arma Partners contribution. The line is our growth engines are working, particularly in wealth and advisory. This connects directly to the Mediobanca logic. Integration expands product capability and distribution reach, accelerating fee capture through cross-selling. Let's now look what sits behind this in terms of commercial momentum. This quarter confirms the strength of our franchise. Total financial assets were almost stable quarter-on-quarter despite market turmoil. Wealth management gross inflows increased by close to 10% quarter-on-quarter. On lending, we originated EUR 1.7 billion new retail mortgages and EUR 2.7 billion on new consumer finance in the quarter. Let's translate momentum into the balance sheet, starting with customer loans. Customer loans were EUR 129 billion, up 1% quarter-on-quarter. Growth is driven by the quarter's production already discussed, is well supported across business lines. On year-on-year basis, loans increased 5.2% with contribution from all businesses. This is important. The growth is broad-based, not concentrated in a single segment. It reinforce our integration strategy. We are scaling a multi-business platform while maintaining consistent underwriting discipline. Moving to the liability side, direct saving and funding franchise strength. Commercial direct savings were EUR 106 billion, showing resilient dynamics quarter-on-quarter. Since March 2025, we grew direct savings by EUR 4.6 billion, a strong indicator of customer trust and franchise quality. In today's environment, funding stability is strategic. It protects margin, supports liquidity, and reduces sensitivity to market funding. It indeed give us additional optionality as we integrate it. We can optimize product mix, deepen primary relationship, especially in premium and private segments. Let's look at indirect funding, where fee momentum and client engagement are most visible. Indirect funding was stable at EUR 185 billion quarter-on-quarter despite market volatility. Both asset under management, and asset under custody held up very well in a challenging macro and geopolitical environment. Since March 2025, indirect funding is up EUR 12 billion, mainly driven by asset under management, confirming strong commercial focus and asset gathering capacity. This delivers stronger revenues quality with greater fee capacity, deeper advisory, and enhanced client economics. Integration further strengthens this by the expanding capabilities and brand reach in wealth and advisory. Let me now return to efficiency. Operating costs were EUR 859 million, down 3.1% quarter-on-quarter. Both components contributed. HR costs declined 3.2%, and non-HR costs declined 2.8% versus Q4. Year-on-year costs were up only 1.1% despite labor contract renewal impacts. That is a disciplined cost control without disturbing the business of investment. From integration standpoint, cost discipline also how we protect synergies delivery. Now let's move to asset quality and risk. Asset quality remains a clear strength. Gross NPE stock is EUR 3.7 billion. The gross NPE ratio is 2.5%, and the net NPE ratio is 1.3%. Coverage increased to 50.6%. Cost of risk is 42 basis points, stable versus last quarter. We are protecting balance sheet quality as we integrate. Now on to liquidity and funding resilience. Our liquidity profile is sound and conservative. Counterbalancing capacity is EUR 49 billion. 72% of the stable funding is represented by customer deposits. The LCR 157%, despite lower ECB funding, now only EUR 6.5 billion, down EUR 3.5 billion versus December 2025. The NSFR is stable at 121%. Now to capital. We ended the quarter with a Core Tier 1 ratio of 15.9%. That is after accruing net profit for dividend distribution and absorbing risk-weighted asset growth from IRB model updates and the new loan production. There is a temporary impact connected with increase of value of Generali for the profit of the period. This is what I would call a best-in-class capital buffer. It provides strategic flexibility. We can invest, integrate, and sustain attractive shareholder remuneration. Let's move to Mediobanca's quarterly performance and to the integration update. Mediobanca delivered a net profit of EUR 323 million, with profit before tax at EUR 447 million, up 19% quarter-on-quarter. Commercial trends were overall positive, we are seeing first benefits from synergies. Revenues increased 5% quarter-on-quarter, with NII up 3%. Fees up 6% and strong trading supporting other income. The Cost-to-Income Ratio improved to 41%, down 5 percentage points quarter-on-quarter, and Q1 stands at 15.7%. In wealth management, total financial assets are EUR 115 billion, up 4% year-on-year, driven by assets under management, up 7% year-on-year. In CIB, activity has re-accelerated in recent months, with growth returning across all measured product lines, which advisory fees back to last year level, and sound pipeline with ECM and DCM providing positive contribution with high markets activity. Let me briefly return to private banking. Q1 reflects a temporary dislocation, primarily driven by concentrated banker departures. Since mid-April, however, we have seen a rapid normalization in the business, with client confidence returning, the banker base stabilizing, and commercial activity rebounding. In the last three weeks alone, we have generated approximately EUR 1 billion of potential net new money, largely linked to entrepreneurial liquidity events. At the same time, recruitment has restarted with a focus on high-quality senior profiles, with initial hires expected to join from the beginning of next quarter. As a result, exit trends are improving and commercial momentum is clearly returning. Structurally, our model remains anchored in the PIB framework, which is unique in Italy, combining private banking and investment banking capabilities to serve entrepreneurs holistically across wealth, corporate transaction, and private market. This integrated model supports deeper client relationships, higher quality flows, and stronger retention, particularly around liquidity events. While Q1 was transitional, we are now seeing stabilization, pipeline rebuilding, and strengthening of our differentiated model, positioning the business for renewed growth. The same strategic consideration apply to our corporate investment banking franchise, in particular, and in particular to our Mediobanca bankers. The integration creates a fully integrated CIB platform, combining Mediobanca's advisory excellence with Monte Paschi lending capacity and commercial reach into a single unified offering. We are not simply combining two platforms. We are upgrading the way we win businesses. Let me speak directly to our Mediobanca bankers. This platform is designed to strengthen your competitive position, combining top-tier advisory with execution capacity at scale. This is especially relevant in mid-corporate segment, where the combination of advisory and lending is most powerful, and where the teams of bankers are already demonstrating the strength of this model. In today market, advisory wins when it is backed by balance sheet. With this combination, every mandate is supported by both enabling higher conversion, larger transaction, and greater client value capture. This is a clear professional step change. More mandates won, deeper client franchises, and stronger long-term economics. Let me be clear, you are the core of this franchise. Client trust, mandate generation, and long-term relationships sit with you, and this group is fully aligned to amplify your ability to deliver. I will show how this translates into the combined revenues mix. This slide makes the evaluation logic of the group more explicit. The combined business mix is increasingly weighted toward higher multiple activities, notably asset gathering and wealth management, alongside CIB and consumer finance, while retaining the strength and the scale of our retail franchise. This evolution supports a step up in earnings quality and over time, a rerating of the group's valuation profile. At this stage, the representation is intentionally focused on revenues as integration is ongoing. As we progress with the alignment of system, metrics, and performance framework, we will progressively enhance the level of economic and financial detail by business line, providing a more comprehensive view of profitability and capital allocation. This will enable the market to better assess the underlying value of each franchise and appropriately reflect the contribution of higher multiple business within the group. Let me now walk you through the timeline and execution status. We are on track for effectiveness by 4Q 2026. Following a clear timeline of corporate and regulatory steps. Boards approve the merger project and exchange ratio on March 10th, 2026. Next are demerger resolution in May, June, and shareholder regulatory approvals in Q3, and then execution and effectiveness in Q4. The structure is designed to protect value and identity. Mediobanca merges into Banca Monte Paschi, while CIB and private banking are demerged into a wholly owned company named Mediobanca S.p.A. Mediobanca Premier's advisory network will be integrated into Mediobanca, which will adopt a corporate name including the Mediobanca brand, and the Generali stake will sit under the new Mediobanca entity. Execution is fully mobilized. Eight workstream, 50+ projects, 300+ colleagues, and strong PMO oversight. Importantly, over 300% of target synergies are already secured in 2026, supported by granular monitoring and disciplined execution. Retention of client-facing talent remains our clear priority, with targeted actions already in place to protect franchise value and sustain revenues momentum. Let me detail synergies and what we have already activated. We are confirming synergies targets and phasing, reaching EUR 0.7 billion by 2028, with a clear ramp from 2026 to 2028. The key point is that initiatives activated in Q1 are expected to contribute visibly during the year. On revenues, we are accelerating structured product distribution from Mediobanca CIB into Monte dei Paschi channels and launching selected advisory cross-selling. On cost, we are renegotiating the shared suppliers agreements, launching joint tenders, and removing duplications like info provider, consultancy, and at group level. On funding, we are realizing benefits from issuances executed at higher spreads and optimizing the funding mix through 2026 issuance planning. This is what integration execution means in practice. Specific action tracked centrally and converted into measurable outcomes. With that, I will move now to our closing messages and outlook. This was a strong start to the business plan. We delivered EUR 911 million profit before tax, up 15.6% quarter-on-quarter and 6.7% year-on-year, and EUR 521 million net profit, fully in line with guidance. Commercially, the franchise is resilient. Gross operating profit was up 8.4% quarter-on-quarter. Loans were up 1% quarter-on-quarter, driven by EUR 1.7 billion mortgages, EUR 2.7 billion consumer credit. Wealth inflow were up 10% quarter-on-quarter, despite market volatility. On integration, we are delivering early. Mediobanca is progressing on track, 30%+ of target synergies are already secured in 2026, with execution fully mobilized. We confirm guidance with confidence, with 2026 profit before tax expected to exceed EUR 3.5 billion, supported by strong momentum, disciplined execution, and sustained delivery of shareholder value. Thank you. We are now ready to take your question. Excuse me, this is the Chorus Call conference operator. 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. Please pick up the receiver when asking questions. Our first question comes from Antonio Reale of Bank of America. Morning all. It's Antonio from Bank of America. A couple of questions from my side and one clarification. The first question is on the outlook for the year. You've provided guidance on pre-tax profit to be above EUR 3.5 billion this year. Can you give us a little bit more color around the moving parts, particularly on fees? I've heard your remarks on the commercial activity picking up since mid-April, your comment on sort of departures at the private banking side being behind us. Does that mean we can draw a line here and call this the trough point for fees when it comes to an operational standpoint? Conscious that consensus for fees is at EUR 2.6 billion this year. If you can provide a little bit more color around your thoughts for the outlook, that would be super helpful. My first question. My second question is really a follow-up on distribution now that you may be in a position to have a little bit more visibility. You're expected to complete the Mediobanca minority buyout in October, if I'm not mistaken, which I think is consistent with your guidance. I wonder when shall we expect share buybacks to start, if they can also start before October, and ultimately, what does that mean for your dividend per share from here? You're set to pay EUR 0.86 dividends in about a week or so. Your expectation for DPS this year. Lastly, if I may, just a quick clarification. You've given us a clear view of the phase-in of your synergies for this year. What is the related integration cost that you're looking to book in 2026? Thank you. Okay, thank you. Thank you. Thank you for the question. As I was mentioning, the trend in terms of fees are quite positive. Sorry, we have, again, a problem with the microphone. I apologize. As I was mentioning, the trend from commercial point of view is quite positive because the strength of our franchise is day by day confirmed. We are, again, quite positive regarding the trend of fees and commission. We expect to have a trend that overall will be in line with the pace that we are reporting in the quarter. As usual, if we take in consideration the third quarter, the August month, we can have probably the usual seasonality. Overall, this trend will continue, we are going to have a path that together with the franchise, both franchise, Mediobanca and Monte Paschi will support the growing trend that we are already reporting in the quarter. As far as interim dividend, it's clear that we want first to complete the merger, then we will consider it potentially, of course. As far as dividend, I think we were already mentioning that we want to have a dividend level broader in line with the one of this year. As you mentioned, we are going to pay 10 days from now. Clearly, as we were mentioning, we will provide the additional contribution to the total remuneration in addition to the profit with the buyback that we were mentioning already in the time of presenting the plan. Dividend remuneration, the total remuneration schedule, we feel comfortable to confirm. Then, clearly, we are going to have an accretive trend from the next year according to what has been already set in the plan. Integration cost, we plan originally to have around EUR 300 million of cost, and we believe we can stick to this expectation. Thank you. The next question is from Elena Perini of Intesa Sanpaolo. Yes. Thank you for taking my questions, and good morning everyone. I've got three questions. The first one is on your sensitivity to interest rates, if you can update us on numbers. The second question is about your wealth management. We saw that you started to sell Mediobanca SGR products to your network. You also have a strategic partnership with Anima. If possible, would you elaborate on which kinds of client segments are you going to serve through the two SGRs? About Anima. Banco BPM mentioned the possibility to open the capital of its control company to other partners. Would you willing to consider this possibility? My final question is about your Generali stake and next year expiry of the JV with AXA. What kind of thoughts are you making about your insurance business considering the stake in Generali and the deadline that you have next year? Thank you. Hi, good morning. On NII sensitivity, let me reiterate what the CEO has already mentioned when giving the presentation. The current sensitivity to of NII to a parallel shift of 100 basis points of the curve is around EUR 50 million at group level with slightly above half of this amount related to MultiBank Group and the rest related to Mediobanca. Okay. I was mentioning, and I think this is a positive element of the integration. Clearly, let's start by saying that Anima is strategic partner for us, and we are keeping growing in the cooperation, enriching the products wallet that Anima is providing. We have to say that is a trend that we believe will continue, having this kind of long-term partnership with them. For the time being, we stick to the partnership, commercial partnership, and we are focused to implement our plan that count a lot on the contribution coming from the partnership with Anima. Having said that, I think that the SGR Mediobanca is providing specific kind of products that we were distributing to our network to specific kind of customers. Something that is not literally comparable with the products that we have with Anima. I think this kind of offer that we are providing through the product SGR is not competing with the products that we have with Anima. As far as Generali, I'm just sticking to what I used to say that is nice to have. It is an important uncorrelated part of revenues on which we count. Generali is giving also additional optionality in terms of operational partnership. It's clear that, we are considering, all, the opportunities that we can have on the market, in terms of product offer, in terms of partnership, as, for us, what is really important is the value creation and to provide to our customer the best offer in terms of product combination and to ensure sustainability to our results. As, I was to say, nice to have, Generali stake. The next question, sir, is from Giovanni Razzoli of Deutsche Bank. Good morning to everybody. Thank you for taking my question. Well done with the Q1 results. Two very quick questions. The first one is on the volumes, lending volumes in the CIB and consumer of Mediobanca. They were very strong, both of them. We've seen the first impacts of the synergies. I was wondering whether you can give us a little bit of outlook for the next couple of months on those trends. In particular, what is the bid pipeline also for the investment banking going forward? What's your view also on the volumes on corporate and consumer? The second question relates to the dividend of Generali. It is 20 basis points of reversal to the CET1 once Generali will pay dividends or your pro forma CET1 ratio will be above 16%. I was wondering whether what is the state of the art of the application for the Danish Compromise. Have you already submitted the request? What is the reasonable timeframe to see whether we can roll Mediobanca set up to the parent company? Thank you. Thank you, Giovanni Razzoli. As I was mentioning, really what is an important element of as a result of this integration is the strong cooperation that we have between the CIB, I mean advisory services in Mediobanca and our mid-corporate and even large corporate in Monte dei Paschi customers, right? I have to say that this is one in some way also surprising for the speed we are getting this kind of cooperation. Is something that is tangible and every day I'm hearing about meetings that the two teams are having with customers, and I think the trend can only improve, despite we already are reporting important results. Mediobanca, by tradition, is present in all important deals and will keep going in being present because we have exceptionally high quality level of professional there. Now they can also enjoy the fact that we can go to customer and support customer with our the balance sheet of Monte Paschi. This is a win-win solution that making is making the bankers from Mediobanca and our relationship managers very close day by day in trying to explore all the opportunities. One of the key elements of this positive integration is coming, especially in the mid-corporate sector, where Monte Paschi is quite strong, Mediobanca is quite strong because also there we have top talent bankers, and I believe this is a unique opportunity for growing. We will see the volumes growing, as well the fees, in I mean, the advisory fees, coming from this activity. Quite positive trend, I believe, from now on. [Non-English content], Giovanni. On the impact of Generali, yes, the Generali participation brings some seasonality to our capital trends, because you have deductions as you accrue net profit, and then you have capital release as you are paid dividends. By the way, this is valid not only for Generali, but also for our insurance JVs with AXA, even if, of course, on a smaller amount. On your precise question, the expected impact, the net expected impact from Generali in the second quarter is around plus 30 basis points. On the Danish Compromise, we are submitting a question to the EBA. Sorry, Andrea, can you remind us the benefit of the Danish Compromise, please? On the Danish Compromise, we are submitting a question to the EBA to, let's say, validate the potential approach. The next question is from Sofie Peterzens of Goldman Sachs. Hi, here is Sofie from Goldman Sachs. Thanks a lot for taking my question. My first question would be on M&A in Italy. I know you're in the middle of the process of integrating Mediobanca, how do you think about M&A in Italy and kind of opportunities here in the next, I don't know, 12 to 24 months? My second question would be, I saw that the variable compensation was lower for Mediobanca this quarter, and that was drove some of the cost improvement this quarter. How should we think about the kind of variable compensation going forward and what you can do on the cost side? Just, finally, a very short question: How should we think about the tax rate going forward? What's a normalized tax rate for MPS? Thank you. Okay. I was already mentioning since last year when we start the transaction on Mediobanca, that I believe a safe matter in banking. This is a process that is unavoidable. For sure there will be a further phase of consolidation. Having said that, it's nice to be in a position where practically, we feel that we can be clearly a key actor also in this field, thanks to the position we reached in terms of capital, capability to generate value, capability to remunerate our shareholders, and at the same time, having a significant buffer in terms of capital. I mean that we believe that we should be focused at the current stage in completing our integration process, ensuring that the synergies we had in mind will be concretely and clearly realized, hopefully even above the target that we fixed to ourselves. That's why at the current stage, our focus is exclusively in deliver what we promised to the market. Hello. On the other two questions, as regards the operating cost trend, actually, our guidance on PBT factors in a slight growth year-on-year of operating cost. On a quarterly basis, of course, there might be small volatility. On tax rate, at the moment, let's say our best estimate is around 32%. This might slightly vary depending on the contribution of the Generali net income to the bottom line, because the higher the contribution, the lower the weighted tax rate. At the moment, our best estimate is around 32%. Thank you. The next question is from Luis Manuel Grilo Pratas of Autonomous. Hi. Hi. Good morning. Thank you very much for taking my questions. My first one is on the 2026 NII, whether you could provide any guidance on NII. I have a few clarifications. On the tax rates, you just mentioned 32%. Could you also confirm what would be the tax rate before any income from associates, including Generali? I also noticed that the DTAs this quarter were only, like, EUR 1 million negative, much lower than the run rate booked last year. I wanted to confirm whether this is a new run rate. Thank you. Okay. Net interest income, I believe we can confirm the guidelines we provided at the beginning of the year. The trend is expected to be positive. We think that the contributions in coming quarters will be above the contribution that came in the first quarter, mainly driven by volumes growth and also effective management of spread. We believe that we can have a tight control also on deposit. On the tax rate, actually, calculating the taxable income, the tax rate of what is not related to Generali is around 36%. When you make calculations, you should take into consideration that some part of the taxable income of the group is abroad, and then the PPA impact is already net of taxes. This makes the calculations slightly more complicated. On fees on convertible DTAs, for the time being, let's say the guidance is confirmed. Here, this is a benefit deriving from the consolidated tax financial statements with the Mediobanca. It the 2026 amount will depend on the amount of taxes paid in the year while from 2027 onwards the number should be close to zero. The next question is from Noemi Peruch of Morgan Stanley. Good morning. Thank you for taking my question. I have a few. The first one is on Generali. In which scenarios would it make sense for you to sell the stake? The second one is on capital. You mentioned the question to the EBA. I was wondering how long you think the, this process could last. What's the sense on the of the ECB on this from your dialogue? Finally, a few questions on the private banking still. In your press release, you mentioned that the exits were mainly on the first part of the quarter. I was wondering if this is the same for deposit and outflows, and maybe money outflows. If you can give us an update in terms of deposit volumes on the private banking and Mediobanca in May. Finally, if you could give us your estimate of the outstanding outflow risk related to the bankers that have already left from Mediobanca. Thank you. Okay. I, honestly, I think I'm so focused in accelerating the integration process, that I didn't even think in which scenario can be logical or profitable to sell the stake of Generali. Honest I believe it's better if I postpone this kind of consideration, because now what is important for us is to be focused on commercial activity and integration. As I said, it's nice to have a contribution as this quarter, EUR 130 million coming from this stake. Potentially to think also of, on, some business cooperation with them. Taking the point regarding relating to private banking is really important to consider that in economic terms, the impact of bankers that left are quite marginal being a significant portion of savings in some way parked on current account or in a very low margin products. I believe that we can expect some additional probably decrease of or how to say, decrease of volumes. I believe is what we consider a normal trend in each situation together on some flow that we are going to lose. As I mentioned before, we have significant new money that is coming. I strongly believe that the action that were put in place and the people that we have in private banking will already adopted measures in order to have the trend of the stock growing from now on. I think this unique model of private investment bank that Mediobanca enjoys something that can provide further benefit for the stock of savings of private banking. This is what I mentioned before already. I was informed that we have important that money coming just for few liquidity events connected with some entrepreneurial deals where Mediobanca is playing the role of advisory in terms of entrepreneur. At the same time, the role of getting the benefit of the money that is coming from the sale. I believe the situation is normalized. As I mentioned before, from now on, I see that we can just observe some natural situation that each bank that has a private banking division is in some way noticed, right? It is important to underline that the first quarter was a particular quarter, and now from mid-April, situation definitely is under control and will keep improving in terms of assets. Thank you. On the Danish Compromise, Noemi, on the Danish Compromise, I mean, based on past experiences, it might take some months to get an answer. We're submitting a question in the next few hours, and the ECB will provide their stance to the EBA, and that we will, as soon as we get a feedback, a formal feedback, give disclosure to the market. Thank you. The next question is from Manuela Meroni of Intesa Sanpaolo. Good morning, and thank you for taking my questions. The first one is on the NII. The NII trend was positive in this quarter because it was up quarter on quarter, despite the issuer days. You mentioned in the press release a contribution from hedging derivatives. I'm wondering what was the such a contribution, and if you expect this contribution to accelerate in the next quarters. The second question is on the cost of risk, 42 basis point in this quarter. I'm wondering if you have seen some deterioration of the asset quality after the end of the quarter, and if we can take this 42 basis point as a guidance for the full year. A clarification on the Danish Compromise on the previous question. If I remember correctly, the expected benefit from the Danish Compromise was 50 basis points. I'm wondering if you can broadly confirm this figure. Thank you. Okay, I will start with the asset quality. We didn't observe any signal of deterioration. Situation is, how to say, from the beginning of the year, almost the same. We feel comfortable to confirm the guidelines we gave with the cost of risk, that we said, at the level not higher than what we are observing in the first quarter. On the other two questions. On hedging, this is part, let's say, of our overall hedging strategy that led to a reduction of the NII sensitivity. We expect a, I would say, stable contribution over the next quarters from this hedging strategy. On the Danish Compromise, yes, you I confirm, we've always given a guidance of around 50 basis points positive impact. Thank you. The next question is from Luigi Tramontana of Kepler Cheuvreux. Yes, thank you. Just one question left on the PPA. Approximately EUR 60 million this quarter. If I remember well, you gave a guidance for the full year of EUR 100 million. Are there any one-off in this quarter, or do we have to expect a higher impact for the full year? Thank you. [Non-English content]. Yeah, on the PPA, we said that on average, over the PPA amortization period, we expected EUR 100 million per year, again, on average. Then the time distribution would depend on the amortization of the relevant assets and liabilities. Actually, the amount is expected to be slightly higher at the beginning of the periods on the first and second year compared to this average, this is the first point. Of course, the accumulated amount is the same. The second point is that in this quarter, yes, there was also a bit of seasonality because a good chunk of the PPA reversal was driven by prepayment on consumer loans, even if the overall stock amounted. Despite the very good commercial performance. Thank you. The next question is from Andrea Lisi of Equita. Hi, thank you for taking my question. Some clarifications. The first one is if you can provide us a guidance and evolution of the integration charges. Should we expect it mostly in second quarter, third quarter? If you confirm the EUR 300 million of these integration charges for the year. The second question was on the capital dynamics. If on top of what you have already highlighted during the call, so related to the reversal Generali effect, should and the movement of the OCI reserves should respect also other elements not still highlighted in the quarter dynamic, particularly considering obviously normal RWA increase related to volume growth and so on. The other question is on volumes. I saw that they increased quite well also on the Monte dei Paschi perimeter standalone. If you can provide us an indication on what you expect going on and as well on deposits, which are your expectations? Thank you. [Non-English content]. On the first two questions, integration charges, we would expect them in the second half of this year, because, let's say, their booking, of course, is strictly related to the implementation of the relevant actions. As regards to capital dynamics, in terms of moving parts, of course, there is the DTA utilization. The other main driver is related to the RWA growth. In particular, I can anticipate that in the second quarter of this year, we expect a small increase of EUR 400 million RWAs related to the implementation of a model change in Mediobanca. Volumes is clear that integration and synergies that are coming. Integration counts a lot of the contribution of consumer loans. That's why we believe that we will observe a growing trend up to the end of the year as a result of effective commercial activity that Compass traditionally has in the coming quarters, and also some synergies that will come according to our plan, because a significant portion of synergies are coming from in the area of retail banking, retail banking, where we allocate also from logical point of view, the consumer lending activity. Combined with consumer lending, we expect to have a growing line, at least, with what we reported in the first quarter for mid-corporate, also with some deals. Clearly our focus is what we believe is sustainable. Retail mid-segment, and then corporate connected with the additional business can come by getting to know from the customers. In a nutshell, a growing trend as a result also of gradual implementation of the synergies we expect, particularly in consumer lending. Thank you. Sorry, a follow-up. On deposits, what are your expectations? Thank you. Sorry. I forgot about that. It's clear that for us, we consider deposits like a raw material, raw material for an industry. For us, are key. Clearly, we have to manage trade-off. While on retail and small business is crucial to have deposit, we have a tactical approach as far as concerned large corporate, where the trade-off between price and volumes are always taken in consideration. As you see, we don't have any issue in terms of liquidity. That's why I have to say retail and small companies, the trend should be growing as this is not affecting particularly the spread, while on large corporate we will see time to time. Anyway, in general terms, we expect deposit to grow. Thank you. The next question is from Hugo Cruz of KBW. Hi. Thank you for the time. I have quite a few questions. First on the NII, your sensitivity seems quite low, and given that everyone expects rates to go up this year, I was wondering how we could see that playing out in your NII line. When could we see a positive impact from the higher rates this year, assuming they happen in June? If you could increase, you know, your sensitivity over time to take advantage of these rate increases. That's the first question. Second, on OpEx, I was wondering, you know, with retainers, is there anything booked already? I think your guidance for the full year was clear, but I was wondering if that includes some sort of one-off costs with retainers either already in Q1 or later in the year, if you could quantify that. A question on the PBT guidance above EUR 3.5 billion, is that before or after the restructuring costs? Finally, the interim dividend. I understood that you said you could pay an interim after the delisting of Mediobanca. I'm not sure if that means there could be an interim already this year or not. If you could clarify that, because I think the market is already pricing in an interim for this year. That's it. Thank you. I try to answer and maybe not in the same order. The first question, sorry, not the first question. One of the questions was on the guidance on PBT, whether it was after restructuring charges. Yes, it is after restructuring charges. Then, on cost, there was a question on whether they, in this quarter, we were factoring one-off cost. There are some, there are few millions related to retention charges, but they are. Booked in integration cost, so in the integration cost line. Interim dividend after the listing. We, let's say we are, as mentioned by the CEO during the presentation, we are, let's say, delivering on our timetable. As regards to interim dividend, when we present the first half results, we will take a view whether when to start paying interim dividends. Whether this year or not. On NII sensitivity, yes, I mean, we are managing proactively, let's say, our hedging strategy, considering particularly the amount of new business that we grant every quarter. We actually are in a position to benefit of the increasing interest rates. All right. Thank you very much. The next question is from Lorenzo Giacometti of Intermonte. Yes, good morning, thank you for taking my question, sir. Yes. Actually, one question and 1 follow-up on capital. The first question is on synergies. Can you remind us what are the business area in which the majority of synergies will be extracted? Given the working groups already in place, are you seeing some upside potential or downside risk on the overall number? The follow-up on capital is that, can you confirm that the Danish Compromise positive impact on capital is not included in your capital projections for the next year? That's all. Thank you. Okay. Synergies. Most of synergies are expected to come from retail and commercial banking, and I believe they account approximately for 50% of the total. We have an important contribution coming from corporate investment banking, as I was mentioning, even about what we were originally expected. Originally, we plan close to 20%, and I think the contribution can be even higher. Clearly, asset gathering and management, and wealth management, additionally, we will have a contribution can be even around 15%. The remaining is connected also with private banking, especially if we consider the activity of private investment banking. Overall, this distribution can slightly change, especially if we are observing this positive trend on corporate investment banking. This can be also on the top of the 700 if we are capable to accelerate this even more than what we are doing now. This kind of cooperation full-fledged service that we can provide to our, especially mid-corporate, customers. I will take the question, Andrea. Positive impact on Danish Compromise is not considered in any of our project were clearly mentioning the time of presentation our business plan. Okay. Thank you. Mr. Lovaglio, there are no more questions registered at this time, sir. Thank you very much, to all of you, and looking forward to meeting you again in August. Thank you very much. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.