Good morning. This is the Chorus Call conference operator. Welcome and thank you for joining the third quarter and nine months 2026 BPER 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 zero on their telephone. At this time, I would like to turn the conference over to Mr. Nicola Sponghi, Head of Investor Relations of BPER. Please go ahead, sir. Thank you and good morning, everyone. I am pleased to welcome you to our third quarter 2026 earnings conference call. Before I give the floor to our CEO, Gianni Franco Papa, please be reminded that our slide set and press release can be found on our corporate website. That said, after the presentation, our CEO, our CFO, and our CRO will take care of the Q&A session. I will reiterate that this is reserved for financial analysts, whom I will kindly request to ask a maximum of two questions each, so that everyone will take the opportunity to contribute to today's call. Thank you very much. I will now leave the stage to Mr. Papa, CEO of BPER. Thank you, Nicola. Good morning to everyone, and welcome to our Q3 results presentation for 2026. Before giving you details on the financial performance of BPER, I would highlight a number of key features of this last quarter. I am very satisfied with the excellent results of this quarter, given the current geopolitical context and macroeconomic environment. Let me add that until now, we do not see today any deterioration in the business. Coming back to our plan, I reiterate that we are ahead of our schedule for 2027 and are fully on track on our acceleration to 2028. On top of our three mainstream initiatives, we continue to focus on technology, IT, and security, which are absolute priorities to us. Our ESG commitment is strong. To date, we have achieved outstanding results with the global ESG rating agencies. We accomplish improvements with Sustainable Fitch, ISS STOXX, and MSCI. From an organizational perspective, we are optimizing our network workforce setup to increase client-facing capacity, moving towards a 70/30 front-to-back office ratio and further strengthening the commercial spine of the bank. Finally, allow me to underline that we are fully on track with our five levers of acceleration shown back in August. In this context, jointly with CDP, we recently structured a digital mini bond for a client on public blockchain. The first tokenized bond issuance confirms our commitment to placing innovation at the service of our business, enabling access to capital through efficient digital instruments. With our Q4 2026 results, we will update you on our progress. Let's move to slide five, where we summarize our Q3 results. As said, 2026 has been the best nine months ever. Adjusted net profit rose by over 12% to EUR 1.9 billion, thanks to a very robust commercial performance. For clarity, net profit has been adjusted in order to exclude the impact of the total return swap, which we have started to unwrap since the beginning of September. Total revenues, which stand at EUR 5.8 billion, increased by 5.8% nine months on nine months, and 3.7% higher, excluding the total return swap. Our focus on costs translated into further improvements of the cost-income ratio, which landed at just over 42%, an improvement of almost 260 basis points compared to the nine months in 2025. We continue to boast a strong level of asset quality, with a cost of risk standing at 27 basis points, flat nine months on nine months. Our balance sheet is very solid, with a CET1 ratio of above 15%, and profitability is high with an ROTE of 20.8%. BPER internal capital generation amounted to EUR 2 billion in the first nine months of 2026. Finally, the liquidity profile of the bank is very sound, with short and long-term ratios well above regulatory thresholds. Let's turn to the slide to BPER key P&L items on slide six. Overall, in this quarter, P&L has proven to be extremely positive despite the current macroeconomic environment. NII was particularly strong in the quarter, thanks to improving commercial spreads and business dynamics. Quarterly commissions were impacted to some degree by customary seasonality, which is particularly strong in Q3 given summer holidays. That said, nine months on nine months fees posted a robust performance. Operating costs in the quarter were some EUR 10 million higher due to higher non-HR costs, albeit the overall trend is fully under control, with overall costs coming down over 2% nine months on nine months. Finally, loan loss provisions have also shown a positive trend, decreasing by over 11% in the quarter. In conclusion, as you can see on the chart on the right, adjusted net profit posted its best quarterly performance ever, almost reaching EUR 690 million. With such result, I'm delighted to announce that the board has agreed to distribute an interim dividend of EUR 694 million, almost EUR 500 million more than in the previous year. Let's move on to our guidance. As of today, our guidance for 2026 remains unchanged as per the previous quarter, with exception of an improved cost of risk to below 35 basis points and an improved CET1 ratio to above 14.5%. Let me reiterate that, as I said in Q2, that we look to the next couple of years with some caution given the potential headwinds deriving from the current global situation. Let's move to the core part of the presentation. Despite the current geopolitical turmoil and macroeconomic context, our top line was particularly strong. Total revenues increased by 5.8% nine months on nine months, driven by core revenues, which were up by 3.5%, reaching EUR 5.4 billion. As we will see on the next page, NII posted a strong performance thanks to particularly favorable business dynamics. Net commissions nine months on nine months registered a solid performance, increasing by 3.4%. Finally, it is important to underline how our productivity index, measured as net revenues on risk-weighted assets, has continued to improve relentlessly from 8.4% at the beginning of 2025 to 8.8%, excluding the impact of the TRS and other market effects. This is a remarkable result, and it is among the highest productivity ratios in the industry. Let's move on to the next slide, which focuses on net interest income. NII was particularly strong both nine months-on-nine months and year-on-year, increasing by 3.5% and 7.9%, respectively. Rates, thanks to commercial spreads increasing by eight basis points, were the most important contributor to the positive performance of NII. Customer loans increased by 3.5% nine months-on-nine months, with new loan origination reaching EUR 20.2 billion in the first nine months, 7.3% higher nine months-on-nine months. I would like to highlight that our NII sensitivity to 100 basis points movements equal to EUR 180 million in the quarter versus EUR 200 million in the previous quarter. Let's move on to the development of net commission income. The progress of net commission income is mirroring our plan, with a nine months-on-nine months performance of +3.4%, increasing to over EUR 2 billion. Our focus on capital-light, high-quality wealth management products reflects the increasing proportion of this versus total commissions at over 43% of total from approximately 40% 12 months ago. The remarkable performance of wealth management fees is underlined by an increase of over 9% in the last 12 months. Major drivers were AUM-related and bancassurance. Looking at quarterly performance, fees stood at EUR 650 million, lower than the previous two quarters due to customary seasonality and of the summer months. That said, quarterly fees were higher than fees in Q3 2025. The most important contributor remained banking services fees, which landed at over EUR 1 billion. These were impacted by lower economic activity in the summer months and, to a smaller extent, by the continued fine-tuning of the bank integration, but we expect an increasing contribution going forward. Finally, the ratio of net commission income to total revenues stood at 35.1%, excluding the TRS and other market effects, proving the high quality of our revenues. Let's move to the next slide. The trajectory of TFAs is primarily the result of BPER being increasingly perceived as a relevant player in Italian asset gathering. In the last 12 months, TFAs increased by some EUR 10 billion to almost EUR 424 billion, an increase of 2.4%. Changing our focus on the quarter, TFAs remained substantially unchanged, whereby deposits increased by EUR 2 billion, underlining the strong capacity of BPER of attracting and managing client liquidity. Noteworthy to emphasize the fact that in Q3, markets had an adverse impact of some EUR 2.4 billion. Finally, it is important to note that at the end of the quarter, the loan-to-deposit ratio stood at 77.1%, stable quarter-on-quarter. This will enable us to continue to grow the loan book and to transform client liquidity into AUCs and AUMs. Let's move on to our performance on the cost side. Cost performance has been extremely satisfactory. Nine months-on-nine months, costs were down by over 2% at EUR 2.4 billion, and our cost-income ratio improved from 45% to 42.4%. As you can see on the graph, on the quarterly cost performance, we have outlined the trajectory of the cost-income ratio, excluding the impact of the total return swap, in order to demonstrate that this important KPI has been improving continuously in the last 12 months. Nine months-on-nine months, HR costs were up by 1.8%, mainly driven by the increase related to the national collective labor agreement and other costs, while non-HR costs were down by EUR 82.3 million, thanks to decisive actions on cost rationalization. In the quarter, total costs were EUR 10 million higher. HR costs showed an improvement of approximately EUR 10 million, thanks to operational excellence initiatives. This was partly compensated by higher seasonal non-HR costs. Total headcount stood at 22.4 thousand, with a decrease of approximately 200. Finally, in Q4, we expect a pickup of the cost-income ratio, which is very typical for year-end. Slide 14. As you can see, the trajectory of the cost of risk is fully under control, and coverage ratios are among the best in Italy. LLPs remained basically flat nine months on nine months, and so did the cost of risk. In the quarter, LLPs were EUR 10 million lower, while the cost of risk improved to 26 basis points, consolidating our low level of cost of credit. Our continued conservative approach translated into an NPE coverage ratio of above 53%, continuing the improvements since Q1 2025. Our coverage ratio remained among the highest in Italy and will act as a further buffer against any potential deterioration in asset quality. Given the unstable outlook and as a result of our conservative approach, we proactively increased overlays by EUR 80 million. In addition, we report a Q3 coverage ratio on performing loans at 65 basis points. Once again, this ratio is among the highest in Italy. Let's move on to asset quality on the next slide. The quality of our loan book continues to show a very healthy state, with gross and net NPE ratios standing at 2.3% and 1.1%, respectively, among the lowest in the Italian banking system. We monitor our credit counterparts very closely, and I'm delighted to say that about 70% of our loans are granted to the best four rating classes. This is further confirmed by stable stage 2 loan and stable past-due loans. Finally, there was very limited activity in terms of sales of loan portfolios. This is expected to resume in Q4. Having finished with asset quality, let's move on to the development of the bank risk-weighted assets. As you can see, in Q3 2026, total risk-weighted assets of BPER stood at EUR 81.4 billion. Risk-weighted assets growth is mainly related to credit risk due to a prudential update of internal IRB models according to Article 3 CRR. I will now turn to organic capital generation on the next slide. In Q3, the combined CET1 ratio stands at a very comfortable 15.1%. BPER continues to generate a very high level of organic capital. In the first nine months, BPER generated EUR 2 billion of CET1 capital, or approximately 247 basis points. This result reaffirms BPER position as a highly resilient institution. Let's move on to the balance sheet items on the next slide. Turning now to the bond portfolio, Italian government bonds increased to EUR 23 billion and accounted for around 51% of total bonds. As a result of portfolio rebalancing, the total bond portfolio duration was 1.7 years, while the Italian govies portfolio duration was 1.5 years. The decline in duration reflects the evolution of the portfolio mix as the investment strategy is implemented. Please note that the annualized average yield of the financial portfolio increased to 2.7% in Q3. Let's move now onto the next slide. In Q3, our commitment to ESG and sustainability was further reinforced with the issuance of a Senior Non-Preferred Green Bond amounting to EUR 500 million. As far as our credit ratings are concerned, in Q3, S&P Global upgraded BPER outlook to positive. Let's move on to the final remarks. The acceleration of B:Dynamic is well on track to meet the 2028 ambitions. We will give an overview on progress at our next Q4 results session. Thanks to all our colleagues, we accomplished the best nine months and the best quarter ever in terms of bottom line, with an ROTE of almost 21%. We continue to post relentless business growth across the bank, thanks to our commercial strength, in spite of a significant focus on cost efficiency. Our asset quality, thanks to our meticulous monitoring and conservative approach, remains among the best in class in Italy. As such, our internal capital generation is very strong, with a materially robust capital position at 15.1%. Finally, as I stated in my opening remarks, the board has agreed to distribute an interim dividend of EUR 694 million, almost EUR 500 million more than in the previous year. We are now ready to take your questions. 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 touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question comes from Marco Nicolai with Jefferies. Please go ahead, sir. Yeah, good morning. The first question is on the potential transaction on the Monte dei Paschi perimeter. Could you give us an idea of the timeline, and especially when you expect to sit down with Unipol to draft the contract? Are discussions already ongoing on this front with the insurer? The second question is on the excess capital. It is clear that you are running with a large excess. You also revised the capital guidance for December. You have plenty of buffers. Also, the overlays buffers increased a lot this quarter. What are the considerations in terms of excess capital distributions when you are going to take a decision on this? Shall we expect another buyback for 2027? The third question is on the bancassurance agreement with Unipol. Is this in line with what you had in the past? In some instances, we've seen insurer paying an upfront fees to access the distribution network of banks. This wasn't the case. Can you give us some color on how the revenues are split and on the details of this agreement, essentially? These are my three questions. Thank you. Thank you, Marco. Good morning, everybody. MPS perimeter, your first question, it is a bit too early for us to delve into this topic. It's a matter of fact that, obviously, we saw that the transaction of Intesa should go through. We believe that we'll be receiving the offer of Unipol in terms of the compendium of MPS that Unipol should buy, and should be reaching us, I believe, at beginning of, let's say, first to second quarter 2028. This obviously depends also on all the authorization we should receive by the different regulators. For the time being, we have not sit down. It is a bit, as I said, too early, also because there is no definition so far of, apart from the numbers of branches that we know is 635, if I'm not wrong. We don't know exactly where these branch are located. We don't know exact perimeter, the number of customers, and so on and so forth. I believe that in the next months, we will start discussing this. But for the time being, we don't have an exact, we don't have a discussion with Unipol. In as much as your second question is concerned, excess capital, we run at 15.1%. Is a comfortable CET1 ratio? Yes. If you recall also in the past presentations, I mentioned very clearly that we were prepared to increase also the return on the capital through dividend payout. In fact, we announced when we presented in August our B:Dynamic 2027 that we were going from a 75% to an 85% roughly dividend distribution. Nevertheless, we have a conservative approach. As mentioned before, we know that the MPS transaction is coming, most probably. Obviously, it has to be approved by the extraordinary shareholders meeting that will be held for this. Therefore, we need to keep some buffer in capital because until we know the exact numbers, so the return on investments and so on and so forth, we need to be, as usual, better to be safe than sorry and be prepared for this integration. Inasmuch as the agreements in the bancassurance with Unipol, we have review and restated the agreement. We have extended the agreement for 10 years now. I think this is an important point for us because this give us also the possibility of increasing. As you know, bancassurance is one of the pillars of our development. The new contractual framework is largely consistent with the previous agreements, and in this way, it confirms the existing scope of the bancassurance partnership, which includes different portion of Unipol, so Arca Vita, Arca Assicurazioni, and UniSalute. As I mentioned, the partnership has been renewed for 10 years, so it will expire in 31st of December 2036. This, I believe, gives us also a long-term stability and visibility, enabling us to further integrate in the distribution of banking insurance products. This is why we have extended for 10 years. Thank you. Just a quick follow-up on the first question. You mentioned first, second quarter 2028. This is when you expect effectively the premiums to come into BPER, right? Yes. The price, my point is, when are we going to know the price you will pay? There will be, I do not know, can we consider first half 2027 perhaps? Are we going to get some news on this front? This, frankly speaking, does not depend on us, neither on us nor on Unipol. I think that first we need to see the conclusion of the transaction and the acquisition, let us say, of Intesa. So Intesa acquiring MPS, they have to reach the 100% possession of the shares of MPS, and then from there will be also the spin-off of whatever will stay with Intesa, the, let us say, creation of this compendium that goes to Unipol. This depends on the speed of Intesa in processing this. That is why I did not give you an exact date. Obviously, I believe that also for them, but this is a question that you should ask Intesa rather than me, because I have no clue about what they are doing and how they are thinking to proceed. Okay, thank you. The next question comes from Ignacio Ulargui with BNP Paribas. Please go ahead. Thanks very much for the presentation and for taking my questions. I have two questions, if I may. I mean, the first one is looking to the NII, and given the trends that you have delivered in Q3 and the ongoing loan book repricing, could you share a bit with us your expectations, your thoughts for NII in 2027? I mean, I find that a high single-digit growth could be quite achievable, but just wanted to get a bit of your thoughts about how do you see NII progressing in 2027. Linked to that, also wanted to get a bit of a sense of the commercial activity, commercial performance on lending and deposits. I mean, deposits were very strong in the quarter, growing 2% QoQ, but lending was a bit softer. Just wanted to get a bit of your sense if that was kind of impacted by the macroeconomic background and a bit of your conservatism, or it was primarily a seasonal factor. Thank you. First question, I will let Simone Marcucci, our CFO, to take the answer. Please. Thank you very much, Ignacio. Regarding the projection for 2027 net interest income, we forecast at the moment a growth of one mid-single digit, 2027 or 2026. Please take into account that this includes, as we mentioned in the second quarter result, this includes also the negative effect of minor contribution from Ecobonus 2027 versus 2026, that we forecast at the moment around minus EUR 134 million. Yes, Ignacio. Inasmuch as your second question is concerned, I think that, well, as you know, we are always conservative in our approach to business. As I mentioned during the presentation, we are now granting loans, 70% of our customers sits in the best four rating classes. So we want to keep this quality in terms of assets. Nevertheless, if you see on the deposit side, we are growing and we keep on pushing that because for us, liquidity is very important as we will transform this liquidity into new loans or transform this to an asset rotation in AUM and AUCs. This is an activity that is also very profitable to us. On the other hand, on the loan side, we grew 3.5%, so we are basically beating what we were indicating when we presented our strategy back in October 2024. If you recall, we were indicating a CAGR of 3% growth in loans across the three-year plan. We are at 3.5%. You for sure remember that we were beating and we are at 3.5% also at the end of last year, beginning of the first quarter, and so on and so forth. This, I think, is a very important point for us because it shows how strong we are becoming with our customers, which are now coming to us as first stop when they need to develop a business case, they need to invest, and this works for families, for individuals, and for companies. I believe that we will keep on growing, keeping for sure the 3% CAGR that we have projected going forward. Consider that the growth of 3.5% includes also the fact that by integrating Sondrio, obviously, we had some attrition because we were lending money to customers and same companies that also Sondrio was lending money to, and so there we had to make sure that our exposure would not exceed the parameters that we have in the bank. Nevertheless, we grew by 3.5%. If I just can have a follow-up on the NII, I mean, what kind of rate assumptions are you considering at this stage for 2027? We have indicated 250%. Do you remember last quarter we had 225? In this quarter, till year-end, we have 250. We are going to 275 for next year. Okay. Thank you very much. The next question comes from Andrea Lisi with Equita. Please go ahead. Good morning. Thank you for taking my questions. The first one is on the trend of fees. We have seen that in general wealth management fees and bancassurance fees continue to be quite strong, robust trend. But if we look at the banking services fees, they are in the third quarter down by -5% year-on-year. Just wondering to understand better which were the drivers of this decline and if there is something that is really specific of this period and clearly could be recovered in next quarters, and what are your expectations for next year? The second question was on cost, especially if we look at, if we compare third quarter 2026 versus 2025, we see a kind of lower effect of seasonality. Typically in the third quarter, you have more favorable seasonality on cost. It is not so evident this year. Just wanted to understand a bit better that and which trend should we expect, especially on the staff cost. Really last point is if you can provide us any update indication or preliminary impact you have regarding the impact of the measures on the budget law will be really, really appreciated. Thank you. Thank you, Andrea, for your questions. Fees. Overall, I believe we are very happy about the fees because we had an increase nine months on nine months of +3.4%, and we went over EUR 2 billion of fees, which is a very good position. We are at more than 35% of our revenues deriving from fees generation, and this trend is improving. You are right in saying that we had a small decrease on the so-called banking services fees, but this is impacted by the lower economic activity that we have in summer months. I can tell you that, more specifically, that we had, compared to the previous quarter, a lower activity inasmuch as structuring fees for loans, because obviously in August and the beginning of September, the market slow down or stops come to a standstill basically. Although we had very good numbers, but lower than the second quarter. We had a small impact on the payments and the credit card, and this comes because we saw a different and lower commercial activity on credit cards from foreign markets. As we know, Italians travel much less this year for different reasons, both economic reasons, but also geopolitical uncertainty and so on and so forth, and there is where we had a smaller decrease. Also, we have continuing the, as I mentioned also on the loan side, continuing the fine-tuning of the bank integration, so obviously, we have some decrease there. Nevertheless, we do expect a rebound in the fourth quarter, and we will keep on growing on the fee side. On the cost side, cost we have, I think also on cost, we had a very good nine months where cost decreased by 2.2%, was a decrease of EUR 55 million versus the restated nine months of 2025. Staff cost slightly increased. The increase mainly reflecting the national contract, the last leg of the national contract, but also because we took the opportunity to anticipate, given also the good results that we are showing basically, we anticipated the provisioning of the variable-payments for the staff that will be paid next year. So, we had good results, and we prefer to anticipate a little bit. Very good situation in the other administrative expenses. Those expenses declined by EUR 84 million due to continued operational excellence initiatives, as well as lower consultancy costs. Here, we will keep on pushing in this direction to lower the cost side. Inasmuch as depreciation amortization, basically, they were flat compared to the previous quarters. I mentioned during my presentation that we do expect a small pickup on the cost-income ratio in the fourth quarter, but this is typical of the fourth quarter because, as you know, in the fourth quarter, basically, we receive all the invoices, all the possible costs that have been accumulating and not invoiced so far. So, this will hit probably the fourth quarter, but it is not going to be a dramatic increase because, in any case, for us, monitoring the cost-income ratio is an absolute point of attention. Inasmuch as the fiscal law, I cannot really comment at this stage because we do not have the final paper from the government. We are waiting for this, and then we will see what the impact is going to be, which different items of the balance sheet and the P&L is going to be hit by this. But for the time being, it is too early to comment. Thank you. The next question is from Lorenzo Giacometti with Intermonte. Please go ahead. Yes, good morning, and thank you for taking my question. I have just one, and it is again on the Monte Paschi carve-out transaction. I know it is very early stage, but I was wondering if you can give us some color about your grade of confidence on the synergy targets that Unipol projected, and how much in basically one-off integration costs do you expect to book in order to deliver this kind of synergies? Thank you. Yes. Well, it is a bit difficult to answer your question. In any case, thank you for the question. As we do not have the right perimeter of the carve-out that will eventually come to us, it is very difficult to assess what is going to be the integration cost, what is going to be the situation inasmuch as MPS is concerned. Obviously, synergies can only be assessed in the context of specific transactions and following a detailed due diligence, which so far we do not have neither a specific transaction because we do not have the final data, and we do not obviously can carry forward a due diligence. What I can tell you is that we have, as you know, a proven track record of integrating banks with strong franchises, and we have a proven track record of delivering meaningful synergies. Our commitment is there. Inasmuch as integration costs are concerned, I can remind you that when we have integrated Sondrio, we put and we had EUR 400 million of integration costs. Considering the size of Monte dei Paschi compared to the size of Sondrio, you can make your calculation. But it is very difficult for me today to comment exact numbers under this point of view. Thank you. The next question is from Giovanni Razzoli with Deutsche Bank. Please go ahead. Good morning to everybody. Couple of questions at my end. The first one is on the interim dividend distribution of EUR 0.33. I was wondering how we shall look at the year-end potential catch-up, because I see consensus as EUR 0.90. So, I was wondering whether was in your assumption regarding the interim and what could be the potential catch-up next year. The second question is, again, sorry to ask on the budget law. I understand there is no visibility, or there is a little bit of visibility, but still things can change. I was wondering whether you could elaborate on whether there could be a low single digit, a mid-single digit, a high single digit impact, because clearly, if we look at this simply, the expectation of the government that has been put in the technical report, the impact on the banks seems quite significant. I have a clarification on the third quarter. I have seen there is an other income item which is growing significantly quarter-on-quarter to around EUR 48 million or so, from EUR 3 million in the second and EUR 13 million in the Q1. I was wondering whether there is some extraordinary components there. Thank you. Thank you, Giovanni Razzoli. Your first question, interim dividend, I think that we are paying an extremely good interim dividend, EUR 694 million. Which is almost EUR 500 million more than last year. I think our shareholders should be very happy about it. It is at 33 cents. We have, at the end of September, accumulated EUR 0.953 of the euro as accumulated profit. The calculation is based on what we have indicated in August. We said that we were going to go to 77%, 78%. More or less, this is what is going to be. If we see that we have a very strong organic capital generation, we might decide, but this depends also on the decision of the board and the shareholders to increase this, but stay within the limit what we said. More than 75%, how much more, we will see once we close the figures. In as much as the budget law is concerned, I think there are two items that might be easy to calculate, but I think you can make the calculation by yourself, which relates to IRES and IRAP, because these are percentage based on, and this is it. Very, very difficult, if not impossible, for the time being to calculate what the impact would be for the Superbonus, on the activity related to the Ecobonus. This is where we do not really understand for the time being, because we do not have the final decision of the government. Here, I cannot give you any answer. In as much as IRES and IRAP are concerned, is more or less quite clear, because it is an increase in percentage on these two taxes. Simone Marcucci will take your third question. Yes, related. Thank you very much for the question. In relation to your third question, the main effect that go to impact the other income is the sale of our six branches to Iccrea that we have, in any case, announced some weeks ago. Thank you. The next question is from Manuela Meroni with Intesa Sanpaolo. Please go ahead. Good morning. Thank you for taking my questions. The first one is on the CET1. You are guiding for an over 14.5% starting from 15.1% now. So, I am wondering what are the moving parts of the common equity that you expect in the fourth quarter of this year, and also wondering if you can share with us what is and when it will happen, the rollover of the models of Banca Popolare di Sondrio on BPER. And again, on the common equity, if you can please clarify the -25 basis point from models and +19 basis point from others that I can read on page 17 of the presentation. The second question is on the overlays. You have material increase of overlays this quarter and also the previous quarter. I am wondering if there is some specific sector or area in which you are piling up these overlays. Thank you. Thank you. Thank you for your questions. Moving parts. First, we said that we will be over 14.5%, so whatever is over 14.5% is going to be the number. The moving parts are basically the unwinding of the TRS. We had 11 basis points creation, say, release of CET1 ratio as at the end of September, because we start unwinding the TRS. As at today, we are at 31 basis points because we have an additional unwinding of the TRS that accounts for around 20 basis points. The complete unwinding of the first, or the so-called TRS1, will free a total of 51 basis points by year end. We are at 31. There will be an additional around 20 basis points. Obviously, then, at year end, we have also an increase, we might have an increase of risk-weighted assets, and therefore, this might work the other way around in terms of moving parts by deducting CET1 ratio. In as much as your other questions are concerned, I will ask our CRO, Mr. Cristini, to take your questions. Please, Mr. Cristini. Okay. Thank you very much for your questions. First of all, the second question is related to the rollout to our internal RTCs instead to former BPSO exposure. It is worth noticing that the return to compliance plan, as agreed with the ECB last September 2025, is progressing as agreed. The new internal models covering BPSO exposures are expected to be submitted to the regulator for their approval by the end of 2027, so we can expect the complete rollout in 2028. In the meanwhile, a transitional approach applies until approval using simplified IRB methodology where applicable, while standardized exposure continue to be treated under the regulatory standardized approach. With regard to the third question, the RWA increase around EUR 1.3 billion mainly reflects the anticipation via CRR Article 3 of a prudential update of internal retail IRB models. For this model change, the ECB's decision is still pending. However, the impact can be considered virtually certain, and therefore, in line with the prudential approach set out in Article 3 of the CRR, we decided to anticipate its effect, maintaining a sound level of CET1 ratio, thanks to the high organic capital generation, very positive evolution of asset quality. As much as overlays are concerned, first of all, it is worth noticing that, as I highlighted during the presentation, the credit risk profile of the bank is very positive, with cost of risk stable at 27 basis points, low PD, very high coverage ratio, very low gross NPL ratio. Despite asset quality remain very solid and all key indicators showing no signs of portfolio deterioration, the bank decided to increase the overlay stock in September compared to June, an increase of about EUR 80 million for a total carrying amount of EUR 310 million. This decision was taken to address the challenging geopolitical environment along with the energy crisis, foreseeing a possible concrete worsening of the macroeconomic outlook. It is worth highlighting that we increased the overlay related to scenario probability weightings, assigning a higher probability to the adverse scenario. No particular sector had been affected by this overlay. They are a general conservative approach for the weighting of the adverse scenario. This is the picture. Thank you. Thank you. The next question is from Sofie Peterzens with Goldman Sachs. Please go ahead. Yeah. Hi. Here is Sofie from Goldman Sachs. Thanks a lot for taking my question. You mentioned earlier in the call that with Q4, you will give an updated guidance. Could you maybe just talk broadly about what we should expect? Should we expect kind of the 2028 guidance to go up, 2028, 2029 guidance to go up, or will the updated guidance be more around 2027 outlook? And maybe if you could also a little bit talk which lines has the most upside risk, and where you feel kind of very happy with your current guidance. My second question would be around your EUR 23 billion bond portfolio. Could you maybe just discuss how much kind of unrealized losses do you have, and how are those kind of booked? Did you take any losses through the OCI this quarter, and in the hold to collect, do you have any unrealized losses that are material? Thank you. Thank you, Sofie, for your question. As I mentioned, at the presentation of the Q4, we are going to give some more indication of the activity that we are put in place. We just gave the guidance for 2028 and 2029 three months ago, so there's not much difference that I can anticipate now. Obviously, as we see the commercial activity progressing in a very nice way, as I mentioned, the increase of deposits with us, the improvements in AUM and AUCs, the growth that we are showing on the loan side of 3.5%, we are confident that we might also improve this guidance. But for the time being, it's too early. We indicated this three months ago, so it is too early to say. But let me stress, let me underline the fact that we are very happy in how the bank is progressing and what has been done also in this first nine months of 2026. In as much as your question about bond portfolio, Mr. Cristini will take the question. Please. Yes. Thank you for your question. With regard to the fair value OCI portfolio, the unrealized losses as at the end of September are of about EUR 148 million, while for the amortized cost portfolio, the unrealized losses are of about EUR 1.2 billion. Of course, therefore, the amortized cost portfolio, these are hidden losses. It's what I like in this because this is an amortized cost portfolio. Thank you. That's very clear. The next question is from Luís Pratas with Autonomous Research. Please go ahead. Morning, everyone. Thank you for taking my questions. My first one is on NII. In 2026, it's tracking ahead of the low single-digit growth target. I wanted to ask you, why did you not upgrade your NII guidance this quarter? How do you expect NII to evolve in Q4? Also related with the commercial spread expansion that you saw already in Q3, how shall we think about the sensitivity of asset yields and liability costs to higher interest rates from here? I have a few clarifications. I understand that it's quite early to give a guidance on the budget law, but if you think a bit more broadly, what's your best guess in terms of the tax rate that we should expect in 2027? Shall it be in line with the 34%-35% that you guided for this year? Then in terms of CET1 ratio guidance, you mentioned the 40 basis points positive impact from the unwinding of the total return swap. Then there should be some RWA growth. If I put this together, I would imagine that the Q4 CET1 ratio can increase QoQ relative to 15.1%. Do you agree with this, or shall we expect other headwinds to offset the tailwinds? My final question is also on costs. Could you provide an update on the cost synergy execution of the BPSO deal, and whether we should expect a material benefit to become more visible in Q4 2026? Thank you. Yes. Thank you, Luís. I take a few questions, and then I ask Simone Marcucci to take the NII and commercial spread. In as much as guidance budget law is very difficult to assess, we are at 35% now, roughly. As I said, the calculation in as much as IRES and IRAP is concerned is rather simple because it is an increase in tax. We do not have a clear picture in as much as the impact that we might have in the future in terms of the Superbonus, the so-called Ecobonus, and therefore it is very difficult to assess what is going to be for the years to come. Also because we know that for IRES, it will last a couple of years, if I am not wrong. IRAP is to stay continuously, so it is a structural reform, and therefore it is very difficult to give you a clear indication today. In as much as CET guidance year-end, as I mentioned before, the unwinding of the so-called TRS1, which was the uncollared and unhedged portion equal to 1.87%-1.88%, will free around 51 basis points of capital, of which 11 basis points was freed at the end of September, 20 basis points as at today. So the remaining 20 basis points with the because we believe we will be able to completely unwind this portion by year-end. This is a moving part in increasing the CET1 ratio. On the other hand, you have to consider that by year-end, we will have growth in risk-weighted assets because our activity in terms of lending keeps on going. We will have also a growth in risk-weighted assets driven by the operational risk. Operational risk kick in in the last quarter of the year, and then we need to wait for year-end to calculate exactly how many basis points will be charged for operational risk. This is something that happens every year. In as much as the updating on BPER, if you recall, when we presented the BPER deal, we said that we were going to have around EUR 290 million of synergies, of which 25% deliver in 2026, and the remaining portion in 2027. Then when we presented the beyond 2027, we said that we believe that in 2028, 2029 going forward, we will have additional synergies. I am happy to say that we have a positive news in the sense that we believe that by year-end, we will be able to upgrade the production of synergies to 33%-34%, so better than the 25% that we have indicated when we presented the deal. I ask now Simone to give you the answer on the first two questions. Thank you very much for the questions. Related to the fourth quarter evolution of 2026, we will grow also third quarter versus third quarter at the lower pace compared to third quarter versus second quarter. This is, let me say, confirmed in our guidance that we have mentioned before. In relation to the sensitivity, as we mentioned before, we have a sensitivity of 100 basis points that is mainly related in any case from the asset sides. EUR 80 million, sorry. The next question is from Adele Palamà with UBS. Please go ahead. Yes. Hi, good morning. Only one follow-up on the banking fees. I understand that the comment you made before was mainly related to the change quarter-on-quarter, but I was wondering what has explained the decrease on a year-on-year basis. Because I see it is -4.7% year-on-year. I mean, also in light of the fact that the growth of the lending is 3.5%, is there any change in the fee structure related to the lending activity, or is it just related to payments? Then the second question is on BTP Valore, which is the market share that you had in the last issuance. Thanks. Yes. The difference year-on-year is driven mainly by the same items. We have payments, so the commission on payments go down, but this has to do with the fact that we have many customers that are moving their activity and their payments no more through the branches, but goes on to digital payments, and most of the fees on digital payments, so payments done through digital platforms are at much, much lower fees compared to the one that are physically done by the branches. This is something that is happening across the industry. It is not touching only BPER. Then the main difference coming in finanziamento e garanzia, which is basically the issuance of guarantee and fees related to structuring fees, is very much depending on the activity. We are growing, so first and second quarter, we had extremely good results. Third quarter, because we have August, and usually is a dead month for this kind of activity, and also the first two weeks of September is the same, and you will see a pickup in the fourth quarter of this activity. So, it is something that is rather normal on our activity. In as much as BTP Valore is concerned, our level, the market share is 6%. Okay, thanks. For any further questions, you can press star and one. The next question is a follow-up from Andrea Lisi with Equita. Please go ahead. Hi, thank you. Just a follow-up regarding your indication for the growth of NII in the fourth quarter when you were saying that you expect a lower pace versus the second quarter, if second quarter to third quarter, if I have understood correctly. Just to understand why, given that average rates should be higher, we should see higher average volumes both on the lending and on deposits, also probably on the bond portfolio, I do not know. Just to understand better the reason why we should expect a lower pace of growth in NII, especially considering the fact that, in theory, the spread should completely, should adjust even more in the fourth quarter versus what you have seen so far. Thank you. Thank you very much for your question. There are also other effects that have to be taken in consideration. Also, as I mentioned, there is always the effect on Ecobonus that is taking a higher pace versus the end of the year. Then, we have always a conservative approach, and therefore this is bring us to such amount. Then clearly, we want also to do better than, but at the moment, this is where we are. Okay, thank you. The next question is a follow-up question from Luís Pratas with Autonomous Research. Please go ahead. Hi there again. Thank you for the update in the guidance of the synergies. I wanted to ask you what is the current level that you achieved as of September 2026? So, as of September, we were already at 25%. So, we are anticipating, once again, as our constant movement, we are anticipating by a quarter and a year, basically. So, 25% by end of September, 33%-34% by end of the year. Okay. Thank you very much. Thank you. Gentlemen, there are no more questions registered at this time. Okay, thank you very much for participating, and see you soon. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephone.