Welcome. Thank you for joining the FinecoBank Full Year 2022 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star zero on their telephone. At this time, I would like to turn the conference over to Mr. Alessandro Foti, CEO of FinecoBank. Please go ahead, sir. Good afternoon, everyone, and thank you for joining our 2022 results conference call. As you know, our new dimension of growth is further underpinned by the new structure of the interest rates. Thanks to this, adjusted net profit in 2022 reached a new record level at EUR 429 million, up by 23% year-on-year. Adjusted revenues at EUR 948 million, increasing by 18% year-on-year, and mainly supported by investing, thanks to the volume effect and the higher control of the value chain by Fineco Asset Management, and by net financial income, which is sustained by our clients' very sticky and invaluable transactional liquidity and not driven by lending. Operating costs were under control at EUR 281 million, increasing by 4.6% year-on-year, by excluding costs related to the growth of the business and confirming operating leverage as a key strength of the bank. Adjusted cost-income ratio was equal to 29.6%. On cost, let me please remind you that the strategic decision to manage 100% internally our IT is protecting us from the inflation on IT cost. Our capital position confirmed to be strong and safe, with a Common Equity Tier 1 ratio at 20.8%. Let me please underline that we are very pleased to propose to the next annual general meeting a dividend per share of EUR 0.49. Our commercial activity confirms to be extremely solid also in January, with net sales at around EUR 750 million and a strong mix with around EUR 700 million in assets under management and around EUR 320 million in assets under custody. Let me underline that Fineco Asset Management has recorded its best month ever in terms of retail net sales with around EUR 700 million, thanks to the launch of the new capital preservation product offer. Estimated brokerage revenues in January at around EUR 16 million, more than 35% higher compared to the average revenue, revenues in the period 2017, 2019. This result was achieved despite market volumes extremely low in the month and close to the historical lows, thus confirming once again that the floor of the business is now definitely higher. Looking at 2023 and going forward, we expect to continue to deliver a strong growth, thanks to our very diversified business model. On the right-hand side of the slide, you can find a summary of our 2023 guidance more in detail. On net financial income, we have improved our 2023 guidance, we now expect a growth by around 80%, respected the better than expected 2022 results. On investing revenues, we expect for 2023 an increase high single digit compared to 2022 with a higher after-tax margin. We confirm EUR 5 billion assets under management net sales both in 2023 and 2024, with EUR 4.5 billion retail net sales for Fineco Asset Management. We also confirm management fee margins after tax at around 55 basis points in 2024, with pre-tax margins at around 73 basis points. On brokerage, we confirm for 2023 expected revenues strong with the floor higher versus pre-COVID period. On operating costs, we expect 6% growth year-on-year in 2022-2023, not including around EUR 2 million for additional costs for Fineco Asset Management strategic discontinuity, around EUR 3 million for U.K. operational costs, and other costs for the expansion in Germany and eventually additional marketing expenses. We expect our cost of risk in a range between five and nine basis points, and finally, we expect a growing CET1 and leverage ratio. Let's now move on to slide five. As announced, we reached a new record high adjusted net profit in 2022 at EUR 429 million, +23% year-on-year on a like-for-like basis in a very challenging macro scenario. Revenues at EUR 948 million, up by 18% year-on-year. As we have been able to catch the strong acceleration of the structural trends in place, mainly thanks to the robustness of our net financial income and to the contribution of the investing business. Operating costs at EUR 281 million, well under control and increasing by 4.6% year-on-year, excluding costs strictly related to the growth of the business. Let's now move on to slide six and start to analyze more in detail the dynamics of our results. Net financial income in 2022 at EUR 392 million, increasing by 40% year-on-year, with net interest income at EUR 343 million, and profit from treasury management at EUR 49 million. Let me highlight that net interest income is progressively increasing, thanks to the strong gearing to interest rates we have, driven by our clients' valuable and sticky transactional liquidity. We are continuing to accelerate the growth of our non-financial income, which in 2022 reached EUR 555 million, up by 6% year-on-year, mainly thanks to the positive contribution of investing and banking. Now jumping to slide 18, we will deep dive on the performance of the brokerage business. Overall, brokerage registered an excellent 2022 at EUR 190 million, despite the persistent negative market context in terms of volumes and the bear market, confirming a structurally higher floor compared to the pre-pandemic levels, regardless of market conditions. As you can see in the chart on top of the slide, in the Q4 of the year, brokerage revenues reached EUR 41 million, resulting in a monthly average 22% higher compared to the monthly average revenues in the period 2017-2019. Let me remind you that the growth of the brokerage business is driven by the contribution of three structural components. First, the continuous process of deep reshaping of our brokerage business. The widening of our client base using the platform, with active investors growing significantly in absolute terms and standing around 35% above the average level of 2018, 2019. This trend has been confirmed also in the most recent quarters, despite the low volumes on the market, as our target market is focused on the wealthy and financially aware clients able to trade in every environment. We are continuously increasing our retail market share. Let's now move on slide seven for a focus on investing. Fineco is positioned in the sweet spot to capture the structural trends in place in Italy, also thanks to our initiatives, we have experienced a strong acceleration towards assets under management. On top of this, Fineco Asset Management is delivering on hits discontinuity and taking more control of the value chain. As a result, investing revenues were equal to EUR 308 million in 2022, increasing by 12% year-on-year, with management fees increasing by 13.5% year-on-year. Let me highlight that the strong contribution by Fineco Asset Management has been able to sustain margins and revenues. Management fees margins after tax reached 53.1 basis points in the quarter, in line with the previous one, despite the strong negative market performance at the end of the Q3, which has resulted in lower average asset under management in the last three months of 2022. Let's now move to slide eight for a focus on our costs. This slide confirms once again efficiency to be part of our DNA and core in our bank, representing a clear and unique competitive advantage. Operating costs in 2022 at EUR 281 million, growing by 4.6% year-on-year, excluding costs related to the growth of the business, mainly additional EUR 5.7 million costs for Fineco Asset Management that are current with the acceleration to further expand its business and have in higher control of the value chain. Additional EUR 4.3 million in marketing costs. Staff expenses at EUR 117 million in the period, increasing by 5.1% on a yearly basis, net of the costs related to the expansion of the business of Fineco Asset Management. Non-HR costs at EUR 164 million, growing by 4.2% year-on-year, net of the costs related to the growth of the business. Let's now move to Slide 10 for a focus on our capital ratios. Fineco is confirming once again, a rock-solid capital position on the wave of a safe balance sheet. Common Equity Tier 1 ratio at 20.82%. leverage ratio at 4.03%. risk-weighted assets at EUR 4.74 billion and total capital ratio at 31.37% as of December 2022. Let's now move on slide 16. Let's now focus on our 2023 guidance and outlook going forward. On banking revenues, we expect the net financial income in 2023 to grow by around 80% compared to the better than expected results in 2022. Let me remind you the assumptions behind the guidance. The guidance is updated with the forward rate curve as of February 3rd, 2023. We confirm that we will not pay any interest on current accounts. EUR 1 billion net inflows in deposits. In terms of our investment policy, we will continue the diversification of our bond portfolio by buying European govies, and we have stopped reinvestments in Italian and Spanish govies. Let me remind you that the net financial income is expected to be represented entirely by net interest income, as we don't expect any contribution in terms of profits from treasury management in the present interest rate environment. Going forward, we expect net interest income to keep on benefiting from the new interest rate environment. Overall banking fees are expected stable compared to 2022. On investing, taking into consideration the negative market effect up to the end of January, we expect the 2023 revenues to increase by high single digits year-on-year, with higher management fee margins after tax. Overall, banks assets under management net sales are expected at around EUR 5 billion, while for Fineco Asset Management, we expect retail net sales around EUR 4.5 billion. On this, let me add that inflows in January have been very solid and promising, and we will update the guidance in case of a consolidation of the current trend. Our financial planner network is expected to increase by around 100 financial advisors. In 2024, we expect around of EUR 5 billion net sales per year in the overall banks assets under management. For our Irish company, we expect retail net sales of around EUR 4.5 billion per year. Despite the challenging context, we confirm the increase of our management fee margins after tax up to around 55 basis points by 2024, thanks to Fineco Asset Management operational efficiency that is more than offsetting the negative market performance. Pre-tax margins are confirmed at around 73 basis points by 2024. Brokerage revenues are expected to remain strong with a floor in relative terms with respect to the market context that is definitely higher than in the pre-COVID periods. Operating costs in 2023 are expected to grow at around 6% per on year, not including around EUR 2 million of additional costs related to Fineco Asset Management strategic discontinuity, around EUR 3 million for U.K. operational costs, other costs for the expansion in Germany, and eventually additional marketing expenses. Cost-income, we confirm our guidance on a continuously declining cost-income in the long run, thanks to the scalability of our platform and to the strong operating gearing we have. Systemic charges for 2023 are expected in a range of EUR 50-55 million. On capital ratio, we expect a growth in 2023 for both CET1 ratio and leverage ratio, currently with the combination of both a strong acceleration in the growth of the bank and the distribution of generous dividends. On dividend per share, going forward, we expect it constantly increasing, also thanks to the progressive delivery on our strategic discontinuities. Customer risk was equal to four basis points, thanks to the quality of our lending portfolio that is offered exclusively to our loyal customer base. In 2023, we expect it in a range between five and nine basis points. Finally, we expect a robust and high quality net sales with a mix mainly skewed towards asset under management, and with a lower component of deposits, thanks to all the new initiatives we are undertaking. Let's now move to slide 17. As you know, Fineco Asset Management is progressively taking more control of the investing value chain, resulting in a higher revenues and margins for the group. The contribution of Fineco Asset Management to the group assets under management net sales is further improving regardless of the macro scenario, moving from 53% in 2021 to 77% in 2022. At the end of 2022, the contribution of Fineco Asset Management assets under management out of the total stock of assets under management for the bank moved from 27.3% in 2021 to 30.3%. In January is above 31%. Let me please underline that our Irish company has recently launched a new generation of product perfectly in line with clients' needs. In the current environment, as shown by the strength of the inflows in the last few months, with January recording the best month ever in terms of retail net sales. On top of this, Fineco Asset Management continued to deliver the internalization of value chain by collecting net sales of funds, underlying of wrappers. As a reminder, this process is linked to the substitution of Fineco Asset Management funds within the building block used for funds of funds or insurance wrappers, thus leading to an additional margin contribution for the bank. I'll now leave the floor to Paolo Di Grazia, our Deputy General Manager, for an update on our international business on slide 21. Good morning. Let me start with the usual update on our U.K. business. We are finalizing our talks with the local authorities on the post-Brexit setup, and we have submitted the request to open a light subsidiary in the U.K. This will imply a slight increase in our U.K. cost base in the region of around EUR 3 million more. As for the results in 2022, let me underline that we are very happy for the growth of the business we experienced, despite we stopped our marketing activity due to the talks pending with the local regulator. Our client base kept on increasing thanks to the word of mouth. Our revenue generation has doubled year-on-year to EUR 2.7 million. The next country we are assessing to enter is Germany in 2023, leveraging on our new platform for investments. Our intention are to develop the offer in two steps. The first, brokerage and multicurrency, and the second, investing with no financial network, financial advisor. The offer will tailor German customers' behaviors, leveraging on stocks, ETFs, certificates, and CFD on a multicurrency platform. The brand positioning will look to acquire sticky, high value, and financially aware clients looking for fairly priced quality service, in our, as in our DNA. In the next few years, we will assess to approach different countries across Europe, depending on the opportunity that may arise. Thank you for your attention, and I will hand it back to Alessandro. Thank you for your time. We can now open the call to questions. Thank you. 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 receipt of an asking questions. Anyone who has a question may press star and one. At this time, the first question is from Azzurra Guelfi with Citi. Please go ahead. Hi, good afternoon. I have two questions. One is on the net interest income guidance and component. The other one is on the flows. When you talked about the detail of the NII guidance, you talk about no deposit remuneration. Can you give us some evidence on how this is going with customers and if there is any resistance on this, or if there is any level at which the interest rate environment could create some question about that? You also talk about EUR 1 billion of inflows of deposits, if I'm correct, for the entire 2023. This links to my second question on flows. The flows on FAM are confirmed as EUR 4.5 billion. In the recent month, we have seen very strong flows in the product that have been launched. What degrees of conservatism is in this, number? When you think about deposit flows, do you think that there is a risk of outflows from deposit into higher yielding product like, I don't know, BTP or others? Thank you. Thank you Azzurra for the questions. For the first of all, yes, we are confirming our guidance on that we don't plan to remunerate deposits, but this is perfectly in line with our history. Just as a reminder, we stopped on remunerating current accounts 10 years ago in 2012. For us, it's not a brand new story. No, there is no resistance by clients because the bank is offering plenty of opportunity for the clients that they are interested in chasing rates. They can buy our brand new solutions in the asset under management business that is mostly in the direction of satisfying the fixed income appetite by clients. They can invest in term deposits offered by other banks. We launched last year the platform that is growing and they can buy also directly bonds on the platform. Yes, no there is no questions by clients. For our clients, it's pretty clear that one thing is the transactional liquidity that is on the current account with zero remuneration. Another thing is to the remuneration for the excess liquidity. Yes, the EUR 1 billion deposit inflows is mostly driven by the expected continuous growth of our new base of new clients that are expected to keep on driving in our direction fresh new transactional liquidity. EUR 4.5 billion from net fees. The question if this is conservative. I take the opportunity to spend a few words on the guidance on the assets under management. It's clear that the numbers that are emerging over the last few months, particularly in general, are really strong, very impressive, and mostly driven by the. One is our flexibility and rapidity in launching brand-new solutions able to capture the appetite of clients. Second, clients, in any case, are even more aware that inflation is a problem, and so they want to invest. Yes, we didn't change the guidance just because we are at the beginning of the year. We don't think that to change the guidance after the first month of the year is not doesn't make any sense. It's clear that we are extremely positive, constructive, and as soon as we have this trend consolidating, then we think that there is room for improving, for improving the guidance. Any risk of outflows from deposits into BTP, as we explained the definition, the govies are back again. More generally speaking, fixed income is back again as an appealing alternatives for clients. This overall is not a bad news because now we have in front of us a world that in which we have all the full range of the asset class that they are investable. On one end, you have to take in. You have to put in account a little bit more competition by the govies, but at the same time, the broadness of the, of your offer in terms of assets under management is much, is much bigger and much more balanced. overall, it's a good thing. The next question is from Philippe Ricard with Kepler Cheuvreux. Please go ahead. Hello, good afternoon. Thank you for taking my question. I got two questions. The first one, I've seen that your share of floating rate bond portfolio has increased a little bit in the last quarter compared to the previous quarter. Is it fair saying that your guidance of +80% growth in NII in 2023 still takes account an increase of the part at floating rate? The second one is on your AT1 bond. If I remember correctly, one of the two AT1 bonds, that one that is fully underwritten by UniCredit, is becoming callable in June. Could you already share with us your plan to roll it over with a new AT1 bond? Thank you. Oh, no. Now I'm. Just a second. I'm checking with Lorena, our CFO. The increase of the floating rate bond portfolio. Lorena, you are. No, I'm not. Honestly speaking, we don't see that kind of increase. In any case, the increase of the guidance is not driven by this. Just a second. No. In any case, the increase of the guidance is just related to two components. One, clearly the further improve that there has been on the forward rate curve. Second, the consistency of the fact that our beta, the beta on deposits is practically zero. The increase of the guidance is driven by these two components. AT1 bond by UniCredit. On this, if we assume that the conditions remaining as we are now, clearly there is a high probability that it's not going to be recalled because it doesn't make any sense from an economic point of view, and it would be very difficult to justify also in front of the regulators. Okay. Thank you for the clarification. Thank you. Sorry. Regarding the first. Sorry, there is Lorena that has some additional comments on the floating rate notes. Yeah. Regarding the floating rate notes, with respect to the last quarter, there was a slight increase from 35% to 38% swapped. As you know, when we buy generally fixed rate bond, and then we swap them into floating rate. This is why there is. In any case, is. It's a normal activity of investment. Yes, but is not. It is not this behind the increase of the guidance on the net interest income. No, no, no. Absolutely not. Absolutely not. Only the normal activity of investment that we are doing, investing the additional liquidity we have. The next question is from Domenico Santoro with HSBC. Please go ahead. Hi. Good morning. I have two question from my side. First of all, appreciate that you defend the idea of deposit beta for this year. Your guidance, it also show a bit of confidence on the NII for the next year instead. Now, given that the yield curve implies rates going down, and there is a risk, of course, for the NII for the next year, I just wonder if you are contemplating some actions already in order to counter effect, you know, the impact from rates in 2024 going forward. On the change in the in the share of variable floating rates, I just wonder whether also your NII sensitivity has changed a little bit, and if yes, if you could quantify. I have a question on investing, because your guidance, if I'm not mistaken, implies, even accounting for the market effect in January and the strong sales of EUR 5 billion, implies, if I'm not wrong, margins to improve significantly during the course of the year, maybe reaching already, if not above, the 73 basis points, that you are targeting instead of 2024. My understanding from the call is that you might have been a little bit also conservative in giving these high single digits for investing fees. I just wonder whether this is correct, so the 73 basis points target for 2024 now is conservative, and if you could do better going forward. If you could give us also, the level of tax rate that you expect for this year, which is consistent of course, with this, the level of NII and fees that you give in your 2023 guidance. Thank you very much. We. Clearly, we are, w-we are not giving guidance on the, on 2024, but, uh, in any case, the based on the, yes, taking account the forward rate curve and so on, uh, also for 2024 uh, the net interest income is expected to keep on growing. Clearly not at the same, uh, at the same speed of the 2000, uh, 2023, but is, uh, is still keeping on growing. T his, again, the main, uh, the main reason is that, um, still, uh, probably is not completely, fully, uh, captured by the market, is that, uh, our, uh, is the, our business model that is driving to an zero, uh, beta, uh, deposits, uh, and so on. Th is is the real point of strength. Again, I'm going back to the strategy we put in place many years ago because we stopped on remunerating current accounts 10 years ago. We, the clients are coming to us because they are interested in the services we are providing. If they want to change rates, they are using completely different kind of solutions. The net interest sensitivity, honestly speaking, so the traditional net interest sensitivity that is measuring the expected changes in net interest income with a parallel shift of the curve, honestly speaking, doesn't make any sense because we. This is the reason why we prefer to give to the market in order to make the life easy, easier for the market to give the right guidance. Honestly speaking, in my personal career, never I saw a parallel shift of the curve. This is absolutely it doesn't make any sense. In any case, our gearing to rates has not changed particularly is there and so on. Regarding investing, yes, for sure there has been some kind of cautiousness in what we are giving, but this is correct with the fact that we are just at the beginning of the year. We know that we are moving in an extremely volatile environment, but it's clear that everything is extremely promising, both in terms of net sales of asset under management. Fineco Asset Management is doing an absolutely terrific job, so we expect that it's my opinion, I would not be surprised to see them doing even better than we are expecting. Yes, there is an reasonable and decent level of cautiousness that is correct with the fact that we are just at the beginning of the year. Tax rate, we expect an increase of the tax rate for 2023. A very simple reason that the weight of the revenues generated in Italy is going to jump a lot. Considering the big, the big rise of financial income. We expect the tax rate growing. Yes, in the range of between 1.5. Yes, between 1.5% and 2%. Again, driven by the fact that now the mix is in terms of revenues is more skewed in the direction of the, of the revenues generated in Italy. Sorry, just a follow-up question. I make it very simple, the question. Is your guidance on investing, the, implying a certain increase on margins from here to end of 2023, correct? Yeah. Can you repeat that? That's good. Which is exactly the, your point on the investment piece? My question is, yes. Is your guidance on investing revenues implying a certain increase of margin from here to the end of 2023? The. Yes. Yes, clearly, because the reason, the steady and continuous contribution by the increase of the penetration of financial management. If you put together the volumes and growing margins, you get the guidance. Yes. Having said that, is that a possibility that you reach the 73 basis points target on our margin, well, before the end of 2024? Honestly speaking, we strongly suggest to be focused on the after-tax margins, because otherwise the pre-tax margins, you are missing in a quite important part of the story that is the fiscal component. Considering that a large part of the increase of the margins is driven by the higher penetration of financial management. Clearly, if you are just focusing on pre-tax, you are missing a sizeable part of the story. Yes, if we have the consolidation if the markets, we are assuming a natural market. In the case of a more favorable market conditions, yes, sure, we can achieve the target before. The same story, if we are going to do better in terms of volumes and so on. Thank you. The next question is from Enrico Bolzoni with JPMorgan. Please go ahead. Hi, good morning. Thanks for taking my question. One question was on your broking activity. If I look at your market share looking at Assogestioni data, I mean, clearly you're doing something right because you keep increasing your market share year-on-year. Can you just give us some color on why you think you're being so successful in increasing your market share in broking activity? Related to that, can you give some color on maybe what is the strategy? Do you think you can increase it more? I mean, you're very strong in the equity segment, but maybe not so strong in some of the bond markets or maybe in some of the other equity markets. Is there anything there in terms of product you think you can launch to win even more market share going forward? First question. Thank you. Second question. I would just like to hear from you a comment on maybe the discussion which is currently ongoing at the European level on a potential ban on rebates, which clearly would be very impactful for the Italian asset management industry. Is there anything you can say on that? Then, partially related to that, maybe, can you just give an update on how the recruiting is going? Have you seen a change in how easy it is to recruit advisor? I mean, year to date markets have rebounded, so I think it's easier, it's gonna be easier this year compared to 2022. Thank you. Yes. Thank you for your question. First of all, the market share derived by Assogestioni are just giving just a piece of the story. Now the percentage of the business that is related to the, Just a second, the part of the business that is not related to Italian market is now continuously growing and is very important. Second, there is everything related to the derivatives and over-the-counter products. It's a little bit more, it's a little bit broader picture. The reason of the continuous increase of the market share is, first of all, is the robustness, the broadness, the quality of the platform, combined together with a very high level of convenience. Second is the target market, because we are extremely excellent in capturing the most valuable part of the target market represented by clients, that they are aware of what they're doing, and clients that they are decently wealthy. Clients that they are able to trade in every market conditions. This is the main reason. Because usually on the brokerage business, you have players specialized in offering extremely basic solutions, just leveraging mostly on pricing or other players that they are offering absolutely very sophisticated platforms, but they are not able to capture the normal clients. We think that we are going steady but continuous, we are going to increase our market shares. Going back to the associate numbers. The point is that when you are looking. You are observing, for example, on the bonds, the associate numbers are taking and putting together everything, retail and institutional clients. Clearly the presence of institutional clients on the bond market is much bigger than for example there is in comparison to the equity market and with the retail. Retail clients are more actively involved in the equity market than in the bond market. On the discussion that in place on the possibility of a ban on the inducement. First of all, Fineco is by far the best positioned player in the case this is going to happen. We have EUR 24 billion of assets under management on which clients are paying an advisory fee. We started on offering these kind of solutions to clients in 2008, so many years ago. This means that we have the most part of our financial planners are absolutely familiar in, on the business model of making clients paying an advisory fee. Also we have an quite broad base of clients that is familiar in paying a fee, particularly the rich clients. Second point, the one of the most important impact that is expected to be produced by the introduction of a ban on inducement is a massive rise of the level of transparency on the market. Fineco is probably everybody's familiar, has been always a champion of transparency. We built the bank and our offer on the concept of transparency. At the end of the story, in the case there is such a kind of a move, we think that for us in relative terms, it's going to be a great advantage. Recruiting activities is keeping on doing extremely well because as we had the opportunity to explain several times, there is a brand new trend, very strong, represented by the bankers. People that at the moment are working in traditional banks as employees, that more and more are deciding of moving direction of becoming agents. Fineco is emerging as the perfect place for them because these guys, what they are looking for is a business partner characterized by a very high level of efficiency, considering that this is the new world. Second, they are looking for a business partner, transparent and respectful of clients because many of them are really annoyed by some market practices delivered by traditional banks. If they had to change, they want to change in direction something that is going to be better. Yes, the recruiting is doing well, and we expect it's going to keep doing for also in the next future. Thank you. Actually, sorry, I have one follow up I forgot to ask. I mean, your excess capital is substantial now. Would you consider any share buyback at some point in the future? No. We. All the excess capital we're going to give back to the market is going to be given back through, throughout the dividends, because we think that the dividends are more respectful of the independency of our shareholders. Because through the dividends, the shareholders can decide what they want, what they want to do with that money. With the buyback, it's the company deciding what to do with the, with the money. This is the main reason. Yes, we're going to continue in direction of paying dividends. The next question is from Giovanni Razzoli with Deutsche Bank. Please go ahead. Good afternoon. Two questions. The first one is on the wording of your external growth strategy, because now, and if I look at your presentation, you seems to assess the launch of a platform in Germany. Why in the last few conference call, we were led to understand that you were already targeting the launch of the platform in the country. Are you still in a, you know, strategic review of this move, or you plan to enter the market any time soon? My second question is if you can share with us what is the amount of third party deposits that you have reached at year-end? I'm asking you this because you've been crystal clear in saying that deposit beta for Fineco has been zero for the last year and will remain so for the next years. I'm asking this to understand, you know, the clients' appetite for this product and the risk that other players may instead suffer in terms of increasing the funding cost and the, in general, the remuneration to clients as your peers are guiding for a 30%, 40% deposit beta. You are a good proxy, you know, paradoxically for them as you are offering third-party money with a much different, with a completely different product mix. Thank you. On the wording, it's just a wording, so there is nothing behind. Yes, we are not, we don't have any specific task. We are using, is just a matter of respect also because we know that the last final word, we are a public company listed, and so the last final word for everything we are doing is in the hands of the board of directors. We come to the conclusion that would be a little bit not polite and fair and doing and so giving for decided something that has not been approved yet in the board of directors. Just this is. Just is a formal point, but there we don't see any reason for. Everything is going to be so straightforward and so there is no problem. On the third party deposits is, we, Paolo, if you want to give a little bit of color on which is the amount at the moment of the third party deposits we have. Now we have EUR 430 million. Yeah. In deposit. There is an acceleration, but there is no, I would say there's no a huge interest yet. I think it's a, it's a great product because, you know, we don't push the product, but if the clients they want to have a deposit, they can just do like one click buy and have it in Fineco without moving the money out. Of course, we make money on the deposit of the third party that we offer. In any case, in the guidance we are giving to the market, for example, there is a, we expect, correct me if I'm wrong, to move up to EUR 1 billion of term deposits. W hat is important, because I think that this discussion on the beta different. What is again, it's really, it's probably is really a little bit, not fully captured by the market. First of all, the business model of the bank. Fineco is much more a platform than a bank. I t's giving to the clients this concept of the one-stop solution. T his, by definition, tends to get in a higher level of transactional liquidity. Second, is the very long period of time in which we change strategy, stopping on remunerating deposits, stopping on using rates as a weapon for taking on board clients. The result that we have been extremely consistent in building up a base of clients that is our clients because they are interested in the services we are providing. The same story for the new clients, because the new clients we are taking on board are driven by the word of mouth. The word of mouth is not moving Fineco because you are going to get a higher rates. Moving Fineco because the platform is working in a perfect way. The more you are using rates for as a weapon, and the more you have to expect on the long run to have a higher beta deposit. This has not been our case. It's been the strategy, we are perfectly aware that we missed some opportunities in terms of more clients on board, more liquidity, the results that we have a much more solid and valuable base of clients and deposits. Thank you. The next question is from Alberto Villa with Intermonte. Please go ahead. Good afternoon, and thanks for taking my questions. Congratulations for the results. Two quick questions from my side. The first one is on the guidance on costs. You mentioned during the speech that you will incur EUR 3 million additional costs for the setup of the light bank in the U.K. I was wondering if that is gonna be happening in 2023, and if it is included in the guidance you have provided of a U.K. operational cost of EUR 3 million? And if this cost is a one-off or is a kind of a current one, you're gonna have to keep on doing business in U.K.? The second part of this question is on Germany. If you can clarify what you're expecting in terms of costs for 2023 to start the operations in Germany. The final question is on the dividend. You have been having a payout in the region of 60%-70% in the past. I was wondering if that's something that we can expect for the future. When you talk about redistributing excess capital, maybe that is gonna allow you to have a payout which is even above this level already in 2023. Thank you. On the UK cost, yes, we have. These EUR 3 million are going to be included in the guidance we gave. These EUR 3 million are running. On Germany, policy speaking, considering everything is going to be much closer to the end of the year, you don't have to expect any meaningful or significant impact in terms of cost in 2023. On dividend, we are not giving a precise guidance on the payout for a very simple reason that Fineco is an extremely fast-growing and continuously moving company. It doesn't make any sense. This makes sense when you are an extremely, for example, for a traditional bank makes much more sense. In any case, we, going forward, the business model is, as you are familiar, incredibly capital light, expected to keep on growing fast in terms of revenues generation. For this reason, we expect that our key capital ratios keeping on going up. I'm referring to the CET1 and the leverage ratio. A t a certain point, it's possible that we are going to have on the table the fact that we have a little bit more capital in excess than we are used to have. In that case, probably we are going to give back to the market more. This is the, you know, that this is what we are going to do. Okay, thanks. The next question is from Elena Perini with Intesa Sanpaolo. Please go ahead. Yes. Good afternoon, everyone. I have only one receivable question. Well, it is related to if you have placed your Eurovita products and what is the weight of these potential products on your total offer? Thank you very much. Yes, the most part of the financial planner networks, we distributed Eurovita products in the past. Now is a relatively several years that we don't have any significant production on Eurovita. If in terms of looking to the our numbers over the last few years, the weight in our total offer at the moment in the last few years has been practically, is being practically close to zero. The additional offer. In any case, just as a clarification, we have to consider that the Eurovita problems are on the insurance company, not on the product. It's just a problem driven by the lack of hands wear by the controlling shareholder that has missed of making the capital injection in the company. It's not a problem related to products. It's the problem is on the company, but not on the products. Okay. Thank you very much. The next question is from Marco Nicolai with Jefferies. Please go ahead. Hi. Thanks for the presentation. Sorry to go back on the remuneration of deposits, but just wanted to understand this better. As you said before, you give options to your customer to chase higher rates by various products, being those third-party deposits or fixed income funds, so on and so forth. To what extent higher inflows in this type of products could still impact your NII, given that after all, your fixed income portfolio is financed also via, you know, this client's deposits? I mean, if my understanding is correct. Maybe you expect always to generate enough inflows of new deposits kind of to offset this potential, you know, scenario. Thank you. Yes. Thank you for your questions. First of all, let me go back again into the business model. We, the bank, took a strategic decision 10 years ago on keeping very clearly separated the transaction liquidity by the liquidity that is chasing rates. We did that through the stopping on remunerating deposits in 2012. That was a period of time which rates were not negative. The results that clearly we agree is everything that is related to the day by day life of clients and so on, that is transactional liquidity is there, is, we are not paying nothing. More or less, we based on our models, 85% of the overall deposits are represented by transactional liquidity. That is on which clearly the beta is zero. There is the liquidity that is just waiting to be invested because we are continuously growing. I t's liquidity that is just parked in, waiting to be invested in assets under management. Then there is a reasonable number that is probably in the region of EUR 1.5 billion, something like that is liquidity is, let me say, is the bad liquidity that is not transactional, that is chasing rates. You have, we have the structural inflows of additional transactional liquidity because the bank is keeping on enjoying a quite robust growth in terms of clients that they are opening the accounts. The main rationale behind the decision of a client of opening an account within Fineco because they want to use our services. This is the reason why what they are bringing to us is for transactional liquidity or liquidity that is interested in being invested. Putting everything together, is the guidance. It's, so we expect that the transactional liquidity is going to keep on growing for this reason. That we are going to have an some of the liquidity that is the bad liquidity moving direction of EUROGOV or term deposits. In any case, considering that we have an extremely is, we started last year in offering this platform with term deposit or other banks. We are offering absolutely very appealing rates and so on. Nevertheless, the numbers that has moved, that are moving there are remaining absolutely negligible in consideration of the overall dimension of our deposits. In any case, in the guidance we gave to the market, there is embedded expectation of having moving from EUR 430 million of term deposits up to EUR 1 billion by year-end. We are factoring in the possibility of an acceleration in that direction. Everything is embedded in the guidance. What is important that on the current accounts, we are going to keep on paying zero as been the case for the more than last 10 years. Also another final consideration, the largest part of the transactional liquidity is related to the transactional banking, not to brokerage. Brokerage is, yes, is contributing, but is a small part. The largest part is the transactional banking. People that are using the current account for their day-by-day life, paying utilities, taxes, bills, using credit cards. The typical. This is the picture. Okay. Thank you. For any further questions, please press star and one on your telephone. Mr. Foti, there are no more questions registered at this time. I turn the conference back to you for the closing remarks. Well, thank you for attending our conference. Thank you for the absolutely very interesting questions you raised. As usual, if you need to make some more deep dive in our numbers and so on, please contact us anytime. Thank you again for taking part to our call. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.