Good morning. This is the course collaborator. Welcome to Generalfinance's conference call presenting H1 2026 results. Let me remind you that all participants are in listen-only mode, and the presentation will be followed by a Q&A. The presentation can be downloaded from the website www.generalfinance.it by clicking on the homepage banner. To be assisted during the conference call, click or dial star and zero on your phone keypad. Let me now turn the conference over to Mr. Massimo Gianolli, CEO of Generalfinance. Thank you very much. Good morning to all of you. Welcome to our conference call. Let me remind you that our presentation can be downloaded. We start from page five in our presentation, and I will walk you through it. You have an update of the voting rights that are for GGA, 62.48%, and there was a recent transaction. As you can read, it is marked new on the page. I acquired about 1% through MGA from SMT Holding. My holding now is up to 84.11% through my holding, which is called MGA, Massimo Gianolli Holding. The next page, we see our turnover growth, turnover volume up 9% roughly, and indeed this is positive news. It is lower than we expected in H1 2026. However, we expect a strong recovery in the H2. I will dive into it later during the presentation to better clarify and elaborate on what I have just said. Growth is definitely higher than the factoring industry growth, and that indeed is a positive note. Following page, we are on page seven, and you see a breakdown of assignor and assignee, debtor and seller. There is a big gap between the number of sellers and the number of debtors. If we compare ourselves against the market, we have about 55 debtors per seller, and the market average is about six. We have a 10x higher model. The model is still performing by retaining the same metrics. Then another parameter for comparison, our 9.1% growth versus 2.2%, which is the market average. On page eight, as we said before, as we were about to close a lawsuit that for a number of reasons led to different results in first and second instance, and then in appellate, we decided to finally settle that chapter in our We settled for 50% of the lawsuit in order to avoid further goes in through the Court of Appeal or Court of Cassation that would have had an impact on our level of risk, making it greater. As a consequence, the final settlement is about EUR 10.7 million. The profit, that is the profit for the period, that is EUR 10.7 million, also because we factored in this one-off, the one-off related to the lawsuit. On page nine, I would like to underline this because it has been something we have seen over the years, some clawback actions. In the last 15 years, this is a breakdown over a long time period, 2007- 2026, we had seven bankruptcy clawback actions, one lawsuit that was won, three lawsuits were settled, one lawsuit was lost, and two were ongoing. From a numerical standpoint, the number of lawsuits is very limited, is very low. If we look at the amounts, lost lawsuits were about EUR 150,000 worth of cost, settled about EUR 3.8 million worth of cost, and the total losses are about EUR 4 million. If we take the turnover for the period, which is about EUR 19 million, we have an additional cost of risk, so to say, which is 0.02%. If we were to apply it to the disbursed amount at 0.3%, if applied directly to the disbursed amounts. Really gives you an idea of how those actions could somehow be affecting the business, but they are fully under control. We are now on page 10 in our presentation, and here we see on the left-hand side, you see our CAGR between 2022 and 2025, which was outstanding. Especially in 2025, we enjoyed the benefits of a one-off transaction that had been originated in 2024, and that provided excellent results. Therefore, the comparison with the first half of last year, between first half year 2025 is negative versus 2026. Net profit is down 13%. Six months over six months. If we were to compare it with H1 2024, it would be in line with the CAGR that you see on the left-hand side of the slide. Very briefly, let's now move to page 12. Another very important factor, cost of risk is down more or less at the same level as H1 2026, 0.16%. NPE ratio is also below the values of H1 2025, with a clearly marked improvement versus Q1 this year. On the right-hand side of the slide, you will be able to notice that the net amount is about 1/3 versus market benchmark, the gross NPE ratio benchmarking we were talking. Page 13, and here you have a slide showing you how we are protected. Our risk is protected through insurance policies, SACE or Allianz Trade insurance policies that cover a net risk of about EUR 100 million, a real net risk. Then we have outstanding not advanced stemming from recourse factoring, which is now landing at EUR 199 million. Therefore, those are outstanding not advanced amounts that can be offset vis-a-vis payments that were not made or not received. Then, of course, we have further strengthened the personal guarantees we get from third parties, mainly from shareholders of the companies we fund, which are about EUR 200 million. If you strip off all of these mitigation factors, the net financial assets are EUR 188 million. Next page 14. One four. I'm going to dwell on the left-hand side of the slide because we have a decline, a reduction in DSO. That's one of the reasons why we have conservatively decided to revise our guidance because, as you know, DSO is something that is imposed upon us somehow. Because in 2024 and 2025 already, we had a DSO better than expectations, and then we worked hard to acquire portfolios that would take our DSO very close to the target, more than 80 days, higher than 80 days, 82, 83, 85 days. What we have realized in the first half of 2025, we've seen another decline. It very much depends on the acquired portfolios, but also it also depends on external factors that are not under our control. We are constantly working, however, to identify portfolios that can somehow balance our DSO, offset it, and take profitability to the expected levels. The payment delays on the right-hand side of the slide, you see we are hyper-performing still. 79% of our payments are made on the due date, and 26% is collected within the next 30 days within a one-of-a-kind performance vis-a-vis the average market data. If we move on to page 15, we see the trend I just talked about, the DSO trend, now down to 78 days, and the recovery of our DSO follows a curve that normally leads to a recovery within a couple of months. This chart is really explanatory. In 2024, DSO was 72 days, and then it gradually went up, and potentially we expect this DSO to pick up again starting from October, November this year, and then to actually start growing again over 2027. On page 16, you have the usual slide focusing on our business model and breaking down our market. We always focus on clients that are weak or distressed, that are either going through a restructuring, or they have a generational handover, or change in governance, change in ownership, you name it. There's a universe of companies that are in turnaround or restructuring, but as you see in the pie on the right, in the bottom part of the slide, there's also a rebalancing in the performing universe, as I said in the previous quarters. The breakdown of the quality of our sellers is to be seen in the lower central pie at the center of the slide, and you see that the quality of our turnover stemming from our sellers is excellent because most of our sellers are in the yellow area. Some are red or black, but we have acquired green area sellers as well. And that also when it comes to outsourcing, the top central pie tells you that our portfolio is always very balanced, 50% roughly with a scoring that is green. Then another sizable slice, which is 31%, which is yellow, and the remaining part is split between red and black. It's interesting to see how recourse factoring is growing again. We've always decided, and for over 30 years, we've been mainly working in recourse factoring because recourse factoring, especially during times of turnaround and complex moments of time, enables us to use financial flows to the benefit of our sellers, to channel them, and to be able to really operate when focusing on portfolios and acquire our selling portfolios and have a better portfolio protection because no recourse is only about 21%, therefore leaving more room to our core business. 71% of our turnover is covered by our historical Allianz Trade policy, and on recourse factoring, turnover is about 75%. On page 17, you can see how our business is working. Our operating machine over the last 16 months running is 782,000 transactions were completed. The market is strongly growing. In this quarter, we acquired 32 new customers, and we acquired 1,097 assigned debtors, and we got to 22,152 assigned debtors. I'll come back to this later. It's interesting to notice how the increase in the number of sellers goes along different lines because we want to be less dependent on individual files, on individual large clients. So we are somehow scattering risk, spreading risk better, and so increasing the number of assigned debtors is really stressing the performance of our portfolio. 107,000 invoices leading to invoices installments and automatic notifications. These are the foundations for the performance of H2 2026. Page 18, as we said in many press releases, we've invested a lot in FTEs, in a reorganization of our organization. We have five new managers that have joined us over the last year, of which three are focusing on developing, growing our business, and that is very important because we have realized that during 2025 that especially when it comes to steering the growth abroad, governing the growth abroad, especially and more specifically in Spain, our Spanish operation did not start with the speed we were expecting. If you remember last year, the comment on the Spanish operation was a positive growth, beneficial to our company, but not leading and producing the turnovers we were expecting. That's why we made a decision to reorganize our business growth area. Matteo Bigarelli is entrusted with it. He recently joined us. He has come on board and is working and focusing on business development. Marco Cleva, Chief Commercial Officer, has been with us for quite a few years, because we want to speed up our Spanish performance and operations. In a few minutes, we'll see that it's starting to send out positive signals. We are confident we will recover and hit the expected turnover targets, but we had to somehow reshuffle and remodel that area because we thought it was of paramount importance to have a person, one of our people heading our international operations, not just Italian development, but global development as well. After about a year of delays when it comes to opening our Swiss business, as we had advanced during the Q1 results presentation, we interacted a number of times with the Bank of Italy. Hopefully, we are eight months late due to technical reasons, bureaucratic reasons more than anything else. It's reasonable to think that starting from October, we should have even the Zurich operations up and running in October. Other investments that we've made on the personnel side, we will have acquired, you'll see in the next six months as well. We have hired two new colleagues in Zurich. All we have to do is have the go ahead. As we had anticipated, we have a digital area now that was entrusted with Fabrizio Negri, with the aim to really speed up and make our client acquisition leaner and faster. We're talking about SMEs, reasonably performing SMEs, that will free up space when it comes to distressed corporate loans to speed up our pipeline and also to really launch the activity you already know about, called small digital business. For quite some time now, we wanted to start it as a separate identity from the core business. We have Matteo Pizzicoli, who's really giving a great contribution for the new digital operations and also for other parts of the organization, departments in the organization, enabling them to use all available tools and AI as well to really streamline and support the streamlining of, and speeding up of our pipeline for all the portfolios we have. Page 19, you see a breakdown of the growth in our different activities. As you can see, the assigned debtors trend between 2024 and the first six months of 2026 went from 20,500- 22,100. The sellers trend went from 293 in 2024 to 406 in the first six months of 2026. We have a much lower concentration of our total exposure on the top 10 sellers. We worked a lot on that because we had already factored it into our business plan as well, because we are foreseeing a progressive reduction of our dependence on top client to make our growth less and less relying upon clients who might have a weight that as long as you have them, it really speeds up your business. Should you lose those clients, they would cause a major impact, though temporarily, but a negative impact on one's business. On the right-hand side, you see Spain sellers went from 4- 12. You were starting to see the results of our work in the first six months of 2026. Also going forward, we will reasonably get to EUR 100 million worth of turnover. Assigned debtors went from 40 to 188. The turnover went from EUR 12 million -EUR 31 million. Together with DSO, it's one of the factors that made us be conservative in revising our end results. In addition to the delayed startup of Switzerland, worth about EUR 100 million of lower turnover in our business plan. That turnover, we think, can be recovered by year-end, where we have a projection of about EUR 4.45 billion worth of turnover. We think it can be recovered, but we don't think it's automatic to have all the recovery effects in the current fiscal year. That's why we try to be conservative when it comes to disclosing to the market. Page 20, we have a breakdown, a snapshot, let's say, of our core business. Our business keeps growing in SMEs and mid-corporate, in the SMEs and mid-corporate universe. As you can see from the chart, top left, it's very interesting to notice that when it comes to notification, it's another factor that makes our model even safer, and with a longer duration, meaning lasting longer. We have 74% with notification versus 48% of the factoring market, and 26% with a non-notification, with funds channeled to pledge accounts and reserved accounts and controlled by us when it comes to the collection flows. This is something I really need to stress, and I want to stress time and again. If you look at our breakdown on national versus international turnover, we're in line with market data. On the bottom of the slide, it's also very interesting to notice, as we said before, how our main business is recourse factoring. 79% of our business is recourse factoring. We mainly work in Northern and Central Italy, less in Southern Italy. We opened in Rome, an office in Rome. We are growing our operations in central Italy as well. The product categories that for us are more interesting, especially in manufacturing companies, make up our core business somehow, and they are a distinctive feature in Generalfinance operations. Let me now hand it over to our CFO, Mr. Ugo Colombo, and we'll look at our P&L, our funding, and the transactions we've made to increase our funding to improve our capital ratios. I'll be back soon. Good morning to all of you. I'm on page 24 of the presentation. Starting from the top, the main variables of our income statement. We've seen in the introduction, the revenue trend is up 4% for the banking income, this is slightly lower than our expectations, the expectations we had for H1, it's fully aligned with the disbursed loans, up 3.8%, as you can see. Within the net banking income, we have different performance between interest margin, which is flat year-over-year also because we strengthened our liquidity profile. We worked to strengthen our liquidity profile. Today, it's much stronger than in the past, both, we'll see in a minute how that is for funding availability, especially the committed part makes our business even more stable, no matter what scenarios we have to face going forward in the coming years, hopefully also enjoying a much greater growth than expected. As you know, we'll see in a minute, we have further strengthened our capital ratios with an issuance of EUR 30 million in the last part of 2025. It's the first six months. It's very interesting. It's under 7%. It has a weight on our P&L, it creates the foundations for a capital profile that is very sound. We tried to benefit from the debt market conditions, very favorable between end of 2025 and beginning of 2026. That has a cost, it further strengthens our liquidity and capital profile even better and higher than what we had projected in our business plan. The performance is slightly negative in absolute terms when it comes to cost of risk, 22%, as we've seen, that cost of risk versus dispersed is down because is in line with 2025 results. As far as portfolio riskiness, everything is under control. We have about 15 basis points as far as cost of risk is concerned. If we leave the non-recurring item of the insolvency clawback, we've had positive results. As you can see, at the central part, we have the KPIs that we normally disclose at the end of quarters and half year. Year-over-year, we are slightly downtrend, 9.8 versus 9.3 on mid-size loans. There's a decline, as we said in the previous call. It's mainly due to non-recurring items versus our core business that generated individual profitability, strong profitability in 2020. Full from the profit generating or profitability perspective. The interest margin now accounts for 22% of revenues, it's still, especially in this half year, it's still a business model that generates a lot of commissions as a result of the fact that we are a company that provides factoring services, also based on working capital. We do not just provide liquidity to the sellers. We have a good operating efficiency with a costing below 40%, 37% to be more precise, versus 32 the year before. Year-over-year, profitability, return on capital is still very good. Balance sheet, we are aligned with 2025, EUR 680 million of receivables, up 10%. Also, when it comes to recovering profit margin, starting from Q2 in 2026. We have about EUR 100 million worth of liquidity, thanks to funding transactions. Liquidity in the first part of the year was higher than the average of the previous fiscal years. That gives you an idea of the negative carry on the interest margin. The liquidity will be taken up over the coming quarters with the expected growth, so to say. We've also underlined capital ratios that have been strengthened in 2025, especially as TCR is concerned. We have about 18% versus a minimum, which is 8%, so about 10 percentage points of buffers versus minimum requirement, which is 8%, sorry. Page 26, a breakdown of our funding. The total fund is EUR 1.2 billion available, and within that, in the first six months, we had a securitization item. We had a new lender coming on board in addition to the three existing ones. We have improved the bond part, senior and subordinated. We worked on other funding transactions by increasing our ceiling with CDP, which had been around for about EUR 30 million, EUR 1.2 billion, and EUR 740 million, making our counterbalancing capacity, this is the user funding, our counterbalancing capacity flat in addition to, so in excess of half a billion EUR, which also gives you an idea of how much we can grow our funding and manage our funding in any market condition. Funding, it's all at variable rate, even for the hedging transactions we had over the last few months. Spread is slightly worse than last year because of the bond placement transactions I mentioned before, but around 200 basis points on EURIBOR, three months of EURIBOR. Limited impact, but faced with a strong benefit when it comes to our funding profile. Let's now move to page 29 to show you how, in addition to costs, we have increased our FTE, our team. 22% increase has an impact in our FTE, has an impact on personal cost. That is up, of course. But we have non-recurring item to be taken into account, the NPE, the fair value, revaluation of phantom shares, and then EUR 400,000 worth of components. But apart from that, the organic growth of personal cost is aligned with the number of FTEs, so it's equal to about a 22% increase. If we compare it to the growth over the last few years, on the one hand, it was quite natural. It was something that we had to do, strengthening our FTE, and at the same time, we have hired some people to further complete our project, the projects we had disclosed in our business plan. There's an impact of 12% given by certain legal costs tied in with the insolvency clawback lawsuit. Then net of all of these items and components, growth would be around 9%- 10%. So nothing really meaningful or worth. Massimo Gianolli, thank you very much, Ugo. These are the last couple of slides, page 30 and 31. On page 30, we've put some key messages as closing remarks. In this first half year, we revised, carefully revised whatever happened in 2025, and we got prepared and set up to face trends in 2026 and 2027. We looked at correction measures to make sure that our business plan can be fully rolled out successfully, and we've looked into our new offices to be successful, new openings both in Italy and abroad. We've used this last quarter to further strengthen our organization. This six months enabled us to get much stronger from a team perspective, but also from the perspective of having a strong franchise also in the more remote sites. We have strengthened our total capital ratio as well so that we can look ahead to confidence. These are the last elements. On page 31, you have a summary of the factors that led us to revising our, we wanted with adjusted net profit, that was what we have revised, because all of the factors that could lead us to hit the targets may not come true at the same time. We may not be able to recover everything we expect to recover in Together with the market. We thought it was fair to provide you with a slight revision of our journey, so as to be cautionary and fair to you and the market. I would like to thank you very much. We are now ready to take questions. This is the conference call operator. Let's now start the Q&A. If you want to ask a question, press star and one on your phone. To be removed from the Q&A queue, press star and two. Please ask your questions using your phone handsets. If you want to ask a question, press star and one on your phone. The first question comes from the line of Irene Rossetto with Banca Akros. Please, madam. Good morning to all of you. I have a couple of questions to ask. The first one, with reference to the revision of this year's budget, could you give us some more color on your expectations for the NII interest margins commissions in the second half of 2026? Always talking about you having revised your budget, I was wondering whether there will be impacts in the coming years, or whether you foresee an impact mainly in H1 2026. Things should be smoothing out as we move through the year. Let me start from the second part of question. I'll hand it over to Ugo to answer your first question. Thank you, Irene. The impact on 2027, or the potential impact on 2027, will be reasonably identified Q3 at the beginning of November. We'll have clearer idea. For the time being, we do not foresee any impact on next year. Should that be the case, we will provide timely disclosure on the possible needs to revise. We are talking about light makeup, not light maquillage, so to say, not major revisions. Because it will depend whether or not we can start the new businesses, because Spain had a year of delay for technical and organizational reasons. It did not start at the expected speed. Now we gave it a boost. We are confident that Spain can confirm the business plan data for 2027. Switzerland should be up and running in October. I say should, because of course, we still have to wait for the right timing, or the right timeframe for Banca d'Italia to give the green light. These are all external factors that have to be factored in light of the experience we've just made in our international operations. Over the last couple of years, we've worked hard, we understood a lot of things. We are now much more aware of the approach. We've launched a multi-currency and multi-language platform. We invested a lot of time to get ready to operate international and to correct whatever mistake we identified. This will be fully up and running and fully producing its results, its impact, probably starting from Q3 this year. The meaning conditions, well, leaving the SO aside, if the loan is shorter, I'll have less interest and less commissions. But when we talk about conditions, interest, and expense, we expect an improving trend that is very meaningful. We don't see a deterioration of our business. No, not at all. We don't expect a deterioration in our profitability, our expected deterioration, sorry, profitability. Let me now hand it over to Ugo to answer the first part of your question. As to the expectation for NII and commissions, we expect an improvement in NII or interest margin starting Q3, considering that there was a slight decline quarter-on-quarter, also due to the strengthening of our funding set up, which is not yet fully up and running. What we expect is a recovery starting from Q3, a recovery of about 15% quarter-on-quarter, one five. Also, as you know, Q3 is very meaningful when it comes to having an impact on total income, total profit. On average, it accounts for 30%, 35%, so there should be a further dependence on what is disbursed at the end of Q4. The volume of NII and commissions based on transactions that we're about to close or are closing, and therefore are relying on an estimate, which is quite conservative, should lead to a doubled NII versus what we had in Q2, and I mean Q4, because Q4 is very meaningful for our operations. Same thing applies to commissions. It's clear that commissions have benefited from a very positive trend, about EUR 2 million in Q2, a recovery of EUR 2 million in Q2, and the recovery should go on, although in a more limited way in Q3 and also then in Q4, thanks to the impact of our turnover volumes. There should be in Q4, we should see an increase in the commission volumes versus Q3, and it's about 20% what we expect as far as improvement. This is already embedded in the guidance we provided as far as also income is concerned. A question comes from the line of Luigi Tramontana, Kepler Cheuvreux. Thank you for taking my question. I'd like to go back to the margins that were quite weak in Q2, especially commercial spread, suffered and went down, while the profitability of loans went down about 6% versus Q1 with DSO, which is basically stable versus the previous quarter in Q2 versus. Cost of funding was also flat, around 4.2%, also due to the issuance of a bond with a 5.5% coupon for the strengthening of your liquidity profile, as you mentioned. I would like you to elaborate on the expected turn of events in the coming months, considering the tax hike that was applied in June, and considering that Q3 is already hedged against interest rate volatility. Could you elaborate on that? Let me start from the very last point you made, meaning that our balance sheet, both assets and liabilities, are linked with EURIBOR rate. It's fully hedged by definition. Any possible decision made by the ECB with impact on short-term rates should not have any impact on our operating income and our net interest margin. As we've already said, a number of occasions, there may be a basic risk tied in with the misalignment in the repricing between assets and liabilities. And in Q3, normally, there was an increase in rates from 210- 250. The repricing basis, whilst on the asset side, and the receivables is spread over three months, so there is a full adjustment over the course of three months. In case of a hike or increase of short-term rates, this misalignment has an impact on the net interest margin, and that of course had an impact between the first and second quarter. It's a residual risk that it's difficult to hedge, if you think about it from that perspective. As we've already reminded you when it comes to the net interest margin, starting from Q4, there's a strong impact of certain transactions, always in our core business, but they're one-offs, they're not repeatable. If we look at Q3 and Q4 in 2025 there in 2026, because that was already accounted for in the accounts in 2025. We are already accounting for the net profitability of those transactions. Those were already accounted for. In between Q1 and Q2, the cost of funding did have an impact on the yearly figures, and it's important to then go back to the expected profitability of our loans. We see a recovery, if we look at your question, a recovery from the bottom of 210 basis points of net interest margin. There was a recovery of 130 basis points to 140 basis points in Q3, and then a further recovery by year-end. This is the trend, and this is the answer to your questions. Thank you. Next question comes from the line of Simona Chiriotti with Mediobanca. Please, madam, go ahead. Thank you very much. Always looking at the yearly trends, I would like to know what the run rate could be for operating costs. You have about EUR 6 million per quarter. Is that a non-recurring expense that is tied in with specific projects, or do you expect any recovery on that front? Then also concerning clawbacks. Out of curiosity, this type of transactions that generated the transaction that led to the clawbacks, when were they originated, those transactions, I mean, that led to clawback actions? Is that something that will happen again going forward, or is something that really is connected with the past transactions that were performed in the past? Thank you. On the first question, let me tell you that the run rate in Q3 and four, we expect it to slow down versus the provisions, and what is accounted for as operating costs. We had a Q1 of EUR 5.5 million, and then there were a number of initiatives, so it could be lower in Q2, EUR 6.2 million. On an adjusted base, we're talking about operating costs. Q3 and Q4, we see it around EUR 5.8 million, EUR 5.9 million costs with a run rate that is flat versus the adjusted figure we've foreseen for 2026. What you say is correct, meaning that especially in the line item for personal costs above and beyond one-offs that were accounted for, especially in the first quarter and are about EUR 400,000, we've already included the hirings of managers, for instance, that will head the Swiss branch, and those were made ahead of time, were advanced, versus a hiring that could have happened during the year. That's why the first half is much more burdened with costs because of investments, especially higher on intangibles because of greater investments, larger investments versus previous quarters. What we see is the second quarter with a peak of total cost for the reasons I have explained, then there will be a decline vis-à-vis the figures of Q2, about 5% decline in Q3 and Q4, a 5% decline versus Q1 and Q2. As far as the clawback actions, the very few clawbacks we had, it's clawbacks that are very old, meaning the insolvencies and the defaults are very old. It's reasonable to think that this trend, despite being a temporary and very occasional, could decline, could go down because of the fact that from a legal perspective, there are very meaningful novelties, the negotiated settlement, for instance, among the different changes that were applied, enable us to work against a much less uncertain backdrop, especially if you're acting in the distressed world. If you operate with the right care, with the right level of attention as we normally do, it's very close to zero. We cannot exclude, it's impossible to rule it out fully even against a better and more favorable backdrop. We cannot rule them out in full, because it may happen that sometimes you make attempts, you make attempts made by the bankruptcy officials who try and find a settlement, and we're not very happy with settlements. When we see that the risk of a lawsuit above and beyond the length over time of a lawsuit, even in third instance, may lead us to a loss, we normally prefer to simply cut the loss, settle, and get out of it. I think it's a declining risk also because of the masses we manage and number of sellers, assigned debtors. In 19 years, the actual loss is 0.02% of our turnover, so it's not a worrying piece of information. If we were to look at that figure in 10 years' time, I think it will be lower. What I can add, it's Mr. Colombo speaking, the CFO. In addition to what our CEO said, what I can add as to when those transactions were sourced, when those clients were taken on board, in seven, eight years, our organization has changed a lot. We have introduced three, four years ago, new scoring models, especially for the rating of sellers. We also look at legal risks and insolvency clawback risk. We didn't have those models in the past. Now, as we have grown, our tools are much more sophisticated than they were in the past. The new laws about financial crisis and companies have evolved, so they enable us to have a better way to protect ourselves and to manage any possible crisis in a much better way. Focusing on anything that may be outside the restructuring universe. There are better tools to identify and score the sellers, and there's an evolution of the law and of codes that are much better suited today to manage this kind of crisis or type of clawback in a much more effective way. Thank you very much. The next question comes from the line of Davide Rimini, Intesa Sanpaolo. Good morning to all of you. Thank you very much for the presentation. I have a couple of questions. One is about the competitive arena, the competitive scenario during the presentation. A slowdown, not just on the international fronts, but also at domestic level. Could you elaborate on it? Meaning, as far as market opportunities are concerned, are there any signs for slowing down of the business or not? Another couple of questions. Do you want me to ask them one at a time? As you prefer. Not in Italy, no signs, because if we look at our business plan, then you look at what we expect for Switzerland and Spain, we are missing EUR 50 million turnover. This decline in turnover also factors in the fact that Spain only did EUR 30 million instead of the amount we expected. We expected EUR 100 million and EUR 150 million. This is what we expected for this year. There's no theme for core business slowdown in our country domestically. We have issues of fine-tuning in Spain. It took longer than expected, but also still in projections and for this year, for the existing fiscal year. EUR 30 million we had expected in Switzerland for this year for the simple reason that we could not open the office at the beginning of the year, and we probably will open in October. Maybe we can do EUR 30 million, but we want to be conservative and cautionary, if you wish, in providing the explanation and saying that we're going to consider the business up and running as of next year, not this year, accounting-wise. A question on the new guidance you have released. As you refer to net profit adjusted versus considering the settlement you will make in the coming weeks. If you compare it to the original business plan, the EUR 32 million or higher than EUR 32 million you informed us about at the beginning of the year, was that the reference base? Yes, Davide, that was our reference base. In our business plan, we had not factored in that specific risk. It was considered as a remote risk, it was not factored in as it is now. Not even prudential provision. That's why now we are offering the EUR 29 million -EUR 31 million net adjusted net profit that we mentioned this morning. Could you elaborate? I don't remember the number of the slide. It was risk-weighted asset density growing versus the snapshot you had given us at year-end. Could you give us some color on that versus that, or with respect to this? It's page 28, is RWA density going from 72%- 78%. It's mainly three elements leading to that increased debt. It's the outstanding volume of VAT receivables. We had a peak in 2025, and now we are much lower than EUR 40 million. The VAT receivables, the weighting is zero because the creditor is the state. There's no higher weighting. With the one-off tranche amortized in the meantime, almost fully repaid in the first part of 2026. The component of so-called reverse transaction that had benefited from the state guarantee. The weighting is zero, the assets were weighted according to standard criteria, our RWAs. One last thing is a higher component of corporate side debtors. We have a portfolio that exposure-wise is normally 50/50 between corporate and retail. Retail normally is 57% as a 75% supporting factor. We had a reshuffling towards corporate vis-à-vis retail, that led to average weighting of portfolio to a higher level. If you put together those three factors, it leads to a slightly higher RWAs, even when we put 75%. Nothing changes, because there was a strengthening of ratios. Indeed, there's a relative decline or worsening of those three factors. We can reasonably expect that to still be applicable at year-end. The last point is difficult to foresee. The other two had already been included in that 75%. This is more predictable. It could be 75%, 78%, if you want a figure to crunch. Thank you. Let me remind you that if you want to ask a question, you may press star one on your phone. For further questions, you may press star one on your phone. Mr. Gianolli, there are no more questions in the queue for the time being. I would like to thank you, and I would like to thank all those who were patient enough to stay with us today. I would like to thank you very much for all the questions you asked, and we hope we were very clear in meetings. This is the course collaborator. You may disconnect your phones. Thank you very much.