Good day, and thank you for standing by. Welcome to Mediobanca Q1 2023, 2024 Results Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question, to enter the queue for question, please press star one and one at any time. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference being recorded. I would now like to hand the conference over to Mr. Alberto Nagel, CEO. Please go ahead, sir. Good afternoon, and welcome to everybody to this, Q1 earnings call. I would start saying that I'm very happy with the results of this quarter for two reason, both in terms of, quantitative, so numbers, number-wise. But what is even more important for me is that, we are, executing our vision in terms of what the bank should do in the next three years. In terms of numbers, we have reached, EUR 860 million of revenues, which is a EUR 100 million plus compared to a year ago, and this reverted into, new high level of net profit of EUR 350 million, with EPS at, 0.41, which is an increase of a third compared to a year ago. Efficiency and risk assessment of the group has been kept quite a high, a good level. So cost income was in the region of 40%, while core was at 46 basis point. ROTE went up to 14, and the return on RWA is in the region of 2.8, which is up 60 basis points. Capital strong at 15.5 after having upfronted the buyback that we will put out as a- in the agenda for the general meeting in today's time. So as I said, which is even more important is that the vision of the bank, as we want to, I would say, reshape, is getting traction. How? First of all, a bank more and more center on wealth management. This is happening. So we are having a very good inflow in terms of basically new hire and senior hire. So this reverted into EUR 1.8 billion of net new money, 50% of which qualified liquidity events in a moment where a number of transactions in M&A or large M&A is reduced, has been quite good. So this led to record revenue in terms of wealth management, EUR 220 million, and net profit, EUR 50 million, with an increase in RWA, in return on RWA. The second important pillar of our plan says that we need to operate a PIB model, so private and investment banking model, which is a bit a holistic, I would say, offering of Mediobanca, with less capital associated or absorbed by CIB, which is what we are doing. Basically, thanks to mitigation, or risk mitigation we have put in place and more selective origination in lending, RWA are down by EUR 2 billion, which is 11% Q-on-Q. In the meantime, we have developed the side or the part of CIB which we like, the most, which is, the advisory-driven. So we have concluded the partnership with Arma Partners. We have set up the energy transition team, and we have basically started to put in place mid-international platform of advisory. We have also advanced nicely on the BTP specialist authorization, and this will give support to the PNL in 2024. The other important pillar of our plan is to continue to enjoy a sustainable, stable, and high cash flow coming from consumer and from insurance, which is what is happening, if you stick to the numbers of this first Q, because we have enjoyed a very sound new business production in consumer finance, notwithstanding seasonality, EUR 1.9 billion, and which is even more important is that the repricing is going much better than expected and this supported the NII trend. Buy now, pay later has become a killer application, and you will see the impact later on in the presentation of buy now, pay later on to purpose loan. The other name of the game of our plan is becoming, I would say, quote-unquote, more owner of our distribution. This is happening because proprietary channels are originating up to 80% of personal loan, while asset quality is still kept at very good level. Insurance, again, a very good quarter, and this is the other evidence that having an exposure to insurance for a banking group like us, is generating a net positive in terms of net income and return on allocated capital. Here you see that, given the efficiency of this of this exposure to insurance, we have increased our return on risk-weighted assets at 4.2. Holding function contributing very well because of basically NII production and the cost of funding kept under control. Now, in terms of balance sheet, if we go to slide seven, we see that basically we have increased in a year time by 10% our TFA to roughly EUR 90 billion. This has been mainly driven by AUA and AUM, less in deposits. We have, as I said, had EUR 1.8 billion of net new money and EUR 600 million of outflow, which was a sort of guided outflow because we wanted to postpone our promo in deposits, given the fact that we were very, very liquid in terms of balance sheet. As we see here, on the left part of the slide, the new loan production has been focused more in wealth management and in consumer finance, where we retain more profitability, more margins, and is more strategic for our future. As we said, we are starting an important RWA optimization, which is part driven by selective growth in assets, part in terms of putting more attention and using more managerial tool to reduce RWA. We have had also a bit of inflation because it was the first time application of the model to consumer. Nevertheless, we managed to decrease substantially, as you see, EUR 50.3 billion of RWA compared to EUR 52 billion of a year ago. The diversification is paying off, getting to the fact that we have increased by 14% our revenue quarter-on-quarter. And in this, we have had three net contributor and one declining trend. Wealth management increased 10%, CIB going down 20% on the back of, I would say, the last few quarters. Consumer finance, +4%, and a non-comparable growth in insurance also because of not a current item of last year. So but in any case, quite a good support. Again, having diversification, having pushed on wealth management, having pushed on consumer, compared to the bank that Mediobanca used to be, so mainly, I would say, centered on IB and equity stakes, is a totally different life, you know. In the, in this moment, it would have recorded quite negative results without this kind of evolution and diversification. NII, this is going better than expected. Basically, we have had 25% increase year-on-year. We have had also an increase or a stability increase compared to last quarter if we net of the last quarter from the inflation link coupon. And this is happening because of important repricing in asset. You see this, we went from 3.4%- 6.3% return on assets year-on-year, and this is mainly happening in consumer finance. But also banking book is helping because basically we have increased banking book, and what is even more important is that we will have maturity and a replicating portfolio in the region of EUR 3 billion-3.5 billion in the quarters to come. Funding has been kept stable, take into consideration the fact that we were already liquid. We didn't have much need to finance new loans, additional loans, and we took the opportunity of placing bonds at better than expected costs. So basically, we have raised EUR 2 billion at roughly 100 basis points vis-à-vis Euribor three months, and with an average three years of maturity. So basically, you see that the bond issued are having a spread, which is lower compared to the spread of the bond expiring. We profit to took the opportunity to repay, of course, in advance, TLTRO. And so basically, we have now we are facing very smoothed maturity. We have only EUR 3.7 billion of maturity between TLTRO and bonds outstanding in full year 2024. Fees of the diversification has played well also in fees, because basically, again, the fact that we grew substantially our level of fee in consumer in wealth management, made that these are stable, net of some, I would say, also one-off that were more last year, so something related to deals or to some events. We are stable at, compared to a few last quarters, at more than EUR 100 million coming from wealth management, as well as we have a stable contribution from consumer, while CIB was contracting because of market. Also, I mean, the comparison of CIB with the previous two quarters of last year is a comparison with two of the best quarters ever recorded, so there is also this element of comparison that is playing. Core flat at 46 basis points. This is basically using practically zero overlay, EUR 5 million, and it's a mix of, I would say, expected increase in consumer finance, which is now going as expected to 165 basis points. And achieve that is better than expected, so basic- and wealth management is still very good. Basically, we stick to basically to the same level of the last quarter, in terms of core. Asset quality remains very, very, very good, with no signs of deterioration. The only level is that as we are having a lower, a lower outstanding volume of credit, for intentional reason, we are having a minimal uptick from 2.5- 2.6, but not because we have substantially higher, higher, deteriorated, though you see them on page 14, so we have only EUR 20 million of difference. Basically, of course, compared to the overall portfolio, it's a minimal amount. Capital optimization reallocation is underway. Here it's an interesting slide, page 15, you see that the last quarter, we have had an important reduction of RWA allocated to CIB. It is EUR 17.3 billion, as opposed to EUR 19 billion of June and EUR 22 billion of September. It's It's a path of reduction we started already a year ago and is going through. On the rest, we are allocating more capital where we have better return in terms of capital intensive business. We have better return, of course, in Consumer Finance, and hence, we have basically increased slightly the allocation. The rest is pretty similar because basically, they are not absorbing a lot of capital. So return on RWA is going up, and you know, basically it's driven by insurance and wealth management. Consumer finance stays at a very high level. CIB is temporary at 1%, but this is a matter of this quarter. High capital creation, so we have generated 1,335 basis points of net capital as a consequence of earnings, dividend payout, RWA, and other. Then these 35 basis points have been eroded by buyback and the first time application of consumer finance model. The generation of capital is such that you know, we will go on with our capital management agenda. In two days, we will have the approval of the dividend, the buyback, and the introduction of the interim dividend for the next fiscal year. In terms of sustainable banking, we want to draw your attention on the fact that we have set new emission reduction targets for 2030, and we have identified also in aviation and cement sector that we have detailed new targets in automotive, power, aviation, and cement. And I would say that Mediobanca has been affirming itself as a very strong DCM operator in ESG space. We have managed 18 in this quarter, only in this quarter, 18 sustainable transaction of a total amount of EUR 12 billion. No, sorry, this is from January, not on the last quarter. So we have taken this, I would say, a special skill set, and of course, this is this is paying. Going to the divisional results, you know, and looking at those results within our strategic path. So basically, wealth management is working heavily on reinforcing both premier and private, and also the offer of global offer of wealth management. For this reason, we have concluded a very senior hire, having Carlo Giausa joining us in September. And, I think, his background and what he did in previous houses where wealth management is more affirmed, will, you know, give us a boost in further enhancing the recruitment and solidity of our offer. This is already happening in terms of pipeline of new hire, which will be more evident in the second half of the year, because, of course, discussion takes place and times, and will be converted more in a senior hiring, when we will effectively be doing the rebranding of CheBanca! into Mediobanca Premier, which will happen in January 2024. We have also developed a new strategy in liquid assets in private markets, and also we have managed the cooperation between private investment banking with the EUR 300 million of liquidity events. So basically, if we go and see the PNL of the division, we see that basically we are perfectly on track in terms of budget, and we have reached more than EUR 200 million of revenue, which is +10% year-on-year, and +5% year-on-year. But we have had, I would say, a much better net profitability with EUR 50 million. This is a 14% increase compared to a year ago, and 50% compared to the last quarter. Going to CIB, again, here, in a quarter where you have seen deal volume going down very much, the fact that Mediobanca developed quite an important mid-corporate franchise, made that we have announced 30 transaction in the quarter, 50% of which are international. And on the second of October, we have done the closing of the partnership with Arma. And Arma will be a key factor in both supporting fees in the quarters to come, but also, more importantly, is a strategic move to position Mediobanca in the tech space or sector at European level. The other step we have been doing is basically reinforce and announce the first important transaction in setting up the energy transition team. We have also advanced in two other strategic initiative of our plan. Starting with mid-international implementation, mid-corporate advisory implementation at international level, and we are quite advanced now to become a BTP specialist in 2024. As we said, one of the main, I would say, target or goals of our CIB plan is to be using corporate lending more selectively, more driven by ROAC, and more driven by also the overall client relationship. And hence, basically, RWA are down EUR 2 billion Q-on-Q, and this is also driven by some more, I would say, careful managerial effort we are playing to reduce the capital allocated to CIB. So Q-on-Q, we have had an improvement in terms of 22% improvement in terms of net results. This is needless to say that, you know, this is driven by diversification, where you have businesses that are doing well, like advisory, in particular, mid-corporate and DCM, and you have businesses that are more suffering the conjunction, like ECM and the bit lending when it comes to acquisition finance. In consumer finance, I said already at the start, we have had quite a good new business production, which is even more interesting, is the repricing and the shift towards more profitable products. The mix is more axed on to personal loan. The asset quality is in the region... Asset quality is going as expected, in the sense that, as we have guided, core was unexpectedly low after COVID, and there would be a normalization during this year. This is happening according to what we have basically forecasted, and we still have the big bulk of overlay still on top. Resident profitability, in the sense we every single quarter we are between EUR 90 million and EUR 100 million of net profit, with a very important return on risk-weighted assets, no? Here, I would say, in terms of industrial trajectory, it's important to note that basically now 80% of total personal loan are done through our direct distribution. 33% are having a digital enhancement, either are distributed digitally or are digitally enhanced in terms of distribution. And the second important message is that BN, Buy Now, Pay Later, is becoming a very long-term growth driver, because it's basically sold with all the, I would say, attention and criteria and process of a typical purpose loan. And now we have already 15,000 dealers, and the production is double compared to a year ago. And with HeidiPay, we are ready to expand into Switzerland. So basically, we see consumer finance, as I said, a strong generator of NII, a strong generator of net profit, with important tools to cope with the evolution of this business, which is basically digital distribution, and is Buy Now, Pay Later, which is, of course, linked to a digital distribution. On page 34, you can see that in the last quarter, not only Buy Now, Pay Later went up significantly, but also it represent 23% of the new production of total purpose loan of the group. As I said, asset quality, as confirmed, as healthy as we expected. Basically, here, the slight increase in cost of risk, which is expected, as I said, is driven by also the different mix, in the sense that having more personal loan, it's normal that we have a higher cost of risk, but also we have more profit because net of profit, personal loan, as you know, are the best, the best returning product in terms of profit and in terms also of stability of revenue. Insurance, a strong contribution also because of, you know, comparison of the quarter of last year. Holding function, quite a positive contributor because of this effective management of cost of funding on one end and selective, I would say placement on to the bond market at a better than expected cost. So as a closing remark and as a guidance, as I said, it's very important that the start of the plan is coherent with the vision of the bank at term, but at term, but during should be implemented well before the end of the plan. Which is a bank which is producing more and more revenue and profit in wealth management, is allocating less capital to CIB, is enjoying two business that have a stable and growing cash flow in consumer finance and insurance. As a result of this, it's able to distribute more to shareholder. We will be able, as we are already able, to distribute not only 70% of cash payout, which is growing in terms of percentage of an expected increase of net earnings, but also, with the EUR 200 million buybacks, we are basically distributing something just shy, just less of 100%, and this is reverting to 10% annual yield. Basically, it's, I think, an interesting remuneration. This is also supported by our guidance, which is based on reinforcing, first of all, Wealth Management through repositioning of the Premier segment and, you know, investing on franchise and offer. We see, and we stick to our guidance of growth in revenue. So basically, we see a higher NII growth to high single digit, and we see an important contribution of fee coming from Arma consolidation and Wealth Management in the quarters to come. Flat cost-income ratio and flat core. So basically, cost-income in the region of 40%, 40%-43% max, and flat core at 50-55 basis points, as guided already in the last call, with a solid CET1 of in the region of 15.5%, which is quite a healthy ratio. Thank you very much, and now available for your questions. Thank you. As a reminder, to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, to ask a question, please press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We are now going to proceed with our first question. The question has come from the line of Antonio Reale from Bank of America. Please go ahead with your question. Hi, good afternoon, everyone. It's Antonio from Bank of America. I have two questions, please, one on fees and one on asset quality in consumer finance. So the first one is, if you can maybe talk a bit about the outlook for fees into next year across your key units, particularly wealth management and CIB and the moving parts, leaving Arma aside for a second, because I think that's contribution is now quite clear. Do you have any mitigating factors, you know, to defend fee margins, should markets still be challenged next year? That's my first question. And secondly, cost of risk in consumer finance has gone above 160 basis points in the quarter, for the first time, I think in two years, which is not drama, given the overlays. But, I'd like to hear from you what you're seeing on the ground from your clients, any signs of deterioration. You've talked about, I think, early risk indicators you've called in the presentation, so I'd like to hear more about that and what you think cost of risk will go next year in your consumer unit. Thank you. So in fees, you know, we do expect, you know, to get at the end of the year, an increase in the region of between in the region of 9%, which is, of course, based on the contribution of Wealth Management and the contribution of Arma. Now, Arma is likely to contribute EUR 20 million-25 million per quarter, so starting the consolidation in Q2 will be something like EUR 60 million-75 million. It, the fees in Wealth Management will come from basically the increase in AUM and in basically associated events, so basically certificates, placement, and other fixed income product. In Consumer Finance, we also have a supporting element in Buy Now, Pay Later, because part of the remuneration of buy now, pay later is reverting to fees. So overall, I think given the environment, which is, you know, not a positive one, I think we will have a sizable increase, no? In CIB, what we note is that basically M&A is going better than expected in terms of dialogue, also for large transaction. So, we have mid-corporate transaction, but already since some months, there are discussion of larger transaction in terms of M&A. DCM is going well. What we still miss is, and I think it will be more difficult this year, is ECM for the time being. There is still the hope that, going better the M&A, there will be also acquisition finance, which is the other part that, in the last two, three quarters was missing for the industry, but starting again, M&A, there will be also acquisition finance. In terms of core, we did expect increase in core because, you know, the level of core was too low, no? For this reason, we have basically guided the market to this 50-55 basis points of core for the group, which we confirm. In consumer, we are basically thinking that, the level we have seen in this quarter, you know, in terms of, basically 165, 170, is going to be the level after, the partial use of, of overlay, which will be, a limited use, no? We won't use much of, what we have, very limited use. And I, we don't see today, we can't, we see more a normalization rather than a deterioration, no? So we don't have sign of, consistent deterioration of the counterparty, which we, in any case, is expected, is more a normalization. That's very clear. Thank you. We are now going to take our next question. The question comes from the line of Azzurra Guelfi from Citi. Please ask your question. Your line is opened. Hi, good afternoon. A couple of questions from me. One is on the NII. You have now a guidance that is a bit higher than the previous one. I hear you on the banking book, and also I've seen that there is already an improvement in the consumer finance margin. I just wanted to see if you can give us some color on the moving parts for the year in the different divisions. Linked to that also on the lending side, can you give an idea of how much is maturing this year? Because it seems that corporate are still quite liquid, and you are driving a reduction of the CIB book. So just to understand where this could lend. The other question, if I may, is on governance. Saturday, you have an AGM for the renewal of the board. Should the majority, should the largest shareholder list, get five seats into the board, how do you think this could impact the governance of the bank and the future strategy? Thank you. Thank you, Azzurra. In terms of NII, I think we have a number of positive, which are basically on the assets and on the liability side. Let's stick with the assets. What we are seeing is a faster and better repricing of the consumer book. Today, we are at basically 75%-80% of pass-through. We will conclude this from here to March. Then, as you know, in case of future trend of interest rates stable or even going better, going down, I think, I think Compass will print even better NII, no, to come. So this is the first element. The second element is the banking book. What we are seeing is that we have maturity of our banking book in the region of EUR 800 million per quarter. So we will, we will, basically, improve our NII, thanks to the fact that, we renew another between 3.5 billion-3.7 billion in, in, in the quarters to come. This, as I said, will lead NII to have, a, a trend which is- will be between 9%-10% increase this year. We, we were expecting 5% increase, now it's more, between 9%-10%. In terms of corporate, loan book, we have done a prudent assumption where, you know, we can have, you know, a further decrease because of, lower profitability and lower ROAC, roughly of a billion, another billion from here to, to, the end of the year. But this is something that is hard to predict, because, Azzurra, if you have- if we have important transaction, like, an M&A, where we do also acquisition finance, this can easily be changed, no? Because you have an event that is not, today, predictable. This, the answer of the second question is that, as we have, been working, at the three years plan, and we are very excited, on the delivery, we don't think that, the outcome of the, the general meeting will alter neither our determination nor our industrial trajectory, which will be the same. We are now going to proceed with our next question. The question's come from the line of Britta Schmidt, from Autonomous Research. Please ask your question. Your line is opened. Yeah, hi there. Thank you for taking my questions. I wonder whether you can comment a little bit more on the fee margin outlook, and also on the net new money target of EUR 9 billion-EUR 10 billion. Where do you see this now, in the current environment? And then on the NII, could you provide us with the back book yield on the maturing banking book? And then just some thoughts on the banking tax. There's some commentary that banks not paying will lead to a confrontation with the government, but, I mean, the government should have been aware of creating an opt-out that will not lead to any revenues. Any thoughts that you can share on your views on this would be, would be great. Thank you. Thank you, Britta. In terms of fee margin, you know, we have had, this quarter, 82 basis points. This is driven by the mix of net new money. Our target for the year is 85 basis points, while we think that during the plan, we will reach 90 basis points, because as we said, we're working on a new offer of the bank, also thanks to the new hire. So we will increase from 82 - 85- 90 basis points during the year. In terms of net new money, net new money will in part depends, the three main driver of net new money are: money motion event for private banking, high net worth for premier banking, and I would say also demand, the target of deposits, no? Which in itself depends on the volume expansion on loan. So, we have basically target for the next few quarter, between EUR 2.5 billion and EUR 3 billion of TFA, which is basically containing part of the promo campaign for deposits. So this quarter, we will do a promo campaign, and we will do maybe another campaign. This will support also the TFA. In terms of maturing banking book, basically, what we are having in terms of book yield, at maturity is 3%, and is a short duration. So, basically, so we will, we will, you know, reinvest this, you know, without, enlarging or expanding the maturity, but with a better yield, of course. Because as you know, basically, today, only investing at a one-year time duration, you get, already an higher yield. The average maturity of the portfolio, which is going to to maturity, is three years. So basically, if you replicate this in three years, you get, you get extra spread immediately what we can have at term- in terms of NII. In terms of banking tax, banks tax, basically, we have applied the law, and we have also taken into consideration ECB and supervisory recommendation in terms of basically set aside. I don't think that is the fact that most of the bank may opt to this, for this provision is a surprise for the government, because the government has, has, you know, clearly, you know, set out the rules giving this kind of alternative. We have been talking, exactly to understand with the government, how we too worked, and we have, like other banks, applied. So basically, if then they change, they would change the rule, we will adapt, but for the time being, I think it's not something unheard or, you know, unexpected from them. Great. Thank you very much. Thank you. We are now going to take our next question. The question's come from the line of Hugo Cruz from KBW. Please ask your question. Your line is opened. Hi, thank you. I I have a few questions. First one, can you talk a bit about what trends you're seeing on, consumer finance volumes? You know, with a bit of economic slowdown, could that be negative for volumes or actually positive? Second, you've done a lot of RWA optimization. What do you expect to do in the rest of the year there? And third, you know, there's been press speculation that there's some critiques around, the lack of succession planning in general, in your bank, in Mediobanca. I wonder if you could comment on that. What kind of plan do you have in place? Thank you. So sorry, but the line was not so clear. Let me try to recall, well, the numbers, the, the, your question. So the first question was on new loans in consumer, no? So basically, we will have a production this year, which is higher than last year. So basically, we will go above EUR 8 billion of new loans. This is basically our budget, and we are on track because we are having, I would say, a very good support coming from our own distribution platform. So basically, our physical distribution and digital distribution with buy now, pay later. In terms of RWA optimization, I think we have in mind to have a reduction in the region of EUR 1.5 billion-EUR 1.7 billion, which is spread in terms of RWA, which is spread between a number of different, smaller, of course, part of this, it's in factoring, part is in market risk, part is basically a different managerial approach into margin loans. We have several items we are targeting in order to get to EUR 1.5 billion-EUR 1.7 billion of reduction. If I got it well, the last question was on succession plan. Uh, yes. Yes, of course. The bank has a succession plan, as all the bank listed and which is performing succession plan and reviewing them every year. It's not only for me. Sorry, it's not only for me, it's a succession plan for all the so-called key functional holders. So every single position which is having an importance, if I don't remember, if I do remember well, it's called the key functional holder. So all key functional holder have to have a succession plan, which is discussed in the bodies of the board, so in nomination committee and then in the board. Very well. Thank you. As a reminder, to ask a question, please press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, it's star one and one for any question and wait for your name to be announced. We are now going to proceed with our next question. The questions come from the line of Giovanni Razzoli from Deutsche Bank. Please ask a question. Your line is open. Good afternoon to everybody. I have two questions on the Wealth Management, and one a clarification on the fee target for 2024. So there has been a temporary change in the commercial policy of the Wealth Management. If I'm not mistaken, this had a positive impact on the NII. So, can we assume that our rate of NII in the Wealth Management will decelerate going forward, our deposit cost will rise, given the postponement of this offer? Is my understanding correct? And the second question on the Wealth Management, can you provide us what was the contribution from the new senior hires in the division that you had in the spring? And the clarification on the fee growth, if I'm not mistaken, you have mentioned a 9% growth on the fees for 2024. But if I look at the, maybe I misunderstood this number, because if I look at the contribution of Arma for 2024, this should be already similar increase. So can you please clarify this? Thank you. In wealth management, thank you, Giovanni, for your question. In wealth management, as we expect beta, which is now 30%, to go to 40%, we do expect that there will be a higher cost of funding for the wealth management. In terms of net new money from hires, the one that we have already done, as maybe I, I don't know if I got it right, but you were referring to the senior hire we did in the last Q of last year. As already-- They have already brought from that time to today, more than EUR 1 billion. Hmm. So it was a highly profitable hire. We do expect, we have done other hires in private banking since then. Of course, not of the same, dimension of team, but, what we do expect is more in premier banking coming in Q3 and Q4. Because in Q3... Also, for practical reason, advisor and banker would like to join us when we have rebranded, in premier, Mediobanca Premier. Not to do this two times, first in CheBanca!, and then Mediobanca Premier. So we are having this kind of, dynamic where we will have more concentration in Q3 and Q4. Then in terms of, in terms of fees, basically, we'll, we will stay, flat without Arma. Basically, this may be a you know a prudent assumption, but if we adjust from non-recurrent or element that were not there, we have a +5%. So it's flat if you look at simply ex Arma, but it's 5% net over non-recurrent element or non-comparable, because we don't have, you know. This year we sell Revalea. Now, Revalea will was contributing to the fee of the group. As we will do the closing next week, Revalea for I would say eight months after out of 12 will not contributing anymore to our fee. So the reality is that we are having a 5% year-to-year growth, plus the contribution of Arma. Thank you. We have no further questions at this time. I will now hand back to Mr. Nagel for closing remarks. Thank you very much for your patience and attention, and hope to have you all in the next earnings call. Thank you very much. Bye. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect your lines. Thank you.