Good morning, ladies and gentlemen. Before I hand you over to Mr. Iacopo Dalu investor relations, a reminder that today is being recorded. The conference is being recorded. I apologize. Sir, you may begin. Good morning. Welcome to UniCredit's second quarter 2026 results. Our CEO, Andrea Orcel, will take you through the presentation. This will be followed by an analyst Q&A session with Andrea and with our CFO, Stefano Porro. As ever, please limit yourself to two questions. With that, I will hand over to Andrea. Thank you. Good morning. Thank you all for joining us. Following an outstanding first quarter, I am pleased to present another record performance propelled by our core contributing to the strongest first half in UniCredit history. These results demonstrate the strengths of our business, the magnitude of our profitable organic growth, and the impact of our continued transformation. Unlocked build the foundation, Unlimited is leveraging them, accelerating our trajectory and ensuring we are future-ready. This quarter, we achieved significant quality market share gains across all our regions while accelerating our transformation agenda, further improving efficiency and structural profitability. It is proof our model is winning. It is enabling profitable organic growth while improving our operating leverage unlike any other bank. None of this would be possible without our people, their commitment, their care, and ownership are what makes UniCredit so special, leading in every market where we are present. To each of them, my thank you. Today's result marked the 22nd record quarter, the best second quarter, and the best first half in UniCredit history. They confirm the Unlimited step change across both acceleration and transformation, delivering exceptional core revenue profitable growth, further improving operating leverage, and reaching new highs across GOP, NOP, net profit, and return on tangible equity, all in spite of the negative one-offs related to Commerzbank Unlocked and the acceleration of our Russia compression. Because of this performance, the continued strengthening of our business, and well-established lines of defense, we are upgrading our ambition again. We now expect 2026 net profit to reach circa EUR 11.5 billion, excluding integration cost, and to be well above EUR 11 billion, including them. This is in spite of negative circa EUR 140 million extraordinary impact from Banca Progetto and [Rover] in Romania. Our net profit expectation would benefit should these not occur. Our year-end CET1 ratio is also expected to improve to circa 15%, putting our capital on a stronger trajectory to absorb the impact of Commerzbank full consolidation. Our 2028-2030 ambition will benefit from the 2026 base effect and momentum. It will be further improved by the full consolidation of Commerzbank and the value that applying our blueprint will deliver. Slide three. Over 20 quarters, Unlocked built a record of profitability, efficiency, and distribution excellence that set a new benchmark for banking. We unified as one, simplifying and streamlining. We trusted and empowered our people while harnessing scale. We built lines of defense to protect our future, all while continuing to invest. With Unlimited, we are elevating our sustainable trajectory, going beyond the limits of legacy banking, gaining quality market share by growing revenue without sacrificing margin or asset quality, and resetting the efficiency frontier, leveraging new tools. Unlimited is a new blueprint for the future, combining the strengths of a traditional bank, the agility of a fintech, and the dynamism of a technology company. Slide four. A step change in acceleration. This marks the second consecutive quarter of significant organic market share gains across all regions. These gains were targeted by client segment and product, accelerating growth, improving business mix, and strengthening the structural profitability of our franchise. This acceleration starts with investment in our people, factories, technologies, and channels. Training hours per employee increased by 22%, while 2,600 new colleagues joined the group in the first six months of the year, 84% hired directly into the business. We continued to invest and innovate across our product factories, expanding our offering while capturing a greater share of the value chain. At the same time, we advanced our fully integrated omni-channel model, combining the strengths of our people with digital and AI-enabled capabilities. Initiatives such as buddy in Italy and Prime in CEE demonstrate this evolution. Investment in technology and AI are enhancing productivity and client experience, translating directly into stronger commercial momentum. Customer loans, deposit, and total financial assets all increased by 8%, driving higher revenue per client, core revenue growth of 5%, and overall underlying revenue growth of 10%. This is the virtual circle of Unlimited. We invest to become more productive and gain profitable market share. Together with improving efficiency, turns into sustainable net profit growth at high return on tangible equity. Slide five. Unlimited transformation. This is also the second consecutive quarter of a significant step up in our AI-assisted transformation, enabling us to accelerate operational redesign and related efficiency gains. These gains have allowed us to hire talent, invest in technology and AI, and reduce cost simultaneously. Our transformation starts with our people's commitment to improving in search of excellence, embracing change and simplification, and leveraging technology and AI. We continue to redesign and simplify our organization since 2020. We have reduced organizational layers by 45%. We now operate a single AI platform that enables scalable solution across the group, while continuing to deploy AI against clear bottom-up business cases that deliver sustainable results. This translate into both capital and operational excellence, with non-business costs down 5%, enabling us to fund investment that enhance productivity and client experience. This is what resetting the efficiency frontier looks like. Not a one-off on differentiated cost cut, but a structural, targeted, and self-reinforcing transformation. Slide six. Unlocked comprised a series of major transformation projects to modernize our core technology and operations. For example, evolving our IT infrastructure and cybersecurity, accelerating our move to the cloud, centralizing our trading and trade finance engines, and revamping our security service platform, all while using an advanced nearshoring model to bring our 13 banks operation and technology closer together, optimizing processes and cost. Unlimited goes further, rethinking again our operating model with AI and new technology as key enablers. We're deploying targeted AI to completely redesign our key processes, including KYC, Onboarding, Corporate Lending, Investment, and Transaction Monitoring. In payments, we're exploring new rails, actively contributing to the digital euro pilot and to the launch of a euro stablecoin through Qivalis. In tokenization, we are building future-ready investment solution for our clients, enabling greater automation, scalability, and efficiency across the investment cycle. Throughout, we measured our investments by outcomes, not by inputs. Every euro we spend must enhance growth or efficiency and stand the test of time that may well increase the pricing of a necessary technology and AI. By transforming and accelerating at the same time, we are building a bank that is truly future ready. Slide seven. Our Q2 record performance is a clear beat of both expectation and last year across all operating lines. Its true strength is even more fully apparent once you adjust for: O ne, the negative trading one-off and temporary RWA impact linked to our increased position and related protection in Commerzbank. Two, Russia more accelerated compression. Three, the more even quarterly distribution of our provisions. And four last year, large positive one-off linked to life insurance internalization in Italy. Adjusted revenues grew 13% in the quarter, with strong core revenue contribution up 7% as we gain profitable market share across all countries. Cost continued their gradual decline, further improving our best-in-class operating leverage. Adjusted GOP and NOP were up by more than 20% in the quarter and more than 15% in the half, accelerating. Adjusted net profit grew more than 20% to EUR 3.1 billion in the quarter and EUR 6.3 billion in the half, maintaining best-in-class return on tangible equity of respectively 23% and 24%. Finally, adjusted EPS, DPS, and tangible book value per share were up respectively 28%, 16%, and again 16%. This confirms the strength of our underlying business, the momentum of our transformation, and the discipline of our execution. Slide eight. Overall, revenues were up 7% in the quarter and 5% in the half. Adjusted revenues were up 13% in the quarter and 10% in the half, accelerating, driven by our targeted market share gains without compromising margins nor asset quality. Net interest income was up 2% sequentially, down 1% in the half, slightly up excluding the impact of Russia compression. Fees and net insurance grew 14% in the quarter and 11% in the half, with our weighting net revenues increasing to 39%. This was the result of a strong commercial dynamic with both loans and deposit up 8%, maintaining an NII ROIC of circa 20%. We expect NII to accelerate in the second half. Equity investment, net of hedging cost, further strengthened our performance, increasing by EUR 900 million in the half, more than offsetting Russia compression. Overall, our revenue base is growing faster and becoming higher quality and more diversified. Slide nine. Overall, net revenues were up 5% in the quarter and 4% in the half. Adjusted net revenues were up 14% in the quarter and 10% in the half. Cost of risk remains structurally low at 17 basis points, and within our 2026 ambition of 15 basis points-20 basis points. We used circa EUR 70 million of our overlays, mainly to absorb an update to the IFRS 9 macroeconomic scenario, given the changed conditions. Our overlay stock is now at EUR 1.6 billion. Adjusted net revenues on RWA stand at a top-tier 8.7%, up 0.4% in the quarter. Asset quality improved further, quarter-on-quarter. Net NPE ratio was down to 1.4%. Coverage improved to 45.9%. Default rate reached a low of 0.8%. Slide 10. Efficiency continued to be a defining strength. Costs were down again, despite inflation and continued investment. 2% excluding new perimeter, 1% including it all. Non-business costs fell 5%, with most savings reinvested into technology and AI, and the frontline to boost revenues. Our cost-income ratio remained best in class, improving both in the quarter and in the half. The result is a record GOP of EUR 8.8 billion, with contribution from both sides of the jaws, increasingly driven by our AI rollout. Slide 11. Our quarterly organic capital generation of 85 basis points more than covered the quarterly distribution accrual. Our CET1 ratio increased to 14.3%, 14.5% excluding the 19 basis points impact from the increased Commerzbank position, which we expect to reverse by year-end, and 15% pro forma for the Danish Compromise. This beats our expectation and puts our capital on a stronger trajectory to absorb the impact of Commerzbank full consolidation. Italy delivered exceptional strong organic growth without sacrificing margin nor risk, and is well-positioned to leverage market disruption from consolidation. We are growing market share in our targeted client segments and products well above expectation, and we'll provide you an update of our three years target in this regard later this year. The acceleration step change is visible. The number of our SME client is up 4% and Wealth clients 9%, while our client penetration continues to improve. As a result, revenue grew 3%, propelled by core revenues up 5%. Net interest income was up 2% sequentially, driven by quality loan growth of 8% and continued commercial discipline with NII ROIC at 23%. Our corporate lending market share increased by 1 percentage point in the half, with improving margin as we rebalance our mix. We continue to increase market share in our targeted retail products with discipline. Cost of risk decreased 2 basis points- 24 basis points, reflecting the continued quality of the loan book and discipline underwriting standards. Fees and net insurance were up 14% and reached 47% of net revenues, up 5 percentage points in the half, with strong delivery across the board. Investment fees grew 8%, reflecting increasing relevance of our offering with total financial assets up 9%. The strong commercial performance was supported by investment in the franchise, including the hiring of 800 new colleagues, 90% of which client-facing and business role, that will support continued acceleration in the future. The step change for transformation is also increasingly visible, supporting this growth while continuing to reduce cost. Costs were down 1%, driven by non-business costs down 5%, while continuing to invest. Cost income improves to 32.5%, remaining best in class. Net revenue to RWAs at 10.4% confirms strong capital discipline alongside growth. AI impact is becoming increasingly tangible, both in terms of commercial productivity and in terms of operational efficiency. GenAI is supporting Buddy Advisor to provide faster, more consistent, and higher quality client interaction. Credit processes are now being automated through AI, reducing time to yes and improving efficiency and client experience. The combination of acceleration and continued transformation translated into GAAP growth of 5% and ROIC of 31%, maintaining Italy's position as the most profitable banking franchise in the country. Slide 13. Germany is delivering strong organic growth while demonstrating that sustained investment, disciplined execution, and transformation translate into best-in-class efficiency and profitability. The acceleration step is visible. We continue to strengthen our position in targeted segment, adding more than 3,500 new Private and Affluent clients and reinforcing our position as the best bank for the Mittelstand and trade finance. This commercial momentum translated into revenue growth of 3%, propelled by core revenue growth of 8%. Net interest income increased 5%, driven by quality loan growth of 3% with NII ROIC at 19%. Cost of risk increased 9 basis points- 22 basis points, reflecting a more normalized provisioning profile while asset quality remains strong. Fees and net insurance were up 13% and now accounts 36% of net revenue, up 4 percentage points in the half, with strong delivery across the board. Investment fees grew 16%, reflecting the increasing relevance of our offering with TFAs up 3%. The strong commercial performance is supported by continued investment in the franchise. Germany remains a top employer. Hiring was up 24% as we continue to invest in client-facing capability and future growth. The step change for transformation is also increasingly visible, supporting this growth while continuing to reduce cost. Costs were down 5% in Germany, driven by non-business costs down 9% while continuing to invest. Cost income improved by 3 percentage points to 35.3%, further strengthening our position as the most efficient bank in the country. Net revenue to RWAs stood at 8.1%, confirming strong capital discipline alongside growth. AI impact is becoming increasingly tangible. The rollout of advanced fraud prevention solution and other AI-enabled initiatives is helping us enhance client experience, improve effectiveness, and further simplify our operating model. The combination of acceleration and continued transformation translated into GAAP growth of 8% and ROIC of 23%, confirming HVB as the most profitable and efficient bank in the country. Slide 14. Austria continued to strengthen its market position. The step change from acceleration is visible. We continued to acquire target client across key segment with more than 1,000 new SMEs. This commercial momentum translated into core revenue growth of 4% with overall revenue flat. Net interest income increased 2%, supported by quality loan growth of 6%, with NII ROIC improving to 16%. In corporate, we gained 43 basis points on market share over the last 12 months, further strengthening an already leading franchise. Cost of risk remained negative 12 basis points, still benefiting from releases. Fees and net insurance were up 8%, reaching 31% of net revenues, with particularly strong performance in investment fees up 14%, with Total Financial Assets up 9%, reflecting deeper client engagement and growing penetration. The strong commercial performance was supported by continued investment in the franchise. We hired around 200 colleagues in the frontline and continued to strengthen capability across both business and transformation. The step change from transformation is also increasingly visible, supporting growth and investment while reducing cost. Costs were down 3%, driven by 4% decrease in non-business cost while continuing to invest. Net revenue to RWAs stood at 6.8%, confirming strong capital discipline alongside growth. AI impact is also becoming increasingly visible. More than 360 AI agents are now supporting multiple activity across the franchise, helping improve response time, productivity, and client experience. The combination of acceleration and continued transformation translated into a GAAP growth of 2% and ROIC of 27%. Slide 15. CEE continues to benefit from its leading position across the region. A strong primary client base and high digital engagement while remaining well-positioned to capture further growth opportunities. The step change in acceleration is visible. We continued to strengthen client relationship across the region, growing affluent clients by 19% and standing as the best bank for SMEs in the region. This strong commercial momentum translated into 6% core revenue growth, 5% for overall revenue. Net interest income increased 5%, supported by strong quality loan growth up 11%, with NII ROIC at 23%. Cost of risk increased 24 basis points- 13 basis points, normalizing from past exceptionally low levels due to significant write-backs. Overall, asset quality and underlying cost of risk remain stable. Fees and net insurance were up 9%, reaching 31% of net revenues, up 2 percentage points in the half, with strong contribution from investment fees up 22%. Together with 19% Total Financial Asset increase, this reflects the continued development of our affluent and wealth franchises in the region. The strong commercial performance was supported by continuing investment in the franchise, hiring around 1,000 colleagues, mostly in the frontline. The step change in transformation is also increasingly visible, supporting growth while reducing cost. Costs were down 1%, a first for the CEE, supported by non-business FTE decreases of 6% as we continue to reinvest and invest in technology. Cost income improved to 33%, confirming operational excellence. Net revenue to RWAs at 8.1% demonstrated strong capital discipline while supporting double-digit balance sheet growth. AI and new technologies continue to be key enablers of transformation. With now over 75% of clients digitally active, we're leveraging AI solution to improve commercial effectiveness, simplify processes, and further enhance client experience. The combination of acceleration and continued transformation translated into GAAP growth of 8% and ROIC over 27%, confirming CEE's position as a profitable growth engine. Slide 16. Client Solutions remains a core pillar of our capital light growth, powering the quality and resilience of our top line. Client Solutions generated EUR 6.5 billion revenues, up 7%, and EUR 4.7 billion of fees and net insurance, up 14%. Growth is broad-based across all product factories, with visible benefits from internalization, including double-digit fee growth in Italy, in Germany, and in the CEE. Corporate solution revenues reached EUR 3.1 billion with a 28% ROIC, leveraging strong client activity in advisory and financing with fees up 26%. We maintain our role of trade finance powerhouse with top-tier position in every country we operate in, and best trade finance provider in Western Europe and Germany. Client risk management fees were up 15% with receptive market condition for hedging products. Individual solution delivers strong growth with revenues up 18%. Insurance revenues were up 32%, driven by internalization and strong commercial activity. We're number one in Italy in unit-linked with a market share of over 40%. Investment grew around 13% with onemarkets funds above EUR 41 billion, up more than 80%. Payment solution remains solid with fees up 3%, driven by transactional payment services across all geographies. Slide 17. The messages are clear. First, 22 consecutive record quarters mark an undeniable track record and delivered sector leadership across all critical KPIs. Second, we have significant lines of defense to protect our future. Third, Unlimited step change is on the way, leading to upgraded ambitions. We now expect full year 2026 net profit at circa EUR 11.5 billion, excluding integration cost, and well above EUR 11 billion, including them. 2028 and 2030 net profit ambition are upgraded to well above EUR 13 billion and well above EUR 15 billion, without diluting expected return on tangible equity. Year-end CET1 ratio should land at circa 15% pre full consolidation of Commerzbank and the connected 2025 share buyback cancellation. In the 13% area pro forma for both, much better than initially expected. Such, UniCredit 2026 distribution are also confirmed. Slide 18. We have significant inorganic optionality with opportunity across all our 13 countries, some of which we have captured initially through high return financial equity investments, and now through the potential Commerzbank value-creating acquisition. Including the tender shares, we have reached 47.6% of shares and 49.65% of voting rights, given that the treasury shares have no voting rights. Potentially moving Commerzbank from an attractive financial investment to a strategic transaction that we expect to generate substantial value and further accelerate our Unlimited EPS and DPS trajectories. It will improve UniCredit's strengths, diversification, and client franchise in Germany and CEE, as recognized by rating agencies. We believe Commerzbank has underinvested in recent years to deliver in the short term. It is now time to reverse this trend and prioritize overall transformation, substantially investing in talent, in technology, and in AI initiatives to transform the bank. We are upgrading our pre-merger value creation potential from EUR 800 million- EUR 1.2 billion by 2030 by anticipating part of the post-merger synergies, which we are, for now at least, reducing to EUR 800 million. Considering only pre-merger value creation, our capital has been deployed at an overall ROIC of 15%, well above the return of our share buyback. Our 2026 dividend and share buyback are confirmed, while the trajectory for net profit, EPS, DPS, and distribution beyond 2026 shall improve. We now expect regulatory approval potentially as early as the first quarter 2026, and shortly thereafter, intend to take the necessary step to exercise control and begin executing Commerzbank Unlocked. We're seeking constructive engagement with the German government, the workforce representative, and bank's governing bodies and stakeholders. A cascade offer in Poland is not currently foreseen. Slide 19. Beyond the strategic fit, the attractiveness of Commerzbank lies in the value creation achieved by applying the Unlocked blueprint, which we intend to roll out as quickly and decisively as possible. This starts with putting Germany and its Mittelstand truly back at the center, leveraging a stronger product offering, greater scale, and increased investment capacity. At the same time, the connection between Germany, Poland, and the rest of Europe should be further strengthened and digital data and AI capabilities across the franchise accelerated. The value creation opportunity is substantial. We see EUR 350 million of revenue initiative potential upgraded versus our initial assumption, notwithstanding international lending and treasury asset optimization that shall both reduce risk and release capital. EUR 1.4 billion of potential targeted efficiency are confirmed. Importantly, this is not about cost-cutting for its own sake. It is about reallocating resources, improving capital efficiency, and reinvesting to build a stronger franchise for clients, employees, and shareholders. While technology and AI will be key enablers, it is Commerzbank employees that will accelerate transformation, simplify the operating model, and enhance the client journey as we have experienced across our group. There is a clear opportunity to create a stronger Commerzbank, a stronger UniCredit, and a stronger Pan-European banking group for Europe. Slide 20. Beyond the financial impact, a strategic transaction would create a stronger, more diversified, and better-positioned European franchise with a broader client base, enhanced geographic diversification, and greater exposure to the client segment and product in which we always intended to grow. Germany would become the leading contributor of the group earnings alongside Italy, with a great balance between Italy, Germany, and Austrian CEE. The client portfolio would also strengthen with increased exposure to SMEs, affluent and private clients, and further reinforce our position in Germany through a highly complementary franchise. We're entering this phase from a position of strength. UniCredit has invested more than EUR 5 billion in the last five years and built EUR 1.6 billion of overlays. We see an investment of EUR 2.2 billion in Commerzbank to accelerate value creation and make the franchise future-ready and would expect EUR 500 million of additional upfront coverage on the Commerzbank loan book to protect it. Greater group diversification and an increased balance across geography, client segment, and revenue streams may support further rating upgrades and related funding benefit. Slide 21. UniCredit year-end CET1 ratio pro forma for the impact of a transaction is expected to remain in the 13% area from day one. Indeed, the initial capital impact of the transaction is now expected to be around 200 basis points net of a cancellation of a 2025 share buyback, assuming consolidation by year-end. Said capital impact would reduce significantly if consolidation occurs later as initially expected. Considering only pre-merger value creation, our capital has been deployed at a ROIC of 15% overall, well above the return from our share buyback. UniCredit 2026 distribution remain unaffected. UniCredit distribution for 2027, 2028, 2029, and 2030 are expected to improve through Commerzbank contribution beyond the now expected more positive trajectory of UniCredit Unlimited standalone. We're deploying capital at attractive returns, maintaining a strong capital position, and improving our earnings growth and distribution trajectory. Slide 22. We always envisaged HVB and Commerzbank operating in parallel for two to three years, aligning the two banks industrially and culturally before considering any merger. We believe this is the most effective path to unlocking value for all stakeholders while laying the foundation for long-term success. Importantly, most of the value is created pre-merger, as we are upgrading our pre-merger value creation from EUR 0.8 billion- EUR 1.2 billion by 2030, while reducing, for now at least, the additional merger synergies to EUR 800 million. At the same time, we would see investment being brought forward, increasing from EUR 1.7 billion- EUR 2.2 billion upfront, accelerating the transformation of the franchise and EUR 500 million of additional upfront coverage of the Commerzbank loan book. This reflects our intention to prioritize investment and long-term value creation over short-term results and distributions. There would be more upfront investing, creating more value over time, and accelerating delivery of a future-ready bank. Slide 23. Commerzbank further enhances what is an already compelling standalone equity story. Even before considering Commerzbank, our standalone trajectory is exceptionally strong, combining double-digit per share growth at high RoTE and industry-leading distribution. Importantly, the reported 2026, 2028 growth rates understate the strengths of the underlying trajectory, as they still absorb the impact of an accelerated Russia compression. The figures shown today are direction and reflect only what is visible today before a potential merger. As we continue to execute Commerzbank Unlocked, we expect the trajectory to strengthen further beyond 2028 and towards 2030. The transaction is expected to increase our 2026, 2028 net profit CAGR by 6 percentage points, and EPS and DPS CAGR by around 4 percentage points, reaching 17% and 18%, respectively. Commerzbank is reinforcing an already compelling standalone story, further improving profitable per share growth and distribution for our shareholder. Slide 24. Before questions, let me leave you with five key messages. First, UniCredit Unlimited confirms a step change, marking our 22nd record quarter and the best second quarter and first half in our history. We continue to deliver at pace, accelerating and securing targeted profitable market share gain in every country as promised. Second, this is coupled with unmatched transformation-led efficiency, resulting in lower cost and unique operating leverage all while investing. Again, as promised. Third, we're delivering exceptional operating leverage, record GAAP, NOP, net profit, and return on tangible equity, along with an improved capital trajectory. Fourth, we're upgrading our 2026 net profit at high return on tangible equity and capital trajectory, translating this into better prospects for 2027- 2030. Finally, we now have an even more compelling standalone profitable growth and distribution story, which may be boosted by the disciplined deployment of capital in Commerzbank. Let me now open the line for your question. Thank you. Thank you, sir. We will now begin the question-and-answer session. To register for a question, please press star and one on your touchtone telephone. To remove your question, press star and two. In the interest of time, we ask that you please limit yourself to one question and one follow-up per caller. The first question comes from Andrea Filtri of Mediobanca. Thank you. First question on the Danish Compromise. Santander said that they expect the approval of the Danish Compromise in August. You have been waiting for a year for this approval now. When do you expect by? Does not having it yet limit your strategic options? Second question, do you see your CET1 ratio as a hurdle to participate in the ongoing Italian consolidation wave? How should we read today's call for an EGM? Thank you. Sorry. Okay, Danish Compromise first. We always said that the Danish Compromise we expected it in the third quarter. Some others thought it could be earlier. We always said third quarter, will remain third quarter. If I had to take a guess, it's probably September. Our expectation has not changed, and we're rather confident that we're going to get it. Does that limit our options? I think it just reinforces our capital, and it recognizes that we are conglomerate and that we have internalized insurance. Obviously, in the future, it gives us more flexibility around insurance assets. That is not a limitation at the moment. Is CET1 a hurdle to participate in Italian M&A? I think that the hurdle is that at the moment we're observers. At the moment, we are gaining a disproportionate amount of market share organically, targeted specifically in the client segment that we want to grow into. That trajectory, we think, will be significantly accelerated by the fact that all other banks may be involved in M&A, and not easy M&A. Anything that we would ever do, as you know, would need to beat that hurdle, and the hurdle for Italy at the moment, given how the team is performing, is very high. If there is a hurdle, it's not capital, it's who can beat the performance of a team in Italy. Not an easy one. How should we read today's call for EGM? I think that today's call for EGM is linked to two things. One, to have the possibility, not the obligation, to have the possibility if we choose to convert the physically settled TRS on Commerzbank, to settle it in shares at a similar exchange ratio as the one of the rest of the offer. It would align that percentage to the average tender shares, which we think is good and which we think also strengthens our capital. It is an option because, A, we haven't decided whether we will convert the TRS yet, and we haven't decided if we confirm it, whether we will convert it for shares or for cash. It is flexibility, giving us more capital flexibility going forward. The second thing, it would allow us to tap the U.S. market with AT1, as AT1 in the U.S. have a different structure and require underlying shares potential to settle. Therefore, we are aligned to some other European banks with an ability to tap the U.S. market and get benefit from that. I think these were the two. Yes. Thank you, Andrea. The next question, sir, is from Noemi Peruch of Morgan Stanley. Good morning. Thank you for taking my questions. I have two, one on Commerzbank and one on 2027 capital return. On Commerzbank, you reached 46% stake before TRS, which will allow you to push the control quickly. I would like to understand whether the German government showed interest in talks thus far. I know it is premature, but I'm going to ask it anyway. Is there a scenario in which you could fast-forward the integration of Commerzbank? The second question, on the 2027, I just wanted to understand how you would approach capital return in light of the EUR 2.2 billion investment and EUR 0.5 billion additional coverage. Will the entirety of this EUR 2.7 go through P&L? Will you pay 80% on the stated net profit, or will you exclude one-offs? Thank you very much. Okay. I think that the German government has signaled quite clearly, in the media, their interest to talk. It is the right time, I guess. As indicated by them, the market has spoken, and now we have a period, which I could call of limbo, between having closed the offer and potentially receiving authorization, which is anywhere between, I don't know, four or five months or more than that. In this period, it makes a total sense to align with the other stakeholder, German government and workers' council alike. I think, for now, we haven't said that as lip service. We do believe that combination needs to be done in the right way, and the difference between having a successful merger and an unsuccessful merger is how you actually execute it. We think that having two banks that are aligned: principle, value, culture, model, technology, et c, makes merger a lot softer, a lot more effective. Therefore, we are convinced that we will need two or three years keeping the banks separate before doing anything. To be clear, even if we had a higher stake, we wouldn't be merging earlier. Obviously, this is all predicated on expectations. We do not have control of Commerzbank yet. We can comment only on what we see from the outside. We will update those views if and when we are on the inside. This is the first one, 2027 distribution. I think, for us, we need to distinguish distribution for UniCredit and distribution for Commerzbank, and obviously this is under the assumption that we indeed take control of Commerzbank. Distribution for UniCredit, we do not see any change. Meaning, to take your words, 2026, we already said we have confirmed distributions for 2026. I'm talking about UniCredit. We may actually improve our interim dividends, given the strength of the business. We will give you more detail on that. But the totals and the 80% payout remains confirmed. For 2027, 2028, 2029, 2030, we expect better distribution, gradually better distribution if Commerzbank is part of the perimeter, given that we have deployed capital at better return than if we had done the share buyback. Therefore, we think on a per share basis, we are gonna have a positive impact. The concept of 80% payout, 50% dividend, 30% share buyback is confirmed. With respect of Commerzbank, I would take a slightly different point of view to be transparent as part of the CBK Unlocked. We envisage a need to bring forward investment, accelerating the transformation of a franchise and the delivery of the future-ready bank Outside in, that means investment for about EUR 2.2 billion. This would be at the level of Commerzbank. This would be shared among all shareholders and may impact short-term profit and distribution, including in 2026. This would be reflecting our view that investment and long-term value creation should be prioritized over short-term returns and distribution. This, at this point, is hypothetical. We don't have control yet. We don't know when we are going to consolidate, but it is obvious that if we start making the investments that are needed, that affects net profit, that mechanically affects distributions. We will see when we are there what the real impact is. I think these were your two questions. Yeah. Let's move to the next. The next question is from Antonio Reale of Bank of America. Morning, it's Antonio from Bank of America. Just two questions from me, please. The first one is on NII. If I look at the growth in NII this quarter, it looked like it was driven almost exclusively by volumes and seems to imply some margin pressure. I wonder why that was the case. Also conscious that Russia was flat this quarter. Can you maybe talk through your moving parts in NII, and can we expect a sequential pickup in NII from here, given also the move in EURIBOR? I think you've added another EUR 7 billion or so to your structural hedge this quarter. Interested to hear your thoughts there on NII. My second question is, I think straight and simple, and it's to do with your FY 2025 buyback, the EUR 4.75 billion you've accrued. Shall we definitely rule this out and assume that this is no longer happening? If that's the case, why haven't you added it back to your CET1 ratio? Thank you. Antonio on the full year 2025, when you say, should we definitely move it out? Definitely is if we get control of Commerzbank and we consolidate, in that case, definitely move it out. We don't have authorization yet. We still think that can happen, and that's why for the time being, not having confirmation, we're not moving it out. In your words, I would add another thing, moving it out up front and then spending it later would create really a lot of swing on our capital trajectory that I don't think would be helpful. Primarily, we don't have closure, therefore, the share buyback for the moment remains suspended until such time that we have closure. If the closure is positive, it gets canceled. If it's not, it gets reinstated, to be very, very clear. This is where we are on that. On NII, I think Stefano is going to take you through, but I would say in Italy, margins are up. In other country, there has been a declining margin market-wise because of the growth rates that I think are market related, and we have followed not to lose track, and the rest is delta compression. As we have said in the presentation, we think NII will become a much greater contributor to the group in the second half of the year because of the underlying rates dynamic and because certain other dynamics on margins are stabilizing, especially in places like the CEE and Germany. Let me pass it to Stefano. Let's start from Q2 and also first half, because you mentioned Russia. We have grown the net interest income 2% quarter-on-quarter, 0.4% when we are looking the year-on-year. The effect on the first half deriving for Russia is EUR 70 million down. Otherwise, the increase first half on first half would have been higher. In relation to the client spread, so asset side of the equation, if you look the first half, the client spread are flat, so around 138 basis points. As highlighted by Andrea, we are up year-on-year in Italy and in Germany. While due to the market trend, we are down in Austria and in Central Eastern Europe. In Central Eastern Europe, as you have seen, the growth rate of the lending is very, very strong. In relation to deposit side, deposit pass-through is flat, so we are at 30%. We are flat in Italy and Germany, slightly up in Austria, slightly down in Central Eastern Europe. Expectations for, let's say, the client spread for the group, you can assume flattish trend. Deposit pass-through, flattish for 2026 can be 1 percentage point up in 2027 and 2028, but nothing more than that. We are expecting to keep on growing on the lending, probably normalize rate when you are looking to second half 2026. In relation to 2027 and 2028, we are confirming growth higher than a nominal GDP trend in the countries. You mentioned sequential pickup. Yes, do expect a sequential pickup in the trend of our net interest income, structural edge contribution, and rate assumption. The rate assumption is 2.3% year over for this year as an average, around 2.6% for 2027 and 2028. Taking this into consideration, the contribution from the structural edge is expected around EUR 400 million this year. The positive, the cumulated contribution until 2028 is EUR 1.3 billion cumulated, so that the positive effect on net interest income, EUR 2.4 billion cumulated until 2030. That's very clear. The next question is from Delphine Lee of JP Morgan. Yes, good morning. Thanks for taking my question. Just wanted to have, first of all, on Commerzbank, a follow-up to what you said earlier. In terms of next steps to increase your stake further from just under 50%, you are now considering the TRS, converting potentially in shares. Just to check, are we talking about potentially up to 13% additional stake that you would get from that? Would you consider also in the discussion with the German government to potentially acquire part of their stake, their 13% stake, or is there no discussion, or you think this is completely premature and won't happen for another two, three years? At what level would you consider that merger and full combination? Because in theory, you could get that at 75% of the EGM, which is 60% stake, roughly. Just on the synergies, what gives you the confidence that you can generate already EUR 800 million by the end of 2028? The timeline is quite short. If you don't mind just elaborating a little bit on what are these kind of easy wins that you think you can achieve. Just one comment on the capital. It's clear you're at 13% on the pro forma basis. Just how quickly can you get the other re-reductions that you've talked about in CBK Unlocked? I think it was EUR 33 billion, EUR 30 billion. How quickly could we get that and to generate more capital for the group? Thank you very much. Okay. Thank you, Delphine. Let's start with one. First of all, let's be very clear. Maybe I wasn't. The answer to Andrea's question on the EGM and on the TRS is only related to the physically settled TRS, 3.2% thereabout. When we state that we have reached or when people state that we have reached either circa 47 or circa 50, that includes that 3.2%, okay? Because it is physically settled, we can take ownership of it whenever we want. Okay? It's only that 3.2%, and it is already included in the stakes that we have in the presentation. We are only saying one thing, that because it's physically settled, the timing of settling, so of executing on that TRS is to our choice. We have optionality on timing, we have optionality on whether to do it for cash or assuming that the EGM approves it for shares. Timing and cash or shares allow us to maximize our capital flexibility, if you want to call it this way, and not affect in any way, shape, or form any distribution, nor have any concern of any reason. At the moment, that is what it is. Secondly, you ask about the government stake. I think you said it, in my opinion, it is too premature. What we're seeking is a face-to-face engagement where a lot of a misunderstanding, in our view, misleading information can be cleared up, where we will, in my view, demonstrate that we agree a lot, lot more than we disagree, to find a cohesive way of going forward, we would be delighted to give them as a shareholder, or if they stayed as a shareholders, it would be obviously who would not. For the time being, way too premature. What level of shareholding would you consider for the merger? I think the reason, if you look at-- S orry to go back to my experience in the future, but when you do a lot of M&A, M&A fails for two reason. One, you're dragged into paying too much, and then you're pushed Of doing the wrong thing to try and demonstrate that what you have paid was worth it. We don't want to do that. We haven't done that. The second thing is not be thoughtful in the way you're going to integrate two companies that have different culture, different business model, et c. If you're trying to integrate two companies before you have aligned them, you will have an enormity of disruption, which is why we said two to three years. That's what we see from the outside. It's not that they are right or they are wrong, or we are right or we are wrong, we're just misaligned, and it will take time. That does not mean that two or three years, we will not generate value. In fact, we're telling you we will generate EUR 1.2 billion of value while we're doing that, while we are realigning. Value creation moving parts. The value creation moving parts and why EUR 100 million so quickly. If you look at the composition of our value creation on Commerzbank, a lot of it is executable very quickly. Point number one, we have a substantially lower price point on all of our procurement. People don't look at that a lot, but we have a lower price point, that affects technology. It affects a number of significant purchases that the bank does with all of our providers. Extending that group price point to Commerzbank will have substantially cost effect. That's why we say that a significant amount of our value creation, if I recall correctly, 40%, 50% is non-FTE related. That's one of the levels. The second thing that we can generate very quickly is the moment we were to be able to plug our factories into Commerzbank. That's why this transaction is a lot more about revenue synergies than other things. We can crystallize those very quickly, and we know how quickly, because just by partnering constructively with Alpha, you can ask them how quickly they have crystallized those revenues on their side, and some of the growth you're seeing in our factories on our side is linked to that. Consider Commerzbank as part of a group, we would crystallize it both sides. That's another big chunk that is easy, is not disruptive, and can be done really quickly. There is another point which has to do with the setup of the international network. Let me be clear on that. We keep on winning powerhouse trade finance of a year across Europe. We won it in Germany more than one year, so we know what we're talking about, and we have absolutely no intention to create any disruption to the German corporates that we're trying to serve. Quite the opposite. Some of them will realize that our trade finance engine is a lot more advanced and can provide a lot of supports. Centralizing the trade finance engine, centralizing the trading platforms in one place, and renouncing to lending in geographies and with clients that we don't know as well as the European ones that we focus on, can be done very quickly and is outside of Germany and outside of Poland. In fact, will determine some potential, either hiring or redeployment of people in Germany as we centralize those engines into Germany rather than having them spread externally. Another point is, Commerzbank, like us, has relied or is relying increasingly heavily on nearshoring in Poland, in Czech Republic. We believe we have one of the most advanced nearshoring models, fully technology and AI-enabled. We got praised several time on that. Synergies on those are very quick to execute. They are not in Germany, and they are very quick to execute. As you can see, there is a lot of things that we can do quite quickly, and I probably didn't list them all, that are completely unrelated to merging. They are related to aligning, to getting organized. That's why I think we will speak a much clearer language between the two sides once we talk to each other. The last point that you had, the EUR 33 billion RWA reduction in CBK. I think overall, two years. It depends on a number of things. The great thing about PPA and repricing is that you get everything repriced to market up front, and you don't lose when you sell them. We believe that there are significant assets in treasury around asset-backed security, international government exposure, including the Italian one, and lending in the U.S., in Latin America to real estate projects, trade, and other, I don't know, data centers, et c, that can be disposed relatively quickly. We will not have a complete understanding on that until, if, and when we get in there. Given our experience in other places and what we think is in there, t wo years, and we will try to front-load as fast as we can. The next question, sir, is from Ignacio Ulargui of BNP Paribas. Thanks very much for the presentation, good morning, everyone. I just have two questions. The first one is on the organic capital generation and how should we think about organic capital generation over the coming quarters. I just looked to the target of to be above, sorry, around 15% by FY 2026. I looked to the benefits from Danish Compromise and the RWA reduction. I don't get a big capital generation. Just wanted to get a bit of your thoughts if that is because you are planning to accelerate lending growth. If so, how that would impact your revenue growth, and if not, if there is any other headwinds that I'm missing. The second one is on your 2028 guidance target of being well above EUR 13 billion. Just wanted to get a bit of whether there is any impact on that from the end of the hedging costs of Commerzbank stake, if it's just more the delivery of Unlimited and the increased commercial focus. Thank you. Sorry, Ignacio. The restructuring charges and hedging cost 2026. First of all, with respect to our integration cost, is that is what you're mentioning for 2026? As you know, we modulate. We can go as low as zero, or we can go to a level that allows us to deliver for you in the short term, but accelerate in a number of places. We keep that flexibility. Usually, we take a decision at the back end of a year when we see what opportunities are there and where we are going. This approach to integration cost will continue, but will always be done thoughtfully to maintain the targets that we're giving you. So when we tell you well over EUR 13 billion in 2028, we will deliver or we will strive to deliver well over EUR 13 billion, and that is including integration cost. We can modulate them. With respect to hedging cost related to Commerzbank. You have two scenarios. Scenario one, you exclude everything that is happening on Commerzbank. The numbers that we're giving you for 2026, for 2028, for 2030 include the hedging cost of Commerzbank and include the integration cost that we want to do. Okay? That's one scenario. That's why we're saying that before you look at Commerzbank Unlimited or the core of UniCredit, the core engine room, is performing better than we even expected and is improving to the EUR 11 billion- EUR 11.5 billion area this year, and then well over EUR 13 billion, well over EUR 15 billion. This is like for like, just acceleration of the core is driving that, and we will review where we are in the third quarter. If instead, we get to a position where we need to consolidate line by line Commerzbank, it changes because obviously in the numbers that we are giving you, we are also eliminating the hedging cost because we no longer need hedging cost if we consolidate Commerzbank as any other bank in the group. In that case, yes. Okay? I'll let Stefano comment on the organic capital generation. Do expect organic capital generation higher than distributions, fundamentally in every quarter. When we are looking to the second half, you can assume that. In relation to risk-weighted assets trends, some data points for you, not different in comparison we discussed in the past. We mentioned Danish Compromise. When there is the Danish Compromise, there is a capital benefit of something more than 50 basis points, but there is a nominal increase of risk-weighted assets of around EUR 6 billion. Operational risk, at the end of each year, considering the trend of the revenues, do expect that around a couple of billion more risk-weighted assets deriving from operational risk are going to be there, not only for 2026, but considering the trend of our revenues also for 2027 and 2028. We had a very strong lending dynamics, and as a consequence, absorption of the capital connected to business dynamics. On average, we are expecting to be able to have capital efficiency action in place in second part of 2026, but also during 2027, that are able to mitigate the capital absorption in terms of risk-weighted assets deriving from the business dynamics. The difference can be EUR 1 billion, EUR 2 billion, but not more than that. This is reassuring in relation to the capacity of the group to keep on generating capital. And this on an ordinary basis. As highlighted by Andrea commenting, let's say the full consolidation of Commerzbank and the related capital efficiency, then when this capital efficiency will kick in, that is an extraordinary boost to the capital generation of the group during the course of 2027 and 2028. The next question is from Britta Schmidt of Autonomous Research. Yeah, morning. Thank you for taking my questions. On Commerzbank, just with regards to the communication of the timeline, the EUR 2 billion is still on the slide, but obviously now you expect a pre-merger scenario until 2030. Are you saying that you would rule out that a merger could happen and the EUR 2 billion could also be accelerated, or are you just a little bit more conservative to de-emphasize this? On the capital impact, you mentioned the potential RWA releases. Do you have any idea of the maximum PPA impact in capital that we should potentially add on to the 200 basis points? Just two quick comments, if I may. Has there been any update on the potential sale of Russia? And maybe you can also comment on what your position is regarding cum-cum situations in Germany. Thank you. Okay. Let's start with the merger. All that we're saying is outside in. In our experience, given what we know, two to three years is appropriate. Can it be done faster if and when we're there, we realize that the conditions are there to do it faster in the best interest of everybody? Yes. It's not that we are religious about two or three years. We're just saying that in our opinion, doing things right is better than rushing them and creating a lot of the attrition. There are a lot of mergers that go sideways because of that reason. We will prepare it well, we will organize it, and at that point, I think everybody will be supportive of going forward. Two, three years, can it be done earlier? Can it also be done slightly later? Yes. I think we're not committing because we don't know. It's not that we are religious, it's our expectation at this point, Britta. The PPA impact. This is what we told you about capital impact. The capital impact is greater if we execute before the end of a year, vis-à-vis if we execute at the end of Q1 or in May. Okay? Part of that greater is PPA, part of that greater is book value differential, and other things that now Stefano will take you through in general in terms of impact. When we were discussing about the impact from full consolidation, we were always considering second quarter of 2027. Given that now there is a possibility that we end up much earlier, the capital impact actually in our eyes is better, but we have a disadvantage that we're doing it earlier, and therefore it is greater. With respect to the PPA, it moves, and nobody's going to give you an exact number because it depends from rates and other things. Let's say that at the moment, broadly speaking, and Stefano will correct me, that impact is inside the 200 basis points at the moment. Again, it may fluctuate depending on outside rates, et c. An estimate of PPA is in there for the moment, and that is one of the driver that would become lower if we waited longer. I will just very quickly touch on Russia. I think we're progressing as expected. There is nothing indicating a negative or a positive. Things are going as planned, and we are cautiously optimistic. For the time being, the sale seems to be going ahead within the timeline that we indicated that it would go ahead. As highlighted by Andrea, there are fundamentally two elements that are impacting. One is the PPA. Where we are calculating fair value asset and liability, and we do the PPA. Currently, the assumption on PPA is having a negative PPA. Such a negative PPA can be lower if we are consolidating after and if there is a change in the rates. The second element is that, fundamentally, if we are consolidating a quarter after, there is the accrual or more profit, so the equity is higher, the goodwill is lower. These are the two elements. One is PPA, the other one is the goodwill. To give you the sense, the difference a quarter can count something like between 20 basis point and 30 basis point. Okay? As highlighted by Andrea, is depending on the overall level of rates. That's why, based on the current rate condition, the impact, if we are consolidating at the end of 2026, all included and taking into consideration the cancellation of the share buyback 2025 is around 200 basis point. The next question is from Andrew Coombs of Citi. Morning. A couple of follow-ups, please. Firstly, just coming back to the last question. When you previously gave the guidance at 50% ownership, I think it was the 280 basis points. If you take the cancellation of the EUR 4.75 billion buyback deduction, take that on the consolidated RWA base, that's about 100 basis points of relief. That gets you to 180 basis points. Just to confirm, the difference between that 180 basis points pro forma prior guidance versus the 200 basis points today is this PPA and timing difference related to the organic capital generation of will. Firstly, I just want to clarify that. Then the second question, just on the pull forward of the synergies, an extra EUR 400 million to be recognized by 2028 as opposed to 2030. What do you need to achieve that pull forward? Can you do it before going to an AGM and replacing the Supervisory Board and looking for a new management team for Commerzbank? What drives that extra pull forward? I'm thinking about your alignment versus integration point. Thank you. Okay. The short answer on your first question, the 180 basis points is correct. Indeed, we have told you that the timing difference is 20 basis points- 30 basis points, we are slightly under what we thought it would be. Actually, if it went all the way into the second quarter, we would be even more under what we thought it would be, because as time passes, we get more benefit. That is capital. Obviously, as time passes, we take control, we consolidate later, and therefore it takes me to your second question. We realize the value creation later. I think what we are assuming at the moment in giving you the numbers that we are giving you, is that we obtained the authorization, and we would be able to indicate the action and for Unlocked to be executed with determination from January 1, 2027. What do we need for that to occur? We either need alignment with all parties and execute, or we are in a position to call an EGM and exercise the control through the calling of an EGM ahead of the AGM in May. We would do that if that's necessary. Our expectations are not to having to do that at the moment. If we have everybody on board and on the same direction, we think that from January 1st, the bank should be directing towards executing the pillars of Unlocked, hopefully adjusted for a constructive, detailed conversation on all the things that we'll probably have missed from an outside in, and that we can benefit from by talking to the people involved. I hope it's clear. At this time, I will take the last question from Giovanni Razzoli of Deutsche Bank. Morning to everybody. I have a question on the capital. Is it fair to assume that 200 basis points of impact on the CET1 is a kind of worst-case scenario today? If we move two, three years down the road, and we do assume the consolidation of Commerzbank, what would be the pro forma CET1 ratio or the impact on your capital in case of merging with Commerzbank, regardless of the capital generation that you will make in between? Because at the end of the day, what you are saying today is that by 2030, your ambition is to merge Commerzbank with UniCredit. Another clarification on the CET1 ratio, I was wondering whether above the 13% CET1 ratio just after the consolidation of Commerzbank, whether it's going to be Q4 2026 or 2027, already incorporates the impact of the mandatory convertible that you have announced today. That's my first question. The second question is just a clarification on the synergies. You have basically increased by 50% the synergies from EUR 800 million- EUR 1.2 billion pre-merger with Commerzbank. You mentioned before that this is mainly due to non-HR related costs. You've mentioned procurement, you mentioned trade finance, you mentioned foreign franchise. Is my understanding correct that this increase mainly related to these areas? Thank you very much. These 200 basis points are, I don't know if you want to call it the worst-case scenario, probably is. It is what will occur if we do consolidate line by line by the end of the year. If you want to call it worst-case scenario, as we said, if it slides, it becomes less. Stefano has given you an idea, 20 basis points, 30 basis points less. This is point number one. Point number two. Over time, if you assume, we are not assuming, but if you assume that we increase our participation above 50, you know that we have an 80 basis points friction on capital linked to the fact that under European regulation, the excess capital to minimum for minority shareholder is not counted in the total capital of the acquiring bank. Obviously, if we were to increase our position, that 80 basis points would proportionally go down. If we were to increase the position, you would have a benefit through that. That is the second point. The third point that is not linked to any of those two things is that as we land around 13%, as we deleverage Commerzbank, and post having done the integration cost and the investment necessary, the acquisition will generate substantially more capital than UniCredit standalone would have generated. Why? Because we are deleveraging a very significant franchise under our umbrella. Therefore, regardless of the 200 basis points, regardless of the 80 basis points, regardless of that, the call it organic capital generation of the group, and I think not many people have picked up that, going beyond 2027 is going to come up very significantly. Which is one of the reason why we are indicating to you that the distribution for UniCredit consolidated in 2027, 2028, 2029, 2030 will improve materially, is linked to that also. This is for capital, and let me know if you got all of that, and otherwise, we can get you more information. The 13% CET1 area, we are saying because it is not that precise, given that PPA is flip-flopping because of rates and the shape of a curve, post-CBK consolidation does not include anything but what there is today. It includes where we land at the end of the year, number one, it includes the consolidation line by line of Commerzbank, number two, it does not include the conversion of a physically settled TRS. Obviously, if we were to execute it, we will not. In cash, it would be dilutive to a number. If we are executing in shares, it would be neutral, plus minus to that number. It does not include anything else with respect to tapping the U.S. market, et c. This is an ability that we are, in inverted commas, acquiring to optimize our funding and our hybrid capital abilities into 2027 and beyond, not before, but Stefano will correct that probably. Especially because we're referring this case to additional Tier One. As explained before by Andrea, the EGM is called in order to approve the issue of shares for a contingent convertible additional Tier One. Probability-wise, these share are not going never to be issued. When we're going to issue AT1 is the same like issuing a euro-based AT1, there is no impact to the common equity ratio, but only to the Tier One ratio. It will be part of the normal execution of our funding plan. Finally, your third question on synergies. Yes, but not only. Non-HR costs are linked primarily to procurement, and they're linked to other optimization that we can do, and procurement is a broad term because there are other optimization we can do in technology, in AI, and in a number of things. We have also said that what we can do, in inverted commas, "quickly" is optimizing headcount outside of Germany, internationally, and also optimizing nearshoring centers. The reason it has moved, and most of the move, if you see, is revenue-based, is number one, a more aggressive view on how fast we could deploy our factories within Commerzbank and make them benefit from those. We have a pilot with Alpha. We see it on our banks. We're assuming an alignment, and we can do that quickly. That's on the revenue side, mostly. On the cost side, it is procurement, and it is some HR outside and some HR in nearshoring centers if we're able to extract synergies. This is what has changed. We have just front-loaded what we thought we had to wait for merger to do because now in our experience, we can do them earlier. Thank you very much. Very clear. At this time, I will hand it back over to Mr. Orcel for any closing remarks. Please, sir. Well, before I close, I would ask you to join me in congratulating Iacopo, who is now formal Head of IR of UniCredit. He has survived a quarter, and that's a lot to be said. Thank you very much to everybody for listening on the call, and we'll see you in the roadshow. Thank you. Bye-bye. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.