Good morning, and welcome to Allfunds' Q1 2026 trading update conference call. Joining us in today's call, we have Allfunds CEO, Annabel Spring, and our CFO, Álvaro Perera. Annabel will make a brief introduction, and there will be a Q&A session that will follow. This conference call, as always, will be recorded and an audio replay will be available at allfunds.com during the day. Without further delay, I will hand it over now to our CEO, Annabel Spring. Over to you. Thanks, Carlos. Good morning, everyone, and thank you for joining us today for Allfunds Group's first quarter trading update. Turning immediately to the key financial metrics and business performance. First quarter demonstrated continued growth and momentum in client onboarding, as we welcomed 21 distributors and 56 fund partners, broadened our product set, and delivered further operating leverage, reinforcing the strength of our model. What stands out this quarter is the strength and resilience of our platform. Assets under administration stood at EUR 1.766 trillion, broadly stable versus December, even in the face of what is very complex markets. Our platform service AUA increased by 14.6% on a year-on-year basis to EUR 1.253 trillion. Robust net flows of EUR 21.7 billion more than offset market impact of EUR 18.3 billion. Of the net flows, EUR 20.5 billion came from existing clients and EUR 1.2 billion from migrations. Migrations were slightly lower than expected due to a delayed onboarding of a scale client. We are on track to deliver, however, the EUR 100 billion-EUR 120 billion net flow target for full year 2026. We also delivered a strong year-on-year increase in AUA within our D&A business, increasing 21% to EUR 512.3 billion, remaining broadly flat on a quarter-on-quarter basis. Before moving on to the income statement and revenues, let me briefly mention our pleasing progress in alternatives, one of our key strategic initiatives. As of May 2026, we have a total of 233 alternative asset managers on our platform, an increase of 20 fund partners year to date. During the first three months of the year, we've seen EUR 4.1 billion in net inflows in alternative solutions, taking the total AUA to EUR 37.9 billion. Also, assets under distribution have also risen to EUR 20.7 billion, a 68% growth over the same period last year. Our position as a leading platform for alternatives outside the U.S. continues to attract top-tier managers and distributors alike. With that context in mind, let's take a closer look at our revenue performance. Total revenues were EUR 170.9 million, an 8.3% increase year-on-year. Excluding NPI, total revenue showed a solid structural growth of 10.3% year-on-year. Platform revenues for the first quarter reached EUR 157.8 million, an 8.4% increase compared with the same period last year. Platform Margin, excluding Net Treasury Income, was 3.1 basis points in the first quarter of 2026, remaining broadly stable. Commission revenues were EUR 103.2 million, a 13.9% increase year-over-year, supported by significant growth in AUA. Transaction revenues rose to EUR 33.5 million, representing a 1.5% increase year-over-year, driven by sustained customer activity. Net Treasury Income showed a 3.9% decline year-over-year due to the lower interest rate environment. Finally, Value-Added Services revenues increased by 7.6% on a year-over-year basis to EUR 13.1 million. Since our last call, as we've already published, we have received shareholder approval for the Deutsche Börse transaction. We're working closely with them on the various regulatory approvals. At this point, there is no substantial update on that other than we are still progressing towards an expected first half close to the transaction. Now, with that, I'm going to hand it back to Carlos, who will open for the Q&A session. Thank you, Annabel. We will now open the floor for Q&A. Operator Elliot, can you please proceed with the first question, including the name and company name of the caller, please? Of course. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to withdraw your question, please press star followed by two. When preparing to ask your question, please ensure your device is unmuted locally. As a quick reminder, that's star one to ask a question. We have no questions. I'll hand back to you, Carlos, for any final comments. Thank you, Elliot. All right. If there are any follow-up questions following the call, please contact the investor relations team, Javier, Diego, myself. We will be delighted to assist you. Otherwise, thank you very much for attending and we will see you in the next call. Thank you. Ladies and gentlemen, today's call has now concluded. With that, thanks for your participation. You may now disconnect your lines.