Good afternoon, everyone. Welcome to Bank Millennium second quarter/first half 2026 results. As usual, with us, we have Mr. João Jorge, our CEO, Fernando Bicho, Deputy Chairman of the Management Board and CFO. My name is Dariusz Górski, I'm Head of Investor Relations. The structure will probably be similar to what we did in the past. First, João will guide you through our business achievements, there's a lot to talk about. It's been a very strong quarter for us. Fernando will follow with details of financial results, after that, we will be ready to take your questions. Gentlemen. Good afternoon, thank you very much for your participation. We will have just one slide before Fernando going to more financial and operational details. In the fall of 2024, we present our strategy, value, and growth. In that strategy, we explained that we would like to increase the volumes of the credits of the bank, particularly in the corporate side. Now that we already crossed one year and a half, we are very happy to present the results that we are showing on page four. In page four, you can see that we have total deposits grew 16% year-on-year. Total net loans grew 10% year-on-year with a record level of PLN 81 billion. Consumer loans grew 5% year-on-year. Corporate financing grew 32% year-on-year with the loans up to 41% year-on-year. Leasing portfolio grew 8% year-on-year. Growth of the investment funds was 27% year-on-year. This is already a big demonstration of the new dynamics that the bank is having, moreover, the commercial momentum is even increasing. In the right side of this page four, we can see that the active retail clients already achieve 3.354 million, with the year-to-date. Just on this half of the year, the growth was 83,000 active customers with maintaining the high digitalization of this customer base, with 94% of the customer being digitally active. In terms of origination or sales, the first half of the year, we had in cash loans PLN 4.2 billion of cash loan sales, this is 18% higher year-on-year. We had PLN 5.2 billion in terms of mortgage disbursements, this is almost 3x higher than a year ago. Corporate loans, PLN 6.5 billion of origination, 77% higher than a year ago. Even leasing that was in the previous quarters, a little bit less dynamic than the other areas of the corporate already presenting PLN 2.3 billion of new leasing sales, 21% increase year-on-year and factoring turnover, PLN 17 billion of invoicing, which is 25% increase year-on-year. As I said, this is shown also in the page five the bank is progressing and even gaining momentum in terms of the commercial activity. The growth in terms of active customers and deposits has been significant since the beginning of the new strategy. I would say that the market's already used to that. The corporate, particularly, in the middle of last year, started to grow in a more intensive way. It's also the rebound of mortgage that supported very well this growth of the credit for the bank. We are very confident about the targets that we have for 2028, the business targets, but also the profitability targets in terms of return on equity, cost to income, and all the other targets. I would pass now to Fernando. Thank you. I will continue with page number seven, with the main financial achievements of the first half of 2026. Also, financially speaking, we have a significant improvement. Reported net profit during the first half of this year reached PLN 708 million, which represents a growth of 39% year-on-year, supported by a resilient net interest income despite a lower interest rate environment when compared with one year ago. Some compression of the margin, but already being also offset by growth of the business volumes as it was already explained. Also, better performance in terms of net fee and commission income. Relatively low cost of credit risk. Also deceleration of overall costs growth and much lower costs related to FX mortgage. All these combination of these factors helped to more than offset the much higher taxation that we are facing in 2026 with a corporate income tax of 30%, which in fact translates to effective tax rate over 40%. Return on equity at 14.5% and NPL ratio, again, further improvement to reaching a new all-time low of 3.4%. On the capital side, very solid and strong capital position with a consolidated total capital ratio of 17.1% and a Tier 1 ratio of 16.1%. Both of them were supported in the first half of the year by the issue of AT1 in January. Further on, after the approval for regulatory capital purposes of the subordinated bond issue done in May 2026, we will have a further significant improvement of the total capital ratio. We have now surpluses over five and six percentage points in terms of the main capital ratios. We also keep very solid buffers over the minimum MREL requirements. We are already complying with the long-term funding ratio according to the new formula that was approved and communicated last Friday. Also with a significant surplus above the minimum. Anyway, even if the formula had not changed, we would also be fulfilling the previously designed ratio. We keep the loan-to-deposit ratio at 58%, which gives a very strong liquidity position to support the future lending growth. On pages eight and nine, as usual, we summarize key profit and loss items and other key indicators, but I will go through the most important of them through the next pages of the presentation. I would move to page 10. Apart from this growth on the first half this year, profit by 39% versus one year ago, we also registered in the second quarter a net profit of PLN 408 million. A significant improvement also versus the previous quarter. In terms of overall performance, we have, from one side, a growth of operating income without extraordinary items by 1% versus a growth of operating expenses by 6%. I mean, comparing second quarter 2026 with second quarter 2025. It is visible the deceleration of the cost growth, especially when compared with the previous two years. Also visible, it is already the better level of return on equity, with the return on equity in the second quarter reaching 14.8% and 13.5% for the first half of the year without adjustments related to the contributions to the Bank Resolution Fund. On page 11, we see the evolution of the NII. The NII in the second quarter was flat versus the previous quarter, and in the first half of the year had just a small decrease of 3% versus one year ago, despite the significant decline of market interest rates. The decrease of the net interest income was partially offset by a growth of 11% year-on-year of net fee and commission income, supported mainly by commissions coming from insurance, payment cards, and investment products. The lower interest rate environment, of course, has been translated gradually in a decline in the average yield on loan portfolio. At the same time, there is a gradual decrease on the average cost of the deposits. The net interest margin in the second quarter was at 3.4%. On page 12, visible deceleration of the growth of operating costs, a growth of 9% year-on-year during the first half of this year, already a single-digit figure. When we look at second quarter 2026 versus second quarter 2025, the growth is only 6%. On the other side, we have a relatively stable number of employees with small fluctuations up and down through the quarters and a small decrease in the overall number of the branch network. On page 13, the credit quality continues to be strong. The NPL ratio fell to 3.4%. As a consequence, the cost of risk continues to be relatively low. During the first half of the year, it stood at 34 basis points over total loans. In the second quarter, the cost of risk was further supported by the sale of NPLs, which had a positive gross impact of PLN 70 million. We also called the attention to the fact that not only the NPL ratio is decreasing, but at the same time, we continue to increase the coverage ratio of impaired loans by total provisions, which went up to 82% compared with 76% one year ago. Once again, despite the sale of NPLs, which typically is done with loans that are significantly or totally provisioned or already written off. On page 14, evolution of capital ratios. I already mentioned the most important, so much above the minimum requirements in all the different tiers, including the common equity tier-one ratio, tier one, and total capital ratios, so significant surplus. Total capital ratio still will benefit from the inclusion of the subordinated bonds in the total. This also gives the capacity for the bank to support the continuation of a strong growth, specifically in lending. On page 15, the picture about MREL ratios, also a significant surplus over the minimum requirement. I already mentioned the status of the long-term funding ratio, which is also already fulfilled before its implementation in the end of December this year. On page 16, regarding FX mortgage legal risk, we continue to have a significant drop in the overall legal risk costs compared with previous periods. In the first half of this year, the pre-tax legal risk costs, mainly provisions, dropped by 65% year-on-year. We also had the lowest inflow of court cases since 2020. The cost of provisions, the legal risk cost in the second quarter of 2026 was also the lowest since 2020. Although the costs are still material, they show a significant decrease versus the previous year as it was expected and as we had expected during previous investor conferences. Moving now to the second part of the presentation. A very strong business momentum on page 18. We see that first we have loan growth of 10%. It is a long time since we had a double-digit loan growth, after also some of the restrictions that we have gone through. For the first time in a long period of time, we have a total loan growth of 10% year-on-year, especially fueled by the growth of loans to companies by 30%, including factoring and leasing by 32% year-on-year, consumer loans by 5%, and mortgage already growing, although modestly by 1%, but also for the first time in several quarters, we have the return of the growth of the PLN mortgage portfolio. As a consequence of this evolution, the structure of the loan portfolio is gradually changing. There is a gradual dilution of the share of PLN mortgage in total loans, which is now below 44%, while there is a growth of the share of loans to companies leasing and factoring. On the customer deposits, very strong performance, overall growth of 16%, of which retail loans grew by 17%, and investment products growing by 27% year-on-year. On page 19, the growth of the loan portfolios is supported by very strong sales results, as it was already mentioned in the beginning of this meeting. On the retail sales side, the overall retail loan portfolio grew 1%. There is still a small depression in the loan growth due to the still decrease at a fast pace of the remaining FX mortgage portfolio. As I said, it is visible already the return to growth of PLN mortgages and also the growth of consumer loans. In fact, the retail loans would have grown 2% without FX mortgage. We have a significant increase in sales, both in mortgage, almost 3x higher than one year ago, and in cash loans, 18% growth year-on-year. On the customer front side, what we would highlight is also a change of the structure with a faster growth of current and savings accounts in retail at the expense of term deposits. On page 20, continuation of a solid and resilient growth of the retail active customer base. In the second quarter, we had a net growth of 40,000 clients in retail. Net growth, not gross growth, which implies overall net growth of 160,000 customers during the last 12 months, bringing the total number to more than 3.3 million active customers in retail. This is also being followed by a steady growth in the number of micro business clients, which is one of the segments in retail. Of course, all this customer acquisition translates into a significant increase in the number of current accounts and payment cards. The next pages illustrate also the evolution in digital. Continuation of the trends that we showed in previous periods. We would highlight this time that 80% of the active digital customers log into the bank only via the mobile app. We have more than 3.16 million active digital users, of which 2.99 million are active mobile app users. Next time we will already show a number above 3 million. We have 2.52 million active customers that are mobile-only users. On page 22, the omni-channel strategy is, of course, supporting significantly the servicing and sales to retail customers with very high shares in the sales of cash loans, current accounts, term deposits, and junior accounts. On page 23, together with this significant growth in customers and also in digital usage, we are at the same time providing additional solutions, security, and convenience to our customer base through different initiatives as it is shown on page 23. Page 24, we are also at the same time strengthening the omni-channel assistance through the mobile app, through consultant support, improved accessibility, and self-service. Page 25, we continue to invest in the development of the Bank Millennium Cashback platform, also following agreement with PSP, and we continue to see a significant increase in the number of users using the Cashback service and in the amounts of Cashback that were paid out. Page 26, switching now to corporate. Very strong momentum in the financing of companies has been kept and accelerated during the second quarter of this year. Total portfolio grew by 32% year-on-year, of which loans were up by 41%. Also, we had very strong growth in terms of the leasing portfolio and factoring portfolio. The numbers already allow to have a significant increase in the overall exposure to companies financing that crossed PLN 25 billion and is supported by much stronger origination than in the homologous period of last year. Also, as it was already mentioned, leasing sales have picked up in the second quarter of this year and overall grew 29% versus the homologous quarter of last year and 21% in the first semester. The significant growth in the factoring turnover by 25% year-on-year. On the company's deposits, what we would highlight is the positive change of structure with a higher share of current accounts in the total deposits, but overall with a growth of 10% year-on-year. These are the most important highlights of our second quarter and first half results, now we will go through the questions. Thank you. Thank you very much, Fernando. As you were presenting, a handful of questions have arrived. Let me start with questions relating to loans and deposits, and let's here give the floor to Mr. Robert Roche. Let's start from mortgages. Is share of refinancing in new mortgage sales still hovering around 40%? Second question about mortgages, do you expect momentum on mortgage sales to be kept in the second half of the year? Loan spreads development for new mortgage loans and in the corporate segment, please. Let's do mortgages first, corporate second. Yes. In the morning, I said we are at 35%- 40%, and 35% looks like it's the run rate of this month, but 40% is the more adequate one. Yes, it's around 40% the share of refinancing the new mortgage sales. Yes, we expect that the volumes that we will have in the second part of the year would be similar to the volumes that we had in second quarter. It's around PLN 1 billion disbursement per month. This is our expectations as well. What can I say about the spreads? The spreads there compress but they're very small, the compression in terms of mortgage. At the moment, the biggest part of the production of mortgage loans in Poland are fixed rate or a five-year fixed rate loan. Bank Millennium at the moment only offers five-year fixed rate loan. We will see if we will change to flexible rate as well with the POLSTR. At the moment, it's what we are doing. Sometimes there is some changes also connected with IRS changes and all of these changes. I would say that in terms of mortgage, there was a small compression, particularly compared because the question is also about corporate. In corporate we see a big compression of the margins. This is not new. Quarter- by- quarter, we always express that we would accumulate price concessions in the corporate, of course, but we would not accept risk concessions. We prefer to take 20 basis points if needed to gain a relation and to gain a customer than to accept some transaction that it's a little bit more a compromise in terms of risk assessment. Of course, this needs to be compensated by volume. We need to make these in medium transactions in order to allocate well our capital in corporate relations that also we can leverage later on in other kind of relations, transactionality, effects, and all of the other business. It's clear that the market in corporate is very active. There is a lot of transactions. Looks like the companies after a time that they were investing using their own means, and also making a lot of projects under the European Union funds. It looks like there is a new phase that would require more financing. We would expect, as we are having good numbers, that all the sector will present good numbers in terms of volumes, but some aggressiveness in terms of the spreads in corporate particularly. One of the participants is asking about the difference between the average interest rates on the back book and new production per segment, but you largely covered that, so maybe consumer is probably the only left. Is there any Yes. Consumer is the one that is more index the pricing for the interest rates directly because, of course, as the interest rates go down, also the offer is going down. I think in page 11 we have a very clear, of course, it's blended, so it's everything together. It's very clear the decrease, especially year-on-year, in terms of the interests on loans, particularly if you compare versus interests on deposits. I would say that the new production, the biggest margin depreciation is in corporate, after that is consumer loans, and then is mortgage. I would say like that. Questions about corporate lending in volumes this time. What growth rate does the bank expect for its corporate loan portfolio, excluding leases by the end of the year? What is the outlook for 2027 and 2028? I would say that we are having the volumes today that we would like to maintain. When we present our idea about doubling the corporate portfolio, looks too ambitious in 2024, in the fall of 2024. Of course, now looks even more than realistic. Looks like we had to overachieve it. We want to build the portfolio with time, exploring each relation, assessing each transaction. I would say that we would maintain the growth in net terms as we are having PLN 3 billion-PLN 4 billion per year, let's call it like that. As the portfolio is getting higher, of course, the percentage will getting lower. We are at speed that we want to have. We do not want to speed up. We want to do what we are doing at the moment in a very consistent way, quarter-by-quarter, up to 2028. Thank you. We will now make a small detour or move to Fernando. There is a question about the structure of the breakdown of the corporate book in terms of sectors and the changes that occurred since last year. As it was already said in the previous conference three months ago, the growth of the loan book is relatively diversified. We are trying to have a balanced growth of the financing to companies for different sectors of activity, avoiding excessive concentration. Of course, we are also subject to the demand, and the demand is not uniform from the different sectors of activity. Generally speaking, we see more appetite for investment, which is also supporting more demand for loans. This is also visible from market statistics that shows some acceleration of lending to companies in Poland in the recent periods. Overall, when we look at the picture of our corporate financing to companies one year ago compared with now, of course, the exposure to each sector did not grow at the same pace. I can say, generally speaking, that we have been increasing the share in financing of manufacturing, retail and wholesale trades, and energy sector. These are sectors where we have increased the share in the total loan portfolio. While there were a few others where the growth was slower or even did not grow, including in some sectors that can be more affected by high energy prices. Here we are being careful in terms of managing this growth, but as I said, sometimes the change of proportions also depends on the demand that is coming from companies in each specific sector of the economy. Thank you. Now, a few questions regarding the deposits. First, it seems that it has been one of the strongest retail deposit growth quarters, including the number of current accounts. Has there been any particular strategy behind such growth? No, not really. For us, it's clear that the mix is important. In page 26, you can see the corporate. In the corporate, we are where we would like to be. It's in a very stable time deposits portfolio, where we price it in a very rigorous way and all the growth will come more on the current account side. Of course, the corporate accounts, there are in corporate between small organizations to big organizations, so they have different characteristics. I would say that as we put more transactionality, improve our web services and everything, we would like to keep growing on current accounts. There is nothing special that we are doing there. On the part of the retail on page 19, we are for some time, as you can see, even for one year like that, we are trying to grow on savings account and current accounts. Here sometimes it's not everything through current accounts. It's current accounts and savings account. We believe that this is more mass market, this is more adequate for our growth. The bank is extremely liquid, to pay costly time deposits is something that does not make sense unless it's a investor, affluent customer that is also investing or something like that. As a time deposits gathering, it's not a profitable game for us. We would keep growing in current accounts and in savings accounts for mass market. They at some times have some promotions, in a regular way they are much less remunerated than time deposits. I think it was more success of previous strategies than anything specific that we did this quarter in our total deposit strategy, I would say. Just adding that, because it's going to be the next question regarding the evolution of the average cost of the deposits. There was a decrease, not very significant, but there was a decrease in the second quarter. There will be a trend of continuing to have a gradual decrease in the average cost of the deposits. We expect this effect to continue. It always takes some time after the cuts of interest rates that this is reflected in the average cost of the deposits. Our expectation is that there is still room for further reduction in the average cost of the deposits in the future periods. Thank you. We're now moving to the P&L. One of our participants is asking for an update on NII. NII ex consumer charges performed -2% in the first half of the year, slightly below compared to the resilient/flattish NII guidance. Shall we expect an improvement in second half 2026 in the trajectory? I think the NII continues to be very resilient. We consider this decrease of 2% year-on-year relatively small, taking into consideration the size of the decrease of the average interest rates between the first half of last year and the first half of this year. Second, we expect that also the significant volume growth that we are showing, both in the deposits and in lending, will have a gradual positive contribution to the NII. As everybody knows, we have a significant excess of liquidity, loan-to-deposit ratio of 58%. It means that we have a substantial portfolio of bonds and NBP bills. Of course, any recycling, let's call it, of this excess of liquidity in lending should also bring some additional margin. We stay relatively positive in terms of prospects for the NII, also supported by this volumes growth from the commercial activity of the bank and also from the expected stabilization of interest rates in Poland until the end of this year. Because this is currently the most likely scenario. If it will happen, it will also be supportive for the resilience of the NII. We have two somewhat contradicting questions on NIM. One says: Like-for-like NIMs seems to have stabilized. What's the outlook going forward given the strong volume growth? The contradicting question is: What is the reasoning behind your guidance regarding the downward trend in the NIM? Is it due to the growing share of bonds and assets, or is the growth in the corporate segment taking place at low margins? I think we would answer in the following way. Interest rates have come down. Consequently, although, of course, we tried to hedge as much as we could for the anticipated reduction of interest rates, there is always some negative impact in terms of NII and also in the NIM. When we look at the evolution that we have of the NIM and still going forward, we have gradually been increasing the share of the fixed income portfolio in the total assets. It is visible, the growth of the bonds book in the last two years. Of course, this helps to compress the margin. Although, as I said, we have been trying to protect as much as possible against the decrease of interest rates, there are also limitations in terms of for how long we can make these hedges. That's why we have been careful in showing that this trend has been downward going. We think that with the stabilization of interest rates at the current levels, this can help to stabilize the NIM. At the same time, we cannot forget that when we have situations where fixed rate loan portfolios from the past are maturing or being repaid, then they are replaced by lower current rates, like for example, in mortgage or in consumer loans. It's also true that the contraction of the spreads in corporate is also not helping to offset this compression of the margins. All in all, we expect the NIM to gradually stabilize, which still gives good prospects for the resilience of the net interest income. We have touched upon the balance sheet structure. There's also a question about the share of bond securities going forward. Do you expect them to grow, remain the same? We do not have a target per se regarding this, right? What is driving this is the fastest growth of deposits versus loans. We see now a reduction of this difference, right? In absolute amounts, deposits have continued to grow at a faster pace than loans. As long as this happens, of course, we always have some additional excess of liquidity that needs to be deployed. We expect going forward that loan growth will stay double- digit because we think this is feasible to achieve with the trends that we have seen in the second quarter. This is a big difference versus the past. Deposit growth, we are not limiting the deposit growth, especially in retail and in current accounts from companies. We are not limiting this growth. We are a little bit dependent on what will be also the market conditions. I think that we are reaching, let's say, the top in terms of the share of bonds, in terms of total liquid assets. I think that with the current trends, I think this will not grow much more. Thank you. Moving to costs. Our viewers would like to know what's the latest, what's the guidance. In second quarter, costs have decelerated. How do you expect cost to behave in full-year and second half of the year in particular? As we mentioned and stressed during the presentation, after at least the last two years or three where we had double-digit growth of costs, as we had signaled already two quarters ago, we expect for this year single-digit growth of total operating costs. We keep this view that the numbers after the first half of the year are, let's say, supporting this view. Of course, it's still a relatively high growth, it's still, let's say, high single-digit growth, but it's single- digit growth, so there is a clear deceleration. We keep the view that this will still be achieved by the year-end. This is also somehow translating also what we see in terms of the market. We see slower growth of overall compensation in Poland in recent periods when compared with previous periods. We see also less hot labor market, which is also visible in different sectors of the economy. We see some, let's say, external evolution that also can support this slowing down of the cost growth. Having said that, we are still investing. Okay? The new strategy that we have been implementing implies investments and implies costs related with the development of some activities to a much bigger scale than what we were doing in the past. That's why we knew that we were going to still to have some relatively high cost growth. It's not a surprise, but I think the trend is positive. We have one very detailed question regarding fees. One of the analysts is asking about fees from accounts. Profits from account-related fees has declined this year due to a noticeable increase in costs. Does the bank expect this line to return to higher level? It's a very detailed question about which I will give a very generic answer. This is related to the growth of commission costs related to accounts, and this is related to costs related to the customer acquisition, external customer acquisition that are booked as commission costs. Of course, if customer acquisition increases, also some related costs also increase. Also, due to the change of the model related to the ATM network that the bank was having, this also implies that some of those costs have increased in the commission cost line. This is the general justification for the fact that the commission costs have been increasing, and part of them will stay. We cannot say that they are one-off. Some of them are here to stay. Thank you. We have three large blocks left. One would be FX mortgages. Only one question effectively. Hooray. Do you expect a sequential decline in CHF mortgage costs in second half of the year after a 65% running run rate decline so far? I would not call it sequential. I would call it continuation, right? Last year, I think I remember to have said when we closed the year that last year, the overall cost reduced by 34% versus the previous year. We said that we were expecting that the fall of the cost this year would be higher than in the previous year. At least 50%. At least 50%. It's dropping 65%. We think that it is still possible that the same drop in percentage-wise will be possible by year-end. I think that without sticking to a specific percentage, we continue to believe that there will be this very substantial decrease of the overall costs related to FX markets during this year versus the previous year. Thank you. Now, elephant in the room. There's a handful of questions related to consumer loans. I will not read all of them because they are in a way similar. The viewers are mostly asking, first of all, about our expectations for, first of all, litigations that we expect after the trend in litigations that we expect after the ECJ ruling. They also ask about provisions, if we expect them to continue and if they are tax-deductible. Yes, I think this is. Also, when do we expect to create provisions regarding past portfolio? These are four questions. Regarding- I will give the first initial view and then Fernando will go to what we already did in our accounts. The legal risks on consumer loans, we have been worried about this situation. We disclose this situation in our reports, but also in all the interventions that we have in the public interventions, with the press, with everything, round tables, conferences and everything. We always highlight that we are very concerned with this situation, and this is for more than one year ago. It's very difficult to assess, and you need to understand that because the number of cases is in nominal terms, is still very small. When we look about claims, when we look about court cases, is extremely small and it's very difficult to make assessments, projections. It's very difficult. I know that it's a concern that all the analysts have, but to have any guidance on this area would be impossible because it's very difficult to assess. We are concerned. We are disclosing our concerns. We are disclosing also our information. We believe that there is ground for the sector to find solutions. Meanwhile, we did what we should do, and Fernando will explain what is our disclosures and also what was the movements that we already did in the second quarter this year. I start just by reminding that, of course, we have been disclosing the risk related to consumer loans already for quite some time in our financial reports. The event that now is triggering more attention is the decision of the European Court of Justice of 23rd of April. It is not a decision about free credit sanctions, just to be clear. It is a decision that has implications in terms of the interest that can be collected on part of the loans in case they included a component that was financing the commissions or insurance. This is, let's say, the trigger for this additional attention regarding this topic. What we have done during the second quarter was the following. First, taking into consideration this decision, it is feasible that the banks in general will stop charging interest regarding the part of the loans in case they exist that financed this related credit cost component. We are going to do that in the near future. As a consequence, we made an assessment about the impact on the future net interest income that will not be received because of not charging this interest component. The amount that we booked through net interest income in the second quarter was PLN 35 million. I would say this is a one-off adjustment that is related with the future lower interest income. Taking into consideration the uncertainty regarding the legal environment of these consumer loans and the certainty, especially regarding in which way local courts will interpret this decision from April from the European Court of Justice, we have set aside a charge of around PLN 61 million that was booked through other operating costs. These were the two things that we have done during the second quarter. We will need now time to see if there will be any change in terms of claims or in terms of court cases and in terms of court verdicts in order to be able to assess to which extent the picture from the past will be changed or not. Namely, the picture from the past was that until April, the banks were winning in general more than 80% of the court cases. Since April until now, it's still too short time to be able to take conclusions regarding how the courts will interpret and apply this decision from the European Court of Justice. On the top of that, also we must add that there are additional questions that are submitted to the European Court of Justice regarding the same topic of consumer loans, that which decisions in the future also can have impact in terms of the application by the local courts of specific decisions. We are not able at the current stage of giving any guidance regarding any needs of future charges regarding this topic. What we have done now is based on, let's say, the current uncertainty is based on the existing number of cases that we have received through time. As I said, we have been always disclosing in different periods the number of lawsuits that is pending, and this is also disclosed in our financial statements published today. Now, in the next two months, we will continue to assess the implications, but especially the jurisprudence in terms of the decisions of the Polish courts, and also analyzing to which extent there is a change or not of the trends in terms of the inflow of the claims. Thank you. Sorry, it's also an initial thing because there's a question if what we have done is tax deductible or not. We have considered that the adjustments that we have done are tax costs. The values that I mentioned are gross values. Thank you. Moving to a completely different subject. What comfortable dividend payout do you see for the bank given the strong pace of loan growth? Yes, the policy is announced. The guidance would be to the lower level of, at least in initial phase of the policy, 35%, 50%. I think it's also important to state that, and we always said this, the payment of dividend depends first, of course, the results of the bank and level of the results of the bank. Second, and even more important, by the regulatory conditions for that and the direct recommendations of KNF. This is always very important to say this. Of course, there is behind this question also, with such a dynamic growth of lending, if it makes sense or not to pay or not to pay. We believe that paying is also a sign of healthy shareholders relations. We need to have a combination of that. But it's of course that the generation of capital is also important to keep growing the lending book. Fernando, question to you probably. Should we expect new senior non-preferred debt to refinance the upcoming call? This will be announced in due date, in due time. Everybody knows what were the conditions of the first issue. Everybody can see how much surplus we have in terms of MREL. We will announce the decision in the proper time. Either one of you gentlemen, your views on taxation noise in Poland that has been floating around recently? Poland is an extraordinary economy, a beautiful country, a very challenged regulatory and political environment to run a business. When we think that everything is very clear, that of course there was an increase of corporate tax, was also announced all the further steps to come to a more regular rate. There is now a noise about maintaining, increase it, you name it. I already said once, some of the colleagues think we should not say this, truly the corporate rate is my last concern. My biggest concern is the lack of rule of law and the difficulty that we need to have long-term contracts in this environment. This is my concern and this is what I hope that the Swiss franc saga is over. It's very difficult to go back and to restate the legal grounds to all of that confusion. It's very important that in WIBOR migration to POLSTR, to have a clear environment without ground for litigation companies to make their profit pool. In terms of consumer loans, it's very important that we find a solution that is good for the economy and consumers, not another ground for the litigation companies to have their profit pooled. This is the concern. We are very focused in growing the lending book, developing our business. We are extremely happy with this commercial momentum. When we start this strategy, we were seeing some difficulties to be already at this level. We knew that we had the big challenges in terms of corporate, also in mortgage because there was some legal challenges on WIBOR, as we said, also there was long-term financial conditions and everything. Step by step, we have been addressing these topics. We have PLN 140 billion of deposits and PLN 81 billion of loans. To rebalance it is not very reasonable. At least we grew PLN 5 billion, a little bit less than PLN 5 billion in loans year- to- date and PLN 10 billion in deposits. We have a lot of room to grow in lending. We are very happy to have double-digit growth. It's very low double-digit, but it's double-digit already. We feel the commercial reaction and the customer's interactions very positive. We are very positive in commercial terms for the second part of the year. João, before we move to closing remarks, we have developed a little bit of a ritual that Fernando always has the right of the last question. Do you think any of the questions we did not answer completely or we omit any? I guess the answer is no. All right. I think that we covered in general. Okay, super. Thank you very much. João, any closing remarks? I mean, you've been. I did it already, just to tell to the analysts that today in the morning, the journalists, there was no questions on M&A and if BCP is selling the bank and these kind of questions that I have been having in these meetings for the last 20 years. Also that we are very focused also in this execution. We will not have a new story to tell up to 2028. Up to 2028, we are 100% focused in execute what we announced in 2024. There will be no, unless something extraordinary happen, but we will be very focused in increasing the investment funds. We have still a huge potential there. We will keep revamping the mortgage. Now that we also grow in corporate, we start to be more balanced as a bank so we can dedicate more in mortgage. Consumer loans, maybe we will be able also to produce even more than we are producing. Of course, corporate, as I said, we'll keep this pace at least in nominal terms for the next quarters to come. We are quite positive. It's also important, as Fernando said, to see some deceleration on the cost base. This is also important. Also we believe that maybe a little bit slightly correction here or there, but we believe that the biggest part of the reduction of the margins is done. The big part of the rate decreases last year was at the end of last year. It was obvious that the impact is in beginning of this year. With lower interest rates, sometimes also the margins reduce a little bit because it's, of course, it's much easier to put 2% spread when you put in the rate of 5%. When it is 3% or 2.5%, it's more difficult to have this 2% on top because it's always a percentage also of this amount, and this is very normal. We are quite confident and I would say quite proud about the results that we are delivering. Thank you very much. Gentlemen, thank you very much for your time, as usual. Thank you very much for your direct and open answers to some of these not easy questions. To the audience, thank you very much for interest in Bank Millennium. We wish you lovely summer, the rest of the summer. I hope you will enjoy and have some holiday break once the result season is over. Otherwise, see you on the 27th of October. Thank you very much. Best of luck. Thank you