Good morning, ladies and gentlemen. It's a great pleasure to welcome you at presentation of results of PKO BP after the first half of 2026. The bank is going to be represented by President Szymon Midera, Krzysztof Dresler, Piotr Mazur, Tomasz Pol, and Chief Economist Piotr Bujak. Mr. President, the floor is yours. Thank you very much. Ladies and gentlemen, it has been undoubtedly the strongest year in the bank's history. We have maintained our double digits increase and we accelerated it. We increased the pace. With great pleasure, we are going to share the information indicating that as of today, we are the strongest, fastest developing bank if loan activities are concerned and also in other segments of clients, of customers. Welcome, and let's start the presentation. If the increase in volumes is concerned, I start with clients, with customers, because they are the most important things. Looking from the perspective of the results, we have got 324 new clients. Tomasz will tell you a little bit more about how the structure of acquisition is changing and how strongly we have started using our digital channels and how we are able to make our client base younger. The increasing number of customers and strong position of the bank in the market, trust, confidence, and security associated with PKO BP, result in increasing in customer savings by almost 13% year-to-year, and equal to PLN 721 billion in broadly understood savings at the end of the first half. Credit loan activities year-to-year, 14.5%. In general, portfolio, we are increasing it. Looking from the perspective of most recent quarters, it is not by mere chance. It is consistent, stable, and predictable increase of loan portfolio. We are increasing in all the key segments of clients and business clients. We are going to discuss consumer financing. It increases at the base of more than 20% and credit by 14% and corporate financing by almost 15% year-to-year, which translated to symbolic volume. The balance sheet, more than PLN 600 billion. PLN 100 billion increase of balance sheet amount in recent year. It's the value of the average bank of the top 10 on the market. We have done it by ourselves in organic way, organic growth way. Capital equity and 15.5 and 15.55, that's CET1. This figure allows us to think about further growth. This coefficient has been increased, thanks to including some of the profits from last year. These very good volumes and increases in business have translated to stable revenues and stable interest result. Two digits increase in margin profit, PLN 5.3 billion increase year-to-year by more than 3 percentage points. In the second quarter, net profit, it's PLN 2.8 billion, 8% increase quarter-to-quarter. Very good results, taking into account higher taxes and lower percentages ROA. Highly above the strategic goal, 18.4% at the end of first quarter, 19.2% at the end of second quarter, 19.2%. In the first quarter, we have got increased costs associated with this fee and margin, 4.35% at the end of and 4.31% at the end of second quarter and it results from its calculating interest on margin and insurance. The margin in the second quarter would be higher than the margin for the first quarter if we eliminated this impact. The two very important things, very strong communiques concerning operational efficiency. We have got 21.6% after first half and 28.7% after second quarter. We are market leader if cost efficiency is concerned, in spite of such a dynamic increase in portfolio, we have got lowest cost of risk. 30 basis points after six months and 29 basis points after second quarter. Thanks for our employees, and thanks very much for customers and shareholders for confidence and trust in us. Since it's been half year's time, just to summarize, you can see it in key business lines, we have attained our strategic goals in the cash loans. We increased by 3.6 percentage points of market share in recent year. If you look at the sales of cash loans in PKO BP, it is larger than total amount of sales of all the banks in Poland quoted on stock exchange. Tomasz will tell you about details, how we are able to achieve that. We are very proud of this result. We would like to maintain this high dynamics of more than 20% in quarters to come. If mortgage loans are concerned, it's above 27%, increased by 1.7% in recent year, which also means implementation and attainment of strategic goal at the half of the year. We are very happy about increase in business customer financing, in spite of very strong competition in this area. We exceed 17% at the moment of in market share. But also household savings are increasing, investment portfolio, and also investment funds sales dynamics is about 30%. We are also active in new proposals, new products, and we are preparing to subsequent issuance in September. This is the area we are very proud of that, and we show the increase of PLN 780 million at the end of the first half year, double and twice as high. Also insurance fee in strategic perspective after the end of next year. Besides the regular business, we create new models based on profound financing, basically this integrated financing. We started at the beginning of this year with a cooperation at Allegro. We have got more than 350,000 common joint customers who benefit from cheaper purchases and free of charge deliveries for six months, in this combination. There has been a breakthrough. There is a second phase, and I can say that the first accounts were established in the context of Allegro application. That's a unique process and unique value, not only in Poland but also in the region. We hope that thanks to subsequent phase of cooperation and thanks to well-prepared communication, by the end of this year, we are able to attain one million common customers together with the largest Polish e-commerce. If Żabka is concerned, we have final concluded test phase, and by the end of the year we will be working fully operationally. The cooperation, it's with Żabka, it's a credit limit in application of Żabka. We also develop our own auto market for sales of new and used vehicles, cars. It's almost 30% year-to-year increase in financed vehicle sales, over 5,300 vehicles in first half of the year. As you can see, we are strengthening our market position. We'll develop at a faster pace than competition. We develop in a sustainable way, looking from the point of view of lowest risk factor. We are in the face of two-digit increase, and we would like to maintain this increase, and the economy is helping us. Piotr, tell us something about macroeconomic environment. Yes. Macro environment is helping us. We cannot complain about that. It creates very good base for banking sector, very good basis for growth for banks, especially for those with good equity position and operational capabilities and good offer for clients. Second quarter was marked with increase of growth, economic growth in Poland. We have learned about official data. The GDP growth increased to 4%. Last year it was 3.3%. It indicates resilience of our company in spite of the war in Ukraine. Hard winter in this year has higher impact than what is happening in Persian Gulf. Recovery of investment activities is also worth mentioning. GDP general, but more detailed statistics, monthly statistics show that investment activities are increasing, which is associated with the need to change the business model for many companies faced with different challenges and energy transformations and recovery in the Euro zone, which was visible in the second quarter, lowered interest rates. There are many elements which contributes to investment activities in accordance with our predictions which we had before. It translates to increase of credit activities and also base of clients. Of course, dynamics of employment is at lowered phase. Trust of clients and real dynamics of growth is at around 3%, which allows for loans for products. Savings of households and financial assets of households are increasing. That was the second quarter of economy, and interest rates with no changes. It is the probable scenario for the second half of the year. The cost pressure is stemming from what is happening in the Persian Gulf. This pressure was so limited. Inflation did not go beyond control. It is going to be the case in the quarters to come. We believe that the Monetary Policy Council is not going to increase the interest rates. As they have indicated recently, they will think about decreasing the interest rates. It is not the nearest quarters, not before the end of this year, but next year, probably. Level is decreased by 200 basis points compared to the beginning of last year. We expect subsequent lowering of interest rates by the end of next year, which combined with good position of economy and increased consumer demand means very good perspectives for development of loan activities in quarters to come. Good position of economy lowered and probably even more lower interest rates. It is good for. The macro situation is promoting improvement of quality of assets in banks. If the forecasts for the rest of this year and for the next year are very careful, optimistic or standard in our style next year, the economy may be increasing at a slightly slower pace because of some slowdown of investments, because it is not possible to having investments growing in two-digits rate continuously. It is going to be very high level anyway of investment activities. It will be a later phase of investment cycles, and it is going to generate high demand for corporate loans. We envisage in a base case scenario, in conservative scenario, we envisage at least high one digit increase in all the key sectors with a chance for slightly more if no risk factors come through in a macro economy of balance. To summarize what is going macro, our assumption is coming true for the year 2025, 2027. We had presented that with the publication of financial results for 2024 in March, last year. We said that there was a chance for positive trends between economy and banking sector, and we can observe it in most recent quarters, especially in the most recent last quarter of this year. If no negative factors come through, like global shock, geopolitical or economic or any unfavorable legal or tax activities, this positive trend may continue in subsequent quarters. Thank you very much. Piotr has mentioned about favorable macroeconomic environment. It is very good environment for developing retail banking, and every day we try to translate it to being close to our clients. This is why we operate faster than the market. We observe that both in savings, in investments, in dynamically developing increasing number of clients. When we look at the behaviors of clients, they are using PKO BP as a very good platform, not only for savings, but also for investing. More than 30% increase shows how dynamically we transfer the funds from savings to investments, and we will see PLN 100 billion very soon, which is a very good goal, attainable goal and looking at the dynamics, we are not far from that. Looking at expectations of clients, we can see that these processes are very simple and open answering to these needs. We invest in our digital channels and the product palettes, and we have got very simple way of purchasing state treasury bonds. 15% of what is going in this product is done by digital channels. We have got shares, and after the second two issuances, we are preparing to third one. There is also a specificity of the increase in customer portfolio. We are paying more than 30% of clients via digital channels. It is twice as much as in a similar period last year, which reflects the scale of changes. We shortened the time by 60% for customers. Being close to customers, it is not only digital channels, but we have got also a huge network and our clients use it. We continue modernization, and we are getting close to 150 modernized banking outlets, and that modernization will be completed this year. We try to maintain the marketing offensive and also presence of the bank at different festivals and cultural events. This is our strategy to get reach of younger clients, which brings very good results. When we look at the second quarter, more than 40% of clients we obtained are persons at the age of not older than 26 years of age. We can see our portfolio, which is getting younger. We mentioned insurance line, and it is the line which is increasing dynamically. We observe it by observing the penetration in our client portfolio, but also asset products and equity products, and also insurance for children. There will be new life insurance for rich customers, which helps us in exceeding the growth trajectory, which we had assumed, and to the goal of PLN 2.4 billion in fee, insurance fees, and we envisaged. Quality is also, we are in the top three banks concerning this quality because the retail clients are very sensitive to quality and experience and expertise of the bank. One thing shows our strengths. This is loans. More and more clients choose PKO BP as their partner. We have set about growth levels more than 15%, new sales less than 40%, almost 40%, what allowed us to exceed 25% in market share in customer loans. It is yet another quarter in sequence. We belong to the banks whose priority is to attain this strategic goal, strategic assumptions. The issue of model we operate in, we created several unique solutions which allow us to select very well the customer needs after we discuss it with clients. We had got more than 600,000 meetings with clients which translated to more than 100,000 sales meetings. You can see the scale and how we create the relationships with clients, which translates to the increases. Concerning mortgage loans, we really want to provide loans for real needs of our clients, not to focus on refinancing, because refinancing was limited to about 15% of production. It is 25% for the market. You can see the difference and our attention, which we pay to the real needs of clients. Mortgages, 30% of mortgage loans of applications come to us in a digital form, which is a very significant increase. We would like to go beyond 80%, and we hope that these levels are very realistic. Our growth does not result from the scale, but from all the focus and commitment of all the employees to be close to the customers, to use all the possibilities and capacities to have it very well coordinated just to have these figures increase. Thank you very much, Tomasz. About corporates area, we want to stand on two pillars and to develop also corporate part and also very dynamically. After many quarters, we have obtained very high increases in business, especially in financing. First quarter of this year was the first moment when we obtained the two-digit increase, 11%. Now on the whole portfolio, within all the financing, 12.5%. In corporate loans, we obtained almost 15% dynamics, of which we are very happy and which allows us to increase the market share by more than 10 basis points The figures per se are important, but the change of structure of financing, we share the data for the very first time. Please look at this slide. We show the increase in investment loans. In all the key segments of corporate clients, we have got a high increase of investment loans, of which we are very happy because it means that the enterprises associated start investing in their future. They believe in their future. They have presented their business plans, and they hope for profits. 30% dynamics in investment loans in huge companies. 11% in largest companies, almost 25% in budgetary sector, the units of local authorities. Every quarter, we show huge corporate transactions. I think that you can draw just one conclusion. It shows high quality of our customers and very profound diversification. We are a very active player if the key investment waves are concerned, starting with energy transformations. That much about business. Krzysztof, the floor is yours. Thank you very much, Szymon. At the beginning of our term of office, we promised you predictability and repeatability of results. With pleasure, we present the results which is sustainable, first and foremost. It is repeatable and healthy, very solid. In this quarter, it was PLN 2 billion 770 million, which is 4% beyond year-to-year. Let us remember that this dynamics must be analyzed from the perspective of higher tax burden. We are 30% CIT and other tax burdens, banking tax, which All burdens burdened in last year, 53 basis points. This year it is 63 basis points. The higher rate of CIT translates to real burden with banking tax. In such conditions, we have been able to compensate the diminished net profits which was deteriorated with drop in the margin. You can see that margin was lowered by less than percent. The decrease in interest rates, 200% year-to-year, almost. We can observe the result of increase of volumes, the loan volumes. Tomasz and Szymon have mentioned that. Also liquidity is increasing and deposit volumes and also in bonds. The profitability of bonds is also of importance. They contribute some good results. We are able to stabilize the results and also lower costs of risk associated with foreign currency loans. We have got very high cost discipline. All of these contributors to the first quarter ROE was below 18%, but we got back to the strategic corridor of our level 18+. I would like to thank the banking team and our clients, of course, for the fact that the results are obtained jointly. That was very important. It's stable business income from business results, business activity. When we look at single corrections, you can see that in the first quarter, the result of estimations of interest income from costs of loans, from SOE conclusion. If it was not the SOE, well, they have efficient interest rate, but when we made corrections, we did it in one time. We took the old percentages and the results for the second quarter. If we did not include that, the increase of margin would be very stable, and stable interest results. We need to emphasize that. If the second one-off is concerned, a one-off event, it's not a unique situation for us because the events are associated with the protection of consumers. We are addressing that on an ongoing basis. Also last year we did that. But we decided for the second quarter, PLN 321 million, that was the amount allocated to the reserve for protection of clients and in case of potential risks. As regards the interest results, please note the first two quarters, without presenting this adjustment after the European Court verdict, it would grow by 4 basis points, which is quite a lot year-on-year. On the left-hand side, you can see a decline by little more than 50 basis points down to the adjusted level. But we had a greater decline in interest rates, which proves that this bank is pretty resilient to such changes. We've done a lot of mergers in this field. Natural hedging was involved. Cash mortgage loans, fixed interest rate portfolio, and IRS and swaps. As regards the second main category of these core incomes is the commissions and charges. It's the high dynamics year-on-year. And this dynamics in each line, it was positive. Especially, we are glad to see that our customers are more and more using these incomes into securing their future. Brokerage investment funds, they gained us about 25% year-on-year. In each other line, year-on-year, we can see a transactional growth, which makes us happy, because apart from the interest results, the commissions are also significant, and we have to be prepared for the convergence of interest rates to those which are now seen in the EU. Next year, the central bank's rate may go down very strongly. So we will continue to converge the interest margin. So that has to be addressed somehow. As regards the results, we have already mentioned, and we are continuing the dual policy, meaning the high discipline in the current cost control, but at the time we are also paying high costs on development. And we could maintain the dynamics of our operations. We stress that in this environment, when we have the results, these are not so tell-telling for the whole year. We keep stressing that this mid-single-digit dynamics is what we have, and a little bit over inflation. So I'm happy to say that we have managed to keep the cost discipline, owing to which the cost-income rate is about 31.6% in the first half of the year. And this is the result of one of the effect of one-off costs related to the KNF decisions. So the cost income, we are in the avant-garde of Polish and European banking. We are also continuing the very high activity in issuing, as the MREL is requiring. So we are trying also to diversify geographically. We started with European issues. But now we will have to think about some other currencies as well, where the EUR is converted into PLN again at the very end. So, we could think, if market allows, we could think about that. These two diagrams, the graphs show about the dates of the early redemption. We are also active on buying up these bonds, which are usually call options. This work is not so visible, so noticeable. We meet all the criteria and requirements, and we will continue this policy. MREL is not only here to watch the capital requirements. But strategically, we have mentioned that we would like to utilize the capital surplus and convert it into the lending operations, and we have done that quite successfully, but we have to get ready for what happens in the environment because it will not necessarily be so friendly as it used to be. We have included in our plans also the transactions of securitization type. We had the pilot project last year, and it brought us a quite significant improvement. Now we've done a full-scale transaction, and it changed our results by 27 basis points. The capital index is usually about 50. That would perhaps mean that we are about to be comparable with other banks, we would have to do twice as much of that securitization. Next year, our capital plan will include this operation. Tier II improved us about 75 basis points. It improved our capital adequacy, and as a company that keeps growing, we are also a dividend company, so we do not rule out, it's not yet been planned, but we do not rule out any activity on the AT1 instrument. This is why our activity is so important to build the appetite of investors, not only when we need it, but also when we can do it. That's all from me. Piotr, please. We've been keeping the cost of risk at a stable level, and it's very low. Very low because PKO Bank Polski has shown its results where the risk cost is the lowest in the whole banking sector at the time when we had very active loan activities and growth in all business segments. The next slide shows that we are maintaining very good portfolio quality. Stage 2 goes down a little bit because of the higher risk there. There has been a slight growth in stage 3. It is because of the identification of the renewable sources portfolio since it has been growing very dynamically in the recent months. The value of the open projects has almost doubled, and that dictates the average price and the exclusions. We have identified one customer who was moved to stage 3, and we've opened large write-downs for the portfolio. The portfolio is less than 1% of the whole bank book. We are more committed to the wind farms, but here, we are showing the photovoltaic farms. The dynamic growth in cash loans is not connected with the higher risk at all. The write-downs for the consumer loans went down. Well, there was a one-off effect here involved because we've changed our model. At the next slide, you will see how our models have been used, how this portfolio is growing. On the right-hand side, you will see for the first time the vintage from certain years, which shows that the population of 2024, 2026 is the population representing much lower risk than before. It is quite comfortable. If Piotr doesn't change his mind, this portfolio will probably not generate any higher write-downs. I don't like the two next slides very much, but they show that the write-downs for the Swiss franc portfolios are going down, and this is probably the last year of the higher write-downs for the currency credits. This slide shows that we continue the trend of signing agreements with the customers who have gone to the courts. The number of court procedures is going down consistently, so that's our goal to reach a zero level eventually. The last slide shows our capital position, very strong. We have increased our position in capital results despite the very dynamically growing loan activity. I want to give my great thanks to all the employees of our bank, because it's the work which has allowed us to reach these results. As you can see, we are growing consistently and comprehensively in all lines, all segments in a recurrent way. It's not a one-off success. We have reached the highest growth dynamics on the market. We're growing very quickly, but in a very safe way. Our cost of risk is the lowest on the market. We are speeding up the growth space. We are gaining thousands of new customers every year. Our credit portfolio is growing. We have two-digit dynamics in all segments, and that is what distinguishes us from the competition. Even more, 25% are in financing private customers. All that translates into a strong, solid stability of our financial results. We have a very stable financial position, and historically, the highest net profit, despite the corporate income tax growth and the reference rates lower by 200 basis points. This is a very good forecast for the coming quarters and the whole year. We do believe that this is going to be the strongest year in terms of the business and all our histories. Thank you very much. Please ask your questions now. [Non-English content], Andrzej Powierza, Citi Handlowy. Andrzej Powierża, Citi Handlowy. Congratulations, first of all. Congratulations on this excellent result. Thank you very much for your detailed presentation. I just have one question about these PLN 320 million of cost to protect the consumers. Could you perhaps elaborate on that? What type of provisions you've made for what type of risks? We deliberately didn't specifically say on that. More types of litigations and disputes with customers are going on in every bank. The number of that has grown quite recently. We are definitely on a safe side here. In Poland, there is some revaluing of the approach to banking from just waiting for applications, up to more active approach to the customer. We are not expecting the materialization on such a scale as the provisions made. After the European Court verdict, we've reflected those interest rates. Now we expect some homogeneous, uniform position, some legal framework to be provided in Poland. This is a process b anks watch it, other banks actively take part in this process. We also have some opinion on how these things should go on. But certainly there can be many different developments involved. From the viewpoint of an auditor, the level of importance of that is much higher than the actual amount. We've got a model, we are analyzing the numbers, we make provisions, but that does not mean that we have exactly the same opinion on materialization of this risk equal to this amount. Two more questions. If I understand you well, this 173, it's just the interest on the future interest, taken out all that we would earn on credited commissions. We do not sell these loans for two years now, but there is some backlog, not more than 10%. This amount was just introduced as an adjustment just once. Have you made any provisions on potential complaints from the customers related to the interest in future? Once again, we are very closely watching and analyzing this European Court's verdict. It said that it doesn't, that you cannot take the interest, but you calculate that in the wrong way. You can reach this level that we have reached so far, but you have to calculate it in another way. Simply speaking, because we calculated this interest on all of the components of this amount, but we should do it separately, then divide by the loan itself without other instruments involved there. Simply speaking, the interest rate on the loan would be a little bit higher in relation to what it is now. But the result for the customer would be zero, because the customer would pay exactly the same. That is what actually the European Court of Justice verdict says. Of course, there are some attempts to interpret it in another way, but of course, we are living in a country of a higher legislation risk. We are prepared for that. We are paying much attention and we allocate a lot of resources to build this shield that protects the customers. You may know this way of calculation. If you calculate back the provisions made for the Swiss franc loans, what would the margin have to be if we wanted to earn? We would then be at the level of one-digit numbers. This is not that we are marching on and clear the history every some time. But we have to realize that there is some type of proportionality and some economic justification for that we do. It is important where the legal framework will evolve for different businesses, but we are not doing it for ourselves. We do it for our customers. We give them financing, not because we have plans, but because our customers have their plans, and they take loans from our bank, and we are here to give it to them. But we don't do it from our money. We use deposit money for that. Our task is to protect the deposits. This is the context of the whole situation. It's not just that we calculate some number, but we evaluate very closely and carefully every complaint. But it is important which direction all the sector will move in future. Piotr Wałek, Insignis. Congratulations on your results and volumes. What about the volumes now? For the first time in such a long time, you have the biggest bank that makes certain trends in Poland. How do you look at the four, six quarter ahead? Can you keep this pace? Do you think that the whole sector may do the same and surprise you in the coming quarters, especially that the interest rates reductions, recent ones, supported the lending? Yes, we do hope it will be so, the dynamics very close to 10. We are happy that we are the first bank in Poland to open the new cycle of market growth. A year and a half ago, we planned this strategy of such growth. Then we are followed by others. That is thanks to the very hard work at all levels and in all lines and marketing. We've started the first marketing operations for the corporate banking a year ago. Today, our marketing plan consists of a dozen or so of components, and we are trying to do all the marketing and sales operations. The market definitely helps us, but we are also doing a lot of organic work to keep developing faster than our rivals. For the first time, I am glad to say that we have a higher dynamics of growth in credits than deposits. Of course, we want to keep this dynamics. In the coming quarters, the rest of the year, we are not worried. Over the macro perspective, the lending action is one of the source of the creation of money, that is deposits. But there are two more elements here. When you look at them all of them, the main three sources of creating money, we should not expect any rapid growth of the relation in the credits and deposits. We rather expect the stability, perhaps a slight growth. There is certainly no limit to our lending action. 63% loan-to-deposit. Well, this is the case. What about the conservative prognosis? Is the upside forecast for two-digit volume growth for the next year? I did not stress that so far. Our prognosis, macro and by volumes, especially the credits, deposits are also, we consider it as lightly conservative, and we see the points when there is no materialization of the risk factors. But if they do not materialize, then the growth, the economic growth, and even more the volume growth will be higher than it is now in our base scenario. That is how we see this balance of the factors. Now, M&A in the CEE region, any potential goals that might change the results? We are not speculating on that too much, but we definitely stress it in our communication that we do want to be more active, especially outside Poland. We can see a strong need to go pan-European. We will build new branches, representations. We follow our corporate customers abroad. We would like to start building at least the first footholds in European countries, and also we would like to consolidate the market. We will have to take care of that development. The market situation suddenly is a good time for acquisitions. Do you think that you might perhaps do something about that in the south, perhaps? Are you interested in any acquisitions, or you are not yet going for that? We do not want to speculate in this area because it does not have a point. But it should be an integral part of strategy. It should support development strategy, and it should not be implemented just for itself. Provoked by this answer, I have got yet another question. Should we understand that the bank would be interested in retail banking or corporate banking in their places abroad? Because the strategy can be understood, because retail sector is stronger within the country. This is the basic DNA of PKO BP. But the concept of growing with Polish companies abroad, that, yes, this is what we are doing because we have accelerated creating these transborder competencies, and we want to develop our branches outside. We will review our military forces. We have got a new member of the board for international banking, and we try to elaborate the diagnosis and then build the structure for organic development of our activities for corporates, for business clients, as we want to adjust business strategies to markets we plan to enter. Andrzej, it is a top priority. Whatever concerns non-organic development is just mere speculation. We just focus on organic development. Well, this is what we keep focusing on. It does not change. Being the largest institution in this part of Europe, we have got team which professionally analyzes all types of scenarios. We analyze the perspectives, what it means to us, what it means to our development and potential accelerations of our strategy, filling the gaps. What does it mean if prospective target is taken over by somebody else, our competitor, for example? Each scenario matters, and it is a continuous work. Another issue is that, of course, the bank refreshes the procedural framework. What it means if we had to face a prospective transaction. So to review all the internal decision-making processes and to be proactive. We would like to avoid the situation in which we have got good idea and target, but we have not examined on how to do that within the bank and which will take us three times as much time as for our competitors. There is a potential, the capacity, potentially, that is option to use. Szymon mentioned that at the very beginning, and it should be said at the very end because we increased the amount of balance sheet of Alior Bank in two years' time. So until the foreign market gives us such potential, we are going to benefit from that. Because our clients want that, we are for them. But we have got expertise, know-how, knowledge, and understanding of some deficit in diversification, like geographically, for example. So different instruments are possible here as well. As you can see, we are going in towards the 30% of retail market and 20% of corporate market. This is our top priority, to maintain this trajectory and to have this business perspective, not for subsequent two, six, or eight quarters, but in a perspective of several years to come, to strengthen the position of PKO BP on the Polish market. Concerning foreign branches, foreign markets, well, as of today, we look not only at geography but also at types of business models, because the paths of traditional growth have been exhausted and they are outside the reach of PKO Bank Polski. It requires very profound analysis, not just receiving potential targets from the investment bankers. So I've got several questions from internet viewers looking more into the future. The first question concerns interest margin. Do we see any place for further expansion in the second half of 2026? Well, we said that we want to have market results flat, of course, with plus trends, but we want to make it flat plus if the market allows. But as we have tried to show you, in the second quarter, we would have the increase of quarterly margin if there was not just this one-off correction. So there is a potential, of course, in the interest market, but we need to keep up to the guidance so the margin gets stabilized. So flat plus, but in a positive direction, positive trends. We will see what happens with interest rates in Poland generally, because it is also external factors like price of crude oil plays a significant role here. Increase of pace of costs. Well, I mentioned that we gave guidance for this year more conservative, so 0.10, so inflation plus. For us, the priority is to continue developmental activities. If there are some changes, we will have to decide whether to keep up to the internal parameter or to implement the initiative which will bring us value. We will be prone to implement the initiative. We have got many incentives concerning current costs, but we have got appetites, but it requires fuel, but it is associated with costs. We have got enough courage so for that, s o we are going to continue that. We will try to optimize or reconstruct the main processes with the use of the most state-of-the-art technologies. We have finalized the testing phase on the national field. In recent weeks, we have implemented, and we have got many agents who automate complaint processes, for example. We work within the regime of several tens of agents who operate, who will make our work automated in this operational area. A lot is being done in this area. Low increments, so increase of cost per bank. A subsequent question concerns customer protection. What is the probability of repeating the reserves of costs or other operating expenses? Well, if interests are concerned, we have explained that it was a one-off problem. We addressed this problem. We have got certain models which indicate customer behaviors, and we have been undertaking many activities to protect customers. We have been doing it for many years. It is nothing new to us. The conclusion of European Court of Justice, for example, issued their decision, so we need to stick to that. We need to stabilize the legal conditions of operations in our country to continue with main activities to all the parties. Consistently, we will reflect it, step-by-step, we know consistently. We do not envisage any essential changes compared to what we have been doing until now. A question concerning costs of loans. 30 basis points, is this a repeatable level? As of today, we do not see any basis to revise this level of 30 basis points. We enter into new segments like Allegro, like Żabka, but these are new clients to us, less risky than external clients who come to us with no information and relations prior to them. They will be burdened with slightly higher risk than our standard portfolio. Since the scale of business is so essential, as of today, we do not think that it will have impact on this level. The last technical question, what is the loss of non-financial assets, PLN 180 million in the second quarter? Well, there are two basic items, main items. One is associated with reserves on equity and loans in Swiss francs, which have not been repaid by clients. It is about PLN 30 million. The second item concerns model of estimating of value in the risk areas. We created 131 as an allowance for this. That much about the questions which have not been addressed before. Thank you very much, and I would like to invite you to subsequent presentations after the quarter three in November. Thank you very much.