Hi, ladies and gentlemen. It's 9:00, so we're starting. My name is Agnieszka Dowżycka. I'm in charge of Investor Relations at Erste Bank Polska. I want to welcome you to our press conference for financial results after the first quarter of this year. We're doing it for the first time as Erste Bank Polska after the rebranding that happened over the weekend. I'm here with Michał Gajewski, the CEO, and Maciej Reluga, Vice President of the Management Board at Erste Bank Polska. Let me remind you that throughout the conference, you can send out your questions by email. My email address is agnieszka.dowzycka@erstebank.pl. You can ask your questions using the link. Michał, over to you. Thank you, Agnieszka. Welcome, ladies and gentlemen. Good morning. I'm happy to have you join this press conference. Just like Agnieszka has said, this is the first performance presentation we're delivering as Erste Bank Polska, and it's a symbolic moment for us. It marks the start of a new chapter with renewed energy and the values that come from being part of the Erste Group. In a moment, we will walk you through our financial results. Before that, I would like to highlight that the first quarter was a period of very intense work related to rebranding and integration with the Erste Group. It was one of the most complex operational projects carried out in the Polish banking sector, and the process was delivered on schedule in a safe and stable manner, and what's most important, it was seamless from the customer's perspective. Our focus remains firmly on our customers and on the continued improvement of our offer and service quality. Now, turning to the results. Gross profit for the first quarter amounted to PLN 1.86 billion. Over the same period, our tax and regulatory charges totaled PLN 1.423 billion. The net profit for the first quarter reached PLN 1.028 billion. We'll now be moving to slide four with the information on customers. We have more than 6.1 million customers. We currently have 4 million digital customers, nearly 5% more year-on-year. The vast majority of them, 3.4 million, actively use our mobile application. This represents an 8% increase year-on-year. At the end of March, customer deposits amounted to PLN 228 billion, while customer funds, including investment funds, totaled PLN 259 billion. The gross loan portfolio stood at PLN 172 billion, and total assets reached PLN 304 billion, all in zlotys. Slide five. As mentioned earlier, net profit after the first quarter and net interest income reached over PLN 3 billion, net fee and commission income PLN 772 million, representing a 6% year-on-year increase. This was a record quarter for this line. Total income was close to PLN 4 billion, higher than a year ago. Despite the decline in interest rates over the year, total income is slightly higher than a year ago. We maintain a strong capital position with return of equity of approximately 20%, so an attractive return for shareholders. Excellent liquidity. LCR at the end of March exceeded 200%. Slides six and seven, when we talk about the business and customers in numbers. In retail banking, we currently maintain 4.9 million personal accounts in zlotys, almost 2% more than a year ago. In the first quarter alone, we opened 132,000 new accounts, an increase of 18% year-on-year. We granted PLN 3.9 billion in cash loans. This is 35% more year-on-year. This was a record quarter for cash loans with a record monthly volume of over PLN 1.5 billion in March. We never had such an excellent sales result in cash loans. Mortgage lending in the first quarter is amounted to PLN 2.6 billion, including over PLN 1 billion in March alone. Retail investment funds reached approximately PLN 30 billion, up 28% year-on-year, a very good result. SME, we opened over 22,000 SME accounts in the first quarter. That is 9% more than a year ago. We extended PLN 1.4 billion in loans to SME customers. That's up by 12%. We continue to expand digital lending process for SMEs. The volume of loans granted fully online increased by 126%. Corporate banking. Customer activity in remote channels continues to grow. We also recorded a 9% increase in loan volumes, an 8% increase in credit limits in this segment, we can clearly see we're seeing an improvement in customer activity in the segment. CIB, that is Corporate and Investment Banking. We delivered very strong investment banking results, We further confirmed our leading position in the market. Slide nine, gross loans. We're moving to the balance sheet. As you can see, at the consolidated level, solid growth, 7% year-on-year. This line amounted to PLN 172 billion. In the appendix, that is slide 26, we show the continued strong performance in new loan origination. You should especially look at the cash loan sales. Now in customer funds, PLN 259 billion, while the deposit alone totals PLN 228 billion. Deposits of personal clients increased by 4%. Now this is an important piece of news because current deposits are growing by as much as 10%. As a consequence, the mix of deposits changes favorable for us. At the end of March, term deposits accounted for 26% of total deposits, while a year ago it was nearly 34%. Investment funds reached the level of nearly PLN 31 billion at the end of March, and that was the growth by 23% year-on-year. Profit and loss, slide 11. Let me start with net interest income. It totaled nearly PLN 3.1 billion, and it was lower than a year ago by 3.6%. We all know the reasons. Interest rate cuts. The decline in interest income is offset to some extent by the quicker decline in interest expense, which reduces the pressure on this line of our profit and loss. On an annual basis, interest income declined by 8% while cost by 22%. Interest margin in quarter one was 4.53% and reduced by 11 basis points primarily driven by the interest rate cut from the market. Now net fee income all-time high, PLN 772 million. There is a clear improvement year-on-year, but also quarter-on-quarter we can see a growth of 3%. We are happy with how active our clients are. We can see that there is a lending growth. There is also growth in fees for asset management, brokerage activities, for loans, for FX and cards. This is an important element of diversifying our income mix given the falling interest rate environment. Slide 13, our income. For the seventh quarter in a row, our income totaled close to PLN 4 billion. Once again, despite the declines in interest rates, we can see income staying sound. In Q1, the total income increased year-on-year, which of course is really good news when it comes to the top lines of income statement. The mix of income reflects the expected shift. We have a shift from interest to non-interest income. We have more favorable, in my view, diversification of income sources. What is important, non-interest income in total income, that share increased by a few percentage points up to 23.3%. Slide 14, operating expenses. PLN 1.7 billion in Q1. Of course, there were many one-off factors impacting that. First of all, the contributions to Bank Guarantee Fund. There is a significant difference in that levy. Of course, that was also impacted by the cost of integration and rebranding. If we strip it off all these elements, quarter-on-quarter costs increased slightly by 0.2%. What is important, just to preempt your questions, in quarter one the integration costs totaled PLN 24 million, while the cost of rebranding. You could see that reflected on our branches and our app. That was PLN 67 million. Slide number 15, net balance of provisions. On the consolidated level, that balance was PLN 144.5 million. The cost of risk, 37 bps. That means staying at a group with a level. The quality of loan book is good and resilient to what is happening in economy. The key risk factors have been stable. The NPL 3.6%, and that's improved compared to what we saw a year ago. Last year it was 4%, let me remind you. We haven't witnessed any significant run-off that would impact the net balance of our provisions. As you can also see, we sold non-performing debt worth PLN 164 million, and we gained, and our gross gain on that was PLN 53 million. Wrapping up, slide number 16. PLN 1.8 billion in gross profit. Of course, taxes much higher. That is why our net profit was PLN 1.028 billion. Of course, we had the cost of legal risk and foreign currency mortgages of PLN 166 million. Our effective tax rate was 42.2%. When it comes to our business, we could find net fees really good sales and the activity levels of our clients. We actually captured the business momentum really good at this Q1. Of course, we can see growth in all activities in remote channels. We have a good growth when it comes to new clients. We acquired 14% more clients in the select segment. That is the segment for affluent clients. We saw the growth by number of clients by 15%. This year had started very well. We are now embarking on a new stage. We have a new brand, but we keep our high effectiveness. Of course, we want to build on the tradition of Erste Group. This way we want to strengthen our market position. That's it from myself. Now the floor is yours. Agnieszka, do we have already any questions? The first question, let me actually cite it, is a general question to you. How is integration with Erste going? Well, of course, I can still remember. It's not the first radio we are fighting in. We've experienced that with Santander before. In my opinion, this integration is going really well. We can see both the trust of the shareholder to us. We also can see that we are showing the best practice. That we are listened to. It's not only us who is listening. In my view, the integration is going smoothly. We do it in a professional way. I would say that's it. There are also questions related to macroeconomy. There are a few questions about the cost of risk, about Swiss franc and net interest income and cost. Let me start with macroeconomy. There is a question about the inflation and GDP and the impact of conflict on the Polish economy and what will be the impact of all that. Well, quite a lot of, quite a lot of things have changed since the last meeting we had. We do not always present the scenarios because all depends on the length of the conflict. There is a scenario of a slight risk in which the GDP growth declines by a few percentage points. For the time being, we are moving more to the other scenario where we reduce the GDP from 3.8%. Inflation stays not changed. We know this is the effect of the actions taken by the government. This is all the follow-up of the growth in commodity prices. The inflation is going to roll, we envisage that maybe one more cut by 25 basis points, that will be without change. The dynamics of the loans and the deposits, roughly 7%, maybe the loans will grow quicker like to date. There are many risk factors. The cost of risks, of course, this is all driven by macroeconomy. We do not change our macroeconomic outlook, our guidance remains unchanged. If the stress testing scenario materialized, we would be moving towards the upper end of the band. For the time being. When it comes to retail customer, what was happening in the quarter one when it comes to credit card payments, there is not much change when it comes to customer behavior. When it comes to businesses, it seems to us that the starting point and the financial condition at the moment makes us not to see too many threats, at least in the macroeconomic scenario that we find. Even if it was to be a bit worse, it seems that the cost of risk should be under control. If you have any more dynamic or detailed questions, please go ahead. Question about Swiss franc. It’s quite a general question. Of course, you have a lot of information about that in our financial report when it comes to disputes we are having. I can say that we are actually consistently progress in making settlements with clients. We try to find solutions satisfactory for both parties. At the end of March, we signed more than 13,000 settlement agreements. We also give you the cost of those solutions. In 2026, and that's all available in our report, we can see that the claims when it comes to FX loans, that the number of claims has been declining compared to previous quarters because now it's roughly 12,500 cases. When it comes to the coverage ratios, we have it nearly at 184%. Given the last decisions of the European Court of Justice with regards to the free loans, that actually went unnoticed. The European Court of Justice clearly stated its view on a free of charge loan or free of charge accommodation. That was clearly stated, and the risk is eliminated. It was confirmed. Let me remind you that we were also pursuing the same strategy of actually interrupting the statute of limitations. In its last decision, the European Court of Justice confirmed that it was justifiable to reject those claims. We think it's a big success of us that we followed that route. When it comes to the dispute for the principal of the loan, it seems that the last decision of the court makes settlements more attractive because of all that. This is a quick and predictable conclusion of the dispute. There is more optimism after quarter one. Also because you have more decisions. Okay, thank you. Next question about net interest income and net fee income and our expectations. As you might know, we don't give you any precise guidance on what is going to happen. I think we provide you quite a lot of information every quarter. You could actually project those lines. We were talking about mixed single-digit dynamics. Up in quarter one it was 6%, as expected. The net interest income is a more complex story. If you take a look at our guidance from previous years, the sensitivity of the net interest income to a cut of 100 basis points with the stable balance sheet is in the order of PLN 250 million. The growth in the balance sheet should actually neutralize that, and that's all reflected in net interest income. If you look at the net interest income over the last five quarters, there are no big changes. The net interest margin compared to the last year, 40 basis points lower, but the interest rates were cut by 200 basis points. We communicated. I don't think there is anything coming as a big surprise. The share of loans with the fixed rates in total loans stays as we communicated last quarter, over 60%. Now it is worth adding it because sometimes. Why it stops at the 58%, 60%. This is due to structural reasons. We also have part of the portfolio with short tenors. We also have some short and long based on one month WIBOR. Some of the cash loans are based on regular rate. We keep part of the portfolio as a buffer for prepayment. In the future, we shouldn't expect much. Of course, we will take efforts to neutralize the decline in duration of our hedges. We want to keep the effectiveness high. We have another question about costs. What will be the dynamic and the cost of integration in 2026? How will they be distributed? I'll take this one. The cost of integration, apart from the rebranding costs amounting to PLN 250 million, we've communicated those, we'll have an equal amount applicable to integration this year. This is of course an estimate, this is considered a maximum amount. We will provide more details in the next quarters. Maybe now I'll tell you how the cost of rebranding will be distributed. In Q1, that was about 1/4, in the following quarters, it will be slightly different. We assume in Q2, it will consume about 50% of the total amount, 12.5% in Q3 and 12.0% in Q4. Apart from the amount that is included in the report for the first quarter, we can assume that cost will be distributed evenly. We don't have any more detailed estimates in terms of amortization. Well, most of those costs are related to OpEx. We might still see something in 2027, and we'll of course inform you accordingly. Total costs. As you see in the first quarter, the one-off, not only rebranding and integration, but primarily BFG, they impact the dynamic of cost. If we exclude them, just like Michał has said, then quarter-over-quarter, the cost line is not changing. This year, the total cost increase will be about 4%-5% if we exclude all the one-off items. There's also a question regarding consumer loans. We don't charge interest on the cost of loans. We have not been doing it for years, despite the fact that since 2014, the regulations. We believe that the verdict of the European Court of Justice is contradictory to the standing of the European Council our government presented before the European Court of Justice. We have the verdict in place. The European Court of Justice said that charging interest on the loan that was allocated to the non-interest part of the loan was not allowed. At the same time, the value of money and time exists. We're still analyzing the verdict and what it could mean to us. More likely there will be no questions submitted before the court. In February, according to the verdict, the free loan sanction could be applied in specific circumstances. This case is still pending and will still be subject to interpretations. We have the second after the verdict of the court of the second instance in 2023, we've already won three cases in that respect. We will see how this evolves. We have another question about the capital and issuance. How will the fact that the group will no longer be subject to the TLAC requirement following the change of the strategic shareholder affect the bank's capital policy? We're not subject to TLAC. Of course, we're bound by the MREL requirements. They're lower than TLAC, and in short, this means lower issuance. Most probably we'll do them in August. The amount, I can't really tell you. This depends on the growth of balance sheet and the risk-weighted assets, and we will decide on the amount closer to the date, whether we do it domestically or outside of Poland. This will depend on the market conditions. This will not be an AT1 issuance. Looking at our capital situation, we don't need that. That issuance will be senior non-preferred, most likely. In terms of capital, yes, we still believe that the capital surplus is solid, capital levels are high. We'll be in contact with the regulator. In terms of retained earnings, that's clear. For the years where the criteria were not met, they will be retained in the capital. Our capital ratio is high, to address the growth that we see, we have the capital for that, and the surplus is high. We'll definitely be talking about it in future. Those are all the questions that I've received. We can close the conference. Of course, I want to remind you, whenever you have questions, you can contact us offline. Thank you very much. Thank you for your questions. Have a good day. Goodbye.