Good afternoon, ladies and gentlemen, welcome. I'm Lily, your webcast operator. Thank you for tuning in to our live session today where we will review our half year performance. The results will be presented by Blaž Brodnjak, CEO, Archibald Kremser, CFO, and Andreas Burkhardt, CRO. Before we begin, I'd like to quickly recap how our voice question system works. Instead of calling in, you can ask your question live directly through Zoom. We won't be able to see you, just hear your voice. If you'd like to ask a question yourself, simply type the word call in the chat, and we'll add you to the queue. When it's your turn, I'll call out your name and the prompt will pop up on your screen asking you to unmute your microphone. If you prefer typing your question, you can just type your full question right there in the chat. To recap, type call if you want to speak, or type your actual question if you'd prefer to write it out. Please note the disclaimer on the screen. Now it's my pleasure to hand the floor over to our CEO, Blaž Brodnjak. Good afternoon, welcome everyone. I'm glad to be able to address you again, this time about the half year results of 2026. I'm happy to report that the first half of the dividend has been paid out in June as planned, and looking forward to the second half to be distributed still this year. Following the upgrade into the A rating, which we celebrated at last webcast, Standard & Poor's followed Moody's by the positive outlook. There's another improvement in this respect in terms of recognition of our performance and general shape. We have obviously been consistently delivering against the strategic promises of 2030 forecasts. In this respect, of course, part of the story is organic. Part of the story has always been communicated as eventual addressing of the M&A opportunities. Unfortunately, we were not successful at an attempt of acquiring the Addiko Group, this by all means is behind us and we have been moving on. We have moved on basically practically as we speak, and we'll be of course trying to understand other opportunities. What is important to state in this respect is that, of course, full capital power, strength, and of course liquidity strength of this group is available for the continuation of organic trends, very strong organic trends, and of course addressing eventual other opportunities where they surfacing. We have been also working on introducing some novelties to the market in this quarter, especially with a real estate fund from our market leading fund business, asset management business, approaching 44% market share. Generally, I think this is just demonstration of our capacity of distribution of universal financial services. Financially, Archibald will guide you through the details, we can report a solid growth, be it in terms of total assets, which is partly of course also a function of us prepaying the senior preferred bonds. The other hand, clearly the loan growth is what is driving our business further and year-over-year, 12% double-digit loan growth is a very solid prospect. I'm happy to see this growth also at that levels, basically in Slovenia as well. This comes across the board, from more or less all other markets on average, and client segments, and that's pretty encouraging. Looking at this year alone, year to date developments, we are also more or less looking at expected close to double-digit growth versus the guided at high single-digit of around 8%. I'm also specifically happy that without really a strong incentivization in core markets, we have seen very solid deposit growth, whereby indeed there's been some pressures in specific selected markets in terms of margin compression. Specifically, Archibald will give you more detail, specifically Serbia, Kosovo, and some other markets. Nevertheless, overall, a very solid performance also in the funding space. We are able to fund our own growth with our own sources, consciously keeping self-funding franchises really in a solid state. Net operating income is up, which is a good sign, clearly. Margin has stabilized, which will be obvious a bit later. Cost income ratio is in control, I'm really happy about the cost evolution. We were able to, despite significant investment in improvement of client experience, contain the cost. Generally, looking at the recurring space, here I would really encourage us also later on in the presentation to focus on recurring evolution of pre-provision profits. Looking at the level of result after tax, yes, it's below the last year's levels, but if you look at the result pre-provision in recurring space from recurring operations, it's actually up and meaningfully up, which is pretty encouraging to see. In terms of the margin, I mentioned stabilization. We would now hope to see this not only stable, but gradual evolution upwards. We've been working together with the teams in last half a year basically on gradual uptick in pricing when it comes to housing loans, of course given the change in the rate environment. In general, of course, this change in rate environment is affecting the liquidity reserve book and ability to replace that displacement significantly. In this respect, that's a good sign of stabilization. When we're talking about the normalized returns, they are still at very appealing levels and we aim to keep them at that level. I come to that a bit later on when we're talking about the guidance. Really the dividend payout is still something that we assess as highly attractive. Even at today's prices in the market, we see 6% dividend yield, and that's compared to, of course, other alternative investments with comparable risk profile, and growth pretty attractive and appealing. As said, I will be talking about the guidance. This remains one of the key pillars of the value proposition besides the growth, obviously. By that I would pass the word to Archibald to guide you through some more details, and then later, as usual, Andreas on the asset quality. Thank you, Blaž. Welcome from my side. A few words on macro. You know our region well. In the meantime, things are stable or improving on the real growth front and, of course, that's a space to be watched given the fairly dynamic environment. It remains a robust growth environment. At the same time, inflation is under control, still slightly elevated as in other geographies, but under control. All of that in an environment where fundamentals are strong, continue to be strong. Unemployment, you know the drill, it's going down, single digits in most markets in the meantime. Fiscal balance, fiscal discipline very much in check. I would actually say these are pretty very well presentable figures, by all means. Also the penetration level, so in other words, the untapped potential is still very strong. That's driving our loan growth. Nothing has changed here. By and large, you see loan deposits slowly going up, but by and large, it's still a very liquid market. However, LTDs have come up and you see that here and there also reflected in somewhat more muted loan growth in the meantime, more disciplined loan growth as, of course, loan growth has to follow, especially for us, the deposit growth, so the savings capacity of the countries. In terms of the business, as was mentioned, very robust loan growth year to date, 5%. We are still operating in a high single digit, if not low double digit growth environment. Deposits 2%, that's a bit of a mixed picture a ll in very healthy levels. Of course, that's a space we are getting increasingly focused on to be, first and foremost of all, not just out there with good products, but also with excellent customer service. That's where a lot of our attention and investment goes. Otherwise, still highly liquid, robust, well-capitalized balance sheet. Nothing has changed here, of course. Lots of dry powder still in regards of capitalization levels and liquidity levels. This is still our fortress balance sheet, thank God. Super robust leverage ratio, high levels of equity, cash equity, high levels of self-funding, and well-diversified. Andreas will give you the rundown. Yes, we are still growing strong in loans, as you've seen. Actually, as you see here, across segments and geographies, this is really across the board, very high loan demand. Of course, for us as a bank, given liquidity here and there gets tighter, that naturally leads here and there also to repricings, especially as the rate environment is stable or actually on the long end, going up. On the yield, you see that reflected. Loan yields are also stabilizing, that's what is to be anticipated and expected as there is even talks of further slight rate increases on the short end, but also quite some dynamic in the long end specifically. That would basically support stabilizing, if not slightly increasing loan yields across our markets. On deposit front, that's where a lot of our attention these days goes. It's healthy by all means. Of course, we have been a little bit more focused on loan growth previous years because liquidity was just plentiful. These days, we spend much more attention on maintaining loan and deposit growth in balance and y ou see that by and large, we are very successful doing that. Here and there, it shows up in the price. You see that whereas in Slovenia, actually there is a bit of migration out from term deposits to savings and site accounts. Whereas in other markets, we are seeing a bit of a migration to terms, and of course, that's more costly, which is what you see in the deposit yield dynamics. On balance, very solid performance. Our deposit betas are still very low. All this leads, of course, to pretty robust revenue growth. I'd say we are on a good track also in regards of our ambitions that we present at our Capital Markets Day. You see NII grows 5%. That will be improving further. Also in the second half of the year, as Blaž mentioned, we disposed of some expensive capital markets funding. Of course, with the better rating going forward, as we have mentioned in the Capital Markets Day, there will be uplift coming from refinancing our wholesale funding at better terms, which is another equation we are very focused on. Fee commission 10%, I think this is really nothing to complain about, very robust performance. Indeed, I think we rightfully highlighted success in asset management on our front page because it really is a star performer. By far not done yet, as most of the business still happens in Slovenia, but we have set up operations in Serbia and North Macedonia that are slowly getting started. Cost remains, I would say, fairly under control. 3% year-over-year is, I think, robust and disciplined. We still have fairly high levels of inflation, or elevated levels of inflation, for sure, beyond 2%. 3%, I think, is great performance but remains, let's say, permanent attention area as we continue to invest in not just better customer experience, we also invest in employee experience, head office spaces. We want to build a great bank for both our customers and our employees, that will continue to require investments, but we will remain very rational about those. On the indicators, cost income was mentioned. We are pretty okay with where we are, but these numbers are not static, and they develop. We know that there is a bit of a cost dynamic usually in the second half of the year. Our ambitions, Blaž will talk about it, remain unchanged. NIM, actually slightly going up as you've seen quarter-over-quarter, that's really encouraging and is what you would expect these days with the rate environment as I described. Not to dwell on these numbers too specifically, but to reiterate, margin has not just stabilized but slightly gone up. That's good. NII year-on-year, pretty solid performance, 5%. If you look at quarter-to-quarter, it's even 6%. I'd say we can be pretty okay with that, but of course, that is still area that we actually see potential to grow because the funding pressure will to some extent go away, fade away. As the effects of better Capital Markets Day funding kick in, I think there is room to grow even faster, as we indicated also on the Capital Markets Day. We are pretty bullish on NII, and it comes actually from all dimensions. You see corporates, individuals, securities delivering nicely. As said, a bit of that is eaten up by higher deposit costs, but we expect this to stabilize. The sensitivity is these days really fairly low. I guess in our lens, that's a good position. Of course, we look at that frequently and might change our mind at some point, but for the time being, we believe that's a good place to be. I talked about very solid fee and commission income. Blaž set a focus on the recurring parts of the equation. That's 10% growth. It's across the board, payments, and of course, particularly good performance in investment funds and bank assurance. I remind you, we have rolled out several features that make these products now even more accessible also on our digital platforms. We combine great product excellence now with even broader distribution capacity. We used to sell this mostly in branches. Now we can sell it over the mobile phone. I think with that, we are pretty much on par in our digital UX with what you would expect from a modern bank these days. All of that, as said, drives good performance in fee commission income. Again, we are still operating somewhat below potential because indeed there are areas where we can do better. Cards, ATMs is something we are focused on these days. There's plenty of potential to further penetrate our customer base with lots of value-added products. Costs, I discussed. I think good discipline across the board. Again, this is for sure not yet affecting any of bigger potentials in regards of automation because there are still quite a few untapped potentials, and AI is not even a serious debate other than in punctual deployments and of course broad-based as a self-service. As a capability, I think there is still a lot to go, and in that sense, this cost function is okay, and we need capacity to invest, as I mentioned earlier. We also need pockets of rationalization. I think at the moment, this is a pretty well-balanced equation. Capital is, of course, given our successful raises last year and this year, very robust. We didn't spend it on the acquisition. We maintained a solid but disciplined payout equation this year, 55. We set towards 60, so in other words, we see upside. Of course, this is also very valuable dry powder for potential acquisition opportunities. By that, I pass over to Andreas Burkhardt on asset quality. Archibald, thank you. On asset quality, actually pretty much of the same. Very controlled, very stable development if you look big picture. As you can see on that chart, as Blaž and Archibald both mentioned before, solid loan growth basically in all areas. If you look a little bit deeper, there are some ups and downs. I have to say I am considerably more happy this year with retail in Slovenia. Last year, we were a little bit high on gross cost of risk, we were working on models and getting a little bit sharper. That works well, that looks considerably better. Where we still see inflows from a provisioning point of view is actually corporate Slovenia. The old kids on the block making actually good progress in restructuring, but that's a way to go. Here, no bad news. We have one, two new cases which catch my attention. You see this since we did a lot of staging last year, you actually see it now more in the provisioning than in staging. In that sense here, of course, stage two, as I just said, corporate slightly up, retail actually exactly flat. In stage three, the effect here in corporate has to do that one of the bigger cases we paid a third of the exposure from disposal of some non-core assets. That's actually a good part already of that. Very stable here. Of course, our loan portfolio is well diversified. Nothing much has changed here. From new business, there is a lot of wholesale and retail trade, renewable energy projects, which we anyhow like, and construction business. Overall, big picture stays, of course, pretty similar. We at one point of time, were showing you automotive because that was a little bit of an increased attention. Actually, very much unchanged, th e only area where we see some problems, that's the manufacturing. There are no news compared to what I have told you already. We have here two sizable cases from last year. Actually, one of them is the one I mentioned to you before where we got the repayment. That's actually good. If you look on total volumes of non-performing loans, we are now at EUR 460 million, that's unchanged 2% of the portfolio. Almost half of that is actually with zero delays, they are therefore unlikely to pay trigger or some of them, of course, there are some standstills. When we look on coverage ratios, they are now again going up. We were end of last year actually slightly below 50. Now we are again at 53. That's anyhow very solidly above EU average. Now again, fully in the range actually which we see as healthy. If you look on the provisioning side, as I said at the beginning, here you see some movement. The portfolio development in the first half of the year was EUR 48 million. It's not that small. On the other side, we see still, for me, a little bit surprising, actually still quite good repayments from off balance. Overall, what you have to see is on IFRS 9, also here, overall picture very much flat. If you look inside the effects which we saw last year was in retail and corporate Slovenia. Now you see reflected in the provisioning. Here we have some charge, whereas in the rest of the group, some relief. Overall, basically flattish, that overall brings you to EUR 32 million impairments. Since we are now on a EUR 20 billion loan book, that's obviously exactly 32 basis points cost of risk. Looking forward, if you ask me, I'm really expecting that this year we will be in the range of guidance of between 30 and 50 basis points cost of risk. I'm optimistic that we will be in the lower half of that, whether we will, like last year, do the trick then at the end to stay slightly below and I'm a little bit skeptical, so w e see some inflows. If you ask me, we will continue to see that. On the other side, it will stay very controlled, very stable, no big surprises and g iven what is the macro environment all around us, I think that's actually a good news. With this, I'm handing back over to Blaž. Thank you both. The summary is that we have been, of course, performing against expectations, more or less in line with expectations, and towards the guidance and the research consensus. It's another year of strong performance. We have, as said, in the M&A space, tried to make a breakthrough with one bigger acquisition. We simply have moved on, as said, and I'm consciously wearing today the heart of Sarajevo because this endeavor has actually forced us to focus again. We will simply, in the upcoming midterm period, given the fact that the doors to Croatian market seem to be shut until there is any mutual agreement between both governments, focus on domestic turf, Slovenia, and above all, really become even stronger specialists for the Western Balkans. We have been talking about our desires to enter the last missing Western Balkans market, which is the Albanian market. We have, of course, not been hiding our ambitions to solidify our position in Federation of Bosnia and Herzegovina. We will, of course, address eventual opportunities coming also from the asset management captive insurance space, be it in Slovenia, be it in, of course, other countries of our presence. In this respect, I believe this is fully in line with our strategic guidance and strategic framework. Organically, we are showing strong performance. Organically, we are moving on. Through the M&A, we believe there will be opportunities down the road. In this respect, we believe it's still worthwhile retaining certain reserve capacity in our capital base. Nevertheless, we've told you last time around, and within, of course, our Investor Day presentations, that we might be stepping up the dividend payout towards 60%. This year, we are still operating with a 55% of last year's profits and to be paid out in December as usual. Next year might consider obviously stepping this up somehow towards 60%. All of the indicators here in the outlook seem to be achievable from today's perspective. We are firmly standing behind them, give or take, right, minimum deviations. There's been a very strong Q2, and in this respect, as mentioned, some one-off improvements, be it in our structure of funding base, be it in, of course, rate environment overall, be it still fueled by strong growth. We believe that clearly this is not only achievable, but we might here and there in these rather corner positive surprise. Overall, we feel strong and confident. We are, of course, equipped with capital base and liquidity strength still, and we have a clear understanding of how to move on. As said, if you cannot make one step forward, you maybe make one step back, but then you make two forward. From today's perspective, this seems to be something that we are looking forward to, actually. Thank you very much for, as always, being with us on this journey, and by that, I would open up room for questions. Yes. Thank you, gentlemen. We are now ready to take your questions, dear viewers. Let me just quickly repeat how you can do it. If you'd like to ask a question in person, type the word call in the chat and we'll make sure your call is placed. When it's your turn to speak, I will say your name and a notification will pop up on your screen asking you to unmute your mic. If you prefer to ask your question in writing, just type it in the chat and I'll read it for you. We do have our first question today in the chat, so let me read it. It's from Dan David with Autonomous. Can you talk about your priorities in credit markets in the second half of this year? You haven't refinanced a recent senior call. Separately, would you consider covering the November 27 tier two call early, given the strength of markets? This is the first questions. There are two more questions from the gentleman. On the credit market, I would say it's more of the same. I leave to colleagues to elaborate further. I don't see particular dynamics that would stick out from today's lens. On the bond refinance, we monitor and observe capital markets every single day. Obviously, we will not jump to conclusions. Markets are strong, remain strong, and in that sense, we put a lot of effort in keeping constant dialogue with investors. Nothing to jump to conclusions, but yes, in the second half of the year, we'll get very focused on the sub-market. Of course, subject to if M&A were to happen anywhere, of course, we would immediately rethink our funding plans and possibly size up or accelerate. For the time being, it's a regular refinance coming up next year and towards second half of the year, we'll start to basically prepare ourselves. The rating, I think improvement plus the continuous, let's say, convergence of our spreads to markets and peers will probably remain. Of course, we will do the legwork in terms of investor our work and making sure these books will be well-filled when we call the market. Great activity, more or less. I can only add we will do more of the same, just following what Archie said, which is focusing on retail, housing lending as an anchor product, account and housing loan to me is an anchor product, obviously, with all the ancillary products coming to it. Corporates, we of course do, but we do this consciously, conscious to the capital allocation,so i t has to be risk adjusted. We are not interested in high volumes at low prices just for the sake of growth. More or less, a high diversification pattern is to be followed, which is ideal distribution more or less of almost half of the home turf, the other half out of the home turf, and it's approximately 53%, 52%, 53% retail, the rest corporate and SMEs, across all of these geographies. Having more or less critical mass market shares in all of the markets, with the exception of Federation of Bosnia and Herzegovina, where we have been growing in specific niches and focused niches like housing loans to 11% already. It is simply doing more of the same. Thank you. Now the second question. Can you provide details on the drop in corporate deposits in Slovenia year to date? Well, this is pretty shopping market, right? That's a lot of shopping around, and corporates are pretty flexible when it comes to 10 basis points here and there. We've never seen these deposits as sticky. What we are really focusing on is account and account balances and payments, right? Some short-term or longer-term deposits are to us already a question of what makes sense and what doesn't make sense, so w e don't see this as a critical development. We believe this is a well-controlled development. We could, of course, always pay more and attract more deposits, but they have to be deployed productively, and as long as there is no more need, we simply don't do it. Thank you and t he third question and the last question. If no new M&A target is found, will you pay out excess capital? If so, when? As we've kept saying, as long as there was no vision within 12 to 18 months on potential productive allocation of capital, we could of course always consider paying out the dividend. We are stepping it up as a signal towards 60% from 55. Generally, from today's perspective, we believe there would be targets. I can't be more concrete than that, but I can only state that we believe there will be targets in pretty short term, which might justify, of course, keeping the reserve and the buffers. If there were more M&A activity Archibald signaled, we might even think of potentially accelerating some of the funding program in terms of capital instruments. We are not saying we would, but if there were many opportunities coming our way in a more unexpected pace, we of course also could and should and would. Currently, we believe we are just about right positioned to be able to address opportunities and at the same time keep the high dividend payout. Thank you. Now we will take our first voice question. With us is Mr. Dodig Mladen with Erste Bank. Mr. Dodig, can you hear us? Please go ahead. Mr. Dodig? Okay, we have another caller. Can you hear me? You're with us. Sorry. Yes, go ahead. Sorry. Good afternoon. Thank you for the call. Congratulations on the results. Well, Mr. Blaž Brodnjak already maybe answered my questions regarding the maybe muted growth, loan growth in the second quarter, where you said you will not be chasing volume just for the sake of growth. Maybe we, the analysts, are too spoiled to see that the region has marked very nice momentum, kept a nice momentum in growth, and you kind of visibly slowed down. Can you add something else to what you already said? I'm sitting here in Serbia. I have seen quite a nice quarter for the sector, and you are lagging behind. Yeah, you know what I'm asking. Yes. Compared to other banks sitting on subsidiary LTDs of above 100, we have a multiple point of entry MREL approach, and we simply stick that our subsidiaries are self-funded, right? When we demand from them to remain the self-funded position, of course, they have to make sure that there is balanced evolution of loans and deposits. We don't simply let them go berserk with high volumes of lowly priced corporate or public sector lines. We really want them to focus on what is the gist of long-term sustainable growth, and that's retail and SME business. This is the answer to your question. We don't tolerate LTDs well above 90%, simply. We simply don't tolerate it because it's opening up risks, which potentially can compromise on the entire MREL context of the group. This, we simply, as a group, will strategically not allow it. That's why we are happy with the growth at not necessarily 25%, and it's maybe 12, and it's funded by own means. That's the answer to your question. Can we expect that you might restart sales, a little bit aggressive sales now with these campaigns for deposits? I'm thinking here locally, but I would say that it can apply to other geographies, right? Yes. We've had this challenge in Serbia, as you know, because the system-level loan-to-deposit ratio went up significantly in a couple of years, right? We've had comparable pressures in Kosovo and North Macedonia and recently in Montenegro as well. We simply don't entertain this. Just growth for the sake of growth, we don't believe is a productive way of deployment of capital, while it structurally, potentially, is challenging, of course, your MREL context and robustness of the whole group. Right? In this respect, we are simply being responsible to the capital. We like the growth, but it has to be risk-adjusted priced, and it has to be sustainable in funding terms as well. I guess now you keep the guidance in high single digits year-on-year. Yes. If you look at the 5%, it's still 5%, right? Is it going to be then eight or 10? 10% growth, we claim, is a good growth. It is a controlled, good growth with smart pricing. In Slovenia, we are observing we have some 30 basis points higher pricing in new production than others. In single months, we are maybe having new production below the natural market share, but we were the first, as always, as a market leader, you start moving up with prices, and some other players follow with some delay. We cannot, as a market leader with 33% market share in housing loans, imagine once we publish new rates, you will never be, in published rates, the cheapest. You will always be the most expensive because everyone else is positioning himself or itself just five basis points beneath you. It's really about the actual rates you transact at, not the published rates. Of course, that's a common paradigm challenge of market leader always in such markets. We are sitting on 37.4% market share of sight deposits of households in Slovenia. Imagine this strength, right? We don't have to compromise on pricing just for the sake of growing. Of course, we will not let good clients go. That's why we have, of course, internal pouvoirs, where, of course, we can decide differently. When it comes to high volume business, which is usually driving the total growth of the market, which is large tickets in public finance, for example, in Slovenia, where we see some international competitors going really ridiculously low with pricings. This is not something we are interested in, simply because it doesn't make sense. This is counterproductive. Okay. Thank you very much. Welcome. I would just add, Mladen, this is a marathon, not a sprint. It's easy in banking to sprint. We are on a 2030 marathon, and the 10% growth annualized would be perfectly fine. Thank you. Thank you, Mr. Dodig, for your question, and we have another caller. We have with us Mr. Jovan Sikimić from ODDO. Mr. Sikimić, are you with us? No, not yet. Okay. We'll give it another try. Mr. Jovan Sikimić. Maybe. Yes. You can hear us? Yes. Good. We can hear you. Please go ahead. That's great. Thanks a lot, gentlemen, for the call and for taking my questions. I just have one or two. Capital was, I think, flat, right, quarter-to-quarter, despite the growth, and RWAs were also stable. Did you already put in place any relief measures? I think you talked about them on the Capital Markets Day, any reason, actually, why risk-weighted assets did not grow in Q2? No, there is no relief measure in place. The SRTs are coming up, but not earlier than next year. Okay. Mid-next year. What you see is ups and downs of things that stack up some quarters in different ways, from Op Risk to here and there, models to NPL. No, there is no particular thing behind. Interesting. Okay, great. I think we touched once the topic about these Swiss franc issues in Slovenia. Anything new on that front yet, or? Well, there's been certain adverse developments in Slovenian courts, obviously, not actually allowing the banks even to charge regular interest in case the loan is annulled, which is, in our understanding, totally absurd and total breach of the basic logic of lending as a whole. This might, of course, have final answers, maybe even in international courts in years from now, and will require from us insight into the methodological framework used. We might see some uptick in provisions from this angle, but it should be within the framework of reasonable. I can't be more precise than that. Okay, fine. Great. Thank you. Welcome. Thank you, Mr. Sikimić, for your questions. Now we are moving on to another caller, Mr. Will Kelley. Mr. Kelley from Frontaura Capital, are you with us? Can you hear us? Yes. Can you hear me? Yes. Excellent. Please go ahead. Yeah. Thanks, pleasure, everyone, for the call. I just wanted to ask on the 2027 recurring revenue target, is that purely an organic number? Then just looking broader at the 2030 targets, how much of that can be done organically and, moving past Addiko I know you spoke about some of the areas that you would look at, but maybe you could provide just a little bit more color in terms of the size of any one of these acquisitions. Yeah. 2027 is purely standalone. 2027 is really organic. 2030 is in the ballpark of 80%-85% organic, and the rest is envisaging certain, of course, strategic bets and an M&A. I hope this response is somehow to your question. Corresponds. In principle, as said, 2027, we believe we are getting there from what we see today without transacting. 2030, we have firm belief that, in the upcoming couple of years, we will be able to, here and there, pull off a transaction in either banking space, leasing space, whether asset management, captive insurance. Predominantly banking, of course, would add to this capacity. 2030 is to some, I'd say 15%-20% somehow betting on M&A, otherwise organic. Okay. Understood. Thank you. Very helpful. Thanks. Thank you, Mr. Kelley. Now we're moving to chat-submitted questions. We have one from Private Investor, and the question goes like this: Can the management please comment on the decrease in interest margin in Bosnia and Serbia? What is driving this margin pressure on the funding side, and what is the management's outlook on this topic? We alluded to the, let's say a bit, fight for deposits in Serbia. This is happening. It's a market where liquidity is getting tighter, and that simply drives pricing up. You've seen it in the share of term deposits across our subsidiaries going up visibly. This still funds a very profitable loan growth. In that sense, a bit of a margin drop is no drama as long as revenues go up. Fact is, in Serbia, we observe even a slight drop in revenues, given that last year they had extraordinary growth in loans that now have to be funded after the fact to some extent. This synchronization creates a bit of revenue volatility for Bosnia. I would say it's not something that worries us. We have two different entities in Bosnia, one operating very strongly, and the other one, Blaž said Sarajevo, is our uphill struggle, where we fight for a place in the market. I claim quite successfully here and there, but it is a position of a small player. Of course, a small player is to some extent the price taker. Here we carve out niches that are, I think, working very well. Housing was mentioned. For the rest, we also accept that we are not probably a competitive player in large corporate tickets in a market like Bosnian Federation, simply because we are too small for that. It is a bit of a mixed bag. Broadly speaking, Slovenia performing very well. SEE markets here and there, a bit of a transition year, 2026 and 2027. To the previous question on outlook, yes, we believe this will stabilize in 2027. Thank you. The next question is from Antun Horvatić from Allianz. Congratulations on another strong quarter. I have a question regarding the asset management segment. Ilirika and InterCapital have listed ETFs on Ljubljana Stock Exchange. Is there room or ambition for NLB Skladi in that space? Do you plan to enter Croatian market in asset management? Since asset management falls under the different regulator than banks, it should be easier. The Skladi have introduced couple of novelties, like alternative funds and real estate funds, and I am sure that Luka and the team are, of course, closely monitoring also other alternatives. I would not exclude, obviously, them trying to issue some other stuff as well, even in a shorter term. When it comes to the interest for Croatian market, look, this is for us, as always said, extremely important bridge between Slovenia and Western Balkans countries, geographically and sentimentally and culturally, and after the more or less shift of the border control regime to Bosnian border and introduction of EUR as a legal tender in Croatia, that is one market. For us, it is unnatural not to be allowed to play in this one market. Simply unnatural, especially since, of course, Croatian players have been allowed to play in Slovenian market unlimitedly. If you look at the food processing industry, it is predominantly Croatian ownership in here. I also believe it is irrational not for allowing us to play, but this is to me a political question, of course, we cannot resolve, and we can only hope for it to get resolved. We are present with leasing operation, and we are happy with the trends. Slovenian, Croatian leasing business has become even larger than Serbian business already in a pretty short term, so it is becoming important for us. Whereby, of course, in captive insurance space and asset management space, this is definitely something that would be of interest. I can obviously state if there were any reasonable opportunities for us to invest, we have NLB funds as 100% proprietary held business. We claim professional and skills to be able to pull this off. After all, we bought the asset management business from Generali North Macedonia, embraced it very effectively, and performing well ahead of plans. If there was any opportunity to buy an asset management company from your regular asset management space, I'm not that sure about the pension space, but maybe even there. This is definitely something we would be willing to look at. We don't want to impose ourselves to someone that doesn't sincerely want us, frankly. That's also a message to our Croatian friends. We don't want to be hated. We believe we bring friendship and business, not hatred. Thank you. Also, ladies and gentlemen, thank you for all your questions. As there are no further questions at this time, I will now hand the conference over to our management for closing remarks. Thank you for joining us today, and have a wonderful day. Thank you very much. To what we all said, there's nothing much to add. We're just happy to report that today also, the three management board members got vetted for another mandate. The three of us have, from on the 6th of July this year, actually assumed a new mandate for a five-year period, five-year term, and the new colleagues will also be with us for the upcoming almost six years. This has introduced now a midterm stability to a more or less consistency to the 2030 aspiration to be delivered. You can count on a stable and fully motivated and really energy-driven team to pull this off. Once again, just to wrap it up, thank you for being part of this wonderful journey with us.