Ladies and gentlemen, thank you for standing by. I'm Paulina, your Chorus Call operator. Welcome, and thank you for joining the Yapı Kredi Conference Call and Live Webcast to present and discuss the Yapı Kredi first half 2026 financial results, conference call, and live webcast. All participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a question-and-answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Kürşat Keteci, CSO, and Ms. Hilal Varol, Head of Investor Relations and Strategic Analysis. Mr. Keteci, you may now proceed. Thank you. Good afternoon, and thank you all for joining our first half 2026 earnings call. I would like to start with our recent strategic initiative announcement regarding our asset management activities. We have signed a partnership agreement with Azimut Holding Italy. This transaction is expected to create first of its kind strategic partnership in Turkey's asset management sector. Our partnership includes sale of shares in Yapı Kredi Asset Management and, most importantly, 15 years exclusive distribution agreement. Azimut is an independent global asset management group that operates in more than 20 countries worldwide, with again, more than EUR 150 billion AUM. This partnership underscores Yapı Kredi's ambition to pioneer the asset management sector on top of the organic growth potential. We, as Yapı Kredi, will continue to serve asset management products to our valuable customers with robust, widespread, and digitally capable distribution network. Azimut will put its international investment expertise, product development capabilities, and entrepreneurial asset management platform. As a result, we will be offering our customers a broader, deeper, and more sophisticated range of investment solutions while continuing to deliver the high-quality service they expect from Yapı Kredi. Our customers will continue to benefit from existing products of Yapı Kredi Asset Management and gain access to an innovative range of asset management solutions developed with Azimut's global investment capabilities. That's the reason why we are saying this transaction is first of its kind strategic partnership in Turkey for this asset management sector. As you also followed, total estimated value of the transaction is around $425 million, assuming that the transaction will be closed at year-end, and which means an adjusted P/E multiple of 11x based on 2025 results. The transaction will strengthen our capital base close to 70 basis points for our capital calculations. Lastly, and most importantly, I would like to add that this initiative is not a one-time transaction we did. It is part of a bigger strategic plan we are working on. This strategic plan targets to achieve undisputable leadership in the market and write another landmark story for Yapı Kredi as we did before. Within this plan, there are other important actions, and including all, we will be guiding the market during the second half of the year. Just keep one eye on us and watch us closely. Now let's look at first half performance. I am moving to second page of our presentation. We posted TRY 31 billion net profit in first half 2026, increasing 36% year-on-year. Our return on tangible equity stood at 23.4%, still in line with our guidance, despite a slip in second quarter net profit due to global volatility. Main driver of the performance was the strong top line. Thanks to 49 basis points year to date improvement in Turkish lira loan deposit spreads, net interest margin widened 68 basis points year to date to 2.9%. Our net interest margin widening is better than our peers that announced their results, showing our agility and strength in both cost of funding and loan prices. Equally important, our strong deposit base, best-in-class demand deposits, supported this performance again. On the fee side, our customer-centric service model is supporting our fees, and which resulted 26% year-on-year increase. All incorporated, pre-provision profit went up by 62% year-on-year. On the top of our revenue performance, I would like to add that we are committed to efficiency improvement in 2026 and beyond, as we have mentioned also in the first quarter, despite higher than initially expected inflation outlook. Regarding the asset quality, deterioration sustains on tight macro and slowdown on the growth through unsecured consumer loans mainly and also SMEs. Accordingly, we have further increased our coverage for those segments, pulling up our total coverage to 4.1%. If adjusted for the TRY 5.5 billion NPL sale, our coverage would be as high as 4.3%. All incorporated, our cost of risk stood at 201 basis points as of first half of 2026. Should the tight macro sustain, given the slower than projected recoveries, we might have slightly higher than projected cost of risk for full year. As a summary, we believe that the worst is over quarterly in this year, our performance in the upcoming quarters will further support our already strong profitability. Thus, we maintain this year's ROE guidance as the same. Now, I'm handing the floor to Hilal. She's going to provide the details behind our performance. Hilal. Thank you very much, Kürşat, and I thank you all for joining our call today. As usual, I will start with page three. Our liquidity lending growth strategy supported our loan yields in Q2 also. Turkish lira loans increased 9% quarterly and 15% year to date, while foreign currency loans were stable in the quarter, going up by 5% on a year-to-date basis. Our well-diversified loan mix sustains and is providing us further agility. With the 12% quarter-on-quarter and 24% year-to-date increase, the share of individual loans is now at 20%. On the company side, our FX-adjusted loan growth stood at 3% quarter-on-quarter and 9% year to date. Making up to 6% of the loan portfolio, our credit card portfolio was up a controlled 8% quarterly. Equally important, we are gaining market share in liquidity products as always. Our market share in general purpose loans increased 50 basis points in Q2. This is mainly through our salary customers and pensioners, as we all know, with lower PD levels, probability of default. On another one, housing loans, our market share increased 150 basis points in Q2, and this is supporting our penetration levels further and supporting our returns overall. All incorporated, our Turkish lira loan yields improved 31 basis points quarter- on- quarter, and if we adjust the non-revolving part of the credit card, we had a very limited 22 basis points contraction. Good news, in July, we have further improved our loan yields. It started to be visible more. Now I'm moving to the funding side. Our impressive and disciplined deposit cost management sustains, also supported by the well-structured funding base. Making up 55% of the portfolio, Turkish lira customer deposits increased 10% quarter on quarter. As a proven track record, I believe we are the leader in Turkish lira demand deposits in nominal terms, with a further 10% quarterly increase. Those are 46% of our deposits are at the moment sight deposits, so we are not paying any interest on them, and 29% of the Turkish lira. These levels sustained to be the highest level among the peer group. On the foreign currency deposits, on the other hand, they came down 3% quarter on quarter and 2% year to date. This is mainly due to the gold deposits, the parity impact. Adjusted for that, our portfolio was stable. Also supporting our cost of deposits, small ticket Turkish lira deposit base continues to increase, going up an additional 118 basis points quarter- on- quarter. Local small ticket deposit share reached to 78%, and around 70% is individuals and 8% is SME. We are very strong on the individual front. Thanks to this strong performance on the deposits and our disciplined pricing strategies, Turkish lira deposits went up by a limited 62 basis points quarter- on- quarter. This is best in class and still improving. We are seeing an improving trend at the moment. The year to date improvement is 290 basis points. In July, now we already see some improving trend on Turkish lira deposit cost, which we believe might support our third quarter performance. I'm moving to the details of our strong profits. I'm starting with our top line. We are on page five. Despite all the macro backdrop, all the volatility, our core revenues came down a limited 2% quarter on quarter, corresponding a strong 47% year over year increase. Net interest margin tightens a limited 50 basis points quarter on quarter over our very strong first quarter. Thus, year to date improvement is still, I can say, very strong at 68 basis points. Our Turkish lira loan deposit spread was down just 31 basis points quarter- on- quarter. The year-to-date improvement is around 50 basis points. As I tried to mention, the recent levels already signaling an improving trend, so we will see further improvement on the year-to-date performance. Our trading income in the second quarter stood at TRY 4.5 billion, thanks to increasing customer transactions. First half, very strong at TRY 15.3 billion. With this performance, we are still ambitious to achieve our full-year net interest margin guidance of at least 100 basis points improvement in 2026 full year. I am moving to the next page. We are looking at the fees. Our fees are backed by a customer-centric service model, increasing 26% year-over-year. The diversified fee generation is supporting this performance. Deepening customer engagement is the key. This is despite just 13% year-over-year increase in payment system fees, robust increase in transaction fees up by 45% year-over-year, a solid 68% support from bank assurance, and 81% increase in fees from investment products. These are all more than compensated for this lower contribution on the payment system. Once again, our strong customer franchise will continue to support our already high level of fee generation. We maintain our around inflation fee increase guidance for the full year. I'm moving to OpEx. We are on page seven. Despite the higher-than-projected inflation readings, our cost growth stood at 34% year-over-year and aligned with our full-year guidance. Even with ongoing increase in IT spending. I want to note that our IT-related costs increased 52% year-over-year, we are not compromising on IT spending. Our fee coverage of OpEx stood at a strong 90%, cost to average assets at 3.9%. All incorporated, we are committed to achieve our lower than 35% OpEx increase guidance for the full year, and we are at that levels at the moment. Moving to the asset quality. Given tight macro and a legal restructuring scheme on the individual front, we are witnessing some increase on the NPL inflows to unsecured consumer loans and SMEs. While bigger tickets, corporate, commercial, they're intact. We're not seeing any problem on that front. First half 2026 quarter average NPL inflows, we are looking at quarter average because there might be some differences on a quarter-on-quarter basis. We believe that that is the best way to understand the development. NPL inflows stood at TRY 18.6 billion. This level was TRY 16 billion back in 2025 on quarter average again. This level is still the lowest inflow amount among peer groups. Also, from a very high base, because last year we had a very strong recovery performance, if you recall. We are seeing some slowdown in recoveries. Quarterly average recovery collections stood at TRY 5.8 billion versus TRY 6.5 billion that we had in 2025. All incorporated, average net NPL inflows were TRY 12.8 billion. We are seeing 36% increase versus 2025 averages. The increase is through a 52% increase in credit card increase inflows, 41% from general purpose loans, and 54% increase from SMEs. Note that we have been actively restructuring the unsecured consumer loans since the last quarter of 2024. The recovery is very strong at 65%, which is limiting the inflows. As we can say, yes, we are recovering and classifying a part of Stage 1, but a part is now mitigating towards NPL. I will dig into the details in the next page, where we have prudently covering the portfolio. All incorporated, our cost of risk increased to 201 basis points in first half 2026, and should the high level of real interest rate environment sustained, slow down sustained, macro tightening sustained, our 2026 cost of risk might be slightly higher than our guided level of 150-175 basis points range. This might be mainly through slower than projected recoveries. Moving to page nine, looking at our conservative staging and provisioning approach. Our total loan coverage further increased to 4.1% and adjusted for TRY 5.5 billion NPL sales in the year, it was at 4.3%, even very strong. The increase is through prudent provisioning increase in unsecured consumer loans and SMEs. Our NPL ratio stood at 4.3%, and despite the NPL sale, coverage is still at 61.4%. Stage 2 loan share is stable at 12%, with a strong 9% coverage, and 59% of Stage 2 loans are restructured. Once again, I want to emphasize that around 40% of the portfolio is from our legacy files that we restructured back in 2018/2019, and there's a hefty coverage of 20%, despite a very strong performance there. 35% of the restructured portfolio is from unsecured consumer loans. We have some increase in SICR part share is at 39% of Stage 2 portfolio. This is a significant increase in credit risk, in which we have a very conservative classification. Now more than 90% of the portfolio is without any past due. Just a limited 3% of the portfolio is the past due classification, in which we might see some mitigation, as we always mention. Now, we are on page 10, our solvency. Given the macro, we had a halt in internal capital generation in second quarter, but still the support of internal capital generation is at 76 basis points in first half. Starting from 3Q, we foresee the internal capital generation to kick start. As Kürşat stated, as a brief teaser of our strategic milestones to come, we have signed a partnership agreement with Azimut Holding, and accordingly, this transaction will further support our capital levels by around 70 basis points. Looking at the sensitivities, still very limited. First, 100 basis points move, 13 basis points on the yield curve, 13 basis points impact. 10% depreciation CET1 impact is 28 basis points. No impact on CORs, even five basis points posted. We have a huge room for the NPL breakeven level. We are comfortable, at least. Looking at a summary of what we guided, what we had. We are comfortable with our guidance. We are just seeing, as we mentioned, a slight downside risk maybe to our cost of risk. Also we believe that the worst is over and we will see improving earnings each quarter. Accordingly, we comfortably maintain our mid-high 20s ROE guidance. We would be very happy if you have any questions. Ladies and gentlemen, at this time we will begin the question-and-answer session. Anyone who wishes to ask a question may press star followed by one on the telephone. If you wish to remove yourself from the question queue, you may press star and two. Please use your headset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. As a reminder, if you would like to ask a question, please press star and one on your telephone. Let's start with the written ones. If we have any audio, we can jump back into it. Ladies and gentlemen, there are no further audio questions at this time. I will now pass the floor to Ms. Varol to accommodate any written questions from the webcast participants. I will start with the written questions, and if we have any audio, we can always go back. Thank you for this from [Ozan Eronat from Inan]. Thank you for the presentation. The first question is about portfolio management subs sale to Azimut. What should we expect about the bank-only impact on fees? Should we expect a decline or increase? Can you please quantify? Thank you, Ozan. Regarding the transaction, the distribution agreement is managing this fee sharing. This fee sharing is exactly the same as we have today with our subsidiary Yapı Kredi Asset Management. On the top of what we are earning as bank-only, there are potential upsides as earn-outs in the distribution agreement that we'll be earning more. Also, as I tried to state at the beginning, this partnership will create a further growth on the top of what we are planning as organic. Therefore, this further growth on AUM is going to help us to have much better fund management fees in bank-only financials. We have more than upside, and it's going to be more than what we have today. I would say, therefore, to your specific question, you should be expecting an increase. On the other provisions during the quarter, you had TRY 1.1 billion. Can you give the details? Let me continue. This TRY 1.1 billion here is for possible risks that may arise. Therefore, we put aside as a possible risk coverage. Third question is about asset quality trends. Looking forward, when should we expect the deterioration trend to reverse? Can you please share your view? Is there any reason for 2027 to be better than 2026? It is mainly with the macro conditions and growth, as well as the tightening policies. Based on our forecast, what we are confirming our guidance, we believe in the 4Q, there will be easing on the cost of risk, and we will reach to our guided level in the 4Q. Therefore, with the continuation of the rate cuts, there is going to be a better cost of risk levels in 2027. Better, I mean, there shouldn't be expectation to have a much higher improvement in cost of risk, but at least 150- 175 will be still there. I will merge a couple of questions because we are having some about the rationale of selling Yapı Kredi Portföy. The question is why now? One saying, could you elaborate more on your strategy going forward? What is driving the sale? First of all, maybe for Thomas, your question about our strategy. Our strategy is more bigger than this transaction, as I said. We, as Yapı Kredi, made a transformative improvement, as you know, when we became four times in a row ROE leader in the market. This plan is also aiming to achieve this again, to sustain our leadership. Also, the market is changing, including the ecosystem as well as efficiency and productivity areas with AI and technology. On the top of this kind of transaction, you will be hearing more as improvement in the processes, efficiency and productivity, as well as some action plans in new ecosystems from us. Therefore, this strategy is trying to reach a much better market cap for the bank, we are sustaining our leadership and undisputable leadership in the market. Continuing with Valentina's question, the strategic rationale specific to Yapı Kredi Portföy. The reason behind is again the same. We would like to be a pioneer in this sector, as it likes in 2007 bank insurance business. When there was the first sale of a bank insurance part of a bank to a foreign insurance company, it was the first, then all the other rest followed. This is going to be something like that, we believe, because we as a bank would like to focus on our selling activities, we would like to depend on our customer base, rather than focusing on the product factory and management of it. Therefore, this partnership is going to increase our market share in asset management more than our possible organic growth. The rationale behind is not just capital-raising activities, it is more on the business side. We would like to improve our market share in asset management since we have the capability of our network with more than 18 million customers. We would like to have one of the biggest asset management companies in the world as a product factory, and we will use their expertise, and we will continue to sell more and more on this business. It is not something like quitting that business. Actually, it is totally reverse of it. We would like to have much more market share in this asset management business by making this partnership. The other question that you have to meet internal CET1 buffer. We have been telling that we are going to reach back to our 200 basis point targets soon, closely. We feel comfortable. No worries about it. The other question is you have left your guidance unchanged despite less accommodative monetary policy. First half net interest margin tracking below guidance, higher cost of risk, and lower return on tangible equity. Could you share how you will see NII net interest margin asset quality through the end of the year, and what are the macro assumptions embedded? Thank you, Valentina. I believe first part of your question needs some correction. For net interest margin, we have year to date 68 basis point improvement, where we guided 100 basis point for the full year. If you assume that per half year, we did more than our job. I don't agree that it is not in line with the guidance, the NIM. Also lower ROTE. No, we said high to mid-teens, 20s. We are there. Even with the worst quarters due to macro volatility, there is a potential upside to that, even today's levels. On the higher cost of risk, despite this higher cost of risk potential, this is the only part I agree with you, it is higher than what we guided. The other part of P&L is going to compensate this possible downside risk on cost of risk. From [Mehmet Izdash]. You have flagged this as the weakest quarter, there is only one more central bank meeting left in third quarter. Even if we get a rate cut, the pass-through of funding costs typically shows in 4Q. Can you talk about how third quarter and fourth quarter will be shaping? Mehmet, thanks also for your question. For the third quarter, one more central bank meeting also on the fourth. The impact on the second quarter due to immediate increase of 3 percentage points on the funding rate is impacting negatively as you know mathematically. Therefore, when you reach to bottom and you get a yield date and your duration gap closes, you start making the same net interest margin that you used to have. That's the reason why Q2 is the lowest as even with the current levels, Q3, Q4 Net interest margin to be higher due to this duration gap close. That's why we are saying Q2 is the worst. Coming with your question, Q3 and Q4, also during second quarter, not only the funding cost from central bank, but also Turkish lira deposit rate regulation was impacting the market. We don't see it in this quarter. Also from June to today, we see also the same around 100 basis points improvement in the cost of funding. The reason behind there is a quite big liquidity, huge liquidity in market in terms of deposits. It is not as high as in the 2 Q. Therefore, the evolution we see is also confirming our guidance levels that we are going to reach 100 basis points minimum net interest margin improvement as well as the ROE. Okay. There are lots of questions written. From Thomas, could you please discuss macro assumptions embedded in your guidance now? There are a couple of questions about our macro assumptions. For the macro assumptions, we assume first, central bank is funding today at 40% rather than 37% policy rate. There will be a reduction to that during the third quarter. Also we assume we are again, on the conservative side. There will be maybe one rate cut until the end of year. Therefore, we assume that 36% will be year-end policy rate for the central bank, where the inflation will be around 30% levels and growth to be close to 3%, maybe lower end of 3% or higher end of 2% levels. We have one on asset quality from Orkun Gödek. Generally speaking, we are seeing an increase in NPL inflows. I would like to ask about what's your expectations for consumer behavior in the second half of the year, and whether you expect any new regulatory steps targeting retail borrowers. For the retail segment, yes, there is a worsening compared to first quarter, again, mainly to this tightening levels. It is all manageable. The risk on the cost of risk is a possibility of wide spreads worsening on the commercial part, which we don't see. It is a positive news. On the retail part, we think it is a part of credit cycle, manageable. We are comfortable on that. It's just on a quarterly basis, increasing cost of risk. As I said, we are able to manage it. No problem at all. I'm seeing one last question. Do you plan to keep the name of the asset management company after the sale, or it will be renamed? It is part of the closing and after the closing date. Since we don't have any ownership in this company after the closing, it shouldn't be expected to have our names. It will be just a big partner for us to have a long-lasting relation to continue. I don't see any further questions. I'm just checking for the audio also. I'm not seeing. I think that's it. Perfect. Thank you very much for joining our call today. If you have any further questions, please connect with us. We are always here to help you to understand the results. Thank you. Thank you. Have a nice weekend. Bye-bye. Bye-bye. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling and have a pleasant evening.