Despite a persistent geopolitical and macroeconomic instability, 2025 saw our Group achieve all of its set objectives, from the targets outlined in the Business Plan to completion of the merger of Banca Popolare di Sondrio. It was a very intense year, during which we worked at full speed, and the results presented today stand as proof of our ability to continue to deliver on our commitments to the market and all our stakeholders. Our focus on the successful completion of the Banca Popolare di Sondrio transaction did not distract us from our business development activities, as confirmed by the growth in volumes and commissions, new loan originations to individuals and businesses for over €25 billion group-wide and the steadfast solidity of all our capital, liquidity and asset quality ratios. Given the general context, these results were not to be taken for granted and are therefore a source of great satisfaction, for which all colleagues deserve credit. Today, BPER holds a distinctive position in the national banking landscape, thanks to its even more deeply rooted and widespread footprint throughout Italy, particularly in the more productive northern regions, and its strong penetration in the retail, corporate and asset management segments. We entered 2026 with an unchanged drive for results, ready to bring the integration to completion and confirm our trajectory of growth as a 
Group, continuing to generate tangible value for our shareholders, customers and communities.