Thank you. Good morning.

Thank you for joining us for the presentation of our fourth quarter and full-year 2025 financial results. Today is more than a quarterly presentation.

It marks a milestone in our history. We are at the gateway to what Montepaschi Group will become: a decisive turning point that sets the direction of the group for the years to come.

It is the first time we stand here as Montepaschi plus Mediobanca with consolidated results that speaks clearly and proudly about what we are accomplishing together. What truly matters today is that we now have a tangible evidence, not forecasts, not expectations, that Montepaschi plus Mediobanca combination is grounded in a strong industrial rationale, strategic coherence, and the strength to create lasting value for our clients, our people, our shareholder, and for the entire economy as whole.

As Montepaschi, we are presenting another quarter and full year of strong stand-alone results. Our business continues to perform solidly across all dimensions, particularly in fees and commission income, supported by a robust commercial dynamics.

We are offering one of the highest dividend yields in European banking, currently standing at 10%. All these provide a solid foundation on which to build the future of the Montepaschi Group, a leading competitive force in the banking landscape thanks to the complementarity of the two platform, Montepaschi and Mediobanca, with a diversified, resilient, and customer-driven business mix.

We are accelerating the integration process with Mediobanca, moving towards a specialized [target?] operating model that enhances the brand value, capabilities, and talents of both organization, with Mediobanca as legal entity focused on corporate and investment banking, high-end private banking activities, embracing a very ambitious and deserved path for growth and development.

We confirm that our target group structure will be fully aligned with our industrial project to maximize the value creation at the integration level. We will present our business plan for the combination with Mediobanca on the February 27, as we are finalizing the guideline for the group's reorganization.

This will allow us to build a powerful, profitable, and sustainable business model. Our clients will experience a group that blends proximity with capability, heritage with innovation.

As the integration progresses, these benefits will become increasingly visible. Together with Mediobanca, we have the earning power, capital strength, and the balance sheet quality to invest in talent retention and development, with dedicated program being designed and funded; client service excellence, leveraging combined capabilities and a broader product and service platform; growth initiatives, systematic pursuing customer coverage opportunities; technology, investing to support all our businesses; sustained high shareholders' returns, supported by strong earnings and capital generation.

Turning now to the full-year results, which underscore our ability to create sustainable value and deliver strong shareholders' return. Full-year 2025 net profit of the new combined group amounted to €3 billion before PPA's net income impact equal to round €300 million.

Full-year 2025 Montepaschi stand-alone net profit at €2,750,000,000, up by 17.7% higher than last year, excluding the positive net tax in both period. Our solid operating performance...

Thank you. I'm just recalling the full-year 2025 net profit of the new combined group at €3 billion before PPA's net economic impact equal to €300 million.

Full-year 2025 Montepaschi stand-alone net profit at €2,750,000,000, up by 17.7% year on year, excluding the positive net tax in both period. Results were driven by solid operating performance with resilient revenues sustained by growing fees and effective management of both operating costs and cost of risk.

Net profit in the last quarter reached €1,384,000,000, higher by 18.5% compared with the fourth quarter of 2024, excluding positive net tax. Focusing on our stand-alone results, our strong performance is reflected in the net operating profit, which amounted €1,860,000,000 in the 12 months, growing by 6.4% year on year, with resilient revenue sustained by strong plus 8.2% increase in fee income, cost well under control, improved cost of risk.

Significant contribution to the results came from the fourth-quarter net operating profit, which reached €472 million. It was higher by 15.3% versus fourth quarter '24 and plus 4.2% quarter on the quarter.

Commercial performance remained very strong. Savings inflows, mortgages, and consumer finance all confirmed the resilience and the power of our franchise.

Regarding asset quality, cost of risk has been reduced to 40 bps from 53 bps in 2024. Gross NPE ratio at 3.5%, lower by 1 percentage point compared to last year.

Net NPE ratio at 1.8%. NPE coverage reached 49.3% with an increase of 80 basis points year on year.

Solid capital position at group level, with Core Tier 1 ratio at 16.2%, including the impact on Mediobanca transaction, net of dividend to be proposed to the upcoming Annual General Meeting. The dividend is equal to €0.86 per share for a total amount of about €2.6 billion, for a dividend yield of 10% at the top of the banking system.

Now I would like to give a short update on the combination process with Mediobanca. The combination creates a new strong, powerful player in the banking sector thanks to the complementarity of the two platforms, leveraging the strength of both Montepaschi and Mediobanca.

The target group structure is confirmed: fully aligned with industrial rationale of the offer, aiming at maximize the value creation and achieve maximum integration in line with the regulatory requirement related to ECB authorization, with legal entity Mediobanca focused on corporate and investment banking and private banking high level. The combination program is progressing at full speed, with full involvement and alignment of both teams.

Bottom-up analysis confirmed that outside-in estimate of €700 million synergies are there, and I allow myself to say also with the potential upside. As anticipated, we will detail the corporate reorganization, business plan, and the update targets at our Capital Market Day on February 27.

We now move to the stand-alone results section. For comparability, this P&L and balance sheet figures do not include Mediobanca.

Now, just an explanation from the stand-alone to the combined group full-year '25 net profit that we are describing the main components. The waterfall explained the key, as I said, components for the full-year '25 group profit reported at the level of €2.7 billion.

Montepaschi stand-alone pretax profit is €1.7 billion, well above guidance. Fourth-quarter Mediobanca pretax profit at €376 million.

With Mediobanca P&L consolidation, we completed the full write-up of balance sheet DTAs, with the net positive contribution of taxes amounted to €461 million in the full year. With this three elements, we have reached a €3 billion net profit of the group.

The slide also highlights PPA's economic impacts, including an ECL booking on Mediobanca's performing loans, as customary under IFRS. Including this net effects, we are reported group net profit of €2,716,000,000.

Now let's move on the usually discussed details of Montepaschi stand-alone results. As I have already mentioned, full-year 2025 net profit of Montepaschi stand-alone reached €2,750,000,000, up by 17.7% year on year, net of positive tax effects in both periods.

These results were driven by solid operating performance thanks to resilient revenue sustained by strong growth in fees, coupled with effective management of both operating cost and cost of risk. Fourth-quarter contribution of €1,384,000,000, including positive net tax from DTA write-up following tax consolidation with Mediobanca.

Net of that tax effect, 4Q '25 profit is up by 18.5% versus fourth quarter '24, with quarterly dynamics affected by non-operating costs related to the transaction. Now moving on the next slide, the net operating profit confirms the strength of our underlying engine.

Full-year 2025 amounted to €1,860,000,000, up by 6.4% year on year. The net operating profit in the fourth quarter amounted to €472 million, showing an increase of 15.3% compared to last year and 4.2% dynamics quarter on quarter, driven by strong fee income, a solid base this quarter for a new strategic plan.

Now let's move on to gross operating profit. We reached €546 million in this quarter, up by 5.2% year on year and 2.8% quarter on quarter.

Revenues increased by 2.4% despite the impact of the decreasing interest rate environment, thanks again to strong fees, while cost remained well under control. Full-year gross operating profit was €2,189,000,000, up by 1%, with revenues supported by fees and net interest income stabilization.

Operating costs are up only by 0.8% despite labor contract renewal. Full-year cost-income remains stable at 46%.

Commercial momentum remains a clear highlight and lays the foundation for the new business plan. Total commercial savings are €178 billion, up by 6.5% year on year.

Wealth management gross inflow are €17 billion, up by 70%. New retail mortgages are €6 billion, up by 81%, and the new consumer finance are at the level of €1.3 billion, up by 14%.

Let's see now net interest income evolution. In the fourth quarter '25, net interest income is €544 million, flat quarter on quarter, signal of stabilization according to the guideline we gave in the last quarter.

Full-year '25 net interest income was at the level of €2,182,000,000, down by 7.4% year on year, in line with expectation. Now, looking at the volumes, let's start with loans.

Net customer loans through retail and small business reached practically €66 billion, increasing by €4 billion, or plus 6.2% year on year. Growth is driven by strong commercial activity in key strategic segments, with important contribution also in Q4.

Total commercial savings reached €178 billion, up by more than €10 billion since December 2024. The Q4 '25 contribution was around €4 billion, again driven by all components.

Quickly now about Govies, the banking book stands at €9.1 billion. Credit spread sensitivity of the fair value through OCI portfolio remains very low, and fair value through P&L decreased slightly quarter on quarter, reflecting market making dynamics.

Now let's move on to fees and commission income. Fees continue to be a key driver of our performance.

Fourth-quarter '25 fees are €401 million, up by 7.4% year on year, driven by wealth management fees, up by 14.8%. Fee also increased by 4.9% quarter on quarter, with both wealth management and commercial banking contributing by 7% and 2%, respectively.

Full-year fees are at the level of €1,586,000,000, up by 8.2% year on year. Wealth management and advisory fees are up by 13.3%, and commercial banking fees are up by 3.5%.

Again, this is a confirmation how our network is powerful. Now let's move on to the operating cost, starting with the quarterly evolution.

Q4 '25 operating cost are at the level of €474 million, down by 0.6% year on year. Non-HR costs fell by 7.8% year on year, more than offsetting HR cost pressure from contract renewal and variable remuneration.

Quarterly dynamics reflect typical fourth-quarter seasonality. Full-year operating cost are at the level of €1,885,000,000, up only by 0.8% year on year.

Again, non-HR costs are down by 5.7%, offsetting HR cost up by 4.3%. Now let's move on asset quality.

Asset quality continues to improve. Gross NPE stock down to €2.9 billion.

Gross NPE ratio improved to 3.5% from 4.5% in December '24. Net NPE ratio is at 1.8% from 2.4%.

Cost of risk is 36, 37 bps in Q4 and 40 bps for the full-year '25, down from 53 bps in full-year '24. NPE coverage is 49.3%, improving by 80 bps year on year.

Now, funding liquidity, again showing the strength of our balance sheet. We have a very solid liquidity position, confirmed also in this quarter with unencumbered counterbalancing capacity above €30 billion, LCR at 168%, and NSFR at the level of 133%.

Now, a quick and simple representation of the purchase price allocation. We are presenting here the main components.

Provisional effects of PPA amount to approximately €3.6 billion, of which €2.5 billion have already been included in the third-quarter 2025 results. Goodwill is estimated at the level of €3 billion.

The purchase price allocation process will be continued, and it is expected to be finalized by the end of September 2026. Now capital.

We have a very strong capital position, and this is confirmed also in this quarter, with a Common Equity Tier 1 ratio fully loaded at the level of 16.2%, including a profit net of dividend proposed, already reflecting the preliminary impact of the Mediobanca transaction. The capital ratios are therefore strong, with large capital buffer compared to regulatory requirements that give us strategic flexibility going forward.

The slide shows the main drivers of the quarterly dynamics and the conservative treatment of partial preliminary PPA effects. Now let me spend a few words on Mediobanca fourth-quarter results.

The fourth quarter, again, is a confirmation of the potential deriving from the combination. Net profit Mediobanca was at the level of €301 million before one-offs, and €221 million reported for fair value adjustment and costs related to the OPS.

Sound asset-driven business with total financial asset at the level of €115 billion, stable quarter on quarter. Revenues are up by 6% quarter on quarter, with fees rebounding, plus 6%, driven by wealth management.

Cost-income at the level of 47%, including retention action costs, and cost of risk is 55 bps, Core Tier 1 at the level of 16.4%. A dividend per share of €0.63 is proposed to be paid in April.

Now let's turn to the combined platform and industrial rationale. This transaction has a very strong industrial rationale.

We're combining two platform that are not overlapping, but genuinely complementary. Montepaschi brings unique retail and commercial banking franchise.

Mediobanca contributes best-in-class capabilities in consumer finance, wealth, investment banking, and asset management. Together, we create a structurally profitable and sustainable business model.

The operating model is simple and industrially driven. We leverage scale where it matters, while preserving specialization and excellence in each business line.

In retail and consumer finance, the logic is very clear: by combining Montepaschi's nationwide reach with Compass's leadership in consumer finance, we build a market-leading platform with superior growth and returns. Wealth management, private banking are a core value driver.

Greater scale and stronger digital capabilities allow us to move up the value chain, attract high-net-worth clients, and increase share of wallet. Asset gathering platforms and private banking franchises work together in a fully integrated model.

Corporate and investment banking is significantly strengthened. We offer clients a solid balance sheet and unique advisory expertise in Italy, and also international, through Messier Maris and Arma Partners.

Insurance and asset management add stability and diversification. They reduce reliance on traditional banking revenues and improve the overall risk-return profile.

The result is a well-balanced, resilient group, diversified across retail, corporate, wealth, and insurance, and well positioned to deliver sustainable value through the cycle. On pro forma basis, the group has a well-balanced revenue mix: retail and commercial banking around 30%, consumer finance 18%, asset gathering and management 21%, 9% CIB, and 14% insurance.

This is supported by a revenues base around €8 billion. Now, about the combination program.

We are moving at full speed to the combination. Our objective is clear: we want to reach the target operating model by the end of this year, 2026.

We have almost completed the design of a comprehensive and disciplined integration plan. It covers all key business functions, with dedicated teams, strong leadership, and clear accountability.

The focus is on efficient execution, while ensuring business continuity and minimal disruption. Phase 1 is now completed.

We have finalized the diagnostic and the design of the target business model and operating model. We are now entering Phase 2.

This phase is fully dedicated to complete the definition of the business target model and the corporate structure. The work done over the last few months give us strong confidence in the delivery of €700 million of envisaged synergies.

These synergies are concrete and actionable. We have identified more than 50 granular initiatives across business, cost, and funding.

The integration plan is almost finalized, fully aligned with the ECB requirement, with clear milestones already set for the coming weeks. Execution so far has been solid.

Teams are working constructively. This is the key message I want to underline: synergies are not a promise.

They are a program with initiative, milestone, and accountabilities already in motion. Let me conclude with what really matters.

The fundamentals of this group are already very strong. In full-year '25, Montepaschi on a stand-alone basis delivered a pretax profit of €1.7 billion, well above guidance.

This is the results of outstanding commercial performance, with strong volume growth, a high single-digit fee growth. This momentum does not stop here.

We expect this trends continue into 2026, with an acceleration of commercial dynamics and solid growth in fees and commissions. On a pro forma basis, this trend will support a year-on-year increase in group profit before tax.

At the same time, we have confirmed the target group structure, a structure fully aligned with industrial rationale of the offer, designed to maximize integration and to maximize synergies. Mediobanca as legal entity will be focused on corporate and investment banking and high-end private banking, reinforcing clarity, specialization, and value creation.

This is not just about numbers. This is about a new way of doing banking, a group where Mediobanca's client relationships strengthen Montepaschi lending engine, where excellence is not the sum of the part, but a multiplier, where client experience the full breadth of our capabilities with simplicity, confidence, and trust, where two strong, historic brands and franchises stand together as a one group, broader, more powerful, and more ambitious than ever.

This is only the beginning what Montepaschi Group will become: a group we are shaping for the benefit of all our stakeholders, a group powered by almost €3 billion in earnings, a robust balance sheet with 16.2% capital strength, and by an integration advancing with discipline, speed, and purpose, guided by a clear reorganization blueprint. All of this will be fully unveiled on February 27, when we will present the business plan for Montepaschi-Mediobanca combination.

To our employees, our clients, and our shareholders, grazie. Your commitment, your confidence, and your belief in this journey are the forces that make this transformation real.

Our fundamental are strong. Our strategy is client focus.

Our commitment and our ambition are very high. Together, we are not simply combining two banks.

We are shaping a leading, competitive force for Italy, one that creates value, strengthens talent, and stands on solid foundation for our employees, for our clients, and for the future. Thank you, and we are ready to take your question.

[unclear]

[unclear]

Good morning to everybody, and thank you for taking my questions. The first one is on the CET1 ratio.

If I'm not mistaken, the 16.2% includes only €40 million of restructuring cost out of a total of €600 million. My question is, can you still confirm above a 16% CET1 ratio in the coming years when all the restructuring cost will be booked?

Another question on the restructuring cost is relating to the phasing of those costs in the coming years. How does this phasing of restructuring cost aligns with the proposal of dividend per share of €0.86, which I presume represent a starting point for the plan?

In other words, how can you expect to confirm, if any, this €0.86 of dividend in the coming years when you are likely to record the restructuring cost? I understand that this is a kind of anticipation to the business plan, but if you can help us understanding how this square with the overall picture of this CET1 and dividend.

Thank you.

Good morning. Ciao.

On your questions, actually the integration cost, based on the latest estimates, are expected to be for the next years around, still €500 million gross. The net amount is around the €350 million.

If you even factor them in, the capital ratio would still be around 16%. Then you have to take into consideration that the booking of the integration cost is strictly related to the announcement of the plan projections, and the plan targets and initiatives.

This is why will happen for the bulk in 2026. For your last question on capital projections, stated what I have said on the impact of integration cost per se, I would, let's say, postpone the answer to when we present the business plan, which is, I would say, let me anticipate that this statement is valid for most of the forward-looking questions that we will tackle when we present the business plan on the 27th of February.

Thank you.

Hey, good morning. Thank you very much for taking my questions.

You comment on the presentation that you want a full integration of the two banks. I wanted to ask you, what is the ideal corporate structure for you?

Is it a scenario where you delist Mediobanca, owning 100%, but then you spin off a specialized entity for CIB and private banking? I'm asking this because for weeks there have been a lot of speculation on the press about alternative routes, such as refloating Mediobanca, keeping it listed.

Any color here would be very much appreciated. Then, I wanted to ask you about the NII in Q4 standalone.

It came flat, whereas peers showed already some growth in Q4 '25. If I look at the individual drivers, loan volumes came 1% higher Q-on-Q.

The customer spread also expanded a few basis points to 2.8%. I wanted to understand the flattish Q4 figure, if there were any one-offs there, and whether you could provide any guidance for NII in 2026 standalone, please.

Thank you.

Thank you. Thank you for the question.

I think Andrea make a preliminary statement that clearly most of the information regarding key elements of P&L and projection will be provided in 15 days with the presentation of the business plan. Having said that, I can just really confirm that, regarding the structure and reorganization, we are focus on value creation.

In order to do it, we need to maximize the level of industrial synergies to be achieved. That's why we are confirming that the reorganization of the group should respond to this objective.

The guideline would be finalized together with Mediobanca in the coming weeks with aim of reaching the final approval of the integration industrial plan by February 26. I believe as no decisions be taken at the board yet, I really ask to be patient and to wait for the presentation of the business plan in the next 15 days.

About net interest income, I will ask Andrea.

About net interest income, as mentioned also in our previous calls, starting from Q4, as actually it happened, we expect a stabilization and then a slight pick up in the next few quarters in 2026. In the fourth quarter '25, yes, we have some benefits on wholesale cost of funding, and also on commercial NII there are actually, yes, some accounting one-off impacts that led to the stable NII.

Let's say the trend is expected to be a stable/positive one in '26.

Thank you. Can I just do a very quick follow-up?

Thank you very much for the answers so far. In the scenario where you delist Mediobanca via a merger by incorporation, I would like to ask how the exchange ratio is defined.

Do you need to apply the same exchange ratio that you paid during the offer, 2.533, or can it be a different price? For instance, considering where Mediobanca trades compared to the offer.

Thank you.

Whatever I'm saying will be price sensitive. I think it's better if we postpone at the right timing.

Sorry for that.

Thank you.

Good morning, and thank you for taking my questions. The first one is on tax rate.

Which tax rate would you expect for 2026 for the group? Then if you could please update us on the trends of private bankers year to date, whether the exits have stopped or not.

My third question is on the payment of an interim dividend in 2026. If you can share your thoughts on this.

Thank you.

I take the answer right. Tax rate will be around 30%, 29%, 30%, I believe, clearly in line what we planned originally in our projection for the OPS.

Then, I think regarding Mediobanca private bankers, right? I believe that some necessary action have already been taken to retain talented bankers that I believe are crucial for the business origination and growth.

I know the new effort will be put in place in order to be even more effective. Honestly, we believe that this situation is something that we can consider absolutely under control.

I'm sure that the top management Mediobanca will ensure prompt action in order even to invert this kind of trend. As far as dividend, I believe as Andrea was mentioning, is better if we disclose all the necessary information in the next presentation of the business plan, two weeks from now.

Thanks.

Hello, thank you for the time. I have a few questions.

The PPA, the full process will be completed by September. Should we expect any further impact on capital from finalizing this process?

Perhaps it's something you can answer without kind of going into the business plan. Then ideally if you could give guidance on PPA charge for future years, the annual recurring charge, so that's one question.

A second question, MREL, can you confirm if the plan is still to keep the combined entity as a single point of entry? A third question on ECB funding, is still 7% of liabilities.

Can you remind us of the cost of this funding and if you can replace it with cheaper funding? Thank you.

Thank you for your questions. On the first question, what actually remains to be done with regard to the PPA is mainly related to the evaluation of intangibles like brands, customer relationships, etc.

We would not expect any material impacts on capital. The relevant things to be assessed were done end of this year.

As regards the PPA charge going forward, then it depends on the amortization schedule of the different assets, liabilities. Let's say on average, you can assume around €100 million per year for an average 10 years.

Then it will depend on the actual amortization of the different items. As regards the question on MREL, yes, we definitely still plan stated that formal decision is not on us, is on SRB, but anyway that the group will be managed via a single point of entry approach, and this is also relevant for funding synergies.

Definitely this is still an objective. Finally, the ECB funding, yeah, as we further accelerate on our commercial deposits, yes, we will be able to replace the remaining ECB funding potentially with cheaper cost of funding.

Thank you very much.

Hi. Thank you for taking my questions.

The first one is on fees, in particular on wealth management fees that made really well in the last quarter, just to understand and to have a comparison of the contribution of performance fees in the fourth quarter '25 and in the fourth quarter '24. Then, I want to ask you if, clearly admitting that this will be said clearly during the plan, but if the target of €700 million synergies could be realized also without a delisting of Mediobanca.

In case of a full integration of Mediobanca with Monte, just from a regulatory standpoint and timeframe, can you identify or clarify which are in theory the steps and a timeframe to arrive to the full integration? Thank you.

Hi. Before letting the CEO comment on the commercial performance on wealth management fees, maybe just make a quick preamble that I think it's relevant for the interpretation of our performance that was particularly good on fees.

I would refer you to slide 39, it is in annex of our presentation, where you see the recast of Mediobanca P&L on the basis of Montepaschi reclassified P&L. This is relevant because if you compare the fee number, you can see that the number under our classification is lower than the one you will find in the Mediobanca presentation, because there are some reclassification to other items like cost, for example.

This is relevant for your future projections and also to compare with your previous targets. This is the first point.

Second point you have to take into consideration is instead when you consolidate, then part of the banking fees of Montepaschi, which are the upfront fees we get on Compass on distribution of Compass products, which is, say, around €10 million this quarter, slightly less, these are elided because these are accrued in the future years. You have to take into consideration these two items to better interpret the fee performance that is much better compared to whether you simply add the fees of the presentation Montepaschi standalone and Mediobanca standalone as it was shown yesterday.

You have to refer to our slide 39 to interpret the future. Sorry for the long preamble, but I think it's relevant for your future projections, but also to interpret our quarterly results.

Then I let the CEO comment on the commercial performance.

Let's start from the key information that we are providing with these results. As we said, 1/3 of total revenues are coming from asset gathering.

That's why it's quite important for us to exploit all the potential of full synergies that we can come from the combination Mediobanca plus Montepaschi, no? Having said that, clearly on the side of private banking high level, this kind of activity will be clearly concentrated, the focus in Mediobanca legal entity with the strong brand that they have, the strong professional people there, and the long-lasting experience and appreciation that they have on the market.

If I remember well, recently they got also special reward, Euromoney, as the best private banker activity in Italy, right? This is again a plus that we believe can further be developed by sharing their know-how also to the bulk of customer of private banking customer we have in Montepaschi.

Having said that, as we were saying in the documents of our public offer, is clear that you will extract the maximum level of synergies by optimizing the full integration. Anyway, also without the full integration, we can get synergies.

It's clear that the goal is to generate the maximum level of synergies and value for our stakeholder. That's why we are in the process to finalize the best structure that can fit with this goal, and we provide to the market the complete set of information during the business plan presentation.

Thank you.

Going to try again. Sorry about earlier.

It's Antonio from Bank of America. Two questions from my side.

Some of them have been addressed already, but I'm going to ask you a market question. Ex-dividend, Montepaschi is trading now on €8 on my screen, and I think you said not long ago on previous occasions that you think the shares are undervalued.

Now, I think you still believe that, and that probably makes two of us. My question is, how can you convince the market that it's wrong on Monte dei Paschi?

What do you think the market is getting wrong? That's my first question.

My second one is, can you help us frame the moving parts from here on sort of on what's affecting your capital going forward, both positively and negatively? I know you've talked about PPAs, but sort of DTAs, restructuring charge, trying to get a sense of the magnitude of your excess capital here.

You might have already answered this, but sort of is staying above 16% a target also in the out years? Thank you.

I think what is important and normally is what we're trying to do is to convince the market with good results. We are keeping deliver sustainable, continuously growing results in what is the part that is showing the sustainability of this result, that are fees and commission.

We have one of the most powerful network in Italy. This proven by this capability to keeping growing high quality streams of revenues that are represented by wealth management product and fees related to this kind of business.

We are a bank that is providing and the group will be capable to provide one of the highest dividend yield. We have a strong position of capital thanks also, as we were mentioning, the write-up of DTAs.

We can count on additional support to the Core Tier 1 of around €500 million per year for the next six years. We have capital.

We can give evidence of capability to provide high remuneration while keeping a strong position. Keeping a strong position of capital will give us the opportunity to exploit and capture all the opportunity that will come to the market to further enlarge our business scope and to further have possibility to reward our shareholders.

I'm sure that the market will recognize the work that we are doing, the quality of our results, and we will see the appreciation of our evaluation that I agree with you is absolutely underestimated today.

Ciao, Antonio. On the capital moving parts, let's say, in qualitative terms, you have the business evolution, the net income and relevant RWAs growth or anyway movements that are relevant to produce that P&L.

We mentioned the one-off integration cost that are expected to be around €500 million gross of tax. We mentioned the PPA charge for the next 10 years.

The CEO just mentioned the €500 million for the next six years on average positive contribution from the DTA utilization. Then you will have the dividend, roughly.

These are the moving parts. Then, of course, it depends on the relevant projections on which we will comment on the 27th of February.

Hi, sorry. Just wanted to follow up, because you mentioned the integration charges, but what split should we assume between Mediobanca standalone and Montepaschi standalone for those charges?

Thank you.

Actually, this is a second-level detailed question. Let us answer on the 27th of February.

I should go too much into detail now to answer this question. That would be ahead of our business plan presentation, sorry.

No worries. Thank you.

Hi there. Just a quick follow-up.

You mentioned a retention policy at Mediobanca. Can you give us any color on the expected cost of this policy and any early evidence that is working, essentially stopping the exit of private bankers?

Thank you.

As I mentioned, Mediobanca was already put in place some actions of retention. I believe that at the current stage are not a significant level of expenses.

That's why we count on a broader action in order to retain the talent people that currently is in Mediobanca. That's why I think a component of this cost will be considered among the split that we're going to provide in the business plan.

It's better not to anticipate out of the context that we are going to explain in connection also with the expectation of growing and further potential private banker to join Mediobanca as well.

Thank you.

Thank you very much. I think we fix this important date that is this Investor Day that we are going to have on 26, it would be a pleasure to answer to all questions, and apologize if today we postponed some answer.

I'm sure you will also appreciate what we are going to disclose because this project that we are going to represent through business plan to the plan of integration is one of the most attractive project for the banking sector and an opportunity to reward our stakeholders, and you will see that what we are going to present will be fully answering and responding to this high level of targets we fixed to ourselves. Thank you very much, and see you in two weeks from now.

Bye.