CrediaBank S.A. ($CREDIA)

Thank you for your patience. We are now ready to start. I will now hand over to our CEO, Ms. Eleni Vrettou.

Good afternoon, everyone, and good morning to those joining us from the U.S. Thank you very much for attending the Capital Markets Day of CrediaBank. I am Eleni Vrettou, Chief Executive Officer, and I'm joined here today by Ms. Vasiliki Skoubas, our Chief Financial Officer; Evangelos Kanelis, our Chief Strategy Officer; and Konstantinos Manolopoulos, Deputy CFO and Head of Investor Relations. Today, we are presenting our group in a comprehensive fashion. And for the first time since last summer, we will elaborate on the key attractions of our recent acquisition in Malta. We will first give a detailed summary of where we are and what lies ahead. We'll then deep dive on our strategic objectives and priorities, and we will finish with our numbers and the financial outlook of our combined business. And we'll then open the floor to questions. We have a lot to cover. So without any further ado, I will start with the first chapter of our presentation. CrediaBank is Greece's fifth largest bank. We were formed through the combination of Attica Bank, Pancreta Bank, HSBC Greece and the former Bank of Central Macedonia. To that, we recently added HSBC Malta, our latest inorganic move that will double our size and will allow us to operate a significantly more diversified and highly synergistic group, once the acquisition is completed in early 2027. In Greece, we are the main challenger proposition. Through the actions undertaken in the recent past, we command the cleanest balance sheet in Greece with no DTCs and a very low NPE ratio, in line with domestic and international peers' average. We have nationwide presence with 66 branches, approximately 350,000 active customers and a balanced footprint, serving both retail and wholesale customers. Our Greek balance sheet has a total size of EUR 8.5 billion and is growing significantly faster than the market. We have EUR 6.8 billion of deposits and EUR 4.5 billion of loans. We are offering a universal offering across retail, corporates, markets and digital, but with a particular strength and focus on wholesale banking, which represents 85% of our loan book. On Page 7, we are summarizing all the corporate actions undertaken since 2021 that led to the formation of CrediaBank. I don't want to go through the entire history in detail as most of you know what has been achieved so far. What is important to highlight though is that we have accumulated significant size to be able to credibly disrupt the Greek incumbents and that we command the cleanest balance sheet in the Greek financial system. Furthermore, I believe we have now accumulated significant track record and experience in executing complex transactions in record time, while not losing our focus from growing the core business at the same time in a disciplined manner. And now with Malta, on top of diversification and synergy value, we're offering access to the 2 most attractive countries from a macroeconomic perspective in the core EU, Greece and Malta. Moving on to Page 8. Here we are displaying some key metrics that back up the arguments I laid out in my introduction. We are delivering a very strong loan growth in Greece with strong book market share of 11%. We have fully restored the profitability of the bank, but we strongly believe there is a lot more to be achieved, particularly on the cost side, which we will deep dive later on, on this today. Furthermore, we are conducting a major transformation of our operations, focusing on digitalization, aiming at completely modernizing, both the front-end, the customer interfaces, but also our middle and back-office operations. We have a robust balance sheet, very low NPE ratio, ample liquidity to grow and no DTCs. On the capital front, we have a strong total capital ratio of 17.5%. We have successfully issued subordinated capital, and we are now requesting an authorization from our shareholders until the end of the year to potentially issue approximately an amount of up to EUR 300 million of fresh equity to further support our growth plans and the anticipated RWA expansion of our group. On the next page, we are focusing on the pace of our growth. As you can see, we are scaling rapidly, both on the asset as well as on the liability side. Our loan book grew by 36% year-on-year in 2025, predominantly driven by SMEs and small businesses. And on the liability side, we are also pursuing targeted growth with the stock of our deposits increasing by 11% year-on-year in 2025. Having said that, our strategy is not just to grow, but to grow profitably. We are not compromising on our margins, and we are not compromising on our underwriting standards. We follow very prudent pricing and credit underwriting policies in order to safeguard our risk-adjusted returns on an ongoing basis. Our profitability has started ramping up with total recurring income rising by 59% in 2025. And at the same time, our recurring PPI almost doubled year-on-year in 2025, reflecting strong business momentum, our ability to tap the opportunity and acquire market share as well as improving the operating leverage of our franchise. On Page 10, you can see a snapshot of our combined group, including Malta, on a pro forma basis. We will attain meaningful scale-up upon consolidation HSBC Malta with a combined entity effectively doubling in size, exceeding EUR 16 billion of assets and EUR 13 billion of deposits. Our deposit base will become even more resilient as HSBC Malta is mostly comprised of low-cost retail deposits, strengthening the Group's funding profile and increasing significantly our capacity to fund our financing activities in the years to come. On the P&L side, our efficiency and bottom line profitability are also expected to improve drastically. Just to clarify that these figures display a simple summation of the numbers on a historical level. The trajectory of both Piraeus and Malta is expected to improve materially on an organic basis to a large extent driven by actions already taken. And on top of that, we expect significant optimization and synergy value creation, both on the cost, but also on the revenue side as a result of the combination. All that to say that the financial outlook of our enlarged group is unique and is expected to outperform what market participants expect for the Greek and the broader European banking system. Let's now spend a couple of more minutes on our Maltese business. Looking at Page 11, HSBC Malta is a leading retail bank with a very strong low-cost funding base and fully integrated bancassurance and asset management capabilities. It commands a well-balanced business mix across banking, insurance and asset management. It has roughly EUR 2.8 billion of loans and EUR 6.5 billion of deposits, a dominant #2 market position and a long operating history in ancillary financial services. The bank has very strong capitalization with a CET1 capital ratio of 24.1% and currently prints roughly EUR 110 million of profit before tax. Our plan is to double that through accelerating the power of an engine that was admittedly running not at its full capacity due to the strategic priorities of the previous owner. And to that, we will obviously add incremental value through operational improvements. Our plan is also based on the realization of significant synergies between the 2 entities, both on the top line as well as on the cost base. We will double-click on all those items a bit later. Turning to Page 12, we wanted to briefly touch base on our rationale for the specific acquisition. First of all, we see that the Maltese economy as a high growth and very dynamic economy. Malta's growth numbers speak for themselves. In addition to this, this has historically been a very resilient banking market, which is also currently the case. In this very attractive market, we are buying a top-tier banking franchise with tremendous growth and streamlining potential. We see significant value creation levers across SME and commercial banking, wealth management and the refocus on the non-RAM-led retail model to increase product penetration. And the transaction structure itself also has an attractive financial setup, circa 70% stake acquired via an all-cash self-funded deal, supporting badwill generation EUR 228 million, and enabling major P&L accretion from day 1. The business is starting with a low double-digit ROE, but we are confident this is going to be the flow for the years to come. The untapped potential we have identified and are planning to pursue will significantly improve the performance of the franchise. And again, it's important to have in mind that I am not talking about strategic actions with high execution risk. I'm talking about simple optimization measures and operational decisions that will have an immediate benefit. And on top of that, one needs to add our synergy plan, which, in summary, spans across client penetration, digitalization, cost cutting and liquidity management. By putting the 2 banks together, I believe we are offering a uniquely attractive proposition. On Page 13, we summarize what we think is the unique selling point of the CrediaBank. Number one, we are creating a strong regional group, number fifth bank in Greece and the second bank in Malta. Diversification of income streams both from a composition perspective, but also geographically is fundamentally beneficial in current market environment. Number two, the 2 banks have highly complementary strengths. CrediaBank's SME driven model pairs very well with HSBC Malta's retail scale and leading wealth and bancassurance platforms. Number three, our diversified customer-centric group will enhance organic capital generation to fund future RWA growth. Number four, both institutions have a very stable funding base, which will not only support our growth plans, but will also facilitate the regional aspirations of our clients. And last but not least, we're combining 2 well-seasoned teams. We have huge appreciation and respect for the staff of HSBC Malta, and we are certain that a lot of value creation will be realized through exchange of know-how and skill sets. Moving to Page 14, I would like to analyze what is the strong upside potential we see in both markets. Piraeus' case is relatively simple and our narrative is, to some extent, already being tested. We have the DNA and the operational capacity to grow faster than the market and tangible benefit from the macroeconomic momentum, which is what we have already been doing. The speed and effectiveness of our customer acquisition model is working, and we are deploying it at its full capacity, on the SME sector, in particular. At the same time, we do expect to monetize major efficiency gains from the further optimization of our balance sheet and our operations. On the Malta side now, we expect Malta to add significant complementary value driven by the growth that Maltese economy is delivering, the quality of the franchise we bought and the significant untapped opportunities we are planning to pursue such as unlocking retail penetration with more retail products and expanding the corporate potential of the bank. We will do that through optimized pricing, digitalization and CRM/RM model upgrades by building through the very strong historical relationships that the bank already holds. Again, we should all have in mind that HSBC Malta has been run as a noncore business for quite some time. So clearly, a total reboot of the operation, which is what we are planning to do, will materially improve its low double-digit returns I mentioned earlier. On the synergy side, we have very thoroughly designed a value creation plan predominantly based on cross-selling, funding synergies and cost efficiencies, mainly through tech modernization and in-sourcing, running more streamlined and efficient operations. Flipping to Page 15, I want to highlight the key strategic objectives for our group and how we believe we will meet our financial aspirations. Firstly, the foundation of our financial outlook relies on our ability to continue to disrupt the Greek market. The results we are seeing already cannot be anything else but encouraging. We're acquiring market share at a very satisfactory pace diligently and without compromising our pricing or underwriting criteria. This means that our human-centric, tech-enabled operating model with a true and real focus on SMEs and SPs will continue delivering results. The underserved cohorts we are targeting require agility, speed, attention and best-in-class prudency and controls. The CrediaBank team command all those characteristics, and I am very confident that we will continue outperforming in the Greek market. Secondly, and as mentioned earlier, we will supercharge Malta. We see this business as a typical example of a bank that has been constrained due to exogenous reasons and is now, due to change of control, ready to get fully unleashed. And to that, one needs to add the incremental support, both from an operational and from a human capital perspective we will offer. I am very confident that implementing a high-growth strategy in a top-quality franchise that has been paused for some time will result in a rapid improvement of its already good financial performance. Thirdly, we will generate significant incremental value through our digital transformation and synergy realization program. We have approved and are implementing a massive 3-year investment plan of approximately EUR 60 million in relation to our digital and IT infrastructure. The plant that is very thoroughly designed and is expected to deliver tangible results very soon, both on our topline and obviously on our cost base. And in addition to that, I'm confident we will unlock the absent potential of our operating platforms, both in Greece and in Malta by streamlining our processes and our operating framework more broadly. Lastly, we are planning to cautiously assess inorganic bolt-on moves that would allow us to expand our product capabilities. You all know that insurance and asset management factors can be major enablers of diversified value creation. And in Greece, in particular, we are planning to tap the opportunity either through acquisitions or partnerships or both. As an example of our strategic objectives on the non-NII front, we have announced that we are in exclusive discussions for the potential acquisition of one of the most prominent brokerage firms in Greece. Later in the presentation, we are planning to deep-dive on all the integral parts of our strategic plan, so you will be able to see and evaluate our strategy in further detail. Now what does that mean for our financial outlook? The business plan for our combined group, constructed at very prudent assumptions, in a very detailed bottom-up manner, calculates mid-teen annual growth, both on the net loans and on the top line. In the long term, we will have a loan book north of EUR 14 billion, and our NIM is expected to land at roughly 3%. Recurring cost-to-income ratio will be 35% or even slightly lower. Our tangible book value without any dividends assumed will approach the EUR 2 billion mark. And our bottom line profitability on the back of a CET1 ratio exceeding 15.5% will be higher than 18%. Our financial model has comfortable buffers and, therefore, I strongly believe that what you see on this page will be the worst version of what we will actually deliver in the coming years. Let's now evaluate further why we believe CrediaBank offers a very attractive opportunity. Number one, we are operating in 2 extremely attractive markets, Greece is growing at 2% and Malta is growing at 4% in real GDP terms, while the EU is growing at less than 1.5%. Number two, we are building a regional platform on the back of a very successful turnaround that resulted in the cleanest balance sheet in Greece and a very agile banking venture that is already outperforming the systemic banks. Number three, we are offering a great geographic diversification plan with Malta and, more specifically, the bank we bought, second largest bank in country with 24% market share, very sound financial standing and tremendous upside potentially in a very resilient market even under the current geopolitical circumstances. Number four, we are poised to succeed in the next phase of our journey, and we aspire to do that on the back of what we believe is an impressive track record. The team that will deliver our business plan is the very same team that delivered all of CrediaBank's achievements over s the past few years. And to that, we are adding a fantastic team in Malta, who I'm sure will implement our refreshing growth strategy with precision and speed. Turning to Page 18, let's look at the economies we are operating in. As mentioned earlier, both Greece and Malta are expected to grow above EU levels with contained inflation of around 2%. Loan growth in both countries is roughly 3x higher than the rest of the EU, while both loan-to-GDP ratio and structural liquidity of the banking system in both Greece and Malta are well below the EU average. It is important to highlight here that our investment in Malta for us is also a natural hedge from a macroeconomic perspective. In the current uncertain geopolitical environment, we have 0 exposure to countries that might be affected in Europe, while Malta is one of the most resilient markets historically. Even currently, tourism is up, country's definitely is low, able to support for a long-time high energy prices, while generally considered a safe haven in Europe, both in terms of national security, but also financially for the entire system. Going to the next page, we are summarizing the key metrics depicting the depth of the restructuring and resetting already conducted CrediaBank. The balance sheet transformation largely took place in the last quarter of 2024 with the securitization and sale of the largest parts of our NPEs portfolios, with minimal net inflows since. In terms of asset quality, we are now at par with peers with our cost of risk being at historical lows. Moving on to Page 20. It is important to highlight our financing capacity and ability to relever, predominantly due to a robust and underlevered balance sheet, but also because we are confident our model has managed to identify and penetrate pockets of growth that have been overlooked. Rising originations, reinvestment of low-yielding assets, DTA utilization and funding mix optimization provides significant capacity to drive future topline growth and improve returns. On the next page, I just want to reiterate that we are the only Greek balance sheet without DTC. We have a very strong regulatory capital ratio in excess of 17%. And our P&L going forward allows for incremental DTA utilization. Obviously, as you know, we are also seeking authorization from our shareholders for a CET1 injection through a possible share capital increase of an amount of up to EUR 300 million maximum that would make our CET1 capital ratio amongst the best in Europe and will further facilitate our expansion plan. Page 22 displays a few important recent metrics that make us feel optimistic about the future. We are not saying that we will disrupt the incumbents in the future. We are already doing it, and we print growth materially higher than all the other Greek banks. Our origination planning, our infrastructure, our customer penetration strategy and, obviously, our frontline staff are working seamlessly and very effectively. And I'm confident that this is only the beginning. In 2025, we recorded gross loan growth of 36%, driven by a 52% increase in new disbursements year-on-year and an 11% market share in net credit expansion. Flipping to Page 23, I would like to double-click on the major growth driver, which is SME and SP lending. As in many European economies, SMEs and SPs are at the very core economic activity and growth. In Greece, the segment is materially underset and, in some cases, underbanked as well, more than in other European jurisdictions. We disbursed almost EUR 1 billion loans to our SME clients in 2025, and we are targeting a gradual expansion of this number from 2026 onwards. We achieved that through dedicated RMs who also provide specialized advisory services centered around sector expertise, delivering fast time to money of around 1 month and a specific focus on the lower end of the SMEs cohort. At the same time, the SP portfolio also grows at pace with approximately EUR 150 million of new disbursements in 2025. If we zoom on what we do better, looking at Page 24, you can see some additional detail or operational excellence. Onboarding, credit proposals and checks all in parallel, whereas for most of our competitors, these processes are implemented sequentially. We are outsourcing parts of our KYC process, which materially improves speed of onboarding, in particular for offshore clients. And we follow template documents that -- with prespecified credit appetite limits per segment within the SME and the SP segments. This allows us to get through the initial stages of an application process in record time versus what other Greek banks may be able to offer. Our client feedback is the proof of our success. In 2025, we won new clients because we managed to provide lending in 1 month on average, whereas some of our peers might have needed significantly more months than that. Now clearly, this is for -- this is for more complex cases or challenging cases, the timeline may vary, but we still remain extremely competitive. Slide 25 displays some key historical metrics of our Greek business. We have been enjoying increase in high-yielding net loans, which in turn positively affect our NIM. We have been recording a solid decrease of our cost-to-income ratio, driven by our human capital and branch optimization. Note that before 2023, the bank had higher cost, twice higher than the revenues. So the trend is one of continuous focus on improvement. These efforts are reflected in improved profitability, both pre and post impairment charges. Moving now to Malta. On Page 26, you can see our relative positioning in the market. We will be the second largest bank in terms of total assets and a key player in almost all key loan and deposit products, with an emphasis on retail banking, which complements very well our Greek wholesale-focused business. You can also see that HSBC Malta remains the best capitalized bank in the country. And as mentioned earlier, it commands tremendous upside risks by unlocking its full operational and client penetration potential. Turning to Page 27, we are zooming on the retail DNA of HSBC Malta. Its loan portfolio is dominated by first-lien mortgages funded through low-cost retail demand with deposits. The bank's superior structural liquidity is one of the value-generative tools that we will use in order to boost the financial performance of the franchise. The balance sheet is very liquid with a loan-to-deposit ratio hovering at around the 42% mark, and the pricing of its deposits very attractive. The NIM of HSBC Malta is already robust with the continuous growth of its deposit base along with our recalibration of the assets out of the balance sheet will support it further. Let's now look at a strategically very important differentiated characteristic of our business in Malta, which is the bank's ancillary sources of revenue. HSBC Malta has integrated factors of wealth management and insurance products. This infrastructure contributes to the fee income of the bank, which comprises slightly more than 10% of total income, but it's definitely not running at its full capacity. As mentioned before, one of the main strategies we will deploy in Malta is an aggressive plan to properly penetrate existing and new clients. At the moment, the net fee and commission income as a percentage of assets is below 30 basis points. We certainly believe that with minor surgical type of decisions, we will be able to double that after getting the business under our control. And to that, we will also add our broader synergy creation plan. The platform allows us to promote products even outside Malta with an offshore offering in a tax-efficient European jurisdiction. On Page 29, we show the main balance sheet, capital and asset quality statistics of HSBC Malta, all of which reaffirm the vitality of the business. 2.4% NPE ratio and negative cost of risk due to reversals, improved asset quality, and all that on the back of a very robust economic outlook. On the capitalization side, the bank has a significantly high CET1 capital ratio of 24.1% and large sustainable MDA buffers supported by organic capital generation. Moving on to the next page, we are disclosing some key statistics vis-a-vis our workforce and broader human capital infrastructure. The only point I would like to mention and reiterate is that we are constantly looking for ways to rationalize headcount as well as match these rationalization efforts with internal mobility. And secondly, we focus on retaining and attracting high skill set and industry experts for all our units. In general, we do invest significant time and money in the development and well-being of our employees, motivating and retaining talent, and we are sure that this in turn is well captured in the financial achievements of the group. Regarding ESG, I just want to say that all principles are embedded in everything we do, day in and day out. We constantly try to convert those principles to ESG-friendly business decisions. Internally, we are very much focused on operating environmental-friendly working setups. Diversification and inclusion are paramount importance across all departments and branch and performance is closely monitored by our Board of Directors. On Page 32, you can see the list of selected transactions executed by our leadership team. This provides a high-level reassurance about the future, the smooth implementation of the HSBC Malta project as well as our ability to evaluate successfully possible value generative inorganic opportunities in the future. The full leadership team of CrediaBank is on Page 33. This is the same team that delivered all the achievements of the recent past. We combine long expertise of delivering restructurings, synergies and growth across the industry. We remain at the group and almost no attrition has been recorded. And we are all looking forward to delivering on the next most value-creative chapter of the CrediaBank journey. We will now take a 5-minute break before we move on to the next section. Thank you. [Break]

I will now walk you through our strategy section. Our strategy is based on 4 objectives that are very simple and achievable. First, we will challenge the Greek banking market, focusing on expanding our clientele and delevering our balance sheet. As we have demonstrated multiple times already, this is not meant to be an aspiration, but rather a promise that we will keep doing what we have been doing very successfully over the past couple of years. Second, we will supercharge Malta. The business we bought was not a financial trade. It happened to be a very attractive transaction financially because we moved fast and decisively. But most importantly, it's a very accretive transaction strategically. Our business in Malta is green and it operates in the most attractive market in Europe macroeconomically. We are determined to unlock the full potential of our franchise through leveraging our experience and optimizing both the operation and the balance sheet of the bank. The third pillar of our strategy is about optimizing our operational infrastructure through digitalization and the realization of synergies. Our digital transformation is not an isolated exercise, but a precisely calculated process that will improve our performance metrics and, importantly, our productivity, generating alpha for our P&L. At the same time, we will implement with full force and closely monitor our synergy realization plan, which will be reflected, both on our topline and on our cost base. Finally, the fourth pillar of our growth strategy is associated with possible value-generative acquisitions. It's very important to highlight here that, at least for the short to medium term, we're not talking about transformational deals. We aim at selectively and very cautiously assessing opportunities that would allow us to expand our product capabilities and enhance our capital generation capacity. We will mostly focus on generation of non-NII through acquisitions or partnerships that will boost our fees and commissions. All in all, we feel very confident that the execution of our strategy will help us deliver strong growth, driven by diversified revenue streams, market-leading efficiency, balance sheet optimization and strong organic capital generation. I will now double-click on each of these pillars to give you a summary of the plan we have put together. Let's start with Greece, our home market. I won't go through all the details on Page 36, but it's important to remember that we're executing our growth plan in an impressively favorable macroeconomic environment. Robust economic momentum, structural reforms and investment inflows are all extremely promising, and there are limited downside risks as most of the market participants observed. Since 2021, Greece has recorded growth rates consistently above the EU average. Real GDP growth is expected to be at least 2% in 2025 and 2026 compared to 1.4% in the EU. Economic sentiment has improved sharply and FDI remains strong with EUR 28 billion cumulative inflows since the pandemic. As you know, the country regained investment-grade status, enhancing investor confidence and lowering funding costs. And this expansion is further strengthened by more than EUR 60 billion in funds across the RRF and NSRF programs. I know that most of you are very familiar with the USPs of the Greek banking system, but on Page 37, I want to touch upon a couple of points that demonstrate the sustainable expansion and improved resilience of the financial sector in Greece. Stronger loan growth, 11.8% year-on-year versus 2% to 4% in Europe, strong margins with NIMs roughly at 2.5% and superior cost efficiency against pretty much all countries in South Europe and the EU overall, with a cost-income ratio almost in the mid-30s. On the NPE ratio front, Greece remains marginally worse than its peers, but this is contextualized by Greece's starting point. The reality is that if we were to adjust the gross NPE ratio for positions that are deeply legacy and very well provided, the NPE ratio of the Greek banks is already at par with the best performance in Europe. Equally important is that fee generation remains very low versus European average and versus what this banking system had achieved 20 years ago, with net fee and commission income exceeding 100 basis points as a percent of total assets. So we believe there's strong growth and improvement potential there. On Page 38, we wanted to highlight our performance in acquiring market share. Driving this strong macroeconomic momentum, CrediaBank is gaining market share across most segments. And this links to what I said earlier. The implementation of our strategy very much relies on us continuing to deliver rather than trying to achieve something untested and with high execution risk. Our performing book is expanding at pace and we're gaining market share in almost every single product. We don't see any reason as to why this trend will reverse, and we actually expect our client centricity and the way that we approach business origination to accelerate further the delivery of results. Now on Page 39, let's look a bit on the SME segment. To understand why we're gaining market share in SMEs, we must first look at the realities of the current market. SME contribution to the economy continues to rise, evidenced by a strong 17% cumulative annual growth rate in gross value added, from EUR 28 billion in 2020 to EUR 52 billion in 2024. At the same time, SMEs remain heavily underserved by banks with access to finance being their main constraint. 14% of Greek SMEs cite access to finance as the #1 problem compared to just 5% to 7% and in other Southern European markets like Spain or Portugal or Italy. We believe that this unmet demand represents a massive opportunity for us as the fifth largest and very agile bank that can provide faster turnarounds and sector specialized coverage. This is where we have been building our expansion strategy, and we very much think that the speed of acquiring market share will further improve as the rollout of our operating model reaches full capacity. On the next page, we want to touch upon a very important growth driver beyond lending, which is fee income generation, especially related to asset and wealth management as well as insurance products. All these ancillary services offer substantial untapped growth potential. Greek households remain heavily deposit weighted compared to EU norms, with a stark 15% in AUM versus 85% in deposits, compared to the 69%, 31% EU average, indicating a large structural upside for investment products. As savings rotate into higher-yielding asset classes, we believe there's a clear opportunity for strong AUM growth. Additionally, insurance penetration in Greece is substantially behind the EU averages, just 7% in 2024, versus an EU average of 46%. Between 2021 and 2024, Greek Bank's net fee and commission income increased by almost 40%. CrediaBank could not ride this wave given its own idiosyncrasies at the time, but we feel confident that significant growth lies ahead for us. On Page 41, we summarize the 3 disruptive pillars we want to build on and expand in verticals that systemic banks are lacking effectiveness. First, we're focusing on wholesale and, in particular, SME lending. It is recorded by all metrics that SMEs, despite being the backbone of our economy, do not enjoy the necessary attention from the incumbent banks. Second, we're totally reconstructing our retail presence. We have a massive CapEx program approved, and significant value creation will be delivered to our shareholders through streamlining the day-to-day activities of our existing infrastructure. In addition, the financial institutions that comprise what CrediaBank is today offers significant potential for easily achievable organic synergy realization. And third, we're expanding our fee income factories since we have already planned and are pursuing a number of accretive organic and inorganic actions on that front. Flipping to Page 42, let's deep dive now into our first pillar in Greece, banking corporates and, in particular, SMEs. Wholesale banking is our largest segment with EUR 3.8 billion in customer loans. The segment is growing fast. Our loan book increased by 37% in 2025 versus 2024, which translates to a circa 12% market share of the net credit expansion in Greece. Our proposition spans across large corporates, SMEs, assets and specialized finance and shipping. SMEs represent 51% of the segment's loan book. However, shipping and lending represent another 33%, which is also deemed as SME-like. We support clients across all defining sectors with strong correlation to the current trajectory of the Greek economic activity, including energy, manufacturing, construction, hospitality, transport and financial services. It's very important to highlight that despite printing strong growth over the past couple of years, we have maintained and will continue maintaining a very disciplined underwriting rule book. We very much focus on risk management and on building strong long-term relationships with our clients. And also all our key credit metrics in terms of early warnings and delinquencies are very reassuring and positive at the time. So what are the strengths of our wholesale and SME franchise? What truly sets our wholesale proposition apart is our operating model. We do not rely on traditional centralized banking. We utilize a sector-specialized model with deep expertise across infrastructure, tourism, energy, health care, enabling us to tailor financing to real cash flow dynamics. As we have said multiple times, we place a special focus on the lower SME segment, that is businesses with under EUR 20 million in turnover, a segment which we believe that is massively overlooked by the systemic banks. Our growth strategy generates healthy origination volumes with EUR 3.1 billion in new disbursements annually and roughly 73% of our SME new lending coming specifically from this lower SME segment. What we do better than our peers is our customer service. We offer the fastest time to money, which is 1 month on average, while we issue term sheets within 1 week for time-sensitive cases. Our model is anchored in 5 dedicated business centers, providing strong local presence, faster decision-making and closer relationships with clients across key regions in Greece. We do also utilize a value creation approach where selective growth, disciplined pricing and the partnership-led model drive profitability and cross-selling. Lastly, we very much believe that the integration of HSBC Malta will enhance our cross-border lending and trade finance capabilities, supporting Greek clients with regional ambitions. On Page 44, I'd like to focus again on the tactical initiatives we're undertaking in order to achieve our objectives in the broader wholesale segment. Regarding SMEs, we have discussed a lot about it, but it's important to highlight that this is not an aspiration or an idea to tap what appears to be an obvious growth driver. We have the infrastructure and the know-how to double down on this underserved segment by leveraging our dedicated SME business centers and industry-trained relationship managers to deliver tailored cash flow aligned financing. The opportunity is there. and we strongly believe that we are the ones that can meet at scale and in a profitable fashion these very promising growth drivers of the Greek economy. Beyond SMEs, we will further penetrate large corporates. As you know, our CEO used to run corporate and investment banking businesses during a big part of her previous career. So the penetration capabilities and the expertise come from the very top. And Eleni is spending a lot of her time building talent internally and institutionalizing client relationships. We have an excellent positioning when it comes to origination and, at the same time, we have built and are utilizing an effective underwriting manual, focusing on hospitality, commercial real estate, energy, infrastructure and shipping. We are acting as long-term partners, supporting complex structures and cross-border activity, and not as opportunistic lenders. And this is what helps us realize significant cross-selling into the retail and private banking. From a customer interface standpoint, we are elevating the relationship manager role from product distribution to strategic business support by building on the principle of establishing and sustaining strategic and long-term relationships. We're not opportunistic, and we are not light when it comes to daily human interaction, again, a model which we believe very much differs to the one of our competitors. By implementing a more efficient, digitalized credit engine and automating decision-making, we believe we can scale growth without compromising risk discipline. Our RMs are and will remain focused on holistic origination and client advisory rather than process management. Flipping on Page 45, we're shifting to the second pillar of our strategy in Greece, which is centered around our retail presence. First of all, let me shed some light on the segment itself. We currently have approximately 350,000 active customers and the back book of several hundred million retail loans, primarily mortgages and small business loans, with the consumer loans and credit cards currently contributing only 12% of the total book. The momentum in our retail expansion is strong with over 19,000 new onboardings in 2025 and an average consumer loan size of approximately EUR 10,000, with an average mortgage disbursement of roughly EUR 100,000. On the liability side, we hold EUR 4.1 billion in retail deposits. Our key focus here is customer experience, omnichannel delivery and modernized product suites such as our new 360 products that are designed to support homebuyers throughout the entire journey. On Page 46, we're outlining a vital pillar of our retail strategy, which is targeted segmentation with differentiated service models, both at small businesses and individual client levels. We provide a personalized service where each segment has access to tailored pricing, advisory depth and specific product sets. Out of the 350,000 active customers, approximately 42,000 are small businesses and another 49,000 are affluent customers. Very importantly, in addition to our active customers, we have over 800,000 inactive customers. This offers significant potential to reactivate currently inactive customers at a fraction of standard new acquisition cost. This is a major focus of frontline personnel, and we're pursuing a series of initiatives on a daily basis to convert this promising cohort to active customers of our bank. Moving on to Page 47, I want to touch base on a vital competitive advantage of our Group, which is our approach towards small businesses. Our human-to-human model is totally different to the approach of the systemic banks where customer service in the branch network is slow. It requires appointments and admittedly does not meet customer needs. On the other hand, we have over 85 relationship managers who empower our life cycle expertise through the Credia Business Academy. They deliver a differentiated premium service model for higher-end customers, very different to the uniform one-size-fits-all SB proposition offered by competitors. Our model is yielding tangible results, driving EUR 146 million in new disbursements, which corresponds to circa 6% of market share and supports a growing base of over 42,000 small business customers. To rebuild our retail presence in Greece, we are pursuing the optimization of our retail network. Our retail presence in Greece is still relatively small, but we believe we are well positioned to leverage Greece's improved economic environment to expand materially, and we have a clear strategy on how to strengthen our relative position. First of all, similarly to our SME effort, we are focusing on the fast-growing and underserved SB segment as well as affluent clients, segments that -- where we have expertise and already made strong progress. We have developed and are implementing a unified acquisition strategy, and we are deploying an integrated multichannel model that balances physical presence with strengthened digital capabilities. Our effort targets to reactivate the most attractive of our 800,000 in active retail customers through targeted data-driven campaigns, while boosting reengagement by leveraging bespoke contact strategies and proactively refinancing borrowers currently served by other banks. Regarding our product spectrum per se, we will enhance our offerings to ensure that they meet the diversified needs of our customers. Specifically, we are focusing on the mass mortgage market by significantly upgrading our product catalog. Finally, we'll develop a data-driven personalized service model for retail customers, providing digital access to the bank's products alongside dedicated RMs for affluent segments. On Page 49, I want to focus on a very significant growth opportunity that exists in the Greek market, which is the reperforming stock of loans that are currently outside of the banking system. There are roughly EUR 70 billion of loans being managed by services currently, of which EUR 15 billion to EUR 20 billion are expected to return to performing status within just a few years. The systemic banks have specific constraints as to their ability to tap this market, and we believe CrediaBank will be the main beneficiary of this emerging opportunity. We're focusing exclusively on fully performing loans according to EBA definitions, and we already have a pipeline of portfolios where we have achieved exclusivity or preferred bidder status, including tangible execution readiness on projects like Galene with a EUR 90 million performing mortgage portfolio, Giza at EUR 45 million mortgages and our expected bilateral acquisition of the EUR 60 million Jewel mortgage portfolio. We're building a second-to-none expertise in this field, and the growth boost these pools of loans will give to our front book is really invaluable. Let's move to the third pillar of our strategy, which focuses on our plan to strengthen and expand our fee income factories. Moving to Page 50, you can see that our main drivers in that effort are wealth management and bancassurance. Our wealth offering serves affluent and high net worth clients with 2025 year-end AUM of EUR 832 million, of which over 60% are mutual funds. We have experienced strong momentum in AUM, which increased by circa 10% in 2025 year-on-year, while mutual funds increased by 14%. We're following an open architecture model. And unlike our peers who rely on internal captive investment subsidiaries, we prioritize client-first advice and product neutrality. We partner with leading domestic and international banks and asset managers and our model actively enhances loyalty and supports long-term retention. Our product suite is broad, encompassing international mutual funds, bonds, treasury bills, structured instruments and personalized financial planning, delivered by dedicated experienced wealth management professionals. The platform has been significantly strengthened following the merger with Pancreta and the integration of HSBC Greece's Wealth Management Operations. In the bancassurance space, we operate on a similar open architecture model with leading insurers. In 2025, we revamped our bancassurance model with an expanded product suite, improved sales processes and select partnerships to grow the customer base. The revamped model focuses on tailored solutions across life, general and health insurance. Again, as mentioned earlier, Greek asset and wealth management as well as the broader insurance ecosystem remain highly unpenetrated both in the country and within our group, representing significant runways for growth. How are we going to attain that growth? Let's look at Page 51. We're taking steps towards 3 directions. Number one, we will intensify and materially expand the cross-selling of our wealth products to our retail clients. We have conducted the training required and dollar frontline colleagues are very well equipped and symmetrically motivated to beat their targets. Number two, similarly to wealth, we will utilize our superior branch operating model in order to cross-sell insurance products. An obvious example is the bundling of house insurance products with mortgages. But our strategic plan on that field expands way beyond home insurance. On both wealth and insurance, we will leverage HSBC Malta's expertise. As we have said multiple times by now, the acquisition of HSBC Malta is a highly strategic and synergistic transaction. In particular, on the wealth side, we know that we will realize significant synergy value the same way Pancreta did with the acquisition of HSBC Greece. Finally, as mentioned earlier, we will continue monitoring the market for opportunities to increase fees and commissions, both organically and inorganically. The recent example outside the wealth and insurance space is the partnership we announced with Pantelakis Securities, a leading player in Greek brokerage, whereby our bank will acquire a 70% stake, and we are confident we will be able to realize significant alpha over and above the standalone financial benefit of consolidating that business. Let's now move to Malta, which forms our second group-wide strategic pillar. Flipping on to Page 52, let me provide some additional headline information on HSBC Malta itself. HSBC Malta is the second largest player by total assets in the country, maintaining a top-tier market position that secures a structurally low cost of funding. It has significant scale with a balance sheet of EUR 8.2 billion, a loan book of EUR 2.8 billion and ample liquidity with EUR 6.5 billion of very sticky and relatively low-cost customer deposits. HSBC Malta is very well capitalized with a CET capital ratio of 24.1% and prints one of the best ROEs in Europe with return on average tangible book value of approximately 19% on a normalized capital base of 13%. Whilst the franchise has some exposure to corporate and SME lending, the loan portfolio comprises mostly mortgages, purely driven by the strategic direction that HSBC Group has been following over the past few years. This provides significant upside for us across all pockets of lending growth. Also, HSBC Malta has strong asset, wealth management and insurance infrastructures. They are the second largest asset manager in Malta with over EUR 1 billion of AUMs and the second largest insurer with EUR 55 million gross written premiums. Moving on to Page 53. Malta, similar to Greece, enjoys very robust macroeconomic tailwinds. The Maltese economy is growing by almost 4%, making it one of the most dynamic economies in the EU. This is coupled with low inflation, just above 2%, and exceptionally strong economic sentiment. Unemployment is at just 2.5% and public debt sits well below the EU average at just 57% of GDP. The high household wealth, EUR 0.5 million compared to the EU average of EUR 162,000, combined with attractive demographics, results in a highly lucrative market for financial institutions. We are very confident that HSBC Malta will significantly outperform the estimates that we used to price the acquisition. Turning to the local competitive landscape on Page 54. Malta is a highly consolidated market. The top 3 banks control 84% of total assets in the country. Whilst the market leader holds a dominant position, we believe their sheer size limits their ability to significantly expand further, and organic growth potential appears to be structurally constrained. In contrast, we believe that HSBC Malta is ideally positioned to grow. As a highly profitable #2 player, HSBC Malta already leads the market in bottom line profitability with a return on equity north of 17%. We have a market share in terms of total assets of 24% and we believe we have significant room and momentum to capture incremental market share given that the rest of the market remains fragmented among smaller peers. In short, the market leaders' growth potential is capped, while we have a clear unencumbered runway to expand. Now on Page 55, let's analyze briefly what our growth levers in Malta will be. We have identified significant underserved opportunities, with #1 being SMEs. Similar to Greece, the Maltese SME sector is expanding rapidly, generating a strong cumulative annual growth rate of 40% in gross value added between 2020 and 2025. Yet demand for financing continues to heavily outpace supply with 10% of the Maltese SMEs actively citing access to finance as the #1 challenge compared to just 7% in the EU. We believe this unmet demand is a growth runway for an agile lender like CrediaBank. Number two is insurance, where we see significant white space. Technical reserves sit at just 34% of GDP versus 46% in the EU, providing further upside potential as convergence is taking place. Number three is wealth and asset management. Household savings are heavily weighted in cash deposits, 65%, versus 31% in the EU, which provides us with a substantial target audience ready to be transitioned in the higher value investment and wealth management products. And this brings us to the key pillars of our strategy in Malta after the acquisition closes. The key takeaway is that although HSBC has built a secure and well-capitalized foundation, the business operated with limited attention and close to 0 risk appetite, which impacted growth. By supercharging Malta, we mean switching off from a runoff mode to an active growth mode across wholesale and retail segments as well as fee income streams, leveraging CrediaBank's client and RM-centric model and cross-selling capabilities as well as releveraging the balance sheet and streamlining the internal processes. In the following pages, I'll focus more on each of these pillars. So let's move to Page 57 to talk about our growth plan in the commercial banking space. First of all, we will deploy CrediaBank's proven expertise in corporate lending, including shipping, to organically acquire market share. Secondly, we will introduce our RM-centric model to accelerate penetration of SMEs. Thirdly, we will explore and capture growth in key underserved segments that hold significant upside potential. And in parallel, we intend to unlock cross-border lending as a strategic lever for diversification outside the Maltese market. To ensure that we win on client experience, we will streamline and accelerate credit assessment timelines in the HSBC Malta Group's operations through process digitalization and the reallocation of operations to teams on the ground in Malta in order to reduce cost to serve and time to serve and substantially optimize operational costs. Turning to Page 58, let's double-click on the underserved segments we want to aggressively capture. To truly grasp the revenue potential, let's look at the size of the white space we're stepping into. Despite holding a 17.5% share of the overall Maltese loan market, HSBC Malta historically underserved several high-growth business sectors, capturing only about 5% of the market in those segments, which represented EUR 3.2 billion pool of loans. By stepping in to explicitly address these sectors and align our market share with our overall average, we believe that there's the potential to unlock over EUR 400 million in accessible near-term lending upside. Turning to the second strategic pillar for our Maltese franchise. HSBC Malta is already a leading player in retail banking, asset management and insurance, and we believe that we have the playbook to accelerate that momentum. First of all, similar to Greece, we will develop the small business proposition with a first-time-to-money approach. Secondly, we'll capture further market share in mortgages with competitive offerings tailored for first-time buyers, which, by the way, are now out of scope for HSBC. Thirdly, we will aggressively pursue younger, typically underserved demographics through our digital platforms. In insurance, our retail base provides immense cross-selling upside, while we aim to expand our general insurance portfolio, and launch tailored products for retirement, investments and protection. Importantly, we will leverage our existing distribution networks, while launching efficient digital channels. Furthermore, we're planning to leverage HSBC Malta's established cross-selling ecosystem to unlock synergies across business lines in Malta, thereby accelerating growth in the combined Group's wealth and asset management operations. This strategy is underpinned by Malta's favorable regulatory and tax environment, which we intend to utilize to attract both Greek and international clients, strengthening the combined group's position as a regional hub for wealth and investment solutions. Let's now zoom briefly on how we're planning to reshare and optimize our processes in Malta. On Page 60, we break our efforts down to 2 main themes, products and operations. On the product side, we will introduce digital journeys for credit cards, personal loans and mortgages. We aim to deploy a dedicated trading platform for wealth management, featuring automated goal-aligned portfolio construction. And we will significantly upgrade the mobile banking app to give customers real-time control over their payments, transactions and investments, and introduce features like mobile pay and digital wallets, which are now absent. On the operations side, the shift to digital onboarding will enable real-time identity verification and rapid account opening, improving accuracy and elevating the client experience. Digitizing the KYC ecosystem should ensure seamless client identification, and deploying a robust CRM system will allow us to deliver predictive, personalized client interactions at scale. All these initiatives, alongside our plan for accelerated growth, will unlock HSBC Malta's highly accretive contribution to the financials of the combined group. Now, we're now moving to our first strategic priority for the group, which is transformation and synergies, on Page 61. CrediaBank is successfully delivering modernization across our entire footprint. Our over EUR 60 million investment program running through 2028 is a holistic transformation optimizing the back end for maximum operational efficiency and elevating the front end to deliver a superior customer experience with significantly accelerated time to market. I want to emphasize the sheer momentum of this program. Our targets are thoroughly calculated, decisive and very achievable. Among others, we will increase digital adoption by at least 20%, reduce process cycle times by at least 10% to 15% and will cut down our decision-making lead times by at least 10%. We have precise building blocks and the battle-tested leadership team to execute this, which is the exact same team that successfully merged the complex systems of Attica and Pancreta into a single tech platform ahead of schedule and in just 12 months. Our digital transformation framework is summarized on Page 62. The plan is not to execute simple or multiple channel upgrades. We're implementing a fundamental redesign of how the bank acquires, serves and retains customers. Our mobile-first, digital-by-design approach supports seamless, frictionless customer journeys that completely eliminate historic channel silos. Through data-driven personalization and customer-centric product delivery, we use behavioral and analytics to tailor offers and support significantly boosting engagement and conversion across all touch points. Very importantly, digital acceleration empowers our human element. Our human-to-human enablement equips our RMs and branch staff with real-time insights to deliver superior high-value advisory. And finally, this infrastructure unlocks powerful new revenue streams through embedded finance and ecosystems, integrating our products directly into external digital marketplaces to capture point-of-need financing and new fee income opportunities. Flipping to Page 63. It's important to note that the commercial impact of our digitization effort is already generating strong results. CrediaBank is transitioning towards a truly digital-first financial institution franchise. In 2025, we saw an increase of 70% in digital penetration among active customers and an increase of more than 56% in the monthly activity among registered users, demonstrating the rapid client adoption. Another very positive example is that towards the end of 2025, we managed to raise nearly EUR 12 million in time deposits digitally in less than a month, proving the reliability of our new infrastructure at scale. With digital transaction activity surpassing EUR 6 billion during the year, it's clear that our customers are steadily migrating to our enhanced digital payments, deposits and service channels. Now on Page 64. Our transformation directly feeds our next-generation distribution engine seamlessly, integrating branches, digital and third-party channels. We're transforming our physical footprint into new concept banking, branches that blend high-value personalized advisory with rapid digital self service, which we call Phygital model. Our frontline teams are continuously upskilled by our dedicated insurance sales coach team to maximize cross-selling. Digitally, we have expanded our reach to over 200,000 clients through CrediaBank e-banking, mobile banking and the successful rollout of our QR-based payment solution called IRIS e-Commerce. Furthermore, our 2025 rollout of third-party loan origination partnerships has opened powerful new acquisition funnels, while by integrating with real estate platforms, property companies and energy providers, we have created a rapid one-stop shop solution for co-funded mortgages. Let's now move on to what seems to be a favorite topic of discussion, which is synergies, on Page 65. As you hopefully have understood by now, Credia and HSBC Malta have complementary strengths, which we believe will unlock revenue, cost, funding and capital synergies. We are targeting approximately EUR 400 million of incremental loan origination purely from deploying our model into the historically underserved segments in Malta. As mentioned earlier, we also see significant cross-selling opportunities, especially in wealth management and insurance. We also expect to unlock funding synergies by pairing excess liquidity at an attractive low cost of funding with attractive financing opportunities in Greece. In terms of cost optimization, we're planning to streamline processes and eliminate legacy HSBC Group charges, which we believe will directly unlock at least half of the EUR 40 million of historical annual charges. Last but not least, we believe the acquisition of HSBC Malta cements a robust capital position for the combined entity, fortified by Malta's 24% CET1 capital ratio. Now will we manage to reveal those synergies? Our team has successfully executed transformational and bolt-on transactions with significant synergy realization as evidenced by the Pancreta-HSBC Greece combination and the very recent Attica and Pancreta merger, and that itself is strong evidence, we believe. Slide -- yes. Speaking about mergers and acquisitions, we do see further upside for value creation through focused, carefully selected bolt-on acquisitions and partnerships. At Credia, we execute a highly disciplined, well-thought-out approach to mergers and acquisitions. Over the past few years, we have built a track record of successfully identifying, acquiring and fully integrating assets from targeted bolt-ons to transformational deals that double our size. The most recent example is the one we mentioned earlier with Pantelakis Securities where we're currently at the due diligence stage. When we reach an agreement, we'll be able to integrate one of the most prominent domestic brokerage firms with significant group-wide synergy potential. Looking ahead, our focus will be targeted towards fee revenue-generating sectors like insurance, wealth and asset management, and of course, opportunistically, any high-margin opportunities we might identify or come our way. This now brings us to section four, our combined figures and financial outlook. Before I walk you through the pro forma combined financials, let me summarize the methodology used to prepare these figures. We have applied a full line-by-line consolidation starting from January 1, 2025, assuming no intragroup eliminations for the sake of simplicity. The consolidated equity includes the negative goodwill EUR 228 million mentioned earlier by Eleni. On Page 69, we are displaying the key figures of our enlarged group. The combination with HSBC Malta almost doubles the scale of the group, fundamentally supercharging the strong organic growth we already achieved during 2025. Looking at the key balance sheet metrics. Net loans reached EUR 7.2 billion, total assets expand to EUR 16.4 billion, and our pro forma combined deposit base lands at approximately EUR 13.3 billion. Looking at the topline of our P&L on Page 70, the enhanced scale of our business translates directly into solid revenue growth. Net interest income more than doubles from our 2025 stand-alone base, reaching EUR 344 million, which is effectively 3x our 2024 starting point. While our pro forma net fee and commission income approaches the EUR 60 million mark, driving recurring total income to EUR 455 million for the year. Flipping to the next page, you can see that the combination is highly beneficial for our operating leverage with our recurring cost-to-income ratio declining to 59.1%. This, in combination with our revenue expansion, significantly accelerates the stand-alone efficiency improvements we drove in '25 where we brought our recurring cost-to-income ratio down from 69.1% to 63.5%. As a result of our increased scale and efficiencies, our recurring pre-provision income more than doubles, reaching EUR 182 million. On Page 72, we wanted to provide a bridge for our tangible book value. The figures presented on this page are illustrative based on pro forma 2025 information and an assumed share capital increase of approximately EUR 300 million, of course, subject to approvals, as well as the estimated organic capital generation and some other adjustments for 2026. Following the cleanup of our balance sheet, other proactive capital strengthening measures and the transformational acquisition of HSBC Malta, we expect to be a robust, well-capitalized and fundamentally renewed banking group poised to tap the substantial growth opportunities that lie ahead. At the end of '26, we expect to have a balance sheet size of over EUR 16 billion and a substantial liquidity surplus. Our tangible book value would land at roughly EUR 1.2 billion. Net loans would climb to circa EUR 8.5 billion. Total income would reach EUR 500 million. And our net loan-to-deposit ratio would remain at approximately 65%. Turning to Page 73, we are publishing today the financial targets of the combined group for the medium and long term. Starting with profitability. We expect NIM to stabilize at around 2.8% in the medium term, rising to around 3% in the long term, supported by our ongoing balance sheet releveraging both in Greece and in Malta. We anticipate annual topline growth in the mid-teens driven by volume expansion, recomposition of our asset base and acceleration of our fee generation. We also expect operating leverage to improve materially as our transformation programs mature, bringing our recurring cost-to-income ratio down into the low 40s in the medium term and at the mid-30s in the long term. Cost of risk will remain stable at around 30 basis points, reflecting a clean, well-provided loan book. With an effective tax rate of around 24%, we calculate recurring net profit beyond EUR 225 million in the medium term and over EUR 325 million in the long term. This corresponds to a recurring return on average tangible equity of higher than 17% in the medium term and above 18% in the long term. Moving to balance sheet and capital. We expect our net loans to exceed EUR 11 billion in the medium term and EUR 14 billion in the long term. Our gross NPE ratio will remain below 2.7% throughout the forecast period. We also expect to maintain our strong liquidity advantage with a net loan-to-deposit ratio of approximately 70% in the medium term, trending to approximately 75% in the long term. Tangible book value is projected to surpass EUR 1.3 billion in the medium term and EUR 1.9 billion in the long term. Capital generation is expected to be underpinned by the strong organic profitability and approximately EUR 300 million share capital increase, the realization of the badwill associated with the acquisition of Malta which is expected to be booked in Q1 2027. Ultimately, we believe this will result in robust capital buffers with our CET1 ratio landing safely above 14.5% in the medium term and above 15.5% in the long term. I will now pass the floor to Eleni for her closing remarks.

Ladies and gentlemen, thank you once again for your attention. It has been a long presentation, but I hope you found it helpful. Before we open the floor to questions, I just want to reiterate one thing one more time. We have come a very long way, and we are now ready and very excited about what is coming next. We will continue pursuing growth on the back of a very successful turnaround, and our acquisition in Malta that build the best foundation we could have for the way forward. I am confident that we will deliver results yet again. And I very much believe that in 3 to 4 years' time, we'll have delivered substantial value generation to all our stakeholders, including our customers, the communities we operate in, and most importantly, our shareholders. So let's now open the floor to your questions. Thank you once again for your time and attention today.

Thank you for your attention. We will now take a 5-minute break before moving to the Q&A session. When we return, we will be happy to take your questions. Thank you again for joining CrediaBank's Capital Markets Day. [Break]

Okay. We can now give the floor to [ Joao Parkade ]. I see that you have some questions. [ Joao ] can you hear us? Do you want me to read the questions? I guess, yes. So one question says, how do you define medium term versus long term?

So medium term refers to the 12 months after the completion of the Malta acquisition, which effectively allows for like normalization phase after the post-integration structuring and the full embedment of the Malta acquisition.

And long term?

So it's after that, yes.

Yes. Now another question says, your CET1 ratio outlook assumes no dividend payments. If so, why is that? You will be significantly above your minimum requirements.

So effectively right now, our business plan builds on the high-growth phase. So as we said, the equity raise that we are potentially planning aims at further allowing us capital to grow on the risk-weighted asset expansion, but also some strategic acquisitions that will allow us to complement the product factory. Clearly, once we reach the maturity phase, if we have excess capital as the numbers suggest, we have no intention to actually sit on excess capital and we would aim to distribute this further to shareholders. However, the business plan assumption, because it needs to forecast potential strategic opportunities for us, does not envisage at this stage where the bank is still growing any distribution of dividends.

And next question from [ Joao ], within your loan book, growth target of over EUR 15 billion, how much is coming from reperforming opportunity?

So in the business plan that we have just presented, the reperforming loan opportunity is only an upside risk, it's not included in the numbers you have seen. We think that this will come over and above this as a target and as a potential opportunity, so will only create upside with any downside risk if we fail to capture this opportunity.

Next question. You said that systemic banks are not interested in the reperforming opportunity. But you are. Why is that?

I don't think we implied that the systemic banks are not interested in this re-performing opportunity. I think the problem they have is that mostly they are constrained by the existing regulatory framework. So effectively, the existing regulatory framework and guidance effectively sees that, once you have securitized a nonperforming exposure of your own, you cannot re-onboard this as a performing exposure back in the book. This gives an obvious opportunity for us in the sense that the 4 systemic banks have a significant overlap between the NPEs that they have securitized in the past. Therefore, even when this exposure become performing, because of the constraints, they cannot re-onboard them and rehabilitate them. But on the other hand, because of our legacy, very low historical market share, these clients are very rarely past clients of ours, and therefore, this is an open opportunity for us. Now we do not believe that this regulatory window will remain there open forever, but we do think that there is a significant runway for us in the next 24 months where we will be just the sole contenders, us and other people like the smaller banks in the market that we will be able to capture this opportunity.

Next question, within your cost-of-risk guidance, how do you assume in Greece? And given your loan book mix towards smaller corporates, shouldn't your cost-of-risk be above your systemic pace? Before George replies, let me add that we are giving guidance for the group cost of risk. It's not -- we do not provide the guidance for Greece and Malta separately. The guidance we have provided is for group, which includes both regions.

Okay. So the fourth quarter of 2026 closed with a cost of risk of circa 37 basis points. And we expect that to stabilize across the horizon for the great franchise, while the Maltese bank predominantly consists of mortgage loans, so those are highly collateralized, and this is why you see this 30 basis points in our guidance.

I don't see any further questions. If anyone wants to raise a question, please go ahead.

I think there are no further questions.

Just one. Okay. Another one from [ Joao ] to clarify, long-term, the EUR 325 million profit, can this be achieved in 2029? I think we've answered that. We have not provided calendarized guidance. But obviously, it should be, given that the conclusion of the Malta acquisition should happen only in Q2 2027, the long term cannot be just 1.5 years ahead of that. Now on a question from Mr. [ Rob Seward ]. Please, can I ask about the drivers of net interest income outside of loan growth? Are there any other moving parts? Maybe I should take this one. So the driver of -- the major driver of the NII is definitely releveraging on the one hand. And overall, the NIM and -- the NII growth and the NIM expansion will be the outcome of a number of positive things happening in both sides of the balance sheet, being on the one hand the rundown of low-yielding or 0 yielding assets into the overall mix. So we're talking about the huge mix improvement. Things that will support our NII growth are the following. So number one is the repayment of the senior notes, which come with a very low yield of -- and I'm referring to the senior notes of the securitization. So this comes with a very low yield of approximately 1%. We will -- we have an elevated DTA stock, which will be eaten up. We also have some -- we have inherited some lower-yielding securities from Pancreta, which come at a comparatively lower yield as opposed to the ones from former Attica Bank, and definitely releveraging. On the liability side, we also have the improvement on the deposit mix, so more cheaper deposits into the mix. That has been the case for 2025 as well. So from 42% -- sorry, from -- sorry, 47%, we went down to 42% of term deposits into the mix. And this is -- this trend is expected to continue as we move forward. So all in all, it's releveraging, which is more loans into the asset mix, and definitely the rundown of lower-yielding or no-yielding assets, plus the opportunity on the liability side. And another question. Can you please discuss ratio of employees attrition on the HSBC Greece plus Malta acquisition? What is the structure of management incentives?

So if we speak about HSBC Greece, and HSBC Greece is already 2.5 years since it has been acquired, so any attrition that was to happen has already happened, plus there has been a rationalization after the integration, the merger of Pancreta Bank, which had acquired HSBC Greece, with a voluntary exit scheme, which effectively has reduced the headcount by circa 28% since the time of the merger. So if we speak about actual attrition of people the bank does not want to lose, I don't think this is an issue because we don't see any movements in the last year or so, or at least moves that we would suffer if they happened. Now if we go to HSBC Malta, effectively, there is a legal constraint based on our contract with a seller and our commitments to the union that, for 2 years after the closing of HSBC Malta, we will not be making any redundancies, nor we will be changing any of the benefits or the salary schemes available to all employees. Now having said all that, once this period is complete, we think that there are potential opportunities for rationalizing the headcount, always in consultation and in full agreement with the unions, through some voluntary schemes, exit schemes that we could grow designs that we can not only rationalize, but also modernize, like the staff and the head count in Malta. Now in terms of like incentives to retain, there is already, in Greece, the Board has approved a package that includes both variable pay that is in combination of cash and shares vested across a few years. This is in line with the EBA guidelines and what we see in the rest of the markets, both in terms of percentage over fixed pay, but also in terms of structure to ensure that it creates the right incentives for alignment, for management performance with the share price performance. Equally, this intends for retention of the team. I would like to say though that the team's retention, particularly the management team, is exemplary in the sense that, until last year, none of us had access to any such program and we remained in the bank even under the very challenging turnaround times. Now going to Malta, there is already in discussion and increased package -- variable pay package for the employees, which will be subject to performance. Right now, the bond spot was not directly linked to specific measurable numbers. We have agreed with the unions and the existing management that the philosophy there will change to ensure that we have the same scheme that we apply in Greece will now be delivered across the group to ensure alignment with the shareholders and retention of talent as we would like to see in both our core markets.

The next question comes from [ Karen Lee ]. Would you be able to provide any color on rate sensitivity in your NII for both Greece and Malta? How would a different rate scenario impact your medium-term and long-term targets? So this is a pretty straightforward answer. As far as rate sensitivity is concerned for Greece, so the impact is, for each 25 basis point moves is approximately EUR 4.5 million, plus if rates go up, minus if rates go down. And it's the same, more or less, impact, slightly more to EUR 5 million for Malta. Of course, if rates go up, it's positive. If rates go down, it's a drag on NII. Next question, can you please provide -- from Alex Demetriou, can you please provide the pro forma CET1 ratio of the group post the Malta acquisition? I think we do not provide guidance on capital at this stage for the pro forma. But what we can tell you is that you have the risk-weighted assets for the Greek business. You have the -- we have a very good sense of -- you have a very good sense of the risk-weighted assets for Malta, which we think that will be approximately EUR 2 billion. So if you add this altogether, and as far as -- that's the risk-weighted asset calc. On the numerator, it's the CET1 of Credia plus the negative goodwill plus the minorities, depending obviously on the ending stake that Credia will hold, post the acquisition -- post the conclusion of the transaction. So it's CET1 of Credia plus -- then the badwill, plus the minorities.

And in addition to that, as we have said in our presentation, we have gone to -- we are going on Monday for an approval by our general assembly of shareholders to grant authorization for a share capital increase of up to EUR 300 million and approval by -- until the end of this year, to actually raise equity to further support the CET1 ratio of the bank ahead of the Malta acquisition. Now precise timing and like the structure of this transaction and whether this transaction will take place before at any month during this year has not been determined yet, and we will be taking in light with the current market conditions and the appetite of the bank as we go through that stage.

There are no further questions at this time. Should we wait for a few minutes?

I think we can close.

So just one came. So there's another question, coming from Joao. Will you slow down deposit growth in Greece because Malta runs high excess liquidity and deposit growth is cheaper?

So basically, our plan is that we will not slow down deposit growth in Greece. This will remain important to continue to grow our deposit base because this is also a client acquisition tool. What we do not intend to do is actually to provide expensive deposit -- try to attract expensive deposits. So at the same time, indeed, as you suggest, Malta's funding base can be fungible to an extent and can help us like further fund growth. But again, this will need to be done with caution because of the cross-border element. So we benefit from that clearly as a group and will overall; likely decrease our cost of funding significantly with the excess euro deposit that we can direct to Greece or we can use to book things locally in Malta. But at the same time, we'll continue to grow deposit base in Greece at the appropriate interest expense in line with our targets without trying to attract expensive non-sticky deposits. So I think at this stage, we have no further questions. I'd like to thank you once again for your time and attention today. And we will be at your disposal as we go through our journey in a potential capital markets transaction or as the group continues to grow further. Thank you very much, all. Have a very good day.