Oma Säästöpankki Oyj ($OMASP)

Good afternoon, everyone, and a warm welcome to Oma Savings Bank's Capital Markets Day. It's a pleasure to see you all here in Helsinki. And likewise, you are joining us online. We really appreciate your time and interest in Oma Savings Bank. My name is Pirjetta Soikkeli. I'm Head of Communications at Oma Savings Bank. And today, I will be your moderator. As you've heard, we released our strategy January this year and as well as the financial targets for the 4-year period up to 2029. At the very core of our strategy is our willingness to change the bank to become more efficient and more profitable. Growth is at the heart of this strategy. And more importantly, growth that is disciplined and sustainable. And today, we want to take you deeper into that journey, how we translate strategy into concrete actions and how we improve performance and efficiency and how we deliver sustainable value for our shareholders. Throughout the afternoon, our management team will be talking you through the key action points and demonstrate how we are going to reach our financial targets. But before we begin, I would like to remind you a couple of practical things. We will have 2 Q&A sessions. And those joining online. You can start posting your questions. We will take them during the Q&A. And with that, let's begin and I hand over to our CEO, Karri Alameri. Karri, please.

Thank you, Pirjetta. Good afternoon. It's a pleasure of seeing you here all here in Helsinki. And of course, on the line, so many of you on the line. me and my colleagues will do our utmost best to make you feel that your time is well spent today. As Beretta mentioned, we introduced our new updated strategy in January 14. We will not go through the strategy. We will not present the strategy but I want to emphasize that all of the presentations or discussions that we are today taking and discussing is an implementation of the strategy. So no presentation about the strategy, but especially talk about the objectives that we have and how we are going to reach those goals. I have now been at OmaSp for 14 months, and I can assure you that I have not regretted a single day. I have worked in the industry during 5 decades. I work for a range of companies from 15 employees to 13,500 at OP where I spent 10 years in the company in 6 different positions, ranging from the listed company, [indiscernible], in the management team of that to the Executive Committee of OP. And prior to joining on OmaSp, I was the CEO of Savings Bank Group, which actually, in my opinion, gives a quite good way for me to come to this company and take the position that we have -- that I have today. The company has grown during the 5 past years, very rapidly from 2,500 persons EUR 3.5 billion in balance sheet to over 600 first employees and the balance sheet of EUR 7.9 billion. One can say that quite often, you can say that too quick -- too much too quickly, and that is basically what happened with the company. But otherwise, I can state that today, the bank is very strong financial position it has never been in this strong financial position during the more than time. For me, with this background and knowledge about the company, it was very easy to accept the current position and also to analyze together with the Board, all the actions to be taken. I have 3 or 4 objectives depending how you calculate it. So my mission was the restore the trust for Finnish FSA, i.e., to focus on governance and to processes. The second one was to gain trust from investors, including 15 income investors and then return to the growth and a better profitability. When it comes to the gaining trust from you, all people here and align with the investors, of course, we do believe that we show what we do and then it's up to you to decide whether we have succeed it. Having said that, I would also like to highlight that in September '25 last year, September, October, we were able to launched a EUR 200 million -- this has always happened sometimes when you are very keen on talking to what you want to talk about. But the EUR 200 million bond issue, we issued EUR 200 million. And actually, the interest was for EUR 600 million. And at that way, we already fulfilled the requirements for MREL requirements which took action got into force in April this year. We can also say that during last year, we entered back to the CD market on the fixed income market. And when it comes to equity investors, of course, also, we have introduced more transparent way of talking about our Q3 reporting. We have introduced them in English. We have English speaking webcast also. And of course, this is one step more for us to show transparency but also to show what we are doing. With the growth unneeded what we actually did with the Board and the objectives that I had was one thing was, of course, also that it was realized that we needed the updated strategy also Pirjetta referring to. But also, we needed changes in the management team as well as on other levels in the organization. And with that, I would like to -- just I would like also to introduce our management team and the people that we will be talking to you today. Starting from the left, Markus Lauri, our Acting Head of Branch Network. He's been in the company for 3 years now. But prior to that, he was in the savings bank group, and actually, I had the pleasure of working with him in the in the management team where he was responsible for the private client sector or household sector. Sarianna Liiri, our Deputy CEO and Chief Financial Officer. She's the one who has been the longest in the company out of the management team with a 20 years' experience, looking on the company, seen also the development and in part of the listing processes and many other things happening on the positive things happening on the company. [indiscernible], been in the company now for 7 years in the management team prior to that, he was in [indiscernible] and has a vast experience from the market. Sasu Sihvonen, our Chief Risk Officer, joined us last September. He has also has experience from Nordea, being abroad in the U.S.. And also before joining us, he was responsible for Nordea Fund Management companies risk processes. Hanna Sirkia, our Chief Legal Officer, will not be on the stage today directly. But of course, if there are questions regarding his expertise, he's prepared to come to the Q&A and answer to the questions. Very vast experience also not only from banking, but also being a lawyer and private sector and also in the public sector. Pirjetta Soikkeli joined us in July last year with a vast experience from Handelsbanken prior to joining us, being in the listed companies like [indiscernible]. And then Kalle Virtanen, our Chief Operating process operating officer also been in Nordea for more than 20 years prior to joining us at the EY responsible for advising legal advising on companies. And of course, I would like to also say highlight that this is a new position for us as in the company. One thing that we just -- with the actions that took place already last year. Then if you look at total on the management team, we can say that the average time in OmaSp's management team is 3 years according to service, it's something like 4 years is the optimal average for a management team. So we are closing to that. And on the other side, everybody of us has been more than 10 years in the industry. And as I mentioned also, experience from OP, Nordea, ACEA, Danske Bank and probably don't recall all of -- Handelsbanken, especially. So a broad -- very broad experience and I truly believe that this is a team that will lead us to success. Then if we look a little bit where we stand today. OmaSp is a nationwide midsize player with a focus on personal service. We are nationwide 48 branches, all of them are open from 9:30 to 4:30 in the afternoon. This differs us from the other players. We can also say that all of our branches, we have cash services, for example. The focus for us is, if you look on to the map, 40% of our business is on growth areas like Helsinki, Tampere, Turku areas. But on the other side, we have also in our strategy stated that we will not only divide the Finnish landscape to rural areas and growth areas. We have defined that we will be in the areas where we see growth. And this is very important because currently, the market development is closing branches, moving to more larger entities, and that way, of course, we have the possibility of being on the market and gaining markets. Customer promises range today on the market, and this is a free translation from Finnish best service in banking, easy growing bank, effective bank, digital bank. Our customer promise is we will provide you with the most personalized banking service in Finland responsibly and smoothly in every interaction. This is to create some kind of a bond for the client. If you are effective, if you are smooth, easy going, but personal service creates something for you. It's a bond because you feel that you are serviced. You are met as a person with your needs and solutions for you. I make an anecdote, we have a small branch in [indiscernible], in middle of summer, what should I say, is it more to the eastern part of Finland. For -- 6 months ago, we celebrated 10 years of that branch. The municipality has 400, 5,000 inhabitants. We normally don't disclose the amount of clients in the branches. But we can say that we have more than 5,000 customers in that branch. When I was there, I met senior couple in the late '70s, and they came to the branch and talked to the new CEO. And then I thought this is the normal discussion about importance of the branch. And they told how important it was and so forth. And then they showed out from the window that actually, we moved here for 4 years ago, and you see our flat there, and it's only 250 meters. And okay, this goes like normal discussion with elder people that they want to come to the branch. Is this something that is this growing business for us. I said to them, okay, it's very good that you have this kind of branch and you certainly come quite often here and it's good that we have this kind of service to you. Then the man say it has been said that no, the branch is very important for us. But this is the first time in 3 years when we are in this branch because we do everything digitally. So this is something that we truly believe that the branch is not only for the elderly people. It is an emotional thing. It's a core part of our services. We have time for people. It's easy to come to us. And then I'm asked quite often, how many branches will you have? Will you decrease them or will you increase it? Our message is that 45 to 50 branches today, is normal level that we are going to have. Of course, the branches have to live in time, especially for household clients, you have to be there where the clients are. For entrepreneurs, SME clients, it's very important that it's easy to come to the -- the access to the branch is very important. If we then look a little bit about the situation and development and trends on the market, you can see increasing competition and changing customer behavior. We have large opening hours, as I said, fast services in a digital unit supporting branches. Markus Lauri will talked a little bit about our digital unit also later. We see Nordea focusing on efficiency, directing customers to digital channels, also moving away from SME clients. OP moving to larger units, capping posts and branches. They are, of course, also saying that they will be on the SME market. And I truly believe that they do that. But on the other side, the development is the opposite also creating possibilities for us, midsized companies or banks. Actia is focusing on asset management and targeting growth outside Finland, both in Savings Bank Group, they are a group and amalgamation for independent banks that for, as I said, in an again. We are on balance sheet. We can allocate both our capital to regions or client groups where we see growth. And on the other side, we can also allocate our risk measures. Just to put also into the context about the Savings Bank. In the Savings Bank Group, the largest savings bank is EUR 2 billion balance sheet we are 3.5, almost 4x larger. So we are clearly also the largest independent savings bank in Finland. We use segmentation to understand our customers and earnings, but the customer chooses the channel where to meet us. This is also very unique for the market. We do not say that you are allowed to be only in [indiscernible] services you have this kind of money or business with us, so you are able to get a contact person dedicated one. For us, the client chooses where to meet us and whether the clients want to have and needs to have a dedicated service client service person. If we look otherwise on the market also, we truly believe that, for example, taking into the collateral on the market and changing looking onto the flats housing market, you can do it digitally in the Finnish market. You have all big information on the market. But when you go to the SME clients, you have to be in place. You have to understand the client and the environment where the company works and of course, what kind of clients they do have. And where we truly believe that the 48 branches that we have in Finland, it makes us -- gives us a very sufficient way of meeting our clients. If you look -- remember the map that was shown in the previous picture. We can also say that -- remind you that during the last 18 months, we have opened 3 new branches, one in the Greater Helsinki area, one in Vaasa, one in Kuopio, all of those are areas where there is growth. We also combined the human service, digital services. Our centralized customer center handles 80 -- more than 80,000 meetings. It takes 20 seconds through the chat to get reached to a person. It's about 95% of the -- 95% of clients accessing us are solved with that kind of chat or in the telephone services. One thing about the digitalization is, of course, then I want to highlight that we also started a cooperation with [indiscernible], the largest -- the most rapidly growing real estate agents in Finland, where on their pages, there is -- it contact us directly as to start chatting with us. So this is a combination that we do not see on the market currently. And also, it is digitalization, i.e., that we also are by which we are offering personalized services to our clients. About the industry consolidation, just to say that it gives us many, many possibilities on the market to look where to grow, to whom we want to cooperate with. We are the largest nonintegrated distribution channel. This is something that creates opportunities for us during this strategy period that we have. Very briefly on the market currently. If you look on these pictures, you see that on both pie charts, you see that the 3 largest players have and 78, respectively, 79% of the market. Our market share in SME sector is about 5% according to a survey, latest surveys. And it's double of that, if we look at the cooperation with the state-owned [indiscernible] that provides guarantees. So we truly believe we are together with our SME clients. We see the uphill and down hills of the Finnish market. But on the other side, we also understand our clients. 58% of our employees are shareholders in the company, showing a commitment that shows also in our belief to the customer experience. we have talented people. We have committed people. And as I said, they are -- a lot of them are shareholders in this company. Markus relate to talk about customer experience, how the depth of the relationship affects the profitability. But once again, here, we can state that if we look on the market as such, we are dividing -- sorry, I would just jump quickly to this and say that flexible user friendly, we have possibilities to meet our clients, it's easy to access us through different channels, and also we have time to personal meetings. This is something that currently gives us very much new clients because other banks do not have time to meet clients and time for them to wait. If you're an entrepreneur, we are talking about the [ week ] at most that he wanted to meet the client representative if we are talking about household market, people want to know if they are granted the loan. So this gives us possibilities, flexible, user-friendly time to meet clients. If you then look on to the market as such, looking from the bottom up, share of wallet of our clients is very important. We have classified our clients to narrow developing and broad-based customers. If we look on to the household market, for example, from the developing from developing client to broad-based customer the it increases the revenues for us by 4x. The same both for SME or business banking SME clients, that the figure is 6x higher. And as I said earlier also, Markus will also were more thoroughly about this logic on the business logic that we have. We are behind the Finnish averages. A lot can be done without investments. if we talk about the expanding fee-based broader income base, for example, we can say that on loan protective insurance on mortgages, gross sales on the market currently is something like 35% to 40%. We started from 15% a year ago. And today, we are closer to 25% and in some regions, up to 40% in latest months. An exciting opportunity for us is also a business cards. It's an exclusive cooperation with [indiscernible], a trading sector giant ranging from grocery stores to building materials and products to car sales and import. As I said, this is an exclusive cooperation with [indiscernible]. Those who know the Finnish market know the cooperative version, which is quite broadly used. So this is the attack towards that kind of the counter-party way of looking into it. Then about the development of unified operating models. The company has grown very rapidly, as I said. It has gone like a pit on a day flower, growing new businesses and on the other side, no -- with that growth, no unified processes enough. What we have done in '24 already, autumn, we centralized our decision-making of loans. We then at the beginning of '25, we also centralized our collateral monitoring. And once again, we are moving also forward in those areas. About the IE, we are also investing in personal development leadership and setting targets will also look more detailed into this. And then of course, expanding digital services and capabilities, that is something that we continue to develop. And we have set also targets for every year what we are going to do on this side and move forward on that. Delivering on financial targets. Sarianna will talk about this in more detail, but the small teaser already about in my speech also. Starting from the right, CET1, more or less the hygiene effect, a 2% points above regulatory requirement. Net Promoter Score, which today is 40%. We have set it to 50%, and we truly believe also that with the current way of working, we will reach to that figures. Annual growth in fee, commission and income over 10%. We are currently, for example, 7.4% in the Q1. And on the other side, also almost 9 percentage points with the -- for example, cards and payment services. So we are well on track on that also already. Comparable income ratio below 50%. If you look on the Finnish market, you see ranging from 40% to 30% from Nordea, which is, of course, more effectivizing focusing on digital services. And then the other side, we have nonlisted companies ranging from 60% to 70%. So this is also set from a peer group relation for the Finnish market, where we do believe that we have to be to enable to be competitive moving forward. Return on equity, this is something that we have also stated quite clearly is the most challenging part here. So it will be reached through a combination of growth and also optimizing the capital structure. And there, I want to highlight the dividend policy, which was also updated this spring. We have a payout ratio of less to 30%. And then, of course, the preparedness to pay additional dividends which we also did this year. So moving towards over 14% return on equity will be a gradual way of effectivizing operations, creating profits and also then optimizing the balance sheet. We will deliver a sustainable growth. It is very important that we are -- we have a strategy of growth. And we also are targeting to sustainable growth. We combine that. We want to be transparent and we want to be on the right path from the direct from the beginning. Significant percentage increases on the loan activity insurances work, for example, was one thing and also on fund sales. We have a lot of activity. But on the other side, we also know that -- today's sales is tumorous revenue. So that is still yet to be shown in the profitability, but the activity of sales is already there. Risk management is a core for us, and Sasu will tell more about it and give some light also to the development of the nonperforming exposures like Kalle also will -- these are important issues, and we know that we've been addressed it by investors on the NPLs also. So it will be covered in 2 separate sessions here. And then if we look on to also the leveraging on the automation and optimization, Karri Alameri will touch this area also more deeply. So I want to end by saying that we are committed to our targets. We are well prepared. The company has never been in this strong position. We have a solid, good person with the employees and a good management in place. I mean that I want to introduce and invite my colleague, Chief Risk Officer, also on stage. Sasu, you're welcome.

Warm welcome to everyone on my behalf as well. I wanted to say a few words about how investing in risk management can actually add value to the OmaSp. So let's start with the activities that we have already taken. So we've made significant investments into risk management to make sure that the risk management framework that we have in place is matching the scale and complexity of our business. So first of all, we've made significant investments into expertise that we have in the organization by adding full-time employees. That enables us to have the expertise, the accountability and also the ability to support the growth that the company is playing. Secondly, we made significant enhancements to the risk management framework. So for example, we have established a Board Risk Committee to allow more transparency to the Board. We have revised our risk strategy, making sure that it aligns with the overall company strategy. We have a risk appetite that setting clear pipelines where business can operate in. All of this, when we look at the third point, doesn't really mean anything unless we can implement it into the day-to-day practice. So making sure that all of the risk framework elements are embedded into day-to-day decision-making is a key to us. It makes sure that we have better execution, helping customers and then also other stakeholders. And last but definitely not least is the strong cooperation with the Finnish supervisory authority. So here, we want to maintain a very good relationship because we see that from our point of view, it is really important to develop and maintain effective governance and also helping us to ensure the long-term resiliency. So we want to make sure that we have open dialogue going on with the Finnish FSA. Now, usually, the first reaction when I talk about making additional investments in risk management making or taking risk management more seriously. The first reaction is usually that oh no, now here goes out of the window of the business. Now they're only focusing on risk management. That's not what we're trying to do. We're trying to be very smart about that. So what we want to do is find the right balance between the business activity and the risk framework maturity level. So we want to find the sweet spot where we are not overinvesting but definitely not under investing in risk management. So we want to make sure that we have the right risk-based, rightsized risk management framework in place. We know what our key risks are. So for example, in our case, credit risk, liquidity risk that we recognize them, we have them under control, we can manage them. As mentioned, risk appetite. We have that in place so that we have clear boundaries and we are taking the right risk supporting our strategy. Then we also want to make sure that our management have capabilities to monitor and steer the business. So we want to have a good monitoring reporting in place. And also, we want to make sure that we price our risk directly so that in the longer run, this will be seen as -- or is affecting to the overall quality of our -- for example, our credit portfolio. And then on top of that, we want to make sure that we are long-term resilient bank, so we want to make sure that we have strong capital and stress testing framework in place. So let's take a look at our current loan portfolio, how it's developing and how we are taking -- or what kind of actions we are taking to improve the overall quality. So as Karri mentioned, we have a wide branch network. And thanks to that, we also have a nicely diversified loan portfolio when it comes to geography in Finland. This helps us gain resilience across market cycles, reducing concentration risk. And as Karri mentioned, we have 40% of our loan portfolio allocated to the Finland's biggest 3 growth areas with strong long-term fundamentals. So this is also a good thing from our credit portfolio perspective, allowing us to capture performance over time. So in addition to geographical diversification, we also have diversity through mix of households and business customers. So roughly, at the model, we have a -- about 60 to 40 split between household and business customers. And when we look at the business customers, we also have a nice allocation to real estate agricultural construction wholesale retail sales. So the portfolio construction in itself helps limit single sector dependency and enhancing our resilience in the longer run. Then next about loan portfolio performance. So our nonperforming loans or nonperforming exposure is relatively high compared to the industry as a whole. The nonperforming loans, they are stabilizing and the impairment losses, they are coming down. So when we compare to the previous Q1 '25, it's materially less. And also, if we compare '25 to '24, we see the same trend there as well. So we see that the asset quality is developing to right direction. And a few things I would like to set light on the numbers when it comes to the NPE or nonperforming exposure is that the percentage of new NPLs that has already stabilized and trending down. So we're not getting new nonperforming loans, any faster than usual. The percentage number is still going up here. And partially, it is due to the smaller size of the overall portfolio. And then one thing to highlight is that -- in the current market environment, it is taking significantly longer to see the outflows from the nonperforming loans. So for example, if you want to liquidate collateral real estate collateral, it's taking longer than in a normal market. And a bit more on the impairment losses. So we can see that it is trending down quite nicely. And now what we see here is more consistent with a healthier run rate that you usually see. So what are we doing to make sure that this trend continues and how are we improving our lending practices. So we've done and we continue to do enhancements to our credit risk framework, making sure that we can support the growth. So -- as mentioned earlier, we've done some work on risk strategy, and we've also done significant work on the credit risk strategy. So making sure that it is clearly on line with the overall strategy. We also want to make sure that we have a risk appetite that clearly guides the credit systems, setting foundries, but also opening possibilities. Risk-based pricing, we want to be pricing our risk correctly so that it reflects in a positive manner to the overall credit portfolio over time. Active monitoring and steering Also, we are centralized credit decision model that we have done. That's also visible in the credit quality in overall sense. And then we're also taking activities like soft collection and improving that process. And Karri will be talking about that a bit more when he comes on stage. So disciplined risk management is not a constraint to growth. So if we take 2 examples how we are better or new lending standards, how do they look in our overall portfolio? So over here, what we have done is a sort of a vintage analysis. So we take half year chunks of our new loans and run analysis how they compare to the previous years. So over here, we have -- we're looking at households and the steeper the line is more loans end up being overdue. And if we take a look at the 2 latest vintages, '24 H2 and '25 H1, where we have enough data. We can clearly see that the line is less deep compared to the previous years. So we can -- we feel pretty confident saying that less and less of the new loans issued ending up being overdue. And we can also see the same trend in the business customers. There we can, of course, see that the already before the '24 H2, there was a positive development, but the newer vintages are also performing significantly better here. So to sum it up enabling stronger performance through robust risk management, what does it actually mean? So the current asset quality continues to reflect the legacy portfolio. However, at the same time, it's important highlight is that the quality of new loan origination is changing the overall portfolio, materially as the New York indices are increasing their share in the portfolio. And then the last thing maybe here to say is that we take risk management seriously. We believe that investments made into risk management in a right way are actually not only supporting the business, but making sure that we do everything in a consistent manner that our growth is sustainable in the longer run. And next, I would like to invite Kalle Virtanen, our Chief Operating Officer, and Kalle will be talking a bit more about the actions that we have already taken on the loan side, planning to do, but also how we make the bank run more smoothly and efficiently. So welcome, Kalle.

Good afternoon, everyone. Talking about banking operations at massage, I could -- I would have a lot of stories, but I will start, but just by saying that it is kind of a jacket that has buttons over many things. But today, my presentation will remain mostly focus on 3 main categories. That is to talk about credit-related guardrails, credit quality related topics, nonperforming loans chosen as a topic and also to anti-financial crime related matters. As matter has been also a discussion of public domain. Why is response important? We are answering to the market demand, and we are also answering to the client demand creating robust related guardrails, which we have already initiated. We have a lot in pipeline at the same time. That is important. Accountability is a word that we use a lot within the bank with my own team and we talk about it a lot on our general level, credit portfolio quality and managing it towards lowering trend is important actually to all stakeholders. It is important that we, as a bank, operate consistently and with accountability that is also very relevant. When it comes to streamlining anti-financial client processes, as you all know, if you read the papers, there's a lot of demand that the tank bank is asking this and the bank is asking that, and it's so difficult to get an account open and you get a lot of problems. I would say customer satisfaction is one of the key reasons why we are also doing it. but it's also due to legacy and also greatly increased regulatory requirements, which, by the way, are not going to be any more diminished when it comes to anti-financial crimes now with the new European regulator partly due to legacy and partly due to increased regulatory requirements we have had and we have been forced in the last 24 months to implement a lot of manual processes. And obviously, they take time. But we have to streamline those processes going forward and to increase and to improve client satisfaction and expectation. And I have some examples of that in a few slides later. But if we talk about the credit-related guardrails. We have done a lot in the past 18 to 24 months. As Karri was saying and the others for me that internal collateral valuation credit decision segregation and duties and also on loan documentation. But what is important, it's consistent. The credit decisions have to be consistent they balance the business efficiency with a robust prison control, as Sasu was saying. We are also trying to be credit processes and risk mitigation and credit portfolio quality are consistently upholding and developed. We have work in progress already to the one that we have done thus far. Then we talk a lot about culture. We talk about accountability. We talk a lot about the responsibility. And it's the culture of responsibility and visit velocity in risk culture is expected. And this is something that we also put a lot of focus on when we interact with our clients on a daily basis, but also to investors and shareholders. So we are strengthening credit governance. We have some further plans on automating certain parts of the very processes, but both will come up to that later. If you are looking -- the reason why we are doing these guardrails and making centralized processes is that we have to get it also to leading to client-facing improvements. There are 3 examples here. We have improved our KYC processes in account opening, onboarding business customers and opening services that is reduced to 1 to 2 days. And if you go to a peer group, then can ask how you -- how fast you can open a corporate account. I assure you we are very well placed in that comparison. If you look at our centralized customer service, we handle about 160,000 contracts per year with over 85% resolution rate and to certain matters, it can be even higher when it comes to the method of conducting client. We have also, based on our new processes, been able to accelerate the loan documentation process. It's past -- in the past 6 months, it has improved over -- by 20%, still containing all the new guardrails that we have implemented and put in place. Now if we go to the fixing the nonperforming loans. In Q1, we had a total of EUR 92 million in loans 90 days past due. But we are now seeing a downward trend in those loans. We have also been able to start making payments to payment with clients and those have been established. But we are, at the same time, also looking into options of -- to sell part of our nonperforming loan portfolio. So there are possibilities as well. It's not -- but to the same time, I have to emphasize that the longer-term trend in NPLs is downwards. But obviously, a lot of work is still needed. About the soft collection process, we have introduced that during Q1, and the offset objectives are to initiate early intervention procedures. This is also something that the regulators like to see. But it's also to increase accountability, both in business and also on the client behavior side and to manage risk better early on. This is actually very important when you look at the statistics that Sasu was showing on the vintage analysis so that the new portfolio quality is much better than we are now putting emphasis on if the clients are facing problems, we will identify it faster, and we'll be able to take actions and escalate in genuinely insolvent cases to legal collection faster, but also promote voluntary collateral realizations and helping the clients to understand their situation and a system. So it is kind of a raising focal discussion between clients. We are seeing positive signs of credit demand and credit quality. So the number of new loan negotiations completed has risen and at the same time, our lowering debt recovery. So less loans are going into recovery than a year ago vis-a-vis so -- and the same goes with the new loan negotiation. So we see that development quite positive as well. Then about streamlining antifinancial time. The AFC is very important and those processes to the bank going forward. technological development, a lot of -- there's a lot of talk about AI, but there should be a lot of talk about automization as well because that is actually more of it in my mind. At the same time, technological development is a big advantage to us. We can operate. We have plans as [indiscernible] will talk to you more about that. But you also have to -- as we all know, it also the technological development can also pose a threat within the new technologies, peak, messages, fishing and fraud and things like that. So we are taking those into account, and they must be taken into account as being a responsible bank. We have invested significantly to people and systems in the last 2 years. We have invested to increase automation and also to come up with new AFC functions. At the same time, we plan to automate key AMO processes and those plans under review at the moment. If you look at the improving quality and timeliness of what we have done in the past, you could -- we have done a lot in 2025. We have done a lot that we're going to do a lot in 2026. And you could say in a nutshell that in 2027 and 2028 overview, the financial client prevention as a trend and as I believe in the market is moving -- shifting from a rules-based monitoring to data and AI when monitoring. That comes basically from the necessity that the systems are improving. So the monitoring alerts and guidance given by the systems they cannot be manually processed. So you need automation, you need AI, and that obviously improves the cost income ratio. But our goal is to build a scalable analytics-based operating model, and that goes to the loan processes to the anti-financial crime processes. So it is making change using new technologies and a very solid banking organization and the capital and liquidity basis as Karri and I is already saying. To sum up, we believe that the simplification that we have done and are going to do for faster response also to improve accountability and to customer satisfaction by doing, for example, the bigger things I've shown in my presentation today, that will also improve our cost-to-income ratio below 50% tied by 2029. And that concludes my part.

Good presentation. But now it's time for a Q&A session, our first Q&A session. And for you here present in Helsinki, I would like to remind that you need a microphone before you ask your question. And the microphone girl is back there. And you need to state your name and the institution you come from before you ask. And the online audience, I already have received some questions, but please continue posting those. So we will take them as we proceed. So we already have questions and the first one is here.

[indiscernible] from ACB. Regarding the fee growth target. In your own mind and assessment and analysis, how much of this should be driven by the savings products or -- and on the other hand, how much of this growth target is tilted towards lending-related and daily banking services products.

Thank you very much for that question. I will briefly touch that because then we will have Markus Lauri walking through also this area. But basically, it's a broad-based targets that we have, simplifying it, we have in all areas, the possibilities to grow double digit. So it will be savings products, especially on households and also SME clients and companies with the clear ownership where we can also take part of the whole family's banking services. Then when it comes to lending as such, we are growing on the business area, and that, of course, creates also fee income on that part. Then we have a lot of to do on the credit card side also and that will also be addressed by taking up by Markus Lauri also later on. So hopefully, this a brief briefly touching this area, and then we can come back to them in the next Q&A session if you have additional questions regarding this.

Good. Then my second one, you are focusing on personal service, perhaps in areas where other larger players are kind of stating will -- in order to meet your targets, will this mean higher risk pricing how you are able to kind of deliver on the profit targets that you're taking in those kind of a bit of a declining area?

If we look on the margin, for example, household margins on loans and so forth, we are able to charge for the additional services that we are providing. On the other side, we are not we look into the position in a way that we, of course, come down closer to the market prices. Now I'm talking about lending margins. If we are able to sell a full-scale services to the clients. So it's a combination. It's not to your question about what the lending margin is. It's a combination of how we look into the client and how we can find long-term relationships with our clients. Then when it comes to the areas, what you are referring to, declining areas. Of course, as I said, we are not splitting the market with the rural areas and a couple of growth areas. We have a lot of places in Finland where the growth is operation environment and there is still growth going forward. So we see possibilities on those areas if we look on the regional perspective. And then on the market price, if we look at the markets, if you look on the client basis, as you mentioned, larger players closing branches, focusing on digitalization or even strategically leading place for us to move. On the SME sector, I would like to emphasize that, of course, we are in the and that meet [indiscernible] coming from a small-scale entrepreneurs to midsized companies and in the midsized companies also to the mid of that. So basically, that is the area where we see that the personnel service being close to the client and other ones, leaving -- I'm not saying disappearing from the market but leaving space for us. And if we had the market share of 4x, 5x our current market share, then we would be in a situation where we talk about effectivizing closing branches and effectivizing and directing people to digital services and so forth. But currently, we clearly see that there is a lot of potential for growth. And for us, demand for this type of services, unique way of working with the client and also be able to charge for that.

There's a question at the back.

[indiscernible]. So I was just wondering if maybe we could -- or if I could get some additional comments and it's very positive to see sort of the new NPEs coming down and the charts that you had around that. But just trying to understand a little bit about how you're managing sort of the older vintages. I think you mentioned cement sales or potential sales, perhaps if you could touch upon if you've sort of been in process around that already? Or what is kind of the key drivers for that to go through. And the second one is perhaps also on collection processes, is it only sort of macro improving that can fix that? Or is there any other initiatives that you're sort of running currently to bring down the total NPE level?

Maybe I'll start and then my colleagues here will answer more deeply to the question. If you look on our NPEs, and the old stock, it also includes controlled in our portfolio, which we are unfortunately not commenting today because we have also said that we will do it every 6 months, and we did it in the -- at the year-end next time in the Q2 results. But the portfolio at the end of this year was EUR 180 million. And there, you have, of course, 3 ways of recovering that is, of course, with the finding -- selling the underlying assets, which we are not doing, but then it might be financed from somebody else or of course, it is the way of the underlying asset is sold and that way we are continue to finance the underlying investments and that way it will start to recover. This is something that has happened. So there are 2 ways of looking into that, that's how it will come down. Then when it comes to the other part of the portfolio, of course, these are some kind of ways to look into those areas and then, of course, insolvency processes, which we also referred here. But basically, to elaborate a little bit around the thinking around the possible sales or this kind of thinking. So please call if you can a little bit.

Yes, yes. Thanks, Yes, good question. Thank you. I would -- we are looking into it. So basically, we have had -- we have some multiple discussions ongoing. There has been interest on it because on a general level, the Nordic loans, the recovery rate is better than the non-general level, if you look on Europe European level. So that is something that we're looking into. And quite diversified. We have identified a certain amount of loans that could come into question, but we will obviously come back with that on later. Then on the collection processes, we have actually -- we have centralized kind of the soft collection process centralizing that [indiscernible], you put the people in the same place. We have selected a group of good people who understand how these things are to be handled and they are diversified spread out around Finland and they are -- so they know the local market and we have got some good feedback on making payment arrangements and collateral liquidations. So as I said, we are seeing improvements in those areas. And -- but obviously, we will come back with those in Q2 reporting possibly. So -- but yes, we are -- it's a combination of active partnership with clients, new processes and then identifying the areas where we can make tangible results in latter short time.

Thank you, Kalle. And I would like to add that, as Kalle said, that it has been decentralized in a way. So all branches have been responsible for soft collecting. And when you do it in 48 different branches and different -- possibly different ways, so the focus might disappear. And that is one of the reasons why we have centralized it. And as Kalle said, it is very important that when we talk in our company about centralizing, it is actually unifying processes, unified ways of working. We are very good in having people in different locations. So centralizing, as Carlo said, is not to move operations to one spot, but to have a centralized leadership centralized targets and cetera, unified way of working.

Thank you. Would there be any further questions here in Helsinki? It seems not. Okay, then we can continue with the questions from online. And we have a question from [indiscernible]. OmaSp has been successfully grown by acquiring and integrating smaller regional savings banks. Do you see any mergers and acquisitions and the consolidation of smaller banks returning as a key growth driver going forward?

Thank you for that question. Our strategy is a strategy of growth, not a growth strategy, which was the former one, which was very much on the -- nonbased on nonorganic growth. So we focused -- especially, we focus on our operations currently. On the other side, as I said, the bank is very, very solid and a good strong financial position. So we are not closing doors for different kind of add-on bolt-on investments or strategic cooperations. As I said, we are currently largest and possibly the only nonintegrated independent distribution channels. So basically, something will take place during the 3 to 5 years. That is one thing that we can state about the market development.

Then we have a question from [ Johan Karlsson ]. How sensitive is your target return on equity to declining interest rates, especially given the recent decrease in net interest income?

Actually, this is something that will be touched by our CFO, Sarianna Liiri, and I would like to post on this question to the second Q&A.

Okay. What about this, from the same person, average loan decision times have improved? What is your target level relative to peers?

Would you Kalle like to comment on this?

Can you repeat the question?

Yes. Average loan decision times have improved. What is your target level relative to peers?

Do you want me to start? I think it would be better if you start. Of course, it's always a question about when the negotiation starts. Is it the discussions prior to putting the systems or not. But currently, we say that we have -- our process is approximately 1 week, wearing from 6 days to 5 days, depending on -- about the corporate side or business banking or the private clients. And we do believe that this is very competitive currently on the market. And especially when we talk about the situation that it's -- for us, the persons, customers can actually get an appointment with us. And in some cases, we would say that we are 2 weeks, 3 weeks before the other players. But this is basically my view, Kalle, if you can add a little bit more flavor on this big study.

Yes, I think we can be faster, but on delivering actual loan decisions and getting the recommendation. And I think 7 days is a good reflection of the current, but I think we could -- we can do it faster, but that requires some time planning and investments, but I still believe it is possible. I would like to add that will our talking about the IT sector and all the development that we are doing, we have the lending lead process, one of the largest investment that we are currently doing on the lending processes. And this is not an IT investment. It is a business transformation business, a transformation that we are doing. So there are actions to be taken currently with the current process and develop that and enhance -- improve that. And on the other side, the lending leap that we have is going on that will end the first stages, and we are currently implementing gradually already changes from the partner in 2 years' time, it will be -- or less than 2 years' time, it will be up and running.

Just quick to add on. So basically, the developments we are now doing in credit processes, those will be actually amalgamated with the lending lead, which we will be talking later. So we are learning now. And at the same time, we are learning, improving the current processes, we will implement them so that all the good new learnings will not fade away. They will be implemented going forward.

That was all so far, if no further questions from the audience here. Okay. Then we can make a break here. Thank you for participating this Q&A. We will go to a break now, and we will be back 2:30 sharp. [Break]

So good afternoon, everybody, here in Helsinki and also online, and it's a privilege and a pleasure to step on the stage and talk about the customer, and why customers choose OmaSp to be their partner in banking. I'm also going to show you a tangible route to improve growth and solid profitability. We stand out from our customers -- sorry, competitors by investing in customer experience, the quality of personal service and local presence in many ways. Strengths that are in the core of Oma's best competitive advantage. During the presentation, I'm offering you information from different perspectives behind the competitive advantage and concrete examples how we are going to deliver the financial goals as we have stated earlier. So let's jump to the plan. The plan is the combination of different aspects, of course. And in the core of it is strengthening our competitive advantages, as I just mentioned. It's about growing fee income in savings, in payments, in cards and in other services, but it's also growth prioritized growth by deepening our existing customer relationships and acquiring new is targeted and planned to the highest potential household segments and in SMEs. Two dimensions of growth. It's a balanced growth in fee income through existing and new customers. Oma has been strong in customer acquisition, especially during the time when housing market has been busy. The focus in OmaSp has been in new customers and improving volumes in lending, this also has been in the focus in managing the banking business. So the balance growth comes through existing customers using a wider range of services and centralize their banking with OmaSp, but it also comes through gaining new customers that complement our customer base and increase fee income. By understanding this, there is a great potential in our customer base to be able to strengthen our income base, and let me show you 2 easy examples. We have a strong relationship with our customers as approved 2/3 of our customers 3 or more services. And there are 2 views to this. Loyalty and customer satisfaction is the core of our success and gives us a chance to do a better business as our strategy stages. We have a strong bond with our customers. But there is a lot of potential in it as well, gave great chances to upside fees. Let me give you an example. 30% of Finnish people hold investments in mutual funds. The penetration rate in OmaSp's customer base is approximately 20%. By being able to grow the penetration level on the average market level to 30%, this means approximately EUR 3.3 million growth in annual revenue. Another example comes from the credit card penetration approximately 76% of Finnish people own credit cards. In OmaSp's customer base, the penetration is 45%. By lifting the penetration rate in our customer base to the market level, this will grow our annual revenues more than EUR 5 million. So there is significant potential in our existing customer base and significant upside potential in growing the fee income. Let's dig a little bit deeper to our customer base. The biggest number of revenues comes to the customers using 5 or more services. We call this customer group, [indiscernible] customers. 26% of our total revenues comes through the customers who are using more than 3 and less than 5 services. And just to give you an example like Karri already mentioned earlier today is that by showing customers from these developing customers to [ ProScore ] customers, the bar venues are 4x higher in households and 6x higher in SMEs. So developing existing customers base hasn't been in the focus earlier, and it really makes the diversifying income possible. And how do we do that? This is like internal view how to do better business, but we need to be able to deliver that for the customer and understand this from the customers' perspective. So what is it in for the customer? Basically, we're going to do this by understanding customers' life. For each one of us, the life is what matters the most. When we can be alongside customers in their different life situations, we can create added value for them. we have identified 3 key customer groups that allow us to approach customers in a way that resonates with each group in particular. It's about being proactive. It's about being right signed with a relevant message. Nothing matters more than life. And it's easy to say that we can deepen our customer relationship by doing this, we are creating value, not in customers' finances, but in life. But this also applies in customer acquisition changes in life make people to evaluate their values. And usually, those value changes and events in life demand actions in finances and where the bank is needed. So we will be there by making our service as seamless and smooth as possible, but also creating value from the point where the interest, for example, buying a new house or an apartment rises to the situation where the actual purchase is done. And as an example, we have just launched, like [indiscernible] already said today, a cooperation with [ Alcoa ] to create a fast track for bulks customers, which is the most modern and growing brand in the real estate market in Finland to be able to create smooth, fastest and the most personal way to a new home. How does this work in concrete is that if customers -- if more [indiscernible] customer visits their website, they will get an immediate access to negotiate with us with our professionals in person in digital channels. Talking about households and moving towards the SMEs, which is actually the biggest opportunity for us to grow our business. It's targeting specific customer group growing an owner entrepreneur lead companies benefit the most from our service model. The market leaves an empty spot when it comes to creating the most personal and value-adding service for SMEs. Traditionally, there is a separate service path created when taking care of personal finances or SMEs. These parts don't understand too well each other and the customer needs to repeat and start over. In Oma, we avoid this by pointing in a way that demonstrates a lot of professionals but creates value, be assigned a dedicated contact person to handle both entrepreneurs and companies banking needs. All of our strategic target segments are businesses with identifiable hand-on owners. We -- our service model creates added value for this target group. Dedicated contact person understands the entity, not separate part in entity. And our operational model gives an easy access to professional advice who handles both the entrepreneurs and companies banking needs before now and is belly to understand the future that the customer wants to achieve. Being local, we have a story, we have customer segmentation and we have a plan. In addition to this, we need to be the local bank right where the customers are. We have 48 branches with wide network of offices with white opening overs, being local bank in OmaSp means that we are open, we are easy to access, and we are ready to serve. Being local is the core of our growth, but also it means the service availability. We need to be trusted. We need to be agile and we need to be small. It's built in our culture, and it's built in our employees. Being local is in just the branch network is also leveraging most personal service and value in digital channels, customer decides we don't steer or force. We also have local people in digital channels that creates a feeling of Oma aspect to be local, but modern bank. So being local, is being at present, but it's also a feeling of being local. And what do we get out as a result from -- of our service model. It's bringing us 700-plus customers per month. And personalized customer experience is the key. Like Sasu said earlier, new loan issuance is performing better. We are making right choices both in household and SME lending at the moment, and we are also able to price our service model. Our wide branch network offer also possibilities to do business and grow in many ways in different areas in Finland. Growing in multi-face, finding customer deposits and investments in every branch in our network. Customer experience and our service model is the key grow locally, but also through concrete actions in digital channels. And talking about the customer experience, we are aiming for NPS safety, which I think is one of the most important KPIs in our updated strategy. At the moment, customers tell a great story, and we get good feedback from our internal service but also from official external research. Our NPS is 40, which is a great result and shows us that we are on the right path to be even more recognized as the most personal banking partner in Finland. I'm also extremely proud of all -- of the overall satisfaction to the Oma aspect advisers, that is 4.6 out of 5 according to the latest measures. And talking about employees, the employee satisfaction is on a good level, and employees are exceptionally committed to change almost 4.6 out of 5. And in addition to this, of our employees are shareholders of OmaSp, which create us a situation where we have a lot of people, [indiscernible] people driving us towards our goals, both in rolled and in finance and in customer experience. So to sum up, it's about developing existing customers and getting new, both growth dimension, strengthens fee income and expand income base. differentiation from competitors mean that we invest to be the most personal bank in Finland. Customer experience is the key. Being local, both at branches and in digital channels that OmaSp is a bank for the customers to join and to stay and hopefully, for the case. Now at this point, I'm ready to introduce my colleague, next come on the stage is [indiscernible]. And [ Villa ] is always asking if there is something missing from our digital services to our customers, but the answer is luckily no. We are happy on the business side, but it is nice that he asked. It means he's thinking about our customers. So thanks on my behalf, and welcome, [indiscernible].

Thank you, Markus, for the kind words, and welcome, everybody, to the 10 minutes of the digital journey as we say here. Before I jump further, there's actually some true thing that Markus said, we take customer feedback quite seriously and also from the branches, we collected,analyzed it properly and we take actions. And for example, the mobile development is basically prioritized according to the customer needs. So happy to do that. But let's jump further. What I'm trying to explain to you is that we are -- in many ways, as you have heard, we are a traditional bank. And I will explain why that is also a strength. We, as you have heard from Markus and everybody else, we rely on the personal service, getting happy people to the branches and giving the good service also online. But more than that, we have a good attitude. We have a very high ambition level, and I will go through even quite detailed examples for you what we mean by that. But first, kind of a warm-up slide. So as said, we have a comprehensive fleet optical services. We have all the modern payment methods, netbacks meetings. And as mentioned already, digital unit is something new. We will make sure that we can handle this cooperation with [ Boyle ] in a proper fashion. And the digital unit will also help processing another important cooperation, the core business card cooperation we have together with [indiscernible]. But -- and maybe looking back to 7 years I've been in the bank, it's nice to see that we have had the possibility also to invest quite a lot in actually all of these areas and the investments will, of course, continue. We try to get kind of the best from both works. So being a traditional bank by that, I mean that we invest in all this daily as much as needed. We have done it, and we will continue to do that. So cybersecurity, the color talked about AML, fraud, sanction screenings, data governance, all that needs to be in place. But then if you look at what possibilities we have, it's -- even if banking systems are somewhat complex, we still have an edge here since we operate in one country. We have basically one system. We have product. We have one currency, believing one time so there's a lot of simpleness in my life in that way. Where we -- I'll show you later, we think we can be able to challenge and do better is, of course, utilizing data. It's a key part of our strategy. We have lots and lots of basic integrations missing as Karri and everyone has mentioned this lending project. Set adding those, we will get great benefits. AI, it's always to be mentioned. It is a part in our development now, and we will show you what we are thinking about that. Then we have some additional tools to play with. We have a relative simple architecture, I said, but we have also outsourced software development. So as you know, what all the software companies are going through today. We have this kind of luxury to be able to select our partners every day. So we will take advantage of that. Of course, in-house, we still give all the architectural responsibilities and analytics parts. So what is it that we are committed to at the moment? The lending and collateral system renewal is quite extensive program. It will be finished within 1.5 years, 2 years, maybe after which, we will have all the missing interfaces in place. We will have better processes for our experts in the branches to operate basically by next methods as you can do with other interfaces. In addition to that, I'll get back to the -- where we put this room for more AI in place. Then the data utilization, we will simplify our data structures somewhat will be visible inside for more experts in-house to simple analysis, but it will probably also help the AI to do some analysis for us. The regulatory parts, as mentioned, payments program, payment service directive is forcing us and other banks to do quite a lot of investments, AML, regulatory reporting always happening. And on the product side, well, the core business start was already mentioned, but it is actually a quite nice product. It has its own web portal where the companies can order cards and close cards and adjust them, it is a credit card, which is kind of applied anywhere on earth. We are continuing to improve that. It has a nice app also that goes with it, and we have quite nice potential calculated into that case. And the cooperation with [indiscernible] is going quite well. Then to the cost topic, if you say. I actually wanted to do this on a much higher level, but I was advised to give other examples. So I'll give you some examples. So first of all, for example, archive analysis. Well, archive is what it says. It's a place where you hire all the customer documents usually and then you never see them again until today because now we have new tools, why don't give the language model access to the archive and after which you can probably start discussions with the data that -- before this technologies was in. Then we have done some early pilot in already a couple of years ago, we tried with tap to do some own customized Internet search engine, the copilot wasn't that good by that time. Nowadays, it already competes well with our own experiment. But we learned a lot. Then even more important in the branches, our people have been trained and given access to these kind of agents and the best part that we have found so far are kind of collateral analysis or housing inspection, analyzing tools. And when they get tested well enough, they will probably end up in some part of the process in the lending project as we go further. Then machine learning, it's not a new thing, but we have -- in the e-mail part, we have an algorithm that is learning. It has been doing its learning now for 5 months, and it's showing some quite good progress already. And after 9 months, it will possibly be taken into use. But the point here is nothing new. It's an algorithm. It will learn from what it sees that happens in our environment. And of course, if the algorithm can to the rules and bookings by sales benefits as time and energy to program each and every crude resistant. So that's one thing. Then the AI is also creeping in, of course, in different types of software. For example, in the customer service side, there are these add-ons that come with the package or subscription and real-time instructions for the for the support people. So cases like that. But then back to the lending, which is actually a quite good case here, it feels a little bit stupid to get so excited about documents, but lending is documents and just a lot of nice things, building managers, confirmation letter and my personal favorite, the sales pressure that the sales agencies described but a fantastic segment. It has all the information about the apartment. It has -- it tells what kind of balcony you have, what kind of view you have kind of bedroom or kitchen or not even that. You can also look back into the history. It tells you all the 10 years back, what has happened for the property. And it looks into the future. It is 5 years ahead with what is coming up. So this couldn't be better for kind of language models to as an input. And then from the bank side, we also create lots of documents, internal regiments to tell what is possible or not possible to do. And for example, my new favorite is the waterline, credit management guideline, which is a solid page document the branch needs to understand and learn how to do it. But why not give that as a prompt to the language model. And the point is here that on the right side, so with the traditional data and the databases and automation of the -- all these documents that we have in the bank, combining these will create miracles within time. Then if you ask do you have any evidence of success in this area, we have been tracking now all kinds of efficiency improvements, whether they are normal interfaces or based. And within 6 months, we have already shown 1 million of kind of sales working hours. And some of them are bigger, some of them are smaller, but there's a lot that has improved and that will be improved. And that was it, and the time is ended. So to summarize, -- we have all the services our customers need. We continue to invest in them. Markus' people are happy. For digital ambition, I tried to tell you it is quite high. We will utilize new tools we already have a quite clear vision where to implement improvements. And we will benefit from some simplicity compared to others and good partner selection. And I can't take the sales, but I will try to helped the cost income ratio from my part. So that was my part. Then I think it's -- trying to introduce Sarianna Liiri, our Chief Financial Officer, to the stage.

Good afternoon all. And now we are continuing to finance sales where we are now as a starting point to our strategy period and how we are delivering our new updated financial targets by the end of 2029. As part of our communications earlier and Karri also mentioned that we have already noted that the challenging part of our financial targets is comparable return on equity over 14%. And in this presentation, I will clarify all the necessary actions required to reach that target. The key message is stable earnings and cost discipline underpin sustainable return on equity. But let's start with a look at our Q1 figures and starting point to our strategy period. This year began in an operating environment with geopolitical tensions modest economic growth and uncertainty in the financial market. Despite the challenges, we delivered performance in line with expectation in first quarter and comparable profit before tax improved from the comparison period by almost 200%. During the first quarter, also new loan volumes returned to growth track again and fee and commission income increased broadly by 7.4%. At the same time, operating expenses declined by 15.4%, also in line with our plans. Comparable cost/income ratio was 57.5%. Impairment losses on financial assets decreased, but weak performance of the Finnish economy and particularly in real estate market continues to be reflected in nonperforming exposure which still grew during first quarter. Capital adequacy strengthened further and total capital ratio was 19.4%, which is clearly above the requirement. CET1 ratio was 18.5%. Strong financial position gives us a good basis to implement the strategy. In January this year, our Board confirmed updated financial targets as a part of strategy of growth. Financial targets shows the main focus areas implementing our strategy. I will handle all targets and our measures getting to target levels in this presentation. And let's jump to the demanding one. As we have noted, the demanding one to reach is comparable return on equity and getting there, we'll take multiple actions across the bank, not only one single level or area. If we take the full strategy period to year 2029, and especially at the back end when we expect more of the benefits to come through. We see 3 clear work streams to deliver a comparable return on equity target, grow earnings broadly with a clear emphasis on accelerating fees, keep costs under tight control, while continuing to simplify and automate processes and reallocating resources more on sales side and optimize capital allocation. maintain strong buffers and use surplus efficiently. And in addition ties, we need to keep our impairment losses at a lower level. First, earnings growth. For us, the key is to step up fee and commission income. And we see multiple growth pockets like Markus told, payments and card business, fund-related services. and we will deliver that by doing 2 things: keeping and broadening our existing customer relationship and also winning new customers. Net interest income will remain our largest revenue line and market share gains support stable growth. But changes in market interest rate environment will add volatility and a higher share of fee income helped balance that sensitivity. And importantly, of all, deeper customer relationship also support retention. Second, the cost side. We started cost containment actions already in 2025. Back then, we also invested to strengthen our risk management and control processes. And this created, of course, one-off costs and also increase the cost base, including higher headcount. Those major investments have -- those major investment-heavy initiatives have completed during 2025. And since then, we have moved back on the normal development cycle. You can see that in the stabilization of other operating expenses during the latest quarter. The next step is to continue automation of processes that still require manual work. And over time, this frees up capacity we can redeploy in the customer-facing services and sales and operate more efficiently. We will do this all progressively throughout the strategy period using automation and AI to streamline our back office and reporting processes like [indiscernible]. And third one, capital allocation. Our capital position is very strong with a meaningful surplus over regulatory requirements. Our priority is to keep sufficient buffers in all conditions. This also supports our credit rating and stable funding outlook. At the same time, retained earnings will increase equity buffers going forward our strategy period. So we need to keep assessing capital efficiency. Earlier this year, we updated our dividend policy, a 30% payout ratio and the ability to pay additional dividends. Primary, we will allocate capital to the growth. And our goal is to invest in sustainable growth and support our customers on their financial needs. We will use these tools to innovate both safeguards capital strength and supports efficient capital deployment, fully aligned with our return on equity ambition. Next, about fee and commission income, and our target is over 10% growth annually. Over the past quarters, like during Q1 this year, we have seen a steady growth, driving primarily card and payment transaction fees, reflecting higher customer activity and scalable volumes. At the same time, growth in fund-related services and other fee-related services like loan protection insurances further strengthen the income mix. We will continue to focus more on all of these, like Markus told in his presentation. In Q1 this year, total fee and commission income increased by around 7% over the comparison period. At the same time, fee income from Cards and Payment Services grew by almost 9% and fund-related services and lending-related activities rose by over 4%. And fee and commission income has become increasingly important growth driver for us. Our target is further to increase share of fee income of total income going forward our strategic period. This development diversifies our earnings profile and reduces dependency on net interest income, supporting more stable and sustainable profitability. Based on Q1 figures, development has been good, and we are on track towards our target over 10% growth annually. To deliver sustainable return on it, we need profitability to improve structurally and cost discipline is the [indiscernible] lever alongside earnings growth. And let's move on cost side. This slide shows that our comparable costs are now declining and we have a clear path toward comparable cost income rate below 50%. We are driving this throughout streamlined processes and higher operational efficiency and by shifting more people toward customer-facing activities and sales where they directly support growth. At the same time, we keep guide control and prioritization of investments focusing spend where it delivers the highest return. In Q1 this year, comparable operating expenses declined to EUR 28.6 million, which is a decrease of over 11% compared to the comparison period. However, personnel expenses increased by about 12% at the same time. Our operating expenses decreased by over 30% during first quarter. And going forward, execution remains priority. Continued cost reduction is the essence to deliver return on equity targets and comparable cost income ratio target. Headcount growth over recent years has supported business scaling and building required functions, and this is reflected the cost development. Our focus is now stabilizing the number of employees at current level, which improves cost predictability. On the previous slide, we showed that comparable costs are now declining, driven by disciplined execution and clear focus on where we invest. This slide explains an important enabler going forward. Headcount has now stabilized. That gives us cost predictability, and it also allows us to improve profitability without adding people. In coming quarters, the priority is to reallocate capacity moving more of our workforce into sales while reducing the share of manual work throughout productivity improvements, streamline processes and increased automation. This is how cost discipline translates into operating leverage, and it directly supports the core message on delivering sustainable returns. Stable head count and workforce reallocation support to reach our return on equity and also comparable cost income ratio targets. Strong capital position provides the foundation and for sustainable growth in the future. And next, we will continue with finance the system. OmaSp has never been as strong and well capitalized as it is today. Our strong capital adequacy is the core strength it gives us resilience throughout the cycles and flexibility to invest while remind discipline on risk and returns. Strong financial deposits and also support stable funding outlook and credit rating. Our financial target for CET1 ratio is at least 2 percentage points above regulatory requirement. At the end of the March, the total capital ratio stood at 19.4% and total accumulated equity amounted close to EUR 630 million. The supervisors requirement for CET1 ratio is 10.78%, including indicative additional capital recommendation. So the core capital surplus is over EUR 320 million. Also the surplus of T1 capital is over EUR 170 million. Looking ahead, OmaSp has many levers to actively manage and optimize capital position. We will use these tools in a way that both safeguard capital strength and supports efficient capital deployment. This slide captures the investment case at the heart of our strategy execution. Predictable earnings delivered with cost discipline improving efficiency, strong capital and growing share of fee income. Together, these drivers support resilient profitability and improving efficiency, which in turn creates room for distributions while we still invest in sustainable growth. Our dividend policy is to pay a stable and growing dividend of at least net profit with our preparedness to pay additional dividends when conditions are low. Our aim is to be predictable and profitable investment with sustainable growth. Let's move into financial targets, combined overall capital allocation. strong capital position with disciplined risk management secures the predictability and company's long history with profit orientation will support productivity also in the future. delivering our key financial targets, comparable return on equity and comparable cost income ratio. The message from the preceding slide is that the delivery part is already visible. Stable earnings provide a solid floor and sustained cost discipline is translating into efficiency gains. In line with our strategy, we have successfully increased fee and commission income across a broad range of areas, particularly driven by strong development in card and payment transaction fees. We will continue to focus efforts as we will continue our focused efforts to grow fee and commission income and deepen customer relationships across both households and SMEs. Strong capital position enables us to invest in sustainable growth. We will support our core customer segments on their financial needs and invested the processes where we can increase customer satisfaction and improve customer experience, automate our own processes and maintain a good risk out. Over the strategy period, we will keep reallocation capacity towards sales and customer-facing work, accelerating fee and commission income growth and maintain sufficient capital buffers in all conditions. Executed together, these levels support our return on equity ambition, improved cost income ratio and efficiency and, of course, create incremental value for shareholders as the operating leverage builds. Balanced capital allocation supports sustainable growth. The strategy of growth provides a clear direction for the coming 4-year period. Despite ongoing uncertainty operating environment, we remain committed to systematically executing our strategy and creating value for our shareholders. We will focus on 3 work streams to deliver our financial targets, growing earnings broadly, keep costs under tie control and optimize capital allocation. Our key message is a clear execution plan supports confident delivery of our targets and incremental shareholder value creation. And the part is already visible.

All right. Thank you, sir and boys for very good presentations. Now we are ready for our final Q&A. And as earlier, I would like to start here in Helsinki. Would you have any questions here? And I already see 2, 3 hands so let's start.

[indiscernible]. A bit of perhaps detailed questions on the plan to accelerate the fees and the mutual fund penetration within the existing customers. Are you seeing these untapped customer groups holding their assets in your bank account as a cash as typical things do or do they trust other fund service providers?

Would you like me to start? Okay. Thanks. Your question was about the deposits and how they kept on the other banks or different places. We currently do not see any differences with our clients compared to other players. Of course, as I said, we clearly see that the potential for us is to come to the targets that are comparable to the finished household markets, especially and thereby to broaden the and accelerate the sales. So -- but to your questions, we do not see any differences between the being compared to other banks. But of course, if we continue to elaborate a little bit around that, as Markus was showing that we have -- mainly our clients are in the mid sector or the developing group of clients and of course, we want to grow, and we target to grow to get the whole business of our clients, depend less it is households for SME -- the SME clients. I don't know if you can elaborate a little bit more.

Yes, I can surely continue that the focus has early has been in the growth in lending volumes. And basically, that's the core reason in my opinion to that situation where we are at the moment. But we can already see like Karri mentioned earlier that we have seen grade improvement already during the last months in the activities, but also in concrete sales numbers, and we are already starting to see the results. But of course, there's a long way to go.

And if I may continue about it because you actually addressed one thing that if you look under the MISP compared in 2024 or previous -- we were the bank that is most dependent on or relying on net interest income. And as Marcus said, that was the decision by streamlining the sales, focusing the sales. And now what we are doing and are doing is, of course, to broaden the offering, but also leading the organization to take these kind of discussions with the clients. And so it's a combination of selling targets, managing leadership and also for our people also to be -- understand that we talk about the whole needs of the clients. So basically, as I said, tried to say at the beginning is that we have a lot to do and to increase our sales in different areas without huge investments. We have the place -- we have in place the products, the services and so forth. So that gives us a very good strong foothold to start the sales, which actually took place already last year.

Then second one on the IT. How agile or modern your core IT system is -- is it creating bottlenecks to your development projects or are the bottlenecks perhaps elsewhere than within the systems?

You all know that we are working together with [indiscernible] and that we have a tag system. But I don't see that as a huge problem. All the new tools can be built around that. And whatever the core transactional core is I don't think it really makes that much of a difference. So I'm quite happy. Yes. To continue, as well in his presentation took up that we have -- we are agile in many ways in adding on open IPI -- what is the interfaces and so forth. So that is something and then the lending lead process that we are doing investment currently is, of course, also enabling us to do changing the processes and enhancing and finding the ways of cost efficiency, but of course, also benefits for the clients or customers.

One more?

Final one, a bit broader question. What kind of economic environment or growth assumptions your financial targets are built on? Are you expecting growth in the Finnish economy to reach those targets? Or would that -- would those targets be up kind of doable in this current? What we have seen over the past few years, a bit of a modeling through Finnish economy, please?

Yes. Our assumptions are based on the long-term estimates driven by different economic institutions, Bank of Finland and so forth. So basically, that's the path. And what we look onto the -- on the shorter perspective, of course, is that we see the potential from our side on increasing market shares also in the current market environment. If we look into the short term, of course, as shown, we have been increasing our market share in mortgages currently doing it well on the SME sector. But if we look, for example, for this year, we cannot change the market environment, especially for the [indiscernible] demand.

I think you can hand over to a Kasper Mellas.

Kasper Mellas from Inderes. Within SMEs, you said that you target growing entrepreneurial companies. How do you define highest potential customers in the household segment?

Markus, could you comment?

Yes. There is a lot of potential basically because we provide quite a wide range of services to our customers. So I see a lot of growth potential in almost every segment that I tried to describe the building customers and so on. Also in the young adults, there's a lot of space to grow in [indiscernible] mutates. And as we all know, it's one of the key factors when the customers like make decisions who is going to be their partner in banking. So [indiscernible] is one, and it's something that we need to be able to cross-sell better than we have done before. But also there's a great potential, like I mentioned earlier, in like selling funds in wealth management, even we have like possibilities. But the way that we need to deliver is to deliver those things is that we really add value and we understand what we are selling. So that it's like creating 25-year-old -- 25-year long customer relationships rather than just to make it like short selling efforts. So we need to understand that we are building life-long relationship with the customers. So it's not a fast in sales, but it's like creating value for the customer also in the long term.

All right. And a follow-up question. How do you find and reach these potential customers in both corporate and the retail side?

Like in my presentation, I said that the core of our light growth is in local actions, networking and being present because actually the competitors, especially in the SME market, they have less like empty spots in the market. So there's a lot of growth potential in it. And it's based on our like service model and being present in all over the payment. So basically, that is one thing. But of course, we need to also understand that we haven't been focusing too much on doing growth by like a bank level actions. And these digital units that we have just established is one example that we are like building new ways to do business and to find new customers. And I'm really happy that we are now like able to cooperate with like the most growing or the fastest-growing real estate agency in Finland and finding new ways to put our like best part in our service, which is the professional and the personal service to place and close to the situation where customers already are so that they don't need to come to us and we go to the customers and it's being local, both in the branch network, but also in the digital channels.

All right. Let me -- do you allow me to comment on that. If we look on the market currently, we clearly see some kind of churn on the market of 2 ways of customers thinking currently is one of those that are for the -- looking only for the price. And this is as we have been trying to sell, this is not what we are targeting to. And the other one is currently, which is actually creating clients to us currently is that people trying to find services and being also willing to pay for that service. This is something that really is currently going on in the market with the larger banks to adjusting their strategies. And as I mentioned with the some kind of mergers and things like that. Then, of course, one that has been very important for us and is we had a little downhill on that, but currently from 6 months 9 months ago, it started to be recommendations they are very important for us. And that when entrepreneur stuck with each other, they are, of course, quite often the change views about what kind of services you are getting. How do you feel about that? That has been in the part very important for us, and that is something that we clearly see now that is increasing.

So you -- you've been seeing -- growing this satisfaction towards the bigger banks on customers.

Banks as such, of course, because, for example, digitalization and forcing clients to different segmentations and putting them to different channels. And as I said, our competitive advantage and unique model is that the client chooses or customer chooses in which when and in which channel to meet us.

All right. And then about your solvency, currently, you are way above the target of plus 2%, above the required CET1 ratio, which makes a target at plus 14% return on equity very hard, but [indiscernible] least in my opinion. And you stated that you are planning to optimize capital buffers to an efficient level. So what is this level? And how are you planning to get there?

Just looking once again at me. As we have been saying is that we are optimizing, especially as Sarianna said, we are allocating our capital to growth and to combine and to come into the return on equity above 14%, of course, we have to look also to, for example, dividend distributions. Why not because I have been asked why not to distribute it immediately one has also to look backwards 2 years and also a new Board or fresh board, very professional one, of course, they are taking the steps gradually.

All right. And one last question, if I may. You said that you get plus 700 new customers every month. So that's this figure in the past quarter or so or longer time frame.

The past quarter -- the first quarter of 2026.

Thank you. [indiscernible] and thanks for questions.

[indiscernible] market. First, 2 questions from my side. First one is you've touched upon it a lot already, but it's on the fee income and sort of trying to marry that up against your targets. I appreciate the numbers that you gave us on the credit card penetration and also mutual funds. If you sum those up, that's around EUR 8 million in sort of more income that you can take out, which is maybe 13% up from your current fee income base. So I'm trying to understand how much of your guided sort of above 10% fee income growth going forward is truly sort of increasing penetration? And how much is coming from loan growth and new customers? So if you could split those 2 up in those targets, that would be interesting to hear. And then my second question is on the net interest income, which I guess we didn't hear so much about in the presentation, but maybe just trying to understand a bit how you're thinking around the funding side things, especially looking at your sort of upcoming -- on the wholesale side, upcoming refinancings perhaps and also tying that up against your plus capital of EUR 320 million, sort of how much is truly surplus and how much is maybe something you need to keep there for a funding perspective or from a rating perspective?

Good. If -- Sarianna, take the second part of the question. And you actually started to answer one terms.

Well, shortly, in our like plans, we have double digits in all business areas when it comes to fee income growth. And I think that we went through those numbers already that the biggest improvement has been seen now in payments and cards and also improvements in funds. What is -- when it comes to the fees in lending, we have -- as Kalle -- I think it was in Kalle's presentation that we have a lot of improved activities in lending. Of course, the housing market itself is not like helping us in the situation, but we are seeing that our like activity lows and sales are starting to improve, which will lead to also better fee income results in SMEs, actually, we are already -- I think that beating the market at the moment. So you can see that the SME part is actually like developing quite well at the moment. But the results will be seen in the next quarters and during the rest of the year 2026. So the market environment is challenging in lending growth, especially in the mortgages. But by honestly saying that the activities in sales and activities in meetings with the customers, they have improved significantly. So I'm actually waiting to see also the improvement in the sales and also in the lending fee income.

If I may add, and please correct me if I'm wrong, but we were talking about the example was about households and funds -- fund. We have also -- we are growing organically our private banking business since 2 years ago. That is growing very well according to our plans. So if I ask me, of course, as a CEO, it could be even more quicker growth on that. But then you, of course, have the average sizes of savings or investments are, of course, higher. So basically, the example was quite easy just if we would jump currently to the Finnish averages. So basically, it's a broad-based growth in different areas and of course, gaining new clients is one thing also and then deepening the relationship with current ones.

And then about the liquidity [indiscernible]. And our liquidity position is very strong, and we are having a meaningful surplus to liquidity requirements. And that's explained by our new regulatory requirements or liquidity we gave last year. And what comes to the coming financing needs, we will be refinancing our bond, which is maturing in December. And we are planning to be at the market in the second half of this year. And our aim is to keep the sufficient buffers to test a new liquidity requirement. And also, we need to keep liquidity to our growth targets. We are seeing this year and next year. And about the capital position related to the credit rating, I would say that our existing solvency levels are quite in line with our credit ratings, and we are having EUR 170 million surplus capital, and that's quite in line with our credit rating results. Are there any further questions here in Helsinki? Okay. If not, then we will go to the online questions, and I have a huge question from [indiscernible], and partly it has been answered. So I sort it down to a question regarding the use of excess capital. Extra dividend was mentioned, but what about buybacks and/or mergers and acquisitions?

Thank you. I'll take this one. What comes to mergers and acquisitions, as I said, we have not closed the door, but the strategy is to grow organically bolt-on investments or strategic partnerships will, of course, be we are open for those kind of discussions. In the past, the major shareholders have been positively looked into, for example, acquisitions done by share issuance. And we are not aware that with about changes on that. But then when it comes to share buybacks, it's a good -- very good question. And on the other side, referring also to the free float that we have currently. We have 10, 11 large shareholders, and they also understand that they are keen on seeing the free float increasing. But on the other side, once again, if it was done by the share buybacks, it will decrease the free float currently. So it's a difficult question, questions in a way, but currently, if you ask the company management, we are more favorable for keeping the free float not shrinking. And what comes then to additional dividends, of course, we have stated it a couple of times that during this period, we probably will be distributing additional dividends as we did already this year.

Good. Then a further question from [indiscernible]. Do you see any value to gain your own asset management unit through acquisition?

That's also a good question. And of course, there would be added value. But on the other side, also, it's always a question about what kind of asset management entities there are for sale or which one should would suit us. We are currently satisfied with the cooperation that we have with the savings banks -- fund management company, for example. But as I said in the early presentation that we are currently the only independent free large distribution channel, which, of course, creates interest in many players.

Good. Then we have a question from [ Marco B. ] A couple of big Nordic banks that are investing heavily on. Cash [indiscernible] banks follow along here. Is there a risk that the large banks will realize large cost benefits, which take can use to lower margins and thereby take market share from smaller players?

If I start with the market pricing and so forth, Finland has to knowledge, the lowest mortgage margins currently in Europe. It has been for several years. So hopefully, if you look into that kind of development, it's -- then it would once again the adverse compared to the Europe as such. And then if we look otherwise to the agility that we have and as [indiscernible] was describing, we have all the possibilities, and we have not too many of these legacy systems and thinking and ways of working. So it creates us some agility.

Yes. I like to add to that. I think the important thing to realize is that everyone has access to the same tools. So we are probably not the first one to invent something new, but then we were seeing something nice, we have access to the same tools that the big banks have. So I'm not too worried. It's an exciting competition more or less.

Then we have a question from [indiscernible]. What is the biggest bottleneck in growing your SME market share?

Maybe just bottleneck up of course is always to have talented people. As we've been describing, we are focusing on personal service, understanding the client needs, both with private needs of the client and on the other side, also the companies. This is one question for us, but we are investing on that. And then, of course, small next steps or less if that was the most crucial one, then, of course, is that the operations are smooth. They work very well and are efficient not from -- only from a profitable point of view, but that it creates also some personality for the client.

Then we have a further question from [indiscernible]. What is your interest rate transitivity to NII if we see ECP to raise rate?

I can take that one, yes. Our interest rate sensitive is quite stable looking forward, a 12-month period. If market interest rates will rise 1 percentage point, the impact will be around EUR 3 million to our net interest income. And otherwise, if market interest rates will decline 1 percentage point. The impact would be somewhere around EUR 4 million and negative, so quite stable.

Then a further question from [ Marco B ]. Deposit flows turned negative again in Q4 '25, and the outflows continued in Q1, '26. How concerned are you about this?

There are fluctuations during, of course, in different quarters and especially the year in this is one part in the business banking part often decreases we appreciate deposits that will be continuously for us in the coming years, something that we focus on as well as other services. And as Markus also said, that there are also differences -- regional differences between where we have -- we are in a surplus of deposits in our branches. And otherwise, that also creates us the possibility of allocating our resources. Then we have, of course, also we have now at the end of last year. And then moving forward, now we are in the process of have started a way of also to take deficits from institutions, both Finland and outside Finland. And the first step has been taken this quarter, and it looks very good.

Then a further question from the same person. Other operating expenses have declined from the peak in Q4 '25 and in Q1 '25. But they are still significantly above the '23 level. Can you lower them from the current level? If not, can you add revenue without increasing them? And how much additional volume can you handle with your current setup in risk know your customer compliance, et cetera?

There was quite a lot of questions. Starting with the know your customer processes and so forth, we have been investing a lot of those. And there, we have the possibilities of also the automization or i.e., whatever word you want to use it. So with the operational efficiencies of improving every day. So we are not worried about that. Then actually, I missed, can you repeat it?

Sorry just a minute. Yes, cost base, sorry, I believe it, but he was referring to how much our current organization [indiscernible] within the current structure if we continue to grow.

As Sarianna talked about it, the personnel -- how the employee levels have been increasing and now stabilizing. And then what we are doing is, of course, then allocating resources to more to sales, freeing also time for meeting clients, which is part of that [indiscernible] that Kalle was telling about. So once again, we are in a growth strategy. We are in a growth cost. So basically, what we are striving for is to increase our sales and customer base and on the other side, continue to do efficiencies.

Good. What about -- will you consider reactivating your IRB project at some point?

Yes. We would say that the starting point when we start our IRB project, the operating environment and especially requirements and regulatory have changed it. And our loan portfolio and consistent of our especially the SME loan portfolio has changed it after that. So we don't see any accents or reachable targets on IRB side under this regulatory requirement using CRR3 standardized method for bank.

Okay. Then we have a new person online, [indiscernible] from ABN Amro Bank. And he's asking, considering the intention to keep the staff count stable, do you still see growth possibilities in adding newer branches?

Yes, as I said, we've been adding -- opening new business 3 new branches during the past 18 months. We are, of course, looking into different places where we see growth potential or business potential. I would say that, that's not the question about personnel. Increasing personnel as we say, we can allocate people more to client work, so to say.

Okay. And then we have the final question from [ Marco B ]. What are the discussions with the rate agencies like these days? What would it take for SFP to remove the negative outlook?

If I start and you can continue. We have a good relationship with the rating agency and regular meetings and dialogue with them. If we take one thing from the negative outlook was actually -- it is the NPLs on performing loans and questions around that. And that is something that we've been trying to address today with you and also what we've been talking with the rating agency.

And also, the one question is related to the loan portfolio growth and our target on that side. And the question is when you are turning into [indiscernible] again? So that's the 2 main questions about credit rating agency. Okay. That was all this time, and I thank you very much for your good answers. But Karri, would you like to sum up?

Yes Thank you. I hope that you have enjoyed this afternoon. We have been able to show you how we are moving forward with our strategy and with the financial goals that we have. I would like to just to highlight about that for you to remember. We have a dedicated and highly skilled personnel. We have a high NPS. People -- our people have 58% are shareholders in the company and the culture that we foster is creditability and cooperation. I hope that this was also shown with the presentations that we have. Enhanced and unified processes, improving efficiency, this is not only in the back office processes. This is also in processes that is shown for the clients, also unified processes, how we address client -- how we approach clients and things like that. So very much focusing on unified processes. We use automatization, i.e., supports the superior customer experience. We'll hopefully highlighted it very well. And then for the most to remember is that we are well positioned to deliver the sustainable and diversified profitable growth. The company has never been in this good strong financial position with talented people with clear objectives that we are here, and we'll continue to strive for to perform. Thank you very much for attending this -- for our first Capital Market Day. And remember, we are here to -- also to answer questions, if not today, also in the future. Thank you very much.