Operator

Good morning, ladies and gentlemen. Before I hand over to Ms. Magda Palczynska, Head of Investor Relations, a reminder that today's call is being recorded. Madam, you may begin.

Magda Palczynska
Head of Group Investor Relations

Good morning, and welcome to UniCredit's First Quarter 2026 Results Conference Call. Andrea Orcel, our CEO, will take you through the presentation. This will be followed by a Q&A session with Andrea and Stefano Porro, our CFO. As always, please limit yourself to 2 questions. With that, I'll hand over to Andrea.

Andrea Orcel
Group CEO, Head of Italy Region & Director

Thank you, Magda, and good morning, and thank you all for joining. I would like to begin today with a shout out for our people, our performance and progress are driven by direct execution every day. UniCredit has consistently demonstrated the ability to adapt throughout its transformation initially primarily focused on efficiency and profitability through Unlocked.

The results speak for themselves. 20 consecutive quarters of outperformance with net profit growing from EUR 1.5 billion to EUR 10.6 billion throughout the rate cycle while dedicating on average, EUR 1 billion per year in transformation investments. With