Operator

Good evening. This is the Chorus Call conference operator. Welcome, and thank you for joining the Banco BPM Group First Quarter 2026 results presentation. [Operator Instructions] At this time, I would like to turn the conference over to Mr. Arne Riscassi, IR Manager of Banco BPM. Please go ahead, sir.

Arne Riscassi
Investor Relations Manager

Good afternoon. Thanks for joining the conference call. Q1 results will be presented by our CEO, Giuseppe Castagna; and our Joint General Manager and CFO, Edoardo Ginevra. Let me remind as usual to limit, please your yourself to questions maximum. Now let me hand over to Mr. Castagna. Thank you.

Giuseppe Castagna
CEO & Director

Thank you, Arne. Thank you, everybody, all people who join our conference call. We are happy to present a very strong set of numbers for Q1 '26 solid start, I would say, a compelling business model in action because we are following exactly the path that we presented last year with our updated business plan in February '25. Profitability grew to EUR 480 million of net income with royalty and ROE in line at 20% and 15%, in line with our planned target for 2026.

Also common equity Tier 1 is very solid, 13.6%, with an