Operator

Good day, and thank you for standing by. Welcome to Banca Mediolanum Q1 2026 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to Alessandra Lanzone, Head of Investor Relations. Please go ahead, madam.

Alessandra Lanzone
Head of Investor Relations

Thank you. Hello, everyone, and welcome to Banca Mediolanum's conference call. Thanks for joining us today. We are only at the beginning of the year, but Q1 offers already a meaningful first read on a very active start to 2026. The strength of our business, the drivers behind the numbers and the trends of our performance.

For the Q&A session at the end, please ask in the language of the line. As usual, we respond in Italian, but with translation -- simultaneous translation into English available.

With that, I'm pleased to hand this over to our CEO, Massimo Doris, joined by our CFO, Angelo Lietti. Massimo, over to you.

Massimo Doris
CEO & Director

Thank you, Alessandra. A very good afternoon to all of you. We started 2026 in a context that was already complex, shaped by geopolitics, shifting rates expectations and policy developments. As the quarter progressed, market volatility increased, particularly from March onwards. But the broader point is that volatility is no longer an exception, it has become part of the baseline we operate