Operator

Good day, and thank you for standing by. Welcome to Millennium bcp First Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Mr. Miguel Maya. Please go ahead.

Miguel Maya Dias Pinheiro
3rd Executive Vice Chairman, CEO & Member of Board for Strategic Board

Good morning, Miguel Maya speaking. Welcome to BCP Earnings Conference Call. As usual, I will mention the highlights of our performance and then Miguel Braganca and Bernardo Collaco will follow providing additional detail.

The first quarter proved particularly challenging with global context marked by increasing instability and intensifying geopolitical tensions as conflicts erupted in the Middle East. These events have had a severe impact on international trade and energy costs worldwide, which in turn is affecting global economic growth.

Despite operating in a complex environment, the bank's performance remained strong. Net profit grew by more than 25% year-on-year, reaching EUR 306 million and translating into a return on equity of nearly 16%. This profitability underscores the resilience and the ability of our