Operator

Good afternoon, and welcome to BFF Banking Group Market Update Call. [Operator Instructions] Please note this event is being recorded. I would like to turn the conference over to Giuseppe Sica, Group CEO. Please go ahead.

Giuseppe Sica
GM, CEO, CFO & VP of Finance and Administration Department

Good afternoon, everyone, and thank you for joining today's market update call following the publication of our press release regarding the approval of the draft annual report and the consolidated financial statements as of 31st of December 2025. As you will have seen in the press release, the figures released today include the changes compared to the consolidated financial accounts presented on the 10th of February 2026 and take into account the effects of the initiatives adopted by the bank following the Bank of Italy's regulatory measure. Let me remind you that we will publish our first quarter 2026 results and host a call on the 11th of May, and we will provide detail related to this period. I would like to take a moment to walk you through the key updates in today's announcement before we open the call to Q&A. There are four key elements that led to changes compared to the numbers presented on the 10th of February.

First, the reclassification of factoring exposure in past due resulted in an increase of EUR 1.4 billion. The reclassification