Alior Bank Aktie

Good morning, ladies and gentlemen. My name is Piotr Zabski. I am the CEO of Alior Bank S.A. I would like to welcome you at this General Meeting of Shareholders of Alior Bank and we open today's meeting. I would like to inform you that this meeting is recorded by the appropriate devices and also it is transmitted online in Internet. The vote will be conducted with the means of the specialized equipment.

And now I would like to ask the representative of Unicomp-WZA company to explain how you can exercise your voting rights.

Good morning. Each of you received a tablet. And in the tab your data, you can know who you represent and how many votes. The voting is simple. When the vote is ordered, you will see the title on the tablet and 3 decision keys. Then you will be transferred to the next screen and then you will see the decision that you have taken in the first step. And then on the second screen, you confirm it.

If it happens that you've chosen the wrong decision in the first step, so then you have to use the tab return and then you are transferred back to the first screen and then you choose the right decision and then you are transferred to the next screen and you confirm. Of course, we are at your service. If there are any questions, so please ask them.

I can't see any questions. Thank you very much. Now we move to point number two, Election of the Chairperson of the Annual General Meeting. And please put forward your candidate on the Chairperson of this Annual General Meeting.

[ Monica ], the representative of PZU. So I would like to propose Mr. Sebastian Rudnicki to be the Chairperson for the meeting.

Are there any other candidates? So Mr. Counsel, I am addressing you. Do you agree to chair today's meeting?

Yes, I do. I do agree.

Ladies and gentlemen, I order the secret vote on the resolution regarding the appointment of Mr. Sebastian Rudnicki to be the Chairperson of this Annual General Meeting. This is resolution #2/2026 of the Annual General Meeting of Alior Bank Spółka Akcyjna dated 29 April 2026 on the appointment of the Chairperson of the Annual General Meeting of the Bank. Pursuant to Article 409 Paragraph 1 of the Code of Commercial Partnerships and Companies and Paragraph 16(1) of the Articles of Association of Alior Bank S.A., the Annual General Meeting of the Bank elects Sebastian Rudnicki to act as the Chairperson of the Annual General Meeting. The resolution shall enter into effect upon its adoption. I open the secret vote on this resolution.

So I can see the result, but I would like to ask you whether everyone voted. And I can see that everyone voted. And so under the secret vote, there were the following votes cast and the total number of valid votes, 96,530,336 from 96,530,336 shares, representing 73.93% of the share capital. For yes, the number of votes is 96,530,336. There were no votes against and there were no abstentions. Ladies and gentlemen, I would like to confirm that this resolution has been adopted under the secret vote. Mr. Counsel to accept the nomination.

Thank you very much for giving me the floor. And now I will give the floor to Mr. Chairman to continue the conduct of today's meeting.

Ladies and gentlemen, I would like to welcome you cordially at this Annual General Meeting. I would like to welcome the shareholders and their proxies and also the members of the Supervisory Board and the Management Board. Also, I welcome the technical crew and also Madam Notary, who is with us and is taking the minutes of the meeting. And I would like to welcome also the representatives of the media. Thank you very much for my nomination and it is an honor for me to be -- to chair today's meeting.

First of all, I order the drafting of the attendance list, which has already been drafted. So for me, it is just to sign it. This attendance list is on my desk for you to check it or to see it. And I would like to confirm that at today's General Meeting of Shareholders, there are 96,533,336 votes from the same number of shares, which represents 73.4% of the share capital of the company. On the 24th of March 2026, the announcement was placed on the company's website and also in the form of the current report 6/2026. This announcement regarding the calling of the meeting with the following agenda.

Point number one, Opening of the Annual General Meeting. Point number two, Election of the Chairperson of the Annual General Meeting. Three, Verification whether the Annual General Meeting has been convened correctly and is capable of adopting binding resolutions. Four, Adoption of the agenda of the Annual General Meeting. Five, presentation and review of the following.

The separate financial statements of Alior Bank Spółka Akcyjna for the year ended 31st of December 2025, the consolidated financial statements of the Alior Bank Spółka Akcyjna Group for the year ended 31st of December 2025, the report of the Management Board on the activities of the Capital Group of Alior Bank S.A. in 2025, including the report of the Management Board on the activities of Alior Bank S.A., as well as the sustainability statement.

Six, presentation and review of the Report on the activities of the Supervisory Board of Alior Bank S.A. in 2025. Seven, presentation to the Annual General Meeting of the Report on the assessment of the application by Alior Bank Spółka Akcyjna of the Corporate Governance Principles for Supervised Institutions in the year 2025. Eight, adoption of resolutions on: review and approval of the report on the activities of the Supervisory Board of Alior Bank S.A. in 2025, review and approval of the separate financial statements of Alior Bank Spółka Akcyjna for the year ended 31st of December 2025, review and approval of the consolidated financial statements of the Alior Bank Spółka Akcyjna Group for the year ended 31st of December 2025, review and approval of the report of the Management Board on the activities of the Capital Group of Alior Bank S.A. in 2025, including the report of the Management Board on the activities of Alior Bank S.A. as well as the sustainability statement.

Point number nine, adoption of a resolution on the distribution of the profits of the Bank for the financial year 2025. Point number 10, adoption of resolutions on granting discharge to members of the Management Board of the bank for the performance of their duties in the financial year 2025. Point 11, adoption of resolutions on granting discharge to members of the Supervisory Board of the bank for the performance of their duties in the financial year 2025.

Point number 12, adoption of a resolution on the assessment of the remuneration policy applicable at the bank. Point number 13, adoption of a resolution on the assessment of the collective suitability of the Supervisory Board of Alior Bank S.A. Point number 14, adoption of resolution on expressing an opinion on the report on the remuneration of members of the Management Board and the Supervisory Board of Alior Bank S.A. for the year 2025 submitted by the Supervisory Board of the bank adoption.

Point number 15, adoption of resolution on the adoption of the updated Remuneration Policy for Members of the Management Board and the Supervisory Board of Alior Bank S.A. Point number 16, adoption of a resolution on the assessment of the adequacy of internal regulations concerning the functioning of the Supervisory Board of Alior Bank S.A. and its effectiveness. 17, adoption of a resolution amending the Articles of Association of Alior Bank S.A. Point 18, Closure of the Annual General Meeting.

And on the 1st of April 2026, the Management Board of Alior Bank in connection with receiving the motion from the shareholder of Alior Bank, it means from PZU dated the 1st of April 2026 on the basis of Article 401 Paragraph 1 of the Commercial Companies Code extended the agenda for the General Meeting of Shareholders convened for the 29th of April 2026 by adding point 18, adoption of resolutions on changes in the composition of Supervisory Board of Alior Bank Spółka Akcyjna.

So then the numbering has changed. So now the Closure of the Annual General Meeting is now point number 19. And the amended agenda was also published on the company's website and also as an attachment to the current report #9/2026 submitted for public opinion.

And in line with Article 108 of the Commercial Companies Code, this General Meeting of Shareholders is valid no matter how many votes are represented and the statute of the bank does not stipulate any other regulations. And therefore, today's General Meeting of Shareholders convened properly and formally in line of Article 403, Paragraph 1 and 396 of Paragraph 101 and Paragraph 402(1) of the Commercial Companies Code, this meeting is properly convened and capable of adopting binding resolutions.

And also I would like to inform you that the draft resolutions that are on the agenda were published on the company's website at www.aliorbank.pl and also as an attachment to the current report #6/2026 as submitted for the public opinion on 24th of March 2026. The draft resolutions which will be voted on, including also the draft resolutions resulting from the extension of the agenda by the Management Board of the Alior Bank are also available on the tablets, which are used for exercising the votes. And these tablets were given to the shareholders and the proxies at the moment of registering for the meeting.

And since all the draft resolutions were made available to the shareholders, so I would propose not to read the resolutions -- the content of the resolutions only to refer to the number and also the title of the resolution. If there are any objections, of course, I would change this, but I can't see any objections. So I will not read the content of the resolution, I will refer to the number and also to the title of this resolution. I would like to inform you that in line with Article 111(3) of the Commercial Companies Code, the shareholder may vote differently from each share held. So it is possible to do the split voting. For example, with part of the votes for yes and with the other part of the votes against.

Now we move to point number four on the agenda, namely the adoption of the agenda of the Annual General Meeting. And this agenda was published and made available on tablets and also includes the extension proposed by PZU company. Are there any motions regarding this point? If not, I would like to order the vote on the resolution regarding the adoption of the agenda of the Annual General Meeting of the bank. I open the vote. Has everyone voted? I can see that yes, and I close the vote and I read the results. So there were 96,530,336 valid votes on the same number of shares. For yes, 96,530,336 votes, against 0, abstentions, 0. Therefore, I would like to confirm that this resolution has been adopted unanimously under open vote.

Now we move to point number five on the agenda. And point number five, this is the presentation review of the following: the separate financial statements of Alior Bank Spółka Akcyjna for the year ended 31st of December 2025, the consolidated financial statements of Alior Bank Spółka Akcyjna Group for the year ended 31st of December 2025, and the report of the Management Board on the activities of the Capital Group of Alior Bank S.A. in 2025, including the report of the Management Board on the activities of Alior Bank S.A., as well as the sustainability statement. Are there any comments regarding this point? If not, so I close the discussion on this point.

Point number six, presentation and review the report on the activities of the Supervisory Board of Alior Bank S.A. in 2025. Are there any other comments? I close the discussion on point number six. Point number seven, presentation of the Annual General Meeting -- to the Annual General Meeting on the report on the assessment of the application by Alior Bank Spółka Akcyjna of the corporate governance principles of supervisory institutions in the year 2025. Are there any comments? If not, I close the discussion on this point number seven, and we move to point number 8.

This is adoption on resolutions on review and approval of the report on the activities of the Supervisory Board of Alior Bank S.A. in 2025 and also of the separate financial statements and consolidated financial statements as well as the report of the Management Board. Now we have point 8a, so we move to the adoption of the resolution on review and approval of the report on the activities of the Supervisory Board of Alior Bank S.A. in 2025. Are there any motions to this point?

So now I order the vote on resolution #3 regarding the review and approval of the report on the activities of the Supervisory Board of Alior Bank S.A. in 2025. I can see that everyone has voted and I will read the result of the vote. So the total number of votes cast 96,530,336 valid votes from the same number of shares. For yes, 96,251,243, objections against 0; abstentions, 279,093 votes. Therefore, I would like to confirm that the resolution under the open vote has been adopted.

We move to point 8b, review and approval of the separate financial statements of Alior Bank Spółka Akcyjna for the year ended 31st December 2025. Are there any motions regarding this point? If not, now I order the vote on this point. Resolution #4 regarding the review and approval of the separate financial statements of Alior Bank Spółka Akcyjna for the year ended 31st of December 2025. Is there anyone who still is voting? I can't see. I close the vote and the total number of votes cast 96,530,336 from the same number of shares. For yes, 95,538,962, against, 712,281 and abstentions 279,093. I would like to confirm that this resolution has been adopted under the open vote.

Then we have point 8c, review and approval of the consolidated financial statements of the Alior Bank Spółka Akcyjna Group for the year ended 31st of December 2025. Are there any motions regarding this point? If not, I order the vote on the resolution #5 regarding the review and approval of the consolidated financial statements of the Alior Bank Spółka Akcyjna Group for the year ended 31st of December 2025. Has everyone voted? So I close the vote, and please I will read now the results. So the total number of votes cast 96,530,336 from the same number of shares. For yes, 95,538,962, against, 712,281, and abstentions, 279,093. I would like to confirm that this resolution has been adopted under the open vote.

Now we have point 8d, adoption of resolution regarding the review and approval of the report of the Management Board on the activities of the Capital Group of Alior Bank S.A. in 2025, including the report of the Management Board on the activities of Alior Bank S.A., as well as the sustainability statement. Are there any motions under this point? If not, I order the vote on this resolution #6 regarding this review and approval of the report of the Management Board on the activities of the Capital Group of Alior Bank S.A. Has everyone voted? I can't see. Any person still voting -- the voting is in progress. So the total number of votes cast 96,530,336 valid votes from the same number of shares. For yes, 96,251,243, 0 against and abstentions, 279,093. I would like to confirm that this resolution has been adopted under the open vote.

We move to Item 9 on the agenda, that is to adopt the resolution on the allocation of profit of the financial year 2025. And the content of the resolution was published by the Management Board, it is also on your tablets. Are there any motions concerning this point? If not, I order a vote on resolution #7 on the allocation of the profit for the financial year 2026. It's an open ballot. Is there anyone that would like to vote? No. So I close the vote. 96,530,336 valid votes representing the same number of shares. 96,530,336 for, none against and no abstentions. So in light of this, the resolution has been adopted unanimously in an open vote.

Now we move to Item 10 to adopt resolution on granting discharge to the members of the Management Board of the bank for the performance of their duties in the financial year 2025. And at this point, this will be an open -- sorry, a secret ballot. Any motions concerning this item? If not, I order a vote on resolution #8 on granting discharge to a member of the Management Board of the bank for the performance of duties in the financial year 2025 to Mr. Piotr Zabski. Has everyone voted? So I close the vote. Please give me the results. So 96,530,336 votes were cast, representing the same number of shares and for 96,189,561, against, 15,721 votes and abstentions, 325,054 abstentions. So in light of this, I declare that the resolution has been adopted.

So I order a vote on resolution #9 to grant discharge for the performance of duties in the financial year 2025 to Mr. Marcin Ciszewski. So I order a vote, a secret ballot. Has everyone voted? Yes. So I close the vote and please give me the results. 96,530,336 valid votes were cast, representing the same number of shares. For, 96,189,561, against, 15,721 votes and abstentions, 325,054 votes. So in light of this, the resolution has been adopted.

I order a vote on resolution #10 to discharge for the performance of duties in a financial year 2025 to Mr. Jacek Michal Iljin. Has everyone voted? Yes, so I close the vote and 96,530,336 valid votes were cast, representing the same number of shares. For, 96,189,561 votes, against, 15,721 votes and there were 325,054 abstentions. In light of this, the resolution has been adopted.

So I order a vote on resolution #11, to grant discharge for the performance of duties in the financial year 2025 to Mr. Wojciech Przybyl. Has everyone voted? Yes. So I close the vote. So 96,530,336 valid votes were cast, representing the same number of shares. Out of this 96,189,561 for, against, 15,721 and abstentions, 325,054. In light of this the resolution has been adopted.

So I now order vote on resolution #12, to grant discharge for the performance of duties in financial year 2025 to Ms. Beata Stawiarska. Has everyone voted? So I close the vote. 96,530,336 valid votes were cast, representing the same number of shares. For, 96,189,561, against, 15,721 and abstentions, 325,054. In light of this, I state that the resolution has been adopted.

So now I order vote on resolution #14, to grant discharge to performance of duties in the financial year 2025 to Mr. Zdzisław Wojtera. Has everyone voted? Yes. So I close the vote. 96,530,336 valid votes were cast, representing the same number of shares. For, 96,189,561 votes, against, 15,721 votes and there were 325,054 abstentions. In light of this, I state that the resolution been adopted.

Now I order a vote on resolution #14 to grant discharge to a member of Supervisory Board to temporarily perform the duties of Vice President of Management Board for the performance of duties in the financial year 2026 and it concerns Mr. Artur Cholody. So I order a vote. Has everyone voted? Yes. So please give me the results. 96,530,336 valid votes cast, representing the same number of shares. For, 96,514,020 votes, against, none and abstentions 16,316. So in light of this, I state that the resolution has been adopted.

Now we move to resolution #11 to adopt resolution to grant discharge to members of the Supervisory Board for the financial year 2025. Here also, we have secret ballot. Any motions or comments on this item? If not, I order a vote on resolution #15 to grant discharge to the performance of duties in the financial year 2025 to Mr. Wojciech Julian Kostrzewa. Has everyone voted? Yes. So I close the vote. 96,530,336 valid votes were cast and 95,632,125 for, against, 523,157 votes and there re were 325,054 abstentions. In light of this I state that the resolution has been adopted.

So I order vote on resolution #16 to grant discharge for the performance of duties in the financial year 2026 to Mr. Jan Paweł Zimowicz. Has everyone voted? Yes. I close the vote. 96,530,336 valid votes were cast, representing the same number of shares. For, 92,113,303 votes, against, 4,091,979 votes and there were 325,054 abstentions. In light of this, I state that the resolution has been adopted.

So I order a vote on resolution #17 to grant discharge for the performance of duties in the financial year 2025 to Mr. Artur Kucharski. Has everyone voted? Yes. So I close the vote. 96,530,336 valid votes were cast, representing the same number of shares. For, 92,531,167, against, 3,674,115 and there were 325,054 abstentions. In light of this, I state that the resolution has been adopted.

So I order a vote on resolution #18 to grant discharge for the performance of duties in the financial year 2025 to Mr. Maciej Gutowski. Has everyone voted? Yes. So I close the vote. 96,530,336 valid votes were cast, representing the same number of shares. For, 95,682,125 votes, against, 523,157 votes and there were 325,054 abstentions. In light of this, the resolution has been adopted.

I order a vote on resolution #19 to grant discharge for the performance of duties in the financial year 2025 to Mr. Radosław Grabowski. Has everyone voted? Yes. So I close the vote. And 96,530,336 valid votes were cast, representing the same number of shares. 92,620,039 votes for, against, 3,584,533 votes and there were 325,054 abstentions. In light of this, I state the resolution has been adopted.

And I order a vote on resolution #20 to grant discharge for the performance of duties in the financial year to Mr. Robert Pusz. Has everyone voted? Yes. So I close the vote. 96,530,336 valid votes were cast, representing the same number of shares. For, 96,183,519 and against, 21,763 votes and there were 325,054 abstentions. So the resolution has been adopted.

Now I order the vote on resolution #21 on granting discharge member of Supervisory Board of the bank, Mr. Waldemar Maj. Has everyone voted? I can see that, yes, the total number of votes cast, 96,530,336 valid votes on the same number of shares. For yes, 96,015,305, against 189,977, abstentions, 325,054. I would like to confirm that this resolution has been adopted.

I order the vote on resolution #22 on granting discharge to the member of Supervisory Board of the bank in the financial year 2025 to Madam Agata Paulina Mazurowska-Rozdeiczer. Has everyone voted? I close the vote. So the total number of votes cast, 96,530,336 valid votes from the same number of shares. For yes, 96,030,853, against 174,529 and abstentions, 32,054. I would like to confirm that this resolution has been adopted.

Now I order the vote on resolution #23 regarding the granting of discharge to member of the Supervisory Board of the bank for the performance of duties in financial year 2025 to Mr. [indiscernible]. Has everyone voted? I close the vote. So the total number of votes cast is 96,530,336 valid votes on the same number of shares. For yes, 95,105,663, against, [ 1,099,619 ], abstentions, 335,054. I would like to confirm that this resolution has been adopted.

I order vote on resolution #24 on granting discharge the member of the Supervisory Board of the bank for the performance of duties in the financial year 2025 to Mr. [indiscernible]. Has everyone voted? I can see that yes. I close the vote and I will read the results. So the total number of votes, 96,530,336 on the same number of shares. For yes, 96,189,561, against, 15,721, abstentions, 325,054. I would like to confirm that this resolution has been adopted.

I order the vote on resolution #25 regarding the granting of discharge to member of the Supervisory Board of the bank for the performance of duties in the financial year 2025 to Mr. Tomasz Kulik. Has everyone voted? I can't see that anyone is still in progress with his or her vote. So I close the vote. And I would like to say that the total number of votes cast is 96,530,336 valid votes on the same number of shares. For yes, 96,189,561, against 15,721, abstentions, 325,054. Therefore, I would like to confirm that this resolution has been adopted.

Now we move to point number 12, adoption of resolution on the assessment of the remuneration policy applicable at the bank. Are there any motions regarding this point? If not, I order the vote on resolution #26 regarding the assessment of the remuneration policy applicable at the bank. The vote is in progress. So has everyone voted? I can see that yes and the total number of votes cast, 96,530,336 valid votes from the same number of shares, 96,251,243, against, 0, abstentions, 279,093. Therefore, I would like to confirm that this resolution has been adopted.

Now we move to point number 13, adoption of a resolution on the assessment of the collective suitability of the Supervisory Board of Alior Bank S.A. Are there any motions regarding this point? Now I order the vote on resolution #27 on the assessment of the collective suitability of the Supervisory Board of Alior Bank S.A. The vote is in progress. Has everyone voted? I can see that, yes, I close the vote. The total number of votes cast, 96,530,336 valid votes from the same number of shares. For yes, 96,530,336 votes for yes, against 0, abstentions, 0. I would like to confirm that this resolution has been adopted.

Now we move to point number 14, adoption of a resolution on expressing an opinion on the report of the remuneration of members of the Management Board and Supervisory Board of Alior Bank S.A. for the year 2025 as submitted by the Supervisory Board of the bank. Are there any motions regarding this point? If not, I order the vote on resolution #28 on expressing the opinion on the report on the remuneration of members of the Management Board and the Supervisory Board of Bank S.A. for the year 2025. The vote is in progress. Has everyone voted? I can see that yes, I close the vote. The total number of votes cast, 96,530,336 valid votes from the same number of shares. For yes, 81,092,253, against, 15,438,083 and 0 abstentions. I would like to confirm that this resolution has been adopted.

Now we move to point number 15 of the agenda, adoption of a resolution on the adoption of the updated remuneration policy for members of the Management Board and the Supervisory Board of Alior Bank S.A. Are there any motions regarding this point? I can't see any. So I order the vote on resolution #29 on adoption of the updated remuneration policy for members of the Management Board and the Supervisory Board of Alior Bank S.A. The vote is in progress. Has everyone voted? I can see that. Yes, I close the vote. The total number of votes cast, 96,530,336 valid votes from the same number of shares. For yes, 81,963,598, against, 14,566,738 and abstentions, 0. So I would like to confirm that this resolution has been adopted.

Now we move to point number 16 on the agenda, adoption of the resolution on the assessment of the adequacy of internal regulations concerning the functioning of the Supervisory Board of Alior Bank S.A. and its effectiveness. Are there any motions to this point? I can't see any. So I order the vote on resolution #30 on the assessment of the adequacy and internal regulations concerning the functioning of the Supervisory Board of Alior Bank S.A. and its effectiveness. Has everyone voted? I can see that yes. And now I will read the results. So the total number of votes cast, 96,530,336 valid votes. For yes, 96,530,336, against 0, abstentions, 0. So the resolution has been adopted.

Now we move to point number 17, adoption of a resolution amending the Articles of Association of Alior Bank S.A. So the changes were proposed by the Management Board and published and also are available on your tablets. Are there any comments on this point number 17. If not, I order the open vote on resolution #31 regarding the amendments to the Articles of Association of Alior Bank S.A. Has everyone voted? I can see that yes, and now I will read the result of the vote. The total number of votes cast, 96,530,336 valid votes from the same number of shares. For yes, 82,299,812, against, 14,230,524, 0 abstentions. I would like to confirm that this resolution has been adopted.

Now we move to point number 18 on the agenda, adoption of resolutions on changes in the compensation of the Supervisory Board of Alior Bank. Are there any motions to this point? I can't see any. We move to point number 19, closure of the Annual General Meeting. And therefore, thank you very much for your participation and I declare this meeting closed. Thank you.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Good morning. This is Dominik Prokop, on behalf of Alior Bank. May I welcome everyone to the results conference. We will talk about the first quarter 2026. And the first part, the bank's results as well as the trends, they will be discussed by members of the Board, President, Piotr Zabski, who will sum up the most important trends and will tell us about business results, Deputy President, Marcin Ciszewski, who will tell us about Risk; and Deputy President, Zdzislaw Wojtera, who will tell us about finance.

After the end of the presentation, we will have a Q&A session. Before I hand over to Piotr, may I encourage everyone to ask questions already during the first part of the conference, which will help us smoothly move into the Q&A session.

Piotr, you have the floor.

Good morning, everyone. The presentation will be composed of 4 parts. Firstly, operational activities with 2 business lines, the corporate and the individual customers, then the risk result and then financial results and other issues. So let me move on to the operational activities and about the first quarter. What you can see here is a slightly changed makeup of the presentation. We wanted to refer to our strategies. There are 3 pillars on the left, scaling up, high resilience, operational excellence. And it's within these categories that I'd like to tell you about what went on in the first quarter.

But before moving on, let me just sum up. This was a good quarter for Alior Bank. Our results were PLN 1.5 billion with a 2% growth year-on-year. And taking into account that we have lower interest rates in the country, this kind of growth is really -- in revenue is really making us very happy. This is a real scaling up results.

As far as net profit is concerned, we have PLN 403 million. This is a drop of 15%. The corporate income tax is the main result -- the main cause of this result. We will hear from our colleague later about more details. As far as the gross profit are concerned, we are on more or less the same level. As far as other parameters are concerned, very good return on equity, 13.8% increase, the corporate income tax is important in this regard. Very well-managed costs, 37.8% cost-to-income ratio, and we believe that this good level will be maintained. NPLs at a low level, even lower than last year. So this downward direction in the NPLs is maintained.

What is crucial is, what you can see on the left-hand side and the first pillar, the scaling up. We grew in the deposit portfolio by 9% year-on-year, which is making us very happy. We want to grow in this particular area. As far as loan sales are concerned, there are 2 elements. But I want to mention mortgage loans in the first quarter 2026 in relation to the previous year, namely the first quarter 2025. It's an increase of 84%, PLN 1.8 billion was the value of the loan sales.

There's been a very good quarter as far as the development of relational customers is concerned. We grew by over 100,000 in the number of relational customers. They have to meet a certain level of requirements. It is not obvious that you already become a relational customer while being a bank customer. It's been a very good quarter for Alior Leasing, which is our sister company. And that's part of our scaling up process.

As far as high resilience is concerned, I want to draw your attention to our rating. We received an investment rating from S&P, which is important for us because we will be issuing bonds in the euro market, so we hope to receive a good rating level there. Our costs are stable. The credit risk is going down. And we are recommending for the third year running, the payment of dividend to the tune of 50%, PLN 8.93 per share.

In the third pillar, the operational excellence, I want to draw your attention to our mobile app development. There's been a new launch of it in the current year. And compared to the previous version, it's on a much higher level. And so we are growing in terms of the users' numbers. It's the highest dynamic in the market, 90% growth at the end of March 2025 (sic) [ 2026 ]. Very good capital position, which gives us the opportunity for further growth. Liquidity is on a good level. New elements in the area of technologies, we have adopted an ambitious AI strategy.

We want to be even more dedicated to this high-end use of AI in the bank, and we have very ambitious plans for the next years. That is all as far as the general summary is concerned. Now a bit more about the numbers. If you look at our balance sheet, the assets is almost PLN 105 billion, PLN 85 billion of that is deposits, which is a 9% growth. Assets grew by 8% and the gross performing loans grew by 7%. That's the performing loans, Batik 1 and 2. So these increments, which we announced in the strategy are taking place and allow us to realize higher levels of growth in spite of the drop in interest rates.

In this particular slide, some more information about our customers. The relation customers grew by 6% over the year, and there's a 19% growth in mobile app users. What you can see on the right-hand side among the relational customers, which is 50% of the users of our application. And the customers are banking with us quite efficiently. In the mobile app, we have 44% sales in the general framework of our sales channels.

As for the balance sheet on the left-hand side, we have the loan portfolio and the deposits on the right-hand side. Let me say a few words about the loans. The customer loans are stable in the growth. The general effort goes to maintain the portfolio and recreate the sales levels. There's a considerable growth in the Burgund Depart, namely the real estate loans. These are important. And the whole portfolio has grown by 8% over the 12 months.

As far as the deposits are concerned, all the constituent parts in these bars are growing. That's a good result. The whole of the growth is 12% year-on-year, and we are very happy to see the growth in each of these constituent parts we are improving the results and that coincides with our strategic plan. As far as retail customers are concerned and the mortgage loans, there's been an 80% growth there, there's a lot of activity in the market as a whole. But on our side, the market shares in mortgages, for instance, is definitely higher than the Alior Bank share in the banking sector. So this is something that makes us very happy, and we are catching up there.

As for the other loans, non-mortgage loans in the Burgund Depart, you have the installment loans. They have performed slightly worse in the first quarter, but the result was the fact that there's been some carryover of the business partner negotiations, and we haven't managed to do something in the first quarter, but I can be confident that it will be made up in the subsequent quarters.

As for the cash loans quarter-on-quarter, there has been growth in spite of prepayments, in spite of the churn and short tenures. The effort that we put into the recreation of the balance is quite efficient and the balance will grow in the subsequent months.

As far as the retail customers are concerned, I want to draw your attention to 2 types of activities. Our brokerage house on the left and our TFI sector on the right. What we announced in the strategy was for the second pillar of our strategy to make our results stable by use of the commission. One of the strong players in that department is the activity of our brokerage house. As you can see, there's been a 52% rise in the commission year-on-year, which is considerable with 38% growth of assets and FIO and the considerable rise in the structured product sales.

On the side of Alior TFI, we are approaching the PLN 5 billion level of assets. We've even crossed over it, but March has not been a good result for that type of activity as there's been a lot of redemptions. So we hope to come back to the level of PLN 5 billion, but the 34% year-on-year rise is notwithstanding that, and we are definitely on the right track. And it is with these activities that we will be helping to stabilize the commission result.

Now the business customer, the left-hand side is the business loan portfolio, which is quite stable if you compare year-on-year results. But within the portfolio, there's been some changes. The first one that means [ commenting ] is that the nonperforming loans dropped down from PLN 2.4 billion year-on-year. And this drop is mainly in the micro businesses sector.

We had quite a big historical baggage of nonperforming loans in the micro companies sector. And this part is diminishing. What is important is the growing part in the middle are the segments that we want to develop, namely the small- and medium-sized companies. And here, we've seen an 11% growth. However, in the portfolio, we also have big consortium, the biggest players in the market where you can have slight movement. So the mix of the portfolio in the middle is changing. But in the general terms of its value, we have stability.

And I can safely say that the mix of the portfolio is changing for the better. There is more of the healthy parts of the portfolio, which makes our business aims more viable. As far as business customers are concerned, there's been a 5% growth year-on-year in the deposit volume. The last quarter has been very important. We've had a 22% growth in the current account sales. So this is a good offer. It's been readily picked up by the customer and over 70% of the sales is online sales, the new type of banking that we have launched for business customers. And this is bringing profits in terms of current accounts sold.

One more slide devoted to the corporate sector, let me draw your attention to our leasing company activity. Alior Leasing has seen record growth in sales, both in terms of leasing and loan sales, 27% is the rise year-on-year and the whole portfolio grew by 12%. So this is the kind of growth which is considerably above the level of the whole of the market. Our activity focuses on financing cars up to 3 tons. We are very strong in that particular area and the share of the market has grown by 6% from 2.9%. So you can see that the leasing is an alternative form for small and medium-sized companies, and these can readily obtain financing from our bank when they've been at least 2 years in operation and so we catch up the gap, we can sell it in the banking channels, and we are very happy with the growth that has been observed there.

Some other type of information we are being appreciated in the market. We've been on the podium in the Golden Banker services. And in the Mobile Banking, our application reached the first prize. We have been a leader in the Institution of the Year ranking, so we've been appreciated there. And also, we've received 6 statuettes. Also, we've been appreciated in the top employer title. We've received the certificate for 2026. And what is crucial, but let me stress that again, the investment rating of the bank represents the appreciation of our efforts, which we put into building a quality portfolio, and this translates into the payment of the dividends, generating new sales. And this all creates a situation where Alior Bank is a bank with an investment rating, which makes us very happy.

That is all from me about the first quarter, and I will hand over to Marcin for his comments about the risk management.

Thank you, Piotr. Good morning to all of you. The first quarter of 2026 ended with a very safe capital position. Tier 1 and TCR ratios are at the level of 17.85% with a huge excellent PLN 3.9 billion, which makes it possible to implement all the strategic endeavors. Concerning the TREA ratio, it's been at 21.60%, which is also a very safe position as far as liquidity is concerned. LCR is also at a very high level as well as NSFR, which is definitely higher than required by regulations, 236% and 152%, respectively.

We are working on the transformation of our loan portfolio, and we are successively reducing the nonworking portfolio. NPL is at 5.39% at the end of the first quarter. We are maintaining our strategic goal, which is to get below 5% with this ratio at the end of this year. The cost of risk measured with the CoR 0.67%, slightly higher than during the previous period. But here, we can see the impact of our approach towards the sales of nonworking portfolios, which can be seen in the upper right graph, where we can see that at the end of the second and fourth quarters of the year, we are checking the level of the nonworking portfolio, and we are getting additional revenues, improving our CoR ratio.

The nonworking portfolio went down from PLN 429 million to PLN 364 million. As far as the NPL indicator is concerned in segments for the retail customers, it's at 2.41% at the end of the first quarter market level. Concerning the business sector, we are reducing it consistently, but it's still higher than expected. At the end of the quarter, we are at the level of 11.35%. We confirm that as far as the cost of risk of our bank, it should not exceed 0.8%, which is also reflected by our strategy, which is implemented consistently. Thank you very much. And now Zdzislaw, has the floor.

Thank you, Marcin. Good morning. I'm going to discuss about the financial results right now. If we look at our income base, as Piotr has mentioned, in the business part, we are glad to see that the number of the clients and the level of loans and deposits are all increasing.

With the interest rates getting down, this makes it possible for our income to grow by 2% year-to-year. Of course, the division of the results differs because on the interest rates, we are 0.3 points down. But on the commissions, we are 6% up. If we look at the net result, we can see that it's definitely lower. But as all the banking sector did, we applied a new approach for banking. But what is important is that the gross result is almost the same as the one we have obtained last year in the first quarter of '25.

When we look now at the income statement, the P&L, so we can see the total income, net interest income and also the commissions. We have got dedicated slides I'm going to discuss in a moment. And we've got also results on other activities. Let me mention that we have got also the hedging transactions, plus PLN 18 million and also on the transactions with financial instruments, PLN 6 million. And in particular, the hedging transactions assessment is positive in this quarter, and it contributed in a good way to the result. It can change in the future, as you know very well. That's a positive one-off.

If we look now at the total costs, they are also under good control. The costs of our activities increased by 2% only, and I'm going to discuss it more precisely on the dedicated slide. What is also important is that the legal risks costs, well, we have identified PLN 37 million as loss of risks due to foreign currency loans. And this is mainly due to the model modification. So when we extended the horizon from 2 to 5 years, the provision for that topic has increased.

We do not see a major influx of mortgage in foreign currencies, claims, so this is a trend that is not deteriorating. As far as the gross result, the gross profit is almost at the same level as last year, which with lower interest rates and higher cost is quite a good result for this quarter. Concerning the net profit, we've got the impact of the corporate income tax. We have 37% of rate that has been applied to the whole year here.

So getting down to more specific elements of the interest rate results, we can see a decrease by 1% quarter-to-quarter. But taking into account the fact that in February, we have 2 days less, so we can say that this is quite comparable as far as the interest rate results are concerned.

When we look at the interest rate margin, which is probably more interesting for you, we can present with a big level of satisfaction this decrease because when we look at what happened as far as the reference interest rates of the National Bank of Poland is concerned, they went down by 200 basis points last year. And as we have already been saying for some time, we are changing the structure of our sales, and we have a huge growth of the mortgage loans, which is stabilizing the income of the bank in the long term, but it has got a negative impact on the margin.

Taking into account those 2 basic elements. The fact that we went down from 5.88% to 5.19% only, this can be considered a huge success when we look at the general trend of this decrease. Concerning the deposits and loan ratio, it's 78.5%, which is quite a good result. Concerning the fees and commissions, it has increased by 6% year-to-year. When you look at its development in the past quarters of 2025, we can see that every quarter, it has improved. And I believe that this year, the trend should be continued, which would mean that the number of the clients will increase. The sales of our products will also result in an improved commission income.

When I look at the first quarter, year-to-year, there are 2 things that needs to be commented. First of all, the increase of the brokers commissions by PLN 10 million, and this is connected with a higher volume of the investment funds and to a higher activity of our clients at the stock exchange. We've got also a second item, the sales of insurance connected with the mortgage loan sales. We have also seen here a huge growth by PLN 7 million.

And my last slide on the operating expenses. As mentioned in the strategy, we want to maintain them at a comparable level, and we want to maintain them in a regime that we have adopted. In order to present it better, we have split costs, operating expenses into bank operating costs and BFG costs, which are above it. So as you can see, every quarter is getting slightly higher, but it's still comparable.

When we look year-to-year, quarter-to-quarter, all we can see that there is a slight increase in costs. When we look at the last quarter, we can see that we have mainly HR costs that have increased, but this is due to the structure and to the charges we need to pay as employer for the social security. That's for the first quarter and then it's getting down in the next quarters.

When we look at the general governance costs, so usually, in the last quarter, there are additional activities such as marketing activities, IT projects, consultancy services, and this all resulted in higher cost in the fourth quarter. So now we have a decrease in the first quarter of '26.

What is important is that when we look at the cost/income ratio, BFG in time, 37.8% for the bank for a bank with our structure, which is a growing bank, it's a very good value. And the most important information for you, I think, we would like for the general cost of governance once BFG included to be maintained at the level of the inflation, so that it would not exceed the inflation ratio this year. Thank you very much.

The floor is back to Piotr.

Thank you, gentlemen. On the last slide, I would like to comment as follows. We had quite a good quarter. I mean, the first quarter of 2026. We are changing the structure of our balance sheet, of course, it's moving progressively, but in the good direction. The P&L is increasing and even faster than expected in some segments. Mortgage, consumer loans are increasing. Concerning the business clients, the portfolio is stable, but the structure and the mix is improving.

We are reducing the nonworking part. We are improving the segments in which we would like to be active. Concerning the P&L, well, all this results in higher income, PLN 1.5 billion that has been mentioned here is due to the increase of our volumes, and we are very glad because of that. Of course, our P&L is highly impacted by all kind of costs that seem to be very well managed. They are not increasing. They're not growing. We may say that in some areas, we are even able to reduce them. That's why we have a very good position on the risks and with a good road followed by the NPLs, all of the risks.

The P&L is at a very good level. It's very stable, very solid, PLN 403 million of our results impacted by the corporate income tax mainly is very good. It's one of the best return on investments on the market currently. Cost-to-income, I have already mentioned that and NPLs. So we consider that this quarter has been a good one. It's a good opening of the year. The dividend is paid and our rating -- investment rating have been a strong element of this first quarter.

And I think that I will end here, and we will be glad to answer to your questions.

Well, first of all, what we are observing is a much better situation in terms of winning the law suit. That is why the reserve level is as it is. We are being much more efficient in the litigation process, and that's been the main reason for the drop. Thank you very much. The next question.

In the first quarter, was there a reserve for the legal risk related to SKD? And if yes, what was the amount of the reserve?

Well, in the first quarter, we did not set up a reserve fund for that. We simply decreased because of the incidents of higher success rate that Piotr mentioned. What about the MREL at the end of first quarter 2026. At the capital group level, we received 11.5%.

The next question, does the Board see an impact of relational customers to the provision result? And what is the outlook as regards to the commission results for 2026?

Well, I think this question is not so much about relational loans, but relation with customers. Yes, we see an impact. The relational customers give us a better level of banking. The relational customers bank more readily and use more of our products. Our aim is to increase the commission result by 4%. And we are on a good track as far as this is concerned, there's a growth trend which Zdzislaw showed us.

What was the WFD result at the end of the first quarter?

44.7%.

What is your assessment of the ECJ ruling about the para loan results? Well, what is this ECJ ruling about?

ECJ said that banks can provide credit for commission, but cannot receive interest from it. However, the fact that they can't receive interest, so the loss from that can be set off by higher interest. So these are 3 important constituent parts of this ruling. We are analyzing what's going on. This is a very fresh ruling. We are very active in the Polish Bankers Union.

And the whole of the sector will be very active in limiting the results of that ruling because in our view, this is about the mechanics of the calculation of the bank's remuneration. This mechanics should be modified. And ECJ said simply the potential losses that occur because you do not take interest on commission can be set off by higher interest. So ECJ agrees that remuneration is due to the bank because of that type of activity. And the next question.

What part of contract contains the cost of commission of insurance?

As far as new sales are concerned, we're talking about marginal level of value. We have one as far as I remember. open line, but it is practically being wound up. As far as the other part of the portfolio is concerned, we are analyzing this. This is a fresh issue. So we cannot respond giving you any figures. But historically, we realize that this has taken place, and we are assessing the situation because there's been many changes in the contract, and it's too early to provide a definitive answer on that. Thank you very much.

The question from [indiscernible ].

Piotr mentioned about the rise of MSP volumes by 11% year-on-year. On Slide 30, you show the drop by 16% year-on-year. Well, the drop is in the micro companies. But in other segments, we are growing. So I don't know what this is about. In one slide, we're talking about a working portfolio, the one that generates stable growth. And there, we have increased results. But in the subsequent slide, we have the total portfolio in the gross value, which includes the nonperforming loans?

Another question about the ECJ ruling about SKD. Can this impact the bank's reserve levels?

Well, I want to be quite definite. This particular ruling did not refer to SKD. Let us not introduce any confusion here. This ruling was about the right of the bank to obtain interest on the cost of credit like commission or whether this can be compensated. And ECJ said that this can be compensated by a higher level of interest. So this is not an SKD case. There is no sanction related to a free loan. This is about the mechanics of the calculation of revenues due to the bank stemming from commission on loans.

Thank you. That was the last question. Thank you all very much for the questions, and thank you to the Board.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Ladies and gentlemen, may I welcome everyone cordially. My name is Dominik Prokop. I represent the Investment (sic) [ Investor ] Relations department. This is a conference devoted to results of the fourth quarter as well as the whole of 2025.

The first part of the meeting will be devoted to the results of the bank as well as the trends. And this will be headed by the President, Piotr Zabski, who will sum up the most important trends and will tell us about the results in the business area. We will have also Marcin Ciszewski, who will present the risk; and Zdzislaw Wojtera, our Deputy President, who will tell us about finance.

After the presentations, we will then have a Q&A session. Before I hand over to President, Zabski, let me encourage all of you who are listening to us to ask questions already in the first part of the presentation, which will enable us to smoothly continue with the Q&A.

That is all from me. I hand over to President, Zabski.

Ladies and gentlemen, good morning. May I welcome everyone cordially at the results publication. The Supervisory Board approved our financial statement yesterday. So we can tell you about what has happened in the fourth quarter of 2025, but also in the whole of 2025. So there will be a lot of figures devoted both to the fourth quarter and the whole of the year. It is a special moment for us because this is the first full year when we can present the results, which we had forecast and delivered, which you will see in a moment. But it's also a very good stage for our development, we are in the new headquarters of our bank. There was a move to the new headquarters in September, and this is the first conference in this new beautiful headquarters, Varso Tower.

Moving on to the bank results. Let me point to some important aspects. In the fourth quarter, as far as revenues are concerned, we had a very good result, almost PLN 1.5 billion revenues, PLN 1.26 billion is in interest income, which is by 4% less year-on-year. But if we compare the quarters -- if you compare the quarters, but the commission income is very good, PLN 240 million, which is by 9% higher than the fourth quarter of the previous year. And so the revenues of the whole year reached PLN 6 billion for 2025, which was forecasted in our strategy. There was a great contribution in the new sales. The interest income is PLN 5.13 billion, 1% drop year-on-year. Obviously, there was a drop in interest rates, and that translates into this decreased results by the commission income for 2025 is by 4% higher and translates into PLN 900 million.

Net profit in the fourth quarter is PLN 688 million by 12% higher than the previous quarter -- the previous year's quarter, so quarter-on-quarter, and PLN 2.35 billion (sic) [ PLN 2.37 billion ] net profit for 2025, which is a decrease by 3%, which we consider a good result considering the interest rate drops. This was delivered in very high ROE ratios, 21.7% in the fourth quarter and 19.6% for the whole of 2025. We forecast 18%, if you may remember. In the lower left-hand corner, a number of good details. We continue the drop trajectory in our cost of risk ratios and the drop in our NPL ratio. The cost of risk quarter-on-quarter is below 1 percentage point and 0.13 percentage points drop for 2025. So another good year when we improved the ratios there. And the NPL ratio today is a very important element of our dividend decision. That is 5.64%. Our promise and the strategy is, therefore, continued. We plan to go down below 5% of the NPL ratio. We will hear later about the significance of that particular drop.

As far as customer relations are concerned, we keep growing. The relational customers are now 1.7 million. We kept selling more, but we had a considerable churn, which will later be commented upon. There were individual promotional activities finished and some of the customers moved to other banks. We put a lot of stress on relational customers, and we grew there by 107,000 customers. As for mobile app users, there was a considerable growth, the fastest growth in the sector, 17%. There was an improvement in our application where we were able to offer it as a product to the customers at a more professional level. The sales, which were considerable and improved our results, was PLN 8 billion in the fourth quarter '25, which was an increase of 12% year-on-year. In the whole of the 2025, there was a growth of 17%. Together with the leasing sales, it was about 20%, which is very good because our promise of growth is, therefore, materializing.

What is also crucial is how to deal with the churn, but that is the task for this current year. There's been a growth in the deposit portfolio. We grew alongside the market at the level of about 7% year-on-year. The value of our portfolio at the end of the year was PLN 82.6 billion. What is worth noting is that it's been a very good quarter in early leasing, the fourth quarter. But the whole of the year was good as far as the leasing activity is concerned. For the business customer, the leasing product is our flagship product, especially for small- and medium-sized enterprises. PLN 7.2 billion is the portfolio, which is 9% growth year-on-year. In the fourth quarter, we had 14% growth year-on-year. We are not present in all the segments, mind you. So this is especially good in that context.

Now a few bits of information which may be new to you. What is of paramount importance? We are now part of the top tier as far as financing, like I said, we are above PLN 100 billion, which is a growth of 9% of our assets year-on-year. The working loans translates into 5% growth and a 7% growth in deposits, which is PLN 82.6 billion. And as I already mentioned, PLN 1.1 billion in assets. As for our other figures, we show you in the first line, the fourth quarter compared to the fourth quarter of the previous year. Cost-to-income ratio around 38% annually and quarterly, the costs have grown. Zdzislaw will refer to that later.

As for the NIM ratio in the fourth quarter, the lower interest rate translates into this result, but we have 5.38% level. And as for ROE, I already mentioned a very good result above our strategic forecast. As for cost of risk, not 0.29% and 0.49% for the whole of the year. So there's been an improvement in each of these indices. As for the capital, we are at the level where we can be confident in developing our scale and the NPL 5.64%. So our promise has been delivered. We want to be a dividend bank. We want to be able to pay even more than 50% of our income, but we would have to go below 5%. Marcin will tell you about that later.

Now a few words about the customer side, 107,000 new customers, 240,000 mobile app. New users, about 5% of the mobile app users are banking with us. We are catching up on the slightly worse results in the previous stages in a very dynamic way.

Now a few words about what is happening on the deposit side. This is top left-hand corner. The structure of our assets of retail customers is presented there. There's been a growth of 13% across the year in all the constituent parts of this portfolio, which makes us very happy. We're happy to see the investment funds grow because this is a considerable part of our commission revenue. And investments, as you can see, are also going up. On the right-hand side, you can see the gross loans to retail customers divided into the consumer loans and the real estate loans, both the guaranteed and non-guaranteed ones. In the fourth quarter, you can see that there was almost a parity as regards both the guaranteed and non-guaranteed loans with an increase on the side of the real estate loans, the longer tenor guaranteed loans, but with lower risk and greater markup. So we are slightly changing the product mix in our portfolio in the direction of the better products with lower levels of risk.

At the bottom, you can see the loans which are shown in the dark red color in the top slide. There's been a growth of 14% in the non-mortgage loans to retail customers. That is the growth of sales, not of the portfolio. The both parts the cash loans and the consumer finance behave according to our forecast. What I would like to comment on is the right-hand side bottom corner, the growth in the mortgage loans, 36% growth of sales year-on-year. If you consider that 2024 saw 1/4, as far as I remember, of the sales on the BIK A2 if we decrease that, then the increase would be almost twofold. We increased the sales by 100%, and we keep growing it quarter-on-quarter. Our share is higher than it would seem from the analysis of our share in the whole of the loans balance in the sector.

What I mentioned previously is the importance of the mobile customer. We have a new application, which is going very smoothly. It does not crash. There is easy access to all the features. There's been a great improvement there. The assessment of the customers is very positive, as you can see. So we are improving the -- as far as the application is concerned.

As regards to the business customer, let me focus on this. Now in the top left-hand corner, you can see that there's been a drop by 5% in the portfolio size, but a few words of explanation are on order. In this particular portfolio, we have the micro segment and small, medium-sized and large companies. As for the micro sector, this will keep growing because we have the largest NPL ratio there, and we have to get rid of that portfolio, which we are doing step by step. So this part is decreasing definitely. And the difference as regards to the sales is about 32% drop year-on-year. At the same time, we keep improving in the segments where we are a good player, where we are confident and competent in the medium -- small and medium-sized enterprise. And there's been a growth of 32% there.

So if you consider that we are getting rid of what's in the top right-hand corner of the nonworking, nonperforming portfolio. And if you put all these together, plus the new sales, which has grown by 40%, has not yet translated into the growth of the whole portfolio. So in the middle of that portfolio, there are all kinds of things happening, sometimes contradictory in different segments, different things are happening, but we hope that the trend will reverse and the small and medium-sized companies is not the segment where we will see the huge increases, which in previous stages saw an increased level of risk. So this time has passed.

For our business customers, they've got deposits here, 3% increase year-on-year. We are especially happy about the fund of a new system that we have launched as far as IT is concerned, very much focused on our mobile app, has been taken advantage of vastly by our customers. So our customers do their banking online, in the digital channels, which is something that make us very content about. Now leasing is our response to the needs of micro customers, but also given the fact that the banking sector may also ensure funding to micro companies that have been there for less than 2 years. Leasing is a very nice response, 9% increase year-on-year. As far as the sales go, 13% in quarter 4 [indiscernible] and 14%.

So this portfolio has increased by 9 percentage points. We do not play on all the segments. We only service most promising sector that is the light vehicles. Light vehicles is not our specialization. Machinery and heavy-duty vehicles is where we have most competence. This is where we keep growing, and this is our response, manifesting how we can secure it and grow in the business sector. So much for a very short commentary to rather general results of the bank.

And now Marcin will tell you more about the risks.

Piotr, thank you very much indeed. I welcome you all. What is our capital standing of the bank? It is very safe and sound in T1 and TCR. The ratios are 17 -- 73 which makes us having a nice buffer regulatory minimums. And this gets translated in PLN -- into PLN 4.8 billion. And we are very consistent in our operations. We issue further installments of bonds. The year was closed at 21.43%, 257 bps higher compared to the regulatory minimum that is imposed on the Alior Bank Group. For the liquidity indicators, long-term and short-term liquidity ratios are equally safe and sound, exceeding regulatory minimums at a safe level, 245% and 49% for the other ratio.

As Piotr has already told you, our assessment is this. We very much comply with the requirements that enable to have a distribution of 50% dividend, and we are awaiting other orders, no decisions have been taken as of now. To make a reference to what Piotr has said already, this slide stands to reflect the way we manage risk, both with regard to core as well as NPL ratio. CoR was standing at 0.49%. So this is yet another period, consecutive period we've been dropping this particular index. And please pay attention. This index is very much impacted by the sales of other portfolios like performing loans.

This is one of the constituents that is taken advantage of as far as cleaning the portfolio is concerned. And we do clean it in terms of sales. And at the same time, we have managed to maintain our directional CoR that we have otherwise shaped the level, not exceeding 0.8%. And as I have already said, we are very much pursuing our strategy, our operations, which targets at nonperforming ratio at a level below 5% threshold. Our strategy says this particular ratio towards the end of the year will get below the 5% level. So we keep pursuing this path, and we will manage to decrease the set index below the level of 5% beyond by the end of this year.

Gradual improvement of the quality of the loan portfolio, PLN 3.6 billion, that's the final value of the year as we discussed at our previous conference. Towards the end of quarter 3, we had one substantial default in our sector of business customers. But in spite of all that factor, there's been a further decrease of nonperforming loans. NPL ratio for retail customers. Well, it stand very confident level, especially when it comes to business customers are concerned, still, there is a lot of work to be done in the micro segment because that respective index is still 2 digit. On the right-hand side, top of the page, we can see what was happening in quarter 3 and 4. NPL sale affected significantly the level in quarter 3 and 4, respectively. You may want to see the level of CoR, which has been generated on our end without one-offs. That would be relevant to mention.

And now Zdzislaw will hand -- will take the floor.

Thanks a lot. Now it is my time to discuss the financial results. Let us first look at our revenue side between 2024 and 2023, 1% drop, PLN 49 million. So we have managed to maneuver well in the environment of decreasing interest rates and significant costs very well indeed because the revenues are well comparable between 2024 as well as 2025. The commentary from [indiscernible] development of our business volumes made us capable of compensating the decrease of index rates by the growth of business.

Let us now have a look at our growth. There is a drop of 3%, yet these quantities are where comparable between 2024 and 2025. So we must consider 3 factors, indeed, one of them being interest rate cuts. Secondly, BFG costs decreasing. And third, a one-off event that is tax asset. The impact of the revaluation of the net tax asset, I will discuss it further. Quarter 4 2024, 2025, if we put them all together in 2024, we accounted the cost from the whole 2024, whereas as regards to 2025, I will show it to you in the next slide, we cared that there is a linear growth materializing. So this basically explains the difference of 13% between quarter 4 2024 when compared to quarter 4 of 2025.

Now let me discuss in detail our income statement. The first column that you see marked in yellow, these are quarterly results, which have already been well commented by Piotr. Now please bear in mind a stable interest result. There's been a stability because in quarter 3 already, we have reflected all the impact of the interest rate cuts to reserve positions that I would like to comment on.

One concerning free of charge credit sanctions. So there has been a reserve in quarter 3. And the difference is the outcome of the change of the quantity of cases that come in and also our model approach is taken into consideration, but this isn't troubling by any means. Another position, EUR 50 million cost of risk of mortgages in foreign currencies that is in euro, [ EUR 50,151 ] million in the whole of 2025. So we are screening every senior for both these positions that is the sanctions and mortgages in foreign currencies to be manifesting a conservative stance so that the whole of the risk against -- reflected in the relevant manner. We had 110 more court cases. There's been a growth in this respect. This isn't significant. However, I wouldn't expect any increase in the current year. I suspect we should talk about the quantities that will be lower when compared to 2025 as regards to the reserve.

Tax assets, that is income tax, there has been a substantial difference, especially if you pay attention to in quarters 3 and 4 here, there's been a plus paradoxically enough. But there's been a discussion on that by other colleagues of mine. So there's been the introduction of tax as of January this year. Therefore, we must do other estimates based on another interest rate PLN 9.5 million on the plus side that was accounted for in quarter 3. Yearly results are pretty solid on the interest rate side and loans side. Marcin was already speaking about that EUR 2.337 billion, a very solid closing of the year, including all the factors that Piotr was speaking at length about.

Now let me move on to yet another look at our costs and interest costs. This comes as no surprise, especially if you consider the medium part of the graph. Our quarterly statements manifest a decrease of 10%, stemming from lower interest rates, 22% on the side of the interest costs. By and large, it gets reflected in our decrease of our margin, interest rate margin. It used to be 6%. Now it got lower to 5.38%. Please note the impact of the low interest rates. That is number one factor, but there is also another factor that is a change in structure of our statement, which is the product of us selling other products that is mortgages. If we get back in time mortgages, given interest rates reality, well, the margin was pretty high, but the mortgages are being sold more dynamically. They've got other profit characteristics and therefore, the margin has been a little bit more sluggish.

So the margin is very impactful as regards to the margin that you will get to see in quarter 4 2025 on the one hand, but on the other hand, if you have a long-term perspective, we are building up a very stable portfolio of revenues in the longer time horizon for the bank. So the whole banking industry has been learning lessons around the ease of mortgages. This has been included in our contracts and all the clauses which are relevant. This is precisely how we wanted to mirror also the guidelines of the Polish Financial Supervision Authority. So our portfolio is this. It is looking into a longer time horizon. So my take is it is a very positive trend. The very interest rate profit, it has dropped by 2%. Also taking into consideration the credit [indiscernible] that happened in 2024 is by no way surprising because this is clearly our response to the result of interest rates given the dropping of the interest rates.

Now about commission as you look at the first quarter and results concerning the first quarter. And there were questions about this would not be our case here and whether we will manage in the subsequent quarters. We said, yes, we will want to improve it. And here, you can see the result of our activities. If you take year-on-year results, you see that there has been an improvement by 9% in the commission income. And the source of that income is also important. It stems from the activity of retail customers and the activity of customers who use different products of Alior Bank, but also the brokerage commission, which stems from the activity of our customers, the development of our TFI participation in investment funds, the individual advisory services to customers.

All this has translated into these improvements and these activities will certainly be continued. There's been stabilization of operating expenses in 2025. We are quite happy that we managed to optimize the operating costs of the bank. If we deduct the BFG costs and focus on the Alior Bank internal costs, the costs have grown by 5%, which is below what I had communicated a few quarters before. We talked about 6% to 7%, but we've managed to keep it at the level of 5%. So that's a very good result.

Another important element, which I want to draw your attention to and which was also forecast by us, we wanted the growth to be foreseeable and comparable and we've delivered that aspect. If you look at the first quarter, we see a one-off BFG cost there. There was a one-off event which affected the raise. But other positions are quite well comparable, and we will keep maintaining the cost discipline so that they can be compared quarter-to-quarter. I am convinced that we'll be able to continue with that in 2026. And we want to have the rise of costs even below the 5%. The cost/income ratio is very good, 37.9%. And the quarterly ratio and 39% in the annual result. So that is also a good indicator for the development and for the cost structure of Alior Bank. And I hand over to Piotr.

Thank you, gentlemen. Just to sum it up, I would like to say that our business agenda, the one that we've addressed in our strategy is working according to our expectations. We announced 3 pillars in our strategy that we want to focus on. And they are connected strongly to the development of the bank. The first one is the growth of scale, entering the top tier, PLN 100 billion, a leader in consumer finance. We are definitely a leader there. No one is ahead of us as yet. We keep growing in relationship customers. That's our focus, 107,000 new customers. There's been a certain level of churn, which we are struggling with. But the rise in the transactional ROIs, a record growth in sales by 17%. If we divide the BFG, it's almost 20% of growth, especially driven by the consumer -- by the mortgage loans. Deposits are growing. So the scale is materializing and the figures speak for themselves.

The second pillar is the high resilience. I want to focus on the change of structure of our balance sheet. We go toward long-term loans, which are guaranteed rather than the non-guaranteed at a lower margin level, but they bring a lot of stability to our portfolio. But we are not slowing down as far as consumer finances is concerned. We are a leader there. We are experiencing very good sales, high margins, low risk. As far as the business customer is concerned, we keep growing in the segments in which we are confident and competent as far as micro enterprises are concerned and where we are not able to finance the loans. We have a leasing offer, which is also growing in a very stable way.

Coming back to the resilience, the commission result is very good. It keeps growing. There's also a growth in terms of income from investments, which is seen in the market in general after a certain period of stagnation. And we are also more resilient technologically. Our systems have considerably improved compared to the previous periods. The mobile app is very stable. The accessibility of the service remains at a very high level.

And the third pillar that we mentioned in the strategy is the operational excellence. What I want to stress in this regard is that we are changing in terms of technologies. We are becoming an advanced business. We're introducing a new app, both on the retail and the business customer side. We are also developing the agile model, AI coded and the whole organization, all the employees of our headquarters are now able to work in the agile system, which we have scaled up this year, and we work in the system, which brings concrete results.

A very strong cost discipline. After the BFG deduction, the 5% cost growth compared to the whole of the sector places us in a very good position. The costs are well managed by us in a foreseeable way even in the quarter-on-quarter results. We don't have the volatility, the ups and downs that we used to have. The risk and the figures that Marcin mentioned speak for themselves. All the graphs, the results show a very good trajectory. There are very good results. We improved the risk situation. We want to get below the 5% ratio in the NPL, which will allow us to pay out a 75% dividend. We improved the KNF ratios. We are waiting for the individual decision regarding the dividend for 2025. But that will take some more time. And all this has brought us to the results that we have, the revenue above PLN 6 billion, net profits PLN 2.5 billion, a very good indexes of cost to income and cost of risk and NPL 5.6%. That is all a very good result in the environment of low or definitely lower interest rates. They went down at a faster rate than we forecast.

So it means that our business strategy is working, and I want to take this opportunity to thank all the employees for this excellent result. And thank you for the dedication, for the effort and for working together to develop the Alior value, which we have described to you.

That is all as far as the formal side is concerned, and I believe we can now move on to the Q&A session.

Thank you very much. So we can now start with questions. The first question, what was the impact of the NPL sale on the fourth quarter 2025?

In the fourth quarter, we recognized a sale of the second important portfolio that was sold in the previous year. In the fourth quarter, the income from that sale was PLN 110 million.

Thank you. The next question to Marcin. What sensitivity to interest rate changes can be expected after 2025? What is the current SOT ratio and the NII sensitivity to a rate cut by 100 points?

Well, as you realize, when interest rates are going down, there is a greater pressure to manage that particular ratio. We assume in our plans that this particular ratio will be maintained at the regulatory level. At the end of the year, we assume that it will be at the level of 4.5% in T1. And as regards the sensitivity, which was mentioned in the question, 100 bps should have an impact of PLN 120 million.

Thank you very much. And the next question about the dynamics of the loan portfolio in 2026. What do you expect? And is there a possibility of an increase in the business sector?

Let me start with the retail customer. We expect a positive dynamic as concerns consumer loans. The increase that we forecast not necessarily in the installment loans because there's a trend that we need to grapple with. But as far as mortgage loans are concerned, there will be a definite increase. And as far as the corporate sector is concerned, we have sold more year-on-year, but we need to see what's happening within the corporate sector portfolio. I already mentioned that in the micro enterprises, we have a considerable debt to be paid off. In the small and medium-sized companies, we are growing. As far as the leasing sector is concerned, there's a considerable growth of 16% year-on-year.

So in the corporate sector, yes, there will be growth, the growth in the sectors where we are a good player. We want to grow in the micro sector as well, but in a safe way so that we don't experience the kind of crisis that we have as regards to risk and the debt that we keep having paying off still today. The large deals that are more and more present in the Polish market, we will certainly see our presence. But considering our scale, this is not our core activity.

Thank you. The question about the free loan sanction. What trends can be expected in the SKD sector? Can we expect that the target reserve level will represent 100%?

Well, I think Zdzislaw would be able to comment on that. SKD is a problem of all the sectors, including us, of course. We recognize the dynamic and want to reflect it in our reserve structure. Will it be 100%? Well, I don't think that SKD goes the same way that the French -- the Swiss franc loans because the regulatory authorities have taken this seriously on board. And I believe that the new law, which is being worked on and the Office of Consumer Protection will not translate into a modus operandi for all kinds of cowboy companies, legal firms, which are really the real beneficiary for this solution. And as far as the reserves are concerned, we want to reflect them in our books.

Indeed, for the model, it is impacted by 2 factors that is the incoming clashes and the number of cases that will get lost. The majority of cases is where we are, on the winning side. So if we look from that perspective, we don't see the need to create any further reserves or increase that often in 2026. Our point of assumption is much is going to be determined by the European Court of Justice. So we believe the trends we have spotted already are rather positive, and they have only gotten confirmed in the court adjudications, that is the bank expecting more -- the sustaining trend in the currency portfolio. In 2025, we had a rather conservative stance, but we don't think, given the number of cases which are coming in and the recent trends that we would have to create at the same level of reserve. It'll be smaller compared to 2025 in the current year.

Another question on the value of NPL portfolio. How much of that are balance positions and nonbalance positions?

As I said beforehand, this is one of major components as far as the whole management of NPL goes. I do not have at hand, however, so -- such details. We do not disclose this kind of detail.

Another question. The churn of Alior Bank customers, is it in any way different to the market average? And if so, where does that difference stem from? And how is the bank planning to manage, to cope with the churn?

Our difference is by no means different to the market average. Our customers, by and large, are not only loyal to one bank only. Most of our customers, except for the youngest ones have accounts in other banks. So the churn stands where it does. It is by no means satisfactory to us. However, what I stressed was certain marketing campaigns that we launched in 2024. They have already been brought to a close, resulting in the outflux of customers. The activity as I said was already concluded. What we did in 2025 does not come with this particular risk. But the impact was eventually be seen in 2024.

Than you. We will ask another question on the value of the mortgage currency portfolio towards the end of 2024 and 2025, respectively. What are the statistics of the legal actions here?

Towards the end of 2024, we had PLN 39 million gross value of Swiss franc. Later, a year after, it was only 7 -- the account statement towards 2024 was equivalent to PLN 1.4 billion, whereas towards the end of 2024, it was equivalent to PLN 1.3 billion. Euro mortgages is about PLN 1 billion, 3% thereof is within a certain legal action. To estimate the reserve the way we described in the financial statement, our assumption was that the target here for legal disputes as concerns the euro mortgages will be equivalent to 9%.

Thank you very much for that. Another question on the expected dynamics of the result of interest rates from commissions as well as operating costs in the current year.

For the interest rate result, it is quite a challenge to face to make it stable at the level it used to be, we would need to employ a more holistic view on that. Our ambition is to shape the revenue stream in 2026 in a manner to enable us to have amounts that would be very much aligned with what we had in 2025. So we assume that the growth of the new business will be enough to compensate for the effect of cut interest rates. So that's our stance. This is our working strategy for 2026. For the costs, our ambition is to make them stay at where they were in 2025, well beyond the 5% level, including the [ BFG ] cost, and I assume that we'll manage to curb them below the 5% level.

Thank you very much. Another question. After a 4 percentage point growth of credit in 2025, can we expect a 30% increase in the strategy perspective? An increase of strategy in 2026, is it going to surpass what we saw in 2025?

Possibly, this 4 percentage point increase give us a straightforward answer. Nevertheless, this concerns the way we sell. Well, the sales have increased without [ BIK A2 ]. This accounted for 20%. BIK A2, 17%. What we grappled with was churn. Essentially, it was pretty unique. So the portfolio could stay on sales only. Now being mindful of the strategy for mortgage sales, well, they stand depending on segment between 12% or 10%, 15%, 16% in some areas, especially the ones that we feel particularly confident. So we intend to grow. Are we going to achieve a 30% increase? Well, we are firm believers, we will.

Another question. To what a degree the growth of our mortgage portfolio is the result of the refinancing of credits, and to what extent does it stem from new credit loans?

Most of the sales are made up by new loans, yet the market trend is this. The majority of increase of sales on the market in the whole banking sector is very much the outcome of refinancing. In our case, however, it is mostly determined by the new loans as such.

Another question, what is the expected dynamics of the number of employees in 2026, a further drop of 5% in the course of 2025?

Well, we don't have these figures at hand. Employment we retain. Well, it is managed on an everyday basis, and it largely depends on the solutions we adopt. Obviously, with a view of automation will adjust our processes, taking advantage of the benefits of artificial intelligence, which the odds are we might want to reduce the size of employment, which doesn't preclude new jobs from popping up somewhere else. So I want to give you any straightforward answer to that question because we are here in a very dynamic environment.

The question on the cost of investments that are forecast for 2026 when compared to the level of 2025.

If I remember correctly, on a year-on-year basis, we've been stable. We have capped the leveling target. However, principle is, we don't disclose this particular data. The technology, by and large, is the last resort where we wouldn't want to invest. The bank badly want improvements in spite of the fact it's 17 years old. Well, by mergers and acquisitions, some systems did 10 years ago. So the growth of technology, making it more sophisticated is a priority to us. Savings may be allocated somewhere else wherever we can, but we'll also invest.

We have exhausted the questions. Thank you very much to the Board for the presentation, for your questions, and we'll see each other on the occasion of another quarterly meeting.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Good morning. My name is Dominik Prokop. I am the Head of Investor Relations. Welcome to this conference presenting Alior Bank's Q3 2025 results. In the first part, the results and the trends will be presented by Alior Board members, Piotr Zabski, CEO, who will present the main trends and discuss the business performance; VP Marcin Ciszewski, who will speak about risk; and VP Zdzislaw Wojtera, speaking about financial results. Right after the presentations, we will move right into your questions.

Before I hand over to our CEO, Piotr, I urge and encourage all of you to ask your questions even during the presentations. Just like every quarter, this will allow us to smoothly segue into the Q&A. Thank you, and over to Piotr.

Good morning, and welcome to yet another presentation of our quarterly results. Yesterday, the Supervisory Board approved our results and it is our pleasure to present them today, to present our Q3 performance and the results year-to-date.

Before I move to the highlights, I'd like to first talk about our strategy that we announced and published in March. In the third quarter, we continued to pursue our strategy, and in summary, we came close to saying that we are well on track implementing the strategy. The strategy is based on 3 pillars: growth, scale, stabilization of results and operational excellence, which you will see in our numbers.

Operations, just a few highlights and facts I'd like to draw your attention to. This year, year-to-date, our revenues reached PLN 4.5 -- more than PLN 4.5 billion, including NII at PLN 3.87 billion year-on-year, stable with lower rates, of course. Our net fee and commission income grew. That's the other leg of stabilizing our results. So that has materialized.

In Q3 alone, we have a drop in NII due to the lower rates, but we have made up for it by growing our net fee and commission income, which is our strategic objective. Hence, the net profit in Q3 amounted to PLN 563 million and year-to-date PLN 1.679 billion. And we have achieved all that with a very good return on equity, close to 19%, well in line with our strategy. My comment over that period of time, we also recognized 50% of last year's profit in our equity, and so we are even more proud of our ROE as equity is growing.

Speaking of risk, we have very good readings, PLN 124 million cost of risk and the ratio is 0.72, less than 0.8 that is our target, down 0.2 percentage points year-on-year. NPL stood at 6.29%, down 0.81 percentage points in the past 12 months. So we are well on track, in line with the trajectory of eliminating the problems that burdened us over the past few years.

I've mentioned equity. Our capital position is solid with a big surplus. Our ratios, Tier 1 and TCR, remain very strong, well above the regulatory minimums. And that surplus allows us to continue with our strategy of growth.

Speaking of growth, just a few highlights, a few facts. As you may recall, our strategy relies on relationships, growing the number of relationship customers who are the future of this bank. That number grew by 100,000 year-on-year, the number of relationship customers, the biggest growth we have seen in this regard over the years. 1.68 million -- sorry, we have 1.68 million customers, 98,000 more than at the end of Q3 2024. And the number of mobile app users was 1.59 million, 15% up year-on-year.

Our deposit portfolio grew 8% year-on-year to more than PLN 80 billion and our assets grew, especially mortgages. We are proud to say this, the increase was 111% year-on-year to PLN 1.3 billion of new mortgages in Q3. The share of our portfolio of mortgage loans in the portfolio is now more than 30%, which ensures some stability in our portfolio. This is a long-term, well-secured portfolio at good margins, so it is a stable factor working for us in the coming periods.

Another success we are proud of regarding liquidity, we issued MRL bonds that Marcin will discuss in more detail at a very good margin, 1.5%, with a lot of demand. So something -- that's something we are also very proud of.

The next slide presents more details of our activity across the bank. Assets grew 7% year-on-year, and we are very close to a special mark, PLN 97.7 billion -- very close to the mark of PLN 100 billion. We'd like to get there next quarter.

The volume of deposits was growing faster than loans, specifically up 8%. That's more than PLN 80 billion. Performing loans grew 6% to PLN 63 billion. At the bottom of the screen, you can see 2 lines with some readings for Q3. The top - there's the top line and then year-to-date in the bottom line. Cost-to-income ratio was very strong. Our costs increased affecting the portfolio due to inflation. And I think Zdzislaw will focus on that later on. But as you can see, the growth of this indicator is lower than the growth in costs.

NIM and net interest margin. The interest rate cuts are materialized here. ROE, very high, as I said, both in Q3 and year-to-date. Cost of risk, very low as well in both terms, in Q3 and year-to-date, better than we expected, in line with our strategy. And the NPL and capital ratios are very strong. Most importantly, in a downtrend this continues.

Let me now move on to our main 2 business lines. First, retail. That's the top left-hand side of the slide. These are the assets of our retail customers that grew 12% year-on-year. We are very happy to see that growth. Basically, every line has improved year-on-year.

On the right-hand side, you can see the gross loans to retail customers by real estate loans in yellow and other mainly consumer loans up 6% overall. In the bottom part of the screen, you can see the breakdown of that figure. We are happy with the growth of non-mortgage consumer loans, up 21% year-on-year. The sales have stabilized over the past few quarters, but we have maintained the dynamic growth. So growing scale is part of our strategy, and we are very much doing that.

Last but not least, in the bottom right-hand corner, you can see the efforts we've made to sell mortgages, which grew by more than 200%, 2.1x bigger. That is our production and sales year-on-year. The sales grew to PLN 1.3 billion in Q3. So our market share is much bigger than our overall share in the banking industry.

Customer relationships and relationship customers, part of our strategy. The number of relationship customers grew by more than 100,000 or close to 100,000, 1.68 million, the best numbers we've seen ever in this regard. Relationships are very important for us to stabilize our performance and the other -- to prop up the second pillar of our strategy.

Our customers are using the mobile app more and more, the number of mobile app users has been growing. More of that later. But I'm happy to say that customers who do not hold accounts with us but only have installment loans or cash loans, they have a reason to use our mobile app. That number grew by more than 200,000 customers year-on-year.

The relationship customers, about 50% of them are using the app. That's 5% more than last year. And we also see a 5 percentage point increase in the number of end-to-end customers, that is people who start their relationship with us in the mobile app and they only use mobile banking.

Now very briefly about our mobile app. That's one of the key factors of our performance. Mobility is a key focus for us. We want the bank to be available, the entire bank and only bank in the app. We have improved that. We have improved our ratings and we have a very good NPS, very good customer ratings, even before what you can see in the bottom of the screen. In Q4, we will present a new version of our app, which we are building on the new technology provided by Kotlin, a multi-platform with new processes which rely on state-of-the-art technologies. We are working with Xiaomi and that's supported by the latest CRM.

As a result, we have launched a number of new functionalities, BLIK prepayments for installment customers, for instance, those customers who do not have an account but have an installment loan are now actively banking over the mobile app, and they are using a number of other functionalities as well. And that's even before we have presented our new app. This is happening in Q4.

Now let me move on to our business customers. We see stabilization in the performance and in the portfolio. The portfolio is stable, even though new sales would suggest that the portfolio should be now growing. At the bottom of the screen, the yellow bars, you can see the total credit limit granted, up 34% year-on-year, which has not yet fully produced complete results.

On the right, at the top, you can see that we are phasing out the loans in the nonperforming portfolio. So this works both ways. But we are very happy to see that new sales are growing, and these will soon outweigh the termination of bad loans. So the portfolio should start to grow.

What we see in some of the segments, maybe not in micro because this segment has been stagnant over the year and is now only starting to bounce back. But I'm speaking of the small and medium enterprise segment. The new sales there are growing by a double-digit number year-on-year, so a solid growth in new sales. Not across all segments yet, but in the segments where we want to be a bigger player. That's where we are being very, very active. So the portfolio mix that we are -- that we have now and our target portfolio mix are very different. So the results are not really comparable year-on-year.

As far as business customers are concerned, obviously, deposit assets, there's an increase of 5% there. They keep banking online even though there's been a very recent launch of a business app. We've now been having a campaign about that for the past few days. I'll talk about it later. What we are very happy about is the activity in the leasing sector, lease and loans portfolio. That's a good start for our business customers. The portfolio grew by 8%, by 3% in the last quarter. The lease and loans market has seen some stagnation this year. So the 8% growth is really very satisfying.

On the right-hand side, you see the growth in the new business. There's been a growth of 21% year-on-year. We are very strong in a few areas, especially vehicles up to 3.5 tonnes or machines and equipment. So we have a considerable share in those market segments.

A few words about this part of the strategy. We want to leverage our brand. We want to refresh it. And we, therefore, continue further activities in that area. There is a new look in our cards. There is an [ e- Kantor ] business. As you can see, a slightly reversed banking model for business customers where we give them the possibility to conduct the company in the mobile app with our banking in the background. Obviously, there's a new model of functioning. I invite everyone to visit it. You can manage both your warehouse and your invoices directly from the app, and it is all combined with the actual account.

We also want to follow the route of trying to reach new segments of customers. That is why in the last column on the right, you can see that we have joined the Inside Seaside festival as the main partner. We want to be visible there at the events of that particular festival.

And another aspect of our strategy, we want to refresh our target group. We want to expand into younger people. That is why we have a dedicated offer to that group. We've started collaborating with Anita Lipnicka and the PRO8L3M music band. We have issued a new video with a piece of music dedicated to that group. And there's been a good pickup in that target audience, a growing interest in Alior Bank. So we find this direction of development to be a good fit, and we will be reaching into new segments in that particular way.

So that is all as far as business results are concerned. I will hand over to Marcin to tell you more about credit risk.

Good afternoon, everyone. I will begin with the capital ratios. Our position is very secure. As has been mentioned by Piotr, there's a big margin quite above regulatory requirement, PLN 4.9 billion is the amount. The Finance Committee has given access. And at the end of September, there was an introduction of a new buffer, the capital buffer. Nevertheless, at the end of the quarter, the liquidity ratio is 17.5%.

We also grow our liquidity, MREL. In the fourth quarter, we have placed another position of our bonds to the tune of PLN 450 million, senior preferred it's called, and the margin of those bonds goes down. It is 1.5 percentage points above the 6-month WIBOR. With considerable oversubscription at the end of the quarter, the ratio was 20.75%. The liquidity ratios are above the regulatory minimums. As regards LCR, it was 214% and NSFR at the level of 146%.

Moving on to the credit risk. Let me start with the nonperforming loans ratio, which at the end of the quarter was 6.29%. In that particular quarter, we did not really sell any new loan NPL packages, but we did identify a default at a big customer in the mining and steel works industry. But that is a one-off event, which had an impact on the NPL and CoR level. But we have managed to bring that into order, and we still maintain the strategy where the cost of risk should not go above 0.8%. And after clearing the field from these negative events, it would be at the level of 0.7%. We maintain our strategic assumption, where by the end of next year the NPL ratio should go down below 5%.

Moving on to the next slide. We can see some important information at the business slide, there's a growth there. There was that one-off negative event. But in case of the retail customers, it is quite flat, but a slight increase compared to the previous quarter.

At the end of the second quarter, we sold an important package of loans, which did not happen in the third quarter. In the fourth quarter, there will be another package sold and a revenue will be credited, which will impact both NPL and the cost of risk ratios. Thank you very much. I now hand over to Zdzislaw.

Good afternoon. Let me tell you about the financial results. Let us begin with our income. The objective was to stabilize the revenues this year, especially in the environment of decreasing interest rates, 125 points dropped in 1 half of the year.

Comparing year-on-year results, we are at the same level of revenue. Also, in quarter-on-quarter terms, they are very similar results. If we look at the net profit, there are a few one-offs that need to be taken into account and which represent the differences between the quarters.

Let us look at the second quarter or the first half compared to the third quarter. As Marcin mentioned, in the second quarter, we had a one-off, which was the sale of the NPL loan package, which increased our profit for the second quarter.

If we compare the years, the third quarter of '24 and the third quarter in this year, we were still before the principle of spreading out the cost over the quarter. So the cost in the third quarter were very low. And then in the fourth quarter, we had to report more costs, considerably higher costs, which resulted in the result of the third quarter of last year to be quite high. So these are the ones which explain the difference. In other conditions, we still deliver considerable result above PLN 500 million in each quarter.

In the next slide, we see the breakdown of our income statement. The first yellow column is the quarter, then the second yellow column is the cumulative result, one through third quarter. And the first position, we will discuss them in the subsequent slides because we dedicated additional slides to these specific positions.

If we look at the costs of activities, which we keep to control very well -- and there is a dedicated slide to that, so I will discuss those in detail later. Two important bits of information for you is the fact that when we use the conservative approach, we have created PLN 47 million of additional reserves for mortgages in currencies and additional PLN 19 million for the so-called pre-credit cost.

We keep observing a growing increase of new cases in the third quarter, and so we had to react. But this is our very conservative approach. Nothing that could raise any concern is happening in terms of currency loans. This is a margin of our activities really. And so the currency loans is a very small part of our activities.

So there are 2 events which we included in the third quarter which impacted the net result, PLN 563 million, which translated into a very good profit of 19% in quarterly terms and over 19% in cumulative terms. Cost-to-income ratio is also very good considering the scale of our activities. 36.9% in quarterly terms is a very good result.

The next slide is addressed to the interest income. I talked in the part about revenues. This is obviously a very important part of it. Especially at the lower part, you can see that between the second and third quarters, we had a slight increase. Looking at 3 quarters of this year, there's been a stabilization of the result. And we expect that in subsequent quarters, we will observe a gradual improvement in the result according to our strategy.

So on the one hand, there will be a low interest rate environment and potential further decreases of the interest rates, but the volume of our income, profits and commission and margin will help us improve the interest result and the profit. If we look at the commissions, the interest margin, we started with 6.20% and ended up at 5.61% for this current quarter.

Two important constituent parts are important, the drop in interest rates, of course, but also the change in the structure of sale, where the important part of our balance sheet are the mortgage loans, which have a lower margin and income but can allow us to plan a stable income stream for the subsequent years. And these 2 elements impact the result, where you can see the drop in interest margin.

What can we expect in the next quarter? Well, there will be further drop, about 10 basis points. So that is what we can expect as far as the next quarter is concerned. However, the interest result should be at a comparable level and will subsequently improve.

And one final point on the loan-to-deposit ratio. You can see that our lending picks up, steps up, and so the curve is now turning north from 78% up to 80%, which shows that our loans are simply growing faster ever than before.

NFC, the net fee and commission income. As we said when presenting our strategy, this item is of special importance for us. We want to grow it. And we cannot grow it unless we work over time. This cannot be done overnight. We have to offer better quality to our customers. And step by step, we can see results. NFC grew 5% quarter-on-quarter and 10% year-on-year, with a significant increase in Q3 alone. In FX transactions of our customers, the summer, the holidays, travels helped to boost FX income.

And then we have another important line, sales of insurance in the group. That's good news. What are we anticipating in the next quarter? It may be difficult to copy the Q3 numbers one-to-one, but I think we will balance somewhere between Q2 and Q3 numbers with positive growth over the year.

And my final slide talks about our operating expenses. I've already mentioned that if you look at the numbers starting in Q1, net of the BFG contribution, our operating costs or management costs, general expenses would be PLN 540 million, then PLN 550 million, PLN 565 million. And we expect that the total operating expenses net of the BFG charge should be up 6%, 7% year-on-year in 2025, which proves that we keep costs well under control and our cost/income ratio remains strong at 37.9% on a normalized basis net of the credit holidays. And that's a very good and solid result looking at the scale of our activity.

In Q3, we saw a very positive contribution to the net profit -- in Q3 2024 to be specific. This is when our costs were still relatively low. Then in Q4, we booked very high costs with a significant increase. This is why that line is not straight. Now we expect to keep the costs stable quarter-on-quarter in a transparent way, and we are well on track. So it will be much easier to anticipate Alior Bank's costs quarter after quarter.

Thank you, and over to Piotr.

Well, to summarize, let me go back to the strategy once again. As I said, our 3 pillars to grow scale. And you can see that we are growing. Our assets are growing and so are our liabilities. Our lending and new sales are growing. The portfolios are improving. So we are growing scale. Especially proud to say that our number of customers has been growing. We attract new customers. They recognize our efforts. We are refreshing our target group. It's going to be younger. We get results. Our customers are banking with us using mobile and digital solutions.

The second pillar, stabilize our revenue. We are very proud with the increase in the share of NFC in our income mix. We are growing sales of insurance, for instance, that stabilizes our figures. And that's quite an impressive result I'm sure.

Third pillar is operational excellence, and it's also bringing results. The cost-to-income ratio is very strong. The increase in costs is well below the market average. We have fully implemented the agile model -- business model, and we work in tribes to provide even better solutions and better performance for our customers, especially digital solutions, as we said in our strategy. After Q3, our bank is thriving, we are well on track with the strategy.

And that's all for me. Thank you very much for listening to this presentation, and we open the floor for your questions.

Excellent. Moving on to your questions. What provisions for the CHF portfolio are you expecting in Q4 2025 and in 2026?

Well, as you know, it all depends on how fast new cases are opened. I'm sure in Q4, we can expect a slightly higher number, maybe similar to what we reported in Q3. But we expect that in the coming quarters, these numbers will definitely be lower.

If I may comment. Our CHF portfolio is disproportionately lower than those of other banks. So this is a fractional number really.

Another question. What were the reasons for the positive impact at PLN 14.8 million in your CIT in Q3 2025 in other items of the income tax?

Well, as you remember, in the last year, we said we were closing down our activity, our branches in Romania. And this year, we started to clear the losses from the windup of that branch. So that is the positive impact.

Next question. What is the scale of the impact of the proposed CIT adjustments that are expected in Q4 in deferred assets?

Yes. This is perhaps not that intuitive to some of the market participants. A higher tax rate expected next year means that the banks will be disclosing some additional impact on the net profit this year. I don't want to speculate. At Alior Bank and in all other banks subject to the new tax, the impact will be positive this year, which is paradoxical I know. But we've heard very different comments on this draft law. There may be an alternative draft proposed. So we don't want to disclose any numbers, but that would be the impact of the new tax strategy. We would have to look into it and present a positive result this year, which will be relatively high.

The next question. What is the WFD, the long-term ratio at the end of Q3?

It's fairly stable at the bank, 40.54%.

Thank you very much long-term financing ratio. Next question, the increase in the corporate loans portfolio in Q3, was it affected by any one-offs?

I think we are well on track of growth. As you may recall, our strategy says we want to shift the focus, and we are interested in micro -- in the micro segment. This year, the micro segment has been stagnant with no growth at all, very little growth in small enterprises and double-digit growth year-on-year in large customers. Well, I must say that Alior Bank is playing in this market in proportion to its size. We are not a leader or a trendsetter, but we are focusing on different segments than we used to. And so the growth you have seen may not be very impressive. But the segments we want to be a strong player in are now producing double-digit growth.

Next question. Why did your bancassurance income grow quarter-on-quarter in Q3 2025?

That was partly due to a higher cost of provisions against insurance repayments that we set up in Q2 and partly due to better penetration of insurance that is bundled with products we sell.

What NIM are you expecting in Q4 2025? How will NIM perform in the next quarters?

As I said, we are expecting a drop of 10 basis points or a dozen basis points in Q4. The annual average NIM next year is expected to reach 30, 40 -- sorry, to drop 30, 40 basis points.

Why was -- were your NPLs growing so slow in Q3?

As I said during the presentation, one customer, a large customer was defaulted. They defaulted in Q3 as a one-off. But we maintain our expectation for the NPLs to go down for the entire loan portfolio by the end of next year to less than 5%.

Next question. Why did the number of relationship customers grow year-on-year, 40,000? Was it new mortgage customers or customers using installment loans? What products can you offer to the new 40,000 customers?

Well, our definition of a relationship customer is quite broad, customer who banks with us day after day. An installment customer has a single relationship with us, an installment loan. So that's not covered by the definition and not covered by the growth. So we are looking at the number of customers who are actually banking with us. And there is no good answer to that question really.

We are playing a number of different instruments like an orchestra, and all these instruments play together. We are refreshing our brand. We are entering new segments, launching new products, launching new campaigns, reaching out to new customers, communicating with them in new ways, improving our mobile app. We are now working differently with distribution, production. So all of that is now starting to contribute to the performance.

Of course, we are continuously working to develop new products, simplify our processes, improve the time period, time to cash, and many other ratios. So it's a set of many different factors which we started to develop as we joined the bank and that we have addressed in the strategy.

Next question. Any of your strategic objectives to grow the loan portfolio, grow your NFC or your net profit, is any of those more difficult for you to achieve 6 months after you presented your strategy?

Yes. I think after 3 quarters, we are in a different place and depending on the segment. So the situation differs segment to segment. We have great achievements in selling mortgages, better than expected really. In other segments, we are growing less fast than expected. But again, in most of them above the market average. So it depends.

And as I said before, our loans may not be growing as fast as we would like them to. Our mortgages are growing faster than we expected. Installment loans are well on track. Business customers, we are changing our trajectory and reaching out to new segments. So in those segments where we want to grow, we can see sales grow by double-digit figures. It will definitely be difficult to improve the net fee and commission income now that interest income is falling, NIM is falling. It will be difficult to grow the margins.

We need to regroup. We need to reorganize our processes and products and build up the customer base of relationship clients who are not only producing NIM, NII, but also NFC. In all these segments, we can see some challenges. As of now, I think we have addressed challenges across many different strategic initiatives, that we have defined now a tactical plan. We have aligned the bank with the objective of delivering solutions very fast.

The agile business model we applied in Q3 was implemented. 100 teams in several tribes are working to develop even better solution for our customers. So we have seen some deviation from plan, but I think we are managing them quite well. Let me also mention leasing, which is also delivering double-digit growth year-on-year.

Thank you very much. This is all the questions asked. I want to thank everyone for your participation.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[Audio Gap] Traditionally, the results of the bank and the trends accompanying these results will be discussed by members of the Board. President Piotr Zabski, who will sum up the most important trends in the business sector. Zdzislaw Wojtera will present the finance results and Marcin Ciszewski will present the risk sector results. In the second part of the meeting, after the presentation, we will move on to a question-and-answer session. Before I hand over to Piotr, I encourage all those who are watching us to ask questions already in the first part of the conference, to which we will be able to move on smoothly to the Q&A session. I hand over to Piotr Zabski.

Good morning, everyone. May I welcome everyone at the meeting of the Board, which is a traditional quarterly meeting to present the results of the bank. This is the first quarter after our strategy was announced and the second quarter where the strategy is in place. So there will be some reference to what had been discussed in our 3-year strategy. As concerns the operating activities, let me tell you about some general trends and results. There will be division into business lines. And in the further parts, my colleagues will go deeper into the data and a handful of details will be presented to you. As regards the bank's operating activities, the second quarter was a very good one for us.

We noted a 6% increase of revenues. In the second quarter, we had PLN 1.52 billion revenues. And in two lines, both in the interest and commission results, we had 4% and 3% growth respectively. So the net profit of the whole of the bank was PLN 640 million, and it was by PLN 50 million higher, 9% more compared to the same period of the previous year. The ROE reached 22%, as you can see in the slide. What we would like to draw your attention to is also the decrease in the cost of risk due to the recognition of profit on the sale of the NPL portfolio. It reached the result of 0.2%, which is quite notable as far as the CoR is concerned.

There is also a continued decline in the NPL ratio to 6.18%. The sale of the NPL portfolio obviously had an impact on that. But in our strategic aims, we are certainly moving on target. As far as our capital position is concerned, there is a surplus over Tier 1 to the tune of PLN 5 almost PLN 5 billion and TCR almost PLN 4 billion, which vis-a-vis our strategy provides us an increase of scale and a safe buffer. The TCR at the level of 17% is certainly considerably above the reference regulatory benchmark. A few additional figures regarding our activities in the last quarter and indeed the first half of the year. The number of relationship customers grew.

We now have 1.64 million customers. There's a growth of 81,000 compared to the previous year. The mobile app users also grew. We now have 1.5 million who use the app, which is by 13% more than a year ago. We had some problems concerning the use of the app, but we overcame them. There was a growth in the deposit portfolio. We now have almost PLN 80 billion in deposits, an increase of 8%. There is also a strong growth in the area of mortgage loans.

In the second quarter, we granted loans to the tune of PLN 1.3 billion, which is almost a tough increase compared to a year ago. The share of these loans in the general sales portfolio is 1/3. You also probably realize that we paid out the dividend. This is not a new piece of information, but this is part of our strategy. Some additional info as regards the whole of the bank, our assets is almost PLN 100 billion. There was a 10% growth. Deposits grew by 8% to almost PLN 80 billion and the gross performing loans grew by 4% to the amount of PLN 62 billion.

An important bit of information, which you find in the footnote at the bottom, the 4% growth does not take into account this BuySellBack transaction. So whether the working loans. Now additional information on the top line in yellow there is the second quarter and the bottom line, the whole of the first half of the year. C/I 36.1% is, I will tell you in detail about what brought about this cost-to-income ratio at such a good level. NIM discounts the drop in interest rates, which you can see, the ROE almost 22% for the whole of the half of the year. Cost of risk, 0.20%, a drop by 0.03 percentage points and as regards the capital NPL 6.18%.

Two of the divisions, individual customers and business customers. As concerns relationship customers, we had a growth by 5%. The users of mobile app grew by 13%. As far as the share of the mobile app among relationship customers, the growth represents 4.7%. [indiscernible] sales is on the rise. And we hope that the new solutions, which we will be offering and which we entered the market will even increase this positive growth trajectory in the mobile channel.

Now a few words about other elements, the balance of assets of retail customers, the top left-hand corner, quarter-on-quarter and year-on-year, we have 10%, slightly modification between different positions. The biggest growth that we noted was in the area of investment funds, which we are very happy about because is one of the elements of the growth as far as our commission in income is concerned.

As for the gross loans to retail customers, the slight change in the share of the consumer loans and real estate loans, there are more real estate loans now than the consumer loans, which at the bottom left-hand corner, if you break it down, you see a stable position as regards the installment loans. The total growth in the volume is almost 20%, which is considerable and in the installment loans in the first and the second quarter and the whole of the installment loan sector were worse. There was a negative dynamic, but we maintained our position, which is very good. There's a growth in positive, the cash loans, the high commission loans, which provides a good boost to our income.

I think the most interesting information in the top -- in the bottom right corner shows us how mortgage loans are growing in terms of sales, the last time that we were comparing ourselves to the situation where the safe loan 2% was quite significant. If we see the pink color, that's almost a twofold increase in that item. And that makes us very happy because on the one hand, we are stabilizing part of the assets, extending the assets, and we know that this is a protected portfolio marked by lower risk. A glance at business customers, that's our second business line.

We will soon be explaining also in greater details what it looks like. But when it comes to the portfolio or the volume of loans is stable, whereas at the same time, the total credit limit allowed to business customers is on the increase, while at the same time, we have a significant decrease in nonperforming loans. We are working on it very much. So these two curves are balancing each other. Hence, the portfolio is still at a flat position. It's not growing. If you look at the trends, we grow faster when it comes to sales, then we are decreasing the NPLs, which means that the significant -- it will be visible soon.

When it comes to the deposit volume, we have an increase of 7% year-on-year. Active debit cards, 4% year-on-year, 6% when it comes to the micro segment. Importantly, the micro segment had negative dynamics in the first quarter. We did not see -- or the market was not performing as we assumed in the strategy, the 67% in terms of our activity. I mean, our activity was focused on preparing the newest solution to be ready by this autumn. And hopefully, with the new application, we believe that the result -- this result will be significantly better. Our company's activity -- the largest subsidiary activity, which is Alior Leasing. The portfolio reached almost PLN 7 billion, specifically PLN 6.8 billion and grew by 6% year-on-year. As you can see, quarter-to-quarter by 2%. The sales of leases is marked by double-digit growth, 11% quarter-on-quarter. And it's important that we have specialized in certain niches, a very strong leg of it is a very significant share in the leases of vehicles exceeding 3.5 tons, where we even have a market share of 17%, that's only to draw attention to this.

A couple of additional words on pursuing our strategy when it comes to the transformation or in sustainable funding. Firstly, we have a comprehensive offer for entrepreneurs, a specific proposal. to fund energy from renewable sources such as wind, sun, water, biogas. We also fund hybrid installations. We are ready, and we've started being very active in this market. A second item is that in cooperation with BGK, we have obtained access to European funds, EU funds, owing to this in several provinces, Wielkopolskie, Podlaskie, Malopolskie, Zachodnio-Pomorskie and Lódzkie, we've been able to provide our offer of low interest loans.

To reconstruct and expand installations connected with RES and to improve energy efficiency, which means that we are also being active in this area, which is also aligned with the assumptions of our strategy. I would end on this slide and ask Marcin to present our results when it comes to the credit risk.

Good morning, ladies and gentlemen. Piotr has mentioned our safe capital position in his statement and about the significant surplus -- regarding the regulatory minimums, we intend to further strengthen our position and to having obtained the appropriate permission also it strengthen our capital requirements. In the first quarter, we have performed an early redemption of F-Series bonds, that's PLN 400 million with a 3.1% margin and issued series bonds of PLN 195 margin, which translates into a very good ratio exceeding 20%. In the further part of this year, we are considering another issuance of MREL bonds of -- with a value of approximately PLN 500 million.

When it comes to liquidity ratios, both short term and long term are also at a safe level. LCR has attained to 227% and NSFR 146%. Passing on to credit risk, we closed the cost of risk at the level of 0.47%. However, these amounts are lowered by the one-off result of the NPL sales transactions. Excluding that transaction, the cost of risk would be at 0.76%, which is below what we've assumed in the strategy and which you've been -- we've been communicating to you for a couple of quarters now that our current risk profile should not exceed 0.8%.

The profit on the aforementioned sales amounted to over PLN 100 million. The sale of that portfolio as well as further restructuring and debt collecting activities have improved our NPL ratio. And at the end of the second quarter, it amounted to 6.18%. We are sustaining our strategic assumptions that by the end of 2026, we should reduce the NPL below -- to a level below 5%. On the next slide, you can see that the gradual work when it comes to both the sales of NPL and the collection is helping us reduce the nonperforming loans at the end of this quarter, we went below PLN 4 billion with a stable coverage ratio.

And by splitting our impaired loans into retail segment and the corporate segment, in the retail segment, we are at the market level, the whole share of nonperforming impaired loans is 2.67% in the individual customers portfolio. In the case of corporate customers, it's higher at 12.41%. However, we have also noted a decrease both on a quarter-to-quarter and year-to-year basis. The cost of risks when split to both segments, they were impacted by the sales. However, most of the sales, 85% was the retail portfolio, 15% was represented by mostly the corporate portfolio. Hence, the negative CoR on the retail segment and a positive of 0.78% in the corporate segment. Thank you very much. Over to Zdzislaw, who will present the financial results.

Thank you, Marcin. Good morning, everyone. Let us move on to the financial part. As Piotr mentioned, our income year-on-year for the quarter rose by 6% and taking into account the first half of this year compared to the first half of previous year, it grew by 2%. If we look at the net profits in the red color at the bottom, you see that there was a growth of PLN 54 billion between quarters and between half years, it dropped by 4%. It needs to be explained that in the first and the second quarter, we took into account BFG costs. We move on to the major part of the income statement.

The first column in yellow is the second quarter of this year. The income grew by 6%. Interest grew by 4%. The commission grew by 3%. There's a dedicated slide which gives more details about that. The cost of the group is PLN 695 million. This is a 7% change year-on-year, and there will be a separate slide to describe that. Other lines, which will be important is the legal risk. We recognized PLN 44 million of the additional legal risk of mortgage loans in foreign currencies. This relates to growth in cases.

It is not from our point of view, particularly a big item in the financial statement, you will see that there was 39 additional cases in the first quarter -- sorry, the first half of this year, about 20 each quarter. There's a model change, which reflects the reality and our expectations. We do not expect that this line would grow to some considerable degree. Going further down, we see gross profit at the level of PLN 827 million and net profit at the level of PLN 640 million. When looking at some more important lines, we have the interest margin, which went down by 8 percentage points.

We brought down the financing cost even though the deposit base grew, the financing costs dropped by 16 percentage points. Cost of risk, which Marcin talked about because of this one-off transaction in the half year is at a very satisfying level of 47 percentage points. Cost to income 36.1% and return on equity, 22%. Now moving on to the interest income, which is a considerable part of the bank's operations. When you look at the graphs, they are slightly more complicated.

However, there is a flat line. If you look at the first quarter, there is even 1% drop. Well, we should look at our interest result from a few standpoints. Firstly, our balance sheet. When you look at our products, you will see that there is a considerable growth in the mortgage loans share, which stabilizes our income over the long-term perspective and helps build our relation with customers, which is a very crucial part of our strategy. However, as for the margin for that product, it is lower than the cash loans.

So it leads into a lower interest margin. And the other perspective is that a considerable part, almost 90% of the sales in the previous quarter relates to products which are fixed rate based. And as you well know, in the fixed rate product, we have a certain market expectation built in and the expectation is that the interest rate will go down. So when we sell our products, by definition, there is a slightly level -- lower level of income interest -- of interest income than would otherwise be. If you look at the top right-hand corner, you will see that indeed, we go down by 5.88% to 5.74%.

If we introduce the cost of risk, it is at a quite high level, much higher considering our business model in the market. So 5.15% to 5.54% if we take into account the one-off event. And the cost of financing, which we managed to bring down, it sets off the drop in the interest income. If we look at the second quarter, what will be crucial is what will happen, what will be the decision of monetary council and that will translate into the way the interest rate will look like, which will obviously translate into how we will be selling our products.

What we see today, looking at our balance sheet and its development and our cost of financing, it seems to us that our interest margin should not go below 10 percentage points. In the next slide, we see the net fees and commission income between the first and the second quarter, we had a 6% growth there. What is important, this the first part of the two parts, which is the customer activity, PLN 41 million, PLN 45 million, then the brokerage commission. The Alior Trade fee is a big part of that.

This is a fairly new company that was created and our currency exchange transactions provides good results. The commission grew from 73% to 79%. We are very happy that the customers are using this particular channel. And the last part of the P&L is the cost dynamics. As we declared in the strategy at the previous meetings, what we would like our cost to be, is to be more under control, more predictable under careful management, and that's what we are able to achieve.

If we take BFG costs off, then the costs of management are comparable. They're practically at the same level between the first and the second quarters. What is important is that the costs grew by 7% between -- but if we deduct the BFG costs, then the costs which are under our management grew by only 5%, which is definitely below the market average, and we expect that in the subsequent quarters, the costs will be maintained under this strict discipline. They should not be higher than just a few percent growth level.

And the cost income ratio of 36.1%, as I mentioned, normalized depicts a more consolidated view once you exclude the loan repayment relief period, it's -- as comparable with the 31% this year. Thank you very much. That's everything as regards to financial information. Over to Piotr.

Thank you very much, gentlemen. Just to put an overarching component to our statements, I'd like to draw your attention to several important facts. We have been very consistently implementing -- striving to implement our ambitious strategy. We have announced a strategy. And as you've seen in the figures, most of the parameters and readings that we recognize today are aligned to our assumptions. First of all, we are still very much present in the consumer finance market, notwithstanding the performance of that market because we're talking about negative dynamics.

Our brand is our major asset. As we've mentioned, we've refreshed our brand, rejuvenated it and started reaching younger -- groups of younger target customers, which means that the perception of our brand among our non -- people who are not our customers is at the highest level over the last couple of periods, which shows that this component has also started performing well. Our agile business model built on modern technologies and a variety of distribution channels is being reinforced even more given that the bank is scaling up the agile model of our capacities.

The stable and predictable cost of risks, they are dropping. The fact that we were a bank that was, what distinguished itself in the negative sense are part of history. Our new sales are at a different level when it comes to the risk predictability and stability. The returns that we deliver to our shareholders are still high because they represent roughly 20% as we promised. Our stable capital position still provides us with a reason to feel good when we are thinking in terms of one of the strategic pillars that mentioned, the increase in the scale.

At the same time, we are still benefiting from the fact that we are working with or we're part of the group of the leader in the insurance market in Poland. We're benefiting from the access to the products and implementing new solutions that we share with our customers. All of this gives us a sense of calm and comfort in the sense that this year should be another year where we are positive about a prospective dividend payment. As you can see, the bank is doing good. And having said that, I would conclude our presentation when it comes to the slide show, and we will be very happy to take any of your questions.

Thank you very much, Piotr. And the first question is how much was the WFD and SOT-NII at the end of the second quarter?

At the end of June, WFD was 43.6%. The reference period was 40% SOT-NII was 4.4% with the required level of 5% at Tier 1.

Thank you very much, Marcin. The next question, which part of the portfolio is based on the periodically fixed rate?

When it comes to the fixed rate, as of the end of June, we have 35% of the loan portfolio are fixed rate loans. And as I mentioned in the last quarter, the sales of products of fixed rate loans represent 90%.

Thank you very much. What was the value of the NPL portfolio sold in Q2 2025?

As I mentioned to you in the presentation, part of that portfolio was a balance sheet part and an off-balance sheet. When it comes to the balance sheet part was roughly PLN 180 billion worth. And off-balance sheet, it was roughly 3x more.

Thank you very much. Our next question, the number and value of litigations accelerated in Q2. The bank also increased its provisions for that risk. What were the verdicts and what number are expected by the Board?

When it comes to the statistics, they are maintained at the existing level, we don't observe any increases. Still, very importantly, and notably, the bank wins a vast majority of lawsuits no matter how active the law firms are that have built their business case on trying to achieve their business goals in that realm. We don't expect any changes at least until the next verdict of the European Court of Justice because such verdicts might change the landscape.

Thank you very much. Now the next question, could you update the bank's sensitivity to NII sensitivity to interest rate changes?

Yes. The answer is quite straightforward when it comes to this question because it's a standard question, which gets repeated in all the conferences. But I'd like to emphasize that as of today, in the banking sector, we are observing a major change because there's a large number -- a relatively large number of assets that are based on a fixed rate or a temporarily fixed rate. And this means that the decision on changing the interest rate by 100 bps does not have to translate into the decrease in interest rates on a one-off basis.

So this is rather a category that is -- that we have to keep in mind that it's -- and we are estimating the impact of decrease by 100 basis points by PLN 100 million.

The next question, how does Alior evaluate the profitability of -- some banks express their doubts when it comes to the sales of mortgage loans, whereas at Alior Bank, the sales of mortgage loans are significantly growing?

When -- the sales of mortgage loans is one of our -- the components of our strategy. It's about building relationships. So when it comes to the consumer finance, we will be strong, but we want to increase the transaction banking. For this, we would need longer-lasting relationships with our customers than it would stem from consumer loans. That's why we are so active in the mortgage market. We have an idea of how to deliver products to customers. We know how to do it in consumer finance. We will be translating that into transaction banking. And this combination means that we are accomplishing our goals when it comes to the profitability of this product.

Thank you very much, Piotr. The next question, why is the interest result of Alior displaying lower dynamics than the market average?

Let me come back to what I was describing in one of the slides, depicting the income -- interest income, Alior Bank is one of -- is not one of the top 5 banks. It's rather in the top 10. Our total assets are lower. And when they were at installments, higher purchase or consumer finance predominating, it was obvious that our NII and margin was at a relatively high level. Today that we are building the bank in line with the strategy, the relationship-based strategy based on other products, we are implementing mortgage loans, which translates into other rates of return as presented by Piotr.

It's definitely satisfying for us, but the position is slightly different. And another thing is the mix of products when it comes to the fixed and variable interest rate-based products. Fixed rate products play a very important role. It's difficult to compare with banks that have a lower sensitivity to that.

The implementation of such a volume of products based on the fixed rate is visible more rapidly. I think it's also a simplification to compare because every bank has a specific situation, and it's worth emphasizing everyone has a different product mix and different dynamics. So I think it's slightly incomparable when it comes to the dynamics.

Thank you. The next question crops up frequently at conferences. Is part of the dialogue and the changes in the PZU structure? And what are the possible scenarios for Alior Bank?

The scenarios are still the same. There is nothing regulatory in the discussion, which keeps cropping up every now and then. Just this week, there was an interview given by two presidents, which talked about the transaction within the PZU Group. Taking into account the possibility that the transaction will transpire, then there will be a certain level of ineffectiveness because we will have a bank an insurer and a bank again. This is not an effective structure from a number of points of view. So in that context, the discussion is taking place.

Both presidents, however, mentioned that the transaction has been put off. It is very complicated. It requires a lot of permits and agreements. And so our agenda for today is the agenda of our strategy, is the agenda of our business, and that's what we focus on. Is the bank being part or not of that structure should not be considered.

Thank you very much. The next question, when will the fees and commissions result move considerably forward.

As we suggested in the strategy, what is important for us and to build a relationship bank, the kind of a bank where customers will want to maintain business relations over a long period of time. So we need to propose the best possible solutions to them. We want to provide them with the best possible value, and that must be reflected in the structure of fees and commissions. We now work intensely on changing our infrastructure.

In terms of business customers, things have been moving forward vigorously and there will be a new distribution platform and the mobile platform for the business customer, which will provide a very big additional value to customers and will provide more platform to generate more fees and commission income. We're also working on that for the retail customers, and we will be slowly exchanging the mobile app. It will become simpler.

And we'll also be providing the values which customers require of us. So this will increase the number of our customers, number of relation clients, the number of transactions, which will also translate into better fees and commission income, which will be a win-win situation.

Thank you very much. When will we see the results of the strategy in the corporate sector. Leasing is on the up other corporate sectors are declining?

If you look at the market, the dynamic was positive. However, the positive dynamic was reflected only in the big businesses. Alior is not according to our strategy, an active or an aggressive player in that segment, which is now the strongest growth segment. If we were one of the third biggest banks, then that will be a possibility. But we focus on micro enterprises on midsized enterprises.

In the first quarter, the dynamic in that sector was slow. Now you saw in one of the slides, our sales volumes are now on the uptick, but we can see growth, and there will be a game changer in the shape of the new solution that Zdzislaw mentioned, which will be unveiled in autumn. New banking, new features, which will surprise the whole of the sector.

Thank you. And the next question, there is a sense of wanting more in the mortgage sales. Can you again explain to us why such a strong growth in the mortgage sales?

This is a result of a number of elements. There's not just one thing. We have very good distribution channels. We distribute the product in the so-called long and short channel. That's the first thing. And this has worked very well. Secondly, we improved our offer. We unified certain assumptions regarding the commission and the whole decision-making engine. We extended the offer to bring it across the country, and we played on many instruments at the same time, which created a sort of an orchestra in the mortgage sector, which has produced such a great performance. The whole procedure from the customer through the procedure to the decision is very smooth and works very well.

And the next question. In the extreme scenario, the Financial Stability Committee assessed the sanction for the sector at the level of PLN 32 billion. What is the extreme scenario for Alior Bank and how much would it cost?

I think this is a very hypothetical situation. This is not similar to the Swiss Franc loans. These situations are uncomparable. The proper regulatory bodies have reacted already, the free loan in Poland has not been properly introduced a sanction regarding that. I don't want to refer this question because I don't think it's properly asked and this is not a place to ask it. We are observing very well the situation. We think there is a lot of unfairness as regards to the assumption of the process because it would mean that the legal system would have to be upturn on the basis of unfeasible arguments.

And so the sector is working very strongly to reveal how unfeasible this line of thinking is. The sanction of this free of charge loan which would have huge consequences, not just for the bank, but for the Polish economy as a whole.

Thank you. And the next question, what is blocking Alior Bank from increasing the payout to 75% NPL above 5%. Is there anything else?

Well, there are a number of aspects to be taken into account, and we are taking them into account. The beyond assessment is something that I don't want to discuss because it's not confidential. And as far as NPLs are concerned, we are on the way to the 5% level. This is part of our strategy. We now pay out 50%, but the target is to go to 75%, but will this happen? Will the payout of 75% happen is the decision of the Supervisory Board. We want to reach that level, but the decision -- the final decision is not up to the Board.

Thank you very much. And the next question, what was the reason for the worsening of the consumer loan portfolio deterioration in Q2 2025.

If I understand this question correctly, are we talking about an increase or deterioration? Because I'm not sure. When it comes to the increase, consumer loans on a quarter-to-quarter basis -- we're only talking about a 2% growth. It's insignificant. In Q1, BIK was showing a decrease of consumer loans versus the previous -- the preceding period. So if the dynamics are very weak. We are part of the market. We have maintained our position. In Q1, it was dropping the second quarter it was slightly positive. So we played strong in this segment.

Thank you very much. And the next question, what is the reason for the outflow of deposit -- of retail deposits in Q2? Has the bank changed its pricing policy in this area?

We've changed the pricing policy in the sense that we were able to show the lower cost of funds, as mentioned by is in one of the slides, but the outflow meant that -- actually, at quarter-to-quarter basis, it was flat, but the new money that entered the bank in terms of a new bank, we observed huge increases. And when it comes to the outflow, we had a significant aggressive promotion in the previous periods. That promotion is now over and a great proportion of our customers have flown out to the -- to other banks.

As we know, customer loyalty is directly proportionate to the price of deposits. What is the outlook for NII in the second half of the year?

As I mentioned before, a lot will depend on the decision of the Monetary Policy Council in September. I think the whole market is looking forward to that. As we look at this as of today and at the analyst consensus as well as our expectations, I should say that our average NIM might be lower by 10% versus the existing level.

Thank you very much. And the question is whether the new Consumer Loan Act will have an impact on the sales of loans. What about the limitation of advertising?

The new proposed law in the form, the new bill, which is being discussed by the industry. We're also very active in cooperating with the Polish banks Union and discussing it with the representative and all the institutions. It affects everyone. So I'm sure it will have an impact on all the segments, which seems to be inappropriate that it will affect in the same way. I mean, it will affect both the tiny consumer loans as well as major loans alike. It's hard to envisage that the same procedure of allowing credit and the whole bookkeeping process should be applied to a PLN 500 worth loan as well as to a PLN 50,000 worth loan or even higher.

So some of mortgage loans will also be affected by that. It will be a major change for the whole sector. I'm sure it will impact the bank's propensity to provide funding, we will all probably have to think whether some of the products, given the increased costs triggered by that act, whether it will even be profitable. So I do expect some impact, and I don't think it will be positive -- rather negative.

And the next question, what do you expect when it comes to the increase in market competition in consumer finance after the advent of RST to bank as well as leaving Santander Bank as part of Santander Group.

I think that's the question I should answer because that's where I'm coming from. That's a joke. But I'm sure that one of our consumers will be a beneficiary of the brand that will stay, that will be staying in the market. What do we expect? We are looking at our own backyard, at our own agenda. We have our own ideas, our own concepts to grow our business. At this moment, we are leaders when it comes to higher purchase to installment loans. This is testified to by the volumes and the fact that consumers vote for us by acting, by choosing Alior Bank.

I won't be discussing our ideas as of today. I won't be reviewing them. You can see by our strategy that it's a major item of our strategy. We want to leverage towards transactional banking. This consumer is very much needed, and we won't give a single inch of the battlefield.

The question is, in the first half of the year, the cost of risk is 50 bps. And the expectations throughout the year when it comes to the CoR are unchanged. Does this mean that the CoR should be higher in the second half of the year?

As I was telling you, the ongoing production is aligned with our assumptions. As of today, we don't perceive any events regarding the working portfolio or basket 1 or 2. Therefore, we assume that the CoR without the impact of one-offs in the next quarters should not exceed 0.8%.

And the next question is, can you see an increased inflow of litigations based on euro-denominated loans?

As I mentioned, the inflow of those litigations is at the -- at constant level, the bank does not perceive any major acceleration. We have assumed an even more conservative approach when it comes to provisioning. Therefore, we've opened PLN 40 million -- which seem immaterial from our point of view, but they just put some order, streamlined the modeling approach in coordination with our group auditor. And we are not assuming any significant write-offs regarding that portfolio in the upcoming periods.

Next question, is the bank still refunding consumer credit contracts? If so, to what extent is the result on income as well as the commissions income affected by this.

We've had such practice, but this activity has been discontinued. We are not being active when it comes to the consolidation because I understand that SKD would be the main trigger. Yes. As you look at the consumer credit market and the data published by BIK for many years, the situation is that customers flow between banks and the consolidation represents a major proportion. Well, SKD is not the trigger.

Of course, we have consolidation. We also attract customers from the market by offering this product, but it's not our goal to take care of the problem of the free loan sanction. Well, from the P&L perspective, if we look at Q1 and Q2, that consolidation was more important than Q1, and we can estimate it at the level of several million zlotys only.

And the next question is, what impact on the commissions income was triggered by the implementation of the [ eExchange ] office?

Well, the [ eExchange ] office is a very interesting product that was very positively perceived by the customers, and we're happy that they should be using it to such an extent. It's a little bit too early to try to evaluate this, but the currency exchange will be also provided as part of the app. It's about increasing the customer comfort and the bank's results. We could see it in the FX results. They were better by PLN 5 million on a quarter-to-quarter basis based on the exchange results.

What level of the NBP reference rate you assume for the end of 2025 and 2026?

At the end of 2025, 4.85% and the end of 2026, 3.75%.

Thank you. These are all the questions. We want to thank the Board and thank everyone for watching, and we would like to invite you to the next meeting.

Good morning, ladies and gentlemen. I think we may start today's meeting. Sebastian Rudnicki, on the 16th of June, I was appointed the Chairperson for today's General Meeting and the General Meeting on the 16th of June are ordered a break till the 7th of July until 10:00 am.

And now we have this time, so I open the second part of the General Meeting of Shareholders of Alior Bank. First of all, I order the drafting of the attendance list, and I am signing this attendance list.

So the attendance list is signed and here on my desk for anyone who wants to see it. So I would like to confirm that at today's General Meeting of Shareholders, we have the representation of 92 million represented votes from [ 92,961,542 ] shares for the total number of 130 million of shares -- and shares in the share capital, which represents 71.21% of the share capital in the total number of votes in the share capital of the company.

So the notice of calling this meeting was displayed on company's website, www.alior.bank (sic) [ www.aliorbank.pl ] on the 25th of June, and it was also in the report -- current report and in line with Article 108, Paragraph 1 of the Commercial Companies Code, this meeting is capable of adopting binding resolutions, despite the number of votes represented. And therefore, today's General Meeting of Shareholders was convened properly in line with para 95 article of Commercial Companies Code is capable of adopting binding resolutions.

And also I would like to confirm that the draft resolutions which are on the agenda have been also published on the company's website on www.aliorbank.pl and also as an attachment to the current report 21/2025 passed for the public information on the 26th of May 2025.

And then on the 26th of May 2025, the Management Board of Alior Bank, in connection of receiving the application from the bank's shareholder, PZU, dated 26th of May 2025 based on Article 400, Paragraph 1 of the Commercial Companies expanded the agenda for the General Meeting of Shareholders convened on the 16th of June 2025 by introducing to the agenda the wording of point #19, namely making the changes of the composition of the Supervisory Board and then also the numbering of point 19 was also changed and now it is 20. And then thereafter resolution was published on the company website and also as the attachment to the current report 21/2025 passed on the 26th of May 2025 on public information.

And I'd also like to confirm that the draft resolutions that are debated here, taking into account also the draft resolutions regarding the expansion of the agenda, are also available on the tablets on which the shareholders may exercise their voting rights and they've got them at the moment of registering their presence.

So I propose to vote on the resolutions without the necessity to read the wording of them. And also I would like to inform you that in line with Article 1 and 11 with Index 3 of the Commercial Companies Code, the shareholders may also vote differently from each share held, and it is possible to exercise the voting rights, for example, not in a uniform way. So with the package of shares, you can -- the shareholder vote for yes and with the rest of the shares can vote for no.

And also during this General Meeting of Shareholders, I mean, held on the 16th of June, the resolution #2 adopted the amended agenda. And on the 16th of June, we realized points of the agenda from 2 to 17. And now we will start from point #18.

I have a technical question whether you want the company who actually monitors the voting system can -- should actually explain the rules for using the tablets. I can't see that this is necessary. Therefore, we move to point #18 on the agenda, namely the changes in the Supervisory Board. I would like to inform that Mr. Tomasz Kulik resigned from the member of the Supervisory Board from 6th of July 2025, and the company informed about it in the current report #30/2025 dated the 3rd of July 2025.

And also I would like to inform you that in line with Paragraph 18 Section 1 of that section, the Supervisory Board consists of 5 to 8 members who are appointed by the General Meeting of Shareholders for their joint terms of 4 years, and in line with Paragraph 18 of the Companies Act, the number of the members of the Supervisory Board is determined by the general meeting in line with the resolution, the General Meeting of Shareholders of the company dated 29th of June [ 2028 -- '18 ] adopted that the Supervisory Board of the bank consists from 5 to 8 members, and this resolution is still valid.

And in line with Paragraph 2 Section 2 of the regulation of General Meeting of Shareholders, if on the agenda of the General Meeting of Shareholders, it's stipulated that there are changes in the Supervisory Board, the General Meeting of Shareholders may determine the number of the members of the Supervisory Board within the specified limits. If not, this previous resolution is still binding.

And also, I would like to inform you that the shareholders of the company, the PZU, also propose the candidate for the member of the Supervisory Board, Agata Mazurowska-Rozdeiczer, and the company informed about it via the current report #31/2025 dated the 3rd of July 2025.

I would like also to inform you that Agata Mazurowska-Rozdeiczer agreed on this appointment, and the shareholder who proposes candidate submitted to company all the documents regarding the candidate advancing the motion on the assessment of the suitability and also the fulfillment of the requirements, resulting from the commonly binding law and also the banking law and also the suitability criteria that I mentioned in the company's policy on the appointment of the Supervisory Board.

So at this point, I have a question whether there are other candidates? Any other motions at this point? So if not, I propose to vote on resolution #44/2025 of the General Meeting of Shareholders, Agata Mazurowska-Rozdeiczer dated the 7th of July 2025.

I would like to ask for 10-minute break in order to consult. Okay, 10-minute break, please.

[Break]

I understand that the break is over. And therefore, I will read the resolution regarding the appointment of Agata Mazurowska-Rozdeiczer as a member. So this is #45/2025 of the Annual General Meeting of Alior Bank spoke on 16th June of 2025 and the appointment of a member of the Supervisory Board of Alior Bank as spoke on, now persaunt to Paragraph 87 of the Polish [Technical Difficulty] adoption.

So I order the vote on this resolution, and this resolution is -- the vote is secret.

[Voting]

Is anybody still voting? No, I can't see, so I close the vote. And I will read the result of the vote now. So there were [ 91,140,540 ] valid votes cast from the same number of shares, 91,140,540 representing 69.1% of the share capital. Yes, [ 70,073,663 against 13,095,777 ], abstentions, 6,771,000.

So I would like to confirm that this resolution has been adopted.

Now we move to point #19 on the agenda, adoption of the resolution regarding the updated policy for the selection and suitability assessment of the members of the Supervisory Board of Alior Bank S.A. and in the draft attachment #1 of the agenda, there was just a wrong, the numbering, so subsequent paragraphs were marked with #17 would be 17 and 18. And on tablets, it is corrected. The numbering is corrected.

Are there any motions under this point? If not, I order the vote on resolution #45/2025 on the Annual General Meeting of Alior Bank's dated 16th of June 2025 on adoption of the updated policy for the selection and suitability assessment of members of the Supervisory Board of Alior Bank S.A.

Could you please proceed with your vote under open mode?

[Voting]

Is still anyone in the process of voting? No, I can't see. So I close the vote, and I will read the result on the vote now. There were 92,961,542 valid votes cast from 92,961,542 shares representing 71.20% of the share capital. For yes, 92,961,540; against, 2; abstentions, 0. I would like to confirm that this resolution has been adopted.

So at this point, we exhausted the agenda. Therefore, thank you very much for your participation, and I close the conduct of today's meeting.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[Audio Gap] And then you will see a large confirm button. And only after pressing the confirm button, the vote will be submitted. If you ever decide to return on your vote, please have to press the return key. Ladies and gentlemen, thank you. Then we're now going to proceed to the selection -- the election of the Chairperson of our meeting.

I see a representative of PZU, please. Unfortunately, the speaker is not using the microphone. So I cannot hear the speaker. Thank you. Are there any other candidates? If I -- I don't see any, so I have a question to you. Council is -- do you agree to be a candidate for the chairperson? All right. So I now order a vote on the draft resolution.

You should now see the content of the resolution on your tablets, but let me read it. It's Resolution #1 of the Annual General Meeting of Alior Bank, the joint stock company of 16 June 2025 on the selection -- on the election of the Chairperson of the Annual General Meeting under Paragraph 16 of -- under the Code of Commercial Companies and the Articles of Association of the bank, the Annual General Meeting hereby appoints Sebastian Martin Rudnicki to be the Chairperson of this meeting and the resolution shall take effect upon its adoption.

This is a vote by secret ballot. Please now cast your vote. Has everyone voted? I don't see any request to prolong the vote. Therefore, I close the vote. And let me read out the result. Number of votes cast, 92,961,589 valid votes cast out of 92,961, which is out of 589 shares, which makes 71% of the share capital. So all votes in favor. So please, you have a strong mandate. Do you accept the nomination?

I do.

All right. So now I would like to announce that attorney Sebastian Rudnicki is now taking over the chairing of this meeting. Please, now, sir, take your seat.

Good morning. My name is Sebastian Rudnicki. I would like to welcome you, welcome all the shareholders and their representatives. I would like to welcome members of Supervisory Board, of the Management Board. I would like to welcome Madam Notary. I would like to welcome all the support staff and representatives of the media.

First of all, I would like to thank you for this appointment. I will have a pleasure and honor to chair this meeting. I would like -- now like to order preparation of the attendance list. I think the attendance list is ready now, and I would like to ask you to pass the list to me. Thank you. Let me sign the list.

The attendance list will be provided for you to look into. Whoever wishes to look into the list is welcome to do so. I would like to declare that there is 92,000,589 shares represented in this meeting out of 130 million shares and votes in the share capital, which is approximately 71% of the total number of votes in the share capital.

The announcement on convening this General Meeting was made on the 26th of May 2025 and was also published online on the same day. According to Article 48 Paragraph 1 of the Code of Commercial Companies, this meeting will be valid regardless of the number of votes represented and as Articles of Association do not foresee any other regulation as to that, therefore, this meeting convened formally under articles of -- the relevant Articles of the Code of Commercial Companies is appropriately convened and is valid to adopt binding resolutions.

I would also like to declare that the draft resolutions were published on the website of the bank as appendices to the report and provided to the public in May 2025. Also on the 6th of May 2025, the Management Board of Alior Bank on the request of a shareholder, the PZU General Insurance Company under Article 401 of the Code of Commercial Companies, has extended the agenda of the Annual General Meeting to include the Point #19, which is to make changes in the composition of the Supervisory Board of the bank, which -- therefore, the last item is now Item 20 and the changes -- the proposed changes were published also on the website of the company as an appendix to the report and also provided also to the public on the 26th of May 2025.

The draft resolutions also taking -- including the added items are available on your -- on the tablets, which you have at your disposal to vote, so you can look at them on the tablet. Due to the full -- due to the fact that the full wording of the resolution is available to you, I propose that we vote without reading out the content of the resolutions. This has been the practice so far. So if you do not object, then I propose that we proceed in such abridged manner.

At the same time, I would like to inform you that under Article 411 Paragraph 3 of the Code of Commercial Companies and also Paragraph 15.2 of the Articles of Association of Alior Bank, you can execute your right to vote differently on different shares. So you can abstain on one share and vote for from the other share. So -- because we have a lot of items to proceed with, please try to move on smoothly between the items, and I would like to ask you to ask questions that are relevant to a given item on the agenda.

So now let us move to Item 4 of the agenda. So the adoption of the agenda itself. Unfortunately, the speaker does not use the mic, so cannot be...

I would like to ask for Point 14 of the agenda, so the adequacy statement to be moved to after the Item 19 on the changes of the Supervisory Board, so we can proceed with the changes in the Supervisory Board according to the existing policy and not to the policy to be adopted by today's meeting.

Any other requests or comments? If there are none, then I propose that we vote on. Unfortunately, this speaker does not use the mic, so I would now like to announce a 15-minute break.

[Break]

A resolution on the adoption of the agenda of this general meeting. The Annual General Meeting has adopted the following resolution.

First, opening of the meeting; election of the chairperson; 3, verification whether the Annual General Meeting has been convened correctly and is capable of adopting binding resolutions for adoption of the agenda; 5, presentation and review of the financial statements of the bank, the consolidated financial statements of the bank's capital group for the year '24, also report of the Management Board on the activities of the bank, including the report of the Management Board on the statement on sustainable development.

6, presentation and review of the report on the activities of the Supervisory Board of the bank in the year ended on the 31st December 2024.

Presentation -- 7, presentations at the Annual Meeting of the list of amendments to the regulations of the Supervisory Board.

8, presentation to the General Meeting of the report on the assessment of the application of corporate governance principles for supervised institutions.

9, adoption of resolutions on review and approval of the report on the activities of the Supervisory Board review and approval of the financial statements of Alior Bank for the year 2024 and review and approval of the consolidated financial statements of Alior Bank for the year ended 31st December 2024.

Then we have review and approval of the report on the Management Board on the activities of the capital group and the statement on sustainable development.

10. Adoption of the resolution on the distribution of the profits of the bank for the year 2024.

11. Adoption of resolutions on granting discharge to members of the Management Board for performance of their duties in 2024. Adoption on granting discharge to members of the Supervisory Board on performance of their duties in 2024.

13. Adoption of a resolution on the position of the general meeting on the assessment of the functioning of remuneration policy in effect of the bank.

14. Adoption of the resolution on the adoption of the updated policy for the selection and suitability assessment of members of Supervisory Board.

15. Adoption of a resolution on the assessment of the collective suitability of the Supervisory Board.

16. Adoption of a resolution on opinion on the report and the remuneration.

17. Adoption of resolution on the changes in the Articles of Association.

19. Adoption of a resolution on the updated policy of selection and suitability of members of the Supervisory Board.

I would now like to open the vote on the -- on adoption of this agenda.

[Voting]

Has everyone who has wished to vote voted? I therefore close the vote. All right, I understand the vote is still going on, so let us wait a bit. Has anyone who wish to vote has not voted yet?

All right. I understand that everyone has executed their right to vote, so either for close the vote on the resolution on the adoption of the agenda for this meeting. 91,140,587 valid votes were cast in the vote, which is 69.81% of the share capital. In favor, 76,323,500 votes; against, 1 vote; abstentions, 14,817,086 votes. Therefore, I declare that this resolution has been adopted.

So we may now proceed. I propose that items from 5 to 8, according to the tradition of the meetings of this bank should be considered jointly. I don't see any objection to that. So I adopt this manner of proceeding.

All right. We are going to take -- record this objection, and we will move one item after the other. Now Item 5, presentation and review of the financial statements and the consolidated financial statements and the report of the Management Board on the activities of the bank. The reports have been published by the bank on its website.

The reports have also been presented in the form of periodic reports, they have also been presented during investor conferences, and they are also included in the tablets that you have. So due to the above, I would now like to open a discussion on the reports.

Please, if anyone wishes to ask a question on this item of the agenda, please do so now. I don't see any questions. So now we move on to Item 6.

Presentation and review of the report on the activities of the Supervisory Board of the bank in the financial year ended 31st December 2024. I now open a discussion for this item. I don't see any persons stand.

Question, and we move on to Item 7, presentation to the Annual General Meeting of the list of amendments made to the regulations of the Supervisory Board. I open discussion. I don't see anyone willing to speak.

We move on to Item 8. Presentation to the Annual General Meeting of the report on the assessment of application by the Alior Bank SA of the corporate governance principle for Supervisory Institutions year 2024. I open discussion on this item. No one is willing to speak, so I close the discussion.

And we move on to Item 9. Adoption of resolutions on a review and approval of the report of Activities Supervisory Board in 2024 ended 31st December 2024. So I order a vote on the Resolution #3 of the Annual General Meeting on review and approval of the report of the activities of the Supervisory Board of the -- in the financial year ended 31st December 2024. Please cast your votes.

[Voting]

Has anyone who would like still to cast their votes? No, everybody has voted. So I close the vote. Please give me the results. 92,961,589 valid votes were cast from the same number of votes, representing 71.2% of the share capital, 92,342,361, for, against, 3,317; and abstentions, 215,911 votes. In light of this, the resolution has been adopted.

So now we can move on to Item 9b. Review and approval of the financial statements of the Alior Bank SA for the year ended 31st December 2024. I order the votes, an open vote on a resolution to review and approve the financial statements of the bank for the year ended 31st December 2024.

[Voting]

Has everyone voted, if they wish to? Everyone has voted. So I close the vote. Please give me the results.

92,961,589 valid votes were cast, representing the same number of shares, representing 71.2% of the share capital. For the adoption of the resolution, 92,115,804; against, 629,874; and abstention, 215,911. So in light of this, I confirm that the resolution has been adopted.

Now we move to Item 9d of this agenda, which is review and approve the report of the Management Board of the activities of the Alior Bank Capital Group in 2024. I order a vote on the draft resolution on this matter.

[Voting]

[Foreign Language]

Has everyone voted? And hasn't done so. So I close the vote, and please give me the results. 92,961,889 valid votes were cast, representing the same number of shares and representing 71.2% of the share capital. For, 79,417,369; against, 7,128,624; and abstentions, 6,415,596. So in light of this, I confirm that the resolution has been adopted.

So now I order a vote on another resolution in a secret ballot to grant discharge for the deployments of duties in the financial year 2024 to Mr. Wojciech Przybyl. I open the vote.

[Voting]

Has everyone voted? I can see that everyone has voted. So I close the vote to -- give me the results. 92,961,589 valid votes were cast representing the same number of shares and representing 71.2% of the share capital. And for, 79,417,369; against, 7,128,624; and abstention, 6,415,596 votes. In light of this, I confirm that the resolution has been adopted.

I order votes on the resolution to grant discharge for the performance of duties in the financial year 2024 to Mr. Zdzislaw Adam Wojtera. Please cast your votes.

[Voting]

Has anyone not voted yet? I don't see anyone. So now I close the vote. Can I have the result, please? 92,961,589 valid votes were cast in the vote, which represents 71.2% of the share capital; for, 79,416,369; against, 7,128,624; abstaining, 6,415,596. Therefore, this resolution has been adopted.

I would now like to order a vote on the next resolution on granting discharge to -- from performance of duties to Mr. Radomir Gibala. So now please vote.

[Voting]

Has anyone wish to vote and has not done so? If not, then I close this vote, and I would like to ask for the result. 92,961,589 valid votes were cast in this vote, representing 71.2% of the share capital. For, 79,417,370 votes; against, 7,128,623 votes; abstaining, 6,415,596 votes. Therefore, I would like to declare that this resolution has been adopted.

I would now like to open the vote on granting discharge in the year 2024 -- for the year 2024 to Mr. Tomasz Miklas. Please vote now.

[Voting]

Has anyone wish to vote and has not voted yet? I don't see anyone, so I close the vote.

92,961,442 votes cast of the same number of shares, representing 71.2% of the share capital. In favor of the resolution, 79,417,222 votes were cast; against, 7,128,623 votes; abstaining, 6,415,597 votes. [indiscernible] that this resolution has been adopted.

Now I open a vote on granting discharge for the performance of duties in the financial year 2024 to Mr. Grzegorz Olszewski. I now open the vote.

[Voting]

Has anyone wish to vote and has not done so? If not, then I close the vote, and I would like to ask for the results.

92,961,588 valid votes were cast in the vote, out of the same number of shares representing 71.2% of the share capital. For, 28,253,179 votes; against, 9,681,041; abstaining, 55,027,678 votes. Due to the results, this resolution has not been adopted.

I would now like to order a vote on the resolution granting discharge for the performance of duties in 2024 to Mr. Pawel Wladyslaw Broniewski. I would now like to open the vote.

[Voting]

Has anyone wanted to vote and has not done so? If not, then I close the vote. Can I see the results, please?

92,971,589 valid votes were cast, out of the same number of shares, representing 71.2% of the share capital. In favor, 28,253,180 votes; against, 9,681,041 votes; abstaining, 55,027,368 votes. In light of the results, I declare that this resolution has not been adopted.

I now open the vote on resolution on granting discharge for the performance of duties in the year 2024 to Mr. Szymon Stefan Kaminski. I open the vote now.

[Voting]

Has anyone wanted to vote and has not done so? I don't see anyone. I close the vote, and I would like to ask for the results.

92,961,589 valid votes were cast out of the same number of shares, representing 71.2% of the share capital. For, 79,417,371; against, 7,128,622; abstaining, 6,450,596. In light of the results, I would like to declare that this resolution has been adopted.

I now order a vote on the resolution on granting discharge for the performance of duties in the financial year 2024 to Mr. Rafal Gedymin Litwinczuk. I would like you to vote now.

[Voting]

Has anyone wish to vote and has not done so? If not, then I close the vote, and I would like to ask for the results.

92,961,589 valid votes were cast out of the same number of shares, representing 71.2% of the share capital. In favor, 79,417,371; against, 7,128,622; abstention, 6,415,596 votes. So this resolution has been adopted.

I now open the vote on the resolution on granting discharge for the performance of duties in the financial year 2024 to Mr. Pawel Leszek Tymczyszyn. I now open the vote.

[Voting]

Has anyone wish to vote and has not done so? If not, then I close the vote, and I would like to see the results, please.

92,961,588 valid votes were cast, of the same number of shares representing 71.2% of the share capital. In favor, 28,253,179 votes; against, 9,681,041 votes; abstaining, 55,027,368 votes. In light of the results, I would like to declare that this resolution has not been adopted.

I would now like to order a vote on granting discharge for the performance of duties in the financial year 2024 to Mr. Jacek Polanczyk. Please vote now.

[Voting]

Has anyone wish to vote and not done so? If not, then I close the vote.

92,961,589 valid votes were cast out of the same number of shares, representing 71.2% of the share capital. In favor, 79,417,371 votes; against, 7,128,622 votes; abstaining, 6,415,596 votes. Therefore, this resolution has been adopted.

Now I open the vote on the resolution on granting discharge to a member of the Supervisory Board delegated to temporarily perform the duties of the Vice President of the bank's Management Board in the financial year 2024 to Mr. Artur Cholody. Please, I now open the vote.

[Voting]

Has anyone wish to vote and has not done so? If not, I close the vote, and I would like to ask for the results.

92,961,589 valid votes were cast all of the same number of shares, representing 71.2% of the share capital. For, 79,449,200 votes; against, 7,128,624 votes; abstaining, 6,383,765 votes. Therefore, I declare that this resolution has been adopted.

Now let me move to Item 12 of the agenda, which is adoption of resolutions on granting discharge to members of the Supervisory Board.

Here, we will also vote by secret ballot. Any motions as to this item? If not, then I now order a vote on resolution on granting discharge for the performance of duties in the financial year 2024 to Mr. Jan Pawel Zimowicz. Please vote now.

[Voting]

Has anyone wished to vote and has not done so? I don't see anyone, so I now close the vote. Can I have the results, please?

92,961,589 valid votes out of the same number of shares were cast, representing 71.2% of the share capital. For, 90,011,771 votes; against, 2,703,567 votes; abstaining, 246,251 votes. So this resolution has been adopted.

So I order a vote on the resolution to grant discharge for the performance of duties in the financial year 2024 to Mr. Artur Jaroslaw Kucharski. Please cast your votes.

[Voting]

Has everyone wanted to vote and didn't do so? I can't see anyone. So I close the vote. Please give me the results.

92,961,589 valid votes were cast, representing the same number of shares and representing 71.2% of the share capital. For, 90,011,771 votes; against, 2,703,563 votes; and abstentions, 246,252 votes. So in light of this, I confirm that the resolutions been adopted.

Now I order a vote on the resolution to grant discharge for the performance of his duties in the year 2024 to Mr. Maciej Jacek Gutowski. Please cast your votes.

[Voting]

Has everyone wanted to vote and hasn't done so? I can't see anyone. So I close the vote, and please give me the results.

92,961,589 valid votes were cast, representing the same number of shares and also representing 71.2% of share capital. For, 90,011,771 votes; against, 2,703,567 votes; and there were 246,251 abstentions. In light of this, I confirm that the resolution been adopted.

I now order a vote on the resolution to grant discharge for the performance of duties in the financial year 2024 to Mr. Radoslaw Grabowski. Please cast your votes.

[Voting]

Has everyone wanted to vote but hasn't done so? I can't see anyone. So I close the vote. Please give me the results.

92,961,589 valid vote were cast, representing the same number of shares and representing 71.2% of the share capital. For, 90,011,771 votes; against, 2,703,567; and abstentions, 246,261. In light of this, I confirm that the resolution has been adopted.

Now I order a vote on the resolution to grant discharge for the performance of his duties in the financial year 2024 to Mr. Robert Pusz. Please cast your votes.

[Voting]

Has everyone wanted to vote and hasn't done so? No, I can't see anyone. So I close the vote. Please give me the results.

92,961,581 valid votes were cast in the vote, representing the same number of shares and 71.2% of the share capital. Again -- sorry, for, 90,011,771 votes; against, 2,703,567 votes, and they were 246,251 abstentions. In light of this, I confirm that the resolution has been adopted.

Now I order a vote on the resolution to grant discharge for the performance of his duties in the financial year 2024 to Mr. Filip Aleksander Majdowski. Please cast your votes.

[Voting]

Has everyone wanted to vote, but hasn't done so? No, I can't see anyone, so I close the vote. Please give me the results.

And 92,961,589 valid votes were cast, representing the same number of shares and representing 71.2% of the share capital. For, 90,011,773 votes; against, 2,703,565 votes; 246,251 abstentions. In light of this, I confirm that the resolution has been adopted.

Now I order a vote on a resolution to grant discharge for the performance of his duties in the final year 2024 to Mr. Ernest Gerard Bejda. Please cast your votes.

[Voting]

Has everyone voted? Everyone has voted. So I close the votes. Please give me the results.

92,961,580 valid votes were cast, representing the same number of shares and 71.2% of the share capital. For the adoption of resolution, 90,011,772 votes; against, 2,703,565 votes; and there were 246,251 abstentions. In light of this, I confirm that the resolution being adopted.

Now I order of votes the grant discharge for the performance of his duties in the financial year 2024 to Mr. Pawel Wojciech Knop. Please cast your votes.

[Voting]

Has someone wanted to vote and hasn't done so? No, I can't see anyone. So I close the vote. Please give me the results.

92,961,589 valid votes were cast in the votes representing the same number of shares and 71.2% of the share capital. For the adoption of resolution, 90,011,773 votes; against, 2,703,565 votes; and there were 246,251 abstentions. In light of this, the resolution has been adopted.

Now I order a vote on resolution to grant discharge for the performance of his duties in the financial year 2024 to Mr. Marek Pietrzak. Please cast your votes.

[Voting]

Has someone wanted to vote and hasn't done so? No, I can't see anyone. So I close the vote. Please give me the results.

92,961,588 valid votes were cast, representing the same number of shares and 71.2% of the share capital. For, 90,011,772 votes; against, 2,703,565 votes; and there were 246,251 abstentions. In light of this, I declare that the resolution has been adopted.

I order a vote on the resolution to grant discharge for the performance of his duties in the financial year 2024 to Mr. Dominik Mikolaj Witek. Please cast your votes.

[Voting]

Has anyone who wanted to vote and hasn't done so? No, I can't see anyone. So I close the vote. Please give me the results.

92,961,589 valid votes were cast in the vote, representing the same number of shares and 71.2% of the share capital. For, 90,011,773 votes; against, 2,703,565 votes; and there were 246,251 abstentions. In light of this, I confirm that the resolution has been adopted.

Now I order a vote on granting discharge on the performance of her duties in the financial year 2024 to Ms. Malgorzata Erlich-Smurzynska. Please cast your votes.

[Voting]

Has anyone who wanted to vote, but hasn't done so? So I can't see anyone, so I close the vote, and please give me the results.

92,961,589 valid votes were cast, representing the same number of shares and 71.2% of share capital. For, 90,011,773 votes; against, 2,703,565 votes; and there were 246,251 abstentions. In light of this, I declare that the resolution been adopted.

Now I order a vote on a resolution to grant discharge for the performance of his duties in the financial year 2024 to Mr. Jacek Pawel Kij. Please cast your votes.

[Voting]

Has anyone wanted to vote, but hasn't done so? I can't see anyone. So I close the vote. Please give you the results.

92,961,589 valid votes were cast, representing the same number of shares and 71.20% of the share capital. For, the resolution, 90,011,624 votes; against 2,703,714 votes; and there were 246,251 abstentions. In light of this, I confirm that the resolution has been adopted.

Now I order a vote on the resolution to grant discharge for the performance of his duties in the financial year 2024 to Mr. Jaroslaw Jerzy Mastalerz. Please cast your votes.

[Voting]

Has anyone wanted to vote, but hasn't done so? I can't see anyone, so please give me the results.

92,961,589 valid votes were cast, representing same number of shares and 71.20% of the share capital. For, 90,011,624 votes; against, 2,703,714 votes; and there were 246,251 abstentions. In light of this, I declare that the resolution has been adopted.

Now I order vote on granting discharge on the performance of his duties in the financial year 2024 to Mr. Artur Cholody. Please cast your votes.

[Voting]

Has anyone wanted to vote, but hasn't done so? I can't see anyone, so I close the vote. Please give me the results.

92,961,589 valid votes were cast in the vote represent the same number of shares and 71.2% of the share capital. For, 90,011,771 shares vote for; against, 2,703,567 against; and 246,251 abstentions.

So now I would like to order the solution to grant discharge for the performance of his duties in the financial year 2024 to Mr. Pawel Augustyn Wajda. Please cast your votes.

[Voting]

Has anyone who wanted to vote, but hasn't done so? I can't see anyone. So I close the vote. Please give me the results.

92,961,589 votes were cast, representing the same number of shares and 71.2% of share capital. For, 90,011,771; against, 2,703,567 votes; and abstentions, 246,251 abstentions. So in light of this, I declare that the resolution has been adopted.

Now I order a vote on the resolution to grant discharge for the performance of his duties in the financial year 2024 to Mr. Rafal Tadeusz Janczura. Please cast your votes.

[Voting]

Has anyone who wanted to vote but hasn't done? I can't see anyone. So I close the vote. Please give me the results.

92,961,589 valid votes were costs, representing the same number of shares and 71.2% of the share capital. For, 90,011,771 votes; against, 2,703,566 votes; and there were 246,252 abstentions. In light of this, I declare that the resolution has been adopted.

Now let us move to Item 13 of the agenda, which is adoption of the resolution on the position of the general meeting of the bank regarding the assessment of the functioning of the remuneration policy in effect of the bank. Are there any motions to this item? If not, then I now order a vote by open ballot on the resolution of the position of the Annual Meeting of the bank regarding the assessment of the functioning of the remuneration policy in the fact that the bank, the resolution has been prepared by the Management Board. Please vote now.

[Voting]

Has anyone wanted to vote, but hasn't done so? I don't see anyone. So I close the vote. Can I have the results, please?

92,961,589 valid votes were cast of the same number of shares, representing 71.2% of the share capital. In favor, 92,820,771 votes; against, 140,818; no abstentions. Therefore, I would like to declare that this resolution has been adopted.

Now let us move to Item 14 of the agenda, which is adoption of a resolution on the assessment of the collective suitability of the Supervisory Board of Alior Bank. Any motions to this item? I don't see any. So I now order an open vote on the assessment of the collectibility of the Supervisory Board. The draft resolution has been proposed by the Management Board, and I now open the vote.

[Voting]

Has anyone wanted to vote, but hasn't done so? I don't see anyone, so I close the vote. Can I have the results, please?

92,961,589 valid votes were cast, out of the same number of shares, representing 71.2% of the share capital. In favor, 92,961,587 votes; against 2 votes; no abstentions. So this resolution has been adopted.

Let us move to Item 15, which is adoption of the resolution on expressing an opinion on the report on the remuneration of members of the Management Board and the Supervisory Board of Alior Bank for the year 2024, submitted by the Supervisory Board of the bank. Are there any motions to this item? If not, then I now open the vote on expressing an opinion on the report on the remuneration of the members of the Management Board and Supervisory Board of Alior Bank for 2024 in accordance with the proposal of the Management Board. I now open the vote.

[Voting]

Has anyone wanted to vote, but hasn't done so? I don't see anyone. Therefore, I close the vote. Can I have the results, please?

92,961,589 valid votes were cast, out of the same number of shares, representing 71.2% of the share capital. In favor, 78,301,036 votes; against, 14,660,553 votes. There were no abstentions. So I declare that this resolution has been adopted.

Let us move to Item 16 of the agenda, which is adoption of a resolution on assessment of adequacy of internal regulations concerning the functioning of the Supervisory Board of Alior Bank and its effectiveness. Any motions to this item? I don't see any, so I now open a vote on adoption of a resolution on the assessment of the adequacy of internal regulations concerning the functioning of the Supervisory Board of Alior Bank and its effectiveness. The wording of the proposal of the draft resolution is -- has been proposed by the Management Board. I now open the vote.

[Voting]

Has anyone wanted to vote and hasn't done so? I don't see anyone, so I now close the vote. Can I have the results of the vote now?

In favor, 92,961,589 -- in favor, 92,961,587; against 2 votes, no abstentions. So I declare that this resolution has been adopted.

Now let us move to Item 17 of the agenda, which is adoption of a resolution on the amendments to the Articles of Association of Alior Bank. Are there any motions to this item? I don't see any, so I now open a vote on the resolution amending the Articles of Association of Alior Bank. The wording of the resolution has been proposed by the Management Board. I now open the vote.

[Voting]

Has anyone wished to vote and hasn't done so? I don't see anyone. So I now close the vote. Can I have the results, please?

92,961,589 valid votes were cast of the same number of shares, representing 71.2% of the share capital. In favor, 92,961,588 votes and no against, 1 abstention. So this resolution has been adopted.

I now move to Item 18, adoption of resolutions on changes in the composition of the Supervisory Board. On the 7th of July -- until 7th of July 10 a.m., do you need a technical break in order to make a decision on this before the vote?

Okay. I now order a 10-minute break.

[Break]

I hereby reopen the meeting, the representative of PZU proposed a motion on announcing a break in the meeting until the 7th of July 2025. I would now read out the resolution.

The resolution on announcing a break in the General Meeting of Alior Bank, the Annual General Meeting under Article 408, Paragraph 2 of the Code of commercial companies has decided to announce a break in the meeting until the 7th of July 2025, at 10 a.m., the meeting shall reconvene at Lopuszanska street 38C in the training and recruitment center of the bank at the first floor on the 7th of July 2010 (sic) [ 2025 ] at 10:00 a.m. The resolution enters into force upon its adoption.

I now open the vote on the resolution.

[Voting]

Has anyone wanted to cast their vote, but hasn't done so yet? I don't see anyone. Therefore, I close the vote. Can I have the results, please.

91,140,438 valid votes were cast out of the same number of shares, representing 69.8% of the share capital. In favor of the resolution, 76,323,327 votes; against, 25 votes; abstentions, 14,817,086 votes. Therefore, this resolution has reached the required 2/3 majority of votes and has been adopted. Therefore, we now have a break in the General Meeting until the 7th of July.

I would like to thank you, therefore, for your participation so far. Thank you.