BlackRock Future Health ETF Price & Performance (BMED)

Thank you, Alessandra. Sorry, I took off the jacket because it's awfully hot in here. So good afternoon, ladies and gentlemen, and I'm it's great to be with all of you here today. 2024 has been nothing short of a transformative a year where we redefined our potential. Where ambition met execution, and the results speak for themselves. They are more than just metrics. They reflect the power of our vision and the passion of our people. The year marked both by challenges and opportunities, we we committed to carry out bold strategies that have driven tangible and sustainable growth. By focusing on our core strength, and staying agile in the face of change, we not only achieved outstanding results, but also capitalized on the groundwork already laid to drive to drive long term value. And our performance was universally and reasonably recognized and appreciated by all of you in the financial community. We are talking about and across the board record breaking year. Starting with our commercial performance, achieved a matched total net inflows of 10.4 which includes a particularly significant SEK7.6 billion into managed assets. On the financial side, surpassed the major psychological milestone of 1,000,000,000 of net income, reaching an impressive €1,120,000,000 Let's set the record straight.

In 2024, we had an extraordinary level of performance fees. The tune of €370,000,000 growth.

Boosting our bottom line. But our success isn't just about performance fees. [indiscernible] have always said that performance fees are like the icing on the cake. Certainly, a nice to have. [indiscernible] it's the quality of the entire cake that really matters. In fact, one thing I want to emphasize here is the strength of our operational performance. With an operating margin which marked a double digit increase last year to €1,100,000,000 Our operating margin indeed reflects a well rounded solid business across all areas.

And is a reliable metric can count on [indiscernible] As with all banks, the strong operating margin is certainly associated However, unlike the rest of the baking sector, our margin will be sustainable. Thanks to the distinct nature of our business model. Which is heavily oriented toward fee based revenues. These revenues [indiscernible] effectively offset the natural decline in NII expected [indiscernible] Let me emphasize that the dependability of our operating margin is also reinforced by our responsibility to provide [indiscernible] and reasonable guidance. Which we consider to be a cornerstone of our communication strategy with you. As well as a sign of respect for your job. And in these past few years of constant change and unpredictability, in a world where uncertainty seems to be the only certainty, our level of commitment to precision is no small matter. Especially when conditions change. For instance, in 2024, adjusted our guidance upward since our commercial performance far exceeded expectations. [indiscernible] raised our forecast for net inflows on two separate occasions. Reflecting extraordinary momentum And while we slightly adjusted our NII per [indiscernible] account for shifts in the yield curve we also had to account for the overwhelming success of our promotional offers.

Which outstripped even our most ambitious targets. It's a bit like opening the door to a small party and ending up hosting the whole [indiscernible] Incredible turnout, but one that naturally shifts the numbers. [indiscernible] And while we are on the subject of positive surprises, I'm really happy to talk about dividends. [indiscernible] are excited to propose at the shareholders meeting the distribution of €1 dividend per share.

Leaving a remaining balance of 63¢ having already paid an interim dividend of €0.37 in November.

Specifically, this means our base dividend will increase by 7% to $0.75 per share. And in light of the extraordinary level of performance fees in 2024, there will be an additional distribution of a special dividend of $0.25 that the entire amount of €1 is an ordinary [indiscernible] No question about it. A year that shattered records. And we are proud to share the success of this record breaking year with all of those who made it through a tangible gesture of appreciation. So in addition to the special dividend for our shareholders, Every single employee and family banker of the over 10,000 in the group, we received a bonus of €2,000 Now let's go through the details of the year looking first at the economic and financial highlights. Slide number four tells the story. Net income soared to nearly €1,120,000,000 jumping 36% ahead of 2023. With Q4 contributing 445,300,000.0. A truly record breaking performance powered by dual engine growth, not just by our strategically managed net interest income, but even more so by a double digit surge in net commission income. [indiscernible] 13% to almost €1,170,000,000 which incidentally maintained a high growth rate throughout the entire year.

This was mainly thanks to our recurring fees. Including both management and investment management fees. [indiscernible] set a new benchmark. Climbing to €1,540,000,000 a strong 16% increase [indiscernible] On a pre IFRS IFRS 17 like for like basis, recurring fees on average assets came in at two twelve basis points for the year. Margins remains robust dipping slightly in 2024. As we've discussed, due to a higher allocation to the increasingly attractive fixed income funds, and a greater presence of intelligent investment strategy, money market funds. Over the past year, net flows have been largely directed into fixed income funds, their equity heavy portfolios. A result, the equity component of their managed assets has seen a slight decline. But still stands at a notable 58% as illustrated on Slide 15. Net interest income was exactly in line with our guidance, up 8% versus the previous year. At €811,000,000 By all means, despite Despite the rate cuts of our promotional initiatives, our NII held up remarkably well. Our twenty twenty five guidance for NII calls for a slight decrease of some 5% following the latest market expectations in terms of the yield curve. [indiscernible] the expected growth in commission income will play a key role in bridging any shortfall in NII.

Sustaining a strong top line. As a result, our overall outlook is positive. As reflected in the operating margin, our high operational efficiency efficiency is key driving profitability and securing long term business [indiscernible] With that in mind, I'd like to bring to bring your attention to our costincome ratio now at 39% a clear improvement over 2023 in line with our guidance. Stronger top line growth powered by higher recurring fees is the key driver behind this efficiency gain. On the other hand, our commercial success impacted acquisition costs to gross commission, ratio which saw a modest uptick driven by inflows into managed assets that were almost double year on year. And which, of course, resulted in higher bonuses. Forget that these bonuses on new money don't have an immediate offset in fees. [indiscernible] acquisition costs, the corresponding commission income materializes progressively since fees are generated gradually over the investments lifetime.

Finally, as you well know, market effects this year had a significant impact on our bottom line. Which totaled €377,000,000 compared to a modest figure in 2023. Let's now look at a few other line items of the income statement in detail on Slide [indiscernible] [indiscernible] As far as costs are concerned, G and A ended up with an increase of 9%. Just a bit better than our indications. Rather, the significant increase in provisions for lease gain charges is largely due to the meaningful drop in interest rates.

Which lowered the discount rate applied. Leading to a higher severance pay provision for a network that incidentally continues to grow in both headcount and commissions. And finally, the line extraordinary items. As we have already mentioned, the extraordinary bonus or €2,000 that every employee and family banker will receive had an impact on the P and L for a total of $21,000,000 and is included in extraordinary items. Let's jump to Slide number five. Where I briefly comment on the business results aware of. Total net inflows gained momentum quarter after quarter. Showing steady progress throughout the year.

Reaching a groundbreaking €10,400,000,000 a 46% increase Most notably, managed assets climbed to €7,600,000,000 almost double last year's level and setting all a new all time high for Banca Medialatum. Let me emphasize our key message. Flows are the lifeblood of our business. Essential to our growth. Slide 34, you see that in 2024, [indiscernible] in the Assurity Ranking for Managed Assets net inflows, This remains true even under the new categorization administered assets under advanced advisory. Meaning with advisory fees on top or fee only. Our consistent leadership in these rankings reinforces our strong market position. January performed with the same conviction. [indiscernible] €487,000,000 in managed asset flows, €200,000,000 more than in January. Please note that in January, our MR asset flows were also resilient, bringing total inflows for the month to eight sixty three Not bad at all, considering the seasonality of [indiscernible] Back to Slide number five, our total assets set a remarkable new high at €138,500,000,000 Slide number five. [indiscernible] 17% year on year growth, fueled by our steady deposit. Robust net inflows over 10,000,000,000 and supporting market dynamics, which contributed [indiscernible] our loans granted totaled €3,100,000,000 4% higher year on year, thanks to the solid bounce back in Q4 that was driven by our initiatives to support mortgage customers.

As a result, our credit book surpassed last year's figure reaching €17,600,000,000 up 3%. The net NPE ratio of 0.79% continues to underscore the health of our loan portfolio. While the twelve months rolling cost of risk at 18 basis points aligns with our expectations. General Insurance gross premiums also accelerated toward the end of the year. Led by the standalone policies and the in force business in particular. Total premiums [indiscernible] reached million euros a solid increase of 11 we met last time, we indicated that in normal market conditions, inflows into managed assets in 2025 would remain as strong as last year implying some €7,500,000,000 So what makes us so confident to think we can repeat? This performance? First of all, as clearly illustrated on Slide number six, consider that we made another significant jump of 7% in the number of bank customers. Bringing us close to $1,000,009 This was boosted by our promotional offers which enabled us to acquire a record 198,000 new customers over the year. While we are on the subject of promo offers, I'd like to give you an update on the €2,200,000,000 of time deposit from the Q1 twenty twenty four five percent promo offer that matured last July.

Our target of 70% conversion rate in just five months. Conversion rate into minus assets. On the other hand, the 5% promo offer from last fall which gathered a total of €1,900,000,000 in only two months, start to mature in March. Thus, based on our experience, we can assume that 70% will be transformed over the course of 2025. On top of this, as you may know, we are currently running a new two month campaign offering 4%. So far, it has brought in some [indiscernible] and we expect to reach about €1,500,000,000 by the February.

The six months time deposit will start to mature in July. This means we'll have the entire second half [indiscernible] To work on converting most of these deposits into managed assets. Well, one thing is certain. EUR 2,700,000,000.0 are set to be automatically converted into mutual funds in 2025. Specifically as shown in the last two lines of this slide, over EUR 1,000,000,000 are in the deposits account [indiscernible] [indiscernible] 1,700,000,000.0 come from annual flows of installment plans which are growing significantly boosted by the commercial efforts we carried out at the end of the year. Please note that our intelligent investment strategy is also gaining traction with assets in money market funds up by 1,200,000,000.0. Compared to a year ago. In fact, a declining rate environment, investors are increasingly shifting their focus our long term equity investments options, supported by our automatic services. Our distinctive approach creates a solid framework for consistent inflows. Driving the steady expansion of recurring fees over time. In addition to short term strategy, it provides long term stability by ensuring a predictable revenue stream even in changing market conditions. Another important driver of our commercial performance is the growth in our family bankers Banca.

The continuous recruitment and training of professionals from various backgrounds along with the gradual onboarding of new banker consultants, is underpinning our organic growth. This approach which supports our commitment to building up a strong foundation for sustained growth Both. Brought the total number of Banca bankers a group level to 6,415 a 3% increase [indiscernible] As of today, four twenty banking consultants joined through the project next, and they actively senior private bankers Additionally, 138 banker consultants are currently under training in the Executive Master's program at Mediolano Corporate University. [indiscernible] Balance sheet ratios as shown on Slide seven. Banco Midellano stands on a rock solid capital foundation. Ensuring both stability and room for future expansions. Our financial strength not only positions us as a secure institution for customers and investors, but also provides flexibility in the phase of economic regulatory shifts.

Our CET1 ratio remains exceptionally high [indiscernible] point 7%. Of 7.8% giving us ample capacity for organic growth. The solid position also allows the Board to stay on track with our increasing dividend distribution. Looking ahead, we've discussed, the implementation of the final Basel III regulations in March will result in having higher risk weighted assets leading to a decline on CET1 ratio of about two percentage points. However, our strong capital base proves we are well equipped for this transition. Turning our attention to Spain, let's examine the remarkable progress in this key market [indiscernible] is line number 31, Spain recorded an operational margin of €76,700,000 in line with twenty twenty three. While net income surged by 31% year on year, [indiscernible] $81,100,000 While net interest income in Spain didn't grow As it did Italy, the bottom line still benefited from strong performance fees. Total assets have expanded by 24% reaching €13,000,000,000 with nearly EUR 9,600,000,000.0 in managed assets an impressive 33% increase.

Net inflows totaled €1,500,000,000 74% higher than the previous year. With managed assets inflows contributing 1,450,000,000.00 nearly tripling the 2023 flows.

Largely driven by the success of the Double Chant Services. On the lending side, the credit book gained momentum. Approaching SEK 1,500,000,000.0. Dollars reflecting 11% growth primarily fueled by a steady volume of mortgages granted. Meanwhile, the number of 2% to a total of sixteen fourteen As you know, our strategic focus has increasingly shifted toward enhancing The quality and productivity of our family bankers Banca. Especially supporting and developing those who have joined us in the past few years. With a clear objective of raising the average assets [indiscernible] This is a strategy we successfully executed in our domestic market over the past decade. Conclude, our customer base in Spain has expanded to 255,000 reflecting a strong 10% growth year on year. In closing, we take great pride in how we've navigated the challenges of 2024. It tested us at times, but by being proactive, staying focused while adapting when needed we delivered on our commitments and kept pushing forward. This complex year demonstrated our strength and determination. And we are excited for what's ahead. Let me recap our guidance for 2025. Net inflows into managed assets of at around €7,500,000,000 assuming normal market conditions. Net interest income to decrease by about 5% compared to 2024, based on current interest rates curves.

Cost income ratio below 40% cost of risk at some 20 basis bps. Base dividend to increase compared to the previous year.

Of course, subject to shareholder meeting approval.

While 2025 also comes with its challenges, Amid and above the external context still taking shape, With the threat of tariffs, the German elections and the Central Bank policies, we started the year on the right foot. With January flows surpassing last year's levels. Very major market effects the market disruptions our well established business model and highly diversified revenue stream position us well to maintain solid momentum recurring KPIs broadly in line with those of the record breaking year 2024.

That alone would be a great [indiscernible] Thanks, everyone, for your engagement and support. And Banca to you.

Thank you, Massimo. And we can now open the Q and A session, please. Thank you.

If you want to ask a question, question has been received to withdraw the First question Comes from Marco Nicolai, Jefferies. Good afternoon. My first question is about the guidance of net inflows into managed assets. You talked about €7,500,000,000 So you expect another record level, the same record level we the same record year that we saw in 2024. Could you also provide further indication and tell us whether this level of €7,500,000,000 will be sustainable beyond 2025 as well? Also, could you please provide some guidance as to 2025 margins? Then I'd like to also have a question I have questions about the exchange offer put forward by Mediobanca. You are Mediobanca's Banca investor investors, but you are also competitors in terms of wealth management. So I really appreciate if you could share your thoughts on this transaction. Net inflows into managed assets of about €7,500,000,000 Will we be able to repeat to repeat this number to have it beyond 2024 as well? Yes, because the number of sales people is increasing customers in terms of numerically increasing too. So if we have more family bankers and more customers in the future, we'll be able to sustain that growth But please consider that this is a highly volatile number because it's quite sensitive to Capital Markets' performance.

So if markets behave, say, normally, And also if the economy behaves normally and geopolitics too, I think that this amount could also be increasing over the medium term because once again, we are growing the sales network and the number of customers. Should the market pivot and go down by 20%, of course, in that same year, we won't be able to report a €7,500,000,000 net inflows into managed assets. Back in 2024, that number was €23,000,000 sorry, was equal to €4,000,000,000 and the previous year '20 was €6,000,000,000 So we went from €6,000,000,000 in 2022 to €4,000,000,000 in '23. But that SEK 4,000,000,000 was the best net inflows reported by into managed assets reported by Italian sales network in absolute terms. So those I mean, that EUR 4,000,000,000 is almost equivalent, if you wish, to the SEK7 billion we reported today Margins down to 12 basis points in terms of average recurring fees. So I expect that our that this will go down this year as well a bit. Because on the one hand, [indiscernible] ments into fixed income funds may continue holding up because I really think that yields are are interesting are attractive there. But also this average is quite impacted by the success of Intelligent Investment Strategy.

So compared to 12/31/2023, the money that was deposited in monetary in money market funds, which were tied to intelligence investment strategies, went up to €1,200,000,000 and they have these monetary funds, have an average commission of 20 basis points. So if we make €1,200,000,000 more, with fees of only 20 basis points on average would inevitably bring that average number down But then you also have to consider equity funds. So I am not concerned. So this being said, those two twelve basis points I mentioned at the very beginning, should go down to two zero seven. But once again, this is a number which is heavily impacted by the success of our intelligent investment strategy I'd like also to remind you all that in 2019, at a certain point in time, we closed a category of funds, two new subscriptions. Those funds had [indiscernible] which were very low, but a management fee, which was And we gave our family bankers the possibility to discount down to 100% all entry fees for these categories of funds. So we said, let's not keep a category of funds that has low entry fees and high management fees doesn't make any sense.

So we didn't report any inflows into those funds that used to pay 20% to 25% higher management fees compared to a similar fund with a higher entry fee. This, of course, has generated has channeled inflows into these other funds. Thus bringing down the average fee in general. But once again, the management fee is well above the market average, not because we are more expensive than the market, but because of our mix In fact, The changes in the in interest rates is channeling is shifting many inflows into fixed income funds. Still, investments into equity funds are equals still to 58%. That portion, that share could could be declining in the future. But if the markets change again, they will go up again. I remember that our all time low in terms of investment into equity 49%. So we are always well above very many other competitors. As far as MPS Mediobank, well, in terms of competition, well, it doesn't make that big of a difference doesn't. We've been operating since 1982. We've navigated the quite a few changes, in spite of which we've been steadily growing. We'll keep growing whether this merger actually happens or doesn't.

Thank you very much, Marco. Next question please. Thank you.

Next question. Comes from Gianluca Ferrari, Mediobanca. Go ahead. Thank you. Good afternoon. I have three questions for you. The first is on interest income. Net interest income that quarter on quarter reported an increase in the fourth quarter Can you give us some color with respect to the technical issues because the promo between September and October [indiscernible] press down on NII by some €15,000,000 The second question is on provisions on risks and charges. And can you tell us what's inside these number? And then dividend is €75 is the base dividend. You were talking about a €0.04 annual growth This new base of €0.75 how did you get there? I mean, what is the kind of reasoning you followed based on what kind of growth you see coming there based on current values on present values Let me start with the second question on the provisions on risks and charges. Half of the increase we reported was driven by the fact that the network grew and therefore also commissions rose. Because also as under management increased So the higher the managed assets and other network, more provisions have to be set aside for the network. The other half of the increase is due to the decline in interest rates because future flows are discounted to present value.

And since we are discounting them at a lower route or to be even more precise, what really has an impact year after year is the change in interest rate over the previous year. The decline of 2024 over 2023 was greater than between 2023 and 2022. So half of it is due to the interest rate and half of it is due to the increase in commissions in general. Then you asked about the $0.75 increase We might be considering growth by 5% to 6%. This is something we can consider But then we will have to revise it each year some little 1¢ more or 1¢ less. But of course, next year, certainly, we are not going to stop at $0.76 but rather it would be some something more than that. But figures, projections, [indiscernible] [indiscernible] and also capital ratios considering these aspects, we believe that we might offer an interesting increase As to NII, quarter on quarter, the cost [indiscernible] the ratio between time deposit and Bank accounts is one to 10. And therefore, actually, this led to this result. Also, treasury funds was due to the tax I mean, sorry, the rate cut has impacted on the cost of funding and therefore the increase and hence the increase of the fourth quarter NII over the third quarter.

Banca you. That was extremely clear. Thank you, Gianluca. Next question.

The next question comes [indiscernible] Equitasim. So good afternoon. I have two questions. And my first question is a follow-up question on NII. Could you please share with us the assumptions underpinning the new guidance in terms of cost of finding? And also in terms of expected volumes in terms of loans to customers for 2025, which is implicit or incorporated into your guidance. So Spain, what are your expectations in 2025 in terms of new bankers acquired and new customers acquired? [indiscernible] as to NII, that minus 5% is based on an average three months euroIBOR of 2.37%.

So we took the curve, calculated the average, and that's the base for our forecast. But we have also included in our guidance all initiatives that we're going to launch like the one like the promo campaign, which is underway right now, a 4% promo. As well as the kind of fees that will be paid for double trans products. That is what why we expect that minus five in terms of decline in net interest income Spain, I believe, could really replicate the same reason that they attained in 2024 in both terms of number of customers and also inflows. Far as the number of family bankers Banca concerned, We focused on improving existing bankers' productivity, but of course, we didn't stop recruiting and hiring new people, but we kind of let up a bit So the new entrants have not completely off Spanish sales network and please [indiscernible] Ten years less than Italy family bankers, and this is really important. At the end of twenty twenty, three, they had an average portfolio of about $4.5400000.0 euros A year later, the portfolio went up to €8,100,000 so significant jump Anyway, in 2025, I expect that the number of family bankers Banca not decline anymore.

We don't expect a decline will go up a bit but won't really should through the figure through the ceiling, sorry, once you have improved the productivity, it takes a while, forever they think to crank up. And get to the normal cruise velocity, so to speak. So I think that things will kind of stabilize in 2020 growth growth in our of our sales network will pick up again If markets remain positive, I think that the good results at attained by Spain in 2024 will be Next question.

Next question, Giovani Razzoli Deutsche Bank. Go ahead. Good afternoon. First question, Recurring management fees. Over the quarter, you reported a strong increase of €20,000,000 over the third Despite the customers' asset mix has not changed that much because the equity component remained stable at 58% similarly to the previous quarter. And again, can you Elaborate on this positive trend and whether there are any non recurring components? Second question, business consultants. I believe this is really a distinguishing element of Mediolanum's strategy supporting long term growth. You reached three eighty professionals, 130 are being trained What is your 2025 target for this professional? Figure. And then if I may, you made a comment with deal, this was, of course, a comment by the Mediolanum Banca Management fees, are Growing driven by average assets, where in the fourth quarter, we had more managed assets than in Q3. So there's nothing extraordinary in this type of performance or dynamic. As to Banking consultants, I'm really happy with how this project is rolling out. We have included €420,000,000 The average age is 24, 25 years. And considering starting to work as an as a financial advisor at that age would be really a dream or a wishful thinking.

But with this project, it is possible with great satisfaction and great productivity because they are not just learning they are actually they [indiscernible] work and they lead to actual results. Let me specify the [indiscernible] had a double goal, increase the product [indiscernible] And in the meantime, train the future generation of family bankers within Mediolanum More than 400 people being introduced with age 25 years, the second goal has already been achieved But this is achieved only if things work and they stay in Mediolanum. Otherwise, they would just quit. And they will stay in Mediolanum if the first goal is actually achieved, I. E. Increasing the productivity of Family Bank bankers and wealth managers, which actually took place Senior bankers who decided to have banking consultants working at their side, I would like to remind you that the commissions paid to the banking consultants are paid by the senior adviser and not by Mediolanum. So it's important to have an increase in productivity. Otherwise, it will not be worthwhile for the senior adviser. The senior advisers who decided to enter this project had [indiscernible] outperformed and received more commissions than the other advisors So they were already outperforming those who those at advisers who did not join the project.

Their assets under management on average was 15% higher than before or with updated results, we can talk about a 10% increase over their peers 21% more loans And client acquisition was 45% higher compared to their peers, [indiscernible] [indiscernible] increased by 26% in terms of individual policies. These were the various dynamics One year [indiscernible] I have had their banking consultants And their outperformance went from 10% to 58% Banca loans from 21% to 31%, Protection policies from plus 26% to plus 58% and new client acquisition from €45,000,000 to 100%, more than 100%. So this tells us that Everything is working well. These are the actual data, but then we have the satisfaction on both fronts. Both by banking consultants and by senior advisors So [indiscernible] keep it up also in 2025. And While more and more private bankers and wealth advisors take banking consultant with them Of course, [indiscernible] dynamic will change There are some 10 senior advisers that have act [indiscernible] So we believe that have €420,000,000 We want to get up to €550,000,000 And if you add them up with €138,000,000 we already have, we're going to increase that. But we have a small some turnover.

It's really negligible, but there is some turnover. The entire project takes six months and then they have to pass an exam and to become a financial advisor. It's a lengthy process, but we'll keep it up also in 2026 and so on and so forth.

So Then as to the MPS Medibank deal, speaking as a shareholder, Right now, I [indiscernible] comment Because of course, this is something that is in the hand of the Boards of Directors. Because of the 3.4% shareholding, is subdivided between Mediolanum Vita and Banca Mediolanum. So this is an issue We will discuss this topic later on, when we'll have all the necessary information. So now just giving you an indication or a guidance right now, consider the effect this would have on the market, is something I would rather not do because I really wish to have all the information at hand and to be able to discuss it at a board meeting. Thank you.

Banca you. Next question please. From Elena Perini, Paulo. Please go ahead.

Thank you. Good afternoon, everyone. I have two questions. That are strategic in nature. And then another question which concerns Basel IV. So first question about your strategy. The outlook is still very comforting So what are the main risks or the main events that may somehow jeopardize this very positive view you have Second question about the strategy. You have always you are focused on organic growth and you're doing You are still On interested in playing an active role in the consolidation that is going on in the financial market or under certain circumstances, you may also consider to play a an active role Finally, I'd like to know whether you can share an indication on the concerning the Basel IV impact, your gross commissions and performance fees were very high. So I'd like to know what kind of impact that may have. Okay. First question, risks. Hovering over our future growth. Honestly, I don't see anything in the AFFO ing that may threaten our growth I see things that may slow it down. But you know The race is [indiscernible] Something relative. I like cycling. And when you have to ride uphill, your average speed declines. When you're riding in a plane on the level ground, you may run as fast as 40 kilometers per hour.

Uphill, of course, you slow down. But if you slow down less than your adversaries, you can win nonetheless. So if we go back to 2023, when we reported €4,000,000,000 net inflows into managed assets at €2,000,000,000 less than 2022. Nonetheless, we were far better than all other competitors. So our growth slowed down, but at the same time, we gained market shares. So the market may change instead of reporting SEK7.5 billion, maybe will report 8.5 If markets go down, we will just report five. But if the others, if peers report three or four, we're still better than them. So I have no worries, no specific worries, but I do I'm really light on my toes and keeping my antennas up to understand what is going on in the world to be to look at competitors and always be ready and be at the forefront of of change. As far as M and A's, I've always stated we are not interested in mergers or acquisitions. In the I cannot say we will Never ever make a merger or an acquisition Right now, we don't see opportunities. We don't see any attractive targets. So we will keep growing organically.

Never say no. Of course, But it's quite difficult It's quite it's not impossible, but it's I would say, hard for this to happen. Bezel for Basel IV or rather €3,500,000,000 will make our fees go down slightly, but since they are so high, that will not have a heavy impact on our growth policies, specifically the portion that has an impact on risk weighted assets. Banca you so much.

Next question.

There are no more questions on the Italian line. Let me hand it over to my colleague for the questions on the English line. Banca you. We are now going to proceed with our first question The questions come from the line of Ian White from Autonomous Research. Please ask your question. Ian White, your line is open. You may ask a question. I think this question is withdrawn. One again, if you have any questions or comments, please press 11 on your telephone. And when We have no question questions on the English call. I will now hand back to the Italian call. Thank you.

No further questions. Let me hand it over to Ms. Alessandra Lanceone. Well, then that was it. Thank you, everyone. I wish you a good evening, and we'll be back for the presentation of the first quarter twenty twenty five results. In March. Banca you. In May, sorry. Thank you. Thank you.