Banco Comercial Português (BPCGF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to Millennium BCP full year 2025 earnings conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, please press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker, Mr. Miguel Maia, CEO. Please go ahead. Good afternoon. Miguel Maia speaking. Welcome to BCP earnings conference call. As usual, I will go through the highlights of our performance, followed by Miguel Braganza, who will provide further details. From a macroeconomic perspective, 2025 proved to be a complex year. Ongoing conflicts and economic climate shaped by the impact of geopolitical tensions continue to have a relevant repercussions on global . On Europe, the economy's performance exceeded initial expectations with the Eurozone showing signs of transition from a stagnation to a slow recovery within a framework of controlled prices and a less restrictive monetary policy. Of particular note is the performance of the Portuguese economy, which stood out as one of the most promising. A solid growth, high resilience and unemployment at record lows. The Polish economy recorded robust growth, supported by private consumption and investment, with inflation dropping into target range. In Mozambique, too, inflation is an economy showing signs of recovery from the impact of instability experience, which worsened the country's public finance and led to reductions in the sovereign debt rating. Demonstrating a le...