Banco Santander, S.A. (BNC) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.499 Good morning and welcome to Santander's first half 2025 results presentation. 00:00:05.499 -- 00:00:10.666 We are delighted to be joined by our CEO, Hector Grissy, and our CFO, Jose 00:00:10.666 -- 00:00:15.813 Garcia Cantera. We will start with the presentation and then come back for your questions. 00:00:15.813 -- 00:00:18.517 Hector, over to you. 00:00:18.517 -- 00:00:23.785 Thanks, Raul. Good morning, everyone, and thank you for joining Santander results presentation. 00:00:23.785 -- 00:00:28.411 We will follow the usual structure. First, I will talk about our results with a special 00:00:28.411 -- 00:00:32.655 focus on the performance of our global businesses. 00:00:32.655 -- 00:00:37.160 Then Jose, our CFO, will give a deep dive on the financials. 00:00:37.160 -- 00:00:41.445 And I will conclude with some final remarks before opening up for Q&A. 00:00:41.445 -- 00:00:46.190 Before starting the presentation, let me remind everyone that we have announced an agreement 00:00:46.190 -- 00:00:51.396 to sell our business in Poland. Given that, until the deal is completed, we're still 00:00:51.396 -- 00:00:54.159 managing Poland as prior to the announcement. 00:00:54.159 -- 00:00:58.641 All figures in this presentation include Poland. 00:01:00.055 -- 00:01:04.761 We are approaching the end of our strategic cycle well ahead of our plan. 00:01:04.761 -- 00:01:09.987 Thanks to our disciplined capital allocation, which is further improving profitability, 00:01:09.987 -- 00:01:12.090 up to 16% post-81, 00:01:12.090 -- 00:01:14.973 with our C81 ratio at 13%, 00:01:14.973 -- 00:01:20.941 and 88% of our RWAs generating returns above our cost of equity. 00:01:20.941 -- 00:01:25.887 After our latest inorganic transaction, we decided to acceler...