Unicredito Spa Ord New (UNCFF) Q1 2026 Earnings Call

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WEBVTT 00:00:00.233 -- 00:00:03.387 Good morning, ladies and gentlemen. Before I hand over to Ms. 00:00:03.387 -- 00:00:08.569 Magda Palczynska, Head of Investor Relations, a reminder that today's call is being recorded. 00:00:08.569 -- 00:00:13.823 Madam, you may begin. Good morning and welcome to Unicredit's first 00:00:13.823 -- 00:00:19.190 quarter 2026 results conference call. Andrea Orchel, our CEO, 00:00:19.190 -- 00:00:24.318 will take you through the presentation. This will be followed by a Q&A session with 00:00:24.318 -- 00:00:29.465 Andrea and Stefano Porro, our CFO. As always, please limit yourself to two 00:00:29.465 -- 00:00:33.748 questions. With that, I'll hand over to Andrea. 00:00:36.735 -- 00:00:42.577 Thank you, Magda, and good morning. and thank you all for joining. 00:00:42.577 -- 00:00:45.983 I would like to begin today with a shout out for our people. 00:00:45.983 -- 00:00:51.469 Our performance and progress are driven by their execution every day. 00:00:51.473 -- 00:00:57.243 Unicredit has consistently demonstrated the ability to adapt throughout its transformation, 00:00:57.243 -- 00:01:02.215 initially primarily focused on efficiency and profitability through Unlocked. 00:01:02.215 -- 00:01:07.425 The results speak for themselves. 20 consecutive quarters of outperformance, with 00:01:07.425 -- 00:01:12.616 net profit growing from 1.5 billion to 10.6 billion throughout the rate cycle, while 00:01:12.616 -- 00:01:18.213 dedicating on average 1 billion per year in transformation investments. 00:01:18.213 -- 00:01:23.302 With Unlimited, we entered a new phase, more ambitious, more demanding, requiring 00:01:23.302 -- 00:01:28.570 us to push the boundaries of both efficiency and growth, sustainably gaining market 00:01:28.570 -- 00:01:33.759 sh...