Q2 2026 TBC Bank Group Plc Earnings Call

August 6, 2026

Operator: It's Seb, I'll be the operator for your call today. If you'd like to ask a question during the Q&A session, you can use the raise hand button on Zoom, or you can type your question into the Q&A chat box. If you've joined on the telephone line, please press star one to raise your question. I will now hand you over to Andrew Keeley, Director of Investor Relations, to begin. Please go ahead.

Operator: It's Seb; I'll be the operator for your call today. If you'd like to ask a question during the Q&A session, you can use the raise hand button on Zoom, or you can type your question into the Q&A chat box. If you've joined on the telephone line, please press star one to raise your question. I will now hand you over to Andrew Keeley, Director of Investor Relations, to begin. Please go ahead.

Speaker #1: Step, and I'll be the operator for your call today. If you'd like to ask a question during the Q&A session, you can use the raise-hand button on Zoom, or you can type your question into the Q&A chat box.

Speaker #1: If you've joined on the telephone line, please press star 1 to raise your question. I will now hand you over to Andrew Keeley, Director of Investor Relations, to begin.

Speaker #1: Please go ahead.

Andrew Keeley: Thanks very much, Seb. Hello and welcome everyone to our Q2 results call. As usual, I'm joined on today's call by our Group CEO, Vakhtang Butskhrikidze, I'm also joined by our new Group CFO, Guy Stevens. Welcome, Guy. As usual, the call will begin with a presentation, then we'll move into Q&A. With that, I'll hand over to Vakhtang. Thank you.

Andrew Keeley: Thanks very much, Seb. Hello and welcome everyone to our Q2 results call. As usual, I'm joined on today's call by our Group CEO, Vakhtang Butskhrikidze. I'm also joined by our new Group CFO, Guy Stevens. Welcome, Guy. As usual, the call will begin with a presentation, then we'll move into Q&A. With that, I'll hand over to Vakhtang. Thank you.

Speaker #2: Thanks. Thanks very much, Seb. And hello, and welcome everyone to our second quarter results call. As usual, I'm joined on today's call by our Group CEO, Vakhtang Butskhrikidze, and I'm also joined by our new Group CFO, Kai Stevens.

Speaker #2: So welcome, Kai. As usual, the call will begin with a presentation, and then we'll move into Q&A. So with that, I'll hand over to Vakhtang.

Speaker #2: Thank you.

Speaker #3: Thank you, Andrew. And hello everyone. Thank you for joining us today. As Andrew mentioned, today's call is also an opportunity to welcome our new Group CFO, Guy Stevens.

Vakhtang Butskhrikidze: Thank you, Andrew, hello everyone. Thank you for joining us today. As Andrew mentioned, today's call is also an opportunity to welcome our new Group CFO, Guy Stevens. We are delighted to have Guy join the team and wish him every success in his new role. Let's turn to our Q2 results. I am pleased to present another strong quarter for TBC. Our profitability remains consistently high. In the Q2, group's net profit reached GEL 386 million, up by 12% year on year, with a strong return on equity of 23.6%. This is driven by a good momentum in revenues as total operating income increased by 10% year on year, while our focus on managing our cost base helped us to reduce the cost-income ratio by almost 2 percentage points quarter on quarter to 38.8%.

Vakhtang Butskhrikidze: Thank you, Andrew. Hello everyone. Thank you for joining us today. As Andrew mentioned, today's call is also an opportunity to welcome our new Group CFO, Guy Stevens. We are delighted to have Guy join the team and wish him every success in his new role. Let's turn to our Q2 results. I am pleased to present another strong quarter for TBC. Our profitability remains consistently high. In the Q2, group's net profit reached GEL 386 million, up by 12% year-on-year, with a strong return on equity of 23.6%.

Speaker #3: We are delighted to have Guy join the team, and wish him every success in his new role. Now let's turn to our second quarter results.

Speaker #3: I am pleased to present another strong quarter for TBC. Our profitability remains consistently high. In the second quarter, Group's net profit reached $386 million up by 12% year-on-year, with a strong return of equity of 23.6%.

Speaker #3: This is driven by a good momentum in revenues, as total operating income increased by 10% year-on-year, while our focus on managing our cost base helped us to reduce the cost-to-income ratio by almost 2 percentage points, quarter on quarter to 38.8%.

Vakhtang Butskhrikidze: This is driven by a good momentum in revenues as total operating income increased by 10% year-on-year, while our focus on managing our cost base helped us to reduce the cost-income ratio by almost 2 percentage points quarter-on-quarter to 38.8%. Lending volumes remained robust, with the loan portfolio growing by 12% year-on-year, with Georgia in particular posting strong 14% year-on-year growth, while our Uzbekistan portfolio stabilized in Q2 and is starting to return to growth.

Speaker #3: Lending volumes remain robust, with the loan portfolio growing by 12% year-on-year, with Georgia in particular posting strong 14% year-on-year growth, while our Uzbekistan portfolio stabilized in the second quarter.

Vakhtang Butskhrikidze: Lending volumes remained robust with the loan portfolio growing by 12% year on year, with Georgia in particular posting strong 14% year on year growth, while our Uzbekistan portfolio stabilized in the Q2 and is starting to return to growth. The continuous improvements we are making in our mobile banking services is bringing in more customers, particularly in Georgia, we added over 50,000 digital MAU in the Q2. In total, as a group, we now have 7.2 million digital MAU, a 6% decrease year on year. Our strong financial performance and the solid capital position have enabled us to declare a Q2 dividend of GEL 1.75 per share, bringing the total dividend for the H1 of this year to GEL 3.5 per share. On the next slide, you can see the contributions made to the group by our different businesses.

Speaker #3: In the starting to return to growth. The continuous improvements we are making in our mobile banking services is bringing in more customers, particularly in Georgia, where we added over 50,000 digital now in the second quarter.

Vakhtang Butskhrikidze: The continuous improvements we are making in our mobile banking services is bringing in more customers; particularly in Georgia, we added over 50,000 digital MAU in Q2. In total, as a group, we now have 7.2 million digital MAU, a 6% decrease year-on-year. Our strong financial performance and the solid capital position have enabled us to declare a Q2 dividend of GEL 1.75 per share, bringing the total dividend for the H1 of this year to GEL 3.5 per share. On the next slide, you can see the contributions made to the group by our different businesses.

Speaker #3: In total, as a group, we now have 7.2 million digital now, a 6% decrease year-on-year. Our strong financial performance and the solid capital position have enabled us to declare a second quarter dividend of $1.75 per share, bringing the total dividend for the first half of this year to $3.5 per share.

Speaker #3: On the next slide, you can see the contributions made to the group by our different businesses. With our Georgian core currently contributing the majority share, both in terms of balance sheet and the profits.

Vakhtang Butskhrikidze: With our Georgian core currently contributing the majority share both in terms of balance sheet and the profits. Turning to Georgia. Georgia's economy continues to post excellent growth, with real GDP growth accelerating to 7.9% in H1 of this year. While the conflict in the Middle East has made a minimal impact on the Georgian economy as a whole, it does continue to impact inflation, which increased to 5.8% in June. We expect inflation to remain at this level for the rest of the year, which suggests the National Bank of Georgia would keep interest rates on hold. Our real GDP growth outlook remains unchanged at 7.4%. We continue to transfer our market-leading franchise in Georgia.

Speaker #3: Now turning to Georgia. Georgia's economy continues to post excellent growth, with real GDP growth accelerating to 7.9% in the first half of this year.

Speaker #3: While the conflict in the Middle East has made a minimal impact on the Georgian economy as a whole, it does continue to impact inflation, which increased to 5.8% in June, with expected inflation to remain at this level for the rest of the year.

Speaker #3: Which suggests the National Bank of Georgia would keep interest rates on hold. Our reduced real GDP growth outlook remains unchanged at 7.4%. We continue to transfer our market-leading franchise in Georgia.

Vakhtang Butskhrikidze: Our real GDP growth outlook remains unchanged at 7.4%. We continue to transfer our market-leading franchise in Georgia. Our gross loan portfolio grew by 14% year-on-year, with particularly strong momentum in our secured consumer loans, which have increased by 36% year-on-year, bringing us further gains in market shares. We are continually refining our digital customer experience and product offerings in retail with cash secured loans and overdrafts launched in our mobile application in H1 of this year, which will help us to support the strong growth in the coming quarters.

Speaker #3: Our gross loan portfolio grew by 14% year-on-year, with particularly strong momentum in unsecured consumer loans, which have increased by 36% year-on-year, bringing us further gains in market shares.

Vakhtang Butskhrikidze: Our gross loan portfolio grew by 14% year on year, with particularly strong momentum in our secured consumer loans, which have increased by 36% year on year, bringing us further gains in market shares. We are continually refining our digital customer experience and product offerings in retail with cash secured loans and overdrafts launched in our mobile application in H1 of this year, which will help us to support the strong growth in the coming quarters. As you know, we remain the dominant bank in the market in a number of key market segments. In affluent retail, we have over 50% market share in loans and customers, with the number of TBC Concept customers breaking through 200,000 in Q2, up by 30% year on year. Meanwhile, in CIB, we are the leader with 44% market share in loans.

Speaker #3: We are continuously refining our digital customer experience and product offerings in retail, with cash-secured loans and overdrafts launched in our mobile application in the first half of this year, which will help us to support the strong growth in the coming quarters.

Speaker #3: And as you know, we remain the dominant bank in the market in a number of key market segments. In affluent retail, we have over 50% market share in loans and customers, with the number of concept customers breaking through 200,000 in the second quarter, up by 30% year-on-year.

Vakhtang Butskhrikidze: As you know, we remain the dominant bank in the market in a number of key market segments. In affluent retail, we have over 50% market share in loans and customers, with the number of TBC Concept customers breaking through 200,000 in Q2, up by 30% year-on-year. Meanwhile, in CIB, we are the leader with 44% market share in loans. On the next slide, you can see how our focus on the best-in-class digital financial services is bringing more customers to our platforms. Digital MAU is up 19% over the year, and our DAU/MAU ratio has hit 50% as more customers interact with us on a daily basis.

Speaker #3: Meanwhile, in CIB, we are the leader, with 44% market share in loans. On the next slide, you can see how our focus on the best-in-class digital financial services is bringing more customers to our platforms.

Vakhtang Butskhrikidze: On the next slide, you can see how our focus on the best-in-class digital financial services is bringing more customers to our platforms. Digital MAU is up 19% over the year, and our DAU/MAU ratio has hit 50% as more customers interact with us on a daily basis. Evidence of the progress we have made can be seen as TBC being recognized by Euromoney as the best digital bank in Georgia for 2026. We are also strengthening our retail banking team, and I'm delighted to welcome Sandro Rtveladze as a Deputy CEO who will head up retail banking in Georgia. Sandro brings over a decade of leadership experience across retail and digital banking, including as chairman of OTP Ipoteka Bank and previously CEO of TBC Uzbekistan. It's a great to have him on the board.

Speaker #3: Digital now is up 19% year-on-year, and our doubt-out now ratio has hit 50%. As more customers interact with us on a daily basis. Evidence of the progress we have made can be seen as TBC being recognized by Euromoney as the best digital bank in Georgia for 2026.

Vakhtang Butskhrikidze: Evidence of the progress we have made can be seen as TBC being recognized by Euromoney as the best digital bank in Georgia for 2026. We are also strengthening our retail banking team, and I'm delighted to welcome Sandro Rtveladze as a Deputy CEO who will head up retail banking in Georgia. Sandro brings over a decade of leadership experience across retail and digital banking, including as chairman of OTP Ipoteka Bank and previously CEO of TBC Uzbekistan. It's a great to have him on the board.

Speaker #3: We are also strengthening our retail banking team, and I'm delighted to welcome Sandro Tualadze as a Deputy CEO, who will head up retail banking in Georgia.

Speaker #3: Sandro brings over a decade of leadership experience across retail and digital banking, including as Chairman of OTP Hypothecar Bank and previously CEO of TBC Uzbekistan.

Speaker #3: It's great to have him on board. I'd also like to point out that we are receiving industry recognition for the AI initiatives that are part of our natural business development.

Vakhtang Butskhrikidze: I'd also like to point out that we are also receiving industry recognition for the AI initiatives that are part of our natural business development. We have won several awards within not only Georgia but also in SEA region. Our Enough chatbot, for example, now handles more than 6,500 customer queries a day, 60% of which are resolved without being passed on to our call center. While we are using AI across a wide range of business functions from mortgage, property valuation, email, KYC checks to invoicing and contract workflows. Let's look on at Uzbekistan. As in the case in Georgia, Uzbekistan economy continues to deliver remarkable growth with real GDP growth expanding by 8.5% in H1 of this year.

Speaker #3: We have won several awards within not only Georgia but also in C region. Our in-app chatbot, for example, now handles more than 6,500 customer queries a day, 60% of which are resolved without being paced onto our call center.

Speaker #3: While we are using AI across a wide range of business functions, from mortgage property valuation, email, KYC checks to invoicing, and contractor workflows. Now let's look on at Uzbekistan.

Vakhtang Butskhrikidze: Let's look on at Uzbekistan. As in the case in Georgia, Uzbekistan economy continues to deliver remarkable growth with real GDP growth expanding by 8.5% in H1 of this year. Important inflation has been declining over the past couple of years, reaching 6.4% in June, and is expected to remain price stable in H2 of this year. Lower inflation support the local currency, which is important as all of our businesses is in Uzbek som. Turning to our business, we are seeing strong dynamics across our core verticals.

Speaker #3: As in the case in Georgia, Uzbekistan economy continues to deliver remarkable growth, with real GDP growth expanding by 8.5% in the first half of this year.

Vakhtang Butskhrikidze: Important inflation has been declining over the past couple of years, reaching 6.4% in June, and is expected to remain price stable in H2 of this year. Lower inflation support the local currency, which is important as all of our businesses is in Uzbek som. Turning to our business, we are seeing strong dynamics across our core verticals. Our daily banking products continue to scale rapidly, with Salon Card issuance more than doubling year on year to exceed 1.2 million, while Osmon Card issuance has surpassed 210,000, and now credit cards accounting for 10% of our loan book, up from just 4% a year ago. At the same time, payment activity remains very strong. In H1 of this year, total payment value reached $3.2 billion, up by 54% year on year, supported by Payme's continued leadership position in the market.

Speaker #3: Importantly, inflation has been declining over the past couple of years, reaching 6.4% in June, and is expected to remain broadly stable in the second part of this year.

Speaker #3: Lower inflation supports the local currency, which is important as all of our business is in Uzbek soon. Turning to our business, we are seeing strong dynamics across our core verticals.

Speaker #3: Our daily banking products continue to scale rapidly, with Salom Card issuance more than doubling year-on-year to exceed $1.2 million, while Osman Credit Card issuance has surpassed $210,000 and now credit cards accounting for 10% of our loan book, up from just 4% a year ago.

Vakhtang Butskhrikidze: Our daily banking products continue to scale rapidly, with Salon Card issuance more than doubling year-on-year to exceed 1.2 million, while Osmon Card issuance has surpassed 210,000, and now credit cards accounting for 10% of our loan book, up from just 4% a year ago. At the same time, payment activity remains very strong. In H1 of this year, total payment value reached $3.2 billion, up by 54% year-on-year, supported by Payme's continued leadership position in the market.

Speaker #3: At the same time, payment activity remains very strong. In the first half of this year, total payment volume reached $3.2 billion, up by 54% year-on-year, supported by payments continued leadership position in the market.

Speaker #3: The growth of our payment franchise is feeding into the renewed growth in our fee and commission income, which rose 15% quarter on quarter in the second quarter.

Vakhtang Butskhrikidze: The growth of our payment franchise is feeding into the renewed growth in our fee and commission income, which rose 15% quarter on quarter in Q2. Let's move on slide 13. Our Uzbekistan loan book stabilized in Q2 and is starting to return to growth. An increase in business, credit card, and NPL appeals lending now more than offset the decline in our secured cash loans. Our deposits portfolio declined by 7% quarter on quarter as we optimized our liquidity position and decided to cut deposit costs. While we welcome starting to turn the corner in loan growth, we recognize that we will still face challenges in asset quality. With NPLs and risk costs remain high as we continue to provision all the loan vintages, as well as start to adapt the changes being introduced to the auto collection system.

Speaker #3: Now let's move on a slight 13. Our Uzbekistan loan book stabilized in the second quarter, and the starting to return to growth. An increase in business, credit cards, and BNP POS lending now more than offset the decline of in unsecured cash loans.

Speaker #3: Our deposit portfolio declined by 7% quarter on quarter as we optimized our liquidity position and decided to cut deposit costs. While we welcome starting to turn the corner in loan growth, we recognize that we will still face challenges in asset quality, with NPOs and risk costs remaining high as we continue to provision all the loan vintages as well as start to adapt the changes being introduced to the auto collection system.

Vakhtang Butskhrikidze: While we welcome starting to turn the corner in loan growth, we recognize that we will still face challenges in asset quality. With NPLs and risk costs remain high as we continue to provision all the loan vintages, as well as start to adapt the changes being introduced to the auto collection system. We continue to expand our product offerings in Uzbekistan. In Q2, we launched auto loans and secured SME lending, both important launches for our ambitious future growth. I'm also pleased to announce that in late July, we completed the acquisition of OLX, the leading classified platform in Uzbekistan.

Speaker #3: We continue to expand our product offerings in Uzbekistan. In the second quarter, we launched auto loans and secured SME lending, both important launches for And I'm also pleased to announce that in late July, we completed the acquisition of OLX, the leading classified platform in Uzbekistan.

Vakhtang Butskhrikidze: We continue to expand our product offerings in Uzbekistan. In Q2, we launched auto loans and secured SME lending, both important launches for our ambitious future growth. I'm also pleased to announce that in late July, we completed the acquisition of OLX, the leading classified platform in Uzbekistan. This transaction further extends the reach of our digital ecosystem and creates new opportunities to deepen customer engagement as TBC Uzbekistan plans to offer financial and payment services through OLX. I firmly believe that we are building a great long-term business in Uzbekistan, and the strength of our digital platform has been recognized as the best digital bank in both Uzbekistan and Central Asia by Euromoney. Thank you for your attention. I will now hand over to Guy. Guy, please.

Speaker #3: This transaction further extends the reach of our digital ecosystem and creates a new opportunity to deepen customer engagement as TBC Uzbekistan plans to offer financial and payment services through OLX.

Vakhtang Butskhrikidze: This transaction further extends the reach of our digital ecosystem and creates new opportunities to deepen customer engagement as TBC Uzbekistan plans to offer financial and payment services through OLX. I firmly believe that we are building a great long-term business in Uzbekistan, and the strength of our digital platform has been recognized as the best digital bank in both Uzbekistan and Central Asia by Euromoney. Thank you for your attention. I will now hand over to Guy. Guy, please.

Speaker #3: I firmly believe that we are building a great long-term business in Uzbekistan, and the strength of our digital platform has been recognized as the best digital bank in both Uzbekistan and the Central Asia by Euromoney.

Speaker #3: Thank you for your attention, and I will now hand over to Guide. Guide, please.

Speaker #1: Thank you, Vakhtang, and thank you all for joining the call today. As new group CFO, it's a real privilege to be presenting the group's results for the very first time.

Guy Stevens: Thank you, Vakhtang. Thank you all for joining the call today. As new group CFO, it's a real privilege to be presenting the group's results for the very first time. Very much looking forward to meeting our shareholders and the research community in the coming weeks and months. Turning now to our financial performance. The group delivered another solid set of results in Q2 and H1 of 2026. Starting with profitability, I'm pleased to report that in Q2, we continued to generate strong profitability. We achieved a net profit of GEL 386 million in Q2, up 12% year on year. This brought H1 net profit of GEL 751 million, up 13% year on year. In Georgia, net profit was up 14% year on year for the quarter.

Speaker #1: I'm very much looking forward to meeting our shareholders and the research community in the coming weeks and months. Turning now to our financial performance.

Speaker #1: The group delivered another solid set of results in the second quarter and first half of 2026. Starting with profitability. I'm pleased to report that in the second quarter, we continue to generate strong profitability.

Speaker #1: We achieved a net profit of $386 million in the second quarter, up 12% year-on-year. This brought first half net profit of $751 million up 13% year-on-year.

Guy Stevens: This brought H1 net profit of GEL 751 million, up 13% year-on-year. In Georgia, net profit was up 14% year-on-year for the quarter. Return on equity remains strong at 23.6% in Q2 and 23.5% in H1, in line with our target of 23% plus 2026 to 2028. This is the 14th consecutive quarter where the group's ROE has exceeded 23%. Now let's deep dive into our profitability drivers. Revenues grew well in Q2. Total operating income increased by 10% year-on-year, with H1 operating income growing at a similar rate.

Speaker #1: In Georgia, net profit was up 14% year-on-year for the quarter. Return on equity remains strong at 23.6% in the quarter and 23.5% in the first half, in line with our target of 23% plus for 2026 to 2028.

Guy Stevens: Return on equity remains strong at 23.6% in Q2 and 23.5% in H1, in line with our target of 23% plus 2026 to 2028. This is the 14th consecutive quarter where the group's ROE has exceeded 23%. Now let's deep dive into our profitability drivers. Revenues grew well in Q2. Total operating income increased by 10% year on year, with H1 operating income growing at a similar rate. This growth has primarily been driven by net interest income, which increased by 13% year on year in the quarter. I am also pleased to report that we are seeing commission income recovering in both Georgia and Uzbekistan, with 14% quarter on quarter growth, driven by general business expansion in Georgia and strong payments growth in Uzbekistan.

Speaker #1: This is the 14th consecutive quarter where the group's ROE has exceeded 23%. Now, let's deep dive into our profitability drivers. Revenues grew well in the second quarter.

Speaker #1: Total operating income increased by 10% year-on-year, with half first half operating income growing at a similar rate. This growth has primarily been driven by net interest income, which increased by 13% year-on-year in the quarter.

Guy Stevens: This growth has primarily been driven by net interest income, which increased by 13% year-on-year in the quarter. I am also pleased to report that we are seeing commission income recovering in both Georgia and Uzbekistan, with 14% quarter on quarter growth, driven by general business expansion in Georgia and strong payments growth in Uzbekistan. As you can see on the right-hand side, our margins remained resilient in Q2, with our group net interest margin at 7.1%, slightly higher than in Q1.

Speaker #1: I'm also pleased to report that we are seeing fee and commission income recovering in both Georgia and Uzbekistan, with 14% quarter on quarter growth, driven by general business expansion in Georgia and strong payments growth in Uzbekistan.

Speaker #1: As you can see on the right-hand side, our margins remained resilient in the second quarter, with our group net interest margin at 7.1%, slightly higher than in the first quarter.

Guy Stevens: As you can see on the right-hand side, our margins remained resilient in Q2, with our group net interest margin at 7.1%, slightly higher than in Q1. Georgia saw a second consecutive quarter of margin improvement, helped by growth in our unsecured retail loan book, the higher rate environments in Georgia, and putting our strong liquidity position to work. Overall net interest income in Georgia was up 19% year on year for the quarter. Meanwhile, in Uzbekistan, the NIM appears to have turned the corner, and we expect to improve gradually as the loan book returns to growth. Turning now to costs. On the cost side, our focus on efficiency is bearing fruit. Cost-income ratio fell by almost 2% in the quarter to 38.3%, which demonstrates the evidence of good cost control in both Georgia and Uzbekistan. Turning now to asset quality.

Speaker #1: Georgia saw a second consecutive quarter of margin improvement, helped by growth in our unsecured retail loan book, the higher rate environments in Georgia, and putting our strong liquidity position to work.

Guy Stevens: Georgia saw a second consecutive quarter of margin improvement, helped by growth in our unsecured retail loan book, the higher rate environments in Georgia, and putting our strong liquidity position to work. Overall net interest income in Georgia was up 19% year-on-year for the quarter. Meanwhile, in Uzbekistan, the NIM appears to have turned the corner, and we expect to improve gradually as the loan book returns to growth. Turning now to costs. On the cost side, our focus on efficiency is bearing fruit.

Speaker #1: Overall net interest income in Georgia was up 19% year-on-year for the quarter. Meanwhile, in Uzbekistan, the NIM appears to have turned the corner, and we expect to improve gradually as the loan book returns to growth.

Speaker #1: Turning now to costs. On the cost side, our focus on efficiency is bearing fruit. Cost to income ratio fell by almost 2% in the quarter to $38.3%, which demonstrates the evidence of good cost control in both Georgia and Uzbekistan.

Guy Stevens: Cost-income ratio fell by almost 2% in the quarter to 38.3%, which demonstrates the evidence of good cost control in both Georgia and Uzbekistan. Turning now to asset quality. As you can see on the right-hand side of the page, group cost of risk was 1.6% in Q2 and 1.5% for H1. This is consistent with our performance in 2025. Asset quality remains largely stable and robust in Georgia, as reflected by a 70 bps cost of risk in Q2. However, on the left-hand side, the level of NPLs increased by 0.3% in the quarter to 3.3% at the group level. This was driven by an increase in the level of NPLs in Uzbekistan.

Speaker #1: Turning now to asset quality. As you can see on the right-hand side of the page, group cost of risk was $1.6% in the second quarter, and $1.5% for the first half.

Guy Stevens: As you can see on the right-hand side of the page, group cost of risk was 1.6% in Q2 and 1.5% for H1. This is consistent with our performance in 2025. Asset quality remains largely stable and robust in Georgia, as reflected by a 70 bps cost of risk in Q2. However, on the left-hand side, the level of NPLs increased by 0.3% in the quarter to 3.3% at the group level. This was driven by an increase in the level of NPLs in Uzbekistan. This reflects three things. Number one is an extension of the write-off period that we have applied in Uzbekistan from 270 days to 360 days, given we are seeing material recoveries beyond the previous cutoff point of 270 days. Secondly, there is some ongoing deterioration in credit quality for older vintages.

Speaker #1: This is consistent with our performance in 2025. Asset quality remains largely stable and robust in Georgia, as reflected by a 70-bits cost of risk in the second quarter.

Speaker #1: However, on the left-hand side, the level of NPLs increased by 0.3% in the quarter to $3.3% at the group level. This was driven by an increase in the level of NPLs in Uzbekistan.

Speaker #1: This reflects three things. Number one is an extension of the write-off period that we have applied in Uzbekistan, from 270 days to 360 days, given we are seeing material recoveries beyond the previous cutoff point of 270 days.

Guy Stevens: This reflects three things. Number one is an extension of the write-off period that we have applied in Uzbekistan from 270 days to 360 days, given we are seeing material recoveries beyond the previous cutoff point of 270 days. Secondly, there is some ongoing deterioration in credit quality for older vintages. Thirdly, the contraction of the loan portfolio over the past year. This, of course, reduces the denominator of the ratio. I would, however, note that our NPL coverage ratio, provision ratio in Uzbekistan remains solid at 114%.

Speaker #1: Secondly, there is some ongoing deterioration in credit quality for older vintages. And thirdly, the contraction of the loan portfolio over the past year. This, of course, reduces the denominator of the ratio.

Guy Stevens: Thirdly, the contraction of the loan portfolio over the past year. This, of course, reduces the denominator of the ratio. I would, however, note that our NPL coverage ratio, provision ratio in Uzbekistan remains solid at 114%. As for the outlook for Q3, we expect some upward pressure on the cost of risk in Uzbekistan, in part due to ongoing changes being implemented to the auto collection system for overdue loans. However, we expect to see a more positive trajectory from Q4 of the year. Turning now to our balance sheet dynamics. Growth remained robust during Q2. Gross loans increased 12% year on year on a constant currency basis, led by strong performance in Georgia, where loans increased by 14% year on year. As Vakhtang mentioned earlier, the loan portfolio in Uzbekistan stabilized and is now showing signs of growth.

Speaker #1: I would, however, note that our NPL coverage ratio provision ratio in Uzbekistan remains solid at 114%. As for the outlook for the third quarter, we expect some upward pressure on the cost of risk in Uzbekistan, in part due to ongoing changes being implemented to the auto collection system for overdue loans.

Guy Stevens: As for the outlook for Q3, we expect some upward pressure on the cost of risk in Uzbekistan, in part due to ongoing changes being implemented to the auto collection system for overdue loans. However, we expect to see a more positive trajectory from Q4 of the year. Turning now to our balance sheet dynamics. Growth remained robust during Q2. Gross loans increased 12% year-on-year on a constant currency basis, led by strong performance in Georgia, where loans increased by 14% year-on-year.

Speaker #1: However, we expect to see a more positive trajectory from the fourth quarter of the year. Turning now to our balance sheet dynamics. Growth remained robust during the second quarter.

Speaker #1: Gross loans increased 12% year-on-year on a constant currency basis, led by a strong performance in Georgia, where loans increased by 14% year-on-year, and as Vakhtang mentioned earlier, the loan portfolio in Uzbekistan stabilized and is now showing signs of growth.

Guy Stevens: As Vakhtang mentioned earlier, the loan portfolio in Uzbekistan stabilized and is now showing signs of growth. Customer deposits increased strongly, rising by 15% year-on-year on a constant currency basis. The growth was broad-based across retail and CIB segments in Georgia and is supported by the strong customer acquisition outlined earlier by Vakhtang in Georgia. Turning now to our capital position. We continue to maintain robust levels of capital in both Georgia and Uzbekistan, comfortably above regulatory requirements.

Speaker #1: Customer deposits increased strongly, rising by 15% year-on-year on a constant currency basis. The growth was broad-based across retail and SCIB segments in Georgia, and is supported by the strong customer acquisition outlined earlier by Vakhtang in Georgia.

Guy Stevens: Customer deposits increased strongly, rising by 15% year on year on a constant currency basis. The growth was broad-based across retail and CIB segments in Georgia and is supported by the strong customer acquisition outlined earlier by Vakhtang in Georgia. Turning now to our capital position. We continue to maintain robust levels of capital in both Georgia and Uzbekistan, comfortably above regulatory requirements. We had previously indicated a new regulatory framework was going to come into effect from 1 July for consumer loans in Uzbekistan. Today, we have learnt that this has actually been paused and is not currently being implemented. We will keep investors informed as we learn of developments. Had the previously communicated change in the risk weight framework for consumer loans in Uzbekistan been implemented, we still would have maintained material buffers above the regulatory minimums for our capital position in Uzbekistan.

Speaker #1: Turning now to our capital position. We continue to maintain robust levels of capital in both Georgia and Uzbekistan. Comfortably above regulatory requirements. We have previously indicated a new regulatory framework was going to come into effect from the 1st of July for consumer loans, in Uzbekistan.

Guy Stevens: We had previously indicated a new regulatory framework was going to come into effect from 1 July for consumer loans in Uzbekistan. Today, we have learnt that this has actually been paused and is not currently being implemented. We will keep investors informed as we learn of developments. Had the previously communicated change in the risk weight framework for consumer loans in Uzbekistan been implemented, we still would have maintained material buffers above the regulatory minimums for our capital position in Uzbekistan.

Speaker #1: Today, we have learned that this has actually been paused and is not currently being implemented. We will keep investors informed as we learn of developments.

Speaker #1: But had the previously communicated change in the risk-weight framework for consumer loans in Uzbekistan been implemented, we still would have maintained material buffers above the regulatory minimums for our capital position in Uzbekistan.

Speaker #1: Which brings me to capital returns. The group's strong profitability and capital generation continue to support attractive shareholder returns. As Vakhtang mentioned earlier, the board has declared a quarterly dividend of $1.75 lari per share for the second quarter.

Guy Stevens: Which brings me to capital returns. The group's strong profitability and capital generation continue to support attractive shareholder returns. As Vakhtang mentioned earlier, the board has declared a quarterly dividend of GEL 1.75 per share for Q2. This brings total H1 dividends to GEL 3.5 per share, which is up 8% year on year. Finally, I'd like to close today's presentation by summing up the key takeaways for H1 2026. TBC maintained strong growth and profitability in H1 of the year with a 23.5% return on equity. This sets us up well for H2 of the year and keeps us on track for our financial targets. In Georgia, strong customer acquisition and engagement is helping drive mid-teen loan and deposit growth. In Uzbekistan, we are delivering on the recalibration of our business.

Guy Stevens: Which brings me to capital returns. The group's strong profitability and capital generation continue to support attractive shareholder returns. As Vakhtang mentioned earlier, the board has declared a quarterly dividend of GEL 1.75 per share for Q2. This brings total H1 dividends to GEL 3.5 per share, which is up 8% year-on-year. Finally, I'd like to close today's presentation by summing up the key takeaways for H1 2026. TBC maintained strong growth and profitability in H1 of the year with a 23.5% return on equity. This sets us up well for H2 of the year and keeps us on track for our financial targets.

Speaker #1: This brings total first half dividends to $3.5 lari per share, which is up 8% year-on-year. Finally, I'd like to close today's presentation by summing up the key takeaways for the first half of 2026.

Speaker #1: TBC maintains strong growth and profitability in the first half of the year, with a 23.5% return on equity. This sets us up well for the second half of the year, and keeps us on track for our financial targets.

Speaker #1: In Georgia, strong customer acquisition and engagement is helping drive mid-team loan and deposit growth. In Uzbekistan, we are delivering on the recalibration of our business.

Guy Stevens: In Georgia, strong customer acquisition and engagement is helping drive mid-teen loan and deposit growth. In Uzbekistan, we are delivering on the recalibration of our business. We're seeing signs that the loan portfolio has stabilized and is beginning to return to growth, while momentum across payments, cards, and the ecosystem remain strong, although we do recognize the ongoing challenges on asset quality. Finally, our strong capital position continues to support both future growth of the business and attractive returns for our shareholders.

Speaker #1: We're seeing signs that the loan portfolio has stabilized and is beginning to return to growth, while momentum across payments, cards, and the ecosystem remains strong.

Guy Stevens: We're seeing signs that the loan portfolio has stabilized and is beginning to return to growth, while momentum across payments, cards, and the ecosystem remain strong, although we do recognize the ongoing challenges on asset quality. Finally, our strong capital position continues to support both future growth of the business and attractive returns for our shareholders. Thank you for your attention. At this point, we will now be happy to take your questions.

Speaker #1: Although we do recognize the ongoing challenges on asset quality. And then finally, our strong capital position continues to support both future growth of the business and attractive returns for our shareholders.

Speaker #1: Thank you for your attention, and at this point, we would now be happy to take your questions.

Guy Stevens: Thank you for your attention. At this point, we will now be happy to take your questions.

Operator: Thank you. As a reminder, to ask a question, please press the raise hand button on Zoom. If you're on the phone line, please press star one to ask your question. You can also submit a written question using the Zoom question and answer box. We have a few questions with raised hands at the moment, so let's go ahead with the first one from Dmitry Vlasov. Please go ahead.

Speaker #2: Thank you. As a reminder, to ask a question, please press the raise hand button on Zoom. If you're on the phone line, please press star one to ask your question.

Speaker #2: You can also submit a written question using the Zoom question and answer box. We have a few questions with raised hands at the moment, so let's go ahead with the first one from Dmitri Vlasov.

Speaker #2: Please go ahead.

Speaker #1: Thank you very much for the opportunity to ask questions, and congrats on solid results. My first one would be on NIM in Uzbekistan. So what level of NIM expansion do you basically expect in Uzbekistan, given that you gradually diversify away from higher margin cash loans?

Dmitry Vlasov: Thank you very much for the opportunity to ask a question. Congrats on solid results. My first one would be on NIM in Uzbekistan. What level of NIM expansion do you basically expect in Uzbekistan, given that you gradually diversify away from higher margin cash loans? That's the first question. The second question is on Georgia fees and commission. If this interchange fees cap would be implemented at some point, what sort of impact would you expect to have on your fees and commission income? That's it for now. Maybe I will ask follow-ups. Thank you.

Speaker #1: That's the first question. And the second question is on Georgia fees and commission. So if this interchange fees cap would be implemented at some point, what sort of impact would you expect to have on your fees and commission income?

Speaker #1: Yeah, that's it for now. Maybe I'll ask follow-ups. Thank you.

Speaker #3: Okay, thank you, Dmitri. So, first of all, on Uzbekistan NIM—as I said, we're seeing signs that the NIM has turned the corner.

Guy Stevens: Thank you, Dmitry. First of all, on our Uzbekistan NIM, as I said, we are seeing signs that the NIM has turned the corner. Given what has happened on the asset side of the balance sheet with the contraction of the portfolio, we have had an excess liquidity position. That is something that we have focused on. Now that the portfolio is returning to growth, we expect to see that is going to help in terms of our NIM going forward. We are more optimistic on the outlook for our NIM. I think in terms of the situation in Georgia, and I will let Vakhtang expand on this. I think at the current time, there is no kind of certainty or that there is going to be a change to the interchange fees. I will let Vakhtang expand on that.

Speaker #3: Given what has happened on the asset side of the book, of the balance sheets with the contraction of the portfolio, we have had an excess liquidity position.

Speaker #3: And that's something that we have focused on. Now that the portfolio is returning to growth, we expect to see that's going to help in terms of our NIM going forward.

Speaker #3: So we are more optimistic on the outlook for our NIM. I think in terms of the situation in Georgia, and I'll let Vakhtang expand on this, I think at the current time, there is no kind of certainty that there is going to be a change to the interchange fees.

Guy Stevens: I think at the current time, there is no kind of certainty or that there is going to be a change to the interchange fees. I will let Vakhtang expand on that.

Speaker #3: But I'll let Vakhtang expand on that.

Speaker #1: Thank you, Dmitri. And to answer the question about fees and commission income for Georgia, so there are some kind of discussions going on, but I want to remember there was such a case two years ago, three years ago.

Vakhtang Butskhrikidze: Thank you, Dmitry, and to answer the question about the commission income for Georgia. There are some kind of discussions going on, but I want to remember there was such a case 2 years ago, so I think we are ready for any kind of scenario. For us, the base scenario that next year we are planning to have a growth in commission income. If the situation will go worse than the base scenario, probably there will be growth, but one digital numbers, but otherwise we are forecasting growth to be around 10%.

Speaker #1: So I think we are ready for any kind of scenario. But for us, the base scenario that next year we are planning to have a growth in fees and commission income, if the situation will go worse than the base scenario, digital numbers.

Speaker #1: But otherwise, we are forecasting growth to be around.

Guy Stevens: Looks very clear. Thank you.

Dmitry Vlasov: Looks very clear. Thank you.

Speaker #3: That's very clear. Thank you.

Speaker #1: Thank you very much, Dmitri. Next up is Ross from Pale Hunts. Ross, please go ahead.

Andrew Keeley: Thanks very much, Dmitry. Next up is Ross from Peel Hunt. Ross, please go ahead.

Speaker #4: Afternoon. Thanks for taking my question. Thanks for the additional detail you provided around the increase in provisions in the Uzbekistan business. Can you give a bit more detail about how you see the asset quality evolving here into H2 and beyond?

[Analyst] (Peel Hunt): Afternoon. Thanks for taking my question. Thanks for the additional detail you provided around the increase in provisions in the Uzbekistan business. Can you give a bit more detail about how you see the asset quality evolving here into H2 and beyond? Secondly, on Georgian NIM, just pleasing to see the expansion in Q2, obviously helped by the increase in base rates. How do you see the NIM in Georgia evolving from here into the H2 and beyond? Thanks.

Ross Luckman [Equity Research Analyst: Afternoon. Thanks for taking my question. Thanks for the additional detail you provided around the increase in provisions in the Uzbekistan business. Can you give a bit more detail about how you see the asset quality evolving here into H2 and beyond? Secondly, on Georgian NIM, just pleasing to see the expansion in Q2, obviously helped by the increase in base rates. How do you see the NIM in Georgia evolving from here into the H2 and beyond? Thanks.

Speaker #4: And then secondly, on the Georgian NIM, please see the expansion in Q2, obviously helped by the increase in base rates. But again, how do you see the NIM in Georgia evolving from here into the second half and beyond?

Speaker #4: Thanks.

Guy Stevens: I think on asset quality in Uzbekistan, I think it probably makes sense to give a little bit more kind of color to what we saw in the Q2. As I mentioned, the increase in NPLs was driven by three factors. One was the change in the write-off policy, and that was driven by us actually recovering material amounts of loans post the 270-day cut-off. I mentioned the impact of the portfolio in terms of the portfolio being 10% lower as at 30 June relative to year-end. That obviously changes the denominator. To come specifically to your question in terms of how we see the output, we did see a deterioration in or a seasoning of older vintages of loans that originated 12 to 18 months ago. That had some impact in terms of the cost of risk.

Speaker #3: So I think on asset quality in Uzbekistan, I think it probably makes sense to give a little bit more kind of color to what we saw in the second quarter.

Speaker #3: So as I mentioned, the increase in NPLs was driven by three factors. One was the change in the write-off policy. And that was driven by us actually recovering material amounts of loans post the 270-day cutoff.

Speaker #3: I mentioned the impact of the portfolio in terms of the portfolio being 10% lower as at the 30th of June relative to year-end. So that obviously changes the denominator.

Speaker #3: But to come specifically to your question in terms of how we see the outlook, we did see a deterioration in or a seasoning of older vintage of loans, loans that are originated 12 to 18 months ago.

Guy Stevens: To come specifically to your question in terms of how we see the output, we did see a deterioration in or a seasoning of older vintages of loans that originated 12 to 18 months ago. That had some impact in terms of the cost of risk. Where does it kind of take us through the Q3? I think we will continue to see those older vintages come through in terms of seasoning. We also have the developments around progressive changes in auto collections for overdue loans, which is effectively a sort of kind of similar to a sort of a direct debit.

Speaker #3: So that had some impact, in terms of the cost of risk. Where does it kind of take us through in the third quarter? I think we will continue to see those older vintages come through in terms of seasoning.

Guy Stevens: Where does it kind of take us through the Q3? I think we will continue to see those older vintages come through in terms of seasoning. We also have the developments around progressive changes in auto collections for overdue loans, which is effectively a sort of kind of similar to a sort of a direct debit. If someone doesn't pay their loan, you can automatically collect through the card payment system. Those have been well signaled in terms of the potential changes. As of now, there isn't clarity on that, but we have prepared well. We have been working on our collections. What it all means in terms of where we're heading in terms of the cost of risk through the Q3, we do expect an increase in the cost of risk in Uzbekistan taking us to low mid-teens.

Speaker #3: But we also have the developments around progressive changes in auto collections, for overdue loans, which has effectively a sort of kind of similar to a sort of a direct debit, if someone doesn't pay the loan, you can automatically collect through the card payment system.

Guy Stevens: If someone doesn't pay their loan, you can automatically collect through the card payment system. Those have been well signaled in terms of the potential changes. As of now, there isn't clarity on that, but we have prepared well. We have been working on our collections. What it all means in terms of where we're heading in terms of the cost of risk through the Q3, we do expect an increase in the cost of risk in Uzbekistan taking us to low mid-teens.

Speaker #3: But those have been well signaled in terms of the potential changes as of now, there isn't clarity on that. But we have prepared well.

Speaker #3: We have been working on our collections. But where this all kind of means, what it all means in terms of where we're heading in terms of the cost of risk for the third quarter, we do expect an increase in the cost of risk in Uzbekistan, taking us to low mid-teens.

Speaker #3: I think going in then into the fourth quarter of the year, we do see a more positive trajectory. So that's on the asset quality in Uzbekistan.

Guy Stevens: I think going then into the Q4 of the year, we do see a more positive trajectory. That's on the asset quality in Uzbekistan. I think in Georgia, I think in terms of where we've seen the NIM, there's been 2 consecutive quarters of improvement. Drivers of that, I think I outlined, we've been helped by our liquidity position. You'll see that our net loans as a proportion of assets has increased as we've deployed liquidity, which has helped us. Also in terms of the NIM, we've been helped by the very strong growth of our retail business. As Vakhtang mentioned, our unsecured retail book has grown very significantly, 36% up year-on-year. That has been a positive on NIM. I think in terms of the outlook from where we go from here, I think the NIM is certainly stable.

Speaker #3: I think in Georgia, I think in terms of where we've seen the NIM, there's been two consecutive quarters of improvement. Drivers of that, I think, I outlined, we've been helped by our liquidity position.

Speaker #3: You'll see that our net loans as a proportion of assets has increased as we've deployed liquidity, which has helped us. But also in terms of the NIM, we've been helped by the very strong growth of our retail business.

Guy Stevens: As Vakhtang mentioned, our unsecured retail book has grown very significantly, 36% up year-on-year. That has been a positive on NIM. I think in terms of the outlook from where we go from here, I think the NIM is certainly stable. There is potential upside to it. I think we're kind of pleased with what we have achieved in Georgia and would sort of expect more of the same. In a sense, the messaging would be that as we continue to see retail grow, we should be seeing that flow through into the NIM.

Speaker #3: As Vakhtang mentioned, our unsecured retail book has grown very, very significantly. 36% up year on year. So that has been a positive on NIM.

Speaker #3: So I think in terms of the outlook, from where we go from here, I think the NIM certainly stable. There is potential upside to it.

Guy Stevens: There is potential upside to it. I think we're kind of pleased with what we have achieved in Georgia and would sort of expect more of the same. In a sense, the messaging would be that as we continue to see retail grow, we should be seeing that flow through into the NIM.

Speaker #3: But I think we're kind of pleased with what we have achieved in Georgia and with sort of expect more of the same, but in a sense, the messaging would be that as we continue to see retail grow, we should be seeing that flow through into the NIM.

Speaker #4: Very clear. Thank you.

[Analyst] (Peel Hunt): Very clear. Thank you.

Ross Luckman [Equity Research Analyst: Very clear. Thank you.

Speaker #1: Thanks very much, Ross. Next, we have a question from Rahim from Cavendish. Rahim, please go ahead.

Andrew Keeley: Thanks very much, Ross. Next we have a question from Rahim from Cavendish. Rahim, please go ahead.

[Company Representative] (Cavendish): Hi. Thanks for the chance to ask a couple of questions. The first was just in terms of the Georgian business, obviously delivery continues to go very well there and consistent, and credit growth is strong. I was just wondering if you saw any particular areas that are doing particularly well and anything that you would like to kind of draw out in terms of the focus there.

Rahim Karim: Hi. Thanks for the chance to ask a couple of questions. The first was just in terms of the Georgian business, obviously delivery continues to go very well there and consistent, and credit growth is strong. I was just wondering if you saw any particular areas that are doing particularly well and anything that you would like to kind of draw out in terms of the focus there.

Speaker #5: Hi. Thanks for the chance to ask a couple of questions. The first was just in terms of the Georgian business. Obviously, delivery continues to go very well there.

Speaker #5: It's consistent. And credit growth is strong. I was just wondering if you saw any particular areas that are doing particularly well. And anything that you'd like to kind of draw out in terms of the focus there?

Guy Stevens: Yeah.

Vakhtang Butskhrikidze: Yeah.

Speaker #5: And then on Uzbekistan, congrats for getting the OLX deal completed. Just be useful to hear your views on where the long-term sources of value off from that transaction.

[Company Representative] (Cavendish): On Uzbekistan, congrats for getting the OLX deal completed. Just be useful to hear your views on where the long-term sources of value are from that transaction and how we should try and monitor the success of that going forward.

Rahim Karim: On Uzbekistan, congrats for getting the OLX deal completed. Just be useful to hear your views on where the long-term sources of value are from that transaction and how we should try and monitor the success of that going forward.

Speaker #5: And how we should try and monitor the success of that going forward.

Speaker #1: I would like to answer this question. About the Georgian so as we mentioned in our presentation, we have a very strong growth, 14% that growth will be continued in the second part of this year.

Vakhtang Butskhrikidze: I will try to answer this question about the Georgian. As we mentioned in our presentation, we have very strong growth, 14%, and that growth will be continued in H2 of this year. Key priority for us is, Guy, and also I mentioned in the presentation to increase retail business, because we see a very comfortable growth in CIB. We have more than 44% market share. We have a comfortable level of market share in SME, and now our priority in Georgia to grow up faster our mass retail and retail business, and especially we are doing well. As we mentioned, we increased number of our monthly active users by 50,000, and we have much more ambitions to do better in H2 of this year. On the OLX, that was strategic move from our side.

Speaker #1: But key priority for us is Kai and also I mentioned in the presentation, to increase retail business, because we see very comfortable growth in CIB.

Speaker #1: We have more than 44% market share. We have a comfortable level of market share in SME. And now our priority in Georgia to grow up faster than our mass retail and retail business.

Speaker #1: And especially we are doing well, as we mentioned, to increase number of our mass select users by 50,000. And we have a much more ambition to do better in the second part of this year.

Vakhtang Butskhrikidze: As we mentioned, we increased number of our monthly active users by 50,000, and we have much more ambitions to do better in H2 of this year. On the OLX, that was strategic move from our side. This is very important because as we showed in our presentation, monthly users of OLX today is more than 5 million. It is a good opportunity for us to increase leads for our retail customers in Uzbekistan. In addition, as we know, we are growing up our business in micro and SME, and we believe that it is a good opportunity for us, for OLX, to bring more leads to our TBC Uzbekistan bank and to grow our loan portfolio and also payment systems.

Speaker #1: On the OLX, that was strategic move from our side. This is very important because as we showed in our presentation, monthly users of OLX today is more than 5 million.

Vakhtang Butskhrikidze: This is very important because as we showed in our presentation, monthly users of OLX today is more than 5 million. It is a good opportunity for us to increase leads for our retail customers in Uzbekistan. In addition, as we know, we are growing up our business in micro and SME, and we believe that it is a good opportunity for us, for OLX, to bring more leads to our TBC Uzbekistan bank and to grow our loan portfolio and also payment systems.

Speaker #1: It's a good opportunity for us to increase leads for our retail customers in Uzbekistan, plus in addition, as we know, we are growing up our business in micro and SME, and we believe that this is a good opportunity for us for OLX to bring more leads to our TBC Uzbekistan bank and to grow our loan portfolio and also payment business.

[Company Representative] (Cavendish): Very helpful. Thank you both.

Rahim Karim: Very helpful. Thank you both.

Speaker #5: Very helpful. Thank you both.

Speaker #1: Thank you, Rahim. Next up, we've got a question from Dan Mihailov. Dan, please go ahead.

Andrew Keeley: Thank you, Rahim. Next up we've got a question from Dan Mikhaylov. Dan, please go ahead.

Speaker #4: Hi, this is Dan from Virgin. Congratulations on the results. Two quick questions on Uzbekistan. The first one is, we started we saw a sequential improvement in loans in the second quarter of '26.

Dan Mikhaylov: Hi, this is Dan from Vergent. Congratulations on the results. Two quick questions on Uzbekistan. The first one is, we saw a sequential improvement in loans in Q2 of 2026. What kind of loans growth should we expect in Q3 and Q4 to get us to a certain year-end number now that we're back in positive territory? My second question is a follow-up on the earlier question on OLX. Could you elaborate on what kind of products you expect to be offering through that deal? Just trying to understand better how a classified business sort of ties into the lending side of your business.

Speaker #4: What kind of loans growth should we expect in Q3 and Q4 to get us to a certain year-end number now that we're back in positive territory?

Speaker #4: And my second question is a follow-up on the OLX early question on OLX. Could you elaborate on what kind of products you expect to be offering through that deal?

Speaker #4: To try and understand better how it classifies business that ties into the lending side. Of your business.

Speaker #3: Okay. So why don't I take the first part of that, and I'll ask Vakhtang maybe to do the second part. So I think in Uzbekistan, I mean, the as I said, portfolio down relative to year-end, but we did see growth in the second quarter.

Guy Stevens: Okay. Why don't I take the first part of that and I'll ask Vakhtang maybe to do the second part. I think in Uzbekistan, as I said, portfolio down relative to year-end, but we did see growth in Q2, 0.4%. We continued, as managed, to see a contraction in our instant cash loan business as planned. We did start to see nice growth coming through or continuing growth coming through on the business loan side, buy now, pay later, credit cards, and we expect that trend to continue. In terms of the outlook for the year, I think given the profile of the business and given what we have seen in the past, we always expect to see volume growth to be strong in Q4 of the year.

Speaker #3: 0.4%. We continued as managed to see a contraction in our instant cash loan business as planned. But we did start to see nice growth coming through or continuing growth coming through on the business loan side.

Speaker #3: Buy now, pay later, credit cards. And we expect that trend to continue. In terms of the outlook for the year, I think given the profile of the business and given what we have seen in the past, we've always expected to see volume growth to be strong in the fourth quarter of the year.

Guy Stevens: I think given the profile of the business and given what we have seen in the past, we always expect to see volume growth to be strong in Q4 of the year. I think where we are hoping to land up is when we get to the end of 2026, we will see a portfolio that will be of the same size or have increased relative to the end of the year of 2025. Strong growth coming through towards the end of the year so that when we'll reach the end of the year, we won't have seen a year-on-year contraction in the portfolio in Uzbekistan.

Speaker #3: So I think where we are hoping to land up is when we get to the end of '26, we will see a portfolio that will be of the same size or of increased relative to the end of the year of 2025.

Guy Stevens: I think where we are hoping to land up is when we get to the end of 2026, we will see a portfolio that will be of the same size or have increased relative to the end of the year of 2025. Strong growth coming through towards the end of the year so that when we'll reach the end of the year, we won't have seen a year-on-year contraction in the portfolio in Uzbekistan.

Speaker #3: So strong growth coming through towards the end of the year, so that we'll actually reach the end of the year we won't have seen a year-on-year contraction in the portfolio in Uzbekistan.

Vakhtang Butskhrikidze: To answer the second question about what kind of product. This is the standard products such as auto loans, BNPL. Once more to iterate, we just closed it a few weeks ago, and we are in the process to adapt it, to understand how to grow that product, and probably that could become material for our operations in the payments and the leads and generation of the loans, probably from the second part of 2027.

Speaker #1: To answer on the second question about what kind of product, so this is the standard products such as auto loans, BMPL, but once more to iterate, so we just closed the deal a few weeks ago.

Speaker #1: And we are in the process to adapt and to understand how to draw that products and probably that could become material for our operations in the payments and in the leads and generation of the loans, probably from the second part of 2027.

Speaker #4: All clear. Thank you.

Dan Mikhaylov: All clear. Thank you.

Speaker #1: Thank you, Dan. And next up, it's Simon from Citi. Please go ahead.

Andrew Keeley: Thank you, Dan. Next up it's Simon from Citi. Please go ahead.

[Analyst] (Citi): Hi. Thanks for the opportunity. Yeah, a few questions from me. Just wondering if you have a new kind of normalized risk cost idea for Uzbekistan going forward and when you think you would get there, because I understand that you think risk cost will rise again next quarter before it starts to normalize. That would be question number one. Also just interested in the fee outlook for H2 and going forward. You had very nice fee growth in Uzbekistan. Is that expected to be maintained? Also interested in the tax rate or the outlook for tax for Uzbekistan because you had +tax in Q1 or H1, actually, even though you had +PBT. Maybe the same on the cost outlook and the FX income outlook. Thank you. Sorry, a lot of questions, I know.

Simon Nellis: Hi. Thanks for the opportunity. Yeah, a few questions from me. Just wondering if you have a new kind of normalized risk cost idea for Uzbekistan going forward and when you think you would get there, because I understand that you think risk cost will rise again next quarter before it starts to normalize. That would be question number one. Also just interested in the fee outlook for H2 and going forward. You had very nice fee growth in Uzbekistan. Is that expected to be maintained?

Speaker #6: Hi. Thanks. Thanks for the opportunity. Yeah, a few questions from me. Just wondering if you have a new kind of normalized risk cost idea for Uzbekistan, going forward, and when you think you'd get there.

Speaker #6: Because I understand that you think risk cost will rise again next quarter before it starts to normalize. That'd be question number one. Also, just interested in the fee outlook for the second half and going forward.

Speaker #6: You had very nice fee growth in Uzbekistan. Is that expected to be maintained? I'm also interested in the tax rate, or the outlook for tax, in Uzbekistan, because you had positive tax in the first quarter—or first half, actually—even though you had positive PBT.

Simon Nellis: Also interested in the tax rate or the outlook for tax for Uzbekistan because you had +tax in Q1 or H1, actually, even though you had +PBT. Maybe the same on the cost outlook and the FX income outlook. Thank you. Sorry, a lot of questions, I know.

Speaker #6: And then maybe the same on the cost outlook and the FX income outlook. Thank you. Sorry, a lot of questions, I know.

Speaker #3: Thanks, Simon. So I think, I mean, Uzbekistan, we are in a sort of recalibration transitory mode that we're delivering on. Third quarter, I think the expectation is that we do see the peaking of the cost of risk and as signaled we're expecting that to be low mid to teens.

Guy Stevens: Thanks, Simon. I think, Uzbekistan, we are in a sort of recalibration transitory mode that we are delivering on. Q3, I think that the expectation is that we do see the peaking of the cost of risk, and as signaled, we are expecting that to be low mid-teens. As we get into Q4, hopefully we have got clarity by then around the progressive changes around auto collections. We will be seeing a hopefully growth coming through in terms of the portfolio as we continue to implement the recalibration, and as I said, we are seeing good growth and a change in the composition as SMEs, loans, BNPL, credit cards come through in terms of the growth. I think Q4, we are going to be in a different position, hopefully, to Q3.

Speaker #3: As we get into the fourth quarter, hopefully we've got clarity by then around the progressive changes regarding auto collections. We will be seeing, hopefully, growth coming through in terms of the portfolio.

Speaker #3: As we continue to implement the recalibration and, as I said, we are seeing good growth and a change in the composition as SMEs loans, buy now, pay later, credit cards, come through in terms of the growth.

Guy Stevens: as I said, we are seeing good growth and a change in the composition as SMEs, loans, BNPL, credit cards come through in terms of the growth. I think Q4, we are going to be in a different position, hopefully, to Q3. I think it is too early to say kind of what the kind of run rate is going to be thereafter. I think the next two quarters for us are very important in terms of showing that we can execute. I think post that Q4, we are going to be in a better position to give a view in terms of the normalized cost of risk. As I said, I think the view is that Q3 is going to be the peak.

Speaker #3: So I think fourth quarter, we're going to be in a different position, hopefully to the third quarter. But I think it's too early to say kind of what the kind of run rate is going to be thereafter.

Guy Stevens: I think it is too early to say kind of what the kind of run rate is going to be thereafter. I think the next two quarters for us are very important in terms of showing that we can execute. I think post that Q4, we are going to be in a better position to give a view in terms of the normalized cost of risk. As I said, I think the view is that Q3 is going to be the peak. I think in terms of the fee outlook, if you decompose it into two parts, Giorgi, we have benefited from very good volume growth from both our retail and CIB business, and that has helped us in terms of our fee and commission growth in Q2 of the year.

Speaker #3: I think the next two quarters for us are very important in terms of showing that we can execute. But I think post that fourth quarter, we're going to be in a better position to give a view in terms of the normalized cost of risk.

Speaker #3: But as I said, I think the view is that the third quarter is going to be the peak. I think in terms of the fee outlook, if you kind of decompose it into two parts, Georgia we have benefited from very good volume growth from very far retail and CIB business.

Guy Stevens: I think in terms of the fee outlook, if you decompose it into two parts, Giorgi, we have benefited from very good volume growth from both our retail and CIB business, and that has helped us in terms of our fee and commission growth in Q2 of the year. I think as I mentioned, you picked up on it in terms of how our payments business is doing as well in Uzbekistan. That gives us some positivity. I think for the full year in terms of fee and commission income, we expect to be sort of flattish for the full year.

Speaker #3: And that has helped us in terms of our fee and commission growth in the second quarter of the year. And I think, as I mentioned, you picked up on it in terms of how our payments business is doing as well.

Guy Stevens: I think as I mentioned, you picked up on it in terms of how our payments business is doing as well in Uzbekistan. That gives us some positivity. I think for the full year in terms of fee and commission income, we expect to be sort of flattish for the full year. Obviously, Q1 was impacted by investments that we were making in terms of our cards and our loyalty program in Georgia. I think the message for the full year on year, will be flattish, but obviously, we saw growth in Q2 and we expect to see growth over the next two quarters. Tax rate. I think there was also the issue around tax in Q1 in Uzbekistan. Two aspects to that. One was the ability to utilize the deferred tax asset and the tax credit.

Speaker #3: In Uzbekistan, that gives us some positivity. So I think for the full year in terms of fee and commission income, we expect to be sort of flattish for the full year.

Speaker #3: Obviously, first quarter was impacted by investments that we were making in terms of our cards and our loyalty program in Georgia. But I think the message for the full year, year on year, will be flattish.

Guy Stevens: Obviously, Q1 was impacted by investments that we were making in terms of our cards and our loyalty program in Georgia. I think the message for the full year-on-year, will be flattish, but obviously, we saw growth in Q2 and we expect to see growth over the next two quarters. Tax rate. I think there was also the issue around tax in Q1 in Uzbekistan. Two aspects to that. One was the ability to utilize the deferred tax asset and the tax credit.

Speaker #3: But obviously, we saw growth in the second quarter, and we expect to see growth over the next two quarters. Tax rate, I think there was also the issue around tax in the first quarter in Uzbekistan.

Speaker #3: Two aspects for that. One was the ability to utilize a deferred tax asset and the tax credit. I think going into the second quarter, we don't expect to see anything kind of unusual and I think these should be considered as one-off.

Guy Stevens: I think going into Q2, we don't expect to see anything kind of unusual. I think these should be considered as one-off. The final question I think was on one-off kind of costs. As I said, Q2 was positive in terms of there is good focus in terms of cost management, both in Georgia and Uzbekistan. I think we will continue to see that. I think Q1 was a sort of one-off in terms of where we were. I think where we were in Q2 will probably give a better feel as to where we're heading for the full year.

Speaker #3: And then the final question, I think, was on one of kind of costs and, as I said, the second quarter was positive in terms of there are there is good focus in terms of cost management, both in Georgia and Uzbekistan.

Speaker #3: So I think we will continue to see that. I think the first quarter was a sort of one-off in terms of where we were.

Speaker #3: But I think where we were in the second quarter will probably give a better feel as to where we're heading for the full year.

Speaker #6: Super. Very clear. Thank you.

[Analyst] (Citi): Super. Very clear. Thank you.

Simon Nellis: Super. Very clear. Thank you.

Speaker #1: Thank you, Simon. We don't currently have any oh, yes, we have a question Nikolai please go ahead.

Andrew Keeley: Thank you, Simon. We don't currently have any. Oh, yes, we have a question. Nikolai, please go ahead.

[Analyst]: Hi. Yes, can you hear me?

Speaker #7: Hi. Yes, can you hear me?

Speaker #1: Yes.

Andrew Keeley: Yes.

Speaker #7: Yeah, a couple of questions from me. So, on Oil X—historically, that's been more of a classified type of business. I was wondering about your plans for that platform.

[Analyst]: Yeah, a couple of questions from me. On OLX, historically, that's been more of a classifieds type of business, and I was wondering about your plans for that platform. I know you have a partner there, but is the idea to keep the business model as it is currently, or you want to migrate it to one that is more of a marketplace that is similar to what Uzum is trying to do? The second question is on SME lending in Uzbekistan. I was in Uzbekistan about two to three weeks ago and understand that there's a lot of demand for SME loans in dollars as well. I was wondering what you see on your side in terms of what the demand is comprised of in terms of currency.

Speaker #7: I know you have a partner there, but is the idea to keep the business model as it is currently, or you want to migrate it to one that is more of a marketplace that is similar to what Uzum is trying to do?

Speaker #7: The second question is on SME lending in Uzbekistan. I was in Uzbekistan about two to three weeks ago, and understand that there's a lot of demand for SME loans in dollars as well.

Speaker #7: So I was wondering what you see on your side in terms of what the demand is comprised of in terms of currency. And related to the SME question, as you repositioned the book, to what extent the SME origination will be new origination versus reprofiled consumer loans?

[Analyst]: I was wondering what you see on your side in terms of what the demand is comprised of in terms of currency. Related to the SME question, as you reposition the book, to what extent the SME origination will be new origination versus reprofiled consumer loans? Finally, I know that you have an AT1 that is coming up for or is becoming callable in November, a couple of months from now, and I was wondering what your plans are regarding that. Thank you.

[Analyst]: Related to the SME question, as you reposition the book, to what extent the SME origination will be new origination versus reprofiled consumer loans? Finally, I know that you have an AT1 that is coming up for or is becoming callable in November, a couple of months from now, and I was wondering what your plans are regarding that. Thank you.

Speaker #7: And then finally, I know that you have an ATA one that is coming up for or is becoming callable in November, like a couple of months from now.

Speaker #7: And I was wondering what your plans are regarding that. Thank you.

Vakhtang Butskhrikidze: I will try to answer the first question, afterwards, Kai will continue. On the OLX side, our strategy to continue be there as a classified business, not to go to the marketplace, because we believe that being a classified and the brand has a very good knowledge in tech market will create the value for TBC operation there. One strategy is to increase number of the retail and micro-endorsing customers. My answer is that we'll keep the business as it exists today, classified.

Speaker #5: I'll try to answer the first question then afterwards, so Kai will continue. So on the OLEX side, our strategy to continue be there as a classified business, not to go to the marketplace, because we believe that being the classified and the brand.

Speaker #5: That's a very good knowledge in Uzbek market. We'll create the value for TBC operation there. Once more suggest to increase number of the retail and micro and SME customers.

Speaker #5: So our answer is that we'll keep the business as it exists today, classified business.

Speaker #3: And then I think on the SME side, we this is the business line is a separate business line. There is, I think, a perhaps a less clear distinction in terms of what is a kind of an SME in Uzbekistan versus a retail customer.

Guy Stevens: I think on the SME side, the business line is a separate business line. There is, I think, perhaps a less clear distinction in terms of what is a kind of an SME in Uzbekistan versus a retail customer in any jurisdictions. I think from our perspective, what we're seeing is that this is a new kind of customer segment, new profile of customers. It's not a question of kind of substituting one classification for another classification. This is a different profile of customer. As of today, the demand is largely in local currency. I think in terms of the AT1, I'm not going to get into specifics around that at the moment, but obviously in the context of our capital, we have our capital stacks, we have our minimums, we have our buffers.

Speaker #3: In any jurisdictions, but I think from our perspective, what we're seeing is that this is a new kind of customer segment, new profile of customers.

Speaker #3: So it's not a question of kind of substituting what one classification for another classification. This is a different this is a different profile of customer.

Speaker #3: But as of today, the demand is largely in local currency. I think in terms of the AT1, I'm not going to get into specifics around that at the moment.

Guy Stevens: I think in terms of the AT1, I'm not going to get into specifics around that at the moment, but obviously in the context of our capital, we have our capital stacks, we have our minimums, we have our buffers. We are mindful of the AT1, and we obviously have plans to ensure that we continue to have a comfortable level of AT1. I think as and when we're in a position to make announcements on that, we will.

Speaker #3: But obviously, in the context of our capital, we have our capital sats. We have our minimums. We have our buffers. So we are mindful of the AT1 and we obviously have plans to ensure that we continue to have a comfortable level of AT1.

Guy Stevens: We are mindful of the AT1, and we obviously have plans to ensure that we continue to have a comfortable level of AT1. I think as and when we're in a position to make announcements on that, we will.

Speaker #3: So I think as and when we're in a position to make an announcement on that, we will.

Andrew Keeley: Sure. Thank you.

[Analyst]: Sure. Thank you.

Speaker #7: Sure. Thank you.

Andrew Keeley: Thank you, Nick. I don't think we have any other questions on the Zoom line. Seb, do we have any on the phones?

Speaker #1: Thank you, Nick. Another thing—do we have any other questions on the Zoom line? Do we have any on the phones?

Speaker #6: Yes. So on the phone, we have Piers Brown with Investech. Piers, if you'd like to go ahead.

Operator: Yes. On the phone, we have Piers Brown with Investec. Piers, if you'd like to go ahead.

Speaker #7: Yeah. Good afternoon, everybody. I've got a couple of questions on Uzbekistan. If you could just confirm, I think you mentioned that the risk rating changes aren't going ahead.

Piers Brown: Yeah. Good afternoon, everybody. I've got a couple of questions on Uzbekistan. If you could just confirm, I think you mentioned that the risk rating changes aren't going ahead. If you could just confirm that I understood that correctly. Sort of allied to that, could you just describe what is the regulatory decision-making process in Uzbekistan? Seems like some of these decisions are coming a little bit out of the blue. If you could just help us to understand how much visibility you're getting on rule changes and at which agency are the decisions actually being made? Is it the central bank or the finance ministry, or are they coming at presidential level? How much consultation there is in that whole process with the banks. That's the first question. Then the second question is on the potential changes to auto collection.

Speaker #7: If you could just confirm that I understood that correctly. And sort of allied to that, could you just describe what is the regulatory decision-making process in Uzbekistan?

Speaker #7: It seems like some of these decisions are coming a little bit out of the blue. So if you could just help us to understand how much visibility you're getting on rule changes and at which agency are the decisions actually being made?

Speaker #7: Is it the central bank or the finance ministry or are they coming up presidential level? And how much consultation there is in that whole process with the banks?

Piers Brown: Is it the central bank or the finance ministry, or are they coming at presidential level? How much consultation there is in that whole process with the banks. That's the first question. Then the second question is on the potential changes to auto collection. You're saying low mid-teens cost of risk in Q3. Is that including potential changes to auto collection? If those don't come about, would that guidance potentially be lower? Just to understand that. Thanks.

Speaker #7: So that's the first question. And then the second question, just on the potential changes to auto collection, so you're saying mid low mid-teens cost of risk in Q3.

Piers Brown: You're saying low mid-teens cost of risk in Q3. Is that including potential changes to auto collection? If those don't come about, would that guidance potentially be lower? Just to understand that. Thanks.

Speaker #7: Is that including potential changes to auto collection, or if those don't come about, would that guidance potentially be lower? Just to understand that, thanks.

Speaker #3: Okay. Thanks, Piers. So why don't I take the first and third part and I'll ask Vakhtang to take the second part in terms of the kind of engagement with the regulator.

Guy Stevens: Okay. Thanks, Piers. Why don't I take the first and third parts, and I'll ask Vakhtang to take the second part in terms of the kind of engagement with the regulator. In terms of the framework for what was proposed as the new framework for consumer loan risk weightings, that had been very kind of clearly indicated as coming into effect on 1 July. It was news to us today. We were communicated along with the other banks in Uzbekistan, that that framework is not going to be applied at the current time. This is fresh for us. I think it's obviously a positive, but in practice, we still would've been very well comfortably capitalized in Uzbekistan. At the moment, we don't have any kind of updates as to if and when it will be implemented.

Speaker #3: So in terms of the framework for the what was proposed as the new framework for consumer loan risk ratings, that had been very kind of clearly indicated as coming into effect on the 1st of July.

Speaker #3: It was news to us today. We were communicated along to the with the other banks in Uzbekistan that that framework is not going to be applied at the current time.

Speaker #3: This is fresh for us. I think it's obviously a positive, but in practice, we still would have been very, very well comfortably capitalized in Uzbekistan.

Guy Stevens: I think it's obviously a positive, but in practice, we still would've been very well comfortably capitalized in Uzbekistan. At the moment, we don't have any kind of updates as to if and when it will be implemented. The messaging to us has been that at the current time it is not being implemented, so we consider this as a potential cause. As and when we have more information, we'll obviously let you know on that. In terms of the kind of auto collection process, again, it's something that's been very well signaled over a period of time.

Speaker #3: So, at the moment, we don't have any kind of updates as to if and when it will be implemented. The messaging to us has been that, at the current time, it is not being implemented.

Guy Stevens: The messaging to us has been that at the current time it is not being implemented, so we consider this as a potential cause. As and when we have more information, we'll obviously let you know on that. In terms of the kind of auto collection process, again, it's something that's been very well signaled over a period of time. There have been, in anticipation of this coming into effect, progressive changes that have been implemented by the card companies, card infrastructure in Uzbekistan, that we have responded to in terms of how we've looked at the cost of risk. We've responded as well in terms of what we're doing on the collection side. I think we don't anticipate any sort of negative surprise, because we have planned very well for that.

Speaker #3: So we consider this as a potential pause but as and when we have more information, we'll obviously we'll let you know on that. In terms of the kind of auto collection process, it's been again, it's something that's been very well signaled over a period of time.

Guy Stevens: There have been, in anticipation of this coming into effect, progressive changes that have been implemented by the card companies, card infrastructure in Uzbekistan, that we have responded to in terms of how we've looked at the cost of risk. We've responded as well in terms of what we're doing on the collection side. I think we don't anticipate any sort of negative surprise, because we have planned very well for that.

Speaker #3: There have been an anticipation of this coming into effect a progressive changes that have been implemented by the car companies, car infrastructure in Uzbekistan.

Speaker #3: We have responded to that in terms of how we've looked at the cost of risk. We've also responded in terms of what we're doing on the collection side.

Speaker #3: So I think in terms of we don't anticipate any sort of negative surprise because we have planned very, very well for that. However, clearly, if there wasn't a change, if there was a sort of backtracking in terms of the discussion around auto collections, that might have some impact.

Guy Stevens: Clearly if there was a sort of backtracking in terms of the discussion around auto collection, that might have some impact. At the moment, our assumption is that these changes will go into effect. There is an ongoing process in terms of consultation with the regulator in terms of what the changes would be. Again, I think we have a pretty clear view as to what could happen. That is factored into our guidance in terms of the cost of risk for Q3. In terms of kind of interaction with the regulator and relationship, maybe Vakhtang, you could say a few words on that.

Speaker #3: But at the moment, our assumption is that these changes will go into effect. There is an ongoing process in terms of consultation with the regulator in terms of what the changes would be.

Speaker #3: And so again, I think we have a pretty clear view as to what could happen and that is factored into our guidance in terms of the cost of risk for the third quarter.

Speaker #3: In terms of kind of interaction with the regulator and relationship, only maybe Vakhtang, you can say a few words on that.

Speaker #7: Yeah. I think we built it very good relationship with the regulator personally. I mean, two or three times I've meeting the governor of the National Bank, but the management level, there is a weekly monthly meetings.

Vakhtang Butskhrikidze: Yeah. I think we built a very good relationship with the regulator. Personally, me meeting 2 or 3 times, submitting the covenant of the National Bank. On the management level, there is weekly, monthly meetings. Good sign is that last 1 year we have seen that also regulator is before introducing any regulations are in discussions not only with us, but also with commercial banks and data are coming there.

Speaker #7: And a good sign is that, in the last one year, we have seen that also regulators, before introducing any regulations, are in discussions not only with us but also with commercial banks, and the debates are going there.

Speaker #1: Are you with us, Piers?

Guy Stevens: Are you with us, Piers?

Andrew Keeley: Are you with us, Piers?

Piers Brown: Yes, I am. Sorry, I thought the line had cut there. That's very clear. Thanks for the answers.

Speaker #7: Yes, I am. Sorry, I thought the line had cut there. No, that's very clear. Thanks for the answers.

Speaker #1: Thank you.

Guy Stevens: Thank you.

Andrew Keeley: Thank you.

Speaker #6: Thank you. Currently, we have no further questions on the phone line.

Operator: Thank you. Currently, we have no further questions on the phone line.

Speaker #1: Okay. We don't have any other questions. Just to say thank you, everybody, for joining our call. As ever, we are open to meeting you whenever works for you.

Guy Stevens: Okay. We don't have any other questions. Just to say thank you everybody for joining our call. As ever, we are open to meeting you whenever works for you and look forward to continuing to engage in dialogue with you. We will see you at the Q3 numbers in November. Thank you very much, and have a good day. Bye-bye.

Andrew Keeley: Okay. We don't have any other questions. Just to say thank you everybody for joining our call. As ever, we are open to meeting you whenever works for you and look forward to continuing to engage in dialogue with you. We will see you at the Q3 numbers in November. Thank you very much, and have a good day. Bye-bye.

Speaker #1: And look forward to continuing to engage in dialogue with you. And we will see you at the third quarter numbers in November. So thank you very much and have a good day.

Speaker #1: Bye-bye.

Speaker #7: Thank you. Bye.

Vakhtang Butskhrikidze: Thank you. Bye.

Operator: This concludes today's call. Thank you everyone very much for joining. You may now disconnect.

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