Half Year 2026 Banca Transilvania SA Earnings Call

August 24, 2026

Operator: Ladies and gentlemen, thank you for standing by. I am Maria, your Chorus Call operator. Welcome, and thank you for joining the Banca Transilvania conference call to present and discuss the H1 2026 financial results. Please note that the conference is being recorded. The presentation will be followed by a question and answer session. You may submit your questions using the Ask a Question window. At this time, I would like to turn the conference over to Mr. Omer Tetik, CEO, Mr. George Călinescu, Deputy CEO, CFO, Mr. Cătălin Caragea, Deputy CEO, Chief Risk Officer, and Mr. Aurel Bernat, Executive Director of Financial Institutions and Investor Relations. Mr. Tetik, you may now proceed.

Speaker #1: Ladies and gentlemen, thank you for standing by. I'm Maria, your course cooperator. Welcome, and thank you for joining the Banca Transilvania conference call to present and discuss the first half 2026 financial results.

Speaker #1: Please note that the conference is being recorded. The presentation will be followed by a question-and-answer session. You may submit your questions using the Ask a Question window.

Speaker #1: At this time, I would like to turn the conference over to Mr. Omer Tetik, CEO; Mr. George Calinescu, Deputy CEO and CFO; Mr. Catalin Caragea, Deputy CEO and Chief Risk Officer; and Mr. Aurel Bernat, Executive Director of Financial Institutions and Investor Relations.

Speaker #1: Mr. Tetik, you may now proceed.

Ömer Tetik: Hello. Good afternoon or good morning. I hope you enjoyed a good summer holiday, although it was a heatwave and a lot of news during the summer. I guess everybody was very much connected. For us, we are here to present our Q2 and H1 results. I would like to thank you for your interest and for your continued trust in Banca Transilvania and our business development. Q2 was actually quite a strong one in terms of business generation and asset creation, despite the fact that geopolitically, economically, socially, there were a lot of challenges. We think that Romania's structural drivers for growth still remain intact in terms of production, in terms of infrastructure investments, growth. Romania is on a, let's say, transformational good track.

Speaker #2: Hello, good afternoon or good morning. I hope you enjoyed a good summer holiday. Although it was the heat wave and there was a lot of news during the summer, I guess everybody was very much connected for us.

Speaker #2: We are here to present our second quarter and first half results. I would like to thank you for your interest and for your continued trust in Banca Transilvania and our business development.

Speaker #2: The second quarter was actually quite a strong one in terms of business generation and asset creation. Despite the fact that, geopolitically, economically, and socially, there were a lot of challenges, we think that Romania's structural drivers for growth still remain intact.

Speaker #2: In terms of production, in terms of infrastructure investments and growth, Romania is on a, let's say, transformational and good track, moving from a consumption economy toward a production and industrial economy.

Ömer Tetik: From a consumption economy, we are going towards a production and industrial economy, and although the growth of GDP doesn't look very promising, still, I guess the convergence of European Union median and average numbers is quite promising. We have delivered a quite resilient performance, and if you look at the first 6 months of the year, you see that at the group level, we have delivered 2.5 billion lei net profit, over 27% increase with a return on equity of 22%. While the profitability remained strong, we see also good drivers, especially on the fee and commission income, which supported on all business lines profitability, and lending momentum was also quite strong. Most of the pipeline items during the Q1 that we were mentioning had started to being realized.

Speaker #2: And although the growth of GDP doesn't look very promising, still, I guess the convergence of European Union median and average numbers is quite promising.

Speaker #2: We have delivered a quite resilient performance, and if you look at the first six months of the year, you see that at the group level, we have delivered €2.5 billion net profit.

Speaker #2: Over 27% increase, with a return on equity of 22%. While the profitability remained strong, we also see good drivers, especially on the fee and commission income.

Speaker #2: We supported all business lines' profitability, and lending momentum was also quite strong. Most of the pipeline items during the first quarter that we mentioned have started to be realized.

Speaker #2: As you will see in the slides later, there is strong demand from large corporates, mid-corporates, and also slightly increased demand from SME customers as well.

Ömer Tetik: We see, as you will see in the slides later, a strong demand from large corporates, mid-corporates, and also slightly increased demand from SME customers as well. While we were growing our business line, our capital position is also very strong. Definitely, we are adding our H1 profits to our capital position, plus the EUR 1 billion non-preferred issuance that we had in the month of April support our business growth further. We have seen higher account openings, higher customer numbers, higher business volumes, and also very happily, our digital adaptation of our customers is very strong, so that with the help of BT Pay, BT Go, even in a challenging environment, we are very comfortable of delivering further our budgeted numbers.

Speaker #2: While we were growing our business line, our capital position is also very strong. Definitely, we are adding our first half profit to our capital position, plus the €1 billion non-preferred issuance that we had in April.

Speaker #2: In the month of April, we further supported our business growth. We have seen higher account openings, higher customer numbers, higher business volumes, and, very happily, the digital adaptation of our customers is very strong.

Speaker #2: So that, with the help of BT Pay and BT Go, even in a challenging environment, we are very comfortable delivering further on our budgeted numbers. I will now leave Aurel to give us a bit of insight into what happened in Romania and how the macroeconomic landscape stands.

Ömer Tetik: I will now leave Aurel to give us a bit of insight of what happened in Romania and how the macroeconomic landscape stands, and maybe few ideas about the future, near future. Then we will come back to business numbers again.

Speaker #2: And maybe a few ideas about the future—near future. And then we will come back to business numbers again.

Speaker #3: Thank you, Omer, and thank you everyone for being with us today. So, in terms of macroeconomics, despite every macro headwind that we have seen so far, our long-term plans and future development remain stable.

Aurel Bernat: Thank you, Omer, and thank everyone for being with us today. In terms of macroeconomic, despite every macro headwinds that we saw so far, our long-term plans and future development remain stable. Just as some key figures, you can see the nominal GDP versus the real GDP growth. The nominal base was maintained, but lately during 2025 and 2026, we had a more sluggish development of the real GDP. Nevertheless, we might be in a moment of bottoming out, since from here we are seeing a much stronger growth starting with 2027. In terms of budget deficits, actually all the measures that were taken during last year or started to be taken from last year, they paid out because now we are seeing at H1, a much more narrowed budget deficit up to 2%.

Speaker #3: Just as some key figures, you can see the nominal GDP versus the real GDP growth. The nominal pace was maintained, but lately, during 2025 and 2026, we had a more sluggish development of the real GDP.

Speaker #3: Nevertheless, we might be in a moment of bottoming out, since from here we are seeing much stronger growth starting in 2027. In terms of budget deficits, actually all the measures that were taken during last year, or started to be taken from last year, paid off because now we are seeing at half-year a much more narrowed budget deficit—down to 2%.

Speaker #3: So this would mean that if this trend will continue, we might be bending between 4%, as a simple math, or around 6%, which are the actual expectations, keeping in sight also the agreements that we are having with the European Commission—well below the level that was actually agreed.

Aurel Bernat: This would mean that if this trend will continue, we might be banding between 4% as a simple math or around 6%, which are the actual expectations, keeping in sight also the agreements that we are having with the European Commission, well below the level that was actually agreed. The inflation on the other side, even though it spiked at around 10% recently, it is now declining. We have the last reading at 8.2%. Most probably the fadeaway effect of increases from last year concerning VAT and releasing the cap on the energy prices and so on, will have a positive impact later on during this year and the overall inflation, the year-end inflation should land between 6% to 7%.

Speaker #3: The inflation, on the other side, even though it spiked at around 10% recently, is now declining. We have the last reading at 8.2%.

Speaker #3: Most probably, the fadeaway effect of increases from last year concerning VAT and releasing the cap on the energy prices and so on will have a positive impact later on during this year.

Speaker #3: And the overall inflation, the year-end inflation, should land between 6% to 7%. So with a narrowed budget deficit, also a trade deficit which looks much better than it looked before, and with low financial intermediation—which is still at a level of 20-23%—this all gives us positiveness in terms of future developments.

Aurel Bernat: With a narrowed budget deficit, also a trade deficit which looks much better than it looked before with a low financial intermediation, which is still at a level of 20%, 23%. This all gives us positiveness in terms of future development. Obviously, the non-resident direct investments and personal remittances and European funds are the ones also driving future growth. Meanwhile, in the banking sector, we see well-capitalized banks overall, with a positive pickup in terms of lending growth, as Omer was mentioning related to the corporate loans. Also, the household loans are both well above the European average. On the liquidity side, notably, we see a rebound for corporate deposits, whilst the households maintained anyhow more positive approach compared to the European average. Strong asset quality in terms of non-performing loans.

Speaker #3: Obviously, the non-residents' direct investments, personal remittances, and European funds are the ones also driving future growth. Meanwhile, in the banking sector, we see well-capitalized banks overall.

Speaker #3: With a positive pickup in terms of lending growth, as Omer was mentioning related to the corporate loans, also the household loans are both well above the European average.

Speaker #3: On the liquidity side, notably, we see a rebound for corporate deposits, while households maintained, anyhow, a more positive approach compared to the European average.

Speaker #3: We have strong asset quality in terms of non-performing loans; we are actually at 3.2% at the sector level. Also, in terms of tier one ratios, we are well above everything else in the surrounding area.

Aurel Bernat: We are actually at 3.2% at the sector level, and also in terms of tier 1 ratios well above everything what is in the surrounding area. In terms of how we see the future, meaning the short-term future until the end of 2026, we have not revised our numbers during the last quarter. We are still maintaining the 0.2% real GDP increase with an inflation in the average between 6% to 7%, with a relatively stable unemployment rate, a very stable monetary policy of 6.5%, driven mainly by higher inflationary environment. The budget deficit, as mentioned, at the peak of 6%, but for obvious reasons from what we are seeing until now, it should land below that threshold. The public debt is accounted to reach 61.8% with a relatively stable currency.

Speaker #3: In terms of how we see the future—meaning the short-term future, until the end of 2026—we have not revised our numbers during the last quarter.

Speaker #3: We are still maintaining the 0.2% real GDP increase, with inflation averaging between 6% to 7%, and a relatively stable unemployment rate.

Speaker #3: A very stable monetary policy of 6.5%, driven mainly by a higher inflationary environment. And the budget deficit, as mentioned, at the peak of 6%, but for obvious reasons, based on what we are seeing until now, it should land below that threshold.

Speaker #3: The public debt is expected to reach 61.8%, with a relatively stable currency. As opportunities mentioned before, the European funds, Cohesion Safe and RRF, are the most relevant drivers for change, having investments in transportation, the energy field, and even healthcare.

Aurel Bernat: As opportunities I mentioned before, the European funds, Cohesion, SURE and RRF are the most relevant drivers for change, having investments in transportation, in the energy field, even healthcare, and they are here to stay and contribute to the overall wellbeing of the economy. From the sovereign ratings point of view, we have from all the three agencies, investment grade level with the same negative outlook. The main concerns remaining the political environment and also the fiscal consolidation beyond 2026. Here, as a short note, we proved that on a short time, we were able to manage this fiscal consolidation without a social unrest. Now the question remains whether it will be continued and how strongly it will be continued on the long run. But we are optimistic about the environment that we are in and the future development of the bank.

Speaker #3: And they are here to stay and contribute to the overall well-being of the economy. From the sovereign ratings point of view, we have, from all three agencies, investment-grade level with the same negative outlook.

Speaker #3: The main concerns remain the political environment and also the fiscal consolidation beyond 2026. And here, as a short note, we proved that in a short time we were able to manage this fiscal consolidation without social unrest.

Speaker #3: So now the question remains whether it will be continued and how strongly it will be continued in the long run. But we are optimistic about the environment that we are in and the future development of the bank.

Speaker #3: Now, in terms of development, I turn to you, Jorge, for business performance, and I thank you very much.

Aurel Bernat: Now, in terms of development, I turn to you, George, for business performance, and I thank you very much.

Speaker #2: Thank you, Aurel. We have the first half of 2026, which is reflective of the good evolution that we had in the first quarter of the year, with the net result at the individual level of almost 2.14 billion RON.

George Călinescu: Thank you, Aurel. We have a H1 2026, which is reflective of the good evolution that we have in the Q1 of the year, with the net result at the individual level of almost 2.14 billion RON, and almost 2.5 at the group level. We had questions from the analysts that are asking us how do we stand when we compare the evolution on the H1 with the budget. We can say that we are right in accordance with the budget that we have for the year 2026.

Speaker #2: And almost 2.5 at the group level. We had questions from the analysts asking us how we stand when we compare the evolution in the first half of the year with the budget.

Speaker #2: We can say that we are right in accordance with the budget that we have for the year 2026, and what we have in the first six months reflects this very well.

George Călinescu: What we have in the first 6 months reflects this very well from the point of view of profitability, from the point of view of return on equity, where with almost 22% at individual level and also at consolidated level, we are ahead of the target that we had set ourselves for the year of being above 20%. When we talk about evolution of the balance sheet, assets, loans, and deposits all grew. Total assets with almost RON 218 billion at the level of the bank and almost RON 233 billion at the level of the group. We had almost 4% increase both at individual and group level, whereas loans increase in the first 6 months by 7.6% at individual level, reaching almost RON 114 billion at individual level and by more than 8% at group level, reaching RON 122 billion at the end of the first 6 months.

Speaker #2: From the point of view of profitability, from the point of view of return on equity—where, with almost 22% at individual level and also at consolidated level—we are ahead of the target that we had set ourselves for the year of being above 20%.

Speaker #2: When we talk about evolution of the balance sheet, assets, loans, and deposits all grew, total assets with almost 218 billion at the level of the bank.

Speaker #2: And almost 233 at the level of the group. We had almost a 4% increase both at the individual and group level. Whereas loans increased in the first six months by 7.6% at the individual level, reaching almost 114 billion at the individual level.

Speaker #2: And by more than 8% at group level, reaching RON 122 billion at the end of the first six months. Gross loans to deposit ratio increased in this period, as it reflects the evolution of the loans, reaching almost 66% for the first six months at the bank level.

George Călinescu: Gross loans to deposit ratio increase in this period as it reflects the evolution of the loans reaching almost 66% for the first 6 months at the bank level and 68% at the group level. On the capital evolution, Cătălin will go into more details in the sections of the presentation. What I can say is that cost income ratio in this period reached 44.6% at individual level on a decreasing trend and 45%, this is including the turnover tax. Without turnover tax, it would have been 38% at individual level and 39.7% at group level. So both of them below 40% excluding this turnover tax, which increased this year versus the previous year.

Speaker #2: And 68% at the group level. On the capital evolution, Catalin will go into more details in the risk sections of the presentation. What I can say is that the cost to income ratio in this period reached 44.6% at the individual level.

Speaker #2: On a decrease in trend. And 45%. This is including the turnover tax, without turnover tax we would have been 38% at individual level and 39.7% at group level.

Speaker #2: So, both of them are below 40%, excluding this turnover tax, which increased this year versus the previous year. When we go forward and take a look at the evolution of the revenues, you notice that actually, net interest income increased in the first half of the year when we compare it to last year.

George Călinescu: When we go forward and we take a look at the evolution of the revenues, you notice that net interest income increased in the H1 of the year when we compare it to the last year. Here, with RON 3.3 billion at the level of the bank and RON 4.2 billion at the level of the group, we have 4.6% increase at the level of the bank and 6.3% at the level of the group. Net interest income remains the main engine of growth for the revenues in the year 2026. With the net fees and commission growing quite nice in the first 6 months, continuing the growth from the Q1, we have 13.5% increase at the level of the bank and 18% at the level of the group.

Speaker #2: And here, with €3.3 billion at the level of the bank and €4.2 billion at the level of the group, we have a 4.6% increase at the level of the bank and 6.3% at the level of the group.

Speaker #2: Net interest income remains the main engine of growth for revenues in the year 2026, with net fees and commissions growing quite nicely in the first six months, continuing the growth seen in the first quarter.

Speaker #2: We have a 13.5% increase at the level of the bank and 18% at the group level, the group reaching above RON 900 million in terms of net fees and commissions for the first six months of the year.

George Călinescu: The group reaching above RON 900 million in terms of net fees and commission for the first 6 months of the year. When we look at the net interest income margin, we see that the margin remained quite flat in the H1 of the year with an evolution almost at the level of the year 2025 with 3.88% versus 3.92% for the group and 3.41% versus 3.5% for the bank. In terms of composition of the revenues, if you take a look at the other elements and you see the evolution of the composition both at the BT level and the group level, you can say that the bank is showing a diversified source of revenue in the year 2026, with an increase in terms of net fees and commission.

Speaker #2: When we look at net interest income margin, we see that the margin remained quite flat in the first half of the year, with an evolution almost at the level of the year 2025, with 3.88 versus 3.92 for the group, and 3.41 versus 3.5 for the bank.

Speaker #2: In terms of the composition of revenues, if you take a look at other elements and see the evolution of the composition both at BT level and at the group level, you can say that the bank is showing a diversified source of revenue.

Speaker #2: In the year 2026, we saw an increase in net fees and commissions. But we also had some increases in net trading, or gains from financial assets, that are due to the evolution of FX revenues with the clients or due to the market evolution.

George Călinescu: But also we have some increases in terms of net trading or gains from financial assets that are due to the evolution of the FX revenues with the clients or due to the market evolution. And some one-off revenues reflected in other income besides the bank assurance revenue and dividends that we traditionally reflect there. We actually have a question that was coming in and we can tackle it now, asking us how much are these one-off revenues reflected in other income, because other income increased quite a lot in this period. We can say that approximately RON 100 million are reflecting one-off revenues in the period, both at individual and at group level.

Speaker #2: And some one-off revenues are reflected in other income, besides the bancassurance revenue and dividends that we traditionally reflect there. We actually have a question that has come in, and we can tackle it now. It's asking us how much these one-off revenues, reflected in other income, amount to.

Speaker #2: Other income increased quite a lot in this period. We can say that approximately 100 million are reflecting one-off revenues in the period, both at individual and at group level.

Speaker #2: When we look at expenses, we can say that from the point of view of operating expenses, we delivered improved efficiency as well in the year 2026, despite the increase in turnover tax, which you can see has impacted both the bank and the group quite significantly in the year 2026 due to the fact that the percentage of the turnover tax doubled this year.

George Călinescu: When we look at expenses, we can say that from the point of view of operating expenses, we delivered improved efficiency as well in the year 2026, despite the increase in turnover tax, which you can see that has impacted both the bank and the group quite significantly in the year 2026, due to the fact that the percentage of the turnover tax doubled in this year. In terms of personnel expenses, with 7.1% increase at individual level and 7.8% at group level, we managed to stop the growth of these expenses. Especially if you take a look at the quarter-on-quarter evolution of these expenses, you can see that in Q2, the amounts are below the ones in Q1. We expect this to be the level that will be normalized for the second part of the year as well.

Speaker #2: In terms of personnel expenses, with a 7.1% increase at the individual level and a 7.8% increase at the group level, we managed to stop the growth of these expenses. Especially if you take a look at the evolution of these expenses, you can see that in the second quarter the amounts are below the ones in the first quarter.

Speaker #2: And we expect this to be the level that will be normalized for the second part of the year as well. If you take a look at other operating expenses, you can see as well that excluding the turnover tax—which has increased, as I mentioned before, due to the fact that the government increased the percentage—at the bank level, the amounts are increasing by approximately 4%.

George Călinescu: If you take a look at other operating expenses, you can see as well that excluding the turnover tax, which has increased, as I mentioned before, due to the fact that the government increased the percentage. At the bank level, the amounts are increasing by approximately 4%, while at the group level, the amounts of operating expenses are decreasing by 5% year-on-year, and both amounts are below the inflation level. This performance is reflecting a good continued cost discipline, as well as procurement initiatives and also simplification in the process and increase of the contribution of the digital channels. In terms of cost-to-income ratio, as I mentioned, the trend is constant at an individual level, but is decreasing quite significantly at the group level and reaching 38% and 39% respectively, 38% at individual level and 39% at group level. What does it mean in terms of this reduction in cost?

Speaker #2: At the group level, operating expenses are decreasing by 5% year on year, and both amounts are below the inflation level.

Speaker #2: This performance is supporting continued good cost discipline, as well as procurement initiatives and simplification in the process, and an increase in the contribution of digital channels.

Speaker #2: In terms of cost-to-income ratio, as I mentioned, the trend is constant at the individual level, but it is decreasing quite significantly at the group level.

Speaker #2: And reaching 38% and 39%, respectively—38% at individual level and 39% at group level. What does it mean in terms of this reduction in cost?

George Călinescu: Does it mean that we reduce the investment in the franchise? No, this is not the case. We continue to invest in technology. We continue to invest in cybersecurity, in data improvements and artificial intelligence. We continue to improve our digital customer journeys and to modernize our distribution model, and these initiatives will help us in improving our capacity to grow. Now I will hand over to Omer to continue with the main business line developments.

Speaker #2: Does it mean that we reduce the investment in the franchise? No, this is not the case. We continue to invest in technology. We continue to invest in cybersecurity.

Speaker #2: In data improvement and artificial intelligence, we continue to improve our digital customer journeys and to modernize our distribution model. These initiatives will help us improve our capacity to grow.

Speaker #2: Now I will hand over to Omer to continue with the main business line developments.

Speaker #1: Thank you, George.

Ömer Tetik: Thank you, George. As I mentioned at the beginning, all our business lines had strong results in Q2, in H1. This gives us also comfort about delivering the budgeted numbers on the lending and asset generation side. Coming back to retail banking, our total retail portfolio reached RON 44.7 billion per total, with a growth of RON 3.1 billion. Although the growth in H1 of the year had been more on the consumer loan side, still our outstanding portfolio is quite balanced between secured and unsecured lending. Due to very aggressive price competition, we are trying to be very selective. We are trying to work with our existing customers that we have a history and trying to create also additional value. We are not just trying to create the mortgage loan by itself.

Speaker #3: And as I mentioned at the beginning, all our business lines had strong results in the second quarter and the first half. This gives us comfort about delivering the budgeted numbers on the lending and asset generation side.

Speaker #3: Coming back to retail banking, our total retail portfolio reached 44.7 billion in total, with a growth of 3.1 billion. Although the growth in the first half of the year had been more on the consumer loan side, still, our outstanding portfolio is quite balanced between secured and unsecured lending.

Speaker #3: And due to it being a very aggressive, let's say, price competition, we are trying to be very selective. We are trying to work with our existing customers with whom we have a history, and trying to create also additional value.

Speaker #3: We are not just trying to create a mortgage loan by itself. We have granted 6,400 mortgages during the period, out of which 1,000 are green mortgages.

Ömer Tetik: We have granted 6,400 mortgages during the period, out of which 1,000 are green mortgages. I will say we are also happy that our deposit growth continues, although, for the ones who are following more closely, we are not one of the most aggressive banks in the pricing. We are in the mid-range, I would say, in terms of our deposit pricing. Despite the switch of the customers from current accounts and savings accounts towards term deposits, we have managed to grow our total deposits and also reached almost RON 113 billion. In the, I would say, lending side, our strength is coming from digital origination, especially after we managed to enroll lending products, unsecured lending products through BT Pay. We have seen a huge growth and 36,000 consumer and card loans have been granted through BT Pay in the first 6 months of the year.

Speaker #3: And I'll say we are also happy that our deposit growth continues. Although we are not, for the ones who are following more closely, we are not one of the most aggressive banks in the pricing. We are in the mid-range, I would say, in terms of our deposit pricing.

Speaker #3: And despite the switch of the customers from current accounts and savings accounts towards term deposits, we have managed to grow our total deposits and also reached almost 113 billion lei.

Speaker #3: In the landing side, our strength is coming from digital origination. In the especially after we managed to enroll products landing products unsecured landing products through better pay.

Speaker #3: We have seen huge growth, and 36,000 consumer and card loans have been granted through Better Pay in the first six months of the year.

Speaker #3: We see the impact of higher transaction volumes and amounts also in our fee and commission income results on the retail banking side. Our bancassurance is growing quite strong.

Ömer Tetik: We see the impact of higher transactions and transaction volumes and amounts also in our fee and commission income results on the retail banking side. Our bank issuance is growing quite strong. Going to corporate banking side, we have definitely a very stronger momentum in the corporate banking, especially on the large corporates. We are happy to see that also in Q2, mid-corporates and SMEs have been growing also well. Our growth had been over 10% in the first 6 months of the year to date. This is well above the market averages. Our combined SME micro, mid-corporate loan portfolio reached over RON 29 billion, which is 9.7% growth year to date. Large corporate banking had been channeling the pipeline into production in Q2.

Speaker #3: Going to the corporate banking side, we definitely have a very strong momentum in corporate banking, especially with the large corporates. But we are happy to see that also in the second quarter, mid corporates and SMEs have been growing well.

Speaker #3: Our growth has been over 10% in the first six months of the year, year to date. This is well above the market averages, and our combined SME, micro, and mid-corporate loan portfolio reached over 29 billion lei.

Speaker #3: Which is 9.7% growth year to date. And large corporate banking had been channeling the pipeline into production in the second quarter. When I'm saying that we are comfortable about delivering the budgeted numbers, hopefully when we present the third quarter results, you will see that even more of the pipeline has been coming to production.

Ömer Tetik: When I am saying that we are comfortable about delivering the budgeted numbers, hopefully when we will present the Q3 results, you will see that even more of the pipeline had been coming to production, becoming real production. Large corporate loan portfolio reached almost RON 40 billion with the deposits of RON 14 billion. I would say SME and mid-corporate deposits are at RON 46 billion. These are mostly in the current accounts and creating also business volumes for us. When we, how say, dive deeper on the corporate SME banking, we see that even the micro loans, very small tickets for small companies increased around RON 300 million and SME loans by RON 1 billion in the first 6 months. Mid-corporates with RON 1.3 billion. New production is 18% higher year on year, where BT Go, our mobile banking app, is very much central to our strategy.

Speaker #3: Becoming real production. And large corporate loan portfolio reached almost 40 billion lei, with deposits of 14 billion lei. And I would say SME and mid corporate deposits are at 46 billion.

Speaker #3: These are mostly in the current accounts and also creating business volumes for us. When we dive deeper into SME banking—corporate and SME banking—we see that even the microloans, very small tickets for small companies, increased by around 300 million, and SME loans by 1 billion lei in the first six months.

Speaker #3: And mid-corporates, at 1.3 billion lei. New production is 18% higher year on year. Where BT Go, our mobile banking app, is very much central to our strategy.

Speaker #3: Customers benefiting from the, let's say, comfort and utility of better go where they can not only make payments but also access other services, including invoice issuing, had been switching to BT more and more, both for their borrowings but also current accounts and transactions.

Ömer Tetik: Customers benefiting from the, let's say, comfort and utility of BT Go, where they can not only make payments but also access other services including invoice issuing, have been switching to BT more and more both for their borrowings but also current accounts and transactions. Agri business is also another driver this year. Although, obviously, it had been a couple of challenging years, this year the harvest looks good and new production in the agri business reached RON 1.3 billion, almost RON 1.4 billion. Total agri business portfolio being at RON 7 billion. Another driver is also together with the investments supported by European Union funds, had been our healthcare division. Our healthcare division new production is at RON 1.4 billion, with a total portfolio of RON 3.2 billion. These two specific business lines, agri and healthcare, they are serving more than 70,000 customers.

Speaker #3: Agri business is also another driver this year. Although it had been a couple of challenging years, this year the harvest looks good. And new production in the agri business reached 1.3 billion, almost 1.4 billion lei.

Speaker #3: The total agri-business portfolio is at 7 billion. Another driver, together with the investments supported by European Union funds, has been our healthcare division, and our healthcare division's new production is at 1.4 billion lei.

Speaker #3: With a total portfolio of 3.2 billion lei, where together—I mean these two specific business lines, agri and healthcare—they are serving more than 70,000 customers. With BT's company accounts, the ecosystem reached over 600,000 unique customers.

Ömer Tetik: Where BT's company accounts, the ecosystem, reached over 600,000 unique customers. Large corporate, definitely, as I said, had been the driver of growth because of the, definitely, ticket sizes. But it is also a, let's say, secondary business generator for us because besides being able to work with very reputable low-risk customers, it supports, for example, our growth of factoring almost RON 4 billion, reaching the factoring amount. From an insignificant factoring player, we are becoming one of the market leaders. POS is acquiring business salary accounts. Current accounts are all coming with a small, let's say, lag maybe after granting these large corporate loans. We still have a very strong pipeline of syndicated or bilateral transactions and comfortable that we will be even surpassing our budget for this year.

Speaker #3: Large corporates definitely, as I said, have been the driver of growth because of the ticket sizes, but it is also let's say a secondary business generator for us because besides being able to work with very reputable, low-risk customers, it also supports, for example, the growth of our factoring—almost 4 billion lei reaching the factoring amount.

Speaker #3: From an insignificant factoring player, we are becoming one of the market leaders. POS acquiring business, salary accounts, current accounts—they are all coming with a small, let’s say, lag, maybe after granting these large corporate loans.

Speaker #3: And we still have a very strong pipeline of syndicated or bilateral transactions and are comfortable that we will even surpass our budget for this year.

Speaker #3: Speaking about all the lending activity, now we definitely also have to be attentive on the risk side, and I will ask Catalin to give more insight on the risk numbers.

Ömer Tetik: Speaking about all the lending activity, now we are definitely also have to be attentive on the risk side, I will ask Cătălin to give more insight on the

Speaker #1: Thank you Omer.

Cătălin Caragea: Thank you, Omer. When looking to the capital and risk posture, we can see that this is mirroring the balance sheet and the profitability standing of the bank and of the group as a whole. In terms of capital ratios, both the group and the banks and the loan are looking in a favorable position. If I would mention just the total capital adequacy ratio, this is well above the minimum regulatory and well above the targeted level of 20% that we are continuously announcing. If we look to the evolution, we can see that we are continuously growing the total amount of the own funds, this being solely driven by the sales capability of the bank to generate profit and to incorporate this profit in its equity, in its capital position.

Speaker #2: When looking at the capital and risk posture, we can see that this is mirroring the balance sheet and the profitability standing of the bank and of the group as a whole.

Speaker #2: In terms of capital ratios, both the Group and the Bank stand-alone are looking in a favorable position. And if I would mention just the total capital adequacy ratio, this is well above the minimum regulatory and well above the targeted level of 20% that we are continuously announcing.

Speaker #2: If we look to the evolution we can see that we are continuously growing the total amount of the own funds. This being solely driven by the self capability of the bank to generate profit and to incorporate this profit in the in its equity in its capital position.

Speaker #2: If we look from the year-end 2025, we are seeing an increase of around 1.1 billion RON in terms of own funds.

Cătălin Caragea: If we look from the year-end 2025, we are seeing an increase of around RON 1.1 billion in terms of own funds. Although we incorporated that H2 2021, the net amount of 1.1 is much lower because of the regulatory transitional provisions that hit at the beginning of the year, the own funds through, in fact, one big component, which was the fair value through OCI revaluated bonds, which the negative reserves have been deducted from the own funds. They benefited previously by a temporary exception from the regulator. This is not being for BT, this being a market situation. If we look to the RWA density, we are seeing a slight updrift from 2025 to June 2026 from, if I am looking to credit risk, from 78% to 81%. This is fully explainable by two factors.

Speaker #2: Although we incorporated that half year 2.1 the netto amount of 1.1 it's much lower because of the transitional provisions regulatory transitional provisions that hit at the beginning of the year the own funds through several through in fact to one big component which was the fair value through OCI evaluated bonds which have been the negative reserves have been deducted from the own funds.

Speaker #2: They benefited previously by a temporary exception from the regulator. This has not been for BT; this is a market situation. If we look to the RWA density, we are seeing a slight updrift.

Speaker #2: From 2025 to June 26, if I'm looking at credit risk, it increased from 78% to 81%. This is fully explainable by two factors. I would say that half of it is due to another temporary regulatory exception that was applicable in 2025, and this refers to the euro-denominated sovereign exposures.

Cătălin Caragea: I would say that half of it is given by another temporary regulatory exception that was applicable in 2025, and this is referring to the euro-denominated sovereign exposures for which the risk weights were brought to a higher level by the regulator. So basically not having anything in common with the credit risk of the portfolio. Another effect is given by pure business effects, because this year our focus was on two particular segments as also Omer Tetik was explaining you on large exposures, on large corporates. Also this year we observed a higher business volumes when coming about unsecured loans. Of course, beside coming with good revenues, they came also with a higher risk weight that it is seen in the RWA figure. However, this is still within the and well within our tolerance.

Speaker #2: For which the risk weights were brought to a higher level by the regulator. So basically, not having anything in common with the credit risk of the portfolio.

Speaker #2: And another effect is given by pure business effect. Because this year our focus was on two particular segments. As also Omer was explaining to you, on large exposures, on large corporates, and also this year we observed higher business volumes coming from unsecured loans.

Speaker #2: Yeah. And this of course this this came beside coming with good revenues they came with also with a with a higher risk weight that it is seen in the in the RWA figure.

Speaker #2: However this is this is still within the and well within the our tolerance. If we look to a broader picture we can see that if we look to that capital requirements imposed by by the regulator we don't see any movement in throughout 2026 and also the movement that we have seen at the beginning of the year where driven by a slight updrift in the pillar two require this being in line with the with asset evolution of the bank because as bank is growing of course the regulator is seeing a bit risk but of course they of 16 basis points so this was negligible for us easily absorbable.

Cătălin Caragea: If we look to a broader picture, we can see that if we look to the capital requirements imposed by the regulator, we do not see any movement throughout 2026. Also the movements that we have seen at the beginning of the year were driven by a slight updates in the pillar 2 requirement. This being in line with the evolution of the bank because as bank is growing up the regulator is seeing a bit risk, but of course they 16 basis points so this was negligible for us, so easily absorbable.

Speaker #2: However if we look to the distance between the minimum regulatory and the and the the published capital ratios we are seeing a very comfortable level from the total capital adequacy ratio where we have a more than 3.5% buffer to 5% almost to to 5% when coming to the tier one CT1 level which it's capable to absorb the the business growth that it's it's planned and is budgeted as well as any potential negative effects that might come due to to any let's say systemic effects over the over the credit portfolios and not only.

Cătălin Caragea: However, if we look to the distance between the minimum regulatory and the published capital ratios, we are seeing a very comfortable level from the total capital adequacy ratio, where we have a more than 3.5% buffer to almost to 5% when coming to the tier 1 CET1 level, which it is capable to absorb the business growth that it is planned and is budgeted as well as any potential negative effects that might come due to any, let us say, systemic effects over the credit portfolios and not only. When looking to the asset quality, the asset quality shows an improved picture when compared to its March figure. If you remember at the Q1 results, we were announcing some corporate defaults which brought the NPL ratio slightly above 2.5%. However, in the Q2, we did not have any negative or adverse effects in the loan book.

Speaker #2: When looking at the asset quality, the asset quality shows an improved picture compared to the March figure. If you remember, at the Q1 results, we were announcing some corporate defaults, which brought the NPL ratio slightly above 2.5%.

Speaker #2: However in the second in the second quarter we didn't have any negative or adverse effects in the in the loan book. And we also deployed some cleanup cleanup measures writing off around of 250 million exposure together also with the depth small depth sale of around of 50 million.

Cătălin Caragea: We also deployed some cleanup measures writing off around 250 million exposure together with a small debt sale of around 50 million. All together around 300 million, which brought our NPL ratio back to the level of 2.25%. This compared with the market average of 2.9% is placing BT in a good position. When looking to the cost of risk, cost of risk at the end of June, it was in our 70 basis points budgeted risk cost level, even below that. The decrease versus 71 basis points in March was on a better portfolio quality in the second part of the first semester, corroborated with augmented business volumes. This is compared with June 2025, it is almost 20 or even more than 20 basis points lower risk cost ratio.

Speaker #2: So, altogether, around 300 million, which brought our MPR ratio back to the level of 2025. Compared with the market average, which is 2.9, this is placing BT in a good position.

Speaker #2: When looking to the cost of risk cost of risk it's at the end of June it we see in our zero 70 basis points budgeted risk cost level even below that.

Speaker #2: This was on a basis so the decrease versus 71 basis points in March was on a on a better portfolio quality in in the second part of the of the of the first of the first semester.

Speaker #2: Corroborated with augmented business volumes. If we look to the— and this is compared with June 2025— it's around almost 20 or even more than 20 basis points lower risk cost ratio.

Cătălin Caragea: At the group level as well, we are witnessing a better position in terms of risk cost when compared with June 2025. Not so much difference, just 3 basis points lower than in 2025. However, we are seeing a difference between the bank and the group, and this is explainable by two facts. One is consolidation effect, and the second one is, just as a reminder, at the end of last year, we brought in our group a new subsidiary, which is running microfinancing and consumer lending in the Republic of Moldova. Of course, the specificity of this subsidiary is bringing a higher risk cost, but of course, this is backed by higher revenues. If we look to the evolution per stages here, we have done throughout 2026 some methodological updates. We are seeing that we did improvement when coming about the risk management framework.

Speaker #2: At the group level as well, we are witnessing a better position in terms of risk cost when compared with June 2025. Not so much difference—just three basis points lower than in 2025.

Speaker #2: However, we are seeing a difference between the bank and the group, and this is explainable by two facts. One is consolidation effects, and the second one is, just as a reminder, at the end of last year the group added a new subsidiary, which is running microfinancing and consumer lending in the Republic of Moldova.

Speaker #2: And of course, given that the specificity of this subsidiary is bringing a higher risk cost, this is backed by higher revenues, of course.

Speaker #2: If we look at the evolution per stages, here we've done, throughout 2026, some methodological updates. We are seeing that we made improvements when it comes to the risk management framework.

Speaker #2: And we are seeing, in terms of Stage 1, a higher share of Stage 1. This is, on one hand, due to this methodological update but also, on the other hand, due to higher volumes.

Cătălin Caragea: We are seeing in terms of stage 1, a higher share of stage 1. This is on one hand given by this methodological update, but also on the other hand by higher volumes. Of course, we are originating volumes in stage 1. However, if we look to the total amount of provisions, we did not release provisions. Although we are making adjustments and improvements in the risk methodology, we still preserve our reserves, or we keep our reserves there. As a matter of fact, we can see that on stage 2, when we are looking to the coverage for stage 2, we allocated more provisions in a conservative manner.

Speaker #2: Of course, we are originating volumes in stage one. However, if we look at the total amount of provisions, we didn't release provisions. So, although we are making adjustments and improvements in the risk methodology, we still preserve our reserves.

Speaker #2: So, we keep our reserves there. And, as a matter of fact, we can see that in stage two, when we are looking at the coverage for stage two, we allocated more provisions in a conservative manner.

Speaker #2: So if we look compared with 20 end of 2025 or March 26 the the coverage increase up to four percentage points for for stage two which is placing us and looking to our competitors and to or to the market average much above much in a much more conservative posture.

Cătălin Caragea: If we look compared with end of 2025 or March 2026, the coverage increased up to 4 percentage points for stage 2, which is placing us and looking to our competitors and to the market average in a much more conservative posture. When looking to the liquidity, our liquidity position is as always very favorable with very good indicators and coming both LCR and NSFR, as well as loan to deposit ratio. Loan to deposit ratio, although increased a bit, is still at a very low level at 68%. This is placing the bank and the group as a whole in a good position from a liquidity perspective. When looking to the MREL capacity, here of course we are seeing the effect in the on-fund that I explained you before, with the transitionary provisions which are fading out.

Speaker #2: When looking at our liquidity, our liquidity position is, as always, very favorable, with very good indicators coming from both LCR and SFR, as well as the loan to deposit ratio.

Speaker #2: Loan to deposit ratio although increased a bit is still at a at a at a very low level at 68%. So placing placing the bank and the group as a whole in in a good position from a liquidity perspective.

Speaker #2: When looking at the MREL capacity here, of course, we are seeing the effect in the own funds that I explained to you before.

Speaker #2: With the transitionary provisions which are fading out but here we also had the positive effect of the 1 billion euro S&P the record 1 billion euro S&P which in April took its place in the in the MREL capacity and still keeping a very comfortable buffer of 213 bips on above the minimum regulatory just as a reminder we our risk appetite is saying that we want to be on a continuous basis 50% 50 bips on top of the regulatory so basically we are having a four times higher buffer of course this buffer is built in order to account for the for the business growth that is is to come in in the upcoming period.

Cătălin Caragea: But here we also had the positive effect of the EUR 1 billion SNP, the record EUR 1 billion SNP, which in April took its place in the MREL capacity and still keeping a very comfortable buffer of 213 bps above the minimum regulatory. Just as a reminder, our risk appetite is saying that we want to be on a continuous basis 50 bps on top of the regulatory. We are having a four times higher buffer. Of course, this buffer is built in order to account for the business growth that is to come in the upcoming period. This being said, I will give the floor to Relu.

Speaker #2: That being said, I will give the floor to Relu.

Speaker #1: Thank you. So, Catalin, now everybody will know my nickname, which is Relu, by the way, but it’s my pleasure having it. In terms of ESG, our rating is 14.6, which represents a low risk level.

Aurel Bernat: Thank you. Catalin, now everybody will know my nickname, which is Relu, by the way, but it is my pleasure having it. In terms of ESG, our ESG rating is 14.6, which represents a low risk level. It is still improving, given by Sustainalytics. For the bonds and their impact, we had an equivalent of EUR 1.5 billion, which were fully allocated in terms of proceeds as for the last year end, 40% green and 60% social. You can also see the key impact metrics, which are relevant, but I think that we should also talk about the accessibility and inclusion, because it took quite some tremendous work from many of our colleagues. We have more than 350 ATMs and recycling machines with audio guidance. We have the branches with wheelchair accessibility and one fully adapted flagship.

Speaker #1: It is still improving, as given by Sustainalytics. For the bonds and their impact, we had an equivalent of €1.5 billion, which was fully allocated in terms of proceeds as of last year, with 14% green and 60% social.

Speaker #1: You can also see the key impact metrics, which are relevant, but I think that we should also talk about accessibility and inclusion, because it took quite, quite some, some tremendous work from many of our colleagues.

Speaker #1: We have more than 350 ATMs and recycling machines with audio guidance. We have branches with wheelchair accessibility and one fully adapted flagship branch. We have this inclusion throughout our environment, starting with BT Pay and assisted devices and continuing with different support from the Romanian Association for the Blind in terms of measures for co-designing.

Aurel Bernat: We have this inclusion throughout our environment, starting with the BT Pay and assistive devices, and on with different support from the Romanian Association of the Blind in terms of measures for co-designing. That would be in a nutshell. Going further, I will turn to Omer for digital.

Speaker #1: That would be, in a nutshell. Going forward, I will turn to Omer for digital.

Speaker #3: Thank you. I mean, we had already mentioned in different moments—what I cannot emphasize, I cannot just, how to say, give up on emphasizing this more—because BT Pay definitely, with the number of coverage and the number of usage, utilization, is the best practice in Romania. When we look at the numbers, how to say, the mobile NFC payments are increasing 24%, and the volume of transfers increased 26%.

Ömer Tetik: Thank you, Aurel. We have been already mentioning in different moments, but I cannot give up on emphasizing this more because BT Pay definitely, with the number of coverage, number of usage, utilization, is the best practice in Romania. When we look at the numbers, the mobile NFC payments are increasing 24%, and the volume of transfers increased 26%. If you add up inflation and our customers' numbers growth, this is even a higher performance. This explains clearly that our existing customers are also switching to our mobile banking app, BT Pay. BT Pay is not just a payments and current account application. Now we are investing heavily to developing its ecosystem with savings products, investment products, and actually, 62% of the new BT Asset Management customers' new production came through BT Pay. We also launched the enrollment capacity for BT Capital Partners.

Speaker #3: If you add up, let's say, inflation and our customer numbers growth, this is an even higher performance. This explains clearly that our existing customers are also switching to our mobile banking app, BT Pay.

Speaker #3: BTPay is not just a payments and current account application. Now we are investing heavily in developing its ecosystem with savings products, investment products, and actually, 62% of the new BTPay beta asset management customers' new production came through BTPay.

Speaker #3: We have also launched the enrollment capability for Beta Capital Partners. Thirty percent of the new customers in BTPay are pension sales; these had been processed through BTPay. We are also now developing BT Broker to be more active. There are already products accessible through BTPay.

Ömer Tetik: 30% of the new customers in BT Pensii, our pension sales had been through BT Pay, and we are also now developing for BT Broker to be more active. There are already products accessible through BT Pay, and it is also through Round Up and other savings auctions, savings products, BT Pay is becoming our maybe largest branch, largest sales channel by far. On the other hand, recently we have celebrated three years of age for BT Go, where over 600,000 companies as of end of June have enrolled. Out of the 600,000 customers, 86% are transactionally active, and number of transactions reached over 61 million, and volume of payments over RON 700 billion.

Speaker #3: And it's also how, say, through Roundup and other savings options, savings products, BT Pay is becoming our, maybe, largest branch, largest sales channel by far.

Speaker #3: But on the other hand, recently we have celebrated three years of age for BTGO, where over 600,000 companies as of the end of June have enrolled. Out of these 600,000 customers, 86% are transactionally active, and the number of transactions reached over 61 million.

Speaker #3: And volume of payments over 700 billion. BTPay itself, BTGO as BTPay, it's not just an account management and payments services application, but we see our company customers—non-retail customers—doing their insurance, doing their savings, and also doing invoice and cash flow management through BTPay.

Ömer Tetik: BT Go as BT Pay, it is not just an account management and payments services application, but we see our company customers, non-retail customers, doing their insurance, doing their savings, and also doing invoice and cash flow management through BT Pay. We are very happy to see that ratings of both apps are in the stores, App Store and Google Play Store, are top-notch as compared to our competitors. I will leave George to give briefly about our subsidiaries and the group, and then we shall switch hopefully to Q&A.

Speaker #3: We are very happy to see that the ratings of both apps in the App Store and Google Android Store are top notch compared to our competitors.

Speaker #3: I will leave Georgia to briefly talk about our subsidiaries and the group, and then we shall hopefully switch to Q&A.

Speaker #1: Thank you very much Omer. So what can I say the first half of the year shows that subsidiaries are integrated more and more with the the bank and the other companies in the group and we mentioned dividends we mentioned the integration within the application ecosystem what I want to focus because there are a lot of information presented in this presentation and as well on the financials and presentations that were published a couple of key things that happened so first of all beta asset management which have increased assets and the management by over 12 billion RON more than 100% increase year on year and more than half a million active investor base the success of the BT Romania ETF which has more than 400 million net assets in the first half of the year and more than 12,000 investors until now we talk about micro invest where there is an increase in the portfolio of loans of 17% and we have we have to mention also beta leasing where volume generated in partnership with beta increased by 66% year on year and the digital experience of of the clients has increased in the in the first half of the year.

George Călinescu: Thank you very much, Omer. What can I say? The H1 of the year shows that subsidiaries are integrated more and more with the bank and the other companies in the group. We mentioned dividends, we mentioned the integration within the application ecosystem. What I want to focus, because there are a lot of information presented in this presentation and as well on the financials and presentations that were published, a couple of key things that happened. First of all, BT Asset Management, which have increased assets under management by over RON 12 billion, more than 100% increase year on year and more than half a million active investor base. The success of the BT Romania ETF, which has more than RON 400 million net assets in the H1 of the year and more than 12,000 investors until now.

George Călinescu: We talk about Microinvest, where there is an increase in the portfolio of loans of 17%. We have to mention also BT Leasing, where volume generated in partnership with BT increased by 66% year on year. The digital experience of the clients has increased in the H1 of the year. Having said that, let us move to the Q&A session.

Speaker #1: Having said that, let's move to the Q&A session. First, we'll begin with the first set of questions coming from Swiss Capital, Daniela Mîndru. On a standalone basis, the external vertex cost-to-income ratio improved versus the end of, versus the comparable period.

Diana Miclăuș: First, we will begin with the first set of questions coming from Swiss Capital, Daniela Mândru. On a standalone basis, the external tax cost-to-income ratio improved versus the comparable period. Where do you see the underlying cost-to-income ratio settling for the full year 2026, and how much further efficiency improvement is realistic from here? Moving to loans, net loans increased 12% year-on-year and 8% versus end of 2025. Do you now see full year 2026 net loan growth potentially exceeding 10%? Which segment should drive the H2? Loan growth continued to outpace deposits, pushing the net loans to deposit ratio up by 3 percentage points. What is the comfortable level for Banca Transilvania?

Diana Mazurchievici: First, we will begin with the first set of questions coming from Swiss Capital, Daniela Mândru. On a standalone basis, the external tax cost-to-income ratio improved versus the comparable period. Where do you see the underlying cost-to-income ratio settling for the full year 2026, and how much further efficiency improvement is realistic from here? Moving to loans, net loans increased 12% year-on-year and 8% versus end of 2025. Do you now see full year 2026 net loan growth potentially exceeding 10%? Which segment should drive the H2? Loan growth continued to outpace deposits, pushing the net loans to deposit ratio up by 3 percentage points. What is the comfortable level for Banca Transilvania?

Speaker #1: Where do you see the underlying cost-to-income ratio settling for the full year 2026, and how much further efficiency improvement is realistic from here?

Speaker #1: Moving to loans, net loans increased 12% year on year and 8% versus the end of 2025. Do you now see full-year 2026 net loan growth potentially exceeding 10%, and which segments should drive the second half? And will loan growth continue to outpace deposits, pushing the net loans-to-deposit ratio up by 3 percentage points?

Speaker #1: What is the comfortable level for Banca Transilvania?

Speaker #3: Daniela, thank you for the questions. I will start with the second one, as it is more related to the budget. I don't want to be, let's say, very aggressive, but yes, I mean, when we look at the pipeline and the third quarter results, it is very likely that we will have double-digit growth of lending portfolio. But we are very careful about our liquidity, risk-weighted assets, and the quality of our portfolio.

Ömer Tetik: Daniela, thank you for the questions. I will start with the second one. It is more related with the budget. I do not want to go, let us say, to be very aggressive, but yes, when we look at the pipeline and the Q3 results, it is very likely that we will have double-digit growth of lending portfolio. We are very careful of our liquidity, risk-weighted assets, and quality of our portfolio. So it depends very much on how much of the pipeline we can realize this year, or it will be next year also, because it is an active conversation with the customers. Here the main growth is coming from large companies and mid-size companies. So they are also assessing their budgets, geopolitical, and local situation before taking bigger investment decisions. Again, I am comfortable to say that my colleagues are doing the hard work to exceed budgeted numbers.

Speaker #3: So, it depends very much on how much of the pipeline we can realize this year, or if it will be next year. Also, because it's an active conversation with the customers, and here the main growth is coming from large, large companies and mid-sized companies.

Speaker #3: So, they are also assessing their budgets, geopolitical, and local situation before taking bigger investment decisions. But again, I mean, I'm comfortable to say that my colleagues are doing the hard work to exceed budgeted numbers.

Speaker #3: And as per the loan-to-deposit ratio, I'll say when our loan-to-deposit ratio is slightly increasing, there are concerns; when it's decreasing, there are other concerns.

Ömer Tetik: As per the loans-to-deposit ratio, our loans-to-deposit ratio is slightly increasing. There are concerns when it is decreasing. There are other concerns. We think that with our business model, even 75%, slightly above 75% of loans-to-deposit ratio is quite healthy. It depends very much on the loans structure and deposit structure and the pricing, but with our current operating model and balance sheets numbers, I would say that we still have room to improve and use our liquidity in profitable lending portfolio. That is why we are also not becoming very aggressive, as I mentioned already, in deposits pricing as compared to our competitors, because we have a very comfortable liquidity position. As regard to, let us say, cost to income ratio, I will let George give details.

Speaker #3: We think that, with our business model, even a slightly above 75% loan-to-deposit ratio is quite healthy. This depends very much on the loan structure, the deposit structure, and the pricing, but with our current operating model and balance sheet numbers, I would say that we still have room to improve and use our liquidity in a profitable lending portfolio.

Speaker #3: That's why I'll say we are also not becoming very aggressive, as I mentioned already, in deposits pricing compared to our competitors, because we have a very comfortable liquidity position.

Speaker #3: As regards, let's say, the cost-to-income ratio, I will let Georgia give the details.

Speaker #1: Yes, thank you very much, Omer. Well, business is growing, cost control is continuing, and we will have some savings coming in the second part of the year. We'll have an increase in revenue in the second part of the year, so I would say that the cost-income ratio will stay at the same level or even be better in the second part of the year, towards year end.

George Călinescu: Yes. Thank you very much, Mr. Omer Tetik. While business is growing, cost control is continuing. We will have some savings coming in the H2. We will have increase in revenue in the H2. So I would say that cost-income ratio will stay at the same level or even be better in the H2 towards the year end.

Diana Miclăuș: With the asset quality, Daniela Mândru wants to know if we can clarify the reduction in management overlays on the expected credit losses to almost 10%, from 13.5% at the end of 2025. Should the current overlay level be considered broadly normalized, or do you still see scope for further releases in the H2 of the year?

Diana Mazurchievici: With the asset quality, Daniela wants to know if we can clarify the reduction in management overlays on the expected credit losses to almost 10%, from 13.5% at the end of 2025. Should the current overlay level be considered broadly normalized, or do you still see scope for further releases in the H2 of the year?

Speaker #2: On asset quality, Daniela wants to know if we can clarify the reduction in management overlays on the expected credit losses to almost 10% from 13.5% at the end of 2025.

Speaker #2: Should the current overlay level be considered broadly normalized, or do you still see scope for further releases in the second half of the year?

Cătălin Caragea: As I was explaining also during the main presentation, we have done some methodological improvements in terms of provisions, and none of them was related to the PMA and the overlays. Basically, what we did, we did not release any provisions. You do not see the risk of any impact out of these methodological changes because, as I said, we are looking to keep our coverage at, let us say, adequate level for the risks that are flying around us today. This is visible in the coverage ratios which did not drop. On contrary, they increased. What we have done, we moved part of the overlays in the normal parameters, in the standard parameters. This is just a shift which is much more aligned with the IFRS standards and the standard methodological requirements. This is it.

Speaker #3: There is as I was explaining also during the main presentation we've done some improvement a methodological improvement in terms of provisions and one of them was related to the to the PMA and overlays.

Speaker #3: Basically what we what we did so we didn't release any provisions so you don't see in the risk cost any impact out of this methodological changes because as I said we are looking to to keep our coverage at let's say adequate level for the risks that are flying around us today.

Speaker #3: So and this is visible in the coverage ratios which didn't drop contrary they they increased. What we've done we we we moved part of the overlays in the in the normal parameters in the standard parameters.

Speaker #3: So this was just a shift, yeah, which is much more aligned with the IFRS standards and the standard methodological requirements. So this is it.

Speaker #3: If if we talk about future I don't see a at this at this point a need for further adjustment methodological adjustment and of course there there are no plans related to provision releases are contrary we are keeping our strategy to be well covered with provisions given also the the threat the threats that are around us both external and internal in terms of portfolio quality.

Cătălin Caragea: If we talk about future, I do not see at this point a need for further methodological adjustment. Of course, there are no plans related to provision releases. On contrary, we are keeping our strategy to be well-covered with provisions, given also the threats that are around us, both external and internal in terms of portfolio quality.

Speaker #2: Thank you. We will now continue with a couple of questions on the Robor fine from the Competition Council. Carol Steller from Trigon asked, if the reasoned decision is served, does the 960 million lei become payable before the final resolution of litigation? In other words, would the service alone change your current assessment? And on the same topic, Jovan Sikimich from Odo asks to give some updates on the current Robor situation.

Diana Miclăuș: Thank you. We will now continue with a couple of questions on the ROBOR fine from the Competition Council. Carol Seller from Trigon asked if the recent decision is served, does the 960 million lei become payable before the final resolution of litigation? In other words, would the service alone change your current assessment? On the same topic, Jovan Sikimić from ODDO BHF asks to give some updates on the current ROBOR situation.

Diana Mazurchievici: Thank you. We will now continue with a couple of questions on the ROBOR fine from the Competition Council. Carol Seller from Trigon asked if the recent decision is served, does the 960 million lei become payable before the final resolution of litigation? In other words, would the service alone change your current assessment? On the same topic, Jovan Sikimić from ODDO BHF asks to give some updates on the current ROBOR situation.

Speaker #3: I mean I'll say the public space had been flooded by declarations opinions observations here again I have to underline that Banca Transilvania and BT group doesn't agree with the accusations which are mainly in the public space because coming back to the initial question the this decision the motivation of the decision hasn't been served I mean the only communication had been through media and press releases on the other hand we are definitely preparing with our legal advisors lawyers different scenarios but the options which depend on the court decisions as well in case the decision that had been circulated in public space will prevail we will be contesting definitely and also while the let's say court case the litigation continues there are several options including the first one which we will we don't agree to do the payment itself then offering a payment guarantee a letter of guarantee and continuing the litigation but I'll say as regard to the provisioning this is also an active discussion within the bank and also with our auditors and lawyers the probability of eventually losing or winning such a court case and pay and paying it based on it we will decide the let's say the decision to provide or not for the moment here I wouldn't take it like a final answer but we see the probability of provisioning as we see the probability of I'll say in a rightful court losing against the competition council quite low but it's very it's very much depends on also the hopefully official documentation we will receive and when we will receive it will be a long run it will be a marathon and there will be a lot of also let's say pollution in public space with the news accusations and observations but especially where we are now with analysts financial institutional investors I'm sure that when you read the observations of independent parties from academics to market participants you will understand that there is a huge misunderstanding and hopefully we will clear it although we will lose time and money during the court.

Ömer Tetik: I'll say the public space had been flooded by declarations, opinions, observations. Here, again, I have to underline that Banca Transilvania and BT Group doesn't agree with the accusations which are mainly in the public space because, coming back to the initial question, the motivation of the decision hasn't been served, and the only communication had been through media and press releases. On the other hand, we are definitely preparing with our legal advisors, lawyers, different scenarios, but the options which depend on the court decisions as well, in case the decision that had been circulated in public space will prevail, we will be contesting definitely. Also, while the, let's say, court case, the litigation continues, there are several options, including the first one, which we don't agree to do, the payment itself, then offering a payment guarantee, a letter of guarantee, and continuing the litigation.

Ömer Tetik: But I'll say as regard to the provisioning, this is also an active discussion within the bank and also with our auditors and lawyers. The probability of eventually losing or winning such a court case and paying it based on it, we will decide, let's say, the decision to provide or not. For the moment here, I wouldn't take it like a final answer, but we see the probability of provisioning as we see the probability of, I'll say, in a rightful court losing against the Competition Council quite low. But it very much depends on also the, hopefully, official documentation we will receive and when we will receive. It will be a long run, it will be a marathon, and there will be a lot of also, let's say, pollution in public space with the news accusations and observations.

Ömer Tetik: But especially where we are now with analysts, financial institutional investors, I'm sure that when you read the observations of independent parties from academics to market participants, you will understand that there is a huge misunderstanding, and hopefully we will clear it, although we will lose time and money during the court.

Speaker #2: Thank you. Moving forward to some of the questions of Mr. Yovan Sikimich on P&L positions. First, we noted strong fees—any high seasonality in the second quarter, particular drivers, and run rate for the second half of the year? Secondly, where do you see staff cost trajectory in the second part of the year, in line with inflation? And NPL ratio dropped but risk cost went up—what is the explanation for this?

Diana Miclăuș: Thank you. Moving forward to some of the questions of Mr. Jovan Sikimić on P&L positions. First, we noted strong fees, any high seasonability in Q2, particular drivers and run rate for H2. Secondly, where do you see staff cost trajectory in the second part of the year, in line with the inflation? NPL ratio dropped, but risk cost went up. What is the explanation for this?

Diana Mazurchievici: Thank you. Moving forward to some of the questions of Mr. Jovan Sikimić on P&L positions. First, we noted strong fees, any high seasonability in Q2, particular drivers and run rate for H2. Secondly, where do you see staff cost trajectory in the second part of the year, in line with the inflation? NPL ratio dropped, but risk cost went up. What is the explanation for this?

Speaker #3: Going forward, in the second part of the year, we see fees growing at least at the same level as in the first half of the year. The drivers were, as we mentioned in the presentation, the increase in the number of payments, the increase in the number of clients, and the new channels being used by the bank in order to support the group in terms of the presence of the products from the colleagues from BT Asset Management and BT Capital Partners within the ecosystem. I think that we will have at least the same growth that we had in the first half of the year also in the second half, in terms of fee income. The second question was.

George Călinescu: Going forward in the H2 of the year, we see fees growing at least at the same level as in the H1 of the year. Drivers were, as we mentioned in the presentation, the increase in the number of payments, the increase in the number of clients, the new channels being used by the bank in order to support the group in terms of the presence of the products from the colleagues from BT Asset Management for BT Capital Partners within the ecosystem. I think that we will have at least the same growth that we had in the Q1, in the H1 of the year, also in the Q2 in terms of fee income. The second question was?

Speaker #2: About the staff cost trajectory.

Diana Miclăuș: About the staff cost trajectory.

Diana Mazurchievici: About the staff cost trajectory.

George Călinescu: Staff cost trajectory. I mentioned, I think in the presentation, the Q2 was actually showing a decrease in the staff cost when we compare it to the Q1. We know that this is related to the fact that when you look quarter-on-quarter, you see the increase coming due to the fact that we have absorbed a large number of colleagues from OTP. You see an explanation on the variance being reflected there. That happened in the Q2 last year. When you look at the normalization of the revenues going forward in the next quarters, I think that we can see that staff costs have normalized, and increases should be minimal going further, because we don't estimate an increase in the number of staff to happen by the end of the year, at least not significant.

Speaker #3: Staff cost, I mentioned I think in the presentation, the second quarter was actually showing a decrease in staff costs when we compare it to the first quarter. And then, we know that this is related to the fact that when you look quarter on quarter, you see the increase coming due to the fact that we have absorbed a large number of colleagues from OTP. And then you see an explanation on the variance being reflected there that happened in the second quarter last year. So, when you look at the normalization of the revenues going forward in the next quarters, I think that we can see that staff costs have normalized and increases should be minimal going forward, because we don't estimate an increase in the number of staff to happen by the end of the year.

Speaker #3: At least not significant.

Speaker #2: Okay, we continue with some questions around capital ratio. Can you please quantify the expected capital impact in case Romania will be downgraded to high yield?

Diana Miclăuș: Okay, we continue with some questions around capital ratio. Can you please quantify the expected capital impact in case Romania will be downgraded to high yield? This is coming from Divya Pujari from JP Morgan. An additional question coming from Dan David Autonomous: Can you provide guidance on the CET1 impact of future risk weight increases on euro-denominated sovereign bonds?

Diana Mazurchievici: Okay, we continue with some questions around capital ratio. Can you please quantify the expected capital impact in case Romania will be downgraded to high yield? This is coming from Divya Pujari from JP Morgan. An additional question coming from Dan David Autonomous: Can you provide guidance on the CET1 impact of future risk weight increases on euro-denominated sovereign bonds?

Speaker #2: This is coming from Divya Pujari from JP Morgan. And an additional question coming from Dan David at Autonomous: can you provide guidance on the CET1 impact of future risk weight increases on euro-denominated sovereign bonds?

Ömer Tetik: So, this is a recurring question with the impact of a potential sovereign downgrade. If last year we were saying that it is 2%, what we are estimating as a maximum impact in the total capital adequacy ratio, today, I would say that is between 1% and 2%.

Cătălin Caragea: So, this is a recurring question with the impact of a potential sovereign downgrade. If last year we were saying that it is 2%, what we are estimating as a maximum impact in the total capital adequacy ratio, today, I would say that is between 1% and 2%.

Speaker #3: So this is a recurring question with the with the impact of a potential sovereign downgrade if last year we were seeing that it is 2% what we are estimating as a maximum impact in the total capital adequacy ratio today I would say that is between 1 and 2% why because the interest rates already are taking into account and this was visible also from the very beginning of the year this increased risk although there is this a materialized we are seeing it so when when as long as the interest rates are took already this impact so that's why we are saying now it is between 1 and 2% which can be absorbed by our capital position as I was explaining at the during the main presentation this is also one of the reason beside absorbing the the the business growth we are also creating some buffers for potential negative effects out of the the risks the risks surrounding us.

Cătălin Caragea: Why? Because the interest rates already are taking into account, and this was visible also from the very beginning of the year, this increased risk. As long as the interest rates are took already this impact, that's why we are seeing now this between 1% and 2%, which can be absorbed by our capital position. As I was explaining during the main presentation, this is also one of the reason, besides absorbing the business growth, we are also creating some buffers for potential negative effects out of the risks that is surrounding us. The second question being CET1 regulatory requirement over the euro-denominated bonds. This is one more step. This is the last step, and this is the forecasted effect.

Speaker #3: The second question being CT1 regulatory requirement over the euro denominated bonds this is one more step this is the last step and this is the the anticip the the the forecasted the effect it's over the risk weighted assets because in in at the level of the own funds there is nothing to to be expected from the regulatory side but this one one more step at the border of 26 27 so basically that should take place at the 1st of January 2027 and this is a doubling of the risk weight over the euro denominated bonds this is around I would say today given also knowing also what it having a forecast over the the stock because also it's important of euro denominated stock which will also decrease by by year end we are seeing around of 1% in terms in terms of capital ratio which again it's factor in the capital plan in our capital plan however today it's on the on the Bruxelles table it's a proposal for another exception of the this type of exposures basically the so-called quick fix to be again brought in place such that the banks non euro denominated banks to benefit from a zero risk weight starting in 2027 but this is a bet that we cannot use in our our planning because we don't know yet when this will be and whether this will be approved but we know that this is on on the table because this is a public information.

Cătălin Caragea: It's over the risk-weighted assets because at the level of the own funds, there is nothing to be expected from the regulatory side. But it's one more step at the border of 2026, 2027. So basically, that should take place at the 1 January 2027. And this is a doubling of the risk weight over the euro-denominated bonds. It is around, I would say, today, knowing also having a forecast over the stock, because also it's important of a euro-denominated stock, which will also decrease by year-end. We are seeing around of 1% in terms of capital ratio, which again, it's a factor in our capital plan. However, to date, on the Brussels table, it's a proposal for another exception of this type of exposures.

Cătălin Caragea: Basically, the so-called quick fix to be again brought in place such that the non-euro-denominated banks to benefit from a zero risk weight starting 2027. But this is a bet that we cannot use in our planning because we don't know yet when this will be and whether this will be approved. But we know that this is on the table because this is a public information.

Diana Miclăuș: Thank you. Continuing with some asset quality questions, David Butler from Allianz GI. How do you expect the group cost of risk ratio to evolve from here? Is 86 bps a peak, or will it run at that level into next year, or could even be coming secure?

Diana Mazurchievici: Thank you. Continuing with some asset quality questions, David Butler from Allianz GI. How do you expect the group cost of risk ratio to evolve from here? Is 86 bps a peak, or will it run at that level into next year, or could even be coming secure?

Speaker #2: Thank you. Continuing with some asset quality questions. David Butler from Alliance GI. How do you expect the group's cost of risk ratio to evolve from here?

Speaker #2: Is 86 bps a peak, or will it run at that level into next year, or could it even be coming secure?

Speaker #3: We are seeing the following the budget the budgeted level it's 70 basis points and for this year we are we we stick on our guidance of staying within this 70 basis points however we are we are seeing a normalized risk cost so not a stress a normalized risk cost for our region and for our country so without having any offsetting effects like releases or artificial impact of the risk cost of 1% so 100 basis points what we are what we are forecasting or what is our guidance so if we will be able to keep our portfolio quality will be staying around of this 70 basis points but of course this is also a matter of the external threats whether this will be visible in our portfolio or not as I was saying also in first quarter at video conference in case that we will see negative effects out of for example iron conflict the conflict in in Middle East this will be visible with a lag of six to nine months maybe to one year dependent on the portfolio so if we are expecting to see something we are expecting either towards year end or at the beginning of of next year to see it in our portfolio so this is a trap that we are looking at it and we are creating some buffers in order to be able to absorb in case that this is seen in our in our book.

Cătălin Caragea: We are seeing the following. The budgeted level, it is 70 basis points, and for this year, we stick on our guidance of staying within these 70 basis points. However, we are seeing a normalized risk cost, so not a stressed, a normalized risk cost for our region and for our country. So without having any offsetting effects like releases or artificial impact of the risk cost of 1%, so 100 basis points. What we are forecasting or what is our guidance, if we will be able to keep our portfolio quality, we will be staying around of these 70 basis points. But of course, this is also a matter of the external threats, whether this will be visible in our portfolio or not.

Cătălin Caragea: As I was saying also in Q1 at video conference, in case that we will see negative effects out of, for example, Iran conflict, the conflict in Middle East, this will be visible with a lag of six to nine months, maybe to one year, dependent on the portfolio. So if we are expecting to see something, we are expecting either towards year-end or at the beginning of next year to see it in our portfolio. This is a threat that we are looking at it, and we are creating some buffers in order to be able to absorb in case that this is seen in our book.

Speaker #2: Thank you. Moving on to the revenue streams, we have a question from Miguel Diaz from Wood and Company. A little bit of a disappointing result in terms of net interest income and net interest margin.

Diana Miclăuș: Thank you. Moving on to the revenue streams. We have a question from Miguel Dias from Wood & Company. Little bit of a disappointing result in terms of net interest income and net interest margin, given the loan book growth. Could you please provide a bridge on why was that? Was it due to a different asset mix, higher competition, spread compression, or just timing aspect?

Diana Mazurchievici: Thank you. Moving on to the revenue streams. We have a question from Miguel Dias from Wood & Company. Little bit of a disappointing result in terms of net interest income and net interest margin, given the loan book growth. Could you please provide a bridge on why was that? Was it due to a different asset mix, higher competition, spread compression, or just timing aspect?

Speaker #2: Given the loan book growth, could you please provide a bridge on why that was? Was it due to a different asset mix, higher competition, spread compression, or just timing aspects?

Speaker #3: I mean, as I said, in the first quarter we were slower in lending, although we were working on the pipeline. I would say there, it's a combination of different factors. It's not a, let's say, huge impact, and we are not very much stressed. I mean, we think that our net interest margin will maintain above 310–320 basis points in the period to come. One of the factors is that, as I was mentioning, the switch of customers from current accounts to interest-paying deposits. The other one is, indeed, very tough competition in the retail lending, with also consumer loans, but especially on the mortgage loans. Also, our growth is mainly on the corporate banking side, where definitely the margins are lower, which helps with the fee and commission income, and in time, it brings new retail customers through salary accounts. But there is a gap which we have been passing through — this is a cycle that we have been passing through in similar periods. So possibly, although new lending helped more on the fee and commission income, I think that we will deliver also quite solid net interest margin going further.

Ömer Tetik: I mean, as said, the first quarters, we were slower in lending, although we were working on the pipeline. I would say that it's a combination of different factors, not a huge impact, and we are not very much stressed. I mean, we think that our net interest margin will maintain above 310, 320 basis points in the period to come. One of the factors is that, as I was mentioning, switch of customers from current account to interest-paying deposits. The other one is, indeed, very tough competition in retail lending with also consumer loans, but especially on the mortgage loans. Also our growth mainly on the corporate banking, where definitely the margins are lower, which helps with the fee and commission income. In time it brings new retail customers to sell the accounts. But there is a gap which we have been passing through.

Ömer Tetik: This is a cycle that we have been passing through in similar periods. Although new lending helps more on the fee and commission income, I think that we will deliver also quite solid net interest margin going further.

Speaker #2: Thank you. We can accommodate one final question. This is coming from Domenico Maggio from Jefferies. Are you expecting any further issuances until the end of this year?

Diana Miclăuș: Thank you. We can accommodate one final question. This is coming from Domenico Maggio from Jefferies. Are you expecting further other issuances until the end of this year?

Diana Mazurchievici: Thank you. We can accommodate one final question. This is coming from Domenico Maggio from Jefferies. Are you expecting further other issuances until the end of this year?

Speaker #3: Yeah it is obviously we are as we said we want to be active issuer and we want to tap the markets in order to main not only create anymore but to maintain our yield curve reputation and to how say to keep investors interest alive we are planning an issuance in the let's say last during the last quarter of this year but thanks to our very strong let's say April issuance and first year first half profits edition to our capital base we have also strong buffers so we'll be very much price sensitive.

Ömer Tetik: Yes. As we said, we want to be active issuer, and we want to tap the markets in order to not only create anymore, but to maintain our yield curve reputation and to keep investors' interest alive. We are planning an issuance during the last quarter of this year. But thanks to our very strong April issuance and H1 profits addition to our capital base, we have also strong buffers, so we'll be very much price sensitive.

Diana Miclăuș: We have covered all the topics from the questions, but if there are outstanding questions that we did not manage to take, we will be awaiting investors and analysts to reach to us. I will give back now for final comments coming from management. Thank you so much.

Diana Mazurchievici: We have covered all the topics from the questions, but if there are outstanding questions that we did not manage to take, we will be awaiting investors and analysts to reach to us. I will give back now for final comments coming from management. Thank you so much.

Speaker #2: We have covered all the topics from the questions, but if there are outstanding questions that we didn't manage to take, we will be awaiting investors and analysts to reach out to us.

Speaker #2: I will hand back now for final comments from management. Thank you so much.

Speaker #3: Thank you very much for joining us and for your interest. Once again, we appreciate your questions and observations—they are very important when we think about the market, our markets, and business strategy. This helps us, as a very sincere and direct consultancy. I hope that we will continue delivering the results that you are used to, and when I look at the pipeline and our team, I'm very comfortable about that. I would also like to thank especially Diana, Vlad, and everyone that you don't see now in front of you on the screen for all the preparation and communication that we have had. If you have other questions, please do not hesitate to approach us through our investor relations addresses, and we will try to reply as soon as possible. In case you didn't manage to have a longer summer holiday, I hope in the next couple of weeks you will have this chance. I hope to see you once we have our third quarter results, to present them here again, among friends.

Ömer Tetik: Thank you very much for joining us and for your interest. Once again, we appreciate your questions and observations that are very important when we think about the market and our markets and business strategy. It helps us as a very sincere and direct consultancy. I hope that we will continue delivering the results that you are used to. When I look at the pipeline and our team, I am very comfortable about that. I would like to thank especially Diana, Vlad, and everyone that you do not see now in front of the screen for all the preparation and communication that we have. If you have other questions, please do not hesitate to approach us through our investor relations addresses, and we will try to reply as soon as possible.

Ömer Tetik: In case you did not manage to have a longer summer holiday, I hope in the next couple of weeks, we will have this chance. I hope to see you once we have our Q3 results to present it here again among friends.

Speaker #1: Ladies and gentlemen, following the conference call, we would like to announce to you that the Investor Relations team and Banca Transilvania will send you a short survey about the content and format of the conference call.

Operator: Ladies and gentlemen, following the conference call, we would like to announce to you that the investor relations team in Banca Transilvania will send you a short survey about the content and format of the conference call. Thank you for your input. The conference is now concluded, and you may disconnect. Thank you for joining, and have a pleasant day.

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Half Year 2026 Banca Transilvania SA Earnings Call

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