Shares declined modestly by 0.5% as investor enthusiasm was tempered by cautious provisioning amid geopolitical uncertainties and adverse weather impacts on insurance revenues, offsetting solid revenue growth and operational efficiency.

• Net income rose 5.5% to EUR 1.7 billion, driven by a 2.8% increase in revenues that reached a record EUR 10 billion.
• Regional banks led revenue growth with a 7.8% increase, powered by a 34% surge in net interest income and strong customer acquisition (600,000 new clients this quarter).
• Cost-to-income ratio improved by 0.6 percentage points in the main banking entity (CASA), reflecting solid operational efficiency.
• Cautious provisioning was taken due to geopolitical conflicts in the Middle East and weather-related losses in insurance, contributing to a slight increase in the cost of risk but overall risk remains controlled.
• Large Customers division revenues stabilized but showed FX headwinds of EUR 69 million; Asset Gathering revenues were negatively affected by scope changes and weather events.