Financial Data and Key Metrics Changes - The bank reported a net profit of PLN 1,035 million, representing an 18% year-on-year growth for Q2 2025, and a 10% growth year-on-year for the first six months [26] - The cost of risk decreased by 39% year-on-year, indicating improved risk management and lower provisions [27][39] - The cost-to-deposit ratio improved to 76.3%, one of the highest in the sector [35] Business Line Data and Key Metrics Changes - Retail customer base increased by nearly 80,000, while corporate customers grew by 20,000, totaling an annual increase of 155,000 clients [3][4] - Mortgage loans reached a total value of €5 billion in Q2, with a market share of 21% for new production [5] - Cash loans saw a 13% year-on-year increase, marking one of the best quarters in the bank's history [6] - Corporate loans grew by only 1.3% quarter-on-quarter and 3% year-on-year, with SMEs showing faster growth compared to larger corporations [7] Market Data and Key Metrics Changes - The Polish economy is projected to grow by 3.5% in 2025, outperforming regional neighbors like Romania and Hungary [10][11] - Household savings rates are solid, higher than pre-pandemic levels, which supports the bank's business model [12] - Investment in the construction sector is expected to rise slowly, with public investment beginning to increase [14][15] Company Strategy and Development Direction - The bank is focusing on increasing market share through active customer growth and digitization of processes [4][5] - A revision of the bank's strategy is underway, with plans to present it on November 19, emphasizing improved customer service and reduced reliance on physical branches [51][52] - The bank aims to enhance private banking services and mutual fund sales while maintaining a conservative approach to risk [54] Management's Comments on Operating Environment and Future Outlook - Management noted that while corporate lending is facing challenges, there is optimism for a rebound in the second half of the year [63] - The bank is prepared for potential impacts from interest rate changes, with a belief that their sensitivity to these changes is low due to effective risk management [46][47] - The outlook for mortgage lending remains positive, despite demographic challenges, with a significant demand for residential properties still expected [60][61] Other Important Information - The bank's interest margin is stable despite fluctuations in interest rates, supported by effective management of interest rate risk [34][33] - The bank is actively participating in discussions for a model mortgage loan contract to enhance consumer protection and simplify processes [69][71] Q&A Session Summary Question: Future evolution of profitability of interest assets - Management refrained from commenting on forward-looking data but acknowledged that lower interest rates would impact net profit sensitivity [46][47] Question: Impact of obligatory provision on performance - Expected impact on the banking sector is between PLN 1.5 billion and PLN 2 billion, proportional to each bank's market share [48] Question: Interest in fixed-rate mortgage loans - The share of fixed-rate loans has decreased from 80% to 60%, as customers prefer floating rates amid declining interest expectations [49][50] Question: Strategic priorities for the near future - A revised strategy will be presented on November 19, focusing on customer service improvements and operational efficiency [51][52] Question: Improvement in derivatives and FX - The growth in derivatives and FX was attributed to market volatility and effective trading management [56] Question: Cost of hedging remaining flat - The impact of hedging on financial performance should be analyzed over a longer time perspective rather than quarterly [57] Question: Mortgage loans as a fundamental product - The bank views mortgage loans as essential and plans to continue offering them despite market challenges [59][60]

Banco Bilbao Vizcaya Argentaria (BBVA) Q2 2025 Earnings Call July 31, 2025 03:30 AM ET Company ParticipantsPatricia Bueno Olalla - Global Head - Shareholder & Investor RelationsOnur Genç - CEO & Executive DirectorLuisa Gómez Bravo - Global Head of FinanceBenjamin Toms - Director - EquitiesMaksym Mishyn - Managing Director & Co-head of Equity ResearchFrancisco Riquel - Partner & Head - Equity ResearchHugo Cruz - DirectorConference Call ParticipantsCarlos Peixoto - Equity Research AnalystCecilia Romero - Dire ...

Financial Data and Key Metrics Changes - The bank reported a net profit of PLN 1,035 million, representing an 18% year-on-year growth for Q2 2025, and a 10% growth year-on-year for the first six months [26] - The cost of risk decreased by 39% year-on-year, indicating improved risk management and lower provisions [27][39] - The total assets and liabilities showed consistent growth across all segments, contributing positively to the net result [27] Business Line Data and Key Metrics Changes - Retail customer base increased by nearly 80,000 in Q2, with a total annual increase of 155,000 clients [3][4] - Mortgage loans reached a total value of €5 billion in Q2, with a market share of 21% for new production [5][6] - Cash loans grew by 13% year-on-year, marking one of the best quarters in the bank's history [6] - Corporate loans saw a modest growth of 1.3% quarter-on-quarter and 3% year-on-year, with a notable increase in loans to SMEs [7][8] Market Data and Key Metrics Changes - The Polish economy is projected to grow by 3.5% in 2025, outperforming regional neighbors [10][11] - Household savings rates in Poland are solid, higher than pre-pandemic levels, which supports the bank's business model [12][13] - The bank's market share in mortgage loans is strong, but competition from alternative funding sources is impacting corporate lending margins [8][25] Company Strategy and Development Direction - The bank is focused on increasing market share through real growth based on active customers, emphasizing the importance of customer engagement [4] - A revision of the bank's strategy is underway, with plans to enhance customer service and reduce reliance on physical branches [52][53] - The bank aims to improve its private banking services and mutual fund offerings, reflecting a cautious yet optimistic approach to growth [54][55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the retail segment, despite challenges in corporate lending due to competitive pressures [25][66] - The bank anticipates a rebound in corporate lending, supported by public sector investments and lower interest rates [22][25] - Inflation is expected to stabilize around 2.8%, which may influence interest rate sensitivity and profitability [19][20] Other Important Information - The bank's cost-to-deposit ratio improved to 76.3%, one of the highest in the sector [35] - The non-performing loan (NPL) ratio remains stable at 3.9%, below the sector average, indicating strong asset quality [41][42] - Capital adequacy ratio stands at 15.66%, reflecting a solid financial position despite recent loan sales [44] Q&A Session Summary Question: Future evolution of profitability of interest assets - Management refrained from commenting on forward-looking profitability but noted that lower interest rates would impact net profit sensitivity [46][47] Question: Impact of obligatory provision on performance - The expected impact on the banking sector is between PLN 1.5 billion and PLN 2 billion, proportional to each bank's market share [48] Question: Interest in fixed-rate mortgage loans - The share of fixed-rate loans has decreased from 80% to 60%, as customers prefer floating rates amid declining interest expectations [49][50] Question: Strategic priorities for the near future - A revised strategy will be presented on November 19, focusing on customer service improvements and private banking initiatives [51][52] Question: Improvement in derivatives and FX - The growth in derivatives and FX was attributed to effective management and market volatility, leading to a 95% increase [56] Question: Cost of hedging and its impact - The cost of hedging remained flat despite rate reductions, with a focus on long-term analysis rather than short-term quarterly impacts [57][58] Question: Mortgage loans as a fundamental product - Management affirmed the importance of mortgage loans, citing ongoing demand despite demographic challenges [60][61] Question: Corporate lending margins and future expectations - Management expressed hope for a pickup in corporate lending in the second half of the year, influenced by regulatory factors and market conditions [62][66]

Financial Data and Key Metrics Changes - The tangible book value per share plus dividends increased by 14.6% year over year and 2.9% quarter over quarter [4] - Return on tangible equity reached 20.4% and return on equity was 19.5% for the first half of 2025 [4] - Net attributable profit for the quarter was EUR 2,749 million, maintaining record profit levels despite falling rates and currency headwinds [5][7] - CET1 capital ratio improved by 25 basis points to 13.34% [8] Business Line Data and Key Metrics Changes - Core revenues showed robust growth with net interest income and fees increasing by 11% and 18% year over year, respectively [10] - Loan growth at the group level was 16% year over year, with Spain at 6.3% and Mexico at 11.7% [14][15] - Efficiency ratio improved to 37.6%, with costs growing at 10% below the average inflation rate [16] Market Data and Key Metrics Changes - In Spain, net profit reached EUR 1,100 million, supported by positive dynamics in net interest income and lower operating expenses [24] - BBVA Mexico reported a net profit of nearly EUR 1,300 million, driven by strong lending activity [28] - Turkey's net profit increased by over 17% year over year, driven by higher core revenues [30] - South America achieved a net profit of EUR 421 million, representing a 33% year-on-year increase [33] Company Strategy and Development Direction - The company aims to strengthen its leadership position through customer service excellence and sustainable growth [38] - Focus on increasing contributions from sustainability and enterprise segments, with a target of channeling EUR 700 billion in sustainable finance by 2029 [23] - Plans to improve profitability and efficiency, targeting a cost-to-income ratio of around 35% by 2028 [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong profitability despite macroeconomic challenges [36] - Expectations for stable interest rates in the coming years, which will help improve margins and profitability [44] - Anticipated gradual decline in inflation and interest rates in Turkey and Argentina, with a focus on improving asset quality [42] Other Important Information - The company plans to distribute approximately EUR 36 billion of capital, with a maximum of EUR 24 billion allocated for regular payouts [56][80] - The integration of Banco Sabadell is expected to enhance earnings generation, with further details to be provided in September [86] Q&A Session Summary Question: What would your RoTE and CET1 available for distribution look like using current forward FX rates? - The company uses forward rates in every country except Turkey, where a range of depreciations is applied due to uncertainty [63][65] Question: Can you clarify the 40 to 50 basis points benefit from capital simplification? - The ECB has formally approved the simplification, which will reduce RWA density and positively impact capital ratios [66][68] Question: How much were the VAT gross impacts and the recognition of DTAs? - The total impact from VAT and tax rate adjustments was around EUR 250 million, with half attributed to VAT and half to tax rate impacts [75] Question: Is there a chance to start the buyback before launching the offer for Sabadell? - The buyback will likely occur after the completion of the Sabadell integration process [91] Question: What are the prospects for lending growth in Mexico? - Lending growth is expected to remain strong, supported by investments and improved banking penetration [92]

Financial Data and Key Metrics Changes - Q2 2025 income increased by 15% year-on-year, excluding notable items, driven by double-digit growth across Global Banking, Global Markets, and Wealth Solutions [2][3] - Operating income for the group was $5.5 billion, up 14% or 15% excluding notable items [4] - Profit before tax for the quarter was $2.4 billion, up 34%, with a return on tangible equity (RoTE) of 19.7% [5][14] - Earnings per share for the first half was up 41% year-on-year, with a tangible net asset value (TNAV) per share of $16.8, up 16% year-on-year [14][15] Business Line Data and Key Metrics Changes - Corporate and Institutional Banking (CIB) income for the quarter was $3.3 billion, up 9%, driven by a 47% increase in Global Markets income [15] - Wealth and Retail Banking (WRB) income was up 4% to $2.1 billion, with Wealth Solutions income up 20% [17][18] - Non-interest income (Non NII) grew by 31% year-on-year, driven by strong performance in Global Markets and Wealth Solutions [7][8] Market Data and Key Metrics Changes - Underlying customer deposits increased by 4% or $19 billion in the quarter, with strong net new money from affluent clients [12] - Risk-weighted assets (RWA) increased by $6 billion in the quarter, with over half attributed to foreign exchange impacts [13][14] - The overall credit portfolio remained resilient, with a loan loss rate of 12 basis points in Q2, benefiting from net recoveries in CIB [11][12] Company Strategy and Development Direction - The company announced a new share buyback of $1.3 billion, aiming to exceed $8 billion in capital returns from 2024 to 2026 [3][14] - The strategy focuses on supporting clients through a diversified network and enhancing digital asset offerings [22][28] - The company is committed to sustainable finance, targeting to mobilize $300 billion by 2030 [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trends supporting the business, despite external uncertainties [38] - The outlook for net interest income (NII) is expected to decline by a low single-digit percentage year-on-year, with a recovery in HIBOR anticipated later in the year [7][21] - Management remains optimistic about the growth of Wealth Solutions and the transition of deposits into assets under management [52][70] Other Important Information - The Fit for Growth program has achieved $500 million in run-rate savings, with a revised phasing of spending expected to be between 35% to 45% in 2025 [9][10] - The company is actively engaging in digital asset solutions, including a joint venture to issue a Hong Kong dollar-backed stablecoin [29][64] Q&A Session Summary Question: Insights on net interest income and deposit performance - Management provided details on HIBOR assumptions and the sustainability of deposit momentum, indicating that current deposits may transition into assets under management as uncertainty decreases [34][36][46] Question: Wealth Solutions and revenue guidance - Management acknowledged the current reliance on deposits but expressed confidence in the eventual shift towards higher-margin products as clients mature [50][52] Question: SC Ventures monetization and capital distribution - Management emphasized the strategic nature of SC Ventures and the focus on exceeding capital distribution targets, highlighting strong capital generation capabilities [73][84]

Financial Data and Key Metrics Changes - Total income increased compared to the previous quarter, with commercial net interest income (NII) supported by the repricing of customer deposits and continued volume growth, which almost fully compensated for the impact of the lower ECB deposit facility rate and a stronger euro [2][3] - Fee income grew significantly by 12% year on year, with expectations for continued growth [2][10] - Total risk costs were €299 million this quarter, or 17 basis points of average customer lending, which is below the through-the-cycle average [13][14] Business Line Data and Key Metrics Changes - Net core lending rose by €15.4 billion, driven by record growth in retail banking, which grew by over €11 billion [3][4] - Wholesale Banking also saw growth in net core lending, primarily driven by working capital solutions and short-term trade finance [4] - Fee growth in wholesale banking reached a quarterly record of $360 million, driven by strong fee income in lending, daily banking, and trade finance [9] Market Data and Key Metrics Changes - The retail banking business recorded strong commercial momentum, particularly in mortgages, with growth in loan books across most markets [3][4] - The demand for long-term corporate loans remained subdued due to ongoing economic uncertainty, impacting the wholesale banking segment [4][36] Company Strategy and Development Direction - The company aims to allocate more capital towards the more profitable retail banking business, with a target of 55% retail and 45% wholesale by 2027 [7][8] - The strategy includes diversifying services offered to existing customers and filling gaps in markets where the company is already active [44][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued commercial growth despite geopolitical and macroeconomic turmoil, expecting commercial NII to grow in the second half of the year [17][18] - The outlook for profitability in 2025 has improved, with an expected return on equity of around 12.5% [18] Other Important Information - The interim dividend for 2025 is set at $0.35 per share, to be paid on August 11 [16] - The company is focusing on expense management, with total expenses expected to end up at the lower end of the previously indicated range [12][18] Q&A Session Summary Question: FX sensitivity and corporate loan demand outlook - Management acknowledged the impact of an 8% reduction in the U.S. dollar against the euro, which affected NII and total revenue, and noted that corporate loan demand remains muted but could change with potential trade deals [21][25][36] Question: Commercial NII trends and guidance - Management confirmed that underlying trends in commercial NII are satisfactory, with positive volume growth, but long-term lending demand remains soft [30][36] Question: Deposit strategy and M&A focus - Management indicated that there were no major deposit campaigns in Q2, and the focus is on diversifying services and targeting specific customer segments [42][44] Question: Liability margin guidance - Management stated that with the end of the German campaign, the liability margin is expected to return to around 100 basis points [108][110] Question: ROE guidance and expense management - Management explained that the improved ROE guidance is due to a combination of higher fee intensity and lower costs, with ongoing investments in digitalization and efficiency [118][120]

Financial Data and Key Metrics Changes - Unconsolidated revenue grew by 9% year on year in 2025, with ATM revenues up 18% year on year [5] - Consolidated net revenues for Q2 2025 were NT$150.8 billion, representing a 2% sequential increase and a 7% year-over-year increase [31] - Gross profit for Q2 2025 was NT$25.7 billion, with a gross margin of 17%, improving by 0.2 percentage points sequentially and 0.6 percentage points year over year [32] - Operating profit was NT$10.2 billion, up NT$500 million sequentially and NT$1.2 billion year over year, with an operating margin of 6.8% [33] Business Line Data and Key Metrics Changes - The testing business grew by 31% year on year in the first half of 2025, with expectations for continued momentum into the second half [6] - ATM revenues for Q2 2025 were NT$92.6 billion, up NT$5.9 billion sequentially and NT$14.8 billion year over year, representing a 19% annual increase [36] - EMS revenues for Q2 2025 were NT$58.8 billion, declining 6% sequentially and 7% year over year [43] Market Data and Key Metrics Changes - The company noted a disparity between AI and other general sectors, with expectations for improvement in the second half of 2025 and beyond [21] - The company is experiencing strong demand for high-performance computing (HPC) and AI, alongside a healthy recovery in the general market [63] Company Strategy and Development Direction - The company aims to expand its leading-edge advanced packaging and testing revenue, targeting a significant increase in 2025 [7] - Investment in R&D, human capital, advanced capacity, and smart factory infrastructures are seen as key supports for multiyear growth [9] - The company is considering overseas expansions while optimizing resources between Taiwan and other locations [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects despite current foreign exchange challenges, expecting a return to structural margin levels in 2026 [29][93] - The company is focused on leveraging its scale and capabilities to align pricing and investment strategies with its value proposition [55] Other Important Information - The NT dollar strengthened by 4.9% against the U.S. dollar, negatively impacting financial performance due to currency fluctuations [26] - The company anticipates increasing its debt outstanding throughout the year, with a net debt to equity ratio of 52% [46] Q&A Session Summary Question: How to reconcile strong ATM guidance with slow end markets? - Management indicated that guidance is based on firm customer orders, which include AI and other sectors like wireless and automotive [61][62] Question: Why maintain revenue guidance for advanced packaging despite TSMC's revision? - Management explained that capacity constraints are a factor, and they are focused on execution and operational challenges [66][68] Question: Will pricing strategy change due to current currency environment? - Management noted that pricing strategies are under consideration, with a focus on resource optimization and customer loyalty [74][98] Question: Expectations for AI-related business growth in packaging? - Management confirmed intentions to grow both packaging and testing businesses, with a focus on meeting customer requirements [78][80]

Unilever (UL) H1 2025 Earnings Call July 31, 2025 03:00 AM ET Company ParticipantsFernando Fernandez - CEO & DirectorSrinivas Phatak - Acting CFOCeline Pannuti - Managing DirectorWarren Ackerman - MD and head of EU Consumer Staples ResearchOlivier Nicolaï - Head - Consumer Staples ResearchJeremy Fialko - Head - Consumer Staples ResearchSarah Simon - Managing DirectorDavid Hayes - Managing DirectorVictoria Petrova - DirectorTom Sykes - MD - Equity ResearchConference Call ParticipantsCallum Elliott - Senior A ...

Financial Data and Key Metrics Changes - Underlying sales growth for the first half of 2025 was 3.4%, with volumes contributing 1.5% and price growth at 1.9% [6][30] - Turnover for the first half was €30.1 billion, down 3.2% year on year, primarily due to a negative currency impact of 4% [30][36] - Underlying operating profit was €5.8 billion, a decline of 4.8% versus the prior year, and underlying earnings per share was €1.59, down 2.1% [34][36] Business Line Data and Key Metrics Changes - Beauty and Well-being achieved underlying sales growth of 3.7%, driven by 1.7% volume and 2% price [14] - Personal Care delivered 4.8% underlying sales growth, with 1.4% from volume and 3.3% from price [17] - Homecare underlying sales grew 1.3%, with 1.1% from volume and 0.2% from price [21] - Foods delivered competitive sales growth of 2.2%, with 0.3% from volume and 1.9% from price [23] - Ice cream underlying sales grew 5.9%, driven by a 3.8% increase in volume and 2% price growth [24] Market Data and Key Metrics Changes - Developed markets represented 44% of group turnover, with first half underlying sales growth of 4.3% [8] - North America saw underlying sales growth of 5.4%, with volumes up 3.7% [4] - Asia Pacific Africa, representing 43% of group turnover, delivered underlying sales growth of 3.5% [11] - Latin America grew only 0.5%, with a 4.6% decline in volume due to challenging macroeconomic conditions [12] Company Strategy and Development Direction - The company is focused on a transformation towards beauty and well-being, with significant investments in premium brands and innovation [48][54] - The demerger of the ice cream business is set for mid-November, with the intention to retain a stake of just below 20% in the new entity [26][27] - The company aims for multiyear volume growth of at least 2% and consistent gross margin expansion, targeting mid-single digit underlying sales growth [45][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a second half underlying sales growth of 3% to 5%, supported by strong performance in developed markets and improving trends in emerging markets [41][44] - The company anticipates an improvement in underlying operating margin for the full year, with second half margins expected to be at least 18.5% [41][54] - Management acknowledged challenges in Latin America and China but expects improvements in the second half due to operational interventions [44][92] Other Important Information - The company completed a share buyback program of €1.5 billion, contributing 1.5% to earnings in the first half [36][39] - Free cash flow for 2025 was €1.1 billion, down from €2.2 billion in the prior year due to lower operating profit and ice cream separation costs [36][37] Q&A Session Summary Question: Expectations for ex-ice cream performance and volume acceleration - Management expects to achieve volume growth of about 2% for the remaining company in the second half, supported by improved market conditions and strong brand investments [61][63] Question: Insights on M&A strategy and recent acquisitions - The company remains committed to bolt-on M&A, focusing on acquiring brands with strong digital presence and functionality, such as Doctor Squatch and Wilde [70][72] Question: Outlook for Latin America and performance in key markets - Management noted a weak quarter in Latin America due to economic pressures but expects improvements with strategic pricing adjustments and innovation [76][80] Question: Recovery expectations in Asia, particularly India and Indonesia - Management is optimistic about growth in India, expecting continued volume increases, while Indonesia is showing signs of recovery with improved fundamentals [88][90]

Financial Data and Key Metrics Changes - Q2 income increased by 15% year on year, excluding notable items, driven by double-digit growth across Global Banking, Global Markets, and Wealth Solutions [1][2] - Operating income for the Group was $5.5 billion, up 14% or 15% excluding notable items, reflecting strong performance in CIB and WRB [3][4] - Profit before tax for the quarter was $2.4 billion, up 34%, with a return on tangible equity (RoTE) of 19.7% [4][13] - Earnings per share for the first half increased by 41% year on year, with TNAV per share up 16% year on year to $16.8 [13][14] Business Line Data and Key Metrics Changes - CIB income for the quarter was $3.3 billion, up 9%, driven by a 47% increase in Global Markets income [14][15] - Wealth and Retail Banking income was up 4% to $2.1 billion, with Wealth Solutions income increasing by 20% [16] - Non-NII grew by 31% year on year, driven by strong performance in Global Markets and Wealth Solutions [6][19] Market Data and Key Metrics Changes - Underlying customer deposits increased by 4% or $19 billion in the quarter, with strong net new money from affluent clients [11][16] - Intra ASEAN corridor income increased by 17%, driven by FX and commodity trading [22] - The Group's affluent AUM reached $420 billion at the end of the first half of 2025, with an 11% CAGR since 2016 [25] Company Strategy and Development Direction - The company is focused on delivering a cross-border strategy to support client needs, with a strong emphasis on digital asset solutions and sustainable finance [21][26][30] - The Fit for Growth program aims to simplify, standardize, and digitize operations, with a target of achieving $1.5 billion in savings [8][90] - The company is committed to exceeding $8 billion in capital returns from 2024 to 2026, with a new share buyback of $1.3 billion announced [2][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trends supporting the business, despite uncertainties in the external environment [36][41] - The outlook for net interest income (NII) is expected to be down by a low single-digit percentage year on year, with guidance for total income growth in 2025 upgraded to the bottom of the 5% to 7% range [6][19][20] - The company remains optimistic about the demand for origination in global banking, with a strong pipeline and growth in corporate lending [24] Other Important Information - The company achieved a significant gain of $238 million from the Solve India transaction, retaining a non-controlling interest in the acquiring entity [17][18] - The company is actively engaging in the digital asset space, including a joint venture to issue a Hong Kong dollar-backed stablecoin [27][29] Q&A Session Summary Question: Insights on net interest income and deposit performance - Management provided details on HIBOR assumptions and the sustainability of deposit momentum, indicating that current deposit growth is a positive sign for future asset management [33][34][36][44] Question: Wealth Solutions and net new money flow - Management acknowledged the current reliance on deposits but expressed confidence that clients will eventually shift towards higher-margin wealth products as uncertainty decreases [50][52][70] Question: Stablecoins and digital assets - Management discussed the strategic importance of digital assets and stablecoins, emphasizing their readiness to provide services in this evolving market [61][63][65] Question: Cost management and Fit for Growth program - Management clarified that the Fit for Growth program is a transformation initiative rather than a cost-cutting measure, with a focus on long-term efficiency and savings [87][90]