Q1 2025 revenues in line with CAGR target of 5.5-6.5% even in uncertain environment, providing a strong step-off for our revenue ambition of ~EUR 32bn in FY 2025; Cost discipline demonstrates clear path to deliver on CIR target of less than 65% for FY 2025; Maintain full-year CLP guidance, supported by reduction in Stage 3; uncertainty has increased due to the current macroeconomic outlook which may impact model-based Stage 1 and 2 provisions; On track to achieve greater than 10% RoTE target in FY 2025; committed to outperforming total distribution target and set to deliver improving returns in the long term. Comments taken from Q1 earnings conference call slides.
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