BSAC

Ladies and gentlemen, thank you for standing by, and I would like to welcome you to Banco Santander-Chile's first quarter 2026 earnings conference call on the 6th of May, 2026. Please note at this point, all participants' lines are on listen-only mode. After the call, there'll be an opportunity to ask questions. With this, I would now like to pass the line to Ms. Patricia Pérez, Chief Financial Officer. Please go ahead, ma'am.

Good morning, everyone, and thank you for joining us today. I am Patricia Pérez, CFO of Banco Santander-Chile. I'm joined today by Cristian Vicuña, Head of Strategy and Investor Relations, and Andrés Sansone, Chief Economist. We'll begin with Andrés, who will provide an overview of the economic and political environment. Cristian will then walk you through our strategy, priorities, and review our first quarter results in more detail. We will conclude with a Q&A session. With that, I will now turn the call over Andrés.

Thanks, Patricia Pérez. Let me start with the big picture. Since our last webcast, the global backdrop has become more challenging and more uncertain. The main change has been the geopolitical shock in the Middle East and its effects on energy markets. Our baseline scenario assumes that the conflict gradually deescalates but leaves lasting damage, which means oil prices do not return to the levels prevailing before the conflict. At the same time, risks remain clearly linked to more adverse scenario, especially if supply disruptions persist for longer or if infrastructure damage proves more permanent. This matter for Chile through several channels. First, higher oil prices raise imported inflation and worsen terms of trade outside copper. Second, the external environment become less supportive for monetary easing globally, as energy prices have lift inflation expectations and reduce the room for central banks to cut rates.

Third, even though financial markets have shown resilience, especially in equities, long-term rates remain elevated and global uncertainty is still high. For Chile, this means that even if copper remains relatively supportive, the net external backdrop is no longer clearly benign. Turning to domestic activity, the most recent relevant information is the March monthly economic activity indicator. Based on the preliminary IMACEC readings, we estimate that the economy contracted 0.3% year-on-year in the first quarter of 2026 or -0.2% quarter-on-quarter, making this the first quarterly setback since early 2023. Non-mining sector will have grown only 0.1% year-on-year and being flat sequentially. Altogether, from our perspective, the growth outlook for 2026 became more challenging and more dependent on the evolution of the external scenario.

In our reference scenario, we assume that WTI oil remains around $100 per barrel during the second quarter of this year, and then gradually declines ending the year around $80-$85 percent dollars per barrel without returning to pre-conflict levels. Under this assumption, Chile's economy will still grow 2% in 2026, but of course, risk are tilt to the downside. The main impact is on prices rather than activity. In our base case, inflation will end in 2026 between 4% and 4.5%. Given that the inflation shock will be viewed as temporary and activity will slowly, only moderately, the central bank will keep the policy rate unchanged at 4.5% through 2026.

In this same baseline scenario, we expect the exchange rate to close the year around CLP 890 per dollar. Going to the next slide, we can see the current regulatory and policy environment. The main development so far has been the announcement of the National Reconstruction and Economic Development Plan, which is centered on measures aimed at improving competitiveness, supporting private investment, and reducing environmental permits bottlenecks. Its core components include a reduction in the corporate tax rate from 37% to 23%, full reintegration of the tax system, tax stability incentive for strategic sectors such as mining, technology, and energy, and target measures to support formal employment, construction, and housing activity.

In our view, the project is positive in direction, particularly in its core components aimed at improving competitiveness, lowering the corporate tax burden and streamlining permits, all of which should be supportive of investment and medium-term growth. In that sense, the plan helps offset part of the weak cyclical starting point that we are seeing in early 2026, it is consistent with a more favorable medium-term supply-side story for Chile. While the direction of this initiative is positive for growth. Their credibility will also depend on the existence of a clear fiscal roadmap, while higher growth should eventually generate additional revenues. The project still requires a clear fiscal roadmap, especially during the transition period. We see a policy mix that is more supportive of growth, where a fiscal anchor remains an important issue to monitor. With that, let me hand over to Cristian.

Thank you, Andres. I will now walk you through our strategy, our first quarter 2026 results, and our outlook going forward. Let me start with our strategy. At the center of our strategy is a clear ambition: to become a digital bank with a physical presence, leveraging our Work Cafés branches to combine the convenience and scale of a digital banking with advice, service, and proximity to our customers. We organize this around three pillars. First, think customer. Our objective here is to offer the best value proposition for every client segment, grow active customers, increase transactionality, and deepen loyalty. We aim to serve over 3.5 million active customers, and we continue to see room to improve the customer experience, raise Net Promoter Scores, and capture greater share of wallet, especially in higher value segments. Second, think global.

We are accelerating our digital transformation through global platforms and artificial intelligence-enabled operating models. This allows us to simplify processes, improve the digital experience, deploy capabilities faster, and operate with greater agility, productivity, and efficiency. Third, think value. Our goal here is to translate the customer franchise and an efficient operating model into more stable and improving profitability. This means continuing to diversify revenues toward fees, recurring income streams, and other higher quality businesses while maintaining a strong focus on returns and capital discipline. Overall, our strategy is designed to grow customers and loyalty, increase transactionality, improve the quality of revenues, and as a result, deliver sustainable returns and an attractive payout to shareholders. This strategy is supported by a diversified platforms with five complementary business lines.

Retail and commercial remains the core of the franchise, where we are simplifying products and processes and continuing to build on the Work Café model. Corporate and investment banking adds strengths in advisory, FX, and transactional banking with a clear focus on our sustainable solutions and capital optimization. Wealth management and insurance strengthens our advisory-led model, renews our private banking proposition, and reinforces our position in insurance and mutual funds. Consumer banking supports our leadership in auto financing, including new and electric vehicles, while also expanding our presence in used car financing. Through Getnet, our payment business is helping us reach new client segments with value-added services and simple bundled solutions. Retail remains the backbone of the balance sheet, representing 66% of loans, 48% of deposits, and 69% of margin. At the same time, we have meaningful contributions from CIB payments wealth into the fee business.

The Santander global platforms are helping us connect this business effectively, improve efficiency, and diversify revenues. That supports stable profitability throughout the cycle and reinforces our ability to deliver attractive shareholders' returns. Let me now move to our financial performance for the quarter. In slide 10, in terms of balance sheet, we saw stable loan evolution with some divergence across segments. Consumer lending showed resilience, particularly in auto loans and credit cards, while mortgage and consumer loans remained softer. On the funding side, total deposit increased, supported by growth in demand deposits and a recovery in time deposits. Importantly, liquidity remains strong and well above regulatory requirements.

On slide 11, net interest income show high single-digit growth year-on-year, reflecting improved margins and funding costs, which decreased to 3.2% in the first quarter, in line with the reduction in the average monetary policy rate from 5% to 4.5%. Our net interest margins stand at 3.8% year-to-date, below last period's due to lower inflation in the quarter, 0.3% compared to the first quarter of 2025. One of the key highlights this quarter is the continued strength in fee income and client activity. Total fees increased 4.5% year-on-year, while fee plus financial transactions grew over 9%, driven by strong performance in asset management and market-related income.

At the same time, we continue to expand our client base, reaching 4.8 million total customers, with 2.4 million active clients. The number of current accounts increased 7% year-over-year, supporting 4% growth in active clients and 10% growth in total clients. This translated into a 12% increase in credit card transactions and an 11% increase in mutual client volumes. Client satisfaction remains high across our products. This is a reflection on how our strategy is successfully monetizing digital growth through higher transactionality and engagement. On slide 13, efficiency remains a key differentiator for Santander Chile. We achieved an efficiency ratio of 32.5%, positioning us as one of the most efficient banks in the system.

Operating expenses decreased 6.2% year-over-year due to the fading out of cloud migration costs that happened in early 2025 and generated higher technology and data processing expenses. Additionally, our recurrence ratio reached nearly 69%, meaning that a large portion of our costs is covered by recurring fee income. This reflects the benefits of our digital model and ongoing optimization of our branch network, reaching 94 Work Cafés throughout Chile. On slide 14, we show an overview of our cost of risk and asset quality. The cost of risk reached 1.55%, mainly driven by a one-off provisioning event in the commercial portfolio. Importantly, underlying trends remain stable, with NPLs and impaired loan ratios showing only moderate increases.

The bank has been actively managing different parts of the portfolio, increasing loan restructuration that is reflected in the increase of the impaired loan ratio, while our non-performing loans with 90 days overdue or more has stabilized. We maintain our guidance for cost of risk for the full year. On slide 15, we report a BIS ratio of 16.4%, well above regulatory requirements, with a strong CET1 of 10.9% fully loaded, well above our minimum of 9.08%. In addition, our risk-weighted assets composition is approximately 70% from credit risk, 19% from market risk, and 11% from operational risk. It is worth noting that our market risk risk-weighted assets is relatively high compared to the industry average, which impacts the overall mix.

However, we expect this to gradually decrease with the implementation of upcoming regulatory changes from the CMF. Our risk-weighted asset density stands at around 63%, reflecting a relatively lower level compared to the average Chilean banks. In line with our policy at Santander shareholders' meeting held at April 28, we approved a 60% dividend payout, equivalent to a 4.5% dividend yield, reflecting the strength of our earnings and our continued commitment to delivering attractive shareholder returns. During the meeting, shareholders also elected the boards of directors, approving the proposed list of candidates which ensures the continued strength of our corporate governance and supports the bank's strategic focus for the coming period. To conclude the results section, profitability remains strong with a return over average equity of 23% in the quarter.

Net income increased sequentially, highlighting the resilience of our business model and our ability to consistently generate earnings while continuing to invest in growth and digital transformation. Finally, on slide 18, we show our guidance for 2026, as well as the main areas where we now see pressure relatively to those original assumptions. When we set our initial targets, we were looking at a UF variation of around 2.9% for the year, with a GDP growth of 2.4%, and with this mid to middle single-digit loan growth NIMs of around 4%, non-interest income growth in the mid to high single digits, and an efficiency ratio in the mid 30s, cost of risks of around 1.3%, and an ROE between 22% and 24%.

Since then, the environment has become a lot more volatile, as we recently discussed with Andres, particularly given the current global backdrop. In that context, we think it is more appropriate to discuss the direction of the pressures on our initial guidance rather than provide a formal numerical update with so many moving parts today. What we are seeing is that the higher inflation creates a strong upward pressure on interest income and NIMs. It will also support efficiency in the short term as revenues tends to adjust faster while costs remains relatively stable. On the other hand, a more demanding macro environment might potentially generate some pressure on the portfolio's growth or risks, particularly as we move further into the year and think about the medium-term impact.

While there are clear relevant supportive factors for revenues and profitability, there are also some offsetting risks, and that's why we prefer to remain cautious about giving a more specific update at this stage. To sum up, the key message is that the current environment will be supportive for the top-line trends and returns and well above our initial targets. Given the level of uncertainty, we think it's prudent to frame this directionally rather than revise guidance with precise numbers today. Finally, I would also like to highlight that beyond our financial performance this quarter, we have just been informed that we are the first Chilean bank to be included in the Dow Jones Sustainability World Index, ranking among the 25 most sustainable banks globally. With that, I will conclude my presentation.

Thank you so much for your attention, and we will now be happy to take your questions.

Thank you very much for the presentation. We're now moving to the Q&A part of the call. If you dialed in by the telephone, please press star two on your keypad. That's star two on your keypad and wait for your name to be called. Thank you very much. Our first question comes from Mr. Tito Labarta from Goldman Sachs. Please go ahead, sir. Your line is open.

Hi, good afternoon. Thank you for the call and taking my questions. Two questions if I may. I guess first on the guidance, as you mentioned, right, there's some positive short-term impacts from the higher inflation, but there could be some negative consequences down the road. Just how do you think about the timing of that? Like, when could, you know, just higher inflation, higher rates potentially put some pressure on credit quality and also on loan growth, as you kind of reiterated the mid-single-digits. Any concerns about how that loan growth could evolve, particularly if inflation remains elevated and any asset quality risks arise? Second question, somewhat related to that. We saw some of the retailers posting, you know, very strong loan growth in Chile, like almost high-teens.

Just kind of curious how you're seeing the competitive environment, particularly with some of these retailers that have banking operations? Thank you.

Thank you, Tito Labarta. Well, regarding timing, we're going to see most of the impact of the increased inflation news this second quarter in our NIMs. There is a potential lower NIM third quarter because of the concentration of inflation news on the second quarter on some lower inflations in the third. That's a very, very liquid and volatile moving part as of now. We expect loan growth to remain in the mid-single digits, we are also seeing some lower expectation of GDP expansion, that might translate into lower dynamics more skewed toward the final part of the year.

Consequentially, if this inflation translates into some pressure in the household economy, their ability to perform, that could trigger some impacts more skewed to a final part of the year or the first half of 2027. This is all very volatile and liquid. Regarding your question on growth, actually, in our portfolio, we have seen good demand from the current portfolio and also from the auto lending portfolio. Actually, the auto lending portfolio has been growing double digits year over year. That's a sign of how that part of the market is performing quite well. I think that in our case, it's more concentrated, the more needed performance is concentrated on the mortgage and the corporate portfolio.

We are seeing some early signs in the mortgage growth in the month of March. We're a little bit more optimistic on that part of the portfolio. I think that the things that you're seeing on retailer might also be translating on our retail part of the portfolio soon.

Okay, great. Thanks. That's very helpful. It doesn't just increase the competitive environment at all? You're not seeing any competition on spreads or anything from the retailers trying to compete?

Spreads in the middle market portfolio and the corporate portfolio are quite tight as local market conditions. We see a lot of competition on that part of the market.

Okay, great. Thank you very much.

Thank you, Tito.

Okay, thank you very much. Our next question comes from Mr. Ernesto Gabilondo from Bank of America. Please go ahead, sir.

Thank you. Hi, good morning, Patricia and Christian and all your team, thanks for the opportunity to ask questions. My first question will be on the tax reform. Could you provide us what is the latest update on the tax reform, and when do you expect its implementation? My second question is on NIMs. As you mentioned, NIMs should be benefiting from high inflation levels, especially in the second half. Just wanted to understand, for example, in terms of the interest rate, not for this year, but maybe for next year, that some economists are expecting it could be higher. How should we understand the sensitivity to rates to your balance sheet? I remember in the past, you tend to benefit when you have lower rates.

Once we have the possibility to have higher rates, I would like to understand if you will be hedging or if you will keep your same sensitivity. Thank you.

Thank you, Ernesto. Let me take the opportunity to pass this first question to Andres as we have him here regarding the tax reform.

On the tax side, the main proposal is a reduction in the corporate tax rate from 27% to 23%, between 26 and 29. Together with full reintegration of the tax system over time and tax stability mechanisms for strategic sectors such as mining, energy, and technology. Of course, these measures are clearly aimed at improving competitiveness, so attractive investment and strengthening the supply side of the economy. In terms of implementation, we will highlight two points. First, the direction, of course, is pro-growth, but the main open issue is the fiscal transition. We expect that the Chamber of Deputies should vote this proposal during May, before the first speech of the president on June 1st. During July, August, we should see a discussion in the Senate.

We should see this tax reform or broader reform being approved by September or October if there is no any change in the road.

Perfect. Thank you, Andrés. Regarding our perspectives on sensitivities, we currently, Ernesto, we have two types of sensitivities in our balance sheet, right? We have a sensitivity to inflation that impacts our net interest margin through the readjustment line. That's what's going to be more impacted in the second quarter because of the higher inflation figures. Our sensitivity has remained stable on our sensitivity to inflation on about 14-15 basis points of NIMs for 100 basis points of UF variation, right? That has remained stable. We are also a little bit more neutral on the rate scenario, which I think is positive on to your second question.

Our current sensitivity is on the 5 basis points per 100 basis points of average monetary policy rate variation on a year. That 5 basis points for every 100 basis points of monetary policy rate, it's quite neutral. Actually our balance sheet was positioned that way since early last year as we saw a little room for further rate cuts to from where the levels were at the time. It has been consistent with our macro vision this year.

Yeah. Regarding the macro perspective, as Andres already mentioned, we are expecting a monetary policy rate for this year that remain stable. For 2027, depending on the inflation perspective and how sticky is the inflation that we are having right now, the market is expecting two hikes for next year of 25 basis points each. In that scenario, we will be talking about 2.5 basis point in NIM according to the sensitivity Cristian already mentioned.

Super, super helpful. Thank you very much, Patricia Pérez and Cristian Vicuña.

Thank you, Ernesto.

Thank you very much. Our next question comes from Mr. Yuri Fernandes from JPMorgan. Please go ahead, sir. Your line is open.

Hey. Hi, everybody. Can you hear me?

Yes, please go ahead.

Yes.

Good morning, Patricia, Cristian, Andres, and everybody connected. I have one on risk on the corporate case. If you can comment a little bit, provide more color, like, is this over? Is this fully provisioned? How big was this? Just to understand, you know, if we should see eventually reversals, like if you can recover some of those values. Just trying to understand. I get that the cost of risk this quarter was impacted by this corporate case, but if you can provide a little bit of more color, we appreciate. A second question regarding capital. The CMF put out for consultation the internal risk models. I think this has been a discussion for years in Chile.

There is an estimate from the regulator, about $10 billion to be released eventually. I don't know if you have your own estimate. I know the rules are not done yet. I also know that the risk density in Chile is very high. If you can comment a little bit on what you expect on this potential tailwind for capital, we also appreciate. Finally, on just on the ROE guidance, I know you kept the guidance unchanged and inflation should be, you know, a tailwind for margins. My question is, why keeping the guidance unchanged given, you know, inflation is expected to be a good tailwind for the near term? Thank you.

Okay. let me, let me take your last question first, because I think the message, the message, it's very relevant. And then we'll deep dive on the other two. We're, we're not sustaining guidance. What we don't know is what are the final effects of all these moving parts in our total results, right? The situation in Iran is still not out of the equation and, our scenario is moving, and, you are very familiar with this, of course. Every single day, if not a week. What we see is that we're going to be above the upper bound of our ROE target for this year, meaning that the 22% ROE is completely out of the equation.

We should be 25% ROE and above, right? What we don't know what are the final effects of all these moving parts this very early in this year. We are probably going to be delivering a more clear view in our next call in the final days of July or early August. That's regarding guidance. Regarding capital, do you wanna comment there, Patty?

I mean, the CMF is proposing several measures, I would say, in order to reduce the density of Chilean banks, which is still high, even though we are fully implemented, we have fully implemented Basel III framework. One of the levers is market risk. We already have a proposal from the CMF, and we will have a benefit from that rule when it applies. The other lever is internal models. Right now we do have a framework of internal models, but still very conservative regard or related where what we have in developed markets, right?

They will propose a new framework where will be more convenient for banks to present the proposal to CMF. It's gonna take long. From our experience in Europe could take around two to three years to be implemented. In our view, it's in the right direction and it's the second part it's gonna take longer.

Thank you. To complement here, what has been happening here in Chile with the implementation of the Basel III framework is that we started with all the buffers and pillars, and that's fully implemented. Now our minimum CET1 requirements is 9.2 away, fully loaded with all the pillars and cushions included. There have been little to no discussion on the density of assets of the framework. This is the second part of the story that we were waiting, and I think we have discussed this with several of you in the last year or so. The density of risk-weighted assets in markets is quite high, and especially when you compare it to the European framework. There is also some room in the credit density of credit-weighted assets.

The president of the CMF has been announcing several implementations of teams and some revisions of the regulation in order to advance into improving the density of the assets. Our stance here is that we believe that probably the most potential scenario is that the Chilean general system will work with more rooms between the actual CET1 levels and the minimum requirements. It's natural to expect that we will be, as a system, performing closer to other markets that have lower density. It's too soon to tell whether that will also translate into capital releases as we don't know many of the little details of the upcoming changes.

We know for sure that there is one that has been recently approved about an improvement in the density of market risk, that it's moving onto more developed frameworks and in the way that the market risk is calculated. That will create some potential impacts on the system and on us particularly as we have a relevant stake in risk-weighted asset density market risk. That's on capital. Our perspective is that the CMF is moving naturally on the consequential next step of the implementation of the framework, which is reviewing the density of assets, right? On the credit risk, to your question, we are not seeing particular pressures on any of the portfolios.

The impact that we suffer in the first quarter in the corporate portfolio, it's actually more of a process of recovery, taking longer. We expect that to be reversed towards the final part of the second quarter or the first part of the third quarter. That's why we are not moving our guidance in terms of the expectations on the cost of risk for the year. We are still expecting to be on the neighborhood of the 1.3%.

No, super clear, Cristian. Actually, the NPL for mortgage was down, right? The message on capital is clear. It will take some time. Once this happen, you should unlock capital. Maybe you can grow faster, maybe you can return capital to shareholders, but eventually this can be a tailwind for us here. Super clear. Thank you very much.

Thank you, Yuri.

Thank you very much. Our next question comes from Neha Agarwala from HSBC Global Research. Please go ahead, ma'am. Your line is open.

Hi, Patricia Pérez, Cristian Vicuña, thank you for taking my question. Just a quick one on asset quality. With the inflation running on the higher side, as you mentioned, we could see some pressure on asset quality. Which pockets of the loan book are you being a bit more cautious on, or the growth that you had budgeted in the beginning of the year will actually be weaker because of this changed outlook that we are seeing now? If you could give us some sense in terms of the cadence of how cost of risk could evolve in the coming quarters, that would be very helpful.

Thank you, Neha. Regarding asset quality, let me take the first part of your question. What are the most potential portfolios that could be impacted by higher inflation? Naturally, the mortgage portfolio readjusts on UF valuation, right? That's the part that puts some pressure on families, and especially in the lower part of the portfolio is where we could see some impacts moving on to the final part of the year or early next year. That's still a little too soon to tell. We haven't seen those impacts yet.

In terms of the commercial portfolio, we think that a part of the portfolio that we are very cautious on is particularly the agriculture portfolio, especially exporters, as those guys depends a lot on climate conditions and we are expecting relevant movements in El Niño this year. We still haven't seen any natural phenomena going on, but this has been a broadly discussed topic regarding how strong those phenomenons are moving. As such, we're taking a very cautious stand on that part of the portfolio. We are seeing very positive trends on the mining industry and the mining servicing industry and also in energy.

Those are, you know, our perspective, like the more cautious and more optimistic parts of our portfolio corporates. Going also how this will translate into how the cost of risks should move. We should see a normal second quarter in terms of cost of risks. There is this reverse of the impact that we saw on the first quarter that might come on the second or the third quarter. For the final part of the year, we're still seeing the 1.3%, 1.35% area, but subject to how this inflation translates into the portfolio, right?

Super clear. Thank you so much.

Thank you, Neha.

Thank you very much. Reminder star two for any additional questions. Our next question comes from Mr. Daniel Mora from Credicorp Capital. Please go ahead, sir. Your line is open.

Hi. Good morning. Can you hear me?

Yes, please go ahead, Daniel.

Perfect. Thank you. Thank you for the presentation. I have just one question regarding loan growth. Can you provide the loan growth expectations by segment? I would like to understand what will be the drivers for growth considering the low growth in the first quarter. Also if it is a concern to you, the loss of market share during the last year. Do you expect to regain market share in any particular segment? Thank you so much.

Thank you, Daniel. Regarding loan growth, what we are expecting as a general part of the portfolio is mid-single digits, around 5.5. That's the general expectation. We believe that there's a good performance on the consumer part of the portfolio, particularly auto loans and credit cards. That should translate into installment loan later on the year. We're a bit more optimistic in that area. We are seeing some early good signs in the mortgage book, so we should restart some growth. Mid-single digits for that portfolio, it's safe to assume. Our growth has been muted in the middle market and corporate portfolio.

We're not seeing that growing double digits in our case, but going to market rate growth in that part of the portfolio is expected from our side. Regarding market share, actually, we have been able to defend our market share in the consumer part of the portfolio, pretty much. I think that the part that has been more impacted has been the commercial part, especially the upper part of the commercial part of the portfolio, not the semi part, and mortgage. That's where most of our market share has been decreasing. I think that we remain with the willingness to be relevant in the market. We'll capture all the growth opportunities that we'll see.

We have the capabilities for growth. We have the capital. We'll be monitoring on the market and looking at opportunities to implement that growth in our portfolios looking forward.

Perfect. Thank you so much. Very clear.

Okay.

Okay. Thank you. It looks like we have no further questions at this point. I'll be passing the line back to the management team for the concluding remarks.

With that, Thank you all very much for taking the time to participate in today's call. We look forward to speaking with you again soon.

Thank you very much. This concludes today's conference call. We'll now be closing all the lines. Thank you and goodbye.

Ladies and gentlemen, thank you for standing by, and I'd like to welcome you to Banco Santander-Chile's Fourth Quarter 2025 Earnings Conference Call on the 5th of February 2026. [Operator Instructions] So with this, I would now like to pass the line to Patricia Perez, the Chief Financial Officer. Please go ahead.

Good morning, everyone, and welcome to Banco Santander-Chile's Fourth Quarter 2025 Results Webcast and Conference Call. This is Patricia Perez, CFO, and I'm joined today by Cristian Vicuna, Head of Strategy and Investor Relations; Lorena Palomeque, our Economist. Thank you all for joining us today as we review our performance and results for the fourth quarter. Lorena will begin with an overview of the economic environment followed by Cristian, who will walk you through our strategic priorities and fourth quarter results. We will then conclude with a Q&A session.

Thank you. Throughout 2025, Chile's macroeconomic environment continued to improve gradually after several years of significant adjustments, inflation maintaining a clear downward trend and continued converging towards targets, which allows monetary policy to move away from a clearly restrictive stance. As a result, financial conditions became progressively more supportive, helping to stabilize economic activity. Here on Slide 4, we can see the regulatory and policy environment. A key development in 2025 was the implementation of the mortgage subsidy law, aimed to lowering effective borrowing costs and supporting the recovery of housing demand. This measure is particularly relevant in a context where affordability constraints and higher interest rates have significantly affected mortgage origination in previous years. While the impact is gradual, it represents an important step towards reactivating a strategic sector for the economy. In parallel, there were important advances in the regulatory modernization agenda. Progress on the fintech and open finance law established the foundations for greater asset portability, a stronger competition among financial institutions and increased innovation in digital financial services. Over time, this framework should enhance efficiency, improve customer outcomes and support the development of new financial solutions while maintaining appropriate risk management standards. In addition, initiatives such as the sectoral permits law are designed to simplify and eliminate redundant regulatory approvals. By reducing administrative complexity and execution risk, these measures aim to lower barriers to investments and accelerate project development. Together with a continued focus on fiscal adjustment and spending efficiency, they contribute to a more predictable and sustainable policy framework. The new administration will assume office in March 2026 with an agenda that includes 3 economic policy initiatives that may provide additional stimulus to economic activity in the period ahead. Based on public communications, we expect an emphasis on large-scale investment projects alongside efforts to simplify permitting process and technical requirements in order to reactivate key sectors of the economy. These measures could have positive spillovers for construction activity, household supply and private investment more broadly. Another potential initiative is a reduction in the corporate tax rate. Currently, Chile's corporate tax rate stand at 27% and President-elect, Kast has indicated an initial target of reducing it to 23%. This would help improve competitiveness and attract domestic and foreign investment. Any such changes would likely be phased in over several years to mitigate fiscal impact. In parallel, the administration has highlighted the importance of improving spending efficiency and strengthening fiscal sustainability through enhanced budget allocation and expenditure review processes. It is important to note that the implementation of these initiatives will depend on congressional approval. While the new administration is close to achieving a majority, legislative dynamics will play a key role in shaping the scope, timing and final design of any policy changes. As we can see on Slide 5, one of the most encouraging developments in recent months has been the improvement in confidence. Business confidence followed a steady upward trend and moved gradually into optimistic territory at the beginning of 2026, also differences across sectors persist. Commerce confidence is now firmly in positive territory, while construction, one of the sectors most negatively affected since the onset of the pandemic, has shown a significant improvement in recent months. This matters because confidence is a key leading indicator for investment and credit demand. What we are observing is an economy that is gradually shifting from a defensive stance towards a more constructive mindset, in which companies begin to reactivate investment decisions and households may start to incorporate this improved environment in their financial planning. On Slide 6, we can see how the economy has been performing and what we expect for the coming years. Chile remained on a growth trajectory despite a challenging external environment and a still fragile labor market. The economy is estimated to have expanded by 2.3% in 2025, driven by a recovery in domestic demand. In particular, economic activity benefited from a strong increase in investment driven by the execution of larger-scale investment projects in the mining and energy sectors. In contrast, residential construction remains under pressure, meanwhile private consumption recovered gradually over the year. Regarding inflation, after the application associated with the adjustment of electricity tariffs at the beginning of the year, the consumer price index followed a downward trajectory, closing the year at 3.5%. With inflation expectations well [ anchored ] in the medium term and a limited outlook, the Central Bank continued its normalization process, lowered the monetary policy rate to 4.5% in December 2025 and gradually approaching its neutral level. The labor market gained some traction over the course of the year. Also vulnerabilities remain. During the first half of the year, job creation was limited, but this shifted in the second half when employment began to increase. As a result, the unemployment rate closed the year at 8%, averaging 8.5% over the year, the same level as in 2024. For the next year, we expect labor market conditions to improve gradually as activity recovers. Looking ahead to 2026, inflation is expected to remain marginally below the 3% target, while an additional cut to the monetary policy rate is anticipated in the first half of the year, taking it to an estimated neutral level of 4.25%. Economic activity is projected to expand between 2.1% and 2.4%, broadly in line with trend growth before picking up in 2027. So even as global risk remains elevated amid geopolitical tensions and increasing economic fragmentation, the local outlook appears more constructive. At the domestic level, expectation of a more market credit policy environment, combined with regulatory simplification and a stronger focus on competitiveness and investment should translate into an improvement in business client. This environment is supportive of a gradually recovery in credit demand as confidence improves and financial conditions ease. Importantly, this recovery is likely to be more balanced and sustainable than in previous cycles, supported by stronger macro fundamentals and a more resilient financial system. I will now hand over to Cristian for the rest of the presentation.

Thank you, Lorena. On Slide 7, we outlined our strategy to create value for all our stakeholders entered in our vision of being a digital bank with Work Cafe. Our focus remains on attracting and activating new clients, understanding their needs and deepening engagement. We continue to target more than 5 million clients by 2026 while steadily increasing our active customers. At the same time, we're building a global platform that leverages artificial intelligence and process automation to scale efficiently. This supports lower cost per active client and reinforces operational excellence. Our goal is to sustain an efficiency ratio in the mid-30s or better, reflecting a disciplined and digital operating model. We are also broadening our transactional and noncredit fee-generating services. This supports double-digit fee growth and best-in-class recurrence, defined as fee income over structural operating expenses. As our client base grows, activity levels continue to increase, particularly in payments. Our digital ecosystem encourages frequent and seamless interactions, strengthening engagement and loyalty. This growth is supported by strong CET1 levels, ensuring that expansion remains sound, responsible and aligned with regulatory expectations. Together, this strategy position us to deliver attractive value creation with ROEs above 20% and a dividend payout ratio of between 60% to 70%. On Slide 8, we can already see how our strategy over the last few years has succeeded in changing our income mix and creating a more efficient and profitable bank. Our key measure of value creation has been the strong growth in ROE, which has increased by more than 6 percentage points, more than double the improvement seen in the industry while maintaining solid capital ratios throughout the implementation of Basel III. This has been supported by a 4 percentage point improvement in efficiency compared to 1 percentage point for the industry, reflecting disciplined cost control and the successful execution of our digital transformation. At the same time, fee income has increased from 15% to 21% participation of our total revenues, driven by client growth and the expansion of noncredit services, including digital accounts, cards, asset management, brokerage and acquiring. Industry revenue composition has remained broadly unchanged. This shift has driven our recurrence ratio to the best-in-class levels now above 63%, well ahead of peers. We're very proud of the success of our study had so far. As you will see later on, we are enthusiastic about the evolution of our results in the coming year. Now in Slide 10, we will take a closer look at the results this year. As of December, the bank generated net income of CLP 1,053 billion, up 23% year-on-year. This resulted in a return on average equity of 23.5% and an efficiency ratio of 36%. Growth was supported by a 9% increase in fee income and an 8% rise in financial transactions. Mutual funds grew 7% and the recurrence ratio reached 63.7% year-to-date. Net interest income, including the adjusted income increased 11% year-on-year, while NIMs remained stable at 4%. Our capital CET1 ratio stands at 11%, and we are provisioning a 60% dividend payout to be paid in April next year. We also began 2026 with a successful $500 million 5-year 144A issuance at a rate of 4.55%. During the year, we received several important recognitions, Euromoney, Latin Finance and The Banker named us the Best Bank in Chile, while Global Finance recognized us as Best Bank for SMEs. We also strengthened our sustainability profile with our MSCI ESG rating improving from A to AA and our sustainability score improving to 15.4 levels. On Slide 11, we show the evolution of the quarterly ROE. We have consistently maintained ROEs above 21% even in quarters with lower inflation. In the most recent quarters, new variation was 0.61% and ROE reached 21.9%. On a yearly basis, net interest income increased 10.9%, driven by a lower cost of funding, which improved by approximately 100 basis points year-on-year. As a result, year-to-date NIM reached 4%. Slide 12 highlights the continued expansion of our client base and its impact on fee generation. We now serve close to 4.6 million clients with 58% active and approximately 2.3 million digital clients accessing our platform monthly. Current accounts increased 9% year-on-year, supporting 5% growth in active clients and 7% growth in total clients. This translated into a 15% increase in credit card transactions and a 7% increase in mutual fund volumes. Client satisfaction remains high across our products. We also continue to expand our corporate footprint, increasing business current accounts by 19% over the last 12 months, driven by simple business account and integrated payment solutions through Getnet. As shown on the right-hand table, higher client activity translated into 8.5% year-on-year growth in fees and financial transaction income with cards, Getnet, account fees and mutual funds showing strong momentum. On Slide 13, the income growth and disciplined cost control supported strong operating metrics. The efficiency ratio reached 36%, the best in the Chilean banking industry in 2025, while the recurrence ratio reached 63.7%, meaning more than 60% of our expenses are covered by fee generation. Operating expenses increased temporarily in early 2025 due to cloud migration costs. For the full year, operating expenses grew just 1.6%. In the quarter, total core expenses declined 1%, driven by lower administrative costs, reduced data processing expenses and the appreciation of the Chilean peso. Overall, we continue to deliver best-in-class efficiency and recurrence. At the same time, we are evolving our branch network towards the Work Cafe format, improving efficiency and customer experience supported by continued enhancements to our digital platforms. On Slide 14, we show an overview of our cost of risk and asset quality. As in prior quarters, cost of credit remains above the historical average. The bank has been actively managing different parts of the portfolio, increasing loan duration that is reflected in increasing the impaired loan ratio, while our nonperforming loans with 90 days over or more has stabilized. On Slide 15, we can see that the CET1 ratio reached 11% in December, far above our minimum requirement of 9.08% for December 2025 and demonstrating about 50 basis points of capital creation since December 2024. This was driven by our income generation in '25 and considers a 60% dividend provision of our 2025 profit and a 2% increase in risk-weighted assets. Our capital ratios are now fully loaded with complete implementation of capital deductions in the Basel III Chilean framework. In January of 2026, the regulator published the current Pillar 2 charges for the Chilean banks, where we were assigned a Pillar 2 charge of 13 basis points. This is a reduction from the original 25 basis points that were assigned last year, demonstrating our solid management. Of the 13 basis points of Pillar 2 charges, about 8% must be met with core equity Tier 1 capital. So on Slide 17, we show our guidance for 2026. For this year, we're expecting a GDP growth of a low 2%, as Lorena already mentioned, with a UF variation just below the 2.9% and an average monetary policy rate of around 4.3%. We anticipate a more favorable business environment this year, supporting mid-single-digit loan growth with a stronger rebound in the second half of the year. Despite the slightly lower inflation, loan growth and slightly lower rates will help to sustain our NIMs on 4% levels, while our fees and financial transactions should grow mid- to high single digits. This does not include any impact for a further interchange fee reduction, which is yet to be defined by the interchange fee commission. Our efficiencies should remain around the mid-30s, while our cost of credit should continue to improve gradually to reach around 1.3% for the full year. Based on these assumptions, our expectation for 2026 are for an ROE within the range of 22% to 24%, highlighting the strong profitability of Santander Chile. With this, I finish the presentation, and we can start the Q&A session.

[Operator Instructions] Our first question is from Ernesto Gabilondo from Bank of America.

My first question will be on the economic and political outlook. So we have been hearing that there could be the possibility to reduce the statutory tax rate and also to reduce the credit cap limit. So any color on what you are hearing also will be very helpful. And then my second question is on your loan growth expectations. You were guiding between mid-single digit around that. Just wondered if you can break down in terms of how much we expect for each segment, also very useful. And for my last question is in the sale of Getnet. I don't know if you can provide more details on the implications behind that. I don't know if you obtain an amount of cash from this transaction. So any more details will be helpful.

Thank you, Ernesto, for the questions. So I'll pass the word first to Lorena for the economic political outlook. And then Patricia will comment on asset expansion. I'll get the last question from Getnet.

Yes. For the political and economic outlook, it's important to say that we correct growth projections for 2026 and '27 mainly due to -- for one side, improvement of copper prices process and better performance of trading process and of course, the dynamic of internal demand. But in the political side, we expect that the new government will have a transition period and the tax reduction could take some time. So we expect the effect more in the 2027 and in the second half of this year than in the short term.

Right. Regarding the credit card limit discussion, we believe that, that's going to take longer to get discussed in Congress. So we don't expect anything going on in 2026 regarding that change. It will be welcome news for the industry and for the bancarization of the Chilean economy in general terms, but I believe it's going to take a while for that to get discussed.

Ernesto, regarding the loan growth for this year, as Cristian mentioned, our guidance for this year is to be around mid-single digits, both for the industry and our bank. Assumptions behind this guidance are consistent with a macro that improves gradually within the year. First of all, on the consumer side, we are seeing steady growth in auto lending. The weaker demand still for installment loans that we are expecting to improve during the year. Regarding commercial portfolio, we already have seen a reactivation in investment in mining and better investment cycle together with recent improvements in confidence, as Lorena showed us. However, this has not yet translated into stronger growth. But during the year, this should boost commercial lending, especially in large companies and other parts of the economy as well and also help to drive higher consumer lending. And finally, regarding mortgages, we have also seen gradual improvement in the demand during the year, in line with better conditions in the Construction segment, also the mortgage subsidy launched in May last year. And going forward, we are expecting better trends, especially in the affluent segment. All in all, we think we are well positioned in terms of liquidity and capital as well to support a higher growth scenario. And in addition, we also think we benefit from the scale and synergy generated by being part of Santander Group, leveraging shared platforms and international market expertise from the global and local teams as well.

Thanks. And regarding the Getnet question, so we had a shareholders meeting last week that considered an offer from Getnet Payments to acquire the minority stake of Getnet Chile in order to formalize a strategic partnership. The main goal is to strengthen the Getnet Chile position in a payments market that we believe is increasingly competitive, both technologically and requiring global integration. Bringing in a large international player will allow us to access those capabilities such as continuous innovation, scale, globally proven functions and the international network that opens new business opportunity for our acquiring operation. It's very relevant that we are keeping control and the majority of the Board, ensuring business continuity, indebtedness, strategic continuity while managing the business. And at the same time, we are adding a partner that accelerates growth and strengthen the efficiency and leadership for the next stage that we're seeing on the market. So we think this is a decision to strengthen Getnet's future and create value that will benefit all shareholders. Regarding the Construction, included an initial payment of CLP 68 billion and a service agreement under which Banco Santander provides infrastructure, staff equipment and data processing to sell Getnet solutions. And Santander will receive -- Santander Chile will receive the equivalent of 10% of the net operating revenues for the next year with an automatic extension of that contract for additional 3 years. So all in all, we assess about 65% to 70% of the total net income of Getnet will go straight to Banco Santander Chile. So the impact in terms of P&L is negligible. And well, we had the meeting last week. So the transaction was approved with -- the quorum was very close to 95% of total shares, and it was approved by close to 87% of the participant. Out of those, 29% were minority shareholders and the majority of the minority shareholders voted in favor of the transaction. Change in regulation requires that all shareholders must vote on the shareholders' meeting to achieve the quorum required by the law. So that's why the group also was forced to vote, but we had a very strong support from the minority base of shareholders. So that's pretty much regarding Getnet.

Our next question is from Lindsey Shema from Goldman Sachs.

Cristian and Lorena, just first, your 2026 guidance implies a slight improvement in cost of risk. Just want to hear where you see that coming from and your projections for asset quality throughout the year? And then my second question is just we saw expenses falling year-over-year in this fourth quarter. And you mentioned some efficiency improvements you've been doing that can lower your efficiency ratio long term. So just wanted to get some more color on improvements you've been making there and how you see expense growth progressing going forward?

Thank you, Lindsey, for your questions. Regarding risk, well, 2025 was on the neighborhood of the 1.4% cost of risk for this operation, and we are expecting that to improve to levels of 1.3% area. We did a relevant job in terms of improving NPLs in the commercial portfolio last year. And apart from the agro sector, we don't expect many, many new pieces of information from that part of the portfolio. So all in all, we are seeing a more sustainable and controlled cost of risk looking forward. In terms of -- we saw a slight pickup, as I already mentioned, in December figures due more to seasonality and the start of the summer holidays that put some pressure on the collection teams by contactability, but nothing that we are seeing a very concerning. And at the same time, the mortgage portfolio, which has been increasing in [indiscernible] is not going to pass through as cost of risk, and we expect this to start improving this year gradually. It's going to take a while because the judicial process of collections is taking longer. But all in all, we don't expect this to pass through to cost of risk. So that's why we are more comfortable guiding a slight improvement this year. And to your question on expenses, the way to look at this is that we aim to control the growth in our expense base by trying to deliver inflation expansion or inflation plus 1%. That's what we're seeing in the long term as an internal target. We are addressing this through a strong transformation in our technological platforms, improving efficiency, getting rid of routinary tasks that can be avoided and implementing new solutions and new technologies, and we are delivering some initial things on artificial intelligence that are probably going to allow us to sustain on these trends. We are not expecting very relevant changes in the network size of us. So just slight modifications, maybe opening 1 or 2 new formats with Work Cafe and renovating some part of the legacy branch that we still have some 90 branches over there. But to your point regarding the improvement in the final part of the year, well, there was a relevant peso appreciation. And about 25% of our administrative expenses are linked to euro and U.S. dollar currencies. So that's also explaining a little, but it's also part of the whole story of how we are trying to achieve the best levels of efficiency in the industry. So thank you.

Our next question is from Yuri Fernandes from JPMorgan.

A quick one, just on the guidance, just checking if the guidance includes the reduction on Getnet stake. I know it's small, but if you can remind us what is the relevance for ROE and especially for the non-NII guidance this year, I guess you grew your fees closer to high single. I think the guidance shows a little bit of a slowdown, but not sure if this is Getnet or maybe [ mutual ] funds that were also very strong, maybe being a little bit more normalized. So just trying to understand if the guidance reflects Getnet. I understand you still need to deconsolidate. So maybe you still consolidate 10% of Getnet for a few more quarters, but just trying to get some color on this. And on your presentation -- go ahead, and I can ask another one later.

Okay. So well, regarding your questions, and thank you for that. In terms of the fee figures, you're not going to see any changes. Well, you're going to see an increase in the final part of the P&L in the minority stake in the net income assigned to minority shareholders, right? So that's where you're going to see an increase in that line that will be an effect that it's less than 1% of the total P&L of the company through the sale of this subsidiary. So it's nothing that's going to be seen as material in terms of ROE. Well, consistently, this should be on the neighborhood of 20 bps of ROE. So we are not changing guidance for this matter. It's included in the 22% to 24% range. So do you have another question, Yuri?

Yes. No, no, that's clear. So basically, it's -- and sorry for that, it should be a minority interest, the delta here. I have just another follow-up on the SME business. On Slide 13, Cristian, you showed the EPS of SMEs and you point to 37. And you are the first here, probably you are the best one. But 37% looks a little bit low for NPS. So just checking if the number is correct and if this is the real number, if you're happy with this number or if you are working to improve, that would be...

No, in general terms, SME NPS in the local industry, it's slower, slower and it's in the area of the 33% to 37% range for most of our peers. We track this with the same methodology consistently along the years. So nothing has changed on that side. We are trying to get to levels closer to 50%, but the reality of the industry here in Chile is that, all in all, NPSs in the SME area are to be lower.

Okay. And my final one here, just a broad one regarding the parent company and Santander Chile. Do you see any other business area where there could be synergies and optionalities similar to Getnet? Just trying to understand if we could see further partnerships like on investment bank. We already have, I guess, insurance, right, and asset management. But just trying to understand if there are other areas that could be synergies with the parent.

So all in all, as a group and their operations in Chile, I think pretty much most of the pieces are in place. So you mentioned Santander Asset Management. We already have and we acquired from a previous partner a couple of years ago. And actually, we control, too, the Santander Consumer Finance operation. That's another subsidiary of the bank. We, of course, lever the partnership with the Santander Group through all the alliances that we can show as a very, very effective and with great results in terms of the amount of new brands that we cover through the auto lender. So that's a good example of one area where we are tapping into the group resources. And the other part is a direct acquisition that the Santander Group did in Chile and that was announced in January where the group purchased an annuities company from principal. This is subject to regulatory approvals, and we expect those to -- that operation to be fulfilled by mid this year, so very close to third quarter. And well, there are some natural components between annuities companies in the Chilean market and banks as we banks tend to originate longer. We have a very good capability of originate longer assets, but it's getting more expensive for us to store them. And those assets are quite interesting for companies like the one that was recently announced to be acquired. So I think that's pretty much the state of the art. We don't expect many moving parts going forward and the group needs to integrate this new acquired operation into the area of control. So that's what I...

No, no, that's clear. On annuities, can the local banks on annuity companies in Chile or you can't...

No, no. Capital from banks have not been completely isolated from annuities companies. So we have to remain -- we have to control those business completely separate, and that's why it was the Santander Group that purchased that company.

Our next question is from Neha Agarwala from HSBC.

We are hearing about some discussions around removing interest rate caps for consumer lending. And given that you've been historically very strong in the mass market segment, how do you weigh that opportunity? And also if you have any clarity as per that discussions? And how could that impact Santander Chile? I'll ask my next question later.

Thank you for the question. Interest rate caps have relevant limits on the ability in Chilean banks to charge interest rates to customers. So credit cards are capped at 40%, and the typical auto lender will be lending on the area of 20% to 22% and so on. So it's a sign on different sorts of products, sizes of the credit and durations. There is an early discussion regarding whether the system needs amendments on the definition of interest rate caps. But it's too early to say when this discussion is going to go from the government to the economic commissions in Congress to be discussed. So we don't expect pretty much this thing getting approved this year. We think it's too early to tell. We need first for the Kast administration to take office. And then they will announce what the schedule is going to be like and what their priorities are going to be. We believe that it will be or it would be good news in terms of general bancarization access, especially for the part of the mass market. But we don't expect news to come on that front too soon.

Perfect. Very clear. And regarding your loan growth expectation, we are expecting the Kast administration to take office. And after that, maybe we could see a pickup in investments in general, which could improve the sentiment and the loan growth. Is that scenario already incorporated into your guidance? Or could that pose a little bit of upside risk, mostly in the second half?

So pretty much what we're seeing is a low 2% year, so something 2.3% in that area. So 1x that plus inflation places you on the low 5% area. We're expecting something between 5% and 6% for the year. Remember that Kast administration will take office in March 11. So we don't expect structural changes to be made at least until the second quarter, maybe more skewed to the final part of the year. So the pickup that we are expecting in terms of growth for the economy in general are more skewed to the final part of 2026 and into 2027.

And you account for that in your forecast, right?

Yes. Yes. That's what we are considering in the forecast.

[Operator Instructions]Our next question is from Ewald Stark from BICE.

I have 2 questions. The first one is if you can provide any details regarding your expectations for risk-weighted assets density for the year-end? And the second is regarding sensitivity to inflation. It seems like sensitivity to inflation has decreased based on monthly financial results. Those are my 2 questions. Well, what do you expect going forward regarding net income from indexation units relative to inflation?

Okay. Thanks, Ewald, for your question. Regarding the risk-weighted assets for this year and the density with a mid-single-digit growth in loans during this year, we are expecting consistent with that scenario, a growth in risk-weighted assets around 2% for this year. That will keep the density within this level, assuming that the proportion of the growth is what we already mentioned in our loan growth projections, right? So that is our base scenario for RWAs. Regarding inflation for this year, we are considering an average exposure to inflation of around CLP 8.5 billion, which means around 15 basis points of sensitivity to every 100 basis point inflation, right? So it is true that by the end of the year, last year, we reduced our exposure given the low CPI rate that we have. The average for this year will be around CLP 8.5 billion in our base scenario.

Could you clarify what you mean by the net income from indexation?

Well, if you decompose net interest margin -- well, the NII, the NII is composed of 2 main elements, interest and the component of inflation, yes.

Yes. So regarding the readjustment part of the NII that you're mentioning, as Patricia already mentioned, we are carrying about a 15 basis point sensitivity per 100 percentage -- 100 basis points of inflation movement, right? So that's pretty much in the area of the CLP 8 billion along inflation. So pretax, it will mean about $80 million per 100 basis points of inflation.

Perfect. And let me check if I got this right. So you expect risk-weighted assets density to mildly decrease throughout the year because they are going to increase by 2%, while assets will be growing by close to 5%, given your expectations for loan growth?

Yes, right. If we assume that -- if we assume that our density maintained during the year, an increase of 5% in loan portfolio will imply around 2.5% of risk-weighted assets growth during the year.

We have a follow-up from Yuri from JPMorgan.

Just going back to the Getnet, a curiosity I have here regarding the appraisal report, and I know it's not the company, right? But some of the appraisals, they had a little bit -- in our view, a little bit conservative revenue CAGRs ahead, right? I guess revenue for Getnet should be growing 5% until 2035, like net income decreasing minus 15% CAGR until 2035. Just to understand like is this the view of the company? Like should we -- when we see your fee guidance and this thinking about the total for Getnet, should we assume like even more competitive environment, changing industry, this is the reality, like should Getnet grow revenues at 5% going forward?

So well, you mentioned -- well, that's for the long run, in terms of whatever was in the different documents displayed some stronger still growth in the first 2 years. But actually, to your point, we believe that the industry is facing relevant transformations, right? So on the one side, some very -- some recent news have talked about how Transbank now can renegotiate all the fees structure that were locked in by some court rulings. So that will create a relevant pickup in terms of competition from the largest player in the industry. At the same time, we've seen some M&A happening of Itau and the initiation of the acquiring operation of Banco de Chile. And as such -- and we also saw the Chilean Central Bank authorizing the chamber of payments that will provide functionality for instant payments in a similar way to PI for the start-up environment. And all of this is on the umbrella of upcoming changes in the regulation that are already approved such as the open finance law. So we are seeing a super intensive change in the way the industry is configurated. We are seeing a relevant increase in competition. And as such, we expect that the economic drivers that were part of the success of the growth of Getnet for the last 4 years are changing as we speak in terms of -- now we'll be competing with more and more relevant competitors and not only an incumbent that had the hands locked by some court rulings. This is why we believe that it was the right time to incorporate the strategic partnership with PagoNxt to support the efficiency and the growth prospects of Getnet through the capability to enter into some cross-border transactions that we can get through this partnership. So that's pretty much the main key beliefs that are behind the transactions. And that we have been seeing materializing in the last 2 to 3 months. Thank you, Yuri.

No, no, that's a good answer, Cristian. So basically, maybe the near term is still doing fine, but competition is building up. So who knows what's going to happen, but it's likely that maybe we're going to see a more challenging environment for Getnet. I guess that's the summary, right?

Yes. Yes. That's it.

It looks like we have no further questions. I will now hand it back to the Santander Chile for the closing remarks.

Thank you all very much for taking the time to participate in today's call. We look forward to speaking with you again soon.

We'll now be closing all the lines. Thank you, and have a nice day.

Thank you.

Thank you.