Doverie United Holding booked EUR 18.7m of consolidated net income after minority interest, down by 19.7% YoY and 12.7% below our expectations. Quarterly EPS came to EUR 0.88, bringing the 12-month trailing P/E to 1.95x. The group’s core banking segment delivered a 5.5% YoY increase in total operating income to EUR 38.2m, 0.6% below our expectations. Gross profit from other business lines - primarily the Bricolage retail operations – also registered 5.5% YoY growth to EUR 11.1m, but came in 3.2% below our forecast. Meanwhile, operating and administrative expenses rose 16% YoY, exceeding our expectations by 6.4%. The net financial income dropped 40.5% YoY to EUR 4.9m as in Q1’25 Doverie sold its health insurance business and some real estate, booking financial gains from it while in Q1’26, the financial income was a result of the positive revaluation of Sopharma shares. Consequently, consolidated net income before minority interest fell 18.3% YoY to EUR 22.5m. Non-controlling interest declined 10.3% YoY to EUR 3.8m, reflecting the 21.79% minority stake in Moldindconbank. During the quarter, the company has increased its stake in Sopharma to 3.41% from 3.24% as of end-2025.