Moneta reported a net profit of CZK1.6bn for 4Q25, representing a +1.8% yoy increase. This represents a respectable +3.0% premium over the market consensus. This is mainly due to lower risk costs and effective tax rates. ROTE was 23.4%. At the operating level, the results were more or less in line with estimates. Moneta exceeded its updated full-year guidance. Management proposes paying a dividend of CZK11.50 per share from 2025 profits. In our view, the outlook for 2026 is in line with market expectations.