According to our estimates, 2025 will start with net profit growth of +13.9% yoy to CZK1.46bn in 1Q25. As market interest rates fall, interest income will decrease but so will financing costs. We continue to expect successful sales of third-party products. Regulatory fees will increase costs in the first quarter. We estimate operating profit of CZK1.90bn (+16.4% yoy) on total revenues of CZK3.40bn (+9.0% yoy). We expect Moneta's management to reiterate its full-year guidance.