Finecobank Spa · MIL:FBK
Finecobank Spa — Q3 2026 Earnings Presentation
47 slides from Finecobank Spa's earnings presentation, Nov 5, 2026
Slide 1: 3Q26 Results
November 5th 2026 3Q26 Results
Slide 2: Disclaimer
Disclaimer • “Pursuant to the paragraph 2 of Article 154 bis of the Consolidated Law on Financial Intermediation (Legislative Decree no. 58 of February 24, 1998), Erick Vecchi, in his capacity as manager responsible for the preparation of FinecoBank S.p.A.’s (the “Company”)’s financial reports, decl
Slide 3: Agenda
Agenda 9M26 Snap and Guidance 4 Section 1: Financial results 8 Section 2: Commercial results 16 Section 3: Growth levers 23 Key messages: business model 29 Annex 34 3
Slide 4: 3Q26 net profit +15.6%, every engine growing double digit in 9M26
3Q26 AT A GLANCE 3Q26 net profit +15.6%, every engine growing double digit in 9M26 BUILDING EPS MOMENTUM AND OPERATING JAWS NET PROFIT ADJ. (1) REVENUES COST / INCOME ADJ. (1) OPERATING COSTS ADJ. (1) 531 mln 188 mln 1,086 mln 372 mln 26% -283 mln +10.6% y/y +15.6% y/y +12.0% y/y +14.4% y/y -0.8 p.p
Slide 5: 2026 Guidance: Faster efficiency, better cost dynamics
GUIDANCE 2026 2026 Guidance: Faster efficiency, better cost dynamics Revenues: growth on every line Costs: improving efficiency Thanks to the acceleration of structural trends ~+5% y/y Operating costs Net financial income Solid growth + ~€15mln y/y additional growth initiatives Combination of positi
Slide 6: Guidance 2027: improving growth & operating leverage
GUIDANCE 2027 Guidance 2027: improving growth & operating leverage Revenues: growth on every line Thanks to the acceleration of structural trends Costs: improving efficiency Net financial income Solid growth Positive trade-off from combination of reinvestment yields, Operating costs Material improve
Slide 7: 2029 Outlook: Multi Year Plan update on February 10th, 2027
Guidance - 2029 OUTLOOK 2029 Outlook: Multi Year Plan update on February 10th, 2027 DRIVERS GROWTH AT AN INFLECTION MONETIZING GROWTH IN POINT HIGHER REVENUES 1 Stronger than expected acceleration in net sales and new clients' acquisition 2 All net sales mix contributing positively to revenues: • Ac
Slide 8: Financial results
SECTION 1 Financial results Faster growth in the quarter, all engines contributing, costs under control 8
Slide 9: Net profit quickly on the rise
FINANCIAL RESULTS · P&L Net profit quickly on the rise All revenue engines growing double digit € mln 9M25 9M26 y/y THREE ENGINES, ALL GROWING DOUBLE DIGIT Net Financial Income 471.7 520.3 10.3% Net Non Financial Income 498.6 565.7 13.5% Net Other expenses/income -0.6 -0.1 n.s. BANKING +11.3% y/y 53
Slide 10: NFI +10.3% y/y in 9M26: valuable deposits driving a solid growth
FINANCIAL RESULTS · NET FINANCIAL INCOME NFI +10.3% y/y in 9M26: valuable deposits driving a solid growth NET FINANCIAL INCOME, MLN, € A QUALITY, INDUSTRIALLY DRIVEN NII +10.3% • Sticky transactional deposits with cost of funding close to zero: even a small banking-only client is profitable +15.5% 5
Slide 11: A granular retail deposit base: 73% stable, #1 among European banks
FINANCIAL RESULTS · DEPOSIT BASE A granular retail deposit base: 73% stable, #1 among European banks BENCHMARKING: STABLE DEPOSITS (FY25) NSFR (FY25) LCR (FY25) GRANULAR AND RETAIL Fineco 73% Fineco 418% Fineco 958% DEPOSIT BASE B.MED 66% Flatex 279% Avanza 864% Avanza 61% Revolut 261% Revolut 512%
Slide 12: Investing +12%, solid growth aligned with long term trends
FINANCIAL RESULTS · INVESTING Investing +12%, solid growth aligned with long term trends INVESTING REVENUES, MLN, € AUM STOCK, END OF PERIOD, BN, € +12.0% +12.3% +13.8% 330.9 295.6 +0.3% +6.3% 71.2 79.7 80.0 103.7 111.0 118.0 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26 9M25 9M26 ADVANCED ADVISORY (% on AUM stock)
Slide 13: A rapidly growing AUC base creating further monetisation opportunities
FINANCIAL RESULTS · BROKERAGE A rapidly growing AUC base creating further monetisation opportunities AVG MONTHLY REVENUES, MLN, € AUC STOCK, END OF PERIOD, MLN, € CAGR +13.2% CAGR +15.4% y/y 66.3 23.5 +23.2% 21.3 54.8 18.1 44.7 16.0 36.1 2023 2024 2025 9M26 FY23 FY24 FY25 9M26 AUC margins pre-tax (R
Slide 14: Lending: a high-quality business, offered only to existing clients
FINANCIAL RESULTS · LENDING Lending: a high-quality business, offered only to existing clients COMMERCIAL LOANS PORTFOLIO (2) (GROSS), MLN, €, END OF PERIOD COST OF RISK ON COMMERCIAL LOANS +10.5% +5.4% 7 bps 0.52% 5.4 5.7 Cost of risk NPE ratio (3) 5.2 2.2 2.5 2.8 • No corporate loans 0.5 0.5 0.5 •
Slide 15: Rock-solid ratios: well above regulatory requirements
FINANCIAL RESULTS · CAPITAL AND LIQUIDITY Rock-solid ratios: well above regulatory requirements Dec.25 Sept.26 Requirement (€/bn) Dec.25 Sept.26 Solvency CET1 Capital 1.45 1.54 CET1 Ratio 23.30% 23.39% 8.67% Tier1 Capital 1.95 2.04 Total Capital Ratio 31.37% 31.00% 13.04% Total Capital 1.95 2.04 Lev
Slide 16: Commercial results
SECTION 2 Commercial results A step-up in acquisition and net sales, without diluting client quality 16
Slide 17: A unique positioning for long-term growth: 3.9% of a €4+ tln market
COMMERCIAL RESULTS · MARKET A unique positioning for long-term growth: 3.9% of a €4+ tln market ITALIAN HOUSEHOLDS TFA: Fineco: The Established Disruptor ADDRESSABLE MARKET (1Q26) a structural winner in a quickly changing market AI disruption 1 • A driver for higher Transparency in financial service
Slide 18: A fee model aligned with clients: long-term sustainable AUM revenues
COMMERCIAL RESULTS · FEE MODEL A fee model aligned with clients: long-term sustainable AUM revenues % OF ACTIVE FUNDS CHARGING PERFORMANCE FEES, FINECO: A CLEAR OUTLIER BY COUNTRY OF DOMICILE (1) 65% A unique market positioning based on 44% Efficiency, Transparency and Convenience 12% 13% 7% 1% ✓ Fa
Slide 19: Net sales +39%, new clients +27%: Fineco at an inflection point
COMMERCIAL RESULTS · GROWTH Net sales +39%, new clients +27%: Fineco at an inflection point TOTAL NET SALES, BLN, € NEW CLIENTS, THD, # +39.0% +27.3% 13.4 13.1 193.8 184.2 9.8 152.4 144.7 9.4 119.2 97.3 5.7 2.6 avg avg avg 2025 9M25 9M26 2022 2023 2024 2025 9M25 9M26 2010/14 2015/19 2020/24 FINECO:
Slide 20: Outperforming with young and Private Banking clients
COMMERCIAL RESULTS · YOUNG AND PRIVATE CLIENTS Outperforming with young and Private Banking clients NEW CLIENTS BY AGE, % OF PRIVATE BANKING TFA: PRIVATE CLIENT PROFILE HEADCOUNT CONSISTENTLY GAINING SHARE €, bn 91.1 92.6 €1.1 mln average TFA 49% 49% 8.5% 45.9% 59% 22.2 45.6% 51% 51% 41% 2016 2Q26 3
Slide 21: Growing faster without diluting quality: richer clients, and loyal ones
COMMERCIAL RESULTS · CLIENT QUALITY Growing faster without diluting quality: richer clients, and loyal ones CLIENT SEGMENTATION, % OF TFA, BN, € €92k in 3Q26 52% >500k 178.2 160.6 100-500k 50-100k 52% <50k 107.9 51% HIGHER AVG TFA PER CL IENT OF TFA FR OM CL IENT S ABOVE €500K 45% €76k in FY21, €89k
Slide 22: Net sales are organically driven
COMMERCIAL RESULTS · NETWORK Net sales are organically driven NEW PFAS RECRUITED IN THE YEAR PFAS RECRUITED OVER THE LAST 24 MONTHS 10.3 8.8 10.1 13.4 13.1 10.3 8.8 10.1 13.4 13.1 5% 4% 6% 3% 2% 10% 13% 12% 9% 6% 95% 96% 94% 97% 98% 90% 87% 88% 91% 94% 2022 2023 2024 2025 9M26 2022 2023 2024 2025 9M
Slide 23: Growth levers
SECTION 3 Growth levers New initiatives to further monetize our growth 23
Slide 24: Unlocking the potential of our AUC base
GROWTH LEVERS · AUC MONETIZATION Unlocking the potential of our AUC base REVENUES FROM NEW INITIATIVES, € MLN CAGR 89.1 +23.2% Initiative What it does/where we are 80.0 69.2 Value extraction ➢ Higher internalized volumes thanks to wider client base Live 58.6 from clients flows and more sophisticated
Slide 25: ETFs: a new revenue engine for Brokerage and Investing
GROWTH LEVERS · AUC MONETIZATION ETFs: a new revenue engine for Brokerage and Investing (1) ETF REVENUES, € MLN ETF STOCK, € BN +59.8% 23.7 44% 42.3 of AUC net sales in ETFs, 9M26 37.6 16.7 17.6 11.1 23.5 12.3 8.2 36% 4.4 6.2 of AUM net sales in ETFs, 9M26 2.9 FY24 FY25 9M26 2024 2025 9M26 ETFs in A
Slide 26: Fineco pan-European platform
GROWTH LEVERS · PAN-EUROPEAN PLATFORM Fineco pan-European platform Launch F&F phase in early-2027 Our vertically integrated brokerage is the key to launch a multi-country platform STRONG OPERATING LEVERAGE AND VERY LOW FIXED COSTS A DISTINCTIVE PROPOSITION Leveraging our Italian IT infrastructure Es
Slide 27: Deploying AI across the platform: live for advisors and brokerage clients
GROWTH LEVERS · AI ON FINECO FRONT -END Deploying AI across the platform: live for advisors and brokerage clients AI Assistant for PFAs Brokerage Copilot: new AI-driven UX AI-native apps, AI onboarding CRM for PFAs and managers Screening securities App for clients Live for all PFAs Live, brokerage-o
Slide 28: AI-native comes to the Bank: more scale, more operating leverage
GROWTH LEVERS · AI ON FINECO BACK -END AI-native comes to the Bank: more scale, more operating leverage PHASE 2 · THREE AREAS OF INTERVENTION WHAT IT DELIVERS Phase 1 · advisors and clients Operations 1 Operating leverage Consolidated In progress Volumes grow faster than costs Back office Securities
Slide 29: Key Messages: business model
SECTION 4 Key Messages: business model Focus on Fineco business model 29
Slide 30: Fineco, built to win: 10+ years listed, delivering value to all stakeholders
FINECO, BUILT TO WIN · 10+ YEARS LISTED: DELIVERING VALUE TO ALL STAKEHOLDERS Eleven years of operating leverage: revenues +11% a year, costs +6% A healthy and solid commercial trajectory, translated into quality and growing results thanks to our scalable operating platform 2014 2025 CAGR 25% ROE FY
Slide 31: All business areas sustain revenue growth: a structurally hedged model
KEY MESSAGES · BUSINESS MODEL All business areas sustain revenue growth: a structurally hedged model Strong acceleration in client growth to drive higher revenue contribution across our diversified model. Structurally hedged model to deliver • High-quality NII thanks to sticky transactional liquidit
Slide 32: Technology, the engine of Fineco's scalability: proven platform, clear plan
GROWTH LEVERS · TECHNOLOGY Technology, the engine of Fineco's scalability: proven platform, clear plan TRACK RECORD 99.9%+ ~6% <<1 bp 1.9 mln ~430 mln availability IT cost / revenue, vs 11.6% operational losses from clients served digital accesses a year average tech, cyber and fraud The next phase
Slide 33: Our sustainability commitment: long-term value for all stakeholders
SUSTAINABILITY Our sustainability commitment: long-term value for all stakeholders Combining business growth and financial strength with the principles of sustainability, in order to create long-term value for all stakeholders. Best-in-class governance framework and strong responsible finance practi
Slide 34: Annex
ANNEX Annex Detailed tables 34
Slide 35: P&L reclassified
ANNEX P&L reclassified mln 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 9M25 9M26 Net Financial Income 161.3 153.7 156.6 161.4 633.1 163.0 176.4 180.9 471.7 520.3 Net Non Financial Income 167.7 162.7 168.2 186.1 684.7 180.6 194.4 190.6 498.6 565.7 Net Other expenses/income 0.2 -1.3 0.5 -0.7 -1.3 -0.7 0.1
Slide 36: 9M26 P&L: FinecoBank and Fineco Asset Management
ANNEX 9M26 P&L: FinecoBank and Fineco Asset Management Fineco Asset FinecoBank FinecoBank mln Management Individual Consolidated Net Financial Income 0.7 519.6 520.3 Net Non Financial Income 147.5 456.4 565.7 o/w Dividends 0.0 38.4 0.2 Net other expenses/income -2.1 2.2 -0.1 Total revenues 146.1 978
Slide 37: Details on net interest income
ANNEX Details on net interest income mln 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 9M25 9M26 Financial Investments Interest income 106.7 105.4 110.2 114.9 117.7 128.2 132.1 322.3 378.0 Avg volumes 26,768 27,511 28,603 29,259 29,656 31,107 31,149 27,627 30,637 Net Margin 1.62% 1.54% 1.53% 1.56% 1.61% 1.65%
Slide 38: Bond portfolio: low risk, driven by sticky transactional liquidity
ANNEX Bond portfolio: low risk, driven by sticky transactional liquidity A SAFE, DIVERSIFIED PORTFOLIO: RUN-OFFS: AN OPPORTUNITY FROM REINVESTMENT YIELDS, € BN €27.7 BN NOMINAL, EOP (3) 0.6 Fixed rate bonds Floating and swapped bonds Italy 8.3 8.8 Spain 8.1 Other Govies (1) 7.1 (2) SSA Covered & Fin
Slide 39: Net commissions by product area
ANNEX Net commissions by product area mln 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 9M25 9M26 Banking 11.1 11.4 12.1 15.3 50.0 12.5 13.4 13.3 34.7 39.3 Brokerage 37.1 31.2 31.1 38.2 137.5 40.4 39.4 31.8 99.3 111.6 o/w Equity 28.5 24.8 26.2 29.2 108.7 31.9 32.1 26.9 79.5 90.9 Bond 5.8 3.6 1.8 6.5 17.6
Slide 40: Revenues by product area
ANNEX Revenues by product area mln 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 9M25 9M26 Net Financial Income 151.9 145.2 146.7 152.0 595.8 154.0 166.8 171.6 443.8 492.3 Net Non Financial Income 10.8 11.1 12.3 15.8 50.0 12.3 13.1 14.4 34.2 39.8 Other 0.1 -0.3 0.0 -0.4 -0.5 -0.5 0.0 0.1 -0.2 -0.3 Total B
Slide 41: Total financial assets
ANNEX Total financial assets mln Mar.25 Jun.25 Sep.25 Dec.25 Mar.26 Jun.26 Sep.26 AUM 66,319 68,606 71,237 74,041 73,873 79,729 80,004 Funds and Sicav 45,596 47,513 49,782 51,814 51,693 55,981 55,664 Insurance 12,744 12,610 12,511 12,493 12,289 12,549 12,621 AUC under advisory 7,482 7,967 8,355 9,11
Slide 42: TFA and net sales evolution
ANNEX TFA and net sales evolution BREAKDOWN OF TOTAL FINANCIAL ASSETS, € BN 178.2 160.6 AuM AuC Deposits 140.8 122.6 45% 107.9 106.6 46% 91.7 47% 81.4 47% 67.2 69.3 51% 49% 55.3 60.2 49% 37% 49.3 48% 50% 32% 34% 48% 50% 29% 48% 48% 20% 21% 22% 20% 20% 19% 24% 24% 21% 31% 30% 32% 31% 31% 27% 29% 23%
Slide 43: Fineco: a safe, liquid and diversified balance sheet
ANNEX Fineco: a safe, liquid and diversified balance sheet BALANCE SHEET, € BN TOTAL 38.3 Transactional liquidity: cost of funding close to 0 Driven by our clients' valuable transactional liquidity and not by lending (no costs and provisions due to NPL) 447% NSFR 27.5 32.6 Selective lending • Ancill
Slide 44: Balance sheet details
ANNEX Balance sheet details mln Mar.25 Jun.25 Sep.25 Dec.25 Mar.26 Jun.26 Sept.26 Due from Banks (*) 2,188 2,023 2,531 2,276 2,254 2,278 2,411 Loans to Customers 6,132 6,169 6,220 6,378 6,298 6,428 6,785 Financial Assets (*) 23,734 25,138 25,682 26,277 26,806 28,355 27,490 Tangible and Intangible As
Slide 45: Leverage ratio comfortably under control
ANNEX Leverage ratio comfortably under control LEVERAGE RATIO SENSITIVITY: MULTI -YEAR VIEW Starting point for multi-year simulations: LR at 31 Dec.25, 5.07% (highlighted) DELTA RETAINED EARNINGS = TIER1 CAPITAL (MLN) 0 150 300 400 450 500 550 600 650 CAPITAL MANAGEMENT: OUR PRIORITIES -2,000 5.74%
Slide 46: Funding: fixed income instruments
ANNEX Funding: fixed income instruments SENIOR PREFERRED (6NC5) AT1 INSTRUMENT €300 mln, issued 16 Feb.2023 €500 mln, issued 11 Mar.2024 • To have an additional buffer above the • To maintain the leverage ratio above fully loaded MREL requirement on LRE 4.5% • Annual coupon at 4.625% (5-year mid • C
Slide 47: ESG ratings, indices and highlights
ANNEX ESG ratings, indices and highlights ESG RATINGS ESG INDICES Rating agency Evaluation scale As of today S&P Global CSA From 0 to 100 71 • MIB ESG (Borsa Italiana) • FTSE4Good CDP From D- to A B • S&P Global 1200 ESG Index • S&P Global LargeMidCap ESG Index Sustainalytics From 100 to 0 11.4 low