Finecobank Spa · MIL:FBK
Finecobank Spa — Investor Day (2026)
73 slides from Finecobank Spa's investor day presentation, 2026
Slide 1: Capital Markets Day: Established to disrupt
CAPITAL MARKETS DAY Established to disrupt
Slide 2: Disclaimer
Disclaimer • This Presentation may contain written and oral “forward-looking statements”, which include all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations,
Slide 3: Agenda
Agenda Section 1: Fineco, the Established Disruptor 04 Section 2: Our Growth Initiatives 14 Banking, a widespread use of AI to improve our gateway of access 16 Investing, further building on a future-proof business 20 Brokerage: leveraging on stronger retail engagement 26 Initiatives for a more effi
Slide 4: Section 1: Fineco, the Established Disruptor
Section 1: Fineco, the Established Disruptor 4
Slide 5: Fineco 2029 - Built to win
Fineco 2029 - Built to win 10+ years listed: delivering value to all stakeholders A leading …delivering growth story… rock-solid returns Winning clients’ trust leveraging on our core-values Fineco TFA growth Efficiency Transparency + 6.7pp CAGR vs system (2014-2024) 25% ROE FY25 Convenience Market s
Slide 6: The disruptor advantage: unique market positioning
The disruptor advantage: unique market positioning Traditional Banks Control most TFAs, overpriced and inefficient → Structurally losing market share Established Disruptor Classic Asset Gatherers • One-stop integrated platform at scale Better products, high fees, questionable practice • Strong clien
Slide 7: A unique positioning for a long-term growth story
A unique positioning for a long-term growth story Italian households TFA (€ bn) New clients Addressable market Thd, # 193.8 152.4 119.2 4,155 97.3 96.3% 2022 2023 2024 2025 Total Net Sales 3Q25 (1) 3.7% market share Massive runway ahead. bn, € 5.7 9.8 13.4 Addressable market FBK 2.6 avg. 2010/14 avg
Slide 8: Fineco 2029 - Why a CMD now?
Fineco 2029 - Why a CMD now? Fineco is at an inflection point AI Massive Consolidation disruption generational in banking wealth transfer industry A structural winner in a quickly changing market Section 1: Fineco, the Established Disruptor 8
Slide 9: Fineco, a structural AI winner
1. AI disruption (1/2) Fineco, a structural AI winner WHY? HOW? Banking ✓ Large scale proprietary data • Improving client and prospect journey ✓ Unified data architecture • Higher client growth & deposits Investing ✓ In-house Innovation skills • AI as a key enabler for increased PFAs productivity an
Slide 10: AI as a transparency enabler
1. AI disruption (2/2) AI as a transparency enabler Questionable practices on the market AI makes opacity harder, % of Active Funds charging Performance Fees (by country of domicile) (1) 64.9% making it more difficult to hide 43.9% overpriced fee structures 11.9% 13.3% 1.1% 6.9% UK Ireland Lux All G
Slide 11: Massive generational wealth transfer
2. Massive generational wealth transfer Fineco, in the sweet spot thanks to our positioning Given demographic trends, new generations are much more focused on efficiency, convenience and transparency 2.3 tln Wealth on the move over the next 20/25 years(1) Private Banking:(2) Why Fineco Fineco: digit
Slide 12: Consolidation in banking industry
3. Consolidation in banking industry Fineco, a competitive edge set to grow → Plenty of room for quality players like Fineco Traditional banks’ M&A heading towards an oligopoly, increasing operational complexity 92% and reducing focus from customers needs. One & done interaction with CRM (in FY25) W
Slide 13: Outperforming in young and PB clients
Outperforming in young and PB clients Under 35 Private Banking In 5 years more than doubled and +10pp vs over 35 Consistently gaining market share 81.4 € bn, TFA above 35 years 49% 22.2 below 35 years 59% +266.1% 2016 FY25 51% Market share on 41% AIPB (1) 2.9% 5.7% 2021 FY25 New clients 3Q25 (by hea
Slide 14: Section 2: Our Growth Initiatives
Section 2: Our Growth Initiatives 14
Slide 15: Fineco 2029: unlocking new potential
Fineco 2029: unlocking new potential Growth Initiatives Step-up in AI to boost Investing & Brokerage client acquisition productivity and engagement value chain New AI-led New client New APP AI Copilot for ETFs Higher value onboarding segmentation: AI-native Assistant prospect and initiatives from AU
Slide 16: Banking, a widespread use of AI to improve our gateway of access
Section 2: Our Growth Initiatives ➢ Banking, a widespread use of AI to improve our gateway of access 16
Slide 17: Heading into a fully upgraded AI onboarding experience
Step-up in client acquisition Heading into a fully upgraded AI onboarding experience AI for prospects Already live New AI-first onboarding A leaner onboarding process 4x Increase in prospect interaction via chat 95% to lower attrition rate Chats fully managed by AI Figures relate to January 2026 vs
Slide 18: Upgraded account selling proposition
Step-up in client acquisition Upgraded account selling proposition Flexibility without friction Service-plan approach Optionality for new clients based on their needs • Broadening our target market to the Fineco Max younger generation high-end clients, priority CRM (free with 500k TFA) • Aggressive
Slide 19: A 100% APP revamp: AI native to boost client engagement
AI to boost productivity and engagement A 100% APP revamp: AI native to boost client engagement Mobile-first. AI-native. A brand new engineering of our APP, allowing for a faster onboarding and easier cross-sell Data-driven personalised upselling A step-change in usability and simplification A dynam
Slide 20: Investing, further building on a future-proof business
Section 2: Our Growth Initiatives ➢ Investing, further building on a future-proof business 20
Slide 21: Growing demand for explicit-fee solutions
AI to boost productivity and engagement Growing demand for explicit-fee solutions Fineco, undisputed leader in advanced advisory solutions Strong AUM growth fully aligned with long-term trends (AUM stock, bn €) 74.0 o/w Advanced advisory 33.5 14.5 2018 39.5 2025 +172.7% 98% of PFAs already active %
Slide 22: Improving PFAs' commercial impact though AI
AI to boost productivity and engagement Improving PFAs’ commercial impact though AI AI Assistant: a tech platform by Fineco Family&Friends CRM for PFAs and Managers • Fully integrated with Fineco platform and data to manage clients and advisor teams • Clustering clients and prospects for new campaig
Slide 23: Best place for Advisors to include ETFs in advanced advisory
Investing & Brokerage value chain Best place for Advisors to include ETFs in advanced advisory ETFs in AUM A new revenues engine STOCK Advanced advisory solutions 4.4bln • Deep redesign of ETFs platform • Enhanced selection of best ETFs • Improved visibility for ETFs automated plans & 0 fee ETFs +65
Slide 24: Best positioned to catch strong self-directed ETF demand
Investing & Brokerage value chain Best positioned to catch strong self-directed ETF demand ETFs in AUC Much more than a buy-and-hold story STOCK Brokerage commissions Strong growth ahead driven by 12.3bln heavy client demand and turnover Turnover FY25 +54% New Securities lending opportunity ETFs in
Slide 25: Fineco AM, key to sustaining Group margins and growth trajectory
Investing & Brokerage value chain Fineco AM, key to sustaining Group margins and growth trajectory Quick growth for a very young company New initiatives FAM TFA evolution (bn, €) 41.4 Improving equity mix Gradually roll-over expiring Global Defence from fixed 29.1 income towards balanced solutions 1
Slide 26: Brokerage: leveraging on stronger retail engagement
Section 2: Our Growth Initiatives ➢ Brokerage: leveraging on stronger retail engagement 26
Slide 27: Fineco, extracting value from a unique Brokerage platform
Investing & Brokerage value chain Fineco, extracting value from a unique Brokerage platform A vertically Integrated Brokerage business Extracting value Proprietary, internally developed platforms 1 #1 ~100% uptime track record Our own products 2 Issuer, market maker, distributor of Certificates, ETF
Slide 28: Brokerage: a new structural growth under way
Investing & Brokerage value chain Brokerage: a new structural growth under way Main broker in a still underdeveloped Unlocking significant potential from equity market our AUC Retail engagement trend is just at the beginning Equity as % of households Financial Assets (1) 64€bn Overall AUC Stock (2)
Slide 29: Brokerage 2029: focus on initiatives
Investing & Brokerage value chain Brokerage 2029: focus on initiatives Securities Lending platform Auto-FX Systematic Internaliser Launch in June Huge potential going ~1 mln clients using our Positioning our brokerage forward: strong AUC multicurrency, now can also towards the quote-driven growth ex
Slide 30: Brokerage Copilot: a new AI-driven user experience
AI to boost productivity and engagement Brokerage Copilot: a new AI-driven user experience An AI platform by Fineco Screening securities Generates investment ideas • Based on fundamentals and technical analysis thanks to easier search • Compare with more securities • Conversational chat Directly con
Slide 31: Fineco pan-European platform
Section 2: Our Growth Initiatives ➢ Fineco pan-European platform 31
Slide 32: Fineco pan-European platform's pillars
Growth optionality Fineco pan-European platform’s pillars Our vertically integrated brokerage key to launch a multi-country platform Strong operating leverage & very low fixed costs A distinctive proposition Leveraging our Italian IT infrastructure Established Disruptor: a Trusted & Significant Bank
Slide 33: Broadening our addressable market: Continental Europe
Growth optionality Broadening our addressable market: an overview of Continental Europe Generational handover Wealth still in the hands of traditional banks Just like Italy, a massive wealth transfer will happen in the Just like Italy, currently most European households’ wealth is controlled by comi
Slide 34: Pan-EU platform: our go-to-market strategy
Growth optionality Pan-EU platform: our go-to-market strategy Fineco as an Established Disruptor: a distinctive positioning Filling the gap between low-cost fintech and traditional banks to target quality clients Trust Pricing Premium of a Significant Bank of a challenger services Launch expected at
Slide 35: Marketing: a growth asset
Section 2: Our Growth Initiatives ➢ Marketing: a growth asset 35
Slide 36: Marketing as a structural Growth Engine (1/2)
Marketing as a structural Growth Engine (1/2) Winning the Clients “Attention Game” bring Clients Clarity wins in a noisy market Brand compounds organic growth 50% ↑ Advertising clutter is rising influenced by word of mouth Customer attention is falling ↓ of our clients We don’t buy attention We buil
Slide 37: Marketing as a structural Growth Engine (2/2)
Marketing as a structural Growth Engine (2/2) The 4 Operating Long-term growth pillars Leverage (direct clients) value Marketing as a single system Efficiency compounds Returns across the full lifecycle (4) 1. Brand Attention → Trust → Conversion NPS: 44(1) | Customer Satisfaction: 96% (2) -64% Digi
Slide 38: IT platform: the engine behind our scalability
Section 2: Our Growth Initiatives ➢ IT platform: the engine behind our scalability 38
Slide 39: Technology — The Engine Behind the Plan
Technology — The Engine Behind the Plan A proven platform, a clear plan, and the conviction to execute it Track record 99.9%+ Availability ~ 6% IT Cost / Revenue vs 11.6% avg << bps 1 Op. losses from tech, cyber & fraud 1.8M Customers served ~ 430M Digital accesses/yr The next phase demands more: ne
Slide 40: Proven Foundations — The Platform We've Built
Proven Foundations — The Platform We've Built Credibility underpinning our forward plan 3+1 Data Centers ~ 1,800 Servers managed 1,000 > Applications 20K ~ Changes / year ~245 - 49% ~100% ~100% Tech FTE, low turnover IT Cost / Revenue vs industry average Infra under direct control Core apps managed
Slide 41: AI — From Foundation to Enterprise Scale
AI — From Foundation to Enterprise Scale A clear plan to create measurable value across the bank Value creation in the MYP Revenue & Client Experience Efficiency & Operating Leverage • Personalised advisory experience for clients and PFA • Process automation reducing manual effort and error rates •
Slide 42: Data — A Compounding Strategic Asset
Data — A Compounding Strategic Asset Every client, every transaction, every interaction makes the platform smarter What we have The Compounding Data Advantage 1.8M+ Zero More Clients → More Data → Smarter Models → Better Experience → More Clients Every new client enriches the dataset. Every improved
Slide 43: Hybrid Architecture — Built for What's Next
Hybrid Architecture — Built for What's Next While others pursued cloud-first, we chose control. The architecture On-Premise: Control Cloud: Elasticity Trading engine • Sensitive data & AI • Databases Elastic workloads • AI training • Dev/test • Standard SaaS How this architecture powers the MYP • Vo
Slide 44: Resilience & Trust — Enabling Growth
Resilience & Trust — Enabling Growth Cybersecurity and operational excellence as competitive advantage Evolving in the MYP Strategic Advantage Technology Resilience & Continuity Resilience as a Selling Point Zero-downtime architecture with automated failover, disaster Proven operational reliability
Slide 45: Scaling for Europe — Technology Enables Expansion
Scaling for Europe — Technology Enables Expansion Potential Pan-European Expansion 2027 and beyond — on unified platform Why Our Architecture Scales Across Borders Expansion Roadmap 2026 Replicable by Design Architecture ready and certified for Core platform built for multi-market operations. Pan-Eu
Slide 46: Technology Positioning — Where We Stand
Technology Positioning — Where We Stand Few banks combine cost efficiency with full-stack ownership HIGH ▲ Low cost, full ownership High cost, full ownership Maximum strategic flexibility Capable but expensive FinecoBank Full-Stack ~6% · Own DC · 100% Digital Challengers Ownership = in-house Full-St
Slide 47: Technology Roadmap 2026–2029
Technology Roadmap 2026–2029 We have built a platform that works. The challenge ahead is real — but so are the plan, the architecture, and the discipline to deliver. 2026 2027 2028–2029 Foundation complete. Integrated in core banking. AI-first across the bank. AI Value Creation First agentic use cas
Slide 48: Section 3: Financials & Closing remarks
Section 3: Financials & Closing remarks ➢ Financials & Guidance 48
Slide 49: Fineco, a track record of healthy and sustainable growth
Fineco, a track record of healthy and sustainable growth A healthy & solid commercial …translated in quality & growing results trajectory… thanks to our scalable operating platform CAGR CAGR Revenues (1) (mln) 1,317 429 +11% Clients (thd, #) Costs (1) (mln) 1,800 356 964 +6% 190 +6% Net profit (1) (
Slide 50: Fineco, highly predictable and growing returns
Fineco, highly predictable and growing returns Total distributed 2022-2025 1,657 €/mn Total distributed 2018-2021 746 €/mn Total distributed 561 1 25% 2014-2017 619 €/mn 483 453 238 422 299 ROE FY25 170 173 185 ECB ban on 154 323 121 dividends distribution 2014 2015 2016 2017 2018 2019 2020 2021 202
Slide 51: Rock-solid capital and liquidity position
Rock-solid capital and liquidity position Solvency ratios (Dec.25) Capital KPIs (Dec.25) 23.3% CET1 ratio 31.37% 5.07% TCR Leverage Ratio Regulatory Requirements 8.66% 13.03% 3.0% 1.45bn 1.95bn CET1 Tier1 and Total Capital Above 4.5% Managerial target Liquidity ratios (Dec.25) RWA 6.20 bn 958% LCR (
Slide 52: Fineco: a safe, liquid and diversified Balance Sheet
Fineco: a safe, liquid and diversified Balance Sheet Balance Sheet (FY25) Transactional liquidity: Cost of funding close to 0 37.3 bn • Driven by our clients’ valuable transactional liquidity and not by lending (no costs and provisions due to NPL) 418% NSFR (FY25) 26.3 32.5 Selective Lending 6.4 • A
Slide 53: Investment policy: an even lower risk bond portfolio
Investment policy: an even lower risk bond portfolio 1 2 3 Diversification by A safe bond Shorter geography portfolio duration No bets ~3 years Increasing on interest rates development (i.e. maturity for new investments weight of SSA and no hedging facilities) European govies mostly fixed rate Below
Slide 54: A structurally high value and distinctive NII
A structurally high value and distinctive NII Fineco: a quality, industrially driven NII What Fineco NII is not: Sticky transactional deposits with cost of funding Not reliant on volatile wholesale funding close to zero. Even a small banking-only client is profitable Low-risk bond portfolio, short-d
Slide 55: Fineco: all business areas to sustain revenue growth
Fineco: all business areas to sustain revenue growth Strong acceleration in client growth to drive higher revenue contribution across our diversified model Banking • High quality NII thanks to sticky transactional liquidity Structurally hedged model to deliver sustainable & quality growth Investing
Slide 56: Key macro assumptions behind our guidance
Fineco 2026-2029, key macro assumptions behind our guidance Interest rates assumptions Supranational Eur 3Y, avg EUR3M, avg 2.52% 2.70% 2.55% 2.34% 2.38% 2.14% 2.18% 2.35% 2.38% 2.26% 2.23% 2.06% 2.40% 2.43% 2.21% 2.28% 2.04% 2.19% 2025 2026 2027 2028 2029 2025 2026 2027 2028 2029 MYP assumptions (M
Slide 57: 2026 Guidance (ex EU platform)
2026 Guidance (ex EU platform) Revenues Costs and provisions All business areas to positively contribute to the revenue • Operating costs: expected growth of around 6% y/y, growth thanks to the acceleration of structural trends not including few millions of additional costs for behind our business g
Slide 58: Fineco 2029: a sizable upgrade in our growth dynamics
Fineco 2029: a sizable upgrade in our growth dynamics (ex-EU platform) Net Sales Moving from… …to 6% 2021/2025 CAGR Low double digit 2025/2029 CAGR New Growth Initiatives • Step-up in client acquisition Total Clients • AI to boost productivity and engagement Moving from… …to 6% 2021/2025 CAGR Low do
Slide 59: Fineco 2029: operating leverage (ex-EU platform)
Fineco 2029: operating leverage (ex-EU platform) Operating costs Integrating AI in our processes ~ 6% y/y growth in 2026, AI to strengthen one of our key competitive advantages progressively declining to ~4% y/y in 2029 • Scalability and productivity improving across the excluding costs for growth i
Slide 60: Pan-European platform: growth optionality, a pragmatic cost-approach
Pan-European platform: growth optionality, a pragmatic cost-approach Growth and even more capital …leading to light business model… attractive returns Launch expected at end of 2026/beginning 2027 Usual pragmatic approach to costs: • We will leverage our Italian infrastructure Medium term RoE • Limi
Slide 61: Fineco 2029, the next cycle of our growth: a low double digit EPS
Fineco 2029, the next cycle of our growth: a low double digit EPS Coupling best-in-class growth and operating efficiency Low double digit EPS (1) 2025/2029 CAGR also embedding fixed costs for the pan-EU platform (1) Illlustrative, based on assumptions on slide 56 Section 3: Financials & Closing rema
Slide 62: Fineco 2029: Capital Management
Fineco 2029: Capital Management Setting our Priorities: a balance between growth potential and generous dividend distribution 1 Regulatory capital • Appropriate level of regulatory capital and Leverage Ratio • Targeting investments to drive all options to accelerate our 2 Business growth sustainable
Slide 63: Key messages
Key messages Quality & recurring Safe balance sheet, strong Fineco 2029: Growth, 1 revenues 2 capital and liquidity 3 Execution and Scalability A structurally hedged Entering the next cycle of business model, with Low-risk profile our growth to deliver recurring, capital-light ensuring resilience su
Slide 64: Closing remarks
Section 3: Financials & Closing remarks ➢ Closing remarks 64
Slide 65: Fineco 2029 - the winner in Italian financial services
Fineco 2029 - the winner in Italian financial services Massive generational wealth transfer AI disruption Consolidation in banking industry Our industrial initiatives are building on powerful structural trends Banking Investing widespread use of AI to improve our access gateway a future-proof busine
Slide 66: Annex
Annex 66
Slide 67: Our People – Group overview (1/2)
Our People – Group overview (1/2) People: a skilled, efficient and engaged workforce supporting sustainable growth potential Group workforce insights & metrics Strong company culture: combining entrepreneurial spirit with robust governance FTE Gender A new generation of leaders is growing within the
Slide 68: Our People – Group overview (2/2)
Our People – Group overview (2/2) People: a skilled, efficient and engaged workforce supporting sustainable growth potential Investing in People for sustainable growth Internal know-how: Our People Talent key to unlock long-term growth Strong Talent attraction, as Fineco is perceived as a Top Employ
Slide 69: Fineco 2029, our Sustainability commitment
Fineco 2029, our Sustainability commitment 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 practices to sustain a low-risk business model
Slide 70: A low-risk Bond portfolio driven by sticky transactional liquidity
A low-risk Bond portfolio driven by sticky transactional liquidity A safe and diversified Bond Portfolio built Bond portfolio run-offs: a clear on valuable transactional liquidity opportunity by reinvestment yields A diversified blend of EU govies, supranational and agencies € bn, eop € bn, eop 26.4
Slide 71: Leverage Ratio comfortably under control
Leverage Ratio comfortably under control Leverage Ratio Sensitivity: multi-year view Delta Retained earnings = Tier 1 Capital (mln) 0 150 300 400 450 500 550 600 650 -2,000 5.74% 6.13% 6.38% 6.51% 6.63% 6.76% 6.89% 7.01% -1,500 5.66% 6.04% 6.29% 6.42% 6.55% 6.67% 6.80% 6.92% -1,000 5.59% 5.96% 6.21%
Slide 72: Lending, a high-quality business with focus on Lombard Loans
Lending, a high-quality business with focus on Lombard Loans High quality lending Commercial loans Fineco 2029: focus on Dec.25 Lombard Loan €, mln eop Cost of Risk 2,141 2,271 8 bps Lending book mix increasingly skewed into Lombard Loans: NPE ratio • Strong demand by Private Banking clients: 0.52%
Slide 73: Fineco, a structural winner in a growing market
Fineco, a structural winner in a growing market Healthy and sustainable growth leveraging on long-term trends Fineco clearly outperforming the system thanks to our unique market positioning €, bn Fineco TFA CAGR +11.1% 160.6 122.6 140.8 91.7 107.9 106.6 60.2 67.2 69.3 81.4 49.3 55.3 6.7pp FY14 FY15