Bff Bank Spa · MIL:BFF
Bff Bank Spa — BFF Banking Group — Q1 2026 Earnings Presentation
42 slides from Bff Bank Spa's earnings presentation, May 11, 2026
Slide 1: 1Q 2026 Results
1Q 2026 Results 11th May 2026 bff.com
Slide 2: Improving Business Profitability in a Complex Environment
Improving Business Profitability in a Complex Environment Adjusted Net Profit up year-on-year. Solid performance of Payments and Securities Services businesses. Improved profitability of F&L volumes. Meeting both CET1 and TCR capital requirements. Strategic options under review to optimize business
Slide 3: 1Q26 Key Financial Metrics
1Q26 Key Financial Metrics Adjusted ROE c. 25%(1) Net Revenues €113m +19% YoY Adjusted Net Income €43m +24% YoY F&L Loans €5.5bn -5% vs. YE25 Transaction Services Deposits €6.0bn -9% vs. YE25 L/D ratio 76% +1 p.p. vs. YE25 CET1 11.0%(2) >100bps vs. YE25 (1) 1Q26 Adj. Net Income annualized / CET1 inc
Slide 4: A Solid Start of the Year
A Solid Start of the Year • 1Q26 Adjusted Net Profit driven Adjusted Net Profit (€m) by: +24% Good performance of Securities Services and Payments; 43 Improved F&L profitability; 35 Effective costs management. • 1Q26 Reported Net Profit at €50m, up 40% YoY. 1Q25 1Q26 4
Slide 5: All Business Divisions Contributing to Group Profitability
All Business Divisions Contributing to Group Profitability Group Profit Before Taxes (€m) • Group PBT up c. 30%. +29% • Securities Services and Payments at €14m, up 25% YoY; 62 €31m if liquidity invested in Italian Gov. Bonds(1). 48 • F&L up with more profitable volumes. • Corporate Center benefitin
Slide 6: Diversified and Growing Net Revenues
Diversified and Growing Net Revenues • Diversified Net Revenues mix: Net Revenues by division (€m) >50% of Net Revenues generated by non-F&L activities +19% in 1Q26, despite F&L benefiting 113 from cost of funding; 95 30 • Payments and Securities 20 Services contribution materially 18 higher if liqu
Slide 7: Higher NII and Improved Spread vs. Cost of Funding
Higher NII and Improved Spread vs. Cost of Funding • Diversified sources of growing Net Interest Income. • Improved net yield of F&L. Net Interest Income(1) (€m) Spread (%) Factoring(2) Polish Lending(3) HTC Gov Bond portfolio and Other F&L Gross yield (4) Cost of funding Spread 69 6.64 6.47 61 20 1
Slide 8: Net Fee and Commission Income Up in All Businesses
Net Fee and Commission Income Up in All Businesses • Net Commission Income +19%, • Won new clients in the first • Growth in servicing of third-party driven by strong commercial quarter, with a good pipeline. portfolios. activity. Securities Services (€m) Payments(1) (€m) Factoring & Lending (€m) +3%
Slide 9: Continued Cost Discipline with Improved Cost/Income ratio
Continued Cost Discipline with Improved Cost/Income ratio Group Opex and D&A (€m) • Cost/Income improved at 42%. Cost / Income ratio 49% 42% • Opex and D&A up 3% driven by 46.1 47.6 business transformation and higher HR costs to support change. • Payments expenses reflecting higher commissions. 1Q25
Slide 10: Sustained Commercial Performance
Sustained Commercial Performance • Resilient and growing liquidity, • Deposit reduction mainly driven • Disciplined loan origination also due to new client additions. by a single counterparty, which prioritizing profitability. • 20%+ YoY growth in AuD and AuC. remains a client. Securities Services D
Slide 11: Tailwinds from HTC Bond Portfolio
Tailwinds from HTC Bond Portfolio • M2M of variable HTC bond HTC Italian Government Bond portfolio (€bn) portfolio at +€59m(1). 4.6 4.5 4.6 1Q26 Fixed • Negative carry on fixed rate portfolio to decrease Current Yield 0.59% 1.0 1.0 1.0 over time. Residual Avg Life 19m Gross M2M: -€28.9m(1) • €200m f
Slide 12: Customer Loan Portfolio Diversified by Product Type and Geography
Customer Loan Portfolio Diversified by Product Type and Geography • Factoring exposure accounts Net Customer Loans by Type (€m) for less than half of the total loan book and is -5% geographically diversified. 5,745 5,821 5,528 326 34 400 17 29 438 • Growth potential in non 1,128 1,186 factoring acti
Slide 13: Asset Quality Ratio Impacted by Reclassification
Asset Quality Ratio Impacted by Reclassification, with Exposure Largely towards Public Administration (bps on loans) 1Q25 FY25 1Q26 • Net Impaired Loans ratio at c. 73%, (2) largely concentrated in Public Adj. Annualized Cost of Risk 4.2 23.7 6.4 Administration (96%). • NPL coverage at c. 80% post Y
Slide 14: Quality of Origination and Past Due Collection Confirmed in 1Q26
Quality of Origination and Past Due Collection Confirmed in 1Q26 • 91% of 2025 volumes already collected as of end-1Q26. • Collected over €1bn of past due exposure in 1Q26, with potential to free up RWAs. 2025 Volumes (€m) 1Q26 Volumes (€m) -91% -58% 7,513 1,433 606 712 2025 Volumes Residual Princip
Slide 15: Resilient Funding Base with Improved Costs
Resilient Funding Base with Improved Costs Funding evolution (€m) • Higher online deposits vs. FY25 IBOR blended(1) 3.01% 2.50% 2.23% with unchanged pricing. Cost of Funding 3.04% 2.55% 2.22% • 1Q26 Repos at €2.2bn, slightly 10,785 10,558 lower vs. FY25 and not including 598 620 10,145 €443m of reve
Slide 16: Rebuilding Capital Ratios
Rebuilding Capital Ratios RWAs (€m) 4,927 6,352 6,217 • CET1 ratio at 11.00%(1), above 64% 84% 87% RWAs density(3) 9.86% SREP(2). CET1 (%) • TCR at 13.41%(1), above 13.36% SREP(2). 13.7% 1Q26 Net Profit 9.9% 11.0% 0.8% • Over 100bps/€60m of organic capital generation in 1Q26. SREP 9.86%(2) 10.2% Mar
Slide 17: Takeaways
Takeaways Adjusted Net Profit up year-on-year. Solid performance of Payments and Securities Services businesses. Improved profitability of F&L volumes. Meeting both CET1 and TCR capital requirements. Strategic options under review to optimize business model. 17
Slide 18: Upcoming Events
Upcoming Events 13th – 14th May-26 1Q26 post-results Roadshow Milan, London 4th Jun-26 Goldman Sachs – 30th European Financials Conference 2026 Zurich 23rd Jun-26 Mediobanca – CEO Conference Milan 18
Slide 19: Appendix
> BFF Appendix
Slide 20: Glossary
Glossary Adj. Adjusted G&A General and Administrative OCI Other comprehensive income Approx. Approximately Gov. Government OPEX Operating Expenditures AuC Asset Under Custody HR Human Resources P&L Profit and Loss AuD Asset Under Depositary HTC Held To Collect PA Public Administration Information an
Slide 21: 1Q26 Adjusted P&L
1Q26 Adjusted P&L ADJUSTED P&L (€m) 1Q 2025 1Q 2026 % YoY Revenues F&L 99.2 93.5 -6% Revenues Payments 15.9 16.4 3% Revenues Securities Services 6.6 10.4 58% Corporate Center Revenues 53.7 51.1 -5% of which HTC Bond portfolio 37.6 28.5 -24% Total Revenues (1) 175.4 171.4 -2% Cost of funding(2)(3) (8
Slide 22: F&L: Net Revenues and off-Balance sheet funds
F&L: Net Revenues and off-Balance sheet funds (%) 1Q25 1Q26 % YoY (1) (3) Gross Yield on average loans 6.6% 6.5% -3% 1 st JanECB MRO rate 3.15% 2.15% Spread vs. ECB MRO rate 3.49% 4.32% 24% (€m) 1Q25 1Q26 % YoY Gross Interest Income 93.7 88.9 -5% of which Net LPIs over-recovery (7.0) (2.1) LPIs over
Slide 23: F&L KPIs: Loans and Volumes
F&L KPIs: Loans and Volumes Loans & Receivables (€m) 1Q25(1)(2) 1Q26(1) % YoY Italy 3,539 3,240 -8% Poland 1,043 1,117 7% Spain 344 332 -4% France 89 154 73% Portugal 254 217 -15% Slovakia 217 236 9% Greece 257 230 -10% Other Countries 2 1 n.m. Total 5,745 5,528 -4% (3) Volumes (€m) 1Q25 1Q26 % YoY
Slide 24: Securities Services: KPIs and P&L
Securities Services: KPIs and P&L (€m) 1Q25 1Q26 % YoY Depositary Bank (AuD EoP) 75,051 91,886 22% Global Custody (AuC EoP) 128,059 153,848 20% (€m) 1Q25 1Q26 % YoY Revenues 6.6 10.4 58% of which Net Fees and Commissions 6.5 7.8 of which Other 0.0 2.6 PBT 2.3 5.7 148% (€m) 1Q25 1Q26 % YoY EoP Deposi
Slide 25: Payments KPIs and P&L
Payments KPIs and P&L (m) 1Q25 1Q26 % YoY N° of transactions 220 217 -1% (€m) 1Q25 1Q26 % YoY Revenues 15.9 16.4 3% of which Net Fees and Commissions 13.3 13.7 of which Other 2.7 2.7 PBT 9.2 8.6 -6% (€m) 1Q25 1Q26 % YoY EoP Deposits 2,735 2,033 -26% 25
Slide 26: Consolidated Balance Sheet
Consolidated Balance Sheet BALANCE SHEET (€m) 1Q 2025 (3) FY 2025 1Q 2026 % YoY Assets Loans & Receivables portfolio 5,745 5,821 5,528 -4% HTC Bond portfolio 4,626 4,547 4,579 -1% Intangibles 75 67 64 -14% (1) Other assets 1,949 1,844 1,772 -9% Total Assets 12,396 12,279 11,942 -4% Liabilities & Equ
Slide 27: Total Past Due Exposure
Total Past Due Exposure (€m) 1,105 980 2,955 47 45 2,830 1,058 935 1,850 Dec-25 Exit from Collections on Mar-26 Net new purchases on New debtors in Mar-26 past due past due debtors already past due(1) portfolio in past due(1) Notes: Managerial data. (1) Do not include new purchases on debtors in pas
Slide 28: Shareholders’ Structure
Shareholders’ Structure 0.1% Free Float <3% 5.0% 4.8% Artisan Partners(1) (2) The Bali Trust (3) Management Total number of shares issued as of 31/03/2026: 188,899,178 90.1% Source: CONSOB and BFF internal records. Notes: (1) As of 20/09/2024, Artisan Partners Limited Partnership held 9.4 million sh
Slide 29: Summary reported consolidated Balance Sheet
Summary reported consolidated Balance Sheet (€m) 1Q25 (1) (1) FY25 1Q26 Cash and cash Balances 119.6 124.6 183.0 Financial assets measured at fair value through profit or loss 181.1 181.2 181.1 a) financial assets held for trading 0.8 1.4 2.2 b) financial assets designated at fair value - - - c) oth
Slide 30: 1Q26 summary P&L
1Q26 summary P&L (€m) F&L Sec. Serv. Paym. CC Adjusted Adjustments Reported Interest Income 84.2 1.6 1.6 34.7 122.1 - 122.1 Interest Expenses (40.1) - - (17.0) (57.1) - (57.1) Net Interest Income 44.1 1.6 1.6 17.7 65.0 - 65.0 Net Fee and Commission Income 1.0 7.8 13.7 (0.2) 22.2 - 22.2 Dividends - -
Slide 31: Adjusted vs. Reported Profit Reconciliation
Adjusted vs. Reported Profit Reconciliation (€m) - Adjustments 1Q26 Reported Net Profit 49.5 Stock Option / Stock Grant plans (9.1) Customer contract amortisation 0.5 Other non recurring items 2.3 Adjusted Net Profit 43.2 31
Slide 32: Group P&L per quarter
Group P&L per quarter (2) €m GROUP 1Q 2024(2) 2Q 2024(2) 3Q 2024(2) 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Interest Income(1) 164.7 164.0 159.5 162.0 141.2 140.3 126.3 130.0 126.9 Interest Expenses(1) (102.3) (98.8) (97.7) (92.3) (80.6) (68.5) (62.9) (61.3) (58.2) (1) Net Interest Income 62
Slide 33: Non-recourse Factoring and Lending Volumes (€m)
Non-recourse Factoring and Lending Volumes (€m) Non-recourse Factoring volumes 1Q25 1Q26 Non-recourse F&L volumes 1Q25 1Q26 Italy 1,002 838 Poland 307 295 NHS 826 747 Healthcare 268 281 PA 82 58 Local Government Units 40 14 Other 94 32 Slovakia 1 21 Spain 394 326 Healthcare 1 0 NHS 260 156 Local Gov
Slide 34: Factoring & Lending
Factoring & Lending New Volumes (€m) CAGR 1Q 2014 – 1Q 2026: +13% 1,889 1,962 1,694 1,750 1,570 1,172 1,107 927 967 830 671 421 309 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (1) (€m) CAGR 1Q 2014 – 1Q 2026: +14% 6,000 Customer Loans 5,000 5,475 5,745 5,528 4,000 5,046 3,000 3,
Slide 35: Factoring & Lending P&L per quarter
Factoring & Lending P&L per quarter (2) (2) (2) (2) €m FACTORING & LENDING 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Net Interest Income(1) 40.4 44.7 40.5 54.0 43.8 53.7 42.3 48.8 48.8 Net Fee and Commission Income 0.9 0.8 1.0 0.4 0.9 0.8 0.8 0.0 1.0 Other Income (Expen
Slide 36: Payments & Securities Services
Payments & Securities Services AuD end of quarter (€bn) Deposits end of quarter (€bn) 7.6 92 6.5 6.2 6.5 6.6 6.0 82 77 75 80 5.2 5.3 5.3 62 67 79 50 51 52 53 59 64 74 77 84 7.8 5.9 5.6 6.4 5.5 5.7 7.2 6.6 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 AuC end of quarter (€bn) Payment transactions
Slide 37: Securities Services P&L per quarter
Securities Services P&L per quarter €m SECURITIES SERVICES 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Net Interest Income 1.3 1.3 1.3 1.5 1.2 1.5 1.6 1.9 1.6 Net Fee and Commission Income 5.8 6.0 6.2 6.5 6.5 6.7 7.0 6.7 7.8 Net Banking Income 7.0 7.3 7.5 8.0 7.8 8.2 8.6
Slide 38: Payments P&L per quarter
Payments P&L per quarter €m PAYMENTS 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Net Interest Income 3.5 2.6 2.1 2.4 2.0 1.7 1.4 1.6 1.6 Net Fee and Commission Income 13.5 13.1 14.1 15.0 13.3 14.4 14.8 15.4 13.7 Net Banking Income 17.0 15.7 16.1 17.5 15.3 16.1 16.1 17.1 1
Slide 39: Corporate Center P&L per quarter
Corporate Center P&L per quarter €m CORPORATE CENTER 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Net Interest Income(1) 17.2 16.6 17.9 11.7 13.5 14.8 18.2 16.5 16.6 Net Fee and Commission Income (0.1) (0.3) (0.4) (0.4) (0.3) (0.2) (0.1) (0.3) (0.2) Other Income 7.2 2.1 0.
Slide 40: 1Q25 summary P&L
1Q25 summary P&L (€m) F&L Sec. Serv. Paym. CC Adjusted Adjustments Reported Interest Income 87.5 1.2 2.0 44.3 135.0 - 135.0 Interest Expenses (49.9) - - (28.7) (78.5) - (78.5) Net Interest Income 37.6 1.2 2.0 15.6 56.5 - 56.5 Net Fee and Commission Income 0.9 6.5 13.3 (0.3) 20.4 - 20.4 Dividends - -
Slide 41: Disclaimer
Disclaimer This presentation may contain written and oral "forward-looking statements", which such securities or other financial instruments. None of the securities referred to herein includes all statements that do not relate solely to historical or current facts and have been, or will be, register
Slide 42: Head Office
Head Office Viale Lodovico Scarampo 15, Milan 20148 info@bff.com bff.com