Finecobank Spa · MIL:FBK
Finecobank Spa — Finecobank Banca Fine — Q2 2026 Earnings Presentation
46 slides from Finecobank Spa's earnings presentation, Jul 30, 2026
Slide 1: 2Q26 Results
fi,» s July 30% 2026 © 2Q26 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 Section 1: Fineco Financial Results 04 Section 2: Commercial Results 13 Section 3: Next Steps 21 Section 4: Key Messages 27
Slide 4: Section 1: Fineco Financial Results
Section 1: Fineco Financial Results 4
Slide 5: Executive summary: quickly moving towards our next growth cycle
Executive summary: quickly moving towards our next growth cycle The Disruptor advantage: winning the long-term game thanks to a unique positioning Strong net profit and operating leverage Material step-up in net sales and new clients • 1H26 Net Profit adjusted(1): 343.3 mln, up by 8.0% y/y • 1H26 Ne
Slide 6: Delivering strong Net Profit in every market condition
Delivering strong Net Profit in every market condition Results supported by sound acceleration of Investing and Brokerage. Strong operating leverage confirmed mln 1H25 1H26 y/y Revenues: all product areas contributing Net Financial Income 315.0 339.4 7.7% Net Non Financial Income 330.4 375.1 13.5% •
Slide 7: Net Financial Income: growth ahead driven by valuable deposits
Net Financial Income: growth ahead driven by valuable deposits Supported by our clients’ transactional liquidity A quality, industrially driven NII ✓ Sticky transactional deposits with cost of funding close to zero Net Financial Income Even a small banking-only client is profitable ✓ Low-risk bond p
Slide 8: Focus on our sticky Transactional Liquidity
Focus on our sticky Transactional Liquidity Fully fledged Banking platform used by all our clients for their daily life needs NSFR: Fineco a clear outlier thanks to our stable deposits (1) 459% Available Stable Funding Granular and retail deposit base NSFR = >100% (1) 126% Required Stable Funding ~3
Slide 9: Investing: solid growth aligned with long-term trends
Investing: solid growth aligned with long-term trends Thanks to demand for explicit fee solutions and FAM evolution Investing revenues AUM: growth aligned with structural trends AUM Stock (EOP) mln, € bn, € +11.0% +16.2% +13.9% 213.0 +7.9% +8.8% 191.9 68.6 73.9 79.7 97.4 102.0 111.0 2Q25 1Q26 2Q26 %
Slide 10: Brokerage: a new structural growth under way
Brokerage: a new structural growth under way Fineco the platform of choice for stronger retail engagement trend An higher floor of Brokerage revenues… …driven by a structurally higher stock of AUC mln, € Avg monthly revenues +15.2% bn, € AUC stock CAGR vs 1H25 CAGR 63.2 +15.4% 24.7 +23.2% 21.3 54.8
Slide 11: Lending, a high-quality business
Lending, a high-quality business Offered exclusively to the existing base of clients Commercial Loans Portfolio (gross) +5.0% Cost of Risk on commercial loans (2) €, mln eop +2.8% Cost of Risk NPE ratio (3) 5,299 5,444 5,183 2,115 2,349 2,477 7 bps 0.54% 472 473 475 No Corporate Loans 377 369 412 2,
Slide 12: Rock-solid capital and liquidity ratios
Rock-solid capital and liquidity ratios Well above Regulatory requirements Current Dec.25 Jun.26 (€/bn) Dec.25 Jun.26 Requirements CET1 Ratio 23.30% 23.18% 8.66% CET1 Capital 1.45 1.50 CAPITAL Total Capital Ratio 31.37% 30.90% 13.03% Tier1 Capital 1.95 2.00 Leverage Ratio 5.07% 5.02% 3.00% Total Cap
Slide 13: Section 2: Commercial results
Section 2: Commercial results 13
Slide 14: A unique positioning for a long-term growth story
A unique positioning for a long-term growth story Italian households TFA: addressable market (1) bn, € 4,224 The Established Disruptor: a structural winner in a quickly changing market Addressable market 96.2% FBK 3.8% market share AI disruption Massive generational wealth transfer Consolidation in
Slide 15: Fineco, long term sustainability for our AUM fee structure
Fineco, long term sustainability for our AUM fee structure % of Active Funds charging Performance Fees (by country of domicile) (1) Fineco: a clear outlier 64.9% 43.9% A unique market positioning based on 11.9% 13.3% Efficiency, Transparency and Convenience 1.1% 6.9% UK Ireland Lux All Germany Italy
Slide 16: Fineco at an inflection point
Fineco at an inflection point A material step-up in our growth trajectory bn, € Thd, # Total Net Sales New clients 13.4 +34.8% 193.8 +25.9% 9.8 152.4 8.9 119.2 125.6 6.6 97.3 99.7 5.7 2.6 avg avg avg 2025 1H25 1H26 2022 2023 2024 2025 1H25 1H26 2010/14 2015/19 2020/24 Fineco: main European Digital P
Slide 17: Outperforming in young and PB clients
Outperforming in young and PB clients Under 35 Private Banking Consistently gaining market share New clients (by headcount) € bn, TFA Avg TFA 1.1 mln above 35 years +309.3% under 35 years 91.1 81.2 49% 9% 22.2 +265.2% 47% 44% 59% 51% 2016 vs. 1Q26 2Q26 AIPB +82.0% 51% Market share 49% on AIPB (1) 2.
Slide 18: Further improving our quality client base
Further improving our quality client base Client segmentation € bn, TFA 175.2 160.6 Higher avg TFA per client Avg age 52% >500k 50-100k 107.9 51% FY21 FY25 2Q26 100-500k <50k 45% Total clients: 50 76 k 89k 92 k Private clients: 63 34% 33% 35% 10% 8% 8% 9% 7% 7% FY21 FY25 2Q26 18
Slide 19: Net Sales and Total Clients evolution
Net Sales and Total Clients evolution Fineco: a sizable step-up in our growth Total Net Sales Total Clients € bn, TFA #, thd +33.3% +8.7% 13.4 1,897.0 1,800.0 +34.8% 1,655.6 8.8 1,562.9 10.3 10.1 5.5 1,487.3 2.7 8.9 3.6 4.1 6.6 2.6 6.0 2.6 5.6 8.3 4.8 5.8 3.7 1.1 1.2 2.0 0.3 0.6 -2.1 2022 2023 2024
Slide 20: Net sales organically driven key in our strategy of growth
Net sales organically driven key in our strategy of growth Total Net Sales – Organic / Recruit New PFAs recruited in the year PFAs recruited over the last 24 months €, bn 10.3 8.8 10.1 13.4 8.9 10.3 8.8 10.1 13.4 8.9 5% 4% 6% 3% 1% 10% 13% 12% 9% 5% Total recruits Organic 95% 96% 94% 97% 99% 90% 88%
Slide 21: Section 3: Next steps
Section 3: Next steps 21
Slide 22: Unlocking AUC potential: focus on initiatives
Unlocking AUC potential: focus on initiatives Securities Lending platform Auto-FX Value extraction from our quality clients’ flows Live New Platform now live Positioning towards a quote- A market-place to provide access All our client base can now Live driven market evolution: to our high quality &
Slide 23: ETF: a new revenues engine for Brokerage and Investing
ETF: a new revenues engine for Brokerage and Investing A fast-accelerating shift underneath the surface of the Italian Wealth Management industry A new revenues engine ETFs Stock €, mln €, bn 21.6 +59.8% 16.7 37.6 ETFs in AUC 11.1 15.9 28.0 ETFs in AUM 12.3 23.5 8.2 4.4 5.7 2.9 FY24 FY25 1H26 % ETF
Slide 24: Fineco pan-European platform
Fineco pan-European platform Launch by end 2026/early 2027 Our vertically integrated brokerage key to launch a multi-country platform Strong operating leverage & very low fixed costs A distinctive proposition Established Disruptor: a Trusted & Leveraging our Italian IT infrastructure Significant Ban
Slide 25: Deploying AI across the platform
Deploying AI across the platform Brokerage Copilot AI Assistant for PFA A new AI-driven user experience Live for brokerage- Live for all PFAs CRM for PFAs and Managers only account • Fully integrated with Fineco platform and data to manage clients and advisor teams Screening securities • Clustering
Slide 26: Guidance: further upgraded outlook
Guidance: further upgraded outlook 2026 and 2029 outlook Costs and provisions Further upgraded outlook for 2026 and 2029 Plan, driven by: 1) better than expected net sales, with all the mix component contributing positively to revenues; 2) combination of deposit net sales and rates • Operating costs
Slide 27: Section 4: Key Messages
Section 4: Key Messages 27
Slide 28: Fineco - Built to win
Fineco - 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 (2014-2025) 25% ROE FY25 Convenience Market share
Slide 29: Fineco, a track record of healthy and sustainable growth
Fineco, a track record of healthy and sustainable growth …translated in quality & growing results thanks to our scalable operating platform A healthy & solid commercial trajectory… 2014 2025 2014 2025 Revenues (1) (mln) 429 1,317 +11% CAGR Clients (thd, #) 964 1,800 +6% CAGR Costs (1) (mln) 190 356
Slide 30: 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 • Cost of funding close to 0 Structurally hedged model to deliver sustainabl
Slide 31: Technology — The Engine behind Fineco scalability
Technology — The Engine behind Fineco scalability A proven platform, a clear plan, and the conviction to execute it Track record 99.9%+ Availability ~ 6% << 1bps IT Cost / Revenue vs 11.6% avg Op. losses from tech, cyber & fraud 1.8M Customers served ~ 430M Digital accesses/yr The next phase demands
Slide 32: Our Sustainability commitment
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 and drive rel
Slide 33: Annex
Annex 33
Slide 34: P&L reclassified
P&L reclassified (1) mln 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 1H25 1H26 Net Financial Income 161.3 153.7 156.6 161.4 633.1 163.0 176.4 315.0 339.4 Net Non Financial Income 167.7 162.7 168.2 186.1 684.7 180.6 194.4 330.4 375.1 Net Other expenses/income 0.2 -1.3 0.5 -0.7 -1.3 -0.7 0.1 -1.1 -0.6 Total re
Slide 35: 1H26 P&L FinecoBank and Fineco Asset Management
1H26 P&L FinecoBank and Fineco Asset Management Fineco Asset FinecoBank FinecoBank mln Management Individual Consolidated Net Financial Income 0.4 339.0 339.4 Net Non Financial Income 96.1 317.1 375.1 o/w Dividends 0.0 38.4 0.1 Net other expenses/income -1.2 0.7 -0.6 Total revenues 95.3 656.8 713.8
Slide 36: Details on Net Interest Income
Details on Net Interest Income Volumes & Volumes & Volumes & Volumes & Volumes & Volumes & Volumes & Volumes & Volumes & mln 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 1H25 1H26 Margins Margins Margins Margins Margins Margins Margins Margins Margins Financial Investments 106.7 26,768 105.4 27,511 110.2 28,6
Slide 37: Focus on Bond portfolio
Focus on Bond portfolio Low risk driven by sticky transactional liquidity A safe and diversified Bond Portfolio Bond portfolio run-offs: a clear opportunity by reinvestment yields A diversified blend of EU govies, supranational and agencies € bn, eop 28.5 bn Fixed rate bonds Avg yield of fixed rate
Slide 38: Net Commissions by product area
Net Commissions by product area mln 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 1H25 1H26 Banking 11.1 11.4 12.1 15.3 50.0 12.5 13.4 22.6 26.0 Brokerage 37.1 31.2 31.1 38.2 137.5 40.4 39.4 68.3 79.8 o/w Equity 28.5 24.8 26.2 29.2 108.7 31.9 32.1 53.3 64.0 Bond 5.8 3.6 1.8 6.5 17.6 5.6 4.7 9.4 10.4 Derivative
Slide 39: Revenues breakdown by product area
Revenues breakdown by product area 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 1H25 1H26 Net Financial Income 151.9 145.2 146.7 152.0 595.8 154.0 166.8 297.1 320.7 Non Financial Income 10.8 11.1 12.3 15.8 50.0 12.3 13.1 21.9 25.4 Other 0.1 -0.3 0.0 -0.4 -0.5 -0.5 0.0 -0.2 -0.4 Total Banking 162.8 156.0 159.0
Slide 40: Breakdown Total Financial Assets
Breakdown Total Financial Assets mln Mar.25 Jun.25 Sep.25 Dec.25 Mar.26 Jun.26 AUM 66,319 68,606 71,237 74,041 73,873 79,729 Funds and Sicav 45,596 47,513 49,782 51,814 51,693 55,981 Insurance 12,744 12,610 12,511 12,493 12,289 12,549 AUC under advisory 7,482 7,967 8,355 9,114 9,264 10,487 Other 497
Slide 41: TFA and Net Sales evolution
TFA and Net Sales evolution Breakdown of Total Financial Assets € bn 175.2 160.6 AuM AuC Deposits 140.8 122.6 46% 107.9 106.6 46% FAM retail / total AUM 91.7 47% 81.4 47% 67.2 69.3 51% 49% 55.3 60.2 49% 49.3 50% 34% 36% 48% 50% 48% 29% 32% 48% 48% 20% 21% 22% 20% 20% 19% 24% 24% 21% 31% 30% 32% 31%
Slide 42: Fineco: a safe, liquid and diversified Balance Sheet
Fineco: a safe, liquid and diversified Balance Sheet Balance Sheet Transactional liquidity: Cost of funding close to 0 38.7 bn • Driven by our clients’ valuable transactional liquidity and not by lending (no costs and provisions due to NPL) 459% NSFR 28.4 33.3 Selective Lending • Ancillary business
Slide 43: Balance Sheet details
Balance Sheet details mln Mar.25 Jun.25 Sep.25 Dec.25 Mar.26 Jun.26 Due from Banks (*) 2,188 2,023 2,531 2,276 2,254 2,278 Loans to Customers 6,132 6,169 6,220 6,378 6,298 6,428 Financial Assets (*) 23,734 25,138 25,682 26,277 26,806 28,355 Tangible and Intangible Assets 269 268 267 276 275 276 Hedg
Slide 44: Leverage Ratio comfortably under control
Leverage Ratio comfortably under control Leverage Ratio Sensitivity: multi-year view Capital Management: our priorities 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 • Regulatory capital -1,500 5.66% 6.04% 6.
Slide 45: Funding – Fixed Income
Funding – Fixed Income Senior Preferred instruments ➢ €300 mln Senior Preferred (6NC5) issued on February 16th, 2023 to ➢ €500 mln Senior Preferred (6NC5) issued on May 13th, 2026 have an additional buffer above the Fully Loaded MREL Requirement on LRE. • Annual coupon at 3.738% (5 years Mid Swap Ra
Slide 46: ESG ratings, Indices and highlights
ESG ratings, Indices and highlights ESG ratings ESG Indices Rating agency Evaluation scale As today S&P Global From 0 to 100 68 CDP From D- to A B S&P Global 1200 ESG index Sustainalytics From 100 to 0 11.4 low risk S&P Global LargeMidCap ESG Index MSCI From CCC to AAA AA Standard Ethics Italian Ban
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