Finecobank Spa · MIL:FBK
Finecobank Spa — Finecobank Banca Fine — Q3 2025 Earnings Presentation
45 slides from Finecobank Spa's earnings presentation, Nov 5, 2025
Slide 1: 3Q25 Results
3Q25 Results Alessandro Foti CEO and General Manager Milan, November 5th 2025 FINECO. SIMPLIFYING BANKING.
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. (the “Bank”)’s financial reports, declares
Slide 3: Agenda
Agenda ✓Fineco Financial Results ❑ Fineco Commercial Results ❑ Next steps ❑ Key messages 3
Slide 4: Executive Summary: further acceleration in our expected growth
Executive Summary: further acceleration in our expected growth Successful growth story: our diversified business model allows us to deliver strong results in every market condition Strong net profit and operating leverage Solid capital and liquidity position ◼ 9M25 Net Profit is 480.5 mln (-1.9% y/y
Slide 5: Fineco, healthy growth based on quality revenues
Fineco, healthy growth based on quality revenues Enabling Fineco to deal with any market environment while offering clients seamless access to banking, investing and brokerage Banking, a capital light NII based on sticky deposits Capital light NII Safe & Diversified bond ptf Ancillary Lending driven
Slide 6: Delivering strong Net Profit in every market condition
Delivering strong Net Profit in every market condition Net Profit at 480.5 mln. Results supported by sound acceleration of Investing and Brokerage, confirming the effectiveness of our initiatives. Strong operating leverage confirmed Revenues 9M25/ 9M24 9M25 9M24 ➢ Net Financial Income (-12.8% y/y) d
Slide 7: Net Financial Income: q/q growth driven by our valuable deposits
Net Financial Income: q/q growth driven by our valuable deposits Supported by accelerating deposits net sales driven by our clients’ transactional liquidity Net Financial Income fully absorbed decreasing rates, thanks to our deposits growth Q/q growth thanks to the strong acceleration in our Deposit
Slide 8: Investing: an healthy growth thanks to our future-proof positioning
Investing: an healthy growth thanks to our future-proof positioning Growing AUM thanks to our best-in-class market positioning, coupled with higher efficiency on the value chain through FAM Increasing Investing revenues thanks to positive volumes effect and FAM Investing Revenues, mln +10.0% 295.6 m
Slide 9: Combining growth potential from FAM and emerging advisory trend
Combining growth potential from FAM and emerging advisory trend FAM key to sustain AUM margins thanks to more efficient value chain, Fineco best placed to catch clients demand for efficient and fair solutions FAM consistently contributing to FBK net sales, with strong room to grow as a % of our Inve
Slide 10: Brokerage: a new structural growth under way
Brokerage: a new structural growth under way A clear step-up in our active investors: Fineco clearly the platform of choice for strong clients’ appetite in bonds and ETFs Active investors: a new structural growth thanks to our initiatives and bonds/ETF demand traders active investors A structurally
Slide 11: High quality lending
High quality lending Offered exclusively to the existing base of clients, leveraging on our internal Big Data analytics Commercial Loans Portfolio, eop mln (Gross) Cost of Risk on commercial loans (2) Current accounts/Overdraft (1) Cards Personal loans Mortgages 7 bps 6 bps 7 bps +1.5% Sep.24 Jun.25
Slide 12: Solvency, liquidity ratios
Solvency, liquidity ratios Capital position well above requirements Current Dec.24 Jun.25 Sept.25 (€/bn) Dec.24 Jun.25 Sept.25 Requirements (1) CET1 Ratio 25.91% 23.46% 23.93% 8.67% CET1 Capital 1.31 1.36 1.39 SOLVENCY (1) Total Capital Ratio 35.78% 32.07% 32.53% 13.04% Tier1 Capital 1.81 1.86 1.89
Slide 13: Agenda
Agenda ❑ Fineco Financial Results ✓Fineco Commercial Results ❑ Next steps ❑ Key messages 13
Slide 14: Clients' profile and focus on Private Banking
Clients’ profile and focus on Private Banking Outperforming the system in Private Banking growth € bn, TFA FinecoBank +248.7% Italian Private Banking Association (1) since 2016 +226.3% 72.6 77.6 68.4 56.0 +69.7% 48.8 45.3 38.6 25.9 25.8 33.4 884 932 1,037 994 1,101 1,257 1,317 22.2 776 806 778 2016
Slide 15: TFA and Net Sales evolution
TFA and Net Sales evolution Successful shift towards high added value products thanks to strong productivity of the network Breakdown of total TFA, bn Breakdown of total Net Sales, bn +9.8% +14.7% AUM since the end of 2014: +197.7% 154.6 8.8 +36.0% 10.7 10.3 10.1 140.8 9.3 9.4 39% 2.7 122.6 38% 3.6
Slide 16: Net sales organically driven key in our strategy of growth
Net sales organically driven key in our strategy of growth The structure of recruiting is changing: more interest in the quality of the business model by PFAs Total Net Sales, bn – Organic / Recruit, % Total recruits Organic Total recruits Organic New PFAs recruited in the year PFAs recruited over t
Slide 17: Agenda
Agenda ❑ Fineco Financial Results ❑ Fineco Commercial Results ✓Next steps ❑ Key messages 17
Slide 18: Guidance
Guidance Our diversified business model key to successfully deal with the current volatile environment Revenues Costs and provisions 2025 Guidance: outlook improved ➢ OPERATING COSTS: expected growth of around 6% y/y in FY25, not including few millions of additional costs for growth initiatives in a
Slide 19: A unique positioning for a long-term growth story
A unique positioning for a long-term growth story Huge potential to gain additional market share of Italian households’ wealth Fineco, a long term growth journey just at the beginning Italian households TFA (Bankit, € bn) GROWING STRUCTURAL TAILWINDS System FBK Breakdown of TFA (2Q25) IN OUR FAVOUR
Slide 20: Stepping-up our growth trajectory thanks to strong clients' acquisition
Stepping-up our growth trajectory thanks to strong clients’ acquisition Strong increase in the quality and volume of new clients, fueled by strategic positioning and excellent customer experience. Continuously raising the bar in healthy client acquisition Thd, # CAGR New clients (monthly avg) 16.1 9
Slide 21: Net sales: heading towards a new dimension of growth
Net sales: heading towards a new dimension of growth Solid improvement in the quality our new clients, coupled with an unprecedented opportunity for our Investing A clear acceleration in our net sales dynamics bn, € Total net sales: a solid increase Fineco: reference platform for all clients’ AUM +3
Slide 22: Next step: an AI-powered Network to boost Net Sales and AUM
Next step: an AI-powered Network to boost Net Sales and AUM Our PFAs’ productivity heading towards the next level AI Assistant: Reingeneering our PFA platform with AI Fineco as the only real player able to deliver an efficient and pervasive AI implementation thanks to our in-house Tech know-how and
Slide 23: AUC: the real cornerstone of our fee-driven business growth
AUC: the real cornerstone of our fee-driven business growth An undervalued component of our business, key for AUM growth and higher brokerage floor Asset Under Custody: a clear sign of healthy fees expansion AUC breakdown (€ bn) AUC PLAYING A KEY ROLE IN OUR FEE DRIVEN GROWTH: 52.5 11) INVESTING: AU
Slide 24: ETF business: exploring a new revenues opportunity
ETF business: exploring a new revenues opportunity Fineco the only real player able to catch the client-driven move towards efficient investment solutions A fast-accelerating shift underneath the surface of the Italian Wealth Management industry €, bn Stock of ETFs ETFs in AUC ETFs in AUM +36.4% Ini
Slide 25: Key messages
Agenda ❑ Fineco Financial Results ❑ Fineco Commercial Results ❑ Next steps ✓Key messages 25
Slide 26: Long term sustainability at the heart of Fineco business model
Long term sustainability at the heart of Fineco business model We are a looking-forward organization playing for the long-run and able to generate a positive impact for all our stakeholders and the society as a whole Fineco corporate purpose: “to support customers in taking a responsible approach to
Slide 27: Fineco as a profitable FinTech Bank: ICT a key business driver
Fineco as a profitable FinTech Bank: ICT a key business driver Leveraging on a deep-rooted internal know-how to expand platform scalability and operating gearing HYPERAUTOMATION COST EFFICIENCY DATA DRIVEN OMNICHANNEL Our strong emphasis on Ensuring our vast data Through comprehensive Blending RPA,
Slide 28: Healthy and sustainable growth with a long term horizon
Healthy and sustainable growth with a long term horizon Highly scalable operating platform… 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR (2014-2024) 123 141 + 11% 92 108 107 69 81 1,656 + 6% 67 1,487 1,563 TFA (bn) 49 55 60 1,370 1,428 1,358 1,200 1,278 637 677 + 16% Clients (thd, #)
Slide 29: ESG Multi-Year Plan 2024-2026 fully integrated within Banks' strategy
ESG Multi-Year Plan 2024-2026 fully integrated within Banks’ strategy Combining business growth and financial strength with the principles of social and environmental sustainability, in order to create long-term value for all Stakeholders ❑ Strategy focuses on ESG objectives(1) within 7 areas: Respo
Slide 30: Annex
Annex 30
Slide 31: P&L reclassified
P&L reclassified (1) mln 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 9M24 9M25 Net Financial Income 180.8 182.5 177.6 170.3 711.2 161.3 153.7 156.6 540.8 471.7 Net Non Financial Income 146.1 148.8 148.4 162.8 606.1 167.7 162.7 168.2 443.3 498.6 Net Other expenses/income 0.2 0.0 -0.2 -0.7 -0.8 0.2 -1.3 0
Slide 32: 9M25 P&L FinecoBank and Fineco Asset Management
9M25 P&L FinecoBank and Fineco Asset Management Fineco Asset FinecoBank FinecoBank mln Management Individual Consolidated Net Financial Income 0.5 471.1 471.7 Net Non Financial Income 132.3 401.4 498.6 o/w Dividends 0.0 35.3 0.1 Net other expenses/income -1.2 0.7 -0.6 Total revenues 131.7 873.3 969.
Slide 33: Details on Net Interest Income
Details on Net Interest Income Volumes & Volumes & Volumes & Volumes & Volumes & Volumes & Volumes & Volumes & Volumes & Volumes & mln 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 9M24 9M25 Margins Margins Margins Margins Margins Margins Margins Margins Margins Margins Financial Investments 109.6 24,695
Slide 34: Focus on Bond portfolio
Focus on Bond portfolio Bond Portfolio (nominal value) € bn, eop 25.8 bn Bond portfolio Nominal value: 25.8 bn: 0.7 6.1 Italy ▪ o/w 72% at fixed rate, avg yield: 162 bps 8.5 Spain Other Govies (1) ▪ o/w 28% at floating rate (swapped), avg spread: 20 bps on 3m Eur (2) 4.1 SSA Residual maturity total
Slide 35: Details on Net Commissions
Details on Net Commissions Net commissions by product area mln 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 9M24 9M25 Banking 12.0 12.0 13.5 12.9 50.4 11.1 11.4 12.1 37.5 34.7 Brokerage 33.0 28.9 24.7 29.6 116.1 37.1 31.2 31.1 86.5 99.3 o/w Equity 23.2 20.8 19.0 24.2 87.1 28.5 24.8 26.2 62.9 79.5 Bond 6.
Slide 36: Revenues breakdown by Product Area
Revenues breakdown by Product Area mln 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 9M24 9M25 Net Financial Income 171.5 172.2 167.6 160.2 671.5 151.9 145.2 146.7 511.3 443.8 Non Financial Income 10.6 12.0 12.4 13.1 48.2 10.8 11.1 12.3 35.1 34.2 Other 0.1 0.1 0.1 0.1 0.3 0.1 -0.3 0.0 0.2 -0.2 Total Banki
Slide 37: Breakdown Total Financial Assets
Breakdown Total Financial Assets mln Mar.24 Jun.24 Sep.24 Dec.24 Mar.25 Jun.25 Sep.25 AUM 60,425 61,645 63,808 66,383 66,295 68,577 71,205 Funds and Sicav 40,708 41,557 43,557 45,645 45,596 47,513 49,782 Insurance 13,579 13,242 12,982 12,944 12,744 12,610 12,511 AUC under advisory 5,756 6,423 6,832
Slide 38: Increasing quality and productivity of the Network
Increasing quality and productivity of the Network Total Assets per PFA TFA concentration per PFA Eop, mln AUM AUC Deposits PFAs with TFA >20mln are 69% and hold 93% of TFA # PFAs TFA +11.1% +52 +13.0% 41.8 43.3 3,009 3,061 100 117.3bn 100 132.6bn > €35mln 39.0 +9.8% €25-35mln y/y 23.1 €20-25mln 41%
Slide 39: Balance Sheet
Balance Sheet mln Mar.24 Jun.24 Sep.24 Dec.24 Mar.25 Jun.25 Sep.25 Due from Banks (*) 3,808 3,222 3,293 2,334 2,188 2,023 2,531 Loans to Customers 6,098 6,116 6,051 6,236 6,132 6,169 6,220 Financial Assets (*) 20,426 20,750 21,532 23,454 23,734 25,138 25,682 Tangible and Intangible Assets 266 266 26
Slide 40: Safe Balance Sheet: simple, highly liquid
Safe Balance Sheet: simple, highly liquid Diversified investment portfolio 36.4 bn (1) Financial Assets Due to customers ◼ Investment strategy based on a diversified blend of EU government bonds, Loans to customers Other liabilities supranational and agencies Due from Banks (2) Equity 25.7 ◼ 99% not
Slide 41: 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 5.97% 6.39% 6.68% 6.82% 6.96% 7.10% 7.24% 7.37% OUR PRIORITIES -1,500 5.88% 6.30% 6.58% 6.71% 6.85% 6.99% 7.13% 7.27% Starting
Slide 42: Fineco Asset Management in a nutshell
Fineco Asset Management in a nutshell FAM is active on 7 business lines, providing not only the expertise of the best Asset Managers but also solutions managed internally by FAM to deepen further the range of strategies and the flexibility of FAM catalogue of products. 1 GLOBAL DEFENCE 2 PROFILE FUN
Slide 43: Preserving our best price/quality ratio
Preserving our best price/quality ratio Competitive landscape for banking services(1) € Online € 111 avg € 153 avg Branch online costs branch costs Ing (Conto Arancio Più) 0 Widiba 20 53 Webank 24 Fineco 40 Illimity (Conto Illimity Classic) 46 Banca Sella (Conto Start) 68 167 HelloBank! (Hello! Mone
Slide 44: ESG ratings, Indices and highlights
ESG ratings, Indices and highlights Our ESG ratings and Indices RATING AGENCY EVALUATION SCALE AS TODAY ESG INDICES (From 0 to 100) 68 (From D- to A) B (1) (From 100 to 0) 11.4 Low risk S&P Global 1200 ESG index S&P Global LargeMidCap ESG Index (From CCC to AAA) AA (From F to EEE) EEE- with Stable O
Slide 45: Funding
Funding Fixed Income Senior Preferred instruments ➢ €300 mln Senior Preferred (6NC5) issued on February 16th, 2023 in order to ➢ €500 mln Senior Preferred (6NC5) issued on October 14th, 2021 in order to be have an additional buffer above the Fully Loaded MREL Requirement on LRE. immediately complian
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