Banca Generali Spa (BGNMF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, this is the Course Call Conference Operator. Welcome and thank you for joining the Banca Generali Full Year 2025 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Gianmaria Mossa, CEO and General Manager of Banca Generali. Please go ahead, sir. So, good afternoon and thank you for attending our full year's conference call. Before we get into our results, I want to quickly comment the market reaction to the recent announcement of a U.S. initiative called Altruist. Basically, it's a tool, an artificial intelligence tool for the automated tax planning. In Italy, it's largely irrelevant just because not for any investment-related taxation, the tax situation is handled directly by the revolving agents, so basically the banks or the financial intermediary, and not by the client. So the volatility on our stock today comes from this U.S.-centric situation that simply doesn't fit with the Italian wealth management context and even less with Banca Generale, also because we are not a brokerage platform. So as you know, and we say it several times, Italy has a unique economic and social environment where the wealth is still most invested in liquid assets, think of real estate or private companies, not listed equity. And it remains very much a sort of family affair. So in this context, our clients look for discretion, human guidance, and not automatic answer or interaction with the machine. It never happened. So the confidentiality, privacy are crucial, not negligible in t...