PRESS RELEASE
BFF Banking Group announces consolidated financial results for the first nine months 2025: 9M record Loan Book and Volumes, with 3Q profits up 33% YoY- 9M 2025 Adj. Net Profit at €118.1m vs. €103.2m in 9M 2024. 3Q 2025 Adj. Net Profit up 33% YoY at €42.8m.
- Loan book at €5.8bn (+8% YoY) and Volumes at €6.3bn (+11% YoY). Highest 9M ever for Group Loan Book and Volumes. Italy +16% YoY in volumes.
- Loan/Deposit ratio at 73%, with Deposits from Transaction Services up €1.3bn YoY.
- HTC Government bond portfolio mark-to-market +€56m YoY.
-
Net NPLs/Loans ratio at 0.2% excluding Italian municipalities in conservatorship.
- Past due at €1.6bn down 6% vs. December 2024. Contaging invoices at €296m (-30% since June 2024 reclassification).
- Received communication on bans removal: dividends on FY25 results, buyback, employees incentives and expansion to new markets.
- CET1 ratio at 13.4% and TCR at 16.5%, with €108m in excess vs. 13% CET1 ratio target.
-
New medium-term targets to be communicated with new Strategic Plan in 2026.
Milan, 10th November 2025 - Today the Board of Directors of BFF Bank S.p.A. ("BFF", the "Bank", the "Company" or the "Group") approved BFF's nine months 2025 consolidated financial accounts.
CONSOLIDATED PROFIT AND LOSS
9M 2025 Adjusted Total Revenues at €515.3m (-13% YoY), of which €295.1m coming from Factoring, Lending & Credit Management ("F&L"), €50.3m from Payments, €20.4m from Securities Services and €149.5m from Corporate Center (including €10.5m of capital gain realised in 3Q 2025 from the roll-over of floaters Government bond portfolio with stable yield vs. June 2025).
9M 2025 Cost of Funding at €212.0m (-29% YoY).
Adjusted Net Revenues at €303.3m, +4% YoY.9M 2025 Total Adjusted Operating Expenses including D&A, at €140.3m vs. €140.1m in 9M 2024. The impact of 2025 variable remuneration to be accounted for in 4Q 2025. Adjusted LLPs and Provisions for Risks and Charges at €1.5m vs. €7.9m in 9M 2024.
Overall Adjusted Profit Before Taxes ("PBT") of €161.5m (+13% YoY), with F&L up 15% YoY, Payments down 7% YoY, Securities Services up 42% YoY and Corporate Center up 96% YoY.
9M 2025 Adjusted Net Profit at €118.1m, +14% YoY and 9M 2025 Reported Net Profit1 at
€107.7m down 43% YoY, due to the one-off increase in 1H 2024 of the accrual rate of Late Payment Interests ("LPIs") and Recovery Fees to 65%, from 50%, to align it to the historical collection rate.With regard to the business units' KPIs and adjusted Profit & Loss data, please refer to the "9M 2025 Results" presentation published in the Investors > Results > Financial results section of BFF Group's website. Please note that the Corporate Center comprises all the revenues and costs not directly allocated to the three core business units (Factoring, Lending & Credit Management, Payments and Securities Services).
CONSOLIDATED BALANCE SHEET
As of 30thSeptember 2025, consolidated Total Assets at €12.1bn down by €0.1bn (-1% vs. the end of September 2024), with an increase in the Loan Book and smaller Government bond portfolio.
The Loan Book at €5,812m2, up by €417m YoY (+8%), and Volumes at €6,290m, up 11% YoY, recording the highest nine months ever for Group Loan Book and Volumes. Loan Book in Italy at €3,457m, +10% YoY, with Volumes at €3,276m, +16% YoY.
1 Reported Net Profit includes:
the negative impact of adjustments accounted on the following items:
-€5.4m post tax, -€7.8m pre tax, related to Stock Options & Stock Grant plans;
-€0.7m post tax, -€0.9m pre tax, of other non-recurring activities;
-€1.4m of taxes from one-off dividend distribution from subsidiaries;
-€1.4m post tax, -€2.0m pre tax, related to Customer contract amortization;
-€1.5m post tax, -€1.5m pre tax, related to the Bank of Italy administrative pecuniary sanction.
the positive impact of adjustments accounted on the following items:
• +€5.4k post tax, +€7.9k pre tax, related to release of provision for Group CEO settlement agreement.
2 Loan Book portfolio includes fiscal receivables "Ecobonus" for €419m, which are accounted in "Other Asset" in the 9M 2025 Consolidated Financial Accounts and the stock of on-balance sheet LPIs and "recovery fees" at €780m.
At the end of September 2025, Government bond portfolio entirely classified as Held to Collect or "HTC" and down to €4.6bn vs. €5.0bn at the end of September 2024. Positive mark-to-market at €40.5m, up €56m YoY.
On the Liabilities side, the main changes vs. end of September 2024 are the following:
- Deposits from Transaction Services up by €1.3bn YoY, +25%, closing 9M 2025 at €6.6bn;
- Repos down by 29% YoY at €1.6bn at the end of September 2025 vs. €2.2bn at end of September 2024;
Thanks to the increase of deposits from Transaction Services, on-line retail deposits down by 47% YoY (€1.4bn vs. €2.7bn at the end of September 2024);
-
Social unsecured senior preferred bonds at €612m at the end of September 2025 vs.
€305m at the end of September 2024, due to additional €300m issuance in October 2024;
No ECB funding to be refinanced.
Strong liquidity position, with 9M 2025 Liquidity Coverage Ratio (LCR) at 219.1% and Net Stable Funding Ratio (NSFR) at 136.2%.
Leverage ratio as of 30thSeptember 2025 at 6.4%, stable vs. the end of September 2024.
***
Asset quality
The Group continues to benefit from a very low exposure towards the private sector. 9M 2025 Net Non-Performing Loans ("NPLs"), excluding Italian Municipalities in conservatorship ("in dissesto"), stand at €9.9m, or 0.2% of net loans, with a 69% Coverage ratio, vs. 70% at YE 2024 and 73% at the end of September 2024.
Italian Municipalities in conservatorship are classified as NPLs, despite BFF entitlement to receive 100% of the principal and late payment interests at the end of the conservatorship process. Moreover, recent sentences from the European Court of Human Rights ("ECHR")3, require the Italian State to ensure the execution of sentences towards those Municipalities even before the end of the conservatorship process. In May 2025 the Bank received positive outcome from ECHR on three municipalities in conservatorship - in addition to the one already received in January 2025.
9M 2025 Cost of Risk is 4.7 basis points.
3 For further details on the recent ruling published in Jan-25 by the European Court of Human Rights, please see the dedicated paragraph in the section "Significant events after the end FY24 reporting period" in FY24 Press release on consolidated financial results.
Total 9M 2025 Net Impaired Assets (non-performing, unlikely to pay and past due) stand at
€1,796.0m as of 30thSeptember 2025, vs. €1,904.1m at YE 2024 and €1,916.5m as of end of September 2024, following the credit reclassification for prudential purposes requested by Bank of Italy4. As of the end of September 2025, 97% of NPE exposure is towards Public Administration.
Past Due
At the end of September 2025, net Past Due amounts to €1,622.5m, vs. €1,734.5m at YE 2024 and €1,771.1m post-credit reclassification (please refer to footnote 4) as of the end of September 2024, notwithstanding €505m new net volumes bought from debtors in past due.
44% of the loans classified past due as of December 2024 has either been collected or exited from past due. Contaging invoices are down by €48.2m (-14%) in 9M 2025 - by €129m (-30%) since June 2024 credit reclassification.Capital ratios
The Bank Common Equity Tier 1 ("CET1") ratio stands at 13.4% vs. a SREP5 of 9.7%. The Total Capital ratio ("TCR") stands at 16.5% vs. a SREP6 of 13.2%. CET1 ratio and TCR including 9M 2025 Net Profit would be equal to 15.2% and 18.3%, respectively. €108m in excess of 13% CET1 ratio target for dividend distribution, which has been increased vs. previous 12%. For further details please refer to the paragraph "Events after the end 9M 2025 reporting period".
The Bank will apply its dividend policy starting from the 2025 annual results, with the approval process of the financial statements to be completed in April 2026. Distribution of dividends remains subject to the fulfillment of all the regulatory capital requirements.
MREL requirements, effective from 1stJanuary 2025, are fully covered thanks to bonds issuance completed during 2024 and the Bank's capital generation.
As of the end of September 2025, Risk Weighted Assets ("RWAs") - based on Basel Standard model - stand at €4.9bn, vs. €5.2bn at YE 2024. RWAs density7 stands at 66% vs. 70% at YE 2024 and 72% at end of September 2024.
***
4 Please see paragraph "Loan portfolio reclassification for prudential purposes" in 1H24 Press release on consolidated financial results.
5 The SREP requirement includes Capital Conservation Buffer, Countercyclical Capital Buffer and Systemic Risk Buffer.
6 Please refer to footnote 5.
7 Calculated as RWAs/Total assets excluding HTC bond portfolio and Cash and Cash Balances.
Events after the 9M 2025 reporting period
BFF has received from Bank of Italy communication on bans removal and on updated SREP requirements
On 2ndNovember 2025, BFF announced that it had received from Bank of Italy (the "Supervisory Authority" or the "Regulator") communication on the closing of the proceedings pertaining (please see also the dedicated press release):
- removal of bans on (i) distribution of profits or other equity reserves; (ii) payment of employees variable remuneration; (iii) further expansion abroad;
- decision on updated capital requirements following the conclusion of the supervisory review and evaluation process ("SREP"), which confirmed the additional Pillar II capital requirements ("P2R") currently in force.
The removal of the bans allows BFF to return to a normalised context with regards to shareholders remuneration, employees incentivisation and expansion into new markets, in a context of Group's sustainable growth.
With the objective of maintaining a strong level of capital, the Bank resolved to update its dividend policy increasing by 100 bps its target capital ratio. Therefore, the CET 1 reference level above which the Bank envisages the payment of dividends is 13.0%, in compliance with all other current and forward looking capital requirements.
The Bank will apply its dividend policy starting from the 2025 annual results, with the approval process of the financial statements to be completed in April 2026.
As a result of the application of the new dividend policy, the cumulated dividends to 2026 are expected to be approximately €50m - €70m lower than the cumulated dividends target previously communicated to the market, without taking into account any extraordinary capital management action on the Bank's credit portfolio.
As requested by Bank of Italy in the context of the SREP and bans removal letter, BFF:
has approved a three-year organic international growth plan and is ready to file applications for the opening of the French branch focused on F&L business and for entering in Luxembourg for Global Custody, under the freedom of services;
will approve by January 2026 a three-year plan for the gradual reduction of the incidence of non-performing loans on the Bank's total credit portfolio, also through greater diversification of its business model.
***
As communicated with the press release published on 2nd November 2025, the Bank has resolved the start of the regulatory process to obtain Bank of Italy's authorization for the shares' buy-back programme to support the remuneration and incentive policies.
The Bank has also given execution to the new Stock Grant Plan (the "AUT Plan") and to the 2025 Long-term Incentive Plan (the "LTIP Plan", along with the AUT Plan, the "Plans") as approved by the Shareholders' Meeting dated 17thApril 2025 (for further details please refer to the press release published on 17th April 2025).
***
Statement of the Financial Reporting Officer
The Financial Reporting Officer, Giuseppe Manno, declares, pursuant to paragraph 2 of article 154-bis of the Legislative Decree n° 58/1998 ("Testo Unico della Finanza"), that the accounting information contained in this press release corresponds to the document results, accounting books, and records of the Bank.
***
Earnings call
9M 2025 consolidated results will be presented today, 10thNovember, at 18:30 CET (17:30 WET) during a conference call, that can be followed after registering at this link. The invitation is published in the Investors > Results > Financial results section of BFF Group's website.
This press release is available on-line on BFF Group's website https://www.bff.com within the Investors > PR & Presentations > Press Releases section.
BFF Banking Group
BFF Banking Group is the largest independent specialty finance in Italy and a leading player in Europe, specialized in the management and non-recourse factoring of trade receivables due from the Public Administrations, securities services, banking and corporate payments. The Group operates in Italy, Croatia, the Czech Republic, France, Greece, Poland, Portugal, Slovakia and Spain. BFF is listed on the Italian Stock Exchange. In 2024 it reported a consolidated Adjusted Net Profit of €143.0 million, with a 13.4% Group CET1 ratio at the end of September 2025.
https://www.bff.com
ContactsInvestor Relations
Caterina Della Mora Marie Thérèse Mazzocca+39 02 49905 631
investor.relations@bff.com
Media Relations Alessia Barrera Sofia Crosta
+39 02 49905 623 |+39 340 3434 065
newsroom@bff.com
Consolidated Balance Sheet (Values in € thousands)Assets items | 30-Sep-24 | 31-Dec-24 | 30-Sep-25 |
Cash and cash equivalents | 167,571 | 153,689 | 130,897 |
Financial assets measured at fair value through profit or loss | 181,580 | 179,319 | 179,911 |
a) financial assets held for trading | 667 | 1,504 | 1,210 |
b) financial assets designated at fair value | - | - | - |
c) other financial assets mandatorily measured at fair value | 180,913 | 177,815 | 178,701 |
Financial assets measured at fair value through Other Comprehensive Income | 139,714 | 141,442 | 149,374 |
Financial assets measured at amortized cost | 10,886,030 | 10,667,127 | 10,742,552 |
a) due from banks | 823,147 | 602,651 | 738,125 |
b) due from customers | 10,062,884 | 10,064,476 | 10,004,427 |
Hedging instruments | - | 303 | - |
Equity investments | 12,989 | 13,690 | 13,364 |
Property, plant, and equipment | 80,320 | 104,750 | 105,124 |
Intangible assets | 70,287 | 77,519 | 74,438 |
of which: goodwill | 30,957 | 30,957 | 30,957 |
Tax assets | 100,154 | 101,071 | 95,724 |
a) current | 44,722 | 40,250 | 41,058 |
b) deferred | 55,431 | 60,821 | 54,666 |
Discontinued operations and non-current assets held for sale | 8,046 | - | - |
Other assets | 614,128 | 712,511 | 643,143 |
Total consolidated assets | 12,260,818 | 12,151,421 | 12,134,527 |
Liabilities and Equity items | 30-Sep-24 | 31-Dec-24 | 30-Sep-25 |
Financial liabilities measured at amortized cost | 10,497,936 | 10,661,212 | 10,200,429 |
a) deposits from banks | 1,730,912 | 1,342,119 | 1,152,096 |
b) deposits from customers | 8,461,898 | 8,709,179 | 8,435,888 |
c) securities issued | 305,126 | 609,914 | 612,445 |
Financial Liabilities Held for Trading | 1,751 | 139 | 282 |
Hedging derivatives | 77 | - | 56 |
Tax liabilities | 165,800 | 166,690 | 177,003 |
a) current | 4,528 | 2,794 | 4,327 |
b) deferred | 161,273 | 163,896 | 172,676 |
Other liabilities | 714,793 | 388,397 | 724,709 |
Employee severance indemnities | 3,440 | 3,372 | 3,612 |
Provisions for risks and charges: | 37,872 | 54,804 | 47,572 |
a) guarantees provided and commitments | 115 | 258 | 72 |
b) pension funds and similar obligations | 6,403 | 6,937 | 6,204 |
c) other provisions | 31,354 | 47,609 | 41,296 |
Valuation reserves | 9,118 | 21,085 | 28,322 |
Additional Tier1 | 150,000 | 150,000 | 150,000 |
Reserves | 282,826 | 282,329 | 483,361 |
Share premium | 66,277 | 66,277 | 66,277 |
Share capital | 144,639 | 145,006 | 145,250 |
Treasury shares | (3,628) | (3,570) | - |
Profit (Loss) for the period | 189,917 | 215,680 | 107,653 |
Total consolidated liabilities and equity | 12,260,818 | 12,151,421 | 12,134,527 |
Profit & Loss items | 30-Sep-24 | 30-Sep-25 |
Interest and similar income | 585,378 | 390,816 |
Interest and similar expenses | (294,299) | (207,158) |
Net interest income | 291,149 | 183,658 |
Fee and commission income | 81,790 | 81,101 |
Fee and commission expenses | (21,270) | (16,628) |
Net fees and commissions | 60,520 | 64,473 |
Dividend income and similar revenue | 13,338 | 11,935 |
Gains/(Losses) on trading | 5,043 | 12,113 |
Fair value adjustments in hedge accounting | - | - |
Gains/(Losses) on disposals/repurchases of: | 233 | 10,455 |
a) financial assets measured at amortized cost | 233 | 10,455 |
b) financial assets measured at fair value through Other Comprehensive Income | - | - |
c) financial liabilities | - | - |
Net income from other financial assets & liabilities at FV through profit or loss: | (3,381) | (3,119) |
a) financial assets and liabilities designated at fair value | - | - |
b) other financial assets compulsorily valued at fair value | (3,381) | (3,119) |
Net banking income | 366,902 | 279,515 |
Impairment (losses)/reversals on: | (4,452) | (1,895) |
a) financial assets measured at amortised cost | (4,452) | (1,895) |
b) financial assets measured at fair value through Other Comprehensive Income | - | - |
Net profit from financial and insurance activities | 362,451 | 277,620 |
Administrative expenses: | (140,511) | (139,567) |
a) personnel costs | (62,641) | (62,726) |
b) other administrative expenses | (77,871) | (76,841) |
Net provisions for risks and charges: | (3,443) | 413 |
a) commitments and guarantees provided | 415 | 185 |
b) other net provisions | (3,858) | 228 |
Net (adjustments to)/writebacks on property, plant, and equipment | (3,193) | (4,057) |
Net (adjustments to)/writebacks on intangible assets | (7,483) | (8,453) |
Other operating (expenses)/income | 54,505 | 21,832 |
Total operating expenses | (100,126) | (129,832) |
Gains (Losses) on equity investments | 1,624 | 1,511 |
Gains (Losses) on disposal on investments | - | - |
Profit (Loss) before taxes from continuing operations | 263,949 | 149,299 |
Income taxes on profit from continuing operations | (74,032) | (41,646) |
Profit (Loss) after taxes from continuing operations | 189,917 | 107,653 |
Profit (Loss) after taxes from discontinued operations | - | - |
Profit (Loss) for the period | 189,917 | 107,653 |
30-Sep-24 | 31-Dec-24 | 30-Sep-25 | |
Credit and Counterparty Risk | 344.7 | 342.8 | 329.8 |
Market Risk | 0.6 | 0.4 | 0.2 |
Operational Risk | 62.8 | 74.0 | 59.7 |
Total capital requirements | 408.1 | 417.2 | 389.7 |
Risk Weighted Assets (RWAs) | 5,100.8 | 5,214.7 | 4,871.9 |
CET 1 | 625.8 | 638.5 | 653.9 |
Tier I | 150.0 | 150.0 | 150.0 |
Tier II | 0.0 | 0.0 | 0.0 |
Own Funds | 775.8 | 788.5 | 803.9 |
CET 1 Capital ratio | 12.3% | 12.2% | 13.4% |
Tier I Capital ratio | 15.2% | 15.1% | 16.5% |
Total Capital ratio | 15.2% | 15.1% | 16.5% |
30-Sep-25 | |||
Gross | Provisions | Net | |
Non-performing loans (NPLs) | 131,893 | (23,342) | 108,551 |
Unlikely to pay | 73,017 | (8,043) | 64,974 |
Past due | 1,625,585 | (3,124) | 1,622,462 |
Total impaired assets | 1,830,496 | (34,509) | 1,795,987 |
31-Dec-24 | |||
Gross | Provisions | Net | |
Non-performing loans (NPLs) | 115,861 | (14,973) | 100,888 |
Unlikely to pay | 78,142 | (9,364) | 68,778 |
Past due | 1,736,967 | (2,483) | 1,734,483 |
Total impaired assets | 1,930,969 | (26,820) | 1,904,150 |
30-Sep-24 | |||
Gross | Provisions | Net | |
Non-performing loans (NPLs) | 111,683 | (15,686) | 95,996 |
Unlikely to pay | 57,766 | (8,308) | 49,457 |
Past due | 1,773,544 | (2,456) | 1,771,088 |
Total impaired assets | 1,942,992 | (26,450) | 1,916,542 |