Banca Ifis: 2025 sees net profit of 328 million Euro including the effects of the first consolidation of illimity. Distribution approved of a total dividend in 2025 of 129 million Euro

Strong capital position, with proforma CET1^[1] standing at 13,7%, in line with targets. The figure reflects Banca Ifis’ ability to successfully complete an extraordinary transaction such as the acquisition of illimity, without affecting its solidity profile.
The significant level of shareholder remuneration has been maintained, despite a higher number of shares outstanding. The distribution of a 2025 dividend totalling Euro 129 million was approved, of which 73 million Euro (1,20 Euro per share) was already paid on 26 November 2025, and 56 million Euro (0,92 Euro per share) will be paid on 20 May 2026.
Tier 2 bond successfully placed on the market, with the lowest spread in Banca Ifis’ forty-year history.

Integration of illimity Bank into Banca Ifis

By the end of 2025, the due diligence on illimity Bank was completed, confirming the cost and revenue synergies of 75 million Euro already announced at the launch of the voluntary totalitarian tender and exchange offer.
The sale of Hype to the Banca Sella Group was completed for 85 million Euro, with a CET1 impact of 55 basis points. The review of the perimeter of non-core assets is continuing and is expected to generate positive results for the Group in the coming months.
The reorganisation of strategic IT partnerships improves the Group’s efficiency and technological competitiveness, particularly in areas with a high innovation content such as AI, and confirms the cost synergies announced with the voluntary totalitarian tender and exchange offer.
The full integration of the direct banking platform and other strategic business areas of illimity Bank will enable Banca Ifis to further strengthen its market leadership in supporting SMEs. The Group is also entering the asset management services business with the Fürstenberg brand, whose offering originates from illimity SGR and Euclidea SIM.

2026 Guidance: the Group expects to achieve net profit in the range of 170–190 million Euro, in the absence of macroeconomic or geopolitical events.

Preliminary consolidated results for FY 2025
Reclassified consolidated data[2] – 1 January 2025/31 December 2025

Preliminary consolidated net profit attributable to the Parent Company for 2025 amounted to 328,0 million Euro and includes the positive contribution of Banca Ifis and the effects of the first-time consolidation of illimity Bank as of 1 July 2025. Non-recurring items mainly relate to the gain on a bargain purchase (badwill) and integration charges as well as the due diligence results on illimity and costs related to the offer on illimity.
Net banking income amounted to 789,5 million Euro and includes the contribution of illimity of 122,7 million Euro for the second half of 2025 alone. Net of the contribution of illimity, Banca Ifis’s standalone net banking income amounts to 666,8 million Euro, compared to 699,2 million Euro in 2024, and was affected by the less favourable trend in reference rates. On a standalone basis, Banca Ifis’ Commercial & Corporate Banking Segment reported revenues of 341,9 million Euro (slightly down compared to 351,4 million Euro in 2024), while the Npl Segment generated revenues of 299,1 million Euro, slightly up from 296,2 million Euro in 2024.
The credit cost, at 109,0 million Euro, includes 80,7 million Euro related to illimity, also due to adjustments on the Turnaround division and on B-ilty. Net of the contribution made by illimity, the value stands at 28,3 million Euro, compared to 37,7 million in 2024, confirming the prudent credit risk management in recent years.
Operating costs of 499,7 million Euro include 89,7 million related to the consolidation of illimity for the second half of 2025. Net of the illimity contribution, Banca Ifis’s operating costs amounted to 410,0 million Euro, compared to 406,9 million Euro in 2024. Lower other administrative expenses (243,1 million Euro net of illimity’s contribution compared to 247,5 million Euro in 2024) reflect the Group’s focus on operational efficiency and the benefits associated with the completion of the digitisation projects envisaged in the 2022-2024 Business Plan.
Liquidity position, at 31 December 2025, is equal to approximately 2,2 billion Euro in reserves and free assets that can be financed by the ECB (LCR above 700%). The Group’s solid liquidity and funding profile has been further strengthened with the placement in July 2025 of a 400 million Euro Senior Preferred bond issue maturing in November 2029 and with a coupon of 3,625% and in January 2026 with a subordinated Tier 2 issuance for 400 million Euro, maturing in ten years and with a coupon of 4,55%.

Capital requirements[3]

The proforma CET1 is 13,7% (16,1% at 31 December 2024) and the proforma TCR is 16,0% (18,1% at 31 December 2024) and both are calculated including the profit generated in 2025 and net of the related accrued dividend, the sale of 50% of Hype to Banca Sella Holding and a bad loan position subject to calendar provisioning. The results are in line with Banca Ifis’s objectives after the acquisition of illimity Bank. The solid equity position has allowed for deliberation of the distribution of 129 million Euro on the 2025 dividend, of which 73 million Euro (1,20 Euro per share) distributed on 26 November 2025 and 56 million Euro (0,92 Euro per share) which will be distributed on 20 May 2026.

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Rome, 11 February 2026 – The Board of Directors of Banca Ifis met today under the chairmanship of Ernesto Fürstenberg Fassio and approved the preliminary consolidated results for FY 2025.

“2025 marked a historic milestone in Banca Ifis’s growth path: we have successfully concluded the voluntary totalitarian tender and exchange offer on illimity Bank and launched a solid industrial project, combining two innovative banks to build a leading banking Group for Italian small and medium-sized enterprises. This strategic transformative transaction was complemented by the acquisition of Euclidea SIM, which will represent the starting point for Banca Ifis’ entry, for the first time in our history, into the asset management services market through the new Fürstenberg brand. We now face this growth and development phase of Banca Ifis, being able to rely on sustainable profitability, a solid capital position and a low risk profile, the result of the prudent management and development strategy successfully pursued in recent years. We are firmly committed to achieving our goal: to make the most of the Group’s assets, generate the synergies we have indicated, and build a modern and inclusive corporate culture. Ifis and illimity – fully integrated in our strategy – represent a further opportunity to strengthen our competitive positioning, generate high shareholder returns and contribute in an even more decisive way to supporting the Italian real economy”, said Ernesto Fürstenberg Fassio, Chairman of Banca Ifis.

“The results of FY 2025 highlight the solidity of Banca Ifis’s business model and the achievement of the guidance for net profit for 2025, on a stand-alone basis. The Bank was able to compensate for the falling interest rate scenario and maintained solid risk control, even in an uncertain macroeconomic scenario. In the second half of 2025, we completed the strategic analysis of illimity’s various businesses, with the identification of non-core equity investments and activities. The due diligence on the illimity portfolio showed results in line with the Banca Ifis Group’s estimates. The sale of Hype and the review of the IT architecture, also by restructuring some partnerships, highlight the management’s ability and speed of execution, guided by clear ideas about what is core and non-core among the illimity Group’s activities. “The management team is focused on the integration project, on the commercial development of the combined entity and on reducing funding costs, with the aim of achieving significant cost and revenue synergies as early as the 2027 financial year,” says Frederik Geertman, CEO of Banca Ifis.

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The revenues of Banca Ifis’s Commercial & Corporate Banking Segment for 2025, amounted to 341,9 million Euro and were affected by a less favourable interest rate scenario offset by the dynamism and quality of work of the commercial network. Revenues also benefited from specialisation in high value-added businesses, such as equity investments in the Structured Finance business unit.

The revenues of Banca Ifis’s Npl Segment for 2025, excluding the contribution of illimity, amount to 299,1 million Euro and reflect the streamlining of in- and out-of-court recovery processes of the proprietary portfolio. Collections from recovery activities, excluding portfolio sales, amounted to 391 million Euro.

The strategy on the funding side is focused on refinancing the approximately 2,3 billion Euro retail deposits maturing in the next two quarters at more favourable interest rates reflecting the reduction in the base rate while maintaining the traditional relationship with the customer base.

The average cost of funding of Banca Ifis, excluding the contribution of illimity, stood at 3,30% in 2025, down sharply from 3,87% in 2024 and declining steadily quarter on quarter.

On the capital markets, on 8 July 2025, Banca Ifis issued a senior bond (yield of 3,625%) to refinance the 300 million Euro senior bond (yield of 6,625%) of illimity Bank maturing in December 2025. For Banca Ifis, this is the bond issue with the lowest credit spread in its history. On 13 January 2026, Banca Ifis issued a 10-year Tier 2 bond of 400 million Euro, with a coupon of 4,55%. This issue strengthens the Bank’s regulatory capital, marking the lowest spread ever for a Tier 2 bond from the Bank.

The Banca Ifis Group’s gross and net core originated Npe ratios as at 31 December 2025 relating to receivables due from customers are 5,2% and 3,1% respectively, a slight increase compared to 4,7% and 2,7% in the third quarter of 2025 due to the reclassification of positions in the illimity and B-ilty portfolios to Npe. It should be noted that B-ilty’s exposures are 80% covered by the Government guarantee. The asset quality ratios are calculated excluding loans in the Npl Segment, Government securities measured at amortised cost and impaired financial assets purchased or originated (POCI), or with them as underlying assets, either for business purposes (e.g. for the relaunch and optimisation of companies in temporary difficulties) or emerging as a result of business combinations. Similarly, portfolios with underlying contract disputes that arose as a result of business combinations were excluded from the calculation of ratios because they did not fit the Group’s business model.

Capital ratios confirm the Group’s great solidity. Both the main indicators remain well above the minimum required levels, with a consolidated proforma CET1 Ratio of 13,7% (16,1% as at 31 December 2024) and a consolidated proforma Total Capital Ratio of 16,0% (18,1% as at 31 December 2024), calculated including 2025 profits, net of the dividend accrued, the sale of 50% of Hype to Banca Sella Holding and a bad loan position subject to calendar provisioning.

The Board of Directors of Banca Ifis has resolved to distribute a total dividend of 129 million Euro for 2025, of which 73 million Euro (1,20 Euro per share) distributed on 26 November 2025 and 56 million Euro (0,92 Euro per share) which will be distributed on 20 May 2026.

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Acquisition of illimity Bank S.p.A.

On 19 September 2025, Banca Ifis completed the squeeze out procedure, reaching 100% of the share capital of illimity Bank and delisted illimity Bank’s shares. On 25 September 2025, the Ordinary and Extraordinary Shareholders’ Meeting of illimity Bank renewed the corporate bodies of Banca Ifis.

For Banca Ifis, the acquisition of illimity Bank represents a significant growth opportunity, both industrially and financially. At 30 September 2025, the first consolidation of illimity into the Banca Ifis Group generated a gain on bargain purchase (badwill) which, net of further write-downs of illimity and the Purchase Price Allocation (PPA) process, was included as income in the consolidated income statement of Banca Ifis.

Consistent with the indications received from the European Central Bank (ECB) and reported in the press release of 29 April 2025, Banca Ifis has mandated a specific PwC network company to perform the required due diligence on illimity, which was completed in December 2025.

Banca Ifis launched the quality analysis of illimity’s portfolio assets to align with the industry standards, along with a detailed integration plan that includes: (i) the definition of the new organisational set-up and business structure, as well as the assessment of the technological platforms; (ii) the qualitative-quantitative assessment of illimity’s staff at all levels, functional to meet the needs of the combined entity; (iii) the alignment of the financial statements policies with Banca Ifis’s standards; (iv) the oversight of operations with the aim of increasing efficiency, ensuring business continuity and the highest service levels; and (v) cross-selling initiatives on the respective clients to increase revenues.

The integration roadmap will lead to the realisation of the cost and revenue synergies announced and quantifiable in the order of approximately 75 million Euro per year, before tax. These would be made possible by the increase in productivity per customer currently in illimity Bank’s charge, which will be enriched with the high value-added offer (factoring, leasing, rental) in which Banca Ifis is a leader: this implementation should bring in revenue synergies estimated at 25 million Euro per year, before tax. In addition, Banca Ifis expects that the complementarity of certain business sectors (such as, for example, the Npl Segment) and the integration of governance and control structures will allow it to develop significant cost synergies, estimated at around 50 million Euro per year, pre-tax. Once the merger is complete, and following the mentioned transactions, Banca Ifis expects to maintain a proforma CET1 level of around 14%.

Following the conclusion of the due diligence and takeover phase, Raffaele Zingone, Co-General Manager and Chief Commercial Officer, was appointed CEO of illimity Bank with the mandate to continue the commercial relaunch of illimity.

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Banca Ifis and its commitment to sustainability

2025 saw the confirmation of Banca Ifis’s commitment to integrating sustainability in all its dimensions, environmental, social and governance, within its business model. On the governance front, this commitment has also been recognised by the main international rating agencies: first and foremost MSCI, which raised Banca Ifis’s rating from AA to AAA, the highest level on its rating scale. This rating places the Bank among the leaders globally and within a merit band of only 3% of companies in the sector. In addition to MSCI, Banca Ifis received an ESG credit impact score (CIS) of 2 from Moody’s, confirming it as a virtuous example on the market, with particular reference to Governance; a rating of B, on a scale of F to A, from CDP (formerly the Carbon Disclosure Project), a non-profit organisation that assesses the environmental impact of companies. In addition to its high ranking in the major international ratings, the bank has been awarded the Best ESG Programme in Europe in the Speciality Finance segment by the independent company Extel Institutional Investors, for the second year running. This path will also be further enhanced through the integration of the sustainability practices of the new subsidiary illimity Bank, which, in line with Banca Ifis, ranks high in the major international indices.

The awards come at the end of a journey that also saw the creation of a structured ESG agenda, in social terms, through the Kaleidos “Social Impact Lab”. Founded at the behest of President Ernesto Fürstenberg Fassio, Kaleidos promotes cultural, social and community support initiatives. Since its creation to date, the Social Impact Lab has implemented more than 60 initiatives for a total commitment of 10 million Euro. In order to quantify the social impact generated by these projects, Banca Ifis, in collaboration with Triadi – a spin-off of the Milan Polytechnic led by Mario Calderini – has developed an impact measurement model that allows the return generated by these initiatives to be quantified in economic terms. Applied to all Kaleidos projects already implemented, the impact measurement model showed that one Euro invested by Banca Ifis in social initiatives generated, on average, 5,3 Euro of social value. The most significant initiatives carried out during the period included those in the field of medical-scientific research, with support for the Bambino Gesù Paediatric Hospital Foundation to purchase a PET-CT scanner in the research project aimed at assessing the safety and effectiveness of gene therapy with CAR-T cells on young patients with relapses or not responding to other currently available treatments for malignant tumours of the central nervous system. Another significant long-term collaboration is with the Advanced Biomedical Research Foundation of Padua, through the ‘Adopt a researcher’ projects, the support of studies in the field of neuromuscular and metabolic pathologies, and the purchase of the Lightsheet Microscope machine, an innovative technological tool that will allow great strides to be made in the study of Neuromuscular and Metabolic Pathologies and the support to the .Organoids Biobank, a technologically advanced platform devoted to the collection, storage and analysis of data relating to organoids. Also thanks to Kaleidos, Banca Ifis has intervened in support of projects aimed at the most vulnerable categories, such as the further support to the Banco Alimentare Onlus Foundation which, in addition to having allowed the distribution of the equivalent of ten million meals to people in difficulty, has allowed the development of a new project with an innovative character that allows the recovery of surplus meat from the Large Organised Distribution (GDO), to transform it through cooking and distribute it, in the form of a finished product, to people in need.

Banca Ifis has also been committed on the social front through ‘Ifis art’, the project desired and conceived by Chairman Ernesto Fürstenberg Fassio for the enhancement of art, culture, contemporary creativity and their values, also through public-private initiatives. The symbol of Ifis art is the collection of the Villa Fürstenberg International Sculpture Park. The Park officially reopened to the public on 27 April with two new works that enrich the rich collection of over thirty works by some of the best known exponents of contemporary Italian and international art. In this context, the Banca Ifis Research Department measured the results produced by the International Sculpture Park from a social point of view, according to the impact measurement model developed by the Bank with the Polytechnic University of Milan. According to the responses of the visitors interviewed, the Banca Ifis International Sculpture Park generates a multiplier of 7,4: translated into practical terms, every Euro invested by the Bank in the Park generates more than 7 Euro of social value for the area. This value reflects an improvement in the personal well-being and the development of creative thinking of visitors and those who participated in the workshops organised within the Park. Also as part of Ifis art, in June 2025, Banca Ifis started work to rescue and secure The Migrant Child, one of only two works by the artist Banksy on Italian soil. The work was finally saved on 24 July 2025 and the Bank will now proceed with the restoration of the building that housed it, Palazzo San Pantalon in Venice. Work on the Palazzo has been entrusted to Zaha Hadid Architects and will be aimed at transforming the building into an exhibition space for young artists in collaboration with the Italian Pavilion of the Venice Biennale.

Finally, on the environmental front, Banca Ifis continued its commitment to supporting the sustainable transition, thanks to the implementation of various initiatives with a highly positive impact on the environment. After maintaining its goal of achieving decarbonisation of its portfolio by 2050, the Group is constantly monitoring its 2030 targets for reducing financed emissions on its loan portfolio. This is complemented by Banca Ifis’s commitment to developing products to accelerate the sustainable transition of businesses and the economy, such as solutions to foster sustainable mobility and energy transition, realised in cooperation with leading international partners, and products aimed at enhancing Italy’s artistic and cultural heritage, supporting the territory and the world of art alongside small entrepreneurs in the Veneto region.

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^[1] Including the sale of 50% of Hype to Banca Sella Holding and a bad loan position subject to calendar provisioning

^[2] Reclassifications and aggregations of the consolidated income statement concern the following:

net credit risk losses/reversals of the Npl Segment are reclassified to interest receivable and similar income (and therefore to “Net interest income”) to the extent to which they represent the operations of this business and are an integral part of the return on the investment;
net allocations to provisions for risks and charges are excluded from the calculation of “Operating costs”;
cost and revenue items deemed as “non-recurring” (e.g. because they are directly or indirectly related to business combination transactions, such as the “gain on a bargain purchase” in accordance with IFRS 3), are excluded from the calculation of “Operating costs”, and are therefore reversed from the respective items as per Circular 262 (e.g. “Administrative expenses”, “Other operating income/costs”) and included in a specific item “Non-recurring income and costs”;
the ordinary and extraordinary charges introduced against the Group’s banks (Banca Ifis, Banca Credifarma and illimity Bank) under the Single and National Resolution Mechanisms (SRF and NRF) and the Deposit Protection Mechanism (DGS or FITD) are shown under a separate item called “Charges related to the banking system” (which is excluded from the calculation of “Operating costs”), instead of being shown under “Other administrative expenses” or “Net allocations to provisions for risks and charges”;
the following is included under the single item “Net credit risk losses/reversals”:
- net credit risk losses/reversals relating to financial assets measured at amortised cost (with the exception of those relating to the Npl Segment mentioned above) and to financial assets measured at fair value through other comprehensive income;
- net allocations to provisions for risks and charges for credit risk relating to commitments and guarantees granted;
- profits (losses) from the sale/repurchase of loans at amortised cost other than those of the Npl Segment.

^[3] CET1, Tier 1 and Total Own Funds (Total Capital) at 31 December 2025 include the profits generated by the Banking Group at that date, net of the related dividend, including the portion distributed on an interim basis in compliance with the provisions of Article 2433, paragraph 4 of the Italian Civil Code.

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