Banca IFIS (IF) H1 2025 earnings summary

Executive summary

• Acquisition of 92.5% of illimity Bank completed, with delisting and full integration expected after the sell-out procedure ends in August/September 2025; strategic review of illimity assets and subsidiaries underway.

• Net profit for H1 2025 was €87.1 million, or €93.7 million excluding non-recurring costs from the illimity Bank acquisition, with consolidated equity rising 2.9% to €1.8 billion.

• Acquisition of Euclidea SIM finalized, marking entry into asset management services.

• Dividend policy remains consistent with the previous business plan, with a €0.92 per share dividend approved for 2024.

• CET1 ratio at 16.52%, up from 16.10% at end-2024, reflecting a strong capital position.

Financial highlights

• Net banking income for H1 2025 was €351.0 million, down from €374.5 million in H1 2024 due to less favorable interest rates.

• Net profit from financial activities was €332.0 million, a 7.4% decrease from H1 2024.

• Operating costs decreased by 2.5% to €201.0 million, reflecting efficiency gains.

• Cost/income ratio increased to 57.3% from 55.0% in H1 2024.

• Profit attributable to the parent company was €87.1 million, or €93.7 million excluding non-recurring costs.

Outlook and guidance

• Synergies from the illimity Bank acquisition are confirmed at €75 million annually, with integration and due diligence on track for year-end.

• Post-integration CET1 ratio is estimated at around 14%.

• Updated business plan for the combined group to be presented in H1 2026.

• Focus on sustainable profitability, capital strength, and low risk profile for the integration phase.

• Dividend policy and payout structure remain unchanged, with interim dividend in November.