BPER Banca (BPE) Q1 2026 earnings summary

Executive summary

• Completed merger with BPSO in April 2026, creating a leading Italian bank with ~6 million clients, €540bn in customer loans and TFAs, and 11% market share in branches, especially strong in northern Italy.

• Integration efforts underway, targeting €290m pre-tax synergies by end-2027, with 1,000 employees focused on extracting cost and revenue synergies.

• Adjusted consolidated net profit for Q1 2026 reached €549m, supported by strong commercial dynamics and integration benefits.

• Asset quality remains among the best in Italy, with cost of risk at 27bps and NPE coverage at 52.8%.

• Robust capital position with CET1 ratio at 14.9% and organic capital generation of €537m in Q1 2026.

Financial highlights

• Q1 2026 total revenues at €1.8bn, down 5.1% year-on-year; adjusted for market effects, decline is only 1%.

• Net interest income at €1,087.5m (+1.0% Q/Q); net commission income at €680.9m (+3.7% Y/Y).

• Adjusted net profit for Q1 2026 was €549m, a 7.1% decrease year-on-year.

• Cost/income ratio improved to 45.1% in Q1 2026, down 9bps sequentially.

• Total financial assets at €411.1bn, up 8.2% year-on-year.

Outlook and guidance

• FY26 guidance targets total revenues flat or up low single digits versus FY25, with net commission income up mid-single digits.

• Cost/income ratio expected at ~45%, cost of risk below 40bps, and CET1 ratio around 14.5%.

• ROTE projected at ~17% for FY26.

• Macroeconomic outlook remains uncertain due to geopolitical tensions and energy price volatility.

• Business plan update scheduled for August 2026.