BPER Banca (BPE) Q3 2025 earnings summary

Executive summary

• Net profit reached €1.5 billion in 9M25, up 30% year-over-year, driven by strong commissions, cost efficiency, and record results.

• Integration of BPSO/Banca Popolare di Sondrio is progressing on schedule, with 23 workstreams active and full merger completion targeted for mid-April 2026.

• A new regional headquarters, Lombardia Nord, was established to consolidate market share in Lombardy.

• Investment in young talent and generational change initiatives are underway, with ongoing discussions for voluntary staff exits.

• Interim dividend of €0.10 per share approved, with a total payout of €196.4 million.

Financial highlights

• Total revenues reached €4.6 billion, with core revenues at €4.4 billion and net profit at €1.5 billion for the first nine months.

• Operating costs decreased by 3.7% to €2,135.7 million, improving operational efficiency.

• Cost/income ratio improved to 46% (down over 270 bps year-over-year).

• Total financial assets grew 5.3% since plan launch, reaching €414 billion with BPSO.

• Net loans to customers increased to €125.9 billion, up 39.7% from year-end 2024.

Outlook and guidance

• FY25 guidance projects total revenues of ~€6.4 billion, net profit expected at €1.5 billion, and cost/income ratio below 48%.

• CET1 ratio expected to remain above 14.5%.

• Synergies of €290 million targeted by 2027, with integration costs totaling €400 million, mostly expensed in 2025.

• Dividend payout ratio confirmed at up to 75% of combined profit, with interim dividend paid.

• Updated business plan for the combined group to be presented by mid-2026.