FinecoBank Banca Fineco (FBK) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 was €317.8 million, nearly flat year-over-year, with total revenues at €644.4 million and a cost/income ratio of 26.9%.

• Total Financial Assets reached €147.8 billion, up 5.0% from December 2024, driven by strong net sales and client acquisition, with 99,724 new clients added in H1 2025 (+35.5% y/y).

• Client acquisition accelerated, with July 2025 adding up to 50,000 new clients (+20% y/y), and net sales for H1 at €6.6 billion (+32% y/y), with further acceleration in July.

• AI-powered tools and new investment solutions, including active ETFs, enhanced the business model and productivity.

• S&P upgraded the Group’s long-term rating to BBB+ with a stable outlook in April 2025.

Financial highlights

• Net profit for H1 2025 was €317.8 million, with revenues at €644.4 million, down 2.1% year-over-year, as lower net financial income (-13.3% y/y) was offset by higher non-financial income (+12.0% y/y).

• Net commissions rose 8.2% y/y to €278.2 million, and net trading, hedging, and fair value income increased 38.3% to €52.2 million.

• Operating costs rose 8.0% y/y to €173.1 million, mainly due to business growth initiatives, with a cost/income ratio of 26.9%.

• Cost of risk at 6 basis points; net impairment on loans and provisions for guarantees and commitments was €2.6 million.

• Shareholders’ equity decreased by €145.0 million to €2,244.3 million, mainly due to dividend and AT1 coupon payments.

Outlook and guidance

• Record revenues expected for 2025, with operating costs to grow ~6% y/y, excluding €5–10 million for growth initiatives (marketing, asset management, AI).

• Payout ratio for FY25 expected in the 70–80% range; leverage ratio target above 4.5%; cost of risk forecasted between 5–10 basis points.

• Investing revenues expected to benefit from AUM growth; every €1 billion change in AUM from August 1 generates €2.9 million in management fees for the remainder of the year.

• Brokerage revenues projected to reach record levels in 2025, supported by a growing active investor base.

• Banking fees expected to decrease slightly in FY25 due to new instant payment regulations.