Informazione
Regolamentata n.
30074-1-2026Data/Ora Inizio Diffusione 9 Settembre 2026 07:30:04MTF
Societa' :CHERRY BANK Utenza - referente :CHERRYBANKEST01 - Vallin Eleonora
Tipologia :1.2
Data/Ora Ricezione :9 Settembre 2026 07:30:04 Data/Ora Inizio Diffusione :9 Settembre 2026 07:30:04 Oggetto :Cherry Bank: results for the first half of 2026 Pre-tax income of €38 million AuM at €1.4 billion, lending up 3% driven by Factoring and CIB; CET1 ratio at 17.15% Testo del comunicato
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PRESS RELEASE
Cherry Bank : results for the first half of 2026 Pre-tax income of €38 million AuM at €1.4 billion , lending up 3% driven by Factoring and CIB ; CET1 ratio at 17.15%
- The results for the first half of 2026 confirm the solidity and sustainability of the strategic repositioning process launched by Cherry Bank in 2025
- The 2026 –2028 Strategic Plan sets out a growth trajectory based on the strengthening of the Corporate & Investment Banking and Factoring Divisions , and focusing on the Relationship Bank model to improve the quality and stability of funding , with a distinctive positioning in Private & Wealth Management
KEY RESULTS FOR THE FIRST HALF OF 2026 :
• Net core customers loans1 increased by 3 % driven by the strong performance of Corporate & Investment Banking ( CIB) and Factoring , up 35% and 79 % respectively vs.
31 December 2025 • Assets under management2 (AuM) at €1.4 billion (+18% vs. 31 December 2025 ), of which €939 million (~66% of the total) was generated by Private & Wealth Management (+21% vs. 31 December 2025 ) • Bank branch deposits increased significantly to €1.2 billion (+22% vs. 31 December
2025)
• Net banking income at €102 .2 million , in line with the first half of 2025 but up 7% excluding the tax credit business • Income before tax of €38.0 million ; RoE at 20.4% • Shareholders’ equity rose to €243 million , with a CET1 ratio of 17.15% (vs. 16.30% as at 31 December 2025 ) • Excellent liquidity position with an LCR of 303.8% (+41 bps vs. 31 December 2025)
Milan , 9 September 2026 – Cherry Bank has published its results for the first half of 2026, as approved by the Bank’s Board of Directors, chaired by Marina Natale.
“The results for the first half of 2026 are positive and slightly above the expectations set out in our 2026 –2028 Strategic Plan. Since 2025 , we have been progressively reviewing our business model in line with clear and consistent guidelines : developing of Factoring and
1 Managerial data. Financial activities relating to core businesses : CIB, Relationship Bank and NPL.
2 Assets under management comprises assets under administration (including shares issued by the company itself) , assets under management , wealth management and insurance.
specialised corporate finance , and the strengthening of the Relationship Bank model through Private & Wealth Management services and the retail network . The new business es are growing and confirm that we are moving in the right direction ; this will enable us, in the coming months, to consolidate our role as a partner to entrepreneurs and their businesses ,” said Giovanni Bossi, Chief Executive Officer of Cherry Bank .
Business model and strategic positioning In the first six months of 2026, in line with the 2026 –2028 Strategic Plan ’s guidelines, the Bank continued to reposition its business model , a process already launched in 2025.
In particular, during these first six months, Cherry Bank has:
- strength ened the Corporate & Investment Banking Division by adding new specialist
expertise ;
- continued to develop the Relationship Banking Division , in line with the model established a year ago, through:
- strengthen ed the Private & Wealth Management Business Unit – focused on providing a synergistic offering with CIB – with 31 relationship managers (as at 30 June 2026) and expanding its range of services through new agreements with globally
renowned partners3;
- further develop ed Factoring as a specialised component of business lending compared with traditional finance;
- grow n in the Retail segment , which continues to expand in terms of both funding and lending , thanks to supported by brand recognition and a strong local presence , with 24 branches and 13 offices : the latest branch opened in Milan in June 2026 ;
- continued the gradual phasing out of the tax receivables business in line with the Strategic Plan, with a contribution to the profit that remains positive, although it is expected to decline progressively until 2028 . The growth of Factoring and the CIB Division will, in fact, enable this source of profitability to be completely replaced by the end of the Strategic Plan period ;
- maintained a highly rigorous and selective approach to the NPL business , maximising profitability through extremely rapid turnover of capital employed to optimise capital adequacy impacts .
RESULTS FOR THE FIRST HALF OF 2026
Business performance
The Corporate & Investment Banking Division – specialising in Turnaround and Strategic Finance, Structured Finance , Special Situations and Alternative Investments – completed new transactions in support of businesses totalling €112 .5 million in the first six months of 2026 , with lending up 35 % compared with the end of 2025 . These included the first4 destocking transaction in Italy , just two months after the publication of the 2026 Law on Support and Competitiveness for SMEs, underscoring the Bank’s specialisation and its innovative approach .
During the half -year , commercial activity targeting SMEs focused on Factoring . Drawing on the expertise of professionals dedicated to developing and assessing factoring products,
3 In the first half of the year, partnerships were announced with Coller Capital for investments in the secondary private credit market and with Fasanara Capital for access to private markets.
4 On 7 July 2026, Cherry Bank announced the first destocking transaction in Italy. The transaction, carried out in partnership with CDP and worth €10 million, involves the securitisation of Brazzale Spa’s inventory.
gross lending totalled over €77 .5 million as at 30 June 2026, compared with €43 .2 million as at 31 December 2025 (+79 %). Credit support for SMEs will be further strengthened during the second half of 2026 through other technical forms of financing, including for SMEs in difficulty.
The Private & Wealth Management Business Unit – which focuses on advanced wealth management advisory services , exclusive direct access to unlisted strategies and funds, and direct investments in venture capital opportunities – reached €939 .1 million in assets under management (+21% vs. 31 December 2025 ), accounting for 66% of the Bank’s total AuM5 (€1.4 billion , up 18% vs. 31 December 2025 ).
Regarding the NPL Division , the Bank maintains a tactical presence to capitalise on opportunities in the Italian market whilst ensuring disciplined management of regulatory capital . Operations are based on a rigorous selection of incoming portfolios , acquired predominantly on the secondary market , with credit management geared towards rapid capital turnover, prioritising out -of-court settlements to maximise efficiency and return on investment.
As of 30 June 2026, the NPL portfolio relating to acquisition and management of non -
performing loans amounted to €7.5 billion gross ( GBV ) consisted mainly of small -ticket unsecured loans , with net NPLs of €130.4 million .
As regards the tax credit business (i.e. the former Superbonus), the outstanding balance as of 30 June 2026 stood at €616 .0 million , representing a natural decline of 37% compared with €978 .7 million as of 30 June 2025 . By 2028 , this business will gradually no longer make a substantial contribution to the income statement.
Income statement – Main items Income before tax as of 30 June 2026 was €38.0 million , in line with the results as of 30 June 2025 (€38.1 million) . Net profit amounted to €23.6 million, reflecting higher tax impacts due to regulatory changes introduced from the 2026 financial year onwards6 . ROE stood at 20.4%.
Net Banking Income amounted to €102 .2 million and remained broadly stable y/y (€103.8 million as of 30 June 2025 ) reflecting : 1) the growing contribution of the CIB and Factoring businesses , with further growth expected from initiatives currently being strengthened ; 2) the expected reduction in margins generated by the tax credit business , which are naturally declining .
Excluding tax credits, net banking income rose by 7% y/y .
Interest margin amounted to €25.2 million , up 63% y/y (€15.5 million as of 30 June 2025) driven by the careful restructuring of the loan portfolio towards higher -yielding investments .
Net commission income stood at €10.5 million (+51% compared with € 7.0 million as of 30 June 2025) driven by growth in Factoring and Private & Wealth Management.
Loans impairments as of 30 June 2026 stood at €6.2 million (€7.1 million as of 30 June 2025) and relate primarily to the Bank’s periodic valuation of its ordinary loan portfolio . The cost of risk stood at 112 basis points (compared with 151 basis points in the first half of 2025 ).
5 Assets under management comprises assets under administration (including shares issued by the company itself), assets under management, wealth management and insurance.
6 Tax rate of 38% in 1H26 compared with 34% in 1H25 , mainly due to the introduction of the 4% non -deductibility of interest expense.
The Bank continues to improve asset quality , with the aim of achieving a Gross NPE ratio of less than 5% by the end of 2026 . As of 30 June 2026, the normalised Gross NPE and Net NPE ratios7, stood at 6.5% and 4.9% respectively .
Net income from financial operations amounted to €96.0 million and was broadly in line with 1H25 (€96.8 million as of 30 June 2025) , driven by the solid and rapid growth in Corporate & Investment Banking , which has replaced the contribution from tax credits .
Operating costs amounted to €58.0 million , down slightly by 1% y/y (€58. 7 million as of 30 June 2025 ).
Personnel expenses amounted to €31.4 million , up 8 % y/y due to the growth in the Bank’s workforce to support business development projects and the 2026 –2028 Strategic Plan.
As of 30 June 202 6, the Bank had 618 employees, up 3. 3% vs. 30 June 2025 (598 employees ):
women accounted for 46 % of the workforce , and the average age was 41.
Other administrative costs amounted to €26.5 million , down 10% y/y, benefiting from the effects of cost -optimisation measures already implemented , with their effects progressively reflected in cost trends.
Income Statement reclassified (thousands of €) 1H26 1H25 %
change
Interest and similar income 72,605 70,600 3% Interest and similar expense (47,397) (55,13 0) -14% Interest margin 25,208 15,470 63% Fee and commission income 13,753 10,840 27% Fee and c ommission expense s (3,233) (3,869) -16% Net fee and commission income 10,520 6,971 51% Dividends and similar income 687 498 38% Net trading results 21,096 34,496 -39% Gain /Loss es on disposal or repurchase of financial assets at amortised cost and fv 44,691 46,400 -4% Net banking income 102,202 103,835 -2%
Net losses/recoveries
for credit risk (6,219) (7,077) -12% Net income from financial operations 95,983 96,758 -1% Operating costs (57,965) (58,676) -1% a) personnel expenses (31,443) (29,121) 8% b) other administrative expenses, impairment and other items (26,522) (29,555) -10% Income before tax 38,033 38,082 0%
Balance sheet
Assets totalled €4,653.9 million (+2% vs 31 December 2025 ), with receivables due from customers up 10% to €3,536.3 million . Net core loans to customers8 rose by 3% compared with 31 December 2025, driven by the very positive contribution from Factoring (+79%) and CIB (+35%).
7 This includes two disposals finalised in July , the accounting effects of which therefore occurred after 30 June 2026. Excluding these disposals, the Gross NPE ratio for 1H26 was 7.1%, whilst the Net NPE ratio was 5.2%.
8 Managerial data. Financial activities relating to core businesses : CIB, Relationship Bank and NPL.
On the liabilities side, the Bank continues to pursue its strategy of balancing funding sources.
As of 30 June 2026, total funding was €4,306.9 million (+1% vs. 31 December 2025 ), of which €2,285.5 million was from customer deposits (53% of the total) and €2,021.4 million was from institutional funding (47% of the total) .
In detail , funding from customer s is broken down as follows:
- traditional funding (from branches) grew by 22 % (€1,235.6 million as of 30 June 2026 vs. €1,009.2 million as of 31 December 2025) ;
- online funding in Italy rose by 18% compared with year -end (€709 .0 million as of 30 June 2026 v s. €602.9 million as of 31 December 2025) , while the Raisin channel fell to €340.9 million (from €712.4 million as of 31 December 2025), in line with expectations and with the associated tax credit run-off strategy .
The Bank’s liquidity ratios remain high , with an LCR of 303.8% (+41 bps vs. 31 December 2025).
Shareholders’ equity as of 30 June 2026 amounted to €242 .6 million (+11% vs. 31 December 2025) , supported by the profit generated during the half -year .
Capital ratios continued to increase : CET1 ratio and TCR stood at 17.15% (vs. 16.30% as of 31 December 2025), exceeding the SREP thresholds .
Balance Sheet riclassified (thousands of €) 1H26 FY25 % change
vs. FY25
Cash and cash equivalents 32,346 122,923 n.s.
Financial assets measured at fair value 80,60 3 98,905 -19% Financial assets measured at amortised cost 3,803,652 3,231,942 18% a) receivables due from banks 267,343 17,876 n.a.
b) receivables due from customers 3,536,309 3,214,066 10% 1) of which securities 2,301,460 1,985,103 16% 2) of which receivables 1,234,849 1,228,963 0% Tangible / intangible assets 59,244 56,368 5% Other tax assets and other 678,062 1,036,195 -35% Total Assets 4,653,90 7 4,546,333 2% Financial liabilities measured at amortised cost 4,306,899 4,257,218 1% a) payables due to b anks 2,021,419 1,932,758 5% b) payables due to customers 2,285,480 2,324,460 -2% Other liabilities 104,387 70,444 48% Equity 242,621 218,671 11% Total Liabilities and equity 4,653,90 7 4,546,333 2%
SIGNIFICANT EVENTS DURING THE PERIOD
Cherry Bank’s Board of Directors renewed On 3 February 2026 , Cherry Bank’s Annual General Meeting appointed the new Board of Directors , which will remain in office until the approval of the 2028 financial statements, with Marina Natale appointed as Chair. The strengthening of the Board , comprising nine professionals with solid banking expertise, is in line with the 2026 –2028 Strategic Plan to support the Bank’s growth initiatives. The Board of Statutory Auditors, appointed by the
General Meeting of 29 April 2024, remains in office for the three -year term ending with the approval of the financial statements as of 31 December 2026.
2026 –2028 Strategic Plan Approved On 9 March 2026, Cherry Bank’s Board of Directors approved the 2026 –2028 Strategic Plan, which is structured around the following drivers:
• generating high levels of profitability through business diversification and consolidating the Bank’s position in Corporate & Investment Banking , Factoring and Private & Wealth Management ;
• strengthening the Relationship Bank model by combining a physical presence (branches) with a digital presence ;
• continuing a selective approach to NPLs ;
• rigorous management of regulatory capital , capital strength – underpinned by the non-distribution of dividends over the plan period – and funding stability .
***
CHERRY BANK
Cherry Bank is the financial partner for entrepreneurs and their businesses. Founded by Giovanni Bossi, the Bank stands out for its entrepreneurial approach to finance.
Cherry Bank is an entrepreneurial bank specialising in Private and Wealth Management, offering advisory and tailor -made wealth planning solutions, and in Corporate & Investment Banking, handling strategic transactions at every stage of a company’s lifecycle.
Through its Relationship banking model, the Bank combines innovation and trust, building valuable partnerships in the pursuit of the best solution for the client.
PRESS CONTACTS
Cherry Bank S.p.A.
stampa@cherrybank.it
+39 02 9991 4667
INCOME STATEMENT
ITEMS – (€) 30.06.2026 30.06.2025
10. Interest income and similar income 68,334,279 66,452,932 of which: interest income calculated using the effective interest method 68,303,539 66,289,410 20. Interest expense and similar charges (47,397,011) (55,130,544) 30. Net interest income 20,937,268 11,322,388 40. Commission income 13,753,259 10,839,776 50. Commission expense (3,232,897) (3,868,566) 60. Net commission income 10,520,362 6,971,210 70. Dividends and similar income 687,010 497,700 80. Net profit from trading activities 21,095,867 34,496,199 100. Profit on disposal or repurchase of assets at amortised cost 44,502,259 46,144,479 a) financial assets measured at amortised cost 44,468,910 46,199,285 b) financial assets measured at fair value through comprehensive income 33,349 (54,806) 110. Net result from other financial assets and liabilities measured at fair value through profit or loss 188,744 256,305 b) other financial assets required to be measured at fair value 188,744 256,305 120. Net interest and other banking income 97,931,510 99,688,281 130. Net credit risk impairment losses/reversals relating to: (1,948,621) (2,930,202) a) financial assets measured at amortised cost (1,968,736) 573,361 b) financial assets measured at fair value through comprehensive income 20,115 (3,503,563) 150. Net result from financial operations 95,982,889 96,758,079 160. Administrative expenses (56,868,399) (57,637,355) a) staff costs (31,442,917) (29,121,368) b) other administrative expenses (25,425,482) (28,515,987) 170. Net provisions for risks and charges (693,970) (11,792) a) commitments and guarantees given (328,896) 468,198 b) other net provisions (365,074) (479,990) 180. Net write -downs/write -backs on tangible assets (2,393,690) (2,203,925) 190. Net write -downs/write -backs on intangible assets (1,029,248) (885,298) 200. Other operating expenses/income 3,019,921 2,062,307 210. Operating costs (57,965,386) (58,676,064) 250. Gains on disposal of investments 15,037 -
260. Profit (loss) from continuing operations before tax 38,032,540 38,082,015 270. Income tax for the year on current operations (14,468,309) (12,961,114) 280. Profit (loss) from continuing operations, net of tax 23,564,231 25,120,901 300. Profit (loss) for the period 23,564,231 25,120,901
BALANCE SHEET – ASSETS
ASSETS – (€) 30.06.2026 31.12.2025
10. Cash and cash equivalents 32,346,209 122,922,620 20. Financial assets measured at fair value through profit or loss 47,857,009 37,951,328 a) financial assets held for trading 329 329 c) other financial assets mandatorily measured at fair value 47,855,936 37,950,999 30. Financial assets measured at fair value through profit or loss on overall profitability 32,747,156 60,953,317 40. Financial assets measured at amortised cost 3,803,651,606 3,231,942,133 a) loans and advances to banks 267,342,722 17,876,124 b) loans to customers 3,536,308,884 3,214,066,009 70. Equity investments 100 100 80. Tangible assets 48,759,572 45,899,048 90. Intangible assets 10,484,434 10,469,283 100. Tax assets 19,641,528 21,589,822 a) current 7,364,985 7,299,966 b) prepaid 12,276,543 14,289,856 120. Other assets 658,420,444 1,014,605,594
TOTAL ASSETS 4,653,907,314 4,546,333,245
BALANCE SHEET – LIABILITIES
LIABILITIES AND EQUITY – (€) 30.06.2026 31.12.2025
10. Financial liabilities measured at amortised cost 4,306,899,460 4,257,218,312 a) bank borrowings 2,021,419,031 1,932,758,102 b) amounts owed to customers 2,285,480,429 2,324,460,210 60. Tax liabilities 25,271,244 12,866,084 a) current 20,497,699 7,929,399 b) deferred 4,773,545 4,936,685 80. Other liabilities 76,970,797 55,719,192 90. Staff severance indennity 635,125 671,850 100. Provisions for risks and charges 1,510,056 1,186,531 a) commitments and guarantees issued 963,032 634,135 c) other provisions 547,024 552,396 110. Valuation reserves 10,523,217 10,226,253 140. Reserves 143,363,896 121,765,448 150. Share premium 716,006 716,006 160. Share capital 64,453,282 64,453,282 180. Profit (loss) for the period 23,564,231 21,510,287
TOTAL LIABILITIES AND EQUITY 4,653,907,314 4,546,333,245
Fine Comunicato n.30074-1-2026 Numero di Pagine: 11