Informazione
Regolamentata n.
0043-100-2026Data/Ora Inizio Diffusione 6 Agosto 2026 07:00:06Euronext Milan
Societa' :BPER BANCA Utenza - referente :BPERN04 - Anselmi Eleonora Tipologia :2.2; 1.2 Data/Ora Ricezione :6 Agosto 2026 07:00:06 Data/Ora Inizio Diffusione :6 Agosto 2026 07:00:06 Oggetto :Consolidated results as at 30 June 2026 and acceleration beyond “B:Dynamic | Full Value
2027”
Testo del comunicato
Vedi allegato
BPER Banca S.p.A., Head Office in Via San Carlo 8/20, Modena – Tax Code and Modena Companies Register No. 01153230360 – Company belonging to the BPER BANCA GROUP VAT, VAT No. 03830780361 – Share capital Euro 3,136,702,715.30 – ABI Code 5387.6 – Register of Banks No. 4932 – Member of the Interbank Deposit Guarantee Fund and of the National Guarantee Fund – Parent Company of the BPER Banca S.p.A.Banking Group – Register of Banking Groups No. 5387.6 – Tel. +39 059.2021111 – Telefax +39 059.2022033 – e-mail: servizio.clienti@bper.it – Certified e -mail (PEC):
bper@pec.gruppobper.it – bper.it – group.bper.it
Page
1 PRESS RELEASE
CONSOLIDATED RESULTS AS AT 30 JUNE 2026
AND ACCELERATION BEYOND
“B:DYNAMIC | FULL VALUE 2027”
BEST HALF EVER
ADJUSTED CONSOLIDATED NET PROFIT FOR THE PERIOD1
OF €1,325.6 M (+14.7% H/H2)
CORE REVENUES3 AT €3,565.3 M (+2.6% H/H) THANKS TO THE CONTRIBUTION OF
€2,211.8 M IN NET INTEREST INCOME (+1.4% H/H) AND
€1,353.4 M IN NET COMMISSION INCOME (+4.8% H/H)
NET COMMISSION INCOME GROWTH DRIVEN BY FEES ON
ASSETS UNDER MANAGEMENT (+12.8% H/H) AND BANCASSURANCE (+13.2% H/H),
CONFIRMING THE STRATEGY OF STRONG GROWTH IN ASSET GATHERING.
TFAs AT €424.3 BN (+€18.0 BN Y/Y)
OPERATING EFFICIENCY IMPROVING, COST/INCOME RATIO4 AT 41.4%
ANNUALISED COST OF RISK AT 28 BPS
NET LOANS TO CUSTOMERS AT €129.7 BN,
NEW LOAN ORIGINATIONS AT €13.5 BN (+1.5% Y/Y)
GOOD CREDIT QUALITY WITH GROSS NPE RATIO AT 2.3% AND NET AT 1.1%
TOTAL NPE COVERAGE RATIO AT 54.1%,
AMONG THE HIGHEST LEVELS IN ITALY
SOUND CAPITAL POSITION WITH CET1 RATIO5 AT 15.0%
STRONG ORGANIC CAPITAL GENERATION OF €1.3 BN (163 BPS) IN 1H26
LIQUIDITY POSITION WITH LCR AT 162% AND NSFR AT 132%
EPS6 OF €0.635 AS AT 30 JUNE 2026
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2 ACCELERATION BEYOND
“B:DYNAMIC | FULL VALUE 2027”
BUSINESS PLAN: FIRST -YEAR RESULTS EXCEEDING TARGETS
STRENGTHENED STRATEGIC POSITIONING AND BUSINESS MODEL, COMPLETE AND SCALABLE
PLATFORM READY TO CAPTURE GROWTH OPPORTUNITIES AS THEY ARISE
NET PROFIT OF ~€2.7 BN IN 2028,
CET1 RATIO ABOVE 14.5% IN 2028
CUMULATIVE SHAREHOLDER REMUNERATION OF ~€7.5 BN IN THE 2025 –2028 PERIOD,
OVERALL PAYOUT RATIO EQUAL TO OR ABOVE 85%,
THROUGH DIVIDENDS AND SHARE BUYBACKS7
TOTAL REVENUES OF ~€8.0 BN IN 2028 (+2.3% CAGR 2025 –2028)
OF WHICH NET INTEREST INCOME OF ~€4.7 BN AND
NET COMMISSIONS OF ~€3.0 BN (INCREASING BY ~€400 M IN 2028)
OPERATING COSTS, EXCLUDING DEPRECIATION AND AMORTISATION, DECLINING TO ~€2.8 BN IN
2028, DRIVEN BY GROSS SAVINGS OF APPROXIMATELY €300 M. COST/INCOME RATIO AT ~40%
TOTAL FINANCIAL ASSETS OF ~€460 BN IN 2028,
OF WHICH ~€125 BN IN ASSETS UNDER MANAGEMENT
NET LOANS TO CUSTOMERS INCREASING TO ~€141 BN BY 2028
NET NPE RATIO OF ~1.2%, NPE COVERAGE RATIO ABOVE 53%,
COST OF RISK BELOW 35 BASIS POINTS IN 2028
CUMULATIVE IT CAPEX OF ~€600 M IN 2026 -2028
TO ACCELERATE AUTOMATION, STRENGTHEN THE CORPORATE PLATFORM AND ENHANCE
CYBERSECURITY, IT RESILIENCE AND ARTIFICIAL INTELLIGENCE
FIVE ACCELERATION LEVERS:
1. B:CHAMPION - FULL -SERVICE BUSINESS PLATFORM FOR ITALIAN CHAMPIONS
2. B:WEALTH - CAPTURE THE HIDDEN POTENTIAL OF OUR WEALTH MANAGEMENT CLIENTS
3. B:INSURED - BROADER SOLUTIONS, EFFECTIVE DELIVERY, ACROSS ALL SEGMENTS
4. B:DIGITAL - HIGHER PRODUCTIVITY ENABLED BY DIGITAL, AI AND CROSS FUNCTIONAL
EXECUTION
5. B:EXCELLENCE - HIGHER VALUE -ADDED TIME FROM OUR PEOPLE TO OUR CLIENTS
Page
3
Modena
– 6 August 2026 . At its meeting yesterday afternoon, 5 August 2026, the Board of Directors of BPER Banca (the “ Bank ”), chaired by Fabio Cerchiai , examined and approved the Bank separate and Group consolidated results as at 30 June 2026.
"Once again
in the second quarter and first half of this year , BPER delivered excellent results, which take on even greater significance in light of the outstanding effort made to complete the integration of Banca Popolare di Sondrio. Loan growth, with over €13 bn worth of new originations, the increase in volumes o f assets under management and custody and the expansion of higher value added activities bear witness to the soundness of our approach."
- Gianni Franco Papa
, CEO of BPER
commented.
“We are continuing to meet the targets set out in the Business Plan at a faster pace than planned, as the
2028
projections
announced today confirm. Our new initiatives in Corporate Banking, Private Banking & Wealth Management, Bancassurance, Digital Banking and Operational Excellence will be a further catalyst for this growth.
In just eighteen months, we have led an extraordinary change in terms of scale, strategic positioning and business model, transforming BPER into a national banking group with sound fundamentals, know -
how and the investment capacity to systemically support our Country. We have proven our ability to manage and transform every element of discontinuity into an opportunity for sustainable growth, with an
organisational set
-
up that positions us well to meet the challenges ahead. Special thanks go to all our
peopl
e across the Group, whose professionalism and dedication make it possible to turn our strategies into tangible results. Having been awarded as “Italy's Best Bank” by Euromoney recently is further evidence of BPER's new direction and an incentive to press ahead with determination along this path of growth."
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4 CONSOLIDATED RESULTS AS AT 30 JUNE 2026
Consolidated income statement: key figures in 1H26 Net interest income amounted to €2,211.8 m, up 1.4% H/H. Compared to the first quarter of 2026, a €13.0 m positive change in the commercial trend 8 was registered. Sales dynamics yielded a positive effect of €11.2 m Q/Q.
A further positive contribution was added by the interest rate trend for an amount of +€1.8 m and by the calendar day effect for an amount of €10.6 m.
The non
-
commercial
component contributed +€13.2 m Q/Q.
Net commission income rose to €1,353.4 m (+ 4.8% H/H), with commissions on investment services at €583.6 m (+10.3% H/H), bancassurance commissions on non -
life insurance at €70.1 m (+13.2% H/H) and commissions on traditional banking at €699.7 m ( -
0.2% H/H).
Dividends
amounted to €34.4 m. Net income from financial activities amounted to a positive €234.4 m.
Total operating income amounted to €3,876.2 m (+4.5% H/H ).
Operating costs
amounted to €1,605.3 m ( -
3.9%
H/H).
More specifically:
• staff costs
totalled
€1,000.9 m (+1.3% H/H);
• other administrative expenses were down to €417.6 m ( -
15.9% H/H), on the back of the ongoing initiatives aimed at operational efficiency;
• net adjustments to property, plant, equipment and intangible assets
amounted to
€186.9 m (+0.9% H/H).
The cost/income ratio was down to 41.4% H/H as at 30 June 2026 (from 45.0% as at 30 June 2025).
The annualised cost of risk settled at 28 bps with impairment losses on financial assets at amortised cost relating to loans to customers amounting to €180.2 m (+3.3% H/H). Total cumulative overlays amounted to €232.9 m as at 30 June 2026.
Gains (losses) on investments
amounted to
-
€4.1 m.
Integration costs
and cumulative PPA impacts totalled €83.3 m (before tax).
After deducting €738.6 m of income tax 9 and €37.5 m of adjusted net profit for the period pertaining to minority interests 10 , adjusted net profit for the period 11 totalled €1,325.6 m and was the best half -
year result ever, including on the back of the highest profit to date in the second quarter.
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5 Consolidated balance sheet: key figures as at 30 June 2026 Total financial assets stood at €424.3 bn, up 4.4% Y/Y.
Direct deposits from customers 12 totalled €167.1 bn (+0.9% Y/Y). Assets under management
rose
to €87.1 bn (+11.4% Y/Y); assets under custody totalled €145.4 bn (+4.6% Y/Y); life insurance
policies
totalled €24.7 bn (+4.7% Y/Y).
Net loans to customers amounted to €129.7 bn. New loans to customers were granted for an amount of €13.5 bn in the first half of 2026 (+1.5% Y/Y).
The loan to deposit ratio stood at 77.6%, on an uptrend compared to the end of 2025 (76.3%).
The disciplined approach to credit management enabled the Bank to confirm its high asset quality standards: the share of gross non -
performing loans to customers ( gross NPE ratio ) was 2.3%, and the share of net non -
performing loans to customers ( net NPE ratio ) was 1.1%.
The coverage ratio for total non -
performing loans has risen Q/Q to 54.1%, among the highest levels in Italy. With reference to the individual components of gross NPEs, gross bad loans
amounted to
€0.8 bn with coverage of 71.3%; gross UTP loans amounted to €2.0 bn with coverage of 49.3%; gross past due loans amounted to €0.2 bn with coverage of 34.9%. Performing loan coverage settled at 0.63%. In particular, Stage 2 loan coverage was 4.8%.
Financial assets
totalled €47.8 bn. Within the aggregate, debt securities amounted to €44.8 bn with a duration of 1.8 years and included €22.9 bn of Italian government bonds.
Total shareholders ’ equity amounted to €18.1 bn, with minority interests accounting for €0.1 bn.
Group consolidated shareholders ’ equity , including profit for the period, amounted to €18.0 bn.
The Minimum Requirement for Own Funds and Eligible Liabilities ( MREL ) is complied with: calculated
on Risk
-
Weighted Assets, the total MREL ratio was 30.17% and the subordination component was 21.95% at end of June 2026.
As regards the liquidity position , the Liquidity Coverage Ratio (LCR) was 162% (157% at the end of March 2026), while the Net Stable Funding Ratio (NSFR) was 132% (131% at the end of March 2026).
Consolidated structure highlights as at 30 June 2026 The BPER Banca Group operates across Italy with a network of 1,950 branches in addition to the 20 bank branches of Banca Popolare di Sondrio (Suisse) SA and the Luxembourg head office of BPER Bank Luxembourg SA.
As at 30 June 2026, the headcount 13 was 22,464.
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6 Consolidated capital ratios Reported below are the capital ratios as at 30 June 2026:
• Common Equity Tier 1 (CET1) ratio of 15.0% 14 ;
• Tier 1 ratio of 17.8% 15 ;
• Total Capital ratio of 20.1% 16 .
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2026 Interim Dividend Further to the communication to the market on 5 February 2026, notice is hereby given that a proposal for the distribution of a cash interim dividend for an overall amount of approximately €700 m is planned to be submitted to the Board of Directors for its consideration at the meeting called to approve the Interim Financial Report as at 30 September 2026.
It is understood that this resolution may be adopted provided there are no adverse factors arising from the results for the third quarter of 2026 or from those expected for the fourth quarter of 2026, and it remains subject to compliance with all the condi tions and obligations laid down by current legislation, as well as with any recommendations from the regulators regarding the applicable capital requirements.
In line with the foregoing, an update to the financial calendar for 2026 will be published.
Share Buyback and Total Return Swap The Board of Directors resolved to vest the Chief Executive Officer with the necessary powers to execute the treasury share buyback programme already authorised by the Shareholders’ Meeting and the European Central Bank, in accordance with the terms set fo rth by the relevant authorisations.
The actual launch of the share buy -
back programme will be announced to the market with a press release under the terms and within the deadlines set forth by applicable regulations.
Effective today, the Bank intends to proceed with the unwinding of the Total Return Swap contract, with the derivative long position thus being locked. As at 31 July 2026, the long position accounts for 7.95% of the share capital.
BFF Bank S.p.A.
– Expression of interest for the sole acquisition of the payments and depositary bank business In addition, notice is hereby given that, at the Board of Directors ’ meeting, the opportunity was raised for a currently non -
binding expression of interest to be submitted to BFF Bank S .
p .A.
for the sole acquisition of its payments and depositary bank business.
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7 Delegated power granted by the Extraordinary Shareholders’ Meeting on 19 April 2024 pursuant to Article 2420 -
ter of the Italian Civil Code partially exercised to increase the share capital for the purpose of exclusively and irrevocably servicing the conver sion of the bond loan named “€150,000,000 Convertible Additional Tier 1 Capital Notes” issued in July 2019 In addition to the foregoing, please note that , at its meeting on 5 August 2026, the Board of Directors -
by deed of Notary Public Marchetti -
partially exercised the delegated power it had been vested with by the Extraordinary Shareholders’ Meeting on 19 April 2024 pursuant to Article 2420 -
ter of the
Italian
Civil Code, and resolved to increase the share capital, in one or more tranches and in divisible form, through the issue of a maximum number of 3 million BPER ordinary shares, with no express nominal value, regular dividend entitlement and the same characteristics as the shares outstanding at the issue date, t o exclusively and irrevocably service the conversion of the bond loan named “€150,000,000 Convertible Additional Tier 1 Capital Notes” issued in July 2019.
For further information, please refer to the Report of the Board of Directors prepared pursuant to art. 2441, para. 6 of the Italian Civil Code, art. 125 -
ter of the Consolidated Law on Finance and art. 72 of Consob Issuers’ Regulation, as well as to the re port on the issue price provided by the Independent Auditing Firm KPMG S.p.A. pursuant to art. 2441, para. 6 of the Italian Civil Code and art. 158 of the Consolidated Law on Finance. Both reports are made available on the Bank’s website and by the
other m
eans provided for by applicable regulations.
Outlook
With reference to the international macroeconomic context, in the United States economic activity is still supported by investment in artificial intelligence technologies and private consumption, despite increased pressure on input costs and a deterioratio n in household confidence. In China, exports continue to drive growth, while domestic demand remains weak. World trade grew faster than expected in the first quarter, buoyed by demand for AI -
related goods, but is expected to slow in the second half of the year, affected by the supply chain tensions generated by the conflict in the Middle East. Uncertainty over the content, timing and implementation of a deal between the United States and Iran continues to weigh on the global growth outlook and on internatio nal trade.
As regards the euro -
area economy, GDP remained unchanged in the first three months of the year compared with the previous quarter (revised from the previous figure of -
0.2%)
17 . In the Eurosystem staff projections, GDP is assumed to have grown modestly in the spring months, with a downward revision of the previous estimate. The environment is marked by uncertainty linked to the conflict in the Middle East, which is having a nega tive impact on trade and consumption, and is exacerbating inflation pressures driven by energy costs. In June, the Eurosystem 18 staff revised their euro -
area GDP
growth projections downwards, to 0.8% in 2026, 1.2% in 2027 and 1.5% in 2028, while still contemplating alternative scenarios. At its June meeting, the ECB Governing Council increased its key interest rates by 25 basis po ints in response to the inflationary pressures generated by the crisis in the Middle East. During the winter months, Italy ’ s GDP continued to expand at a moderate pace (0.3%), driven by an increase in exports of goods and services, further growth in investment and an acceleration in consumption. Capital formation appears to have softened and household consumption to have slowe d in the spring, amid the conflict in the Middle East.
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8 2026 KPI Guidance update In light of its 2Q 26 performance, the Bank has improved its 2026 guidance (“FY26 Guidance”) for Net Interest Income and Cost/Income.
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Page
9 ACCELERATION BEYOND
“B:DYNAMIC | FULL VALUE 2027”
“B:Dynamic | Full Value 2027”: first -year results exceeding targets .
At the end of 2025, BPER had already exceeded the ambitious targets set in the Business Plan presented in 2024 and was honing its trajectory of value creation. The strong execution capacity and the successful integration of Banca Popolare di Sondrio have e nhanced the Group's growth potential, with its solid capital position and prudent risk profile being preserved.
Cumulative shareholder payouts for 2025 and those accrued on profit for the first half of 2026 exceed €3.1 bn, including the share buyback already authorised for up to €750 m.
The outperformance spanned all strategic pillars. With reference to BPER standalone:
• commissions
increased by 5.0% in 2025 compared to 2024, against the original cumulative target of 12% by 2027;
• operating costs , net of depreciation and amortisation, decreased by 5.2% compared to 2024, versus the 7% reduction envisaged in the Plan;
• CET1 ratio settled at 15.0% as at 30 June 2026, exceeding the original target of above 14.5%.
The Bank
’ s modernisation journey is also progressing at a strong pace, with approximately €230 m already invested in Information Technology.
BPER has confirmed a leadership position in the main ESG ratings and approximately 21% of the employees have already been involved in upskilling programmes through the “BPER Corporate Academy”.
A scalable platform for even stronger growth .
The integration with Banca Popolare di Sondrio has led to an even more solid platform, ready to provide further momentum to revenue and earnings growth in 2028 and beyond. Investments in technology, people and capabilities, combined with a robust capital p osition, will enable the Group to fully leverage its operating platform and capture new growth opportunities, both organic and inorganic.
The Group, which today ranks among Italy's leading banking players, serves approximately six million customers, of whom roughly five million retail and one million corporate clients, and manages Total Financial Assets of approximately €425 bn. With a netwo rk of approximately 1,950 branches 19
, BPER
is Italy ’s third -largest bank by number of customers, Total Financial Assets and number of
branches
. It is also the leading bank by number of branches in Lombardy, Liguria and Sardinia, and
the second
largest in Emilia -
Romagna.
The new Group ’ s platform integrates a widespread network of branches with distinctive capabilities in Consumer and Corporate lending, Wealth Management, Bancassurance, Global Transaction Banking and advisory services in Corporate & Investment Banking. Specialised servic e models and
Page
10 an increasingly omnichannel approach enable BPER to deliver high -
quality services to households, small and medium -
sized enterprises, large corporates and public sector clients. The fully integrated, modernised and flexible technology ecosystem, underpinned by major investments in technology and artificial intelligence, provides a solid foundation for achieving further efficiency gains and supporting future growth.
“B:Dynamic | Full Value 2027” acceleration levers to 2028.
In parallel with the continued business acceleration, BPER is accelerating beyond “B:Dynamic | Full Value 2027” and raising its ambitions further for 2028 through 5 targeted levers aimed at generating additional growth, productivity and value creation, bui lding on the significant progress already achieved in executing the Business Plan and the greater operational scale and capabilities of the integrated Group. These strategic initiatives encompass: strengthening the Corporate Banking
proposition, leveraging
Corporate & Investment Banking capabilities; reinforcing Private Banking and Wealth Management, with the aim of increasing customer penetration and Share of Wallet;
developing bancassurance opportunities; achieving further productivity and efficiency gain
s through
the digital platform; optimising the balance between front -
office and back -
office activities to increase time devoted to client service and relationships.
Page
11
1. B:Champion
-
Full
-
service platform for Italian champions B:Champion will leverage BPER ’ s reinforced Corporate Banking platform – comprising 54 Business Centres, 15 Trade Finance Centres and
approximately
3,000 Corporate Relationship Managers and
specialists
– to increase Share of Wallet with existing clients and capture new opportunities, particularly in Italy's most productive, export -
oriented regions.
The Group will strengthen the distribution of its comprehensive suite of capital -
light products and services, including Factoring, Global Transaction Banking, structured finance, capital markets and advisory services. At the same time, it will adopt a digi
tally
-
supported service model to expand its footprint in currently under -
served areas and customer segments.
Corporate loans are expected to grow from approximately €55 bn in 2025 to approximately €62 bn in 2028 (+13%).
2. B:Wealth
– Capture the hidden potential of our Wealth Management clients B:Wealth will further develop the Group ’ s Wealth Management model, centred on BPER Banca Private Cesare Ponti as the reference point for the Group ’ s Private Banking & Wealth Management business and investment hub, also supported by Arca SGR.
BPER will leverage over 430 private bankers, more than 100 Private Centres and over 2,200 advisors, supported by AI -
powered tools, to serve its approximately 75,000 Private banking clients and tap the potential of a pool of “ hidden private banking ” customers approximately 2x the current client base.
Assets under management, including Life products, are expected to grow from approximately €106 bn in 2025 to approximately €125 bn in 2028 (+18%), while Wealth Management fees are expected to increase from approximately €1.1 bn to approximately €1.2 bn (+1 4%).
3. B:Insured
-
Broader solutions, effective delivery, across all segments B:Insured will broaden the protection offering to Retail, Private, SME and Corporate customers.
The Group will increase insurance penetration through three main levers: a broader modular offering, a fully integrated omnichannel distribution model and personalised propositions for high -
value segments. The model will be supported by over 230 specialist s and fully digital access to core processes.
Net insurance fees, excluding Life products, are expected to grow from approximately €148 m in 2025 to approximately €230 m in 2028 (+55%).
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12
4. B:Digital
– Higher productivity enabled by digital, AI and cross functional execution B:Digital will leverage the Group's significant investments made in recent years and its dedicated Digital Business Unit to accelerate transformation across Business, IT and Operations.
Key initiatives include the development of AI -
powered commercial tools and CRM, end -
to -
end digitalisation of credit and product processes, automation of middle and back -
office activities,
digitalisation
-
supported controls, and the adoption of generative an d agentic artificial intelligence in the entire software development lifecycle.
Between 2025 and 2028, these initiatives are expected to generate gross savings of approximately €300 m, before inflation and tax effects, increase Relationship Manager productivity by approximately 15% and improve the IT CAPEX productivity by over 20%.
5. B:Excellence
–
Higher value
-
added time from our people to our clients B:Excellence will focus on increasing both the quantity and quality of time devoted to clients.
BPER will introduce simplifications to make the branch network more efficient. In addition, operational capacity will be more effectively directed towards client service, reducing the administrative workload. Upskilling programmes will continue, promoting the adoption and use of digital tools and advanced service channels.
BPER's commercial staff will have more time available to carry out higher value -
added activities, and clients will benefit from closer engagement with the frontline.
Between 2025 and 2028, time devoted by frontline staff to commercial activities is expected to grow by approximately 30%.
Sustainable value creation and attractive shareholder remuneration Accelerating financial performance and strengthened profitability will support lasting value creation and attractive shareholder returns. Underpinned by strong capital generation, BPER intends to remunerate shareholders with a total payout equal to or above 85% , through a balanced combination of cash dividends and share buybacks, corresponding, on an accrual basis, to total shareholder remuneration of approximately €7.5 bn in the 2025 –2028 period .
Cumulative shareholder payouts for 2025 and those accrued on profit for the first half of 2026 exceed €3.1 bn, including the share buyback already authorised for up to €750 m.
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13 Summary of updated projections The updated projections extend the financial forecast horizon to 2028 and provide initial projections for certain key indicators in 2029.
Total revenues
are expected to increase from €7.4 bn in 2025 to approximately €8.0 bn in 2028, with a CAGR of 2.3%.
Net interest income is expected to increase from €4.4 bn to approximately €4.7 bn in 2028.
Net commissions
are expected to increase by approximately €400 m, from €2.6 bn to approximately €3.0 bn, driven by contributions from Wealth Management, bancassurance and banking services.
Their share of total revenues is expected to increase from approximately 35% to ap
proximately 38%
in 2028.
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14 Operating costs , excluding depreciation and amortisation, are expected to decrease from approximately €3.0 bn in 2025 to approximately €2.8 bn in 2028, notwithstanding significant revenue growth and approximately €200 m in inflation and amortisation impacts. This will be
underpinned by
estimated gross savings of approximately €300 m. As a result, the Cost/Income ratio is expected to improve from approximately 45% in 2025 to approximately 40% in 2028.
Cumulative IT CapEx will amount to approximately €600 m in the 2026 – 2028 period, with investment focused on automating key processes, strengthening the Corporate platform, and further enhancing cybersecurity and IT resilience.
Net profit
is estimated at approximately €2.7 bn in 2028. The CET1 ratio is expected at levels above 14.5%, notwithstanding the higher shareholder remuneration.
Net loans to customers are expected to grow from approximately €129 bn in 2025 to approximately €141 bn in 2028, with a CAGR of 3.0%.
Total Financial Assets are estimated at approximately €460 bn in 2028, of which approximately €125 bn in assets under management.
Risk -Weighted Assets are expected to increase to approximately €89 bn in 2028, in line with the growth of the loan portfolio.
Asset quality
will remain at best -
in -
class levels, with a net NPE ratio of approximately 1.2% and an NPE coverage ratio above 53% in 2028.
********************
The Half Year Report of the BPER Group as at 30 June 2026, inclusive of the Independent Auditors’ Limited Review report, will be available at the Bank ’ s head office, on the Bank’s website (
www.bper.it
and
group.bper.it
), as well as on the websites of Borsa Italiana S.p.A. and of the authorised Emarket storage
platform (
www.emarketstorage.it
).
As a complement to the information provided in this press release, attached please find the Group’s consolidated Balance Sheet and Income Statement (quarterly breakdown and reclassified) as at 30 June 2026, in addition to a summary of key financial indicat ors.
********************
The Manager responsible for preparing the Company ’ s financial reports, Giovanni Tincani, declares, pursuant to art. 154 -
bis, paragraph 2, of Legislative Decree no. 58/1998 (Consolidated Law on Finance), that the accounting information contained in this press release corresponds to the underlying documentary evidence, books and accounting records.
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15 A conference call to illustrate the consolidated results of the BPER Banca Group as at 30 June 2026 and
acceleration
beyond the “B:Dynamic | Full Value 2027” Business Plan will be held today at 10:00 a.m. (CET).
The conference call will be hosted in English by the Chief Executive Officer, Gianni Franco Papa.
To participate in the conference call, please register
here
, for access details. Registration will add the event to your calendar.
As an alternative, please use the dial -
in numbers below according to your location:
ITALY: +39 02 8020911
UK: +44 1 212818004
USA: +1 718 7058796
To connect to the audio webcast, please click on the following
link
.
A set of slides to support the presentation will be made available on the Bank’s website
group.bper.it
in the Investor Relations section, shortly before the start of the conference call.
********************
DISCLAIMER
This press release is for information purposes only and does not constitute, nor is it intended to constitute, a recommendation, an offer or a solicitation to invest, nor does it constitute financial, legal, tax or any other form of advice. The information contained in this document has been prepared on the basis of data and information available as at the date of its publication and has not been independently verified.
Although BPER Banca considers this information to be accurate and reliable, no warranty,
either express
or implied, is made as to its completeness, accuracy or suitability for any particular purpose. The information contained herein should therefore be assessed with due attention and in its overall context.
Neither BPER nor any of its represe ntatives shall accept any liability whatsoever arising in any way in relation to such information, without prejudice to the limitations provided for by the applicable legislation.
This press release contains certain forward -
looking statements, projections, objectives, estimates and forecasts reflecting BPER management’s current assessments and expectations regarding future events.
Such statements are generally identifiable by the us e of the words “may”, “will”, “should”, “plan”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “project”, “objective” or “target”, or terms with a similar meaning. These forward -
looking statements include, but are not limited to, all statements o
ther than
statements of historical facts, including, without limitation, those regarding BPER’s future financial position and results of operations, strategy, plans, objectives and future developments in the markets in which BPER operates or intends to ope rate, and are by their nature subject to risks, uncertainties and other factors, many of which are beyond the control of BPER Banca.
Actual results may therefore differ materially from those projected or implied in the forward -
looking
statements.
The forward
-
looking statements included in this document are based on information available to BPER as at the date of this press release and on the assumptions deemed reasonable at such time. BPER undertakes no obligation to publicly update or revise any f
orward
-
looking information, except as required by applicable legislation.
********************
Page
16
Contacts:
Investor Relations
investor.relations@bper.it The Manager responsible for preparing the company’s
financial reports
reporting.supervision@bper.it Media Relations
mediarelations@bper.it
www.bper.it
–
group.bper.it
This press release is also available in the Emarket Storage system. This is a translation into English of the original in Italian. The Italian text shall prevail over the English version.
Notes
1 Adjusted consolidated net profit for the first half of 2026 does not include the following one -
off items:
• -
€54.0 m worth of “Integration costs” registered in 1H26, +€18.9 m of related tax effect booked under “Income taxes for the pe riod” and €1.5 m impact recognised under “Profit (Loss) for the period pertaining to minority interests”;
• -
€29.3 m worth of “PPA impact” registered in 1H26, +€10.3 m of related tax effect booked under “Income taxes for the period” a nd €3.6 m impact recognised under “Profit (Loss) for the period pertaining to minority interests”.
2 2025 data restated -
as necessary and material -
to reflect changes occurring in the scope of consolidation after the integration of Banca Popolare di Sondrio, on the assumption of its consolidation for the whole year and pro -
forma inclusion in the first h alf of 2025.
3 Net interest income plus net commission income.
4 The Cost/Income ratio is calculated on the basis of the reclassified Income Statement (operating costs/operating income).
5 The capital ratios as at 30 June 2026 are to be considered Phased -
in on the basis of the new prudential supervisory framework in force since 1 January 2025 (Basel IV) and were calculated by including profit for the period for the portion not allocated to d ividends, thus simulating, in advance, the effects of the ECB’s authorisation to include these profits in Own Funds pursuant to art. 26, para. 2 of the CRR.
6 As at 30 June 2026, Basic EPS was €0.635 and Diluted EPS was €0.630.
7 Payout subject to target achievement. Any potential additional payout arising from excess capital will be assessed annually a nd subject to the required regulatory authorisations. Inclusive of share buyback already authorised for up to €750 m.
8 The above Q/Q change in the commercial dynamics does not include the calendar day effect which contributed a positive €10.6 m .
9 The item “Income taxes for the period” does not include the +€29.1 m cumulative impact related to the one -
off items “Integration costs” and “PPA impact”.
10 The item “Profit for the period pertaining to minority interests” does not include the €5.1 m cumulative impact related to th
e one
-
off items “Integration costs” and “PPA impact”.
11 See Note 1.
12 Includes amounts due to customers, debt securities issued and financial liabilities designated at fair value.
13 The headcount of 22,464 is to be considered as the sum of 22,100 employees and 364 temporary workers.
14 See Note 5.
15 See Note 5.
16 See Note 5.
17
Eurostat
– Quarterly national accounts – GDP and employment, 15 July 2026.
18 ECB
– Eurosystem staff macroeconomic projections for the euro area countries , June 2026.
19 The BPER Banca Group operates across Italy with a network of 1,950 branches in addition to the 20 bank branches of Banca Popo lare di Sondrio (Suisse) SA and the Luxembourg head office of BPER Bank Luxembourg SA.
Page 17
Reclassified financial statements as at 30 June 2026
For greater clarity in the presentation of the results for the period, the financial statements envisaged by the 8th update o f Bank of Italy Circular No. 262/2005 have been reclassified as follows.
In the balance sheet:
• debt securities measured at amortised cost (under item 40 " Financial assets measured at amortised cost ") have been reclassified to the item "Financial assets ";
• loans mandatorily measured at fair value (included in item 20 c) “ Financial assets measured at fair value through profit or loss - other financial assets mandatorily measured at fair value ”) have been reclassified to the item “ Loans ”;
• “Other assets ” includes items 110 “ Tax assets ”, 120 “ Non-current assets and disposal groups classified as held for sale ” and 130 “ Other assets ”;
• “Other liabilities” includes items 60 “ Tax liabilities” , 70 “Liabilities associated with assets classified as held for sale” , 80 “ Other liabilities” , 90 “Employee termination indemnities” and 100 “ Provisions for risks and charges” .
In the income statement:
• “Net commission income” includes placement fees for Certificates, allocated to item 110 “Net income on other financial assets and liabilities measured at fair value through profit or loss” of the income statement (€17.9 m as at 30 June 2026 and €16 m as at 30 June 2025);
• “Net income from financial activities ” includes items 80, 90, 100 and 110 in the income statement, net of the Certificates placement fees under the item above;
• the item “ Gains (losses) of equity investments measured under the equity method ” includes the Parent Company’s share of any gains (losses) of equity investments consolidated under the equity method, allocated to item 250 “ Gains (Losses) of equity investments ” in the income
statement;
• indirect tax recoveries, allocated for accounting purposes to item 230 “ Other operating expense/income ”, have been reclassified as a reduction in the related costs under “ Other administrative expenses ” (€195.1 m as at 30 June 2026 and €150 m as at 30 June 2025);
• recoveries of costs of appraisals for new loans, allocated for accounting purposes to item 230 “Other operating expense/incom e”, have been reclassified as a reduction in the related costs under “ Other administrative expenses ” (€9.4 m as at 30 June 202 6 and €9.2 m as at 3 0
June 2025);
• “Innovation” tax credits, allocated for accounting purposes to item 230 “ Other operating expense/income ”, were reclassified under “ Staff costs ” (no impact as at 30 June 2026 and €1.6 m as at 30 June 2025) and “ Other administrative expenses ” (no impact as at 30 June 2026 and €0.3 m as at 30 June 2025);
• the item “ Staff costs ” includes costs relating to staff training and refund of expenses against receipts, allocated to item 190 b) " Other administrative expenses " in the income statement, (€11.9 m as at 30 June 2026 and €8 m as at 30 June 2025);
• “Net adjustments to property, plant, equipment and intangible assets ” include items 210 and 220 of the income statement;
• gross effects from the use of provisions for risks and charges set aside in prior periods (former " Other operating expenses/Reversals of provisions for risks and charges" ) were directly offset within the same item (€12.5 m as at 30 June 2026 and not present as at 30 June 2025);
• the item “ Gains (Losses) on investments ” includes items 250, 260, 270 and 280 of the income statement, net of the Parent Company’s share of any gains (losses) of equity investments consolidated under the equity method, reclassified as a separate item;
• “Contributions to systemic funds " have been shown separately from the specific accounting technical forms to give a better and clearer representation, as well as to leave the item " Other administrative expenses " as a better reflection of the trend in the Group's operating costs.
In particular, as at 30 June 2026, there is no amount for the item representing the component allocated for accounting purposes to “Other administrative expenses”, as was the case on 30 June 2025.
• the item “Integration costs” includes costs directly related to the business combination with Banca Popolare di Sondrio, sepa rately from the specific accounting items ( “Staff costs”, “Other administrative expenses”, “Net adjustments to property, plant, equipment and intangible assets ”) to provide a better picture of current operations;
• The item “PPA impact” includes expense and income for the first half of 2026 directly related to the fair value measurement o f assets and liabilities acquired as part of the business combination with Banca Popolare di Sondrio completed on 1 July 2025 (including, principally:
the time value of financial assets and liabilities, amortisation of identified intangible assets, reversal of the residual po rtion of the PPA on financial assets that are discontinued or sold during the period).
Page 18
Reclassified consolidated balance sheet as at 30 June 2026
(in thousands)
Assets 30.06.2026 31.12.2025 Changes % Change Cash and cash equivalents 12,394,598 11,681,192 713,406 6.11 Financial assets 47,842,058 45,716,990 2,125,068 4.65 a) Financial assets held for trading 1,362,639 1,020,166 342,473 33.57 c) Other financial assets mandatorily measured at fair value 1,599,848 1,395,895 203,953 14.61 d) Financial assets measured at fair value through other comprehensive income 6,791,013 6,995,048 (204,035) -2.92 e) Debt securities measured at amortised cost 38,088,558 36,305,881 1,782,677 4.91
- banks 5,471,625 5,828,841 (357,216) -6.13
- customers 32,616,933 30,477,040 2,139,893 7.02 Loans 134,038,352 131,402,471 2,635,881 2.01 a) Loans to banks 4,188,551 2,495,176 1,693,375 67.87 b) Loans to customers 129,693,810 128,738,065 955,745 0.74 c) Loans mandatorily measured at fair value 155,991 169,230 (13,239) -7.82 Hedging activities 531,584 695,758 (164,174) -23.60 a) Hedging derivatives 590,998 779,557 (188,559) -24.19 b) Change in value of macro -hedged financial assets (+/ -) (59,414) (83,799) 24,385 -29.10 Equity investments 786,226 869,937 (83,711) -9.62 Property, plant and equipment 3,147,530 3,132,924 14,606 0.47 Intangible assets 1,474,209 1,608,239 (134,030) -8.33
- of which goodwill 575,706 575,706 - -
Other assets 8,366,612 9,542,449 (1,175,837) -12.32 Total assets 208,581,169 204,649,960 3,931,209 1.92
(in thousands)
Liabilities and shareholders' equity 30.06.2026 31.12.2025 Changes % Change Due to banks 10,914,734 10,095,677 819,057 8.11 Direct deposits 167,116,747 168,671,139 (1,554,392) -0.92 a) Due to customers 149,347,752 150,762,018 (1,414,266) -0.94 b) Debt securities issued 13,849,595 14,441,252 (591,657) -4.10 c) Financial liabilities designated at fair value 3,919,400 3,467,869 451,531 13.02 Financial liabilities held for trading 585,630 316,687 268,943 84.92 Hedging activities 106,134 57,557 48,577 84.40 a) Hedging derivatives 141,398 101,261 40,137 39.64 b) Change in value of macro -hedged financial liabilities (+/ -) (35,264) (43,704) 8,440 -19.31 Other liabilities 11,786,629 7,913,401 3,873,228 48.95 Minority interests 56,331 1,030,454 (974,123) -94.53 Shareholders' equity pertaining to the Parent Company 18,014,964 16,565,045 1,449,919 8.75 a) Valuation reserves 215,469 289,707 (74,238) -25.63 b) Reserves 5,180,617 5,358,543 (177,926) -3.32 c) Equity instruments 2,291,469 1,793,575 497,894 27.76 d) Interim dividend ( -) - (196,357) 196,357 -100.00 e) Share premium reserve 5,916,489 4,589,105 1,327,384 28.92 f) Share capital 3,136,703 2,953,572 183,131 6.20 g) Treasury shares (2,384) (41,547) 39,163 -94.26 h) Profit (Loss) for the period 1,276,601 1,818,447 (541,846) -29.80 Total liabilities and shareholders' equity 208,581,169 204,649,960 3,931,209 1.92
Page 19
Reclassified consolidated income statement as at 30 June 2026
(in thousands)
Items 30.06.2026 30.06.2025
Restated 30.06.2025
Net interest income 2,211,805 2,181,619 1,626,018 Net commission income 1,353,446 1,292,032 1,063,484 Dividends 34,392 25,776 43,023 Gains (losses) of equity investments measured under the equity method 25,447 25,971 12,293 Net income from financial activities 234,423 95,350 34,946 Other operating expense/income 16,673 88,001 72,203 Operating income 3,876,186 3,708,749 2,851,967 Staff costs (1,000,870) (988,027) (822,944) Other administrative expenses (417,589) (496,493) (354,368) Net adjustments to property, plant and equipment and intangible assets (186,861) (185,238) (150,776) Operating costs (1,605,320) (1,669,758) (1,328,088) Net operating income 2,270,866 2,038,991 1,523,879 Net impairment losses to financial assets at amortised cost (176,892) (174,468) (140,552)
- loans to customers (180,207) (174,523) (142,764)
- other financial assets 3,315 55 2,212 Net impairment losses to financial assets at fair value 531 529 385 Gains (Losses) from contractual modifications without derecognition (591) (5,568) (2,513) Net impairment losses for credit risk (176,952) (179,507) (142,680) Net provisions for risks and charges 11,918 (17,805) (14,734) Gains (Losses) on investments (4,107) (14,792) 2,212 Profit (Loss) from current operations 2,101,725 1,826,887 1,368,677 Integration Costs (53,950) - -
PPA Impact (29,300) - -
Profit (Loss) before tax 2,018,475 1,826,887 1,368,677 Income taxes for the period (709,491) (604,690) (448,588) Profit (Loss) for the period 1,308,984 1,222,197 920,089 Profit (Loss) for the period pertaining to minority interests (32,383) (66,679) (16,620) Profit (Loss) for the period pertaining to the Parent Company 1,276,601 1,155,518 903,469
Page 20
Reclassified consolidated income statement by quarter as at 30 June 2026
(in thousands)
Items 1st
quarter
2026 2nd
quarter
2026 1st
quarter
2025 2nd
quarter
2025 3rd
quarter
2025 4th
quarter 2025
Net interest income 1,087,518 1,124,287 811,876 814,142 1,078,269 1,110,956 Net commission income 680,888 672,558 541,116 522,368 646,224 695,679 Dividends 12,469 21,923 3,290 39,733 11,133 8,608 Gains (losses) of equity investments measured under the equity method 9,375 16,072 5,296 6,997 15,170 16,450 Net income from financial activities (28,928) 263,351 18,789 16,157 22,622 69,790 Other operating expense/income 12,790 3,883 48,490 23,713 20,866 41,554 Operating income 1,774,112 2,102,074 1,428,857 1,423,110 1,794,284 1,943,037 Staff costs (497,174) (503,696) (414,052) (408,892) (480,201) (497,419) Other administrative expenses (210,606) (206,983) (179,639) (174,729) (230,157) (271,602) Net adjustments to property, plant and equipment and intangible assets (92,139) (94,722) (73,731) (77,045) (97,259) (108,817) Operating costs (799,919) (805,401) (667,422) (660,666) (807,617) (877,838) Net operating income 974,193 1,296,673 761,435 762,444 986,667 1,065,199 Net impairment losses to financial assets at amortised cost (84,473) (92,419) (68,119) (72,433) (87,969) (89,092)
- loans to customers (85,648) (94,559) (70,509) (72,255) (84,953) (86,238)
- other financial assets 1,175 2,140 2,390 (178) (3,016) (2,854) Net impairment losses to financial assets at fair value 296 235 (175) 560 (102) (129) Gains (Losses) from contractual modifications without derecognition (531) (60) (2,667) 154 (547) 1,531 Net impairment losses for credit risk (84,708) (92,244) (70,961) (71,719) (88,618) (87,690) Net provisions for risks and charges (3,649) 15,567 (16,872) 2,138 (15,440) (13,143) Gains (Losses) on investments (576) (3,531) 213 1,999 (678) (18,843) Profit (Loss) from current operations 885,260 1,216,465 673,815 694,862 881,931 945,523 Contributions to systemic funds - - - - - (11,851) Integration Costs (25,066) (28,884) - - - (288,558) PPA Impact (29,635) 335 - - - (181,775) Profit (Loss) before tax 830,559 1,187,916 673,815 694,862 881,931 463,339 Income taxes for the period (283,496) (425,995) (222,360) (226,228) (273,438) (117,309) Profit (Loss) from discontinued operations, after tax - - - - 5,854 -
Profit (Loss) for the period 547,063 761,921 451,455 468,634 614,347 346,030 Profit (Loss) for the period pertaining to minority interests (28,518) (3,865) (8,529) (8,091) (39,255) (6,144) Profit (Loss) for the period pertaining to the Parent Company 518,545 758,056 442,926 460,543 575,092 339,886
Page 21
Alternative Performance Measures1
The information provided below focuses on Alternative Performance Measures and is consistent with the ESMA document of 5 Octo ber 2015 “Guidelines on Alternative performance measures", aimed at promoting the usefulness and transparency of Alternative Perfor mance Measures included in prospectuses or regulated information.
Key alternative performance measures are presented below.
Financial ratios 30.06.2026 2025 (*)
Structural ratios
Net loans to customers/total assets 62.2% 62.9% Net loans to customers/direct deposits from customers 77.6% 76.3% Financial assets/total assets 22.9% 22.3% Gross non -performing loans/gross loans to customers 2.3% 2.1% Net non -performing loans/net loans to customers 1.1% 1.0% Texas ratio 16.4% 15.9%
Profitability ratios
ROE 17.0% 17.0%
ROTE 20.6% 20.0%
ROA 1.3% 1.1%
Cost/Income Ratio 41.4% 46.6% Cost of risk 0.14% 0.15%
(*) The comparative balance sheet ratios, together with ROE, ROTE and ROA, have been calculated on figures as at 31 December 2025 as per the Consolidated Financial Report of the BPER Banca Group for the year ended 31 December 2025, while the Cost/Income Ra tio and the Cost of risk have been calculated on figures as at 30 June 2025.
The Texas ratio is calculated as total gross non -performing loans to customers on net tangible equity (Group and minority interests) plus impairment provisions for non -
performing loans to customers.
ROE has been calculated as annualised net profit for the period only for the adjusted component (amounting to €2,673.2 m as a t 30 June 2026) on the Group's average shareholders’ equity not including net profit.
ROTE has been calculated as annualised net profit for the period solely for the adjusted component (amounting to €2,673.2 m a s at 30 June 2026) and the Group’s average shareholders’ equity i) including the annualised net profit for the period solely for the adjusted component (amounting to €2,673.2 m as at 30 June 2026) stripped of the portion allocated to dividends and ii) excluding intangible assets and equity instruments.
ROA has been calculated as annualised net profit for the period including net profit pertaining to minority interests only fo r the adjusted component (amounting to €2,748.8 m as 30 June 2026) on total assets.
The Cost to income ratio is calculated on the basis of the reclassified income statement (operating costs/operating income). When calculated on the basis of the accounting schedules envisaged by the 8th update of Bank of Italy Circular No. 262, the cost/in come ratio amounts to 43.3% (it was 45.9% as at 30 June 2025).
The Cost of risk is calculated as the ratio between the items in the reclassified statement “Net impairment losses to financi al assets at amortised cost – loans to customers” and “Loans b) loans to customers”. The annualised cost of risk as at 30 June 2026 is 28 bps, up from 24 bps in 2025.
1 To construct the ratios, reference was made to the balance sheet and income statement items of the reclassified statements wi th an operational management view contained in this Press Release.
Page 22
Prudential supervisory ratios 30.06.2026 2025 (*)
Own Funds (in thousands of Euro) Common Equity Tier 1 (CET1) 11,987,125 11,881,694 Total Own Funds 16,097,081 15,382,915 Risk-weighted assets (RWA) 80,162,925 80,141,723
Capital ratios and liquidity ratios Common Equity Tier 1 Ratio (CET1 Ratio ) 15.0% 14.8% Tier 1 Ratio (T1 Ratio) 17.8% 17.2% Total Capital Ratio (TC Ratio) 20.1% 19.2% Leverage Ratio 6.6% 6.4% Liquidity Coverage Ratio (LCR) 162.2% 172.1% Net Stable Funding Ratio (NSFR) 132.2% 134.4%
(*) The comparative ratios have been calculated on figures as at 31 December 2025 as per the Consolidated Financial Report of the BPER Banca Group as at 31 December 2025.
The capital ratios as at 30 June 2026 are to be considered Phased -in on the basis of the new prudential supervisory framework in force since 1 January 2025 (Basel IV) and were calculated by including profit for the period for the portion not allocated to d ividends, thus simulating, in advance, the effects of the ECB’s authorisation to include these profits in Own Funds pursuant to art. 26, para. 2 of the CRR.
The Leverage Ratio has been calculated according to the provisions of Regulation (EU) No. 575/2013 (CRR), as amended by Commi ssion Delegated Regulation (EU) 2015/62.
Fine Comunicato n.0043-100-2026 Numero di Pagine: 24