Banca Ifis accelerates its industrial transformation and confirms its target of Euro 75 million in annual synergies from 2027.

• The divestments of Hype, ARECneprix and Abilio, carried out as scheduled, together with the restructuring of illimity’s main IT contracts, accelerate the achievement of the expected Euro 50 million in cost synergies, while also simplifying the Group’s operating model and strengthening its strategic focus on higher value-added activities.
• Focus on supporting the real economy, leveraging illimity’s contribution. The first commercial synergies have already been launched, enhancing expertise in Corporate & Investment Banking, Structured Finance, Capital Markets and business services. The new Fürstenberg division is a strategic asset for the growth of the private banking business.
• The competitive process of optimising and deconsolidating the Npl business continues, which is attracting strong interest from a large and diverse group of potential counterparties, including Italian and international investors, specialised operators, financial institutions and private equity funds.

In the first half of 2026, Banca Ifis confirms its solid capital position and focus on Commercial Banking.

• Net banking income amounts to 406,5 million Euro thanks to the positive contribution of the Commercial & Corporate Banking segment, which is confirmed as the main pillar of Banca Ifis’s business model with loans of about 9,6 billion Euro, supported by a broad and diversified customer base.
• Net profit for the first half of 2026 amounted to Euro 8 million. The figure includes approximately Euro 30 million in value adjustments and provisions resulting from the findings of the internal review activities following the on-site inspection conducted by the Bank of Italy at Banca Ifis.
• CET1 ratio of 13,4% at 30 June 2026, well above the Bank of Italy’s regulatory requirements (9,9%). Liquidity position of approximately 2,1 billion Euro and LCR of approximately 550%, confirming the Group’s strong ability to support the integration and development process.
• New MREL requirement in force from 31 March 2026, set at 13,13% of TREA (including CBR pursuant to Art. 128 of the CRD) and 4,67% of the LRE, fully met through CET1 capital and substantially unchanged compared to the previous requirement.

H1 2026 consolidated results

Reclassified consolidated data[1] – 1 January 2026/30 June 2026

• Net profit for the first half of 2026 amounted to Euro 8 million. The figure includes approximately Euro 30 million in value adjustments and provisions resulting from the findings of the internal review activities following the on-site inspection conducted by the Bank of Italy at Banca Ifis.
• Net banking income totals 406,5 million Euro, driven by net interest income of 261,7 million Euro, net fee and commission income of 71,3 million Euro, and income from trading activities and other income of 73,5 million Euro. The performance was supported by the contribution of Banca Ifis’s Commercial business, the financial portfolio management and the illimity turnaround. Revenues in the Npl Segment reflect the Bank’s prudent and disciplined strategy adopted in recent quarters in acquiring new Npl portfolios, also in light of the effects of the calendar provisioning regulations.
• The credit cost for the half-year is 83,6 million Euro and includes the activities carried out by the Bank to improve its risk profile. During the first half of the year, the Group accelerated its activities of harmonise its valuation criteria following the integration with illimity. As part of this process, in the first half of the year the Bank recorded Euro 34 million of the Euro 70 million in incremental adjustments announced to the market on 25 June. The remaining portion, amounting to approximately 36 million Euro, is expected, based on the guidance given to the market, in the second half of 2026.
• Total operating costs in the half-year of 2026 amounted to 308,8 million Euro, of which 125,4 million Euro related to personnel costs and 172,5 million Euro to other administrative expenses. Cost synergies will become apparent from 2027, following the completion of the integration process and the full implementation of efficiency initiatives, including the streamlining of operational structures, information systems and administrative expenses.
• The profit before tax for the half-year amounts to 13,2 million Euro, with taxes of 5,0 million Euro.
• The liquidity position, at 30 June 2026, is equal to approximately 2,1 billion Euro in reserves and free assets that can be financed by the ECB (LCR approximately 550%). The Group’s solid liquidity and funding profile has been further strengthened with the placement in January 2026 of a subordinated Tier 2 loan for 400 million Euro, maturing in ten years and with a coupon of 4,55%.

Capital requirements

• CET1 comes to 13,4% (13,0% at 31 December 2025) and TCR to 18,4% (15,3% at 31 December 2025), and these indicators are calculated excluding the profit generated during the first half of 2026.

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Rome, 4 August 2026 – The Board of Directors of Banca Ifis met today under the chairmanship of Ernesto Fürstenberg Fassio and approved the consolidated results for the first half of 2026.

“In the first half of 2026, we took decisive steps in the process of integrating with illimity, which is proceeding as planned and which we expect to fully complete in the autumn. During the period, we completed the optimisation of non-core assets and redefined the Group’s IT infrastructure with a strategic partnership with Finomnia that will make a significant contribution to cost synergies and give a clear boost to revenue synergies. These initiatives allow us to confirm the target of 75 million Euro of annual synergies from 2027, as announced last year as part of the takeover bid on illimity Bank. With the aim of strengthening our position as a bank at the service of the real economy, we have also launched the competitive process for the deconsolidation of the Npl business, for which we are seeing strong interest from leading Italian and international operators. With this in mind, 2026 is therefore confirmed as a year of transition in preparation for the full implementation of the new business model, which is entirely focused on being a leading banking group at the service of the real economy. From this perspective, in the first half of the year we recorded a net profit of 8 million Euro, after launching the activities prior to strengthening the risk profile. We are facing this transformation phase with solid fundamentals, a capital position well above regulatory requirements and a clear view of the opportunities arising from the integration. The actions taken during the half-year lay an even more solid foundation for the creation of sustainable value over the long term“, says Frederik Geertman, CEO of Banca Ifis.

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Banca Ifis’s Commercial & Corporate Banking Segment, which does not include the contribution of the illimity Group, generated total revenues of 168,3 million Euro during the period, confirming its position as the main pillar of Banca Ifis’s business model. Average loans and advances amount to 7,2 billion Euro, supported by a broad and diversified customer base. The Factoring Area remains the main source of revenue, at 75,7 million Euro, supported by the Corporate Banking & Lending Area (59,4 million Euro) and the Leasing Area (33,3 million Euro), which continue to demonstrate resilient operating performance. Overall, this segment demonstrates stable volumes, high-quality loans, and a strong focus on SMEs.

The revenues of Banca Ifis’s Npl Segment for the first half of 2026, amount to 94,9 million Euro. Collections from recovery activities, excluding portfolio sales, amounted to 192 million Euro. This figure demonstrates the strong effectiveness of both judicial and extra-judicial recovery activities and confirms the operational resilience of the Npl platform, even in a context of greater selectivity in acquisitions and the gradual repositioning of the business.

The strategy on the funding side is focused on refinancing the retail deposits maturing at more favourable interest rates reflecting the reduction in the base rate while maintaining the traditional relationship with the customer base. Banca Ifis’s average cost of funding, excluding the illimity contribution, stood at 3,0% in H1 2026, declining steadily quarter on quarter. On the capitals market, on 13 January 2026, Banca Ifis issued a 10-year Tier 2 bond of 400 million Euro, with a coupon of 4,55%. This issue strengthens the Bank’s regulatory capital, marking the lowest spread ever for a Tier 2 bond from the Bank.

The Banca Ifis Group’s gross and net core originated Npe ratios as at 30 June 2026 relating to receivables due from customers are 7,4% and 4,9% respectively, an increase compared to 6,2% and 3,9% as at 31 March 2026 due to the reclassification to Npe of certain exposures in the Ifis portfolios as a result of the internal audit and on-site inspection conducted by the Bank of Italy at Banca Ifis, and the impairment of specific exposures in the illimity and B-ilty portfolios. It should be noted that B-ilty’s exposures are 80% covered by the state guarantee.

The asset quality ratios are calculated excluding loans in the Npl segment, government securities measured at amortised cost and impaired financial assets acquired or originated (POCI), or with them as underlying assets, either for business purposes (e.g. for the relaunch and optimisation of companies in temporary difficulties) or emerging as a result of business combinations. Similarly, portfolios with underlying contract disputes that arose as a result of business combinations were excluded from the calculation of ratios because they did not fit the Group’s business model.

Capital ratios confirm the Group’s great solidity. Both the main indicators remain well above the minimum required levels, with a consolidated CET1 Ratio of 13,4% (13,0% as at 31 December 2025) and a consolidated Total Capital Ratio of 18,4% (15,3% as at 31 December 2025). These Ratios do not include the profit for the first half of 2026.

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The strategic partnership with the Finomnia Group has been redesigned, with a significant contribution to the expected cost synergies

As part of the integration process between Banca Ifis and illimity, the reorganisation of illimity’s IT contracts was completed through the signing of a new multi-year agreement that consolidates the strategic partnership with the Finomnia Group. The agreement, which represents a significant step towards the full realisation of cost synergies totalling 50 million Euro per year from 2027, provides for the adoption of a new operating and technological model, more closely aligned with the Banking Group’s future strategic objectives, and develops along two lines.

The Finomnia Group will acquire, from Banca Ifis, full control of the company Finomnia Banking, which focuses on the provision of IT services for the banking sector and on the development of digital platforms to support the technological transformation of financial institutions. The long-term contractual relationship with Banca Ifis will consequently evolve, with a focus on application solutions with greater strategic value and a source of competitive differentiation for the bank’s future business, including platforms to support digital channels and customer relationship management.

At the same time, Banca Ifis and the Finomnia Group will maintain a long-term strategic partnership in the company altermAInd, focused on the development of products and services based on digital and Artificial Intelligence solutions. Banca Ifis’s leveraging of the platforms and skills developed by altermAInd will allow the Finomnia Group to consolidate its role as a strategic partner of the bank, including in the field of technological innovation and the transformation of business processes.

The strengthening of the partnership with the Finomnia Group along these two lines will contribute significantly to the achievement of the overall integration synergies expected, amounting to 50 million Euro, supporting the generation of recurring economic benefits in terms of both costs and revenues.

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Banca Ifis and its commitment to sustainability

Banca Ifis integrates sustainability into its strategies and business model, applying it in the environmental, social and governance dimensions. In the first half of 2026, the Group took a further step forward in its ESG journey by adhering to the Principles for Responsible Banking (PRB) promoted by the United Nations and the United Nations Global Compact (UNGC), among the main global initiatives for the promotion of a sustainable and inclusive economy.

Banca Ifis’s commitment, also strengthened by the expertise incorporated with the acquisition of illimity Bank, is also recognised by the main international ESG rating agencies. MSCI has confirmed the Bank’s ESG rating of AAA, the highest level on its rating scale, which is awarded to a limited number of financial institutions globally. The rating, which has improved for two consecutive years, confirms the Group’s position among the international leaders in sustainability. Banca Ifis also received a rating of B from CDP (on a scale of F to A), confirming the attention paid to environmental and climate issues. In addition to these results, for the second year running, the Bank was awarded the Best European ESG Programme in the Specialty Finance segment by Extel Institutional Investors.

The awards obtained are the result of a strategy that focuses on the generation of shared value. Kaleidos, the Social Impact Lab created on the initiative of Chairman Ernesto Fürstenberg Fassio to promote social, cultural and support projects for territories and communities, is part of this context. Since its establishment, Kaleidos has implemented more than 90 social initiatives. In order to objectively measure the value produced by these interventions, Banca Ifis has developed, together with Triadi, a spin-off of the Polytechnic University of Milan led by Professor Mario Calderini, a proprietary model for assessing social impact. The application of the model to the initiatives implemented by Kaleidos showed that every euro invested by the Bank generates an average of 5,2 Euro of social value.

Medical and scientific research is one of the fields in which Kaleidos’s action is most concentrated. The main initiatives in this area include support for the Bambino Gesù Children’s Hospital Foundation in research into paediatric malignant tumours of the central nervous system; the long-term collaboration with the Advanced Biomedical Research Foundation of Padua, through the “Adopt a Researcher” projects; and health prevention with the “Primavera del Cuore” cardiology screening project, promoted in Venice by Professor Fausto Rigo.

Again through Kaleidos, Banca Ifis supports initiatives aimed at the most vulnerable people. In particular, the collaboration with the Banco Alimentare ETS Foundation has made it possible to distribute the equivalent of over ten million meals and to develop an innovative project for the recovery of surplus meat from Large Organised Distribution, transformed and redistributed in the form of ready meals to people in difficulty.

The Group’s social commitment is also expressed in expanding the enjoyment of culture among the general public, through the work of Ifis art. The heart of Ifis art’s projects is the Villa Fürstenberg International Sculpture Park, the 27-hectare museum space open to the public free of charge every Sunday. In the first half of 2026, the International Sculpture Park expanded its collection with a new work by Anselm Kiefer, which enriches a collection consisting of 27 contemporary art installations by some of the leading Italian and international artists. During the first half of 2026, Banca Ifis also completed the rescue, securing and restoration of The Migrant Child, one of only two works by Banksy in Italy. The work was presented to the public at the opening of the Venice Biennale, accompanied by the launch of an educational project developed in collaboration with Treccani. The initiative, called “Migrant Child. Diritti all’opera”, will involve lower secondary school students with the aim of promoting reflection on the topics of art, citizenship and rights.

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