In 1Q 26, Banca Ifis accelerates the optimisation of non-core assets and the integration with illimity, which makes a positive contribution to the Group’s profit. The strategic review project in the area of NPLs has been launched.

Focus on commercial banking and entry into new retail and private business segments to expand the new Bank model serving businesses, entrepreneurs and families

• Following the successful completion of the acquisitions of illimity Bank and Euclidea SIM (today Fürstenberg SIM), Banca Ifis is embarking on a strategic revision project of the Group, with the aim of continuing its growth path and maintaining its high levels of capitalisation and shareholder remuneration, in line with a long-term approach focused on consistency and financial sustainability.
• The implementation of this new model will enable the Group to place greater focus on commercial banking for SMEs, with a portfolio of products and services for businesses that is now comprehensive thanks to the addition of illimity, which remains a valuable and strategic asset in the new model, including with regard to the private banking segment, with the new Fürstenberg division (Fürstenberg SIM and Fürstenberg SGR).
• The corporate bodies have resolved to launch the strategic redesign project aimed at deconsolidating the Npl portfolio, having assessed all options.

The process of optimising non-strategic assets is proceeding as planned

• The Bank is at an advanced stage of negotiations for the disposal of its two main non-strategic subsidiaries in relation to the Group’s new structure: AREC neprix and Abilio. These operations represent a key step in the process of strategically focusing and simplifying the Group’s structure.
• The two divestments are expected to be completed by the second quarter of 2026.

Strong profitability in a quarter characterised by seasonality

• The net profit for the first quarter of 2026, amounting to 31 million Euro, reflects illimity’s first positive contribution to the Group’s profit, along with a positive contribution from the Turnaround segment, demonstrating Banca Ifis’s ability to generate value.
• The CET1 ratio stands at 13,71% as at 31 March 2026, excluding the net profit for the first quarter of 2026 and after the full deduction of the 2025 dividend. This level confirms the Group’s capital strength and its ability to support growth and shareholder remuneration.
• For FY 2025, a total dividend distribution of 129 million Euro (2,12 Euro per share) is planned. Of this amount, 73 million Euro (1,20 Euro per share) was already distributed in November 2025, while the remaining 56 million Euro (0,92 Euro per share) will be paid on 20 May 2026, further evidencing the Group’s commitment to creating value for shareholders.

Q1 2026 consolidated results

Reclassified consolidated data[1] – 1 January 2026/31 March 2026

• Consolidated net profit attributable to the Parent Company for the first quarter of 2026 amounted to 31,3 million Euro, confirming a strong ability to generate profits even in a less favourable seasonal environment.
• Net banking income totals 216,4 million Euro, driven by net interest income of 127,4 million Euro, net fee and commission income of 33,7 million Euro, and income from trading activities and other income of 55,3 million Euro. This performance was supported by the contribution of the Turnaround segment. Revenue from Npls was temporarily lower, reflecting the timing and nature of portfolio purchase transactions.
• The credit cost for the quarter, amounting to 10,3 million Euro, reflects a prudent approach to risk management, in line with the qualitative profile of the portfolio and the focus on more resilient assets, and also includes the initial findings from the illimity scope.
• Total operating costs in the first quarter of 2026 amounted to 150,0 million Euro, of which 63,4 million Euro related to personnel costs and 83,5 million Euro to other administrative expenses, confirming a high level of cost discipline despite the expansion of the scope of consolidation. 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.
• Profit before tax for the quarter amounted to 50,5 million Euro, with tax expense of 19,2 million Euro, confirming the strong profit-generating capacity of operating activities, even in the presence of non-recurring items.
• The liquidity position, at 31 March 2026, is equal to approximately 2,4 billion Euro in reserves and free assets that can be financed by the ECB (LCR above 700%). The Group’s solid liquidity and funding profile has been further strengthened with the placement in July 2025 of a 400 million Euro Senior Preferred bond issue maturing in November 2029 and with a coupon of 3,625% and in January 2026 with a subordinated Tier 2 issuance for 400 million Euro, maturing in ten years and with a coupon of 4,55%.

Capital requirements²

• CET1 comes to 13,71% (12,95% at 31 December 2025) and TCR to 18,97% (15,32% at 31 December 2025), and these indicators are calculated excluding the profit generated during the first quarter 2026. The solid equity position has allowed for deliberation of the distribution of 129 million Euro on the 2025 dividend, of which 73 million Euro (1,20 Euro per share) distributed on 26 November 2025 and 56 million Euro (0,92 Euro per share) which will be distributed on 20 May 2026.

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Rome, 07 May 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 quarter of 2026.

“In 2025 we successfully completed the acquisitions of illimity and Euclidea SIM. These were transformative transactions that allowed us to expand the Group’s scope, strengthening our offering of credit products and financial services: today we are able to serve businesses even more effectively, while also providing entrepreneurs with modern wealth management solutions to enhance and protect their assets, and offering families an efficient, smart and state-of-the-art payment systems platform. Today’s Board of Directors has launched a strategic review project for the Group which, following the completion of the voluntary public tender offer on illimity Bank and the opportunities arising from it, will see me, as Chairman, leading a new phase of growth and value creation, continuing the journey begun in 1983 by my father, Sebastien Egon Fürstenberg. The objective is to maintain sound capital levels while continuing to ensure significant and stable returns for our shareholders. The project underway concerns the NPL sector – which, as is well known, is affected by an ongoing evolution of the regulatory framework – as well as the possibility of exploring, from today onwards, the best strategic options for our banking group, which is increasingly focused on specialist lending to companies in our country”, said Ernesto Fürstenberg Fassio, Chairman of Banca Ifis.

“During the first quarter of 2026, some of our activities – particularly Npls, equity investment and turnaround – are subject to natural quarterly variability. During the period, we recorded specific events that will tend to balance out over the course of the year. 2026 is a year in which to strengthen our long-term resilience by continuing to integrate illimity and streamline our business scope. These decisions may lead to volatility in our results over the coming quarters, but they are fully in line with our objective of building a robust commercial bank for SMEs that can develop new business and efficient in terms of capital allocation. We confirm our proactive approach to the regulatory and macroeconomic environment. Given the more capital-intensive environment resulting from calendar provisioning, we have initiated a strategic analysis of the Npl business, evaluating various options that will enable us to maintain strategic flexibility and returns commensurate with the level of risk. Our capital strength and business diversification enable us to approach this phase in a balanced manner, while prioritising attractive returns for shareholders. We remain focused on execution: integration, selective de-risking, capital management and commercial development to support the real economy”, 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 illimity, generated total revenues of 81 million Euro during the period, confirming its position as the main pillar of Banca Ifis’s business model. Average loans and advances amount to 7,1 billion Euro, supported by a broad and diversified customer base. Factoring remains the main source of revenue, at 37 million Euro, supported by Corporate Banking & Lending (28 million Euro) and Leasing (16 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 quarter of 2026, not including the contribution of illimity, amount to 47,2 million Euro. Collections from recovery activities, excluding portfolio sales, amounted to 98 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 Q1 2026, declining steadily quarter on quarter. On the capital markets, on 8 July 2025, Banca Ifis issued a senior bond (yield of 3,625%) to refinance the 300 million Euro senior bond (yield of 6,625%) of illimity Bank maturing in December 2025. For Banca Ifis, this is the bond issue with the lowest credit spread in its history. 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 31 March 2026 relating to receivables due from customers are 6,2% and 3,9% respectively, an increase compared to 5,2% and 3,1% in December 2025 due to the reclassification of positions in the illimity and B-ilty portfolios to Npe. 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 sector, government securities measured at amortised cost and impaired financial assets acquired or originated (POCI), or with them as underlying assets, either purchased 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 13,71% (12,95% as at 31 December 2025) and a consolidated Total Capital Ratio of 18,97% (15,32% as at 31 December 2025), calculated excluding profits generated for the first quarter of 2026. For FY 2025, a total dividend distribution of 129 million Euro (2,12 Euro per share) is planned. Of this amount, 73 million Euro (1,20 Euro per share) was already distributed in November 2025, while the remaining 56 million Euro (0,92 Euro per share) will be paid on 20 May 2026.

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Banca Ifis and its commitment to sustainability

Banca Ifis integrates sustainability in all its dimensions – environmental, social and governance – into its business model. In order to further strengthen its approach, in Q1 2026, the Bank signed the Principles for Responsible Banking (PRB) promoted by the United Nations and joined the United Nations Global Compact (UNGC), thereby demonstrating its commitment to promoting a more sustainable and inclusive financial system on a global scale. The Group’s commitment has also been recognised by the main international rating agencies: first and foremost MSCI, which awarded Banca Ifis an ESG rating of AAA, the highest level on its rating scale. This rating, which has been upgraded for two consecutive years, places the Bank among the global leaders in sustainability. In addition to MSCI, Banca Ifis received an ESG credit impact score (CIS) of 2 from Moody’s, confirming it as a virtuous example on the market, with particular reference to Governance; and a rating of B, on a scale of F to A, from CDP (formerly the Carbon Disclosure Project), a non-profit organisation that assesses the environmental impact of companies. In addition to its high ranking in the major international ratings, the bank has been awarded the Best ESG Programme in Europe in the Speciality Finance segment by the independent company Extel Institutional Investors, as awarded in 2025, for the second year running. The Group will continue to strengthen its commitment to sustainability through an increasingly structured and integrated approach with its subsidiary illimity Bank, further consolidating its position.

The awards come at the end of a journey that also saw the creation of a structured ESG agenda, in social terms, through the Kaleidos “Social Impact Lab”. Founded at the behest of President Ernesto Fürstenberg Fassio, Kaleidos promotes cultural, social and community support initiatives. Since its creation to date, the Social Impact Lab has implemented more than 60 initiatives for a total commitment of 10 million Euro. In order to quantify the social impact generated by these projects, Banca Ifis, in collaboration with Triadi – a spin-off of the Milan Polytechnic led by Mario Calderini – has developed an impact measurement model that allows the return generated by these initiatives to be quantified in economic terms. Applied to all Kaleidos projects already implemented, the impact measurement model showed that one euro invested by Banca Ifis in social initiatives generated, on average, 5,3 euro of social value. The most significant initiatives carried out included those in the field of medical-scientific research, with support for the Bambino Gesù Paediatric Hospital Foundation to purchase a PET-CT scanner and in the research project aimed at assessing the safety and effectiveness of gene therapy with CAR-T cells on young patients with relapses or not responding to other currently available treatments for malignant tumours of the central nervous system. Another significant long-term collaboration is with the Advanced Biomedical Research Foundation of Padua, through the ‘Adopt a researcher’ projects, the purchase of the Lightsheet microscope machine, an innovative technological tool that will allow great strides to be made in the study of neuromuscular and metabolic pathologies and the support to the Organoids Biobank, a technologically advanced platform devoted to the collection, storage and analysis of data relating to organoids. Furthermore, in the first quarter of 2026, the Group’s commitment to prevention was further strengthened through its support for the ‘Primavera del Cuore’ screening project, promoted by Professor Fausto Rigo and aimed at promoting the prevention of heart disease.  Also thanks to Kaleidos, Banca Ifis has intervened in support of projects aimed at the most vulnerable categories, such as the collaboration with the Banco Alimentare Onlus Foundation which, in addition to having allowed the distribution of the equivalent of ten million meals to people in difficulty, has allowed the development of a new project with an innovative character that allows the recovery of surplus meat from the Large Organised Distribution (GDO), to transform it through cooking and distribute it, in the form of a finished product, to people in need.

Banca Ifis has also been committed on the social front through ‘Ifis art’, the project desired and conceived by Chairman Ernesto Fürstenberg Fassio for the enhancement of art, culture, contemporary creativity and their values, also through public-private initiatives. The symbol of Ifis art is the collection of the Villa Fürstenberg International Sculpture Park. The Park officially reopened to the public on 16 April with a new work by Anselm Kiefer that enriches the rich collection of 27 works by some of the best known exponents of contemporary Italian and international art. In this context, the Banca Ifis Research Department measured the results produced by the International Sculpture Park from a social point of view, according to the impact measurement model developed by the Bank with the Polytechnic University of Milan. According to the responses of the visitors interviewed, the Banca Ifis International Sculpture Park generates a multiplier of 7,4: translated into practical terms, every Euro invested by the Bank in the Park generates more than 7 Euro of social value for the area. This value reflects an improvement in the personal well-being and the development of creative thinking of visitors and those who participated in the workshops organised within the Park. Also as part of Ifis art, Banca Ifis has completed work to rescue, secure and restore The Migrant Child, one of only two works by the artist Banksy on Italian soil. The work was finally saved on 24 July 2025 and will be presented to the public in Venice on 7, 8 and 9 May 2026, on the fringes of the Venice Biennale. Work on the Palazzo has been entrusted to Zaha Hadid Architects and will be aimed at transforming the building into an exhibition space for young artists in collaboration with the Italian Pavilion of the Venice Biennale.

[1] Reclassifications and aggregations of the consolidated income statement concern the following:

• net credit risk losses/reversals of the Npl Segment are reclassified to interest receivable and similar income (and therefore to “Net interest income”) to the extent to which they represent the operations of this business and are an integral part of the return on the investment;
• net allocations to provisions for risks and charges are excluded from the calculation of “Operating costs”;
• cost and revenue items deemed as “non-recurring” (e.g. because they are directly or indirectly related to business combination transactions, such as the “gain on a bargain purchase” in accordance with IFRS 3), are excluded from the calculation of “Operating costs”, and are therefore reversed from the respective items as per Circular 262 (e.g. “Administrative expenses”, “Other operating income/costs”) and included in a specific item “Non-recurring income and costs”;
• the ordinary and extraordinary charges introduced against the Group’s banks (Banca Ifis, Banca Credifarma and illimity Bank) under the Single and National Resolution Mechanisms (SRF and NRF) and the Deposit Protection Mechanism (DGS or FITD) are shown under a separate item called “Charges related to the banking system” (which is excluded from the calculation of “Operating costs”), instead of being shown under “Other administrative expenses” or “Net allocations to provisions for risks and charges”;
• the following is included under the single item “Net credit risk losses/reversals”:
  • net credit risk losses/reversals relating to financial assets measured at amortised cost (with the exception of those relating to the Npl Segment mentioned above) and to financial assets measured at fair value through other comprehensive income;
  • net allocations to provisions for risks and charges for credit risk relating to commitments and guarantees granted;
  • profits (losses) from the sale/repurchase of loans at amortised cost other than those of the Npl Segment.

[2] Reclassifications and aggregations of the consolidated income statement concern the following:

• net credit risk losses/reversals of the Npl Segment are reclassified to interest receivable and similar income (and therefore to “Net interest income”) to the extent to which they represent the operations of this business and are an integral part of the return on the investment;
• net allocations to provisions for risks and charges are excluded from the calculation of “Operating costs”;
• cost and revenue items deemed as “non-recurring” (e.g. because they are directly or indirectly related to business combination transactions, such as the “gain on a bargain purchase” in accordance with IFRS 3), are excluded from the calculation of “Operating costs”, and are therefore reversed from the respective items as per Bank of Italy Circular 262 (e.g. “Other administrative expenses”, “Other operating income/costs”) and included in a specific item “Non-recurring income and costs”;
• the ordinary and extraordinary charges introduced against the Group’s banks (Banca Ifis, Banca Credifarma and illimity Bank) under the Single and National Resolution Mechanisms (SRF and NRF) and the Deposit Protection Mechanism (DGS or FITD) are shown under a separate item called “Charges related to the banking system” (which is excluded from the calculation of “Operating costs”), instead of being shown under “Other administrative expenses” or “Net allocations to provisions for risks and charges”;
• the following is included under the single item “Net credit risk losses/reversals”:
  – net credit risk losses/reversals relating to financial assets measured at amortised cost (with the exception of those relating to the Npl Segment mentioned above) and to financial assets measured at fair value through other comprehensive income;
  – net allocations to provisions for risks and charges for credit risk relating to commitments and guarantees granted;
  – profits (losses) from the sale/repurchase of loans at amortised cost other than those of the Npl Segment.