Credito Emiliano (CE) investor relations material

Executive summary

• Net profit for H1 2026 reached €312.9 million, up 12.5% year-on-year when normalized for one-off items, driven by strong organic growth, core operating income, and robust revenue streams.

• Customer base grew 5% year-on-year to 1.7 million, with over 100,000 new customers acquired, reflecting successful business diversification and commercial expansion.

• Recurring revenues and commissions achieved record levels, supported by asset management, insurance, and trading activities, with non-interest margin up 18.3% year-on-year.

• Asset quality remained robust, with a gross NPL ratio of 1.5% and cost of risk at 9 basis points.

• The group maintained industry-leading capital ratios and continued investments in digital transformation, AI, and ESG initiatives.

Financial highlights

• Net profit for H1 2026 was €312.9 million, up 24.3% quarter-on-quarter and 12.5% year-on-year, with operating income rising 11.9% to €1,048.7 million.

• Net interest income increased 5.7% year-on-year to €501.5 million; non-interest margin reached €547.2 million (+18.3% YoY).

• Loans to customers grew 2.1% year-on-year to €37.5 billion; total customer funding up 12.8% to €120.8 billion.

• Cost/income ratio improved to 46.4% from 49.3% year-on-year.

• Insurance reserves reached €11.4 billion (+14.0% YoY); AUM at €39.9 billion (+13.1% YoY).

Outlook and guidance

• NII expected to grow at least 5% year-on-year in 2026, supported by volume growth and favorable interest rates.

• Double-digit growth anticipated in recurring fees from asset management and insurance, subject to market performance.

• Loan growth target around 3% for 2026; total direct and indirect funding target €4.5 billion by year-end.

• Continued investment in digital transformation, AI, and ESG integration, with a focus on sustainable growth and vertical integration in wealth management.

• Authorization requested from ECB to include profits in CET1 calculation.