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Intesa Sanpaolo
Intesa Sanpaolo (ISP) investor relations material
Intesa Sanpaolo Q4 2025 & Business update earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 & Business update earnings summary2 Feb, 2026
Executive summary
Achieved record net income of €9.3bn in 2025, up 8% year-over-year, exceeding business plan targets, with best-in-class cost-income ratio and lowest-ever NPL inflows and stock.
Overdelivered on all previous business plan targets, with shareholder distribution 50% above target and strong value creation for stakeholders.
Significant investments in technology, digital transformation, and ESG initiatives, including €26.7bn in social lending and €1bn to fight poverty.
Customer financial assets grew to ~€1.5 trillion, with robust inflows and leadership in Wealth Management, Protection & Advisory.
New business plan targets net income above €11.5bn by 2029, sustainable ROE above 20%, and cost-income ratio at 37%.
Financial highlights
Operating income rose 0.6% to €27.3bn; operating margin up 1.5% to €15.8bn; operating costs down 0.6% to €11.5bn.
Common Equity Tier 1 (CET1) ratio increased to 13.9% (13.2% post-buyback), with €8.8bn distributed to shareholders.
Net fee and commission income increased 6.3% to €10.0bn; insurance income up 4.6% to €1.8bn; record year for commissions and insurance income.
Cost/income ratio reached a historic low of 42.2%, with NPL stock reduced to €0.8bn and net NPL ratio at 0.8%.
Cash dividend for 2025 up 10% year-over-year; €2.3bn buyback to be launched in July 2026.
Outlook and guidance
2026 net income expected at about €10bn, driven by increased revenues, stable costs, and low cost of risk.
Cash payout ratio raised to 75%, with an additional 20% buyback, totaling a 95% payout.
By 2029, net income targeted above €11.5bn, ROE above 20%, and €50bn capital return to shareholders.
Operating income CAGR of +3% to €30.7bn in 2029; cost/income ratio to improve to 36.8%.
Conservative assumptions on interest rates and GDP growth; further upside possible if market conditions improve.
What drives additional capital distributions post-2026?
Detail net operating cost reduction drivers by 2029.
How will fee/insurance income share of revenue grow?
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Next Intesa Sanpaolo earnings date
Q1 20265 May, 2026
Intesa Sanpaolo
Next Intesa Sanpaolo earnings date
Q1 20265 May, 2026
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Frequently asked questions
Intesa Sanpaolo S.p.A. is a banking group providing retail, corporate, and wealth management services. Its offerings include loans, deposits, insurance, asset management, and investment banking. The group serves individuals, businesses, and institutions primarily in Italy and select international markets. The company is headquartered in Turin, Italy, and its shares are listed on the BIT.
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