Intesa Sanpaolo (ISP) investor relations material

Executive summary

• 9M26 net income reached a record €8.199bn, up 8.1% YoY; Q3 net income was a record €2.645bn, up 11.5% YoY.

• FY 2026 net income guidance was upgraded to well above €10bn, supported by revenue growth, stable costs and lower provisions.

• Annualised ROE was 21% and ROTE 26%; customer financial assets reached €1.511tn, up 7.1% YoY.

• The proposed interim dividend totals €3.813bn, or €0.22 per share, payable from 25 November 2026.

Financial highlights

• 9M operating income rose 5% to €21.457bn; operating margin reached €13.581bn and gross income €12.637bn.

• 9M net interest income increased 2.3% to €11.366bn; net fees and commissions rose 5.2% to €7.718bn and insurance income grew 5.8% to €1.451bn.

• Operating costs fell 1.3% to €7.876bn; net loan adjustments declined 19% to €634m.

• Q3 operating income was €6.924bn, up 4.2% YoY; Q3 net income was €2.645bn, up 11.5% YoY.

• 9M net income included €182m of integration, transformation and exit charges and €49m of purchase-price allocation effects, net of tax.

Outlook and guidance

• 2026 net interest income is expected well above €15bn, with significant further growth in 2027.

• 2026 revenue growth is expected to be led by commissions and insurance income; costs are expected to remain stable and provisions to decline significantly.

• The planned 2026 payout is 95% of stated net income: 75% cash dividends and 20% buybacks, subject to approvals and capital-allocation conditions.

• Italy’s 2026 Budget Law and higher industry levies are expected to increase taxes and weigh on results; management may use cost-base contingencies if needed.

• Q4 performance fees could match Q4 2025’s €90m, depending on market volatility; 9M performance fees were below €50m.