Intesa Sanpaolo (ISP) investor relations material

Executive summary

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

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

• Customer financial assets exceeded €1.5tn, up €100bn YoY, as Wealth Management, Protection & Advisory activity supported growth.

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 rose 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 and down 6.2% QoQ; net income was €2.645bn versus €2.793bn in Q2.

• 9M customer loans rose 4% YoY to €436.2bn; direct deposits increased 8% to €617.8bn and customer financial assets grew 7% to €1.511tn.

Outlook and guidance

• 2026 consolidated net income guidance was upgraded to well above €10bn; 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 loan-loss provisions to decline significantly.

• Higher taxes and industry levies are expected to weigh on results; the full-year tax rate is forecast to rise 1.2 percentage points YoY, partly due to Italy’s 2026 Budget Law.

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

• 2027 net interest income growth is expected from higher Euribor, hedging and volumes; replicating-portfolio contribution is expected to increase €500m–€600m.