Banca Generali (BGN) Q3 2026 earnings summary

Executive summary

• 9M26 net profit was €384.1m, up 22.1% YoY; recurring net profit reached €303.4m, up 10.8%.

• Record 9M net inflows reached €6.26bn, up 42.3% YoY; client assets were €121.8bn, up 10.6% YoY.

• In-house products reached 53% of managed solutions, with growth supported by stronger recruitment and accelerating inflows.

Financial highlights

• Net banking income rose 21.4% to €877.4m; operating profit increased 27.8% to €600.5m and pre-tax profit rose 33.7% to €556.3m.

• Net financial income was €282.1m, up 7.3%; net interest income reached €254.4m, up 4.8%, and trading gains and other income were €27.7m, including €16m from Intermonte.

• Gross fees were €1,084m, up 20%; recurring fees rose 13% to €938m and variable fees more than doubled to €145.9m.

• Operating expenses rose 9.6% to €276.8m; core costs increased 8.2% to €250.1m, including €9.2m of non-recurring strategic and IT project costs.

• 3Q net profit fell 7.9% to €105.4m, including a €6.3m additional BGFML tax charge; recurring net profit was €101.3m, up 4.0%.

Outlook and guidance

• FY26 net inflows guidance rose to >€8.0bn; Assets under Investment inflows target is €4.0–4.5bn.

• FY26 net interest income guidance is €340–345m; medium/long-term management fee margin guidance rose to 1.41–1.43%, from 1.40–1.42%.

• Core operating cost growth guidance increased to 7–8% YoY, reflecting accelerated IT projects and strategic initiatives; next-year guidance is planned for February.

• Tax rate is expected to reach ~28% from 2028; Luxembourg taxation may keep rates higher in 2026 and partly 2027, subject to Italian Budget Law changes.

• Intermonte generated €9.8m of 9M revenue synergies, reaching the low end of its €10–15m FY26 target; the 2030 target remains €40–50m.