Banca Sistema (BST) Q1 2026 earnings summary

Executive summary

• The group entered a new phase with the integration of CF+, transitioning from a monoline to a diversified specialty finance platform and appointing a new CEO and Board.

• A voluntary public tender and exchange offer by CF+ was completed, acquiring an 80.7% stake, with a mandatory tender offer and legal/operational integration underway.

• Kruso Kapital is being disposed of and classified as held-for-sale, with its net income recognized under discontinued operations.

• Net income for Q1 2026 was €3.8 million, down 67% year-over-year due to non-recurring positive items in Q1 2025.

• The integration aims to reshape earnings, risk, and growth profiles, not just increase scale.

Financial highlights

• Combined group assets are approximately €6.9 billion, with €4.4 billion in customer loans and over €4 billion in deposits.

• Factoring turnover rose 29% year-over-year to €1.4 billion, driven by public administration and entertainment sectors, while Superbonus receivables declined 63% year-over-year.

• Factoring loans outstanding rose 21% year-over-year to €1,683 million; CQ loans stable at €572 million, down 15% year-over-year due to repayments and disposals.

• Net banking income was €24.9 million, down 26% year-over-year; adjusted net interest income at €20.3 million (-30% y/y); net fees and commissions rose to €4.0 million, about 3.5x higher year-over-year.

• Cost of funding declined to 2.55% from 3.16% in Q1 2025; retail funding made up 66% of total funding.

Outlook and guidance

• Consolidation and integration of CF+ expected by year-end 2026, with a new business plan to be released by Q4 2026 or Q1 2027.

• 2026 will be a transition year with extraordinary items; 2027 should reflect synergy benefits.

• Strategic direction to be set by CF+, with a reverse merger into Banca Sistema planned by end of 2026.

• Focus remains on disciplined integration, stabilization of PA Factoring, and growth in new business lines and geographies.