Banca Sistema (BST) Q3 2026 earnings summary

Executive summary

• Aggregated adjusted PBT rose 57% to €28.8m from €18.4m; new business volumes increased 24% YoY to €5.62bn.

• Stand-alone 9M26 net income was €1.6m vs €21.0m; it was €12.0m excluding specified non-recurring items.

• CF+ merger deed was signed on 30 October; legal effect was scheduled for 7 November and IT integration for 9 November 2026.

Financial highlights

• Aggregated reported PBT was €87.4m, including €95.1m provisional badwill; aggregated adjusted PBT was €28.8m, up 56.6% YoY.

• Aggregated net banking income was €124.5m, down 5%; excluding Superbonus income and LPIs, NII and fees reached €89m vs €72m, up 23%.

• Stand-alone total income fell 19% to €62.7m; net fees rose 15% to €6.0m, while net impairment losses increased to €20.7m from €8.0m.

• Stand-alone operating expenses declined 9% to €43.4m; net income included €11.9m of assurance-related provisions, €6.3m from the late-interest model update and €1.5m of PTEO costs, partly offset by a €2.5m disposal gain.

• Aggregated costs fell 4% to €79.2m; adjusted cost of risk was 46 bps vs 69 bps.

Outlook and guidance

• Business Plan is scheduled for 1Q27, pending the Bank of Italy’s final decision on combined-group capital requirements.

• Redundancy management is expected to reduce headcount by 57 FTEs by year-end 2026 and generate €7.2m in annualized recurring savings.

• Management indicated ~10% volume growth as an achievable 2027 modeling assumption; 11.5% CET1 could support strong growth in 2027–28.

• Capital optimization and merger-related actions are expected to support factoring; post-merger strategic priorities remain subject to the combined entity’s plan.