BFF Bank (BFF) Q2 2026 earnings summary

Executive summary

• Adjusted net profit for H1 2026 rose 8% year-over-year to €81.3 million, driven by strong Payments and Securities Services performance and disciplined Factoring & Lending management.

• Reported net profit was €51.4 million, down 27% year-over-year, impacted by non-recurring items including a €21 million Bank of Italy inspection provision.

• Over 60% of net revenues in H1 2026 were generated by non-Factoring activities, reflecting successful diversification.

• Strategic options, including securitization and a fundamental business model review, are under consideration to address future calendar provisioning impacts.

• The group maintained pro-forma capital ratios above regulatory limits after a capital gain from the sale of part of the HTC securities portfolio.

Financial highlights

• Adjusted net revenues for H1 2026 reached €216.1 million, up 9% year-over-year; adjusted net income was €81.3 million, up 8% year-over-year.

• Reported net profit was €51.4 million, up 3% year-over-year excluding the €21 million Bank of Italy impact.

• Factoring loans and deposits both declined by 5–6% versus year-end 2025, maintaining a strong loan-to-deposit ratio of 75%.

• Cost/income ratio improved to 46% from 48% in H1 2025.

• Liquidity Coverage Ratio at 185.7% and Net Stable Funding Ratio at 120.4%, both improved from end-2025.

Outlook and guidance

• Capital ratios expected to remain above regulatory requirements through 2027, with a potential small breach in 2028 if no further actions are taken.

• Guidance for 2026 adjusted profit is €115–140 million, EPS €0.6–0.7, cost/revenue ratio 47–52%, and return on tangible equity 16–20%.

• No current plans for a capital raise; focus remains on business model transformation and strategic initiatives to ensure future capital generation.

• The new strategic plan will be presented in H2 2026.