FinecoBank Banca Fineco (FBK) Q2 2025 earnings summary

Executive summary

• Net profit for 1H25 reached €317.8 million, with revenues at €644.4 million and a cost/income ratio of 26.9%, supported by strong client acquisition and robust operating leverage.

• Total Financial Assets rose to €147.8 billion, up 5% from December 2024, driven by net sales and client growth (+35.5% y/y, nearly 100,000 new clients in 1H25).

• AI-powered tools and new investment solutions enhanced productivity and supported growth in investing and brokerage.

• July 2025 saw further acceleration in net sales and client acquisition, with net sales estimated at €1.1 billion (+45% y/y).

• Record client acquisition and expansion into active ETFs and private markets solutions marked significant developments.

Financial highlights

• Revenues for 1H25 were €644.4 million, down 2.1% y/y, as non-financial income (+12% y/y) offset a 13.3% decline in net financial income.

• Operating costs rose to €173.1 million (+8% y/y), mainly due to growth initiatives; cost/income ratio at 26.9%.

• Brokerage revenues for 1H25 were €128.4 million, with July estimated at €19 million.

• Gross operating profit was €471.2 million, down 5.4% y/y.

• Provisions for loan losses dropped 79.5% y/y; LLP at -€2.6 million in 1H25.

Outlook and guidance

• Record revenues expected for 2025, with operating costs to grow ~6% y/y, excluding €5–10 million for growth initiatives.

• Payout ratio for FY25 expected in the 70–80% range; leverage ratio target above 4.5%.

• Cost/income ratio expected to remain comfortably below 30%.

• Every €1 billion change in AUM from August 1 generates €2.9 million in management fees for the remainder of the year.

• Cost of risk forecasted between 5–10 basis points for 2025.