FinecoBank Banca Fineco (FBK) Q3 2025 earnings summary

Executive summary

• Net profit for the first nine months of 2025 was €480.5 million, with revenues at €969.6 million, both nearly flat year-on-year, as strong growth in Investing and Brokerage offset lower Net Financial Income and increased costs for growth initiatives.

• Operating costs rose to €259.9 million, up 8.7% year-on-year, with a cost/income ratio of 26.8%, reflecting investments in marketing, asset management, and AI.

• Net sales totaled €9.4 billion in nine months, up 36% year-on-year, with October net sales at €1.3 billion (+30% y/y) and client acquisition up 33% year-on-year.

• Capital and liquidity positions remain strong, with CET1 at 23.9%, TCR at 32.5%, leverage ratio at 5.11%, LCR at 931%, and NSFR at 438%.

• Diversified business model and structural tailwinds from digitalization and transparency continue to drive growth.

Financial highlights

• Net financial income declined 12.8% year-on-year to €471.7 million due to lower interest rates, while non-financial income rose 12.5% year-on-year, led by Investing (+10% y/y) and Brokerage (+16.5% y/y).

• Operating costs increased 8.7% year-on-year to €259.9 million; cost/income ratio at 26.8%.

• Gross operating profit was €709.7 million; ROE stable at 27%.

• High-quality lending portfolio with NPE ratio at 0.52% and cost of risk at 6–7 basis points.

• Total Financial Assets reached €154.6 billion (+14.3% y/y).

Outlook and guidance

• 2025 outlook improved, expecting record revenues, continued strong client acquisition, and growth in Net Financial Income, net sales, and brokerage revenues.

• Operating costs projected to rise ~6% year-on-year in 2025, excluding €5–10 million for growth initiatives; cost/income ratio expected comfortably below 30%.

• Payout ratio for 2025 targeted at 70–80%; leverage ratio to stay above 4.5%.

• All business areas expected to contribute to revenue growth in 2026.

• Customer risk expected at 5–10 basis points in 2025.