FinecoBank Banca Fineco (FBK) Q4 2025 earnings summary

Executive summary

• Net profit for 2025 was €647.0 million, nearly flat year-over-year (-0.8%), with revenues stable at €1,316.5 million, supported by strong non-financial income growth in Investing (+10% y/y) and Brokerage (+23% y/y), offsetting lower interest rates.

• Record new client acquisitions for the third consecutive year, reaching 194,000 (+27% y/y), with January 2026 seeing a record 22,010 new clients (+17.2% y/y).

• Net sales hit a record €13.4 billion (+33% y/y), with AUM at €74.0 billion (+11.5% y/y), AUC at €54.9 billion (+22.7% y/y), and direct deposits at €31.7 billion (+6.8% y/y).

• Business model leverages diversified, recurring revenue streams with a focus on efficiency, transparency, and convenience.

• January 2026 net sales were €1.1 billion (+21% y/y), with estimated brokerage revenues of €22 million (+7% y/y).

Financial highlights

• Net Financial Income declined 11% y/y to €633.1 million due to lower interest rates, while Net Non Financial Income rose 13% y/y to €684.7 million, driven by Investing and Brokerage.

• Operating costs increased by 7.3% y/y to €356.3 million, mainly due to business growth-related expenses.

• Cost/income ratio was 27.1%, reflecting strong operating leverage and efficiency.

• Dividend per share proposed at €0.79 (+7% y/y).

• Gross operating profit was €960.2 million, and profit before taxes was €935.5 million.

Outlook and guidance

• All business areas are expected to contribute to revenue growth in 2026, with further acceleration in net sales and new client acquisition.

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

• More details on the multi-year plan to be provided at Capital Markets Day in March 2026.