BPER Banca SpA (FRA:4BE)

Q2 2026 BPER Banca SpA Earnings Call Transcript

Aug 6, 2026 / 08:00 AM GMT

Release Date Price: €14.72 (-2.23%)

Transcript

Key Points

Positve

BPER Banca SpA (BPXXY) reported a record first half 2026 adjusted net profit of over €1.3 billion, representing a 15% year-on-year growth.
The company is overdelivering on its 'Bee Dynamic' plan targets, with commission growth and efficiency gains ahead of schedule.
BPER Banca SpA (BPXXY) maintains a strong capital position with a CET1 ratio of 15%, well above its 14.5% target.
The integration of Banco di Sardegna is progressing well, with over 25% of the €290 million cost and revenue synergies expected to be achieved by the end of 2026.
BPER Banca SpA (BPXXY) has announced an increased shareholder remuneration plan, targeting €7.5 billion in distributions (85% payout) between 2025 and 2028, including a proposed interim dividend of €700 million.
The company's asset quality remains robust, with a cost of risk at 28 basis points and a net NPL ratio stable at 1.1%.
BPER Banca SpA (BPXXY) is raising its 2028 targets, projecting total revenues of €8 billion and a cost-to-income ratio of approximately 40%.
The bank has identified five strategic levers (Be Champion, Be Well, Be Insured, Be Digital, Be Excellent) to accelerate growth beyond the current plan.
Wealth management and bancassurance are showing strong growth, with wealth management fees up 10.3% half-on-half and net insurance commissions expected to grow by 55% by 2028.
The company has a strong liquidity profile with short and long-term ratios well above regulatory thresholds.

Negative

BPER Banca SpA (BPXXY) faces potential headwinds from geopolitical turmoil and an uncertain macroeconomic environment, leading to conservative assumptions for Italian GDP growth.
The phasing out of ECB TLTRO effects is expected to have a negative impact on net interest income of approximately €300 million between 2025 and 2028.
The company's cost of risk is expected to remain below 35 basis points, but this is based on a conservative approach given the current geopolitical situation.
The potential acquisition of 635 branches from Monte dei Paschi di Siena (via Unipol) is still uncertain, with many details unknown, including the exact location of branches and number of employees.
BPER Banca SpA (BPXXY) has issued a non-binding expression of interest for BFF Bank's payments and depository bank businesses, but the transaction is at an early stage and may not materialize.
The company's net interest income sensitivity to a 100 basis point movement has decreased to approximately €200 million, indicating a lower benefit from potential rate hikes.
The integration of Banco di Sardegna has required significant resources, with almost 1,000 employees dedicated to the process, which could temporarily impact commercial activities.
The company's projections for 2028 assume a flat interest rate environment (Euribor 3 months at 2.25%), which may prove to be optimistic if rates decline further.
BPER Banca SpA (BPXXY) expects to reduce headcount by over 1,000 employees by 2026, which could lead to operational disruptions and potential reputational risks.
The bank's total financial assets growth is projected at a modest 2.9% per annum, which may lag behind some competitors in a highly competitive Italian banking market.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

EMII.MI - Bper Banca SpA
Q2 2026 BPER Banca SpA Earnings Call
Aug 06, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning.

This is the Chorushall conference operator.

Welcome and thank you for joining the Beeper Group Consolidated results as the 30th of June 2026, an acceleration beyond bee dynamic, Full Value 2027 presentation.

As a reminder, all participants are in listen-only mode.

After the presentation, there will be an opportunity to ask questions, should anyone need assistance during the conference call, they may signal an operator by pressingar and 0 on their telephone.

At this time I'd like to turn the conference over to Mr.

Nicola Spongi, head of investor relations of Beeper.

Please go ahead, sir.

Thank you and good morning everyone.

I'm pleased to welcome

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