Q2 2026 Banca Generali SpA Earnings Call Transcript
Key Points
- Banca Generali (WBO:BGN) reported its best-ever first-half results with a net profit of EUR179 million.
- Total assets reached a record high of EUR121 billion, with net inflows also at a record EUR4.4 billion.
- The company saw double-digit growth in all revenue components, including net financial income and gross fees.
- Strong performance in asset management, with in-house products accounting for over EUR30 billion, or 53.2% of total managed solutions.
- The company increased its target for total net inflows from EUR6.5 billion to EUR7.5 billion, indicating confidence in continued growth.
- A one-off EUR20 million tax charge impacted variable net profit due to standard corporate taxation in Luxembourg.
- Operating costs were slightly higher than guidance, driven by major project accelerations, including investments in AI and the Allianza project.
- The payout ratio was slightly lower than targets, with ordinary payout at 35.5% against a guidance of 36%.
- Deposit costs saw a pickup in the second quarter, with expectations of further increases due to rising interest rates.
- The tax rate spiked to 30.5% for the first half, with expectations of a gradual reduction only starting from 2027.
Good afternoon, this is the Choruscall conference operator. Welcome, and thank you for joining the Banca Generali first-half 2026 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Gian Maria Mossa, CEO and General Manager of Banca Generali. Please go ahead, sir.
Good afternoon, and welcome to our first-half results conference call.
First half results are the best ever with net profit at the highest level, EUR179 million. Total assets at highest level EUR121 billion and net inflows for the first half at the highest level ever, EUR4.4 billion.
Focusing on the net inflows, the quality has been improving over the time and we are very confident to keep going with this quality, thanks to the strengthening of our asset management hub and the new release of products.
But let's start, as usual, from numbers, so Page 4, net profit accelerated in Q2, as I said.
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