Intesa Sanpaolo S.p.A. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Intesa Sanpaolo H1 2026 Earnings Summary

Record Performance: Delivered best-ever H1 results with net income of EUR 5.6 billion (EUR 2.8 billion in Q2, best quarter ever). This represents a 6% YoY increase from H1 2025. Annualized ROE reached 20% (ROTE 25%), with EPS up 9% YoY.

  • Guidance Upgrade: Raised 2026 net income target to > EUR 10 billion (previously lower; leaves room for further upside). NII guidance raised to well above EUR 15 billion for 2026.
  • Revenues: Record highs across components. All-time high commissions and insurance income. Wealth Management & Protection drove strong growth despite market volatility (commissions +5% YoY in H1).
  • Net Interest Income (NII): Accelerated +6% QoQ in Q2, supported by loan/deposit growth. Commercial component was primary driver. Outlook: Strong H2 2026 vs H1 (significant Q4 acceleration); 2027 loan growth expected 2-5%.
  • Costs: Operating costs down 1% YoY. Cost/income ratio improved to 35.9% (lowest ever). Tech investments driving efficiency and generational workforce shift.
  • Volumes: Loans to customers +5% YoY (up for 5 consecutive quarters; +2% QoQ recently). Deposits +7% YoY. Customer financial assets > EUR 1.5 trillion (AUM inflows +7%).

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Operator: Good afternoon, ladies and gentlemen, and welcome to the conference call of Intesa Sanpaolo for the presentation of the first half 2026 results, hosted today by Mr. Carlo Messina, Chief Executive Officer. My name is Nadia, and I will be your coordinator for today's conference. I remind you that today's conference is being recorded. At this time, I would like to hand the conference over to Mr. Carlo Messina, CEO. Sir, you may begin. Carlo Messina: Thank you. Welcome to our first half 2026 results conference call. This is Carlo Messina, Chief Executive Officer; and I'm here with Luca Bocca, our CFO; and Marco Delfrate and Andrea Tamagnini, Investor Relations Officers. We have just delivered our best 6 months ever with net income of EUR 5.6 billion, including EUR 2.8 billion in the second quarter, making it the best quarter ever. Our annualized return on equity reached 20% with return on tangible equity of 25% while earnings per share increased by 9% year-on-year. These excellent results allow us to upgrade with confidence our 2026 net income guidance to more than EUR 10 billion, reflecting the quality and sustainability of our earnings. The execution of our business plan continues at full speed with key initiatives well underway. We are operating from a position of strength, thanks to our best-in-class asset quality and our resilient and well-balance sheet business model. The Monte dei Paschi di Siena transaction will further accelerate the execution of our business

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