Intesa Sanpaolo S.p.A. Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights (9M 2026 vs 9M 2025 unless noted)

  • Net income: EUR 8.2 billion (record high; +8% YoY), including >EUR 2.6 billion in Q3 (record Q3). ROE 21%, ROTE 26%, EPS +10% YoY.
  • Revenues: +EUR 1+ billion YoY across all components due to diversified model; net interest income +EUR 250 million YoY (also +QoQ from commercial component); commissions +5% (wealth management/protection driven); insurance income at record high.
  • Costs: -1%+ YoY; cost/income ratio -2.4 percentage points YoY. Best-in-class in Europe.
  • Loans to customers: +4% YoY. Customer financial assets >EUR 1.5 trillion (+EUR 100 billion YoY); customer deposits +8% YoY.
  • Asset quality: Annualized cost of risk 19bp; NPL stock/ratio/inflows at historical lows; NPL coverage increased; no deterioration signs; well-diversified portfolio. Best-in-class in Europe.
  • Capital & liquidity: CET1 13.1% (13.8% including DTA); strong MREL/liquidity ratios above targets. Rock-solid position.
  • Taxes: EUR 5.2 billion paid in 9M despite EUR 900 million budget law impact.

Guidance & Outlook

  • 2026 net income upgraded to well above EUR 10 billion (from prior guidance).
  • 2026 NII expected well above EUR 15 billion (strong Q4 acceleration); further growth in 2027, with replicating portfolio contribution +EUR 500-600 million in 2027.
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Operator: Good afternoon, ladies and gentlemen, and welcome to the conference call of Intesa Sanpaolo for the presentation of the third quarter 2026 results hosted today by Mr. Carlo Messina, Chief Executive Officer. My name is Razia, and I will be your coordinator for today's conference. [Operator Instructions] I will remind you all 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 9 months 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 9 months ever with net income of EUR 8.2 billion, including more than EUR 2.6 billion in the third quarter, making it our best third quarter ever. Our return on equity reached 21% with a return on tangible equity of 26%, while earnings per share increased by 10% year-on-year. The excellent and sustainable results reached, despite an almost EUR 1 billion impact from the budget law for 2026, allow us to upgrade our 2026 net income guidance to well above EUR 10 billion. In the first 9 months, we delivered record-high revenues and customer financial assets grew to more than EUR 1.5 trillion, showing continued commercial momentum. We further reduced costs and asset quality remains best-in-class with no sign of deterioration. We maintain a rock-s
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