Credito Emiliano (CE) investor relations material

Executive summary

• Net profit for H1 2026 reached €312.9 million, up 12.5% year-on-year, with strong organic growth, core operating income, and a diversified business model, normalized for one-off items.

• Customer base expanded by 5% year-on-year to 1.7 million, with over 100,000 new customers acquired, reflecting successful client acquisition and retention.

• Recurring revenues and commissions achieved record levels, supporting sustainable profitability and robust asset quality.

• Strategic focus remains on organic growth, vertical integration in wealth management, and openness to M&A if accretive.

• The group maintained industry-leading capital ratios and low risk metrics.

Financial highlights

• Net profit up 24.3% quarter-on-quarter and 12.5% year-on-year to €312.9 million, with operating income rising 11.9% YoY to €1,048.7 million.

• Net interest income increased 5.7% YoY to €501.5 million; non-interest margin up 18.3% YoY to €547.2 million.

• Loans grew 2.1% year-on-year to €37.5 billion; direct funding up 4.5%; total customer funding at €120.8 billion (+12.8% YoY).

• Cost/income ratio improved to 46.4% from 49.3% YoY; cost of risk at 9 basis points; NPL ratio at 1.5%.

• CET1 ratio at 16.22% (holding) and 17.45% (group), with a buffer of 768 basis points.

Outlook and guidance

• NII expected to grow at least 5% year-on-year in 2026, driven by volume growth and favorable rates.

• Double-digit growth anticipated in recurring fees from asset management and insurance, subject to market conditions.

• Loan growth target around 3% for 2026; total direct and indirect funding target €4.5 billion by year-end.

• Assets under management and insurance expected to reach €2.8 billion by December 2026.

• Continued investment in digital transformation, AI, and ESG integration.