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Banca Generali
Earnings Release • Nov 5, 2025
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Earnings Release
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Data/Ora Ricezione : 5 Novembre 2025 12:56:58
Oggetto : Banca Generali - PR 9M 2025 Financial Results
Testo del comunicato
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PRESS RELEASE
Results at 30 September 2025
Sharp growth of net recurring fees and recurring net profit
- Recurring net profit1 : €273.8 million (+7%)
- Net profit: €314.6 million (-7%)
- Net interest income: €242.8 million (+2%)
- Net recurring fees: €388.0 million (+10%)
- "Core" operating costs: €203.9 million (+8%)
Total assets exceeded €110 billion
- Total assets: €110.1 billion (+9% YoY)
- Assets under Advanced Advisory: €11.5 billion (+11%)
- October 2025 net inflows: €1.2 billion
- YTD net inflows: €5.6 billion (+8%)
Solid capital position and liquidity
- CET1 ratio at 17.4% and TCR at 19.4%
- LCR at 328% and NSFR at 235%
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 408 26683
Investor Relations Giuliana Pagliari Tel: +39 02 408 26548
Milan, 5 November 2025 - The Board of Directors of Banca Generali approved the consolidated results at 30 September 2025.
Chief Executive Officer and General Manager Gian Maria Mossa stated: "We ended the third quarter on an upward growth trend, underpinned by solid execution from our network of professionals and, after Mediobanca's offer lapsed, by the progressive stabilisation of net recruitment contribution. Total assets exceeded the all-time high of €110 billion, forging ahead with the development path that led volumes to increase by nearly 40% in the three-year period. The new offerings unveiled at our convention are driving renewed interest towards in-house managed solutions, with almost €300 million net inflows from in-house funds and financial wrappers in October alone. In the past month, we also accelerated our development in Switzerland, reaching an agreement with three high-
1 Profit net of performance fees, non-recurring trading income and other one-off items
standing professionals who are widely recognised on the Swiss market and who, in addition to managing a highly significant client portfolio, will bring to our Group strong and wide-ranging expertise. Moreover, Intermonte's greater-than-expected contribution and the promising launch of the new important insurbanking project with Alleanza let us look to the coming months with full confidence and optimism."
P&L RESULTS AT 30 SEPTEMBER 2025
In the first nine months of 2025, Banca Generali's consolidated net profit amounted to €314.6 million compared to €338.6 million for the same period of the previous year, which had benefited from the particularly positive contribution of variable fees supported by financial markets.
Recurring net profit confirmed its solid, constant uptrend, reaching €273.8 million (+6.7% YoY) — the highest level ever recorded in the first nine months of the year. This item accounted for 87% of consolidated net profit, up significantly compared to 76% for the first nine months of 2024, highlighting the strength and sustainability of the Bank's business model. The result is particularly significant, as it was achieved during a challenging period marked by speculation about extraordinary finance that limited its operations for months.
In fact, on 28 April 2025 Banca Generali was the object of the Public Voluntary Exchange Offer launched by Mediobanca, which generated a prolonged period of uncertainty. Following the official lapsing of the offer on 20 August 2025, the Bank could resolutely forge ahead with its commercial development and business growth, accelerating the recovery of net inflows and leading total client assets to exceed the record high of €110 billion at the end of September.
An analysis of the key P&L items is given here below:
Net banking income amounted to €722.6 million, in line with the previous year, but with a more solid qualitative mix. The improvement was driven by the double-digit growth of net recurring fees (€388.0 million; +9.8% YoY) and the positive contribution of net financial income (€262.9 million; +6.0% YoY), offset by a sharp decline in variable fees (€71.7 million; -41.3% YoY) due to changed market conditions.
In detail, net interest income reached €242.8 million (+2.3% YoY), thanks to the increase in volumes of retail clients' deposits that offset lower returns due to declining interest rates. At the end of September, interest-bearing assets amounted to €16.3 billion, 77% of which financial assets, mainly invested in bonds with a duration of 1.3 years (unchanged compared to 1.3 years at the end of 2024) and maturity at 3.5 years (3.6 years at the end of 2024). The other 14% consisted of largely collateralised loans to customers.
Net income from trading activities grew sharply to €20.1 million YoY (€10.5 million for the previous year), driven by Intermonte's €9.9 million contribution generated through its Global Markets and Sales & Trading activities.
Gross recurring fees increased by 7.9% to €832.8 million, as a result of the following:
‒ investment fees rose by 7.1% to €721.5 million, benefiting from both the acceleration of gross management fees2 (€680.8 million; +7.1% YoY) — following the growth of average managed assets in the period — and the solid performance of advanced advisory fees (€40.7 million; +7.4% YoY);
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 408 26683
Investor Relations Giuliana Pagliari Tel: +39 02 408 26548
Including €7.1 million for changing the contract of investment mandates previously classified as banking fees.
‒ other recurring fees (banking, brokerage and entry fees) grew to €111.3 million (+13.1% YoY), mainly as a result of higher trading volumes and the €23.9 million contribution of Intermonte's corporate advisory and client-driven trading activities.
By contrast, variable fees declined to €71.7 million from the previous year's particularly high level (€122.2 million for 9M 2024).
Operating costs totalled €252.6 million (+20.0% YoY), including €26.3 million linked to the consolidation of Intermonte. Net of this impact, operating costs showed a more modest increase (+7.5% LfL), chiefly attributable to the acceleration of technology investments. On a like-for-like basis, "core" operating costs totalled €203.9 million, up +8.4% YoY mainly as a result of the acceleration of IT expenses linked to the implementation of the strategic Insurbanking and AI projects.
The ratio of operating costs to total assets remained modest at 31 bps (28 bps at year-end 2024). The cost/income ratio, adjusted for non-recurring items, was 37.7%, but excluding the impact of the consolidation of Intermonte, the ratio would have been 35.5%. However, both indicators stood at excellent levels compared to industry best practice.
Provisions, contributions to banking funds and net adjustments totalled €54.1 million for the first nine months of the year (-10.3% YoY). This result reflected the decline in provisions for banking and insurance funds and the lower impact generated by the discount rate applied to actuarial provisions.
The tax rate for the period was 24.2% (25.2% for 9M 2024), due to the lower contribution of foreign entities. This item benefited from the new IRAP tax accounting treatment applicable to intragroup dividends from EU subsidiaries in force as of the current tax period.
P&L RESULTS FOR Q3 2025
Q3 2025 net profit reached €114.5 million, up 15.6% YoY, mainly driven by the recurring component, which amounted to €97.5 million (+13.0% YoY) and accounted for 85% of overall net profit, confirming the business model's ability to increase the solidity of results over time.
Net banking income grew by +9.1% YoY to €249.9 million, benefiting from the robust increase in net recurring fees to €134.8 million (+12.6% YoY), as a result of growing total assets, and the good resilience of net financial income, amounting to €81.0 million (+1.5% YoY). Variable fees totalled €29.3 million, with a minor change compared to €28.2 million in Q3 2024, reflecting the favourable market trend in the period.
Operating costs amounted to €88.2 million, including €9.3 million linked to Intermonte, net of which the item would have increased by 6.7% YoY. "Core" operating costs amounted to €70.1 million (+8.5% YoY) on a like-for-like basis.
Profit before taxation was €143.8 million (+7.0% YoY), after recognising provisions, contributions to banking funds and net adjustments of €18.0 million compared to €20.8 million for the previous year.
The tax rate for the period was 20.3%, down compared to 26.3% in Q3 2024, including the abovementioned benefits linked to the new IRAP tax accounting treatment applicable to intragroup dividends from EU subsidiaries in force as of the current tax period.
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 408 26683
Investor Relations Giuliana Pagliari Tel: +39 02 408 26548
CAPITAL RATIOS AT 30 SEPTEMBER 2025
At 30 September 2025, Banca Generali's CET1 ratio stood at 17.4% and TCR at 19.4%, confirming a level far above the minimum required by the SREP – Supervisory Review and Evaluation Process for 2025 (i.e., CET1 at 8.7% and TCR at 13.2%). Capital ratios were calculated assuming a dividend payout ratio of 83% of net profit for the period.
These capital ratios take into account the negative impact of the new CRR 3 framework, effective year-start 2025 (~3.8 pps) and of the integration of Intermonte (~2.3 pps), partly offset by several positive factors, such as retained earnings based on an estimated payout of 83% of total net profit for the nine-month period.
The Bank's leverage ratio stood at 5.6%, well above the minimum requirement.
The Bank's liquidity ratios remained at best-practice levels: LCR (Liquidity Coverage Ratio) was 328% (332% at the end of 2024) and NSFR (Net Stable Funding Ratio) was 235% (233% at the end of 2024).
COMMERCIAL RESULTS AT 30 SEPTEMBER 2025
At 30 September 2025, Banca Generali's total assets managed and administered on behalf of clients reached a new all-time high at €110.1 billion (9.0% YoY; +6.1% YTD).
In detail, Assets under Investment grew to €73.2 billion (+8.2% YoY; +4.4% YTD), driven by the growing interest for Banca Generali's managed solutions, particularly financial wrappers (€13.4 billion; +10.9% YoY; +5.1% YTD) and in-house funds (€12.5 billion; +9.2% YoY; +4.6% YTD). Traditional life insurance policies grew further (€15.8 billion; +8.5% YoY; +5.7% YTD) as a result of demand for portfolio protection and stabilisation. AUC & Banking under Advisory also performed well (€6.8 billion; +11.6% YoY; 8.5% YTD).
Other Assets totalled €36.9 billion at 30 September 2025, growing significantly both on an annual basis (+10.7% YoY) and year-to-date (+9.6%). This result reflected the good performance of Assets Under Custody not under Advanced Advisory, which rose to €25.3 billion thanks to a still solid demand, although normalising compared to the previous year's peaks. Deposits as well showed a positive performance, reaching €11.6 billion (+10.9% YoY; +3.0% YTD), driven by the increased liquidity linked to bonds reaching maturity and the acquisition of new clients.
Assets under Advisory grew to €11.5 billion at the end of September (+10.5% YoY; +5.7% YTD), accounting for 10.4% of total assets (in line with year-end 2024).
The assets of BGFML, the Luxembourg-based management company, rose to €24.3 billion (+9.0% YoY; +4.2% YTD), driven by the expansion of the retail component (€12.5 billion; +9.2% YoY; +4.6% YTD).
***
Total net inflows for the first nine months of 2025 proved solid at €4.4 billion (of which €1.4 billion in Q3), despite the operating limitations due to Mediobanca's Public Voluntary Exchange Offer, which lapsed in late August.
In terms of quality, customers showed great interest in investment solutions, with net inflows from Assets under Investment reaching €2.1 billion in the period, up +2.2% compared to the previous year, accounting for 47% of the total (43% for 9M 2024).
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 408 26683
Investor Relations Giuliana Pagliari Tel: +39 02 408 26548
Net inflows from Other Assets amounted to €2.3 billion in the first nine months of the year, driven by demand for assets under administration (€1.7 billion euros) and the recent acceleration of Deposits (€0.6 million euros) linked to bonds reaching maturity.
COMMERCIAL RESULTS AT OCTOBER 2025
In October 2025, Banca Generali's net inflows amounted to €1,184 million (€424 million in the same month of the previous year), bringing YTD total net inflows to €5.6 billion (+8% YoY). This figure includes the amounts related to the recruitment of three Swiss professionals with extensive expertise and an overall portfolio of €793 million, carried out through the acquisition of the external asset manager Aequitum. This transaction allows to boost operations in Switzerland leveraging the expertise of a team of professionals renowned and highly recognised on the Swiss market.
October net inflows were concentrated in Assets under Investment, which set a monthly record for 2025 of €806 million (€2.9 million YTD; +17% YoY), mainly driven by the sharp growth of financial wrappers, which totalled €741 million (€1.6 million YTD; +36% YoY).
also performed well with €241 million (€656 million YTD), benefiting from the success of the new investment lines launched in September.
Other Assets recorded a particularly positive monthly result (€378 million in October; €2.7 billion YTD), also thanks to the success of the BTP Valore issue in October, which was subscribed for €432 million.
BUSINESS OUTLOOK
In the first nine months of 2025, global financial markets offered a favourable, albeit volatile, context. In the United States, equity indexes recovered also thanks to some strong structural macro-trends (first and foremost AI) and expectations of interest cuts. Since year-start, the European stock market continued to outperform the US market due to the US dollar weakness, although the divergence narrowed in the third quarter. The ECB is likely to have completed its rate-cutting cycle, stabilising interest rates at 2%, whereas the Fed launched its first rate cut for the year, bringing interest rates to 4.25%, with expectations for additional cuts.
With specific regard to Banca Generali, it should be noted that the Public Voluntary Exchange Offer launched by Mediobanca officially lapsed on 21 August 2025, following the outcome of the Shareholders' Meeting of the institution. The lapsing of the Public Voluntary Exchange Offer ended all formal and substantial limitations that had temporarily impacted Banca Generali's full operation and commercial development activities. In this new context, the Bank resumed with solid momentum its growth strategy focused on business expansion, profitability increase, and higher shareholders' remuneration.
In detail, in terms of consistent growth, the Bank confirms the target of well above €6.0 billion total net inflows in 2025. The net inflows quality target is also confirmed, with at least €3.5 billion net inflows from Assets under Investment (AUI).
As regards profitable growth, Banca Generali expects to achieve a consolidated net interest margin yield (NIM yield) of 200 basis points on average in 2025 and to keep the management fee margin at around 140-142 basis points on average in 2025.
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 408 26683
Investor Relations Giuliana Pagliari Tel: +39 02 408 26548
In the coming years, Banca Generali aims to further strengthen its core business by integrating AI solutions based on the Bank's data platforms and boosting the productivity of its Financial Advisor Network through its Team and Young Talent projects, as well as by expanding the role of "management company" of its in-house Asset Management to support profitability. Banca Generali also expects a significant contribution by two major projects: Intermonte and Insurbanking.
Intermonte
The decision to acquire Intermonte was aimed at strengthening the private banking value proposition and insourcing a portion of the value chain with regard to trading and structured products.
The main development levers identified to estimate the potential synergies focused on three business areas, where Intermonte stands out for its distinctive features:
- ‒ AUC & Trading: in this area, Intermonte takes on the role of "management company" for Banca Generali, leveraging its expertise on Equities, ETFs, derivatives and structured products. Expected synergies range from insourcing of the hedging structure of certificates placed by Banca Generali to insourcing of margins on ETF trading;
- ‒ Managed products: in this area, Intermonte provides hedging solutions through derivative strategies within managed products — funds and financial wrappers — to offer customers protection of the invested capital;
- ‒ Investment banking: Intermonte offers its distinctive investment banking expertise to 18,000 entrepreneur clients and 23,000 target companies.
Thanks to the expected synergies in the areas identified and the positive business results achieved so far, Intermonte is likely to generate additional revenues in the range of €10-€15 million as soon as in 2026 and a total of €38-48 million expected by 2030, therefore doubling revenues in five years compared to year-end 2024, with set-up costs of approximately €6 million to be recognised in 2025.
Insurbanking
Another crucial, strategic step for Banca Generali's future development is its Insurbanking partnership with Alleanza.
Following the first framework agreement signed with Generali Italia on 17 April 2025 and the agreements entered into with Alleanza Assicurazioni on 30 June 2025, on 9 October the partnership was officially launched, generating new growth opportunities for both companies.
For Banca Generali, this partnership opens up a new phase of consistent and profitable growth as the Bank can rely, on the one hand, on the distinctive features of Alleanza's distribution network and on its 1.9 million clients to grow in the affluent segment, and on the other hand, on stronger opportunities as a banking service provider (Conto Unico account) and as a manager of the funds underlying the new insurance wrapper (Stile Unico policy).
Banca Generali expects this partnership to generate €40-50 million net revenues by 2030 thanks to €7.0-€8.5 billion asset volumes, equal to 5%-7% of the estimated wealth held with thirdparty institutions by Alleanza's clients. The revenue growth is offset by estimated set-up costs of €5-6 million for 2025.
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 408 26683
Investor Relations Giuliana Pagliari Tel: +39 02 408 26548
* * *
In light of these projects and of many others aimed at strengthening its core business, Banca Generali is looking to the future with renewed determination and commitment, wellpositioned to seize new development opportunities in accordance with its mission statement and its values.
PRESENTATION TO THE FINANCIAL COMMUNITY
The results for the first nine months will be presented to the financial community during a conference call scheduled today, 5 November 2025 at 14:00 CET.
* * *
Annexes:
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- Banca Generali Consolidated Profit and Loss Account at 30 September 2025
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- Banca Generali Consolidated Profit and Loss Account for the Third Quarter of 2025
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- Banca Generali Reclassified Consolidated Balance Sheet at 30 September 2025
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- Total Assets at 30 September 2025
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- Net inflows in October 2025
* * *
The Manager responsible for preparing the company's financial reports (Tommaso Di Russo) declares, pursuant to Paragraph 2 of Art. 154-bis of the Italian Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the documentary results, books and accounting records. Tommaso Di Russo (CFO of Banca Generali)
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 408 26683
Investor Relations Giuliana Pagliari Tel: +39 02 408 26548
1) BANCA GENERALI – CONSOLIDATED PROFIT AND LOSS ACCOUNT AT 30 SEPTEMBER 2025
| m/€ | 9M 2024 | 9M 2025 | Chg. % |
|---|---|---|---|
| Net Interest Income | 237.3 | 242.8 | 2.3% |
| Net income (loss) from trading activities and Dividends | 10.5 | 20.1 | 90.6% |
| Net Financial Income | 247.9 | 262.9 | 6.0% |
| Gross recurring fees | 772.0 | 832.8 | 7.9% |
| Fee expenses | -418.7 | -444.8 | 6.2% |
| Net recurring fees | 353.3 | 388.0 | 9.8% |
| Variable fees | 122.2 | 71.7 | -41.3% |
| Total Net Fees | 475.5 | 459.8 | -3.3% |
| Total Banking Income | 723.4 | 722.6 | -0.1% |
| Staff expenses | -99.9 | -120.9 | 21.0% |
| Other general and administrative expense | -87.8 | -104.0 | 18.4% |
| Depreciation and amortisation | -30.5 | -34.2 | 12.1% |
| Other net operating income (expense) | 7.7 | 6.5 | -16.3% |
| Total operating costs | -210.5 | -252.6 | 20.0% |
| Operating Profit | 512.9 | 470.0 | -8.4% |
| Net adjustments for impair.loans and other assets | 0.9 | -4.7 | n.m. |
| Net provisions for liabilities and contingencies | -49.1 | -47.1 | -4.0% |
| Contributions to banking and insurance funds | -12.1 | -1.7 | -85.9% |
| Gain (loss) from participations valued at equity | -0.1 | -0.6 | n.m. |
| Profit Before Taxation | 452.6 | 416.0 | -8.1% |
| Direct income taxes | -114.0 | -100.7 | -11.7% |
| Minorities interest | 0.0 | -0.7 | n.m. |
| Net Profit | 338.6 | 314.6 | -7.1% |
| Cost/income ratio | 29.1% | 35.0% | 5.9 p.p. |
| EBITDA | 543.4 | 504.2 | -7.2% |
| Tax rate | 25.2% | 24.2% | -1.0 p.p. |
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 408 26683
Investor Relations Giuliana Pagliari Tel: +39 02 408 26548
2) BANCA GENERALI – CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE THIRD QUARTER OF 2025
| m/€ | 3Q 2024 | 3Q 2025 | Chg. % |
|---|---|---|---|
| Net Interest Income | 79.8 | 81.0 | 1.5% |
| Net income (loss) from trading activities and Dividends | 1.4 | 4.8 | n.m. |
| Net Financial Income | 81.2 | 85.9 | 5.7% |
| Gross recurring fees | 257.5 | 282.6 | 9.7% |
| Fee expenses | -137.8 | -147.8 | 7.2% |
| Net recurring fees | 119.7 | 134.8 | 12.6% |
| Variable fees | 28.2 | 29.3 | 3.8% |
| Total Net Fees | 147.9 | 164.1 | 10.9% |
| Total Banking Income | 229.1 | 249.9 | 9.1% |
| Staff expenses | -34.7 | -40.5 | 16.6% |
| Other general and administrative expense | -30.4 | -36.9 | 21.2% |
| Depreciation and amortisation | -10.4 | -11.7 | 11.8% |
| Other net operating income (expense) | 1.7 | 0.9 | -47.5% |
| Total operating costs | -73.9 | -88.2 | 19.3% |
| Operating Profit | 155.2 | 161.8 | 4.2% |
| Net adjustments for impair.loans and other assets | 0.2 | 0.0 | n.m. |
| Net provisions for liabilities and contingencies | -20.1 | -17.1 | -14.9% |
| Contributions to banking and insurance funds | -0.6 | -0.6 | -4.0% |
| Gain (loss) from participations valued at equity | -0.2 | -0.3 | 31.4% |
| Profit Before Taxation | 134.4 | 143.8 | 7.0% |
| Direct income taxes | -35.4 | -29.2 | -17.5% |
| Minorities interest | 0,0 | -0.1 | n.m. |
| Net Profit | 99.1 | 114.5 | 15.6% |
| Cost/income ratio | 32.3% | 35.3% | 3.0 p.p. |
| EBITDA | 165.6 | 173.4 | 4.7% |
| Tax rate | 26.3% | 20.3% | -6.0 p.p. |
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 408 26683
Investor Relations Giuliana Pagliari Tel: +39 02 408 26548
3) BANCA GENERALI – RECLASSIFIED CONSOLIDATED BALANCE SHEET AT 30 SEPTEMBER 2025
| m/€ | ||||
|---|---|---|---|---|
| Assets | 31/12/2024 | 30/09/2025 | Change | % Change |
| Financial assets at fair value through P&L (FVPL) | 512.2 | 611.0 | 98.8 | 19.3% |
| Financial assets at fair value through other comprehensive income (FVOCI) | 1,521.9 | 3,170.0 | 1,648.1 | 108.3% |
| Financial assets at amortised cost | 13,678.8 | 12,850.7 | -828.2 | -6.1% |
| a) Loans to banks | 3,775.7 | 3,608.6 | -167.1 | -4.4% |
| b) Loans to customers | 9,903.1 | 9,242.1 | -661.0 | -6.7% |
| Hedging derivatives | 131.2 | 150.8 | 19.6 | 14.9% |
| Equity investments | 3.0 | 3.3 | 0.4 | 12.7% |
| Property equipment and intangible assets | 284.9 | 348.5 | 63.5 | 22.3% |
| Tax receivables | 122.9 | 125.7 | 2.8 | 2.3% |
| Other assets | 566.8 | 577.8 | 11.0 | 1.9% |
| Assets under disposal | 0.2 | 0.0 | -0.2 | n.m. |
| Total Assets | 16,822.0 | 17,837.8 | 1,015.8 | 6.0% |
| Liabilities and Shareholders' Equity | 31/12/2024 | 30/09/2025 | Change | % Change |
|---|---|---|---|---|
| Financial liabilities at amortised cost | 14,521.3 | 15,424.4 | 903.2 | 6.2% |
| a) Due to banks | 356.4 | 444.3 | 87.9 | 24.7% |
| b) Direct inflows | 14,164.8 | 14,980.1 | 815.3 | 5.8% |
| Financial liabilities held for trading | 177.1 | 225.3 | 48.3 | 27.3% |
| Tax payables | 18.3 | 41.7 | 23.4 | n.m. |
| Other liabilities | 301.1 | 357.3 | 56.3 | 18.7% |
| Special purpose provisions | 344.4 | 331.8 | -12.6 | -3.7% |
| Valuation reserves | 8.4 | 6.2 | -2.2 | -26.0% |
| Capital instruments | 100.0 | 105.0 | 5.0 | 5.0% |
| Reserves | 838.4 | 947.3 | 108.9 | 13.0% |
| Additional paid-in capital | 52.4 | 52.5 | 0.1 | 0.1% |
| Share capital | 116.9 | 116.9 | 0.0 | 0.0% |
| Treasury shares (-) | -87.3 | -95.5 | -8.2 | 9.4% |
| Shareholders' equity attributable to minority interest | 0.0 | 10.3 | 10.3 | n.m. |
| Net income (loss) for the period | 431.2 | 314.6 | -116.6 | -27.0% |
| Total Liabilities and Shareholders' Equity | 16,822.0 | 17,837.8 | 1,015.8 | 6.0% |
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 408 26683
Investor Relations Giuliana Pagliari Tel: +39 02 408 26548
4) TOTAL ASSETS AT 30 SEPTEMBER 2025
| m/€ | Dec 2024 | Sept 2025 | Abs. Chg | Chg. |
|---|---|---|---|---|
| Assets under Investment | 70,170 | 73,237 | 3,067 | 4.4% |
| Managed Solutions | 48,956 | 50,636 | 1,681 | 3.4% |
| Mutual Funds and SICAVs | 24,182 | 25,052 | 870 | 3.6% |
| of which In House Funds | 11,925 | 12,473 | 548 | 4.6% |
| of which Third party Funds | 12,257 | 12,578 | 321 | 2.6% |
| Financial Wrappers | 12,728 | 13,380 | 652 | 5.1% |
| Insurance Wrappers | 12,046 | 12,205 | 159 | 1.3% |
| Traditional Life Insurance Policies | 14,914 | 15,768 | 853 | 5.7% |
| AUC & Banking under Advisory | 6,300 | 6,833 | 533 | 8.5% |
| Other Assets | 33,656 | 36,891 | 3,235 | 9.6% |
| Assets Under Custody | 22,411 | 25,307 | 2,895 | 12.9% |
| Deposits | 11,245 | 11,585 | 340 | 3.0% |
| Total Assets | 103,826 | 110,128 | 6,302 | 6.1% |
| m/€ | Sept 2024 | Sept 2025 | Abs. Chg | Chg. |
|---|---|---|---|---|
| Assets under Investment | 67,672 | 73,237 | 5,565 | 8.2% |
| Managed Solutions | 47,013 | 50,636 | 3,624 | 7.7% |
| Mutual Funds and SICAVs | 23,682 | 25,052 | 1,369 | 5.8% |
| of which In House Funds of which Third party Funds |
11,421 12,262 |
12,473 12,578 |
1,053 317 |
9.2% 2.6% |
| Financial Wrappers | 12,066 | 13,380 | 1,313 | 10.9% |
| Insurance Wrappers | 11,264 | 12,205 | 941 | 8.4% |
| Traditional Life Insurance Policies | 14,535 | 15,768 | 1,233 | 8.5% |
| AUC & Banking under Advisory | 6,124 | 6,833 | 709 | 11.6% |
| Other Assets | 33,325 | 36,891 | 3,566 | 10.7% |
| Assets Under Custody | 22,878 | 25,307 | 2,429 | 10.6% |
| Deposits | 10,448 | 11,585 | 1,137 | 10.9% |
| Total Assets | 100,997 | 110,128 | 9,131 | 9.0% |
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 408 26683
Investor Relations Giuliana Pagliari Tel: +39 02 408 26548
5) NET INFLOWS IN OCTOBER 2025
| m/€ | October 2024 |
October 2025 |
YTD 2024 | YTD 2025 |
|---|---|---|---|---|
| Assets under Investment | 431 | 806 | 2,463 | 2,882 |
| Managed Solutions | 362 | 868 | 1,820 | 2,080 |
| Mutual Funds and SICAVs | 5 | 118 | 219 | 533 |
| of which In House Funds | 78 | 241 | 718 | 656 |
| of which Third party Funds | -73 | -123 | -499 | -123 |
| Financial Wrappers | 110 | 741 | 1,159 | 1,573 |
| Insurance Wrappers | 247 | 9 | 442 | -26 |
| Traditional Life Insurance Policies | 60 | -82 | 87 | 533 |
| AUC & Banking under Advisory | 9 | 20 | 556 | 269 |
| Other Assets | -7 | 378 | 2,695 | 2,702 |
| Assets under Custody | 31 | 510 | 2,179 | 2,187 |
| Liquidity | -38 | -132 | 516 | 515 |
| Total Net Inflows | 424 | 1,184 | 5,158 | 5,584 |
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 408 26683
Investor Relations Giuliana Pagliari Tel: +39 02 408 26548