Intesa Sanpaolo Group Financial Results for 2025

The 2025 results are fully in line with market forecasts for the year and exceed the targets set out in the 2022–2025 business plan. Intesa Sanpaolo is the most resilient bank in Europe, fully prepared to succeed in any scenario and achieve strong and sustainable value creation and distribution.

Solid sustainable profitability with net profit of €9.3 billion in 2025 (+7.6% compared to 2024) against more than €1 billion allocated from pre-tax profit for 2025 through management measures to further strengthen the future sustainability of the Group’s results, contributing to the net profit of approximately €10 billion planned for 2026.

Significant cash return to shareholders: a proposal to be submitted to the Annual General Meeting for total dividends of €6.5 billion (€3.2 billion in interim dividends for 2025 to be paid in November 2025 and €3.3 billion in proposed remaining dividends for 2025 to be paid in May 2026) and a €2.3 billion share buyback to be launched in July 2026 (approved by the ECB).

The solid results of the income statement and balance sheet in 2025 reflected significant value creation for all stakeholders, not just shareholders, and are also underpinned by the Group’s strong commitment to ESG. Specifically, €5.5 billion in taxes was generated, including €0.6 billion from a one-time tax on the “excess profit reserve” charged to equity. The program providing food and shelter to people in need was expanded (68.2 million interventions were facilitated between 2022 and 2025). Initiatives to combat inequality and promote financial, social, educational, and cultural inclusion have been strengthened (€26.7 billion for social loans and urban regeneration in 2022–2025). In addition, €1 billion has already been allocated between 2023 and 2025 to combat poverty and reduce inequalities.

Intesa Sanpaolo continues to act as a growth accelerator in Italy’s real economy. In 2025, the Group’s medium- and long-term new loans to Italian households and businesses reached approximately €86 billion, representing a 23% increase compared to 2024. In 2025, the Group helped approximately 2,850 companies return to profitability, thereby saving approximately 14,250 jobs. Since 2014, the total number of companies has reached approximately 146,800, and approximately 734,000 jobs have been saved over the same period.

Thanks to the group’s key strengths, Intesa Sanpaolo is fully prepared to succeed in any scenario, particularly due to:

• resilient profitability, also thanks to integrated revenue management aimed at creating value;
• a solid capital position and the bank’s status as having a zero non-performing loan ratio;
• significant investments in technology and high flexibility in managing operating costs;
• a leading position in wealth management, protection, and advisory services, with direct deposits and customer assets under management totaling €883 billion, which support the growth of assets under management.

A solid capital position as of December 31, 2025, which significantly exceeds regulatory requirements and is growing substantially: the Common Equity Tier 1 ratio reached 13.9%, representing an increase of approximately 110 basis points in 2025, including the negative impact of approximately 40 basis points from Basel 4 and approximately 20 basis points from a one-time transfer from the “excess profit reserve,” and after deducting from capital the €3.2 billion in interim dividends for 2025 paid in November 2025 and €3.3 billion in proposed remaining dividends for 2025. The Common Equity Tier 1 ratio was 13.2% after deducting EUR 2.3 billion for a share buyback ( ), which will begin in July 2026, excluding the contribution of approximately 100 basis points resulting from the absorption of deferred tax assets (DTA).

The operating margin increased by 1.5% compared to 2024, while operating income rose by 0.6% (net fee and commission income +6.3%, insurance income +4.6%, strong growth in gains from financial assets and liabilities at fair value, which offset the decline in net interest income, which nevertheless remained resilient and above 2023 levels), while operating expenses fell by 0.6%.

Credit Quality

• Non-performing loans returned to nearly zero;
• The non-performing loan ratio reached 0.8% on a net basis and 1.5% on a gross basis according to EBA methodology;
• Cost of risk at 41 basis points, 26 basis points excluding additional adjustments to reduce risk and strengthen the balance sheet;
• Loans of the Russian subsidiary are approaching zero.

Key indicators

• Net profit of €9,321 million in 2025, representing an increase of 7.6% compared to €8,666 million in 2024;
• Operating margin 1.5% higher than in 2024;
• Operating profit 0.6% higher than in 2024: net fee and commission income +6.3%, insurance income +4.6%, strong growth in gains from financial assets and liabilities at fair value, which offset the decline in net interest income, which nevertheless proved resilient and remained above the 2023 level despite a sharp decline in Euribor;
• Operating expenses decreased by 0.6% compared to 2024.

Capital Position

A solid capital position, significantly exceeding regulatory requirements:

• Common Equity Tier 1 ratio at 13.9%, representing an increase of approximately 110 basis points in 2025, including the negative impact of approximately 40 basis points from Basel 4 and approximately 20 basis points from a one-time withdrawal from the “excess profit reserve,” and deducting €3.2 billion from capital for interim dividends for 2025 paid in November 2025 and €3.3 billion for proposed remaining dividends for 2025;
• A Common Equity Tier 1 ratio of 13.2% after deducting €2.3 billion in share buybacks to begin in July 2026, excluding the contribution of approximately 100 basis points resulting from the absorption of deferred tax assets (DTAs).