Our 2026-2029 Business Plan
Building on the outstanding achievements of the previous Business Plan, which saw a Net income of €9.3 billion in 2025, efficiency among the highest in Europe, and Non-performing loans at their lowest-ever levels, Intesa Sanpaolo is embarking on a new strategic phase with the launch of the 2026-2029 Business Plan.
The new Plan confirms that Intesa Sanpaolo is a solid, zero-NPL and digital Group, with an efficient, resilient and fee-driven business model enabling the achievement of strong value creation and distribution with no execution risk, and a leading position in Social Impact.
The core of the Plan is sustainable, structural growth in profitability. By 2029, the Group forecasts Net income exceeding €11.5 billion, with ROE rising to 22% (from 18% in 2025) and ROTE to 27%, among the best in the European banking sector.
The combination of high profitability, low risk and strong capital generation and distribution consolidates Intesa Sanpaolo as a leading Bank in Europe.
The 2026-2029 Business Plan is grounded on the contribution of around 60,000 Group People in defining its strategic priorities and on the commitment of all the Group’s People - the most important asset - to deliver on its targets.
“Over the years, we have significantly strengthened the Group. This new Plan is about taking that strength further, with zero execution risk.
The Plan is based on businesses we already run, investments we have already made, and an execution model that is already proven.
We are unique in Europe, resilient and ready to succeed in any scenario. Our Wealth Management, Protection & Advisory model is fully integrated and operates efficiently, with product factories and distribution networks working together under full strategic control. It has delivered results over many years and we will take this model to the next level.”
The formula of the 2026-2029 Business Plan
In a resilient macroeconomic scenario with conservative interest rate assumptions, the Plan formula, which is based on Intesa Sanpaolo’s key strengths, envisages:
The 2026-2029 Business Plan formula
Our People are the most important asset
- Global Advisors network at scale
- Strengthening of Private Banking leadership
- Enhancement of fully-owned product factories (AM, Insurance)
- Growth in Corporate and Institutional clients by scaling up dedicated platforms
- Growth in SME client segment, leveraging synergies with IMI C&IB
- Scale-up of Consumer Finance
- isybank 2.0
- Growth in International Banks
+ Launch of isywealth Europe
- Long-established and fully-owned product factories
- Distinctive and growing advisory networks
- isybank, fully digital bank with comprehensive product offering
- Capital light origination and international offer
- Cohesive management team, unleashing Group synergies
- Reset of Bad loans
- Active credit portfolio management
- Forward-looking credit decisions
- Holistic management of all risks
- Bad loans stock already reset
- Low NPL stock and ratios
- High-quality loan origination
- Strong track record in managing emerging risks
- Extension of ISYTECH
- AI/GenAI and Agentic AI evolution
- Acceleration of generational change
- Strategic insourcing at scale
- Proactive Administrative cost management
- Proven track record in cost management
- Strong tech investments already deployed, with efficiency gains
- ISYTECH, cloud-based digital platform
- Effective generational change
Europe’s most resilient Bank, as demonstrated by the EBA stress test
People are our most important asset
People are a central enabler of Intesa Sanpaolo’s Business Plan execution
~60,000 ISP People contributed to defining the 2026-2029 Business Plan strategic priorities.
Significant investment in the Group’s People, envisaging over the four-year period the following figures:
- - around 10,000 People reskilled/upskilled;
- - around 8,000 young People enrolled in dedicated development programmes;
- - around 20,000 People annually involved in transformative training/Academy programmes;
- - full integration and connectivity within the Group
- - strengthening of Group culture, by promoting a Group Culture Code and involving all the Group’s People in Group culture communication initiatives in 2026-2029;
- - further enhancement of Group welfare, with a focus on work-life balance.
2026-2029 Business Plan: strong value creation
| Best-in-class profitability | >€11.5bn 22% |
Net income in 2029 ROE(1) and 27% ROTE(2) in 2029 |
| Cost reduction | -1.8% 36.8% |
Absolute Cost reduction, benefitting from strong tech investments already deployed Cost/Income ratio down in 2029, while continuing to invest in technology and growth |
| Conservative Revenue growth | +3.0% | CAGR in Revenues (in line with nominal GDP growth), mainly driven by Commissions, with Customer financial assets reaching ~€1.7tn |
| Zero-NPL Bank | <1%(3)(4) | Net NPL ratio, coupled with low Cost of Risk at 25-30bps and high-quality origination, with overlays stable at €0.9bn(3) |
| Rock-solid capital position | >12.5%(3) | CET1 ratio target |
| World-class position in Social Impact | ~€1bn | Additional contribution(5), to fight poverty and reduce inequalities |
(1) Ratio of Net income to end-of-period shareholders’ equity. Shareholders’ equity does not include AT1 and Net income
(2) Ratio of Net income to end-of-period tangible shareholders' equity (shareholders' equity after deduction of goodwill and other intangible assets net of relevant deferred tax liabilities). Shareholders' equity does not include AT1 and Net income
(3) Throughout the entire Business Plan horizon
(4) According to EBA definition
(5) Over the 2026-2029 period. As a cost for the Bank (including €0.35bn structure costs)
High and increasing distribution, with ~€50bn capital return
Distribution for 2025-2029
Cash dividend payout ratio*
2026-2029
Buyback**
2026-2029
Payout ratio for each year of the 2026-2029 period
Strong growth in EPS and DPS, with additional distributions to be evaluated year-by-year starting from 2027****
* In each year of the Business Plan, based on stated Net income. Subject to shareholders’ approval
** In each year of the Business Plan, based on stated Net income. If CET1 ratio is >12.5% and no options for higher-ROI capital allocation to external growth are available (focusing on Wealth Management). Subject to ECB and shareholders’ approvals
*** Calculated on an accrual basis. Subject to ECB and shareholders’ approvals and based on the achievement of 2026-2029 Business Plan stated Net income targets
**** If CET1 ratio is >12.5% and no options for higher-ROI capital allocation to external growth are available (focusing on Wealth Management). Subject to ECB and shareholders’ approvals
~€500bn to ISP Stakeholders
Over the 2026-2029 Business Plan horizon, Intesa Sanpaolo will continue to generate value for all its Stakeholders, once again fulfilling the commitments made to its Shareholders and People and contributing to the economic and social development of the Country.
2026-2029, € bn
| Shareholders Cash dividends and buybacks for 2025-2029 |
~50(1) | Significant portion of Net income made available for consumption/investments |
| Households and businesses MLT new lending(2) |
~374 | Of which ~€260bn in Italy, higher than EU financial support (Next Generation EU) to fund the NRRP(3) |
| ISP People Personnel expenses |
~28 | Benefitting ~90,000 households |
| Suppliers Purchases and investments |
~17 | Benefitting ~40,000 households |
| Public sector Taxes(4) |
~26 | Equivalent to ~1.5x Italy’s annual real estate property tax revenues |
| Sustainable lending New lending |
30% | Portion of total new MLT lending(5) with a strong focus on social/environmental activities |
| Social needs Contribution |
~1(6) | Leading to ~€3bn impact on the socio-economic system |
(1) On an accrual basis. Subject to ECB and shareholders’ approvals and based on the achievement of 2026-2029 Business Plan stated Net income targets
(2) Including sustainable lending
(3) National Recovery and Resilience Plan
(4) Direct and indirect
(5) Equal to ~€112bn, of which ~€25bn social lending and ~€87bn environmental/other sustainable activities
(6) As a cost for the Bank (including €0.35bn structure costs)
Focus on isywealth Europe
Launch of isywealth Europe, leveraging on digital and Financial Advisors to support international expansion in Europe
A strategic element of the Plan is the launch of isywealth Europe, an initiative designed to strengthen the Group's presence in Wealth Management across major European markets, including France, Germany, and Spain, leveraging our strengths:
Leadership in Wealth Management
European leader in Wealth Management:
- - Best-in-class product offering
- - Strategic partnerships with global leaders (e.g., BlackRock)
- - Proven track record in developing distribution networks (i.e., Financial Advisors)
State-of-the-art technology
Strong tech investments already deployed:
- - ISYTECH, enabling efficient and scalable operating model
- - isybank in the Italian Mass market
- - Fideuram Direct in the Affluent/Private segment in Italy, Belgium, Luxembourg
- - Aladdin by BlackRock for investment advisory
Significant international presence
International presence in main European countries(1) through:
- - ISP international branches, with >€20bn in loans(2) to Corporate clients
- - Wealth Management, with ~€4bn AuM in Eurizon Asset Management
Development of integrated Hubs in main European countries of ISP presence to serve different client segments, leveraging Group synergies through a mix of innovative and traditional channels.
(1) France, Germany and Spain
(2) Including committed lines
isywealth Europe journey: from incumbent in Italy to challenger in main European countries
| First wave: 2026-2027 | Second wave: 2027 and beyond | |
| Governance and set-up | Launch of a dedicated project under CEO leadership with a steering committee comprising Group top management(1) |
Creation of a dedicated business unit |
| Extension of existing ISP international branch licences to serve Retail and Private clients(2) | First wave of branch/office expansion in major cities | |
| Business model | Set-up and market testing of product offering, also leveraging relationships and unlocking synergies with existing clients | Launch of a holistic product range (banking, WM, non-motor protection) leveraging our digital offering through isybank and Fideuram Direct and our product factories |
| Progressive development of Financial Advisors/Private Bankers networks through hiring and/or selective acquisitions | Scale-up of the networks of Financial Advisors/Private Bankers | |
| Extension of existing Wealth Management strategic partnerships with global champions (e.g., BlackRock) | Launch of new strategic partnerships across the full product range |
Operating model leveraging ISYTECH extension in 2027 to Affluent and Private client segments
(1) Heads of Banca dei Territori, International Banks, IMI Corporate & Investment Banking, Wealth Management Divisions; Chief Data, A.I. & Technology Officer, CFO, Chief Governance, Operating & Transformation Officer
(2) To be evaluated the possibility to leverage Intesa Sanpaolo Wealth Management Luxembourg licence
Focus on Social Impact and the sustainable transition
Leadership in Social Impact, supporting clients in the sustainable transition and confirming commitments to decarbonisation. Continuous commitment also to preserve and promote our cultural heritage and to foster innovation.
World-class position in Social Impact while supporting clients in the sustainable transition
Contribution to fight poverty and reduce inequalities during the 2026-2029 period**
of total MLT new lending over the Business Plan horizon with a strong focus on social and environmental activities***
2030 targets confirmed for financed emissions, asset management, insurance and own emissions
* By 2050
** €1bn already deployed in 2023-2025 as a cost for the Bank (including €0.35bn structure costs)
*** Equal to ~€112bn assuming ~€374bn total MLT new lending, of which ~€25bn social lending and ~€87bn environmental/other sustainable activities
Focus on AI and Agentic AI evolution to increase productivity
Evolution of service models
- - Commercial roles
- - Development of a conversational interface to enable better access for colleagues to information, services, and features through Agentic AI
- - AI Digital Expert Agents to simplify the activities and strengthen the role of Relationship Managers in proactive customer engagement and commercial campaigns
- Digital Branch
- - AI/GenAI tools to deliver faster issue resolution to clients, enabling end-to-end automation of client requests
- - AI-assisted tools to support sales for digital Retail and SME clients
“Agent-first” redesign of operational processes
- - Credit processes
- - GenAI to support and enhance proactive portfolio management
- - Agentic AI to support rating assignment and validation
- - Integrated tools into the existing early warning system value chain to automatically analyse unstructured data
- - Middle and back-office
- - AI/GenAI tools to support HR processes
- - AI/GenAI tools to support help desk colleagues in identifying and solving problems
- - Agentic AI to simplify pre/post-sales processes (e.g., drafting of contracts, collaterals)
- - Software and data
- - Agentic AI to support colleagues in requirements definition, software development, and testing activities, enabling greater productivity throughout the software development lifecycle (SDLC)
Strengthening oversight of risks and controls
Internal controls:
- - Full deployment of isycontrols (enabled by ISYTECH) to enhance efficiency, simplification and risk identification across key control processes
- - Agentic AI Digital Experts to optimise KYC and AML processes
- - GenAI-driven process validation, testing and agile assurance, to enable a fast introduction of GenAI into a risk-controlled environment covering data, models and compliance
Focus on holistic management of all risks
Further enhancement of control and risk management framework
- - Evolution of the internal control framework (isycontrols, enabled by ISYTECH), embedding LoD(1) 1 controls directly into commercial processes and customer journeys while enhancing LoD(1) 2 and 3 controls through AI to improve accuracy in risk identification
- - Further strengthening of the Group’s anti-financial crime solutions through extensive adoption of AI and recourse to private and public partnerships
- - Enhanced risk management approach with a reinforced attitude on non-financial risks (e.g., Cyber, ICT, third-parties) and extended use of risk models upgraded through AI to enable new business development with comprehensive risk control digital transformation of risk management processes
Focus on emerging risks
- - Enhanced focus on emerging risks in the new economic and geo-political environment, in particular:
- - Geopolitical risk, through identification of threats arising from the evolution of macro-scenarios by geography and industry, assessment of the main implications on the Group’s multiple risk profiles and set-up of a Global Defense Center coordinating responses to Corporate security
- - Cyber & physical risks, through the reinforcement of the cybersecurity risk model with integrated reporting that combines intelligence with the analysis of cyber and physical threats
- - Technology risks through the enhancement of “Model and Data Risk” frameworks to manage the widespread and ethical use of AI/GenAI systems and the strengthening of security measures against fraud/scams and insider threats
- - Climate risk, shifting from a risk mitigation approach to a more comprehensive resilience strategy, including the models for physical and environmental risk adaptation
- - Further enhancement of Data Privacy & Protection practices through empowered ex-ante and ex-post control systems to discipline employees’ right-to-know and enhanced supervision of suppliers (e.g., DORA requirements) to reduce third-party risk
Reinforced risk and security culture
- Further strengthening of the Group-wide risk and security culture, including training and communication initiatives (e.g., fraud prevention), detection tools, partnerships with institutions, industry associations and universities, and customer awareness campaigns
(1) Line of Defence
