Intesa Sanpaolo’s first half 2026 results: comments by CEO Carlo Messina

CARLO MESSINA, CEO OF INTESA SANPAOLO - COMMENTARY ON THE FIRST-HALF 2026 RESULTS

“The first-half 2026 results demonstrate Intesa Sanpaolo’s strong ability to execute the 2026-2029 Business Plan and achieve all of its objectives. We have delivered the best six-month performance in our history, driven in part by our best quarter ever, with net income of €5.6 billion for the first half and €2.8 billion for the second quarter.

“We achieved record revenues, fees and insurance business, confirming the strength of our business model and the Group’s technology leadership.

“Annualised ROE stands at 20%, with annualised ROTE at 25%, confirming our position among the most profitable banks in the European banking sector.

“The quality of the results achieved in the first half enables us to improve our 2026 net income guidance, raising our target to more than €10 billion.

“Intesa Sanpaolo continues to rank among the European banks with the highest shareholder remuneration. During 2026, we expect to distribute approximately €9.4 billion to shareholders through dividends and buybacks. In the first half, we have already accrued €5.3 billion for distribution to shareholders, including €4.2 billion in cash dividends, of which approximately €3.8 billion will be distributed through the interim dividend in November.

“In February, we presented a Business Plan based on significant revenue growth, driven in particular by our Wealth Management, Protection & Advisory businesses. This is complemented by the continuation of a robust investment programme in proprietary, state-of-the-art technology, while maintaining our status as a “Zero-NPL” Bank.

“In June, we presented the market and the shareholders of Monte dei Paschi di Siena with an offer that gives them the opportunity to join a Bank that operates with a sustainable long-term perspective, serving shareholders, families, businesses of every size, local communities and society, while placing the highest value on its People.

“Our objective is to create an even stronger and more profitable Group together, playing a leading role in an increasingly complex global environment while maintaining strong roots in the economy, society and the development potential of our country.

“The combination of the strengths of Intesa Sanpaolo, the part of Monte dei Paschi that will become part of the new Group, and Mediobanca will enable us to reach €2 trillion in customer financial assets by 2029, strengthen our leadership in serving families and businesses and in wealth management, create a leader in Consumer Finance, Wealth Management and Corporate & Investment Banking, and to expand internationally. Our recruitment programme provides for 13,100 young people to join the Group.

“The new Group is expected to generate net income of more than €16 billion by 2029, while total shareholder distributions are estimated at €61 billion between 2025 and 2029. Dividend per share is expected to increase from 2026.

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“As at 30 June 2026, Intesa Sanpaolo’s customer financial assets exceeded €1.5 trillion, increasing by €121 billion over the past year and by €68 billion since the first quarter, confirming the trust of our customers and the strength of our Wealth Management, Protection & Advisory model.

“In the first half of 2026, we provided more than €44 billion in lending to support families and businesses, confirming our role as a Bank that supports the real economy. Of this amount, €9.7 billion was allocated to new medium- and long-term lending for the sustainable transition, while €3 billion was allocated to new social lending.

“Rigorous execution of our Business Plan and disciplined cost control remain among the key strengths of our business model. In the first half, we achieved our lowest-ever cost/income ratio at 35.9%, among the best in the European banking sector, while continuing to reduce operating costs. The annualised cost of risk stands at just 20 basis points, reflecting the low flow of non-performing loans.

“Our position as a ‘Zero-NPL’ Bank continues to strengthen. The stock and inflow of non-performing loans remain at historical lows, with a Net NPL ratio of 0.8% and bad loans now close to zero.

“Our capital position continues to be one of the Group’s key strengths, with a CET1 ratio of approximately 13.1%, rising to 13.8% including the benefit from the absorption of DTAs.

“Our leadership is also reflected in our social impact. We have already allocated more than €1.1 billion to initiatives and projects supporting communities, combating poverty and reducing inequalities. We also continue to support the sustainable transition by helping families and businesses make the investments needed to support the transformation of the economy.

“The quality of our People is the foundation of the results we continue to achieve and of our ability to create sustainable value over time. My sincere thanks go to them for the professionalism, dedication and extraordinary contribution with which, every day, they make Intesa Sanpaolo’s success possible.”

29 July 2026