Italian Financials Milan tour feedback

Research evidence excerpt

Italian Financials Milan tour feedback

J P M O R G A N Europe Equity Research

28 May 2026

Italian Financials

Milan tour feedback

We recently organised a financials tour to Milan. We met with Intesa Sanpaolo European Banks

AC(CFO), UniCredit (CEO and CFO), Banco BPM (CFO), BPER (CEO, CFO and Delphine Lee

CRO), Generali (deputy CEO) and Fineco (Co-Vice General Manager and CFO). (44-20) 7134-3971

Overall, the message was reassuring: 1) management is strongly focused on delphine.x.lee@jpmorgan.com

delivering growth, with or without acquisitions; 2) M&A remains a key strategic Kian Abouhossein

focus for most, but management reiterated the need for financial discipline on (44-20) 7134-4575

M&A transactions and are still committed to more attractive long-term payouts in kian.abouhossein@jpmorgan.com

the absence of M&A; and 3) banks gave a cautiously optimistic outlook for Net European Diversified Financials

Interest Income, supported by higher rates and volume recovery with some early Enrico Bolzoni, CFA

signs of improved demand. Whilst the macro environment remains uncertain, the (44 20) 7134-4222

banks were confident that profitability, capital generation and distribution will enrico.bolzoni@jpmorgan.com

J.P. Morgan Securities plc

continue to improve. We remain ISP (OW) with higher gearing to growth through

Asset Gathering, more resilient revenues and the highest ROTE at 24% in 2028e Specialist Sales contact details:

and attractive total yield, but we also reiterate our OW UCG with attractive risk-

Gigi Sparling - Specialist Sales -

reward, strong profitability and attractive yield with upside to consensus European Financials

expectations. (44-20) 7134-0355

ghislaine.sparling@jpmorgan.com

• M&A discipline: Whilst all the banks recognize that there is scope for further