FinecoBank SpA (FBK.MI): Strong net sales, accelerating client growth and brokerage upside

Research evidence excerpt

FinecoBank SpA (FBK.MI): Strong net sales, accelerating client growth and brokerage upside

Equity Research

6 July 2026 | 10:54AM BST

FinecoBank SpA (FBK.MI): Strong net sales, accelerating client growth

and brokerage upside

Today (July 6), FinecoBank reported June metrics, highlighting continued strength Oliver Carruthers, CFA

+44(20)7552-9364 |

across net sales, client acquisition, and brokerage activity. Total Financial assets oliver.carruthers@gs.com

Goldman Sachs International

reached €175bn, +19% YoY, supported by €1.4bn of net sales in June (+71% YoY),

Anshika Mehrotra

and positive market performance. June net sales were driven by strong inflows into +1(212)934-7679 |

AuM, and AuC, partly offset by seasonally weaker direct deposits (June is seasonally anshika.mehrotra@gs.comGoldman Sachs India SPL

weak month due to tax payments). This brings YTD net sales to €8.9bn, up 35% YoY. Tom Ferguson

Customer additions remained robust with 21.7k new clients added in June, taking +44(20)7051-0547tom.ferguson@gs.com|

the total client base to ~1.9mn (+10%). Brokerage activity was particularly strong, Goldman Sachs International

Sabourianwith revenues estimated at c.€30mn in June (+60% YoY; €75mn in 2Q), ahead of Naimeh | +44(20)7051-0573

consensus expectations, and implying low-single-digit upside to 2Q operating profit naimeh.sabourian@gs.com Goldman Sachs International

vs Visible Alpha Consensus Data, on our calculations. We believe that these results

further support our view of accelerating underlying business momentum, driven by

sustained net sales strength, accelerating client growth, and continued monetisation

across the platform. At 17.5x FY27 P/E, we see current levels as attractive and

reiterate our Buy rating.

Exhibit 1: Monthly KPIs