Fineco Bank (FBK.MI): Solid 2Q26 results, another qualitative FY26 guidance upgrade through improved revenue outlook

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Fineco Bank (FBK.MI): Solid 2Q26 results, another qualitative FY26 guidance upgrade through improved revenue outlook

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30 Jul 2026 02:05:26 ET │ 11 pages

Fineco Bank (FBK.MI)

Solid 2Q26 results, another qualitative FY26 guidance upgrade through

improved revenue outlook

CITI'S TAKE Buy

Price (29 Jul 26 17:30) €23.35 Fineco reported a strong 2Q26 print with pre-provision operating profit

Target price €26.40 5% above consensus, driven by a 4% revenue beat with costs in-line. NII is

3% above consensus, with commissions also ahead by 2%. The company Expected share price return 13.1%

has qualitatively upgraded its guidance for a second quarter in a row, Expected dividend yield 3.5%

driven by better net sales and higher rates. Given this, we expect the Expected total return 16.6%

shares to perform well at the open and there to be low to mid single-digit Market Cap €14,288M

consensus EPS upgrades. We reiterate our Buy rating. US$16,384M

Improved revenue outlook in 2026, with €5m of additional marketing expenses

— Fineco has qualitatively upgraded its 2026 guidance for the second quarter in a

row. While it has not given precise numbers, 2026 revenues across all line items are Andrew Lowe, CFAAC

expected to be higher than management expected three months ago. This is driven +44-20-7986-4042

by better than expected net sales and higher interest rates. In addition, Fineco has andrew.lowe@citi.com

today announced an additional €5m of marketing expenses, which it believes will

Canberk Benningadd value given strong client traction this year. Net of this, management has

+44-20-7986-1046upgraded its expectations for 2026 net profits, albeit unquantified.

canberk.benning@citi.com

Revenues beat by 4%, driven by better commissions and net interest income —