Bank Bff cuts targets and reviews top management structure
For the share price a theoretical drop of 23%. In 2026, profit is forecast at EUR 160 million instead of EUR 240 million. All delegations to Giuseppe Sica new general manager
Key points
Banca Bff cut 2026 targets and 2025 estimates and revised top management. The stock's reaction was immediate, with the institution failing to make a price against a theoretical drop of 23%.
The numbers
In particular, in relation to the extraordinary provisions for the year 2025 aimed at de-risking its factoring portfolio, Banca Bff reported that adjusted net profit for 2025 is now estimated at about EUR 150m, up 5% year-on-year, with an adjusted Roe of 23%. Accounting Net Profit is estimated at 70 million, including one-offs. Capital generation, the bank says, "remains solid" with the CET1 ratio fully capitalised 2025 expected at 13.2% -13.7%, and the TCR ratio at 16.4% and 16.9%, both including the effects of extraordinary one-offs and the reduction in NPE. The Bank will publish its consolidated financial results for 2025 on 10 February 2026.
Based on the lower growth of the loan portfolio and collection performance in 2025, the Board also approved a 'more conservative' 2026 budget, revising its 2026 financial targets. Adjusted net profit increased from EUR 240m to EUR 160m; earnings per share from EUR 1.3m to EUR 0.8m; cost/income ratio below 50 per cent, from below 40 per cent; Return on Tangible Equity to 24 per cent, from above 40 per cent. The bank reports that the business 'remains structurally sound and profitable and is expected to continue to generate earnings growth and robust capital generation'. In the second half of 2026, the bank will present its new Strategic Plan, which will benefit from the actions taken.
Governance
At the same time, the bank's board of directors appointed Giuseppe Sica as general manager, attributing to him all the powers previously exercised by Massimiliano Belingheri, who in fact relinquished his delegated powers as CEO, in order to 'ensure full cohesion and alignment within the board and with the bank's management, which he will in any case continue to support in the role of non-executive director'.
Giuseppe Sica joined Bff in February 2025 as cfo thanks to "a long experience in leading financial companies". At Morgan Stanley he has, among other things, followed Bff as an advisor at key moments in its growth: in the transfer of ownership from the Apax Partners fund to Centerbridge Partners in 2015, in the strategic acquisition in Poland in 2016, up to the company's listing on the Borsa Italiana electronic stock exchange in 2017.
