Sella Group - positive results and further business growth in the first half of 2025

Profitability

• Consolidated Group net profit: €100.1 million (+23% compared to June 2024) 
• ROE (annualized): 11.3% (11.3% in June 2024) 

Economic Performance & Efficiency

• Total Income: €567.8 million (+7.7% compared to June 2024) 
• Net interest income: €280.4 million (-0.6% compared to June 2024) 
• Net income from services: €243 million (+14.8% compared to June 2024) 
• Operating costs: €397.5 million (+7.1% compared to June 2024) 
• Cost/Income ratio: 69.7% (it was 69.7% in June 2024) 

Performance of deposits and lending

• Total deposits: €70.9 billion* (+15.8% compared to June 2024 and +6.5% compared to December 2024) 
• Total net deposits: €4.3 billion* (€3.7 billion in June 2024) 
• Total lending: €12.4 billion * (+9.1% compared to June 2024 and +5.9% compared to December 2024) 
• New lending: €1.8 billion (€1.6 billion in June 2024) 

* including Banca Galileo

Capital Soundness 30/06/2025 (30/06/24 - 31/12/24)

• Sella Group - CET1 Ratio: 13.21% (13.02% - 13.81%) - Total Capital Ratio: 16.22% (15.39% - 16.05%) 
• Banca Sella - CET1 Ratio: 20.65% (19.31% - 20.69%) - Total Capital Ratio: 23.47% (22.17% - 22.52%) 
• Banca Patrimoni Sella & C. - CET1 Ratio: 12.77% (15.25% - 13.98%) - Total Capital Ratio: 15.02% (15.25% - 13.98%) 

Liquidity & Asset quality

• LCR: 200.5% (195.2% in June 2024 and 196.32% in December 2024) 
• NSFR: 142.1% (140.5% in June 2024 and 144.02% in December 2024) 
• Loan to Deposit ratio: 62.4% (60.8% in June 2024 and 61.2% in December 2024) 
• Gross NPL ratio: 2.8% (3% in June 2024 and 2.8% in December 2024) 
• Net NPL ratio: 1.4% (1.6% in June 2024 and 1.4% in December 2024) 
• NPL Coverage: 51.9% (48.2% in June 2024 and 51.2% in December 2024) 
• Bad loans coverage: 69.5% (63.9% in June 2024 and 66.1% in December 2024) 
• Credit cost: 39 bps (40 bps in June 2024 and 47 bps for the whole of 2024) 
• Texas Ratio: 20.3% (22.1% in June 2024 and 20.3% in December 2024) 

People & investments

• Customers: 1.48 million (+111,000 compared to June 2024) 
• Team Sella: around 6,755 people (+263 compared to June 2024) 
• Investments (excl. real estate): €49.2 million (it was €39.4 million in June 2024) 

Group banks' main results

• Banca Sella
  • Net profit: €84.1 million (-0.8% compared to June 2024)
  • ROE (annualized): 15% (17.6% in June 2024)
  • Total deposits: €41.8 billion (+12% compared to June 2024)
  • Lending: €10.1 billion (+5.4% compared to June 2024)
• Banca Patrimoni Sella & C.
  • Net profit: €15.2 million (+12.7% compared to June 2024)
  • Asset under management: €30.1 billion (+20.4% compared to June 20
  • Net deposits: €2.8 billion (€2.2 billion in June 2024)
     

Please refer to the 'Explanatory and Methodological Notes' section at the end of the document for clarifications on the components of economic items, equity aggregates and financial metrics used, as well as the main definitions of terms used in this press release.

The Board of Directors of the parent company Banca Sella Holding approved the consolidated results at 30 June 2025, which confirmed the Group's positive performance and further improvement in all business areas, with an increase in total income and in the number of customers. 
 
These results, driven by a business model based on the combination of specialized consulting and advanced technology, as well as broad diversification of revenue sources, confirm the Group's ability to generate value over time through a customer-focused strategy backed by the long-term vision of the Make an Impact strategic plan and its traditional prudent management approach. More specifically, during the first semester of the year, further growth was recorded in deposits, lending, and investment volumes that comply with sustainability criteria and have a positive impact on the economy and society. 
 
The Group's financial and economic performance 
The first half of 2025 closed with consolidated net income of €100.1 million, up 23% compared to €81.4 million in the same period of the previous year, with ROE at 11.4%. Excluding non-recurring items, net profit amounted to €88.5 million, up 5.1% compared to the same period last year, reflecting the good operating performance. 
Consolidated net profit pertaining to the parent company, net of the quota relating to third-party shareholders present in the shareholding structure of several Group companies, was €79.7 million, showing a 27.9% increase from the €62.3 million in the previous year (+5.9% net of non-recurring items). 
 
Non-recurring items, totaling €11.7 million, relate to the recovery in value of approximately €7 million of the shareholding in illimity Bank following the subscription to the public tender and exchange offer launched by Banca Ifis at a price higher than the carrying amount, compared to the €4.9 million write-down in June 2024. The semester also benefited from a capital gain amounting to €4.7 million resulting from the sale of Codd&Date. 
 
Total income rose to €567.8 million (+7.7%), mirroring the solid growth across all the Group's business areas. This result also benefited from the expansion of the Group following the acquisitions of Banca Galileo, a banking institution specializing in asset management and administration, completed in March, and of FinApi, a leading German player in the open banking industry, finalized in June with the aim of further strengthening the Group's position in open finance at international level. 
 
Net interest income stood at €280.4 million, virtually unchanged from €282 million in the same period of the previous year, thus showing good resilience in a context of falling interest rates, thanks to the steady increase in average loans, good management of deposits and the contribution of the securities portfolio. 
 
The good balance in margins is further underscored by the growth in net income from services, which reached €243 million (+14.8%), representing over 40% of the total and ensuring revenue stability in a scenario of steadily decreasing interest rates. This result benefits from growth in revenues from digital payment systems, financial advisory activities, and investment services, as well as contributions from ancillary lending charges and commissions, banking activities, and bancassurance. Net income from financial activities was positive by €44.4 million, compared to the €33.4 million in the same period of the previous year. 
 
Operating costs amounted to €397.5 million, up 7.1%, due to the strengthening of sales activities and the expansion of the corporate perimeter in line with strategic development objectives. The variation mainly concerns personnel costs linked to an increase in the workforce, amounting to €237 million (+10.8%). At 30 June, the Sella Team consisted of 6,755 people, 263 more than at the same time last year, including 76 staff from Banca Galileo in Italy and FinApi in Germany. 
 
Other administrative expenses came to €102.3 million, down 5.7% compared to the same period last year, which had been affected by the contribution of €16.3 million to the DGS resolution fund, which is not expected in 2025. Net of this item, an increase of approximately €10 million was recorded, mainly due to higher IT service costs related to the ongoing upgrading of the Group's technology infrastructure, while depreciation and amortization, as a result of significant strategic investments made in recent years, increased by 16.9% to €55 million. Capital expenditure (Capex), excluding real estate, in the first half of the year amounted to €49.2 million (compared to €39.4 million last year). 
 
The Cost to Income ratio was 69.7%, consistent with last year, reflecting the Group's level of diversification and ongoing growth. 
As a result of these dynamics, operating profit reached €170.3 million, up 9.2%. 
 
Net adjustments on loans amounted to €24.1 million, compared to €22.8 million for the same period last year, representing an annualized credit risk cost equal to 39 bps, in line with last year. These values include the activities of companies specializing in consumer credit and show greater loan coverage. Banca Sella and Banca Patrimoni Sella & C., which account for the Group's largest lending volumes, posted a cost of risk of 21 and 9 bps respectively. 
 
Net allocations to provisions for risks and charges (including operating risk) amounted to €2.2 million, down from €3 million in the same period last year. Net equity investment result rose to €4.9 million, mainly benefiting from the recovery in value (+€7 million) of the investment in illimity Bank S.p.A. following the subscription to the public tender and exchange offer promoted by Banca Ifis and settled at a price higher than the carrying amount, as compared to the write-down of €4.9 million in June 2024. 
 
Profits from the sale of investments in the semester amounted to €4.6 million, compared to €0.2 million in the same period of the previous year, mainly due to the €4.7 million capital gain relating to the sale of Codd&Date, which was completed on 30 June 2025. 
 
The effectiveness of the business model is also confirmed by the constant increase in the number of customers, which has grown by 111,000 since June 2024 (+63,000 in the first half of the year), bringing the total to 1.48 million (3.26 million including Hype, held in a joint venture with illimity Bank). 
 
Deposits and lending 
The results achieved in asset and wealth management were particularly significant, with total deposits exceeding €70 billion, up 15.8% or €9.7 billion, of which €8 billion relating to net deposits and €1.7 billion to market price performance. Compared to the end of 2024, there was a 6.5% increase, equal to €4.3 billion, driven by significant total net deposits amounting to €4 billion (compared to €3.7 billion in the first half of 2024), with asset management contributing €2.4 billion and market price performance contributing €0.3 billion. The acquisition of Banca Galileo contributed €1 billion to these growth figures. 
 
Direct deposits net of repos totaled €19.6 billion, up €1.3 billion compared to the same period last year (+7.4%) and €0.4 billion compared to the end of 2024 (+2.2%). 
 
Assets under administration reached €24.8 billion, up 20.6% compared to the same period in 2024, equivalent to €4.2 billion, of which €3.2 billion was new net deposits and approximately €1 billion related to market price performance. Compared to the end of 2024, the increase was 6.9%, equal to €1.6 billion, of which €1.3 billion was new net deposits and approximately €300 million was due to the positive effect of the markets. 
 
Deposits under management also increased significantly, reaching €26.6 billion, +18.4% compared to the same period last year, equal to €4.1 billion (€0.7 billion related to market price performance) and +9.9% compared to the end of 2024. The first six months of 2025 recorded a solid result for net deposits under management amounting to €2.4 billion. 
 
Qualified deposits at market value, which include asset management products and deposits under advisory contracts, reached €30.9 billion (equal to 43.4% of total deposits), up 18.9%, with an increase of €4.9 billion, driven by €4.2 billion in qualified net deposits and €0.7 billion by market price performance. 
 
Lending continued to grow at a steady pace, reaching €12.4 billion (+9.1% compared to the same period last year and +5.9% compared to the end of 2024), in line with the structural and balanced growth of the business model. In the first half of 2025, lending activities were particularly dynamic, with over €1.8 billion in new loans (+13.5%), confirming the Group's active role in supporting the real economy. 
 
Lending quality remains solid - the coverage ratio for non-performing loans increased to 51.9% (from 48.2%); the coverage ratio for bad loans followed a similar trend, increasing by 560 basis points to 69.5% (from 63.9%). The net NPL ratio was 1.4% (previously 1.6%) while the gross NPL ratio was 2.8% (previously 3%). The Texas ratio was 20.2% (previously 22.1%). 
 
Soundness and liquidity 
In a macroeconomic environment marked by high uncertainty fueled by geopolitical and trade tensions and the rise of new systemic risks, the Group has confirmed its financial soundness with indicators that are well above regulatory requirements, high levels of liquidity, the quality of its assets, and strong risk management. 
 
At 30 June 2025, the CET1 ratio was 13.21%, the TIER 1 ratio was 13.96% and the Total Capital Ratio was 16.22% (they were respectively 13.02%, 13.27% and 15.39% in June 2024 and 13.80%, 14.06% and 16.05% at the end of 2024) compared to minimum SREP requirements for 2025 of 7.8%, 9.6% and 12%. In addition to the above, the 0.031% countercyclical capital buffer and the 0.732% systemic risk buffer (the latter calculated on 1% of significant exposures as of June 30, 2025) must be met, for a minimum total CET1 Ratio requirement of 8.56% (10.36% for the TIER 1 ratio and 12.76% for the Total Capital). 
 
Liquidity indicators LCR at 200.5% and NSFR at 142.1% are well above the minimum regulatory thresholds of 100%, thus attesting to the high level of liquidity available and the ability to meet short- and medium-term commitments. 
 
The full implementation of the Group's three-year funding plan started in 2024 aimed at meeting MREL requirements effective as of 1 January 2027, estimated at 22.58% of risk-weighted assets, including capital reserves is progressing, based on the notice of commencement of the procedure for determining the requirement received from the Bank of Italy in June. Having fully achieved the targets set for 2024, the Group also completed the funding planned for 2025 ahead of schedule through market operations that were met with keen interest from investors, including the placement of the first issuance of a €60 million Additional Tier 1 instrument, the issuance of a €50 million Tier II subordinated bond loan, and the issuance of a €300 million Senior Unsecured instrument (an operation finalized in early July, therefore after the end of the semester) were also completed ahead of schedule. 
 
As confirmation of the further strengthening of the Group's financial and reputational profile, in June S&P Global Ratings assigned Banca Sella Holding a BBB-/A-3 investment grade rating with Stable Outlook, specifically acknowledging the Group's fundamentals, diversified business model, prudent risk management, and ongoing investments in innovation. 
 
The performance of the main business segments 
Among the various business segments in which the Group is engaged, in addition to the good performance of traditional banking services, including bancassurance, there is also that of investment services, which generated revenues amounting to €115.4 million (+16.2% compared to the same period of the previous year), supported by the increase in volumes of qualified deposits of funds and SICAVs, asset management, insurance-financial activities, as well as a positive trend in revenues from trading activities, both traditional and online. The Group also supported its customers by expanding its range of products and services with ESG characteristics. Particularly significant is the figure relating to Sella SGR's investment funds with sustainability features and objectives (pursuant to Articles 8 and 9 of the SFDR), which exceeded 97% of total assets under management. 
 
Further growth was seen in the first half of the year in total margins from payment systems reaching €57.9 million (+14% compared to the same period last year), which contributed significantly to the growth in service revenues. More specifically, revenues from acquiring services (POS and e-commerce) increased by €4.1 million (+16.8%). The volumes processed through digital payment systems, an area in which the Group is recognized for its considerable expertise, reached €19.1 billion (+8.3%)

Open Finance platforms also continued to grow, generating revenues of €24.2 million (+6.6%). Recurring revenues also grew (up 8.1%), accounting for 78% of total revenues. In this business segment, FinApi, a leading German company in the Open Banking sector, joined the Group in June. 
 
Finance, which includes treasury and funding activities, securities portfolio management, investments in venture funds, and trading on own account, closed the reporting period with margins of €40.3 million, down from €51.4 million in the first half of 2024 (-21.7%), mainly due to the increase in the cost of medium/long-term funding (three bond issuances carried out in the semester) in line with the funding plan aimed at achieving the MREL targets. Excluding this factor, the segment recorded slightly better results compared to the previous year, driven by the positive performance of the proprietary securities portfolio and activities on the financial markets. 
 
Corporate investment banking, which also includes the management of direct investments in equity and venture capital, with reference to M&A, private debt, and leveraged finance products, recorded margins of €7 million (+12%) in the first half of the year, with a total of 13 deals completed. The leveraged finance and private debt stock grew by 23% to €338 million. The Corporate Venture Capital and Equity Investment portfolio has a value of €48.8 million and generated margins of €1.3 million. 
 
 Sustainability 
The Group remains committed to sustainability. The percentage of self-produced energy, calculated as the ratio between energy production from renewable sources and electricity consumption, rose to 19.1% at the end of June 2025 from 5.5% at the end of June 2024. 
The 2024 Consolidated Sustainability Report was also published acknowledging the new CSRD (Corporate Sustainability Reporting Directive) of the European Union, which aims to improve the quality and comparability of sustainability reports, ensuring greater transparency with regard to the impact of companies on society and the environment. 
The Group was also granted the Gender Equality Certification from TÜV Rheinland, a leading international certification body, which attests to Sella Group's tangible commitment to promoting a fair, inclusive, and diversity-friendly work environment. 

Banca Sella 
Banca Sella closed the first semester of 2025 with net profit of €84.1 million, slightly down from the €84.8 million in the previous year (-0.8%). ROE stood at 15% (it was 17.6% in June 2024). The traditional capital soundness has been strengthened, with CET1 at 20.65% and Total Capital Ratio at 23.47% (they were 19.31% and 22.17% in June 2024 and 20.69% and 22.52% at the end of 2024). The increase in CET1 was also due to the effects of the sale of a part of the stake in Visa Inc., amounting to approximately 22 bps compared to the June 2024 figure. Liquidity indicators were also very positive, well above the required thresholds with LCR at 230.5% and NSFR at 155.2% (for both, the minimum required thresholds are 100%). 
 
Credit quality indicators remain solid - the annualized cost of credit risk is 21 bps (it was 16 bps in June 2024 and 24 bps at the end of 2024) with increasing loans coverage. The net NPL Ratio is 1.3% (it was 1.4% in June 2024 and 1.2% at the end of 2024), while the gross NPL Ratio is 2.5% (it was 2.6% in June 2024 and 2.4% at the end of 2024). The Texas Ratio is 19.7% (it was 22.2% in June 2024 and 19.4% at the end of 2024). 
 
Total deposits at market value stood at €41.8 billion, up 12% from June 2024 and 3.7% from the end of last year. Total net deposits were positive by €1.3 billion, supported by growth in indirect deposits. Lending to support household and business activities increased by 5.4% compared to June 2024 and by 3.7% compared to the end of 2024 reaching €10.1 billion. 
 
Total income recorded a positive performance (+0.6% compared to June 2024 to €340.6 million) despite a contraction in interest margin (-10.2% to €190.7 million) mainly related to interest rate dynamics. Particularly significant was the growth in net income from services (+14.5% to €139 million), driven by higher income from digital payment systems (+20.3% to €40.7 million) and investment services (+10.8% to €48.7 million). Also positive were the performance of ancillary loan fees (+5.2%, to €15 million), revenues from banking (+2.5%, to €15 million) and income from non-life insurance (+41.4%, to €3.8 million). Net results from financial activities (+123.2% to 10.8 million euros) were also positive. Cost to Income is at 59.6% (it was 59.9% in June 2024). 
 
The results highlight the soundness and effectiveness of Banca Sella's service model, based on strong advisory relationships with customers and ongoing value exchange with the local areas and communities in which it operates, thereby contributing to generating a positive impact.
Three new branches were opened in the Lombardy and Apulia regions during the first half of the year as part of a plan designed to strengthen local development and provide support to households and businesses across a range of financial needs. 
The bank also confirmed its commitment to financial education with the launch of a program dedicated to women's empowerment aimed at reducing the gender gap, and other initiatives to help people make informed financial decisions, both at the household level and in the management of their business activities. 
 
Banca Patrimoni Sella & C.
Banca Patrimoni Sella & C., specializing in the wealth management and administration of private and institutional customers, closed the first half of 2025 with a net profit of €15.2 million, up compared to the €13.5 million in June 2024. The assets under management reached €30.1 billion, a 20.4% increase over June 2024 and 10.8% over the end of last year. Total net deposits amounted to €2.8 billion, while qualified net deposits reached €1.7 billion, benefiting from customers' interest in asset management solutions. These results were influenced by the positive performance of commission income, resulting from the bank's further growth in size, as well as interest margin and profits from trading in the proprietary securities portfolio. CET1 is 12.77%, while the Total Capital Ratio is 15.02% (they were both 15.25% in June 2024 and 13.98% at the end of 2024). 
 
In the first semester, Banca Patrimoni Sella & C. completed the acquisition through a merger by incorporation of Banca Galileo. Among Banca Patrimoni Sella & C.'s subsidiaries, Sella SGR, the Group's asset management company, closed the first semester of 2025 with net profit of €1.55 million, up 16.6% from the same period last year, with assets under management that exceeded €5 billion, reaching €5.8 billion (+26.8% compared to June 2024). Sella Fiduciaria, a company that provides trust and family office services, closed the first half of 2025 with assets under management amounting to €1.9 billion, representing an increase of 4.6% compared to June 2024. A total of 768 fiduciary mandates were opened, and 23 trusts and 19 family office contracts were managed. 
 
Fabrick and the fintech ecosystem 
The first half of 2025 brought further development for the Sella Group in the Open Finance sector through the activity of the specialist company Fabrick and its subsidiaries (Fabrick Solutions Spain, Judopay, finAPI and Codd&Date), which totaled net revenues of €31.2 million, up 4% from the same period in the previous year. Recurring revenues also increased (+9%), representing 75% of total revenues (compared to 71% in the same period in 2024).The number of customers also increased - the counterparties connected to the platform at the end of June were 479 (+39), generating a significant increase in API calls to over 8.5 billion per month. At 30 June, the payments segment had reached 128,000 customers (+8%) generating POS and e-commerce transactions with a total value of €14.1 billion (+7%). 
In line with 2024, Fabrick continued its international expansion strategy, officially entering the German Open Finance market thanks to the completion of the acquisition of 75% of finAPI from Schufa Holding in June. With a view to placing even greater focus on Open Finance, Fabrick also sold 100% of Codd&Date, a management consulting and technological-organizational advisory company, also at the end of June. 
 
The Fintech District community, within the scope of which open innovation projects are developed, at the end of June counted 303 fintech associates and 38 corporates with whom collaborations have been established over the years. 
 
Click here to view the Consolidated Accounting Data of Sella Group and the Accounting Statements of Banca Sella as at 30 June 2025
 

Explanatory and Methodological Notes 

Change in the consolidation scope 
During the first half of 2025, the consolidation scope of the Sella Group underwent the following changes: 
 
on 10 March 2025, the merger by incorporation of Banca Galileo S.p.A. into Banca Patrimoni Sella & C. was successfully completed, resulting in the integration of Banca Galileo into the Sella Group. At the date of completion of the deal, Banca Galileo's assets amounted to approximately €1 billion in total deposits, broken down as follows: €0.5 billion in direct deposits, €0.3 billion in assets under management, and €0.2 billion in assets under administration. The estimated contribution to the total income resulting from the corporate merger is approximately €1 million on a monthly basis (management data); 
 
on 4 June 2025, Fabrick S.p.A., a Sella Group company specializing in innovative services for the financial ecosystem, completed the acquisition of 75% of the share capital of FinAPI GmbH, a German company operating in Open Banking and Open Finance services. The estimated contribution of the deal to the total income is around €0.8 million on a monthly basis (management data); 
 
on 30 June 2025, Fabrick S.p.A. completed the sale of 100% of the share capital of Codd&Date S.r.l. to Links Management and Technology S.p.A., a deal that generated a net capital gain of €2.5 million. 
 
The consolidated income statement and balance sheet figures for Sella Group at 30 June 2025, as presented in this press release, reflect the overall effect of these deals, including both the assets and liabilities acquired or sold and the related economic contribution to the period in question. 

Consolidated Group net profit - this refers to the profit for the financial year pertaining to the Holding Company (Banca Sella Holding) including third-party minority interests (present in a number of Group companies under the control, management and coordination of the Holding Company Banca Sella Holding) generated on its own behalf and by its wholly consolidated subsidiaries (Banca Sella S.p.A., Banca Patrimoni Sella & C. S.p.A., Fabrick S.p.A. being the main ones plus others - a full list of the shareholdings can be found on page 48 of the Consolidated Financial Statement and Report at 31 December 2024) excluding intergroup elisions and adjustments. 
 
Repos (Repurchase Agreements) - Repos receivable and payable are, in almost all cases, negotiated with Cassa Compensazione Garanzia and linked to the market making activities of the Parent Company. 
 
ROE - ratio between profit for the financial year, calculated by adding the impact of nonrecurring events to the sum of Reserves, Share Premium Accounts, Capital, Minority Interest (+/-) and the Minority Interest profit component in the Balance Sheet Liabilities. 
 
Cost/Income ratio - ratio between operating costs, after deducting the IRAP tax on personnel costs, net of losses related to operating risks as the numerator, and total income as the denominator. Costs include contribution quotas to the contribution funds SRF (single resolution fund) and DGS (deposit guarantee scheme). 
 
Total deposits - sum of direct deposits and indirect deposits net of repos. 
 
Total net deposits - variation in the stock of total deposits, net of market price performance. 
 
Qualified deposits - total of deposits under advisory contracts and including asset management products, securities under administration and direct deposits. 
 
CET1 Ratio - for the Sella Group, the “fully loaded” CET1 ratio and “phased-in” CET1 ratio coincide, as the Group waived the phased-in benefit on the CET1 ratio under IFRS9, when adopting the AIRB models. The capital ratios given were calculated including the result for the period for the portion not allocated to dividends. 
 
LCR - short-term liquidity indicator calculated as the ratio between the stock of high quality liquid assets (HQLA), consisting of cash or easily marketable assets and total net cash outflows over a 30-day period. This ratio must be kept at a level of at least 100% on an ongoing basis. 
 
NSFR - liquidity indicator on a longer-term basis, defined as the ratio between the amount of stable funding available and the amount of stable funding required. This ratio must be kept at a level of at least 100% on an ongoing basis. 
 
L/D ratio - loan to deposit ratio i.e. the ratio between cash loans net of reverse repos and direct deposits. 
 
Gross NPL ratio: calculated as the ratio between gross non-performing loans and gross cash loans to customers, excluding repos.
 
Net NPL ratio - calculated as the ratio between net non-performing loans and net cash loans to customers, excluding repos. 
 
Cost of credit - ratio between total adjustments/recovery in value for credit risk in the reclassified income statement and cash loans net of repos at the end of the period. At management level, the Group's cost of risk is broken down as follows: Banca Sella 21 bps and Banca Patrimoni Sella & C. 9 bps (the two companies with the highest lending volumes), Sella Leasing 13 bps, and Sella Personal Credit 144 bps. 
Texas Ratio - ratio between non-performing loans and net tangible capital (i.e., capital net of intangible assets) added to adjustments to the value of receivables allocated to cover losses on receivables. 
 
Customers not including Hype - this represents the total of the customers of all Sella Group wholly consolidated companies, excluding customers in common and not including Hype, the Group's challenger bank, held in a 50/50 joint venture with illimity, consolidated using the equity method. 
 
Team Sella - this refers to all the people who collaborate with Sella Group. In addition to staff with an employment relationship (both permanent and fixed-term) including employees of Hype, held in a 50/50 joint venture with illimity. It also includes associates with different types of work relationship with the Group presenting characteristics of stability and long duration. For example, (1) financial advisors and agents licensed to offer services off-site, (2) financial brokers (insurance, financial and loan brokers) and any of their collaborators, and (3) persons with other forms of collaboration, stable and long-term, who provide a significant contribution to the Group. 
 
Investments - reference is made to capitalized costs (CAPEX: Capital Expenditure). 
 
Open Finance: Group business lines including Fabrick, Fabrick Solutions Spain, Codd&Date, Alternative Payments, and dPixel, companies that offer innovative solutions and advanced financial services to financial institutions, businesses, and fintech companies, thus promoting openness and the creation of interactions with the banking sector, thereby fostering the so-called open banking phenomenon. These companies develop solutions that facilitate the access of external financial and non-financial players to their open finance and core banking platforms, orchestrating data, services and payments, and promoting embedded finance solutions that directly integrate financial services into non-financial platforms and applications. 

MREL (Minimum Requirement for own funds and Eligible Liabilities): a requirement introduced by the EU Bank Recovery and Resolution Directive (BRRD). It represents the minimum requirement for own funds and eligible liabilities expressed as a percentage. On 23 June 2025, the Bank of Italy started up the annual process for determining the minimum requirement in terms of own funds and eligible liabilities (MREL), notifying Sella Group of an MREL requirement equal to 19.02% of the TREA (Total Risk Exposure Amount) and equal to 5.38% of the LRE (Leverage Ratio Exposure). The TREA requirement must then be added to the CBR (Combined Buffer Requirement), to be held with Tier 1 capital instruments. The overall requirement, equal to 22.58%, is an estimate calculated internally by the Group on a prudential basis, based on projections regarding the evolution of the individual components of the MREL requirement, and considering the full application of the systemic reserve.