Sella Group: a positive start to 2026

PROFITABILITY

• Consolidated group net profit*: €112.6 million
• Consolidated net profit excluding corporate events*: €42.3 million
• ROE (annualized)*: 13.5% (11.3% in March 2025)
• ROE excluding corporate events (annualized)*: 9.7% (11.4% in March 2025)

ECONOMIC PERFORMANCE & EFFICIENCY

• Total Income*: €309.2 million (+10.5% compared to March 2025)
• Net interest income*: €146.8 million (+7.8% compared to March 2025)
• Net income from services*: €132.8 million (+11.8% compared to March 2025)
• Operating costs*: €221.6 million (+14.6% compared to March 2025)
• Cost/Income ratio*: 71.5% (68.7% in March 2025)

DEPOSITS AND LENDING 

• Total deposits*: €78.5 billion (+15.1% compared to March 2025 and +3.8% compared to December 2025)
• Total net deposits: €3.7 billion (€2.2 billion in March 2025)
• Total lending*: €13.1 billion (+8% compared to March 2025 and +1.5% compared to December 2025)
• New lending: €1 billion (€0.9 billion in March 2025)

CAPITAL SOUNDNESS 31/03/2026 (31/03/25)-(31/12/25)

• Sella group - CET 1 Ratio: 13.8% (13.3% - 14.7%) - Total Capital Ratio: 17.2% (16.2% - 17.8%)
• Banca Sella - CET 1 Ratio: 19.2% (20.6% - 23.2%) - Total Capital Ratio: 21.9% (23.5% - 25.6%)
• Banca Patrimoni Sella & C. - CET 1 Ratio: 12.3% (12.6% - 12.3%) - Total Capital Ratio: 15.1% (14.1% - 15.1%)

LIQUIDITY & ASSET QUALITY

• LCR: 208.7% (189.6% in March 2025 and 204.6% in December 2025)
• NSFR: 140.5% (140.4% in March 2025 and 141.7% in December 2025)
• Gross NPL ratio: 2.7% (2.8% in March 2025 and 2.7% in December 2025)
• Net NPL ratio: 1.3% (1.4% in March 2025 and 1.3% in December 2025)
• NPL ratio (EBA methodology): 2.4% (2.5% in March 2025 and 2.4% in December 2025)
• NPL coverage: 54.5% (51.1% in March 2025 and 53.6% in December 2025)
• Bad loans coverage: 69.2% (68.1% in March 2025 and 68.6% in December 2025)
• Credit cost: 42 bps (39 bps in March 2025 and 37 bps in the whole of 2025)
• Texas Ratio: 21% (20% in March 2025 and 19.4% in December 2025)

PEOPLE & INVESTMENTS

• Customers: 3.4 million (+143,000 compared to March 2025)
• Of which Hype: 1.9 million (+25,000 compared to March 2025)
• Team Sella: 6,873 people (+201 compared to March 2025)
• Investments (excl. real estate): €30.3 million (€24 million in March 2025)

GROUP BANKS’ MAIN RESULTS

Banca Sella 

• Net profit: €40.7 million (-3.4% compared to March 2025)
• ROE (annualized): 13.3% (14.5% in March 2025)
• Total deposits: €45.9 billion (+13.6% compared to March 2025)
• Lending: €10.6 billion (+6.6% compared to March 2025)

Banca Patrimoni Sella & C.

• Net profit: €6.1 million (-4.1% compared to March 2025)
• Assets under management: €33.9 billion (+17.8% compared to March 2025)
• Net deposits: €1.6 billion (€1.9 billion in March 2025)

* They include the financial and equity impacts of the acquisition of Hype, which has been fully consolidated as of 6 February 2026. Net profit excluding corporate events does not take into account the capital gain outlined below, but includes the effects of the standard income statement.

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, today approved the consolidated results at 31 March 2026, confirming a positive start to the year despite the uncertainties surrounding the international economic and geopolitical landscape. These results highlight further growth in brokered volumes, both in total deposits - driven by an excellent increase in net deposits —and in lending, as well as the ongoing strengthening of the various business segments within the Group’s diversified business model.

 

The implementation of the “Make an Impact” strategic plan - now in its final year - continued in the first quarter, with further development of brokerage activities focused on sustainability and positive impact. Additionally, work began on the new 2026-2030 strategic plan, with the aim of building on the solid, structural growth achieved under previous plans.

 

The quarter also marked the completion of the Hype deal, with the acquisition of the entire share capital finalized in February and the subsequent merger by incorporation into Banca Sella at the end of March. The acquisition of Hype - among Italy's leading digital banks serving 1.9 million customers, bringing the Group's total to 3.4 million - seeks to strengthen the Group's competitive positioning through a business model combining personal relationships and a local presence with the development of cutting-edge digital solutions.

 

The figures relating to the first quarter of 2026 thus take into account the addition to the Group’s perimeter of Hype, which has been fully consolidated since 6 February. For the purposes of comparison, the variation between the figures at 31 March 2026 and at 31 March 2025 is presented as if Hype had been fully consolidated also in the first quarter of 2025.

 

 

The Group's economic and financial performance

 

The first quarter of 2026 closed with consolidated net profit of €112.6 million, compared with €47.8 million in the first quarter of 2025. The 2026 result is affected by a book gain of €70.3 million, linked to the acquisition of Hype and the adjustment of the value of the stake already held by the Group upon valuation of the company as defined at the time of acquisition.

 

When excluding this item, the result for the first quarter of 2026 stood at €42.3 million, compared with €47.8 million in the first quarter of 2025 (€46.9 million on a like-for-like basis). The performance in the first quarter of 2026 was marked by higher taxes (+ €3 million) and increased provisions for risks, in particular credit risks (+ €3 million), although operating income improved (+1.3%) compared to the same period in 2025, thanks to the growth in total income outpacing that of costs.

 

Consolidated net profit pertaining to the Parent Company, net of the share of third-party minority interests present in the shareholding structure of several Group companies, amounted to €90.9 million, compared to €38 million in the first quarter of 2025. Net of the above-mentioned effect, this figure amounts to €34 million.

 

Total income was 309.2 million euros, up 10.5% compared with the same period last year (+7.6% on a like-for-like basis), driven by widespread growth across the Group’s main business segments. The addition of Hype has contributed with additional revenues, primarily in banking, payment systems, and finance activities.

 

 

Net interest income amounted to €146.8 million, up 7.8% from the same period last year (+5.1% on a like-for-like basis), driven by higher average lending volumes and the substantial stability of the commercial spread, partly due to the containment of the cost of funding. The contribution from the security portfolio also increased compared to last year.

 

Net income from services continued to rise, reaching €132.8 million (+11.8% and +8.6% on a like-for-like basis), accounting for 42.9% of total revenue, thanks to the Group’s broad diversification of revenue sources. This result was driven primarily by higher income from investment services. Compared to last year, the contribution from ancillary lending fees, Open Finance and IT services, and non-life bancassurance was also positive.

 

Net income from financial activities, which amounted to €29.6 million, rose from €24.9 million in the same period of the previous year.

 

Operating costs amounted to €221.6 million, up 14.6% due to the integration of Hype (+9.9% on a like-for-like basis). This increase, in line with the forecasts, is the result of ongoing expansion, the strengthening of the workforce and of commercial activities, as well as the impact of higher depreciation and amortization costs resulting from the significant investments made to support the industrial plan (€230 million since the start of the plan).

Personnel costs, amounting to €129.8 million, rose by 12.6% (+8.9% on a like-for-like basis), reflecting the increase in headcount and partly attributable to higher costs resulting from increases provided for in the National Collective Bargaining Agreement (effective 1 June 2025 and 1 March 2026). As of 31 March, the Sella Team had grown to reach 6,873 people (including 196 at Hype) – 201 more than in the same period of the previous year.

Other administrative costs amounted to €58.8 million, up 18.1% (+8.2% on a like-for-like basis) compared to 31 March 2025, and also include cost items directly linked to the Group’s ongoing expansion and increased business volumes (expenses for staff training, information providers and databases, and payment system services). The year-over-year increase was primarily driven by higher costs for consulting and training. It should also be noted that, despite the Group’s continued growth, energy-related costs are steadily decreasing, thanks to the Group’s plan to self-generate energy from renewable sources.

Depreciation and amortization, as a result of significant strategic investments made in recent years, increased by 16.6% to €31.4 million.

 

In the first three months of 2026, investments (Capex), excluding real estate, allocated to the development of strategic projects and the implementation of the “Make an Impact” plan, amounted to €30.3 million (compared to €24 million last year).

 

The continuation of the investment cycle contributes to the further strengthening of the Group's diversified business model, which is characterized by high levels of innovation, particularly in Open Finance, now the core of initiatives of international significance. This current phase of business expansion is reflected in the steady growth of market share and in an increase in volumes brokered that exceeds the industry average, resulting, in line with the industrial plan forecasts, in a Cost-to-Income ratio equal to 71.5%, compared to 68.7% in March 2025

 

As a result of the aforementioned factors, operating profit improved, reaching €87.6 million in the first quarter, up 1.3% from €86.5 million last year (+2.5% on a like-for-like basis).

 

Net write-downs on loans amounted to €14.6 million, compared with €11.5 million in the same period of the previous year, against a net increase in lending of approximately €1 billion. The annualized credit risk cost is 42 bps, compared to 39 bps in the first quarter of last year, which also included write-backs amounting to approximately €3.5 million. Said adjustments include those related to companies specializing in consumer credit. Banca Sella, which accounts for the largest lending volumes, posted a cost of risk equal to 24 bps.

 

The result from investments accounted for using the equity method was positive at €69.4 million and includes €70.3 million related to the value adjustments made on the Group’s existing 50% stake in Hype, which had previously been carried at a lower book value than the valuation determined at the time of acquiring full control of the company. The result as of 31 March 2025 was -€0.8 million.

 

Income taxes on profit for the period amounted to €29.1 million (€26.3 million in the first quarter of 2025). This increase is attributable to higher IRAP tax rates and the partial non-deductibility of interest expenses under the 2026 Budget Law.

 

During the quarter, following the completion of the integration of Hype, the Group's total number of customers reached 3.4 million, of which 1.9 million relating to the digital bank. Compared to the same period in 2025, overall net growth amounted to 143,000 customers, of which 25,000 related to Hype.

 

 

Deposits and lending

 

As of 31 March 2026, total deposits reached €78.5 billion, up 15.1% compared to the same period in 2025. This increase, amounting to €10.3 billion, was driven by net deposits worth €8.8 billion and a positive market price performance equal to €0.6 billion.

Compared to the end of 2025, total deposits increased by 3.8% despite the market decline recorded in March, which was more than offset by net deposits that continue to flow in steadily and consistently, amounting to €3.7 billion, of which €0.3 billion is attributable to Hype.

 

Direct deposits, net of repos, totaled €21.6 billion, up €2.5 billion compared with the same period last year (+13%) and €0.9 billion compared with the figure at the end of 2025 (+4.2%), also benefiting from the contribution resulting from the acquisition of Hype (+€0.3 billion).

 

Indirect deposits totaled €56.9 billion, up €7.8 billion from the same period last year (+15.9%), with net deposits amounting to €6.3 billion and €1.5 billion from market price performance. Compared to the value at the end of 2025, indirect deposits are up 3.7%, with €2.9 billion in net deposits in the quarter.

 

Qualified deposits at market value, which include asset management products and other forms of deposits under advisory contracts, reached €35.4 billion (equivalent to 45.1% of total deposits), marking a 20% increase compared to March 2025, equal to €5.9 billion, resulting from €5.3 billion in qualified net deposits and €0.6 billion in market price performance. Compared to the end of 2025, qualified deposits grew by 6.5%, with net deposits of €2.8 billion in the quarter.

 

Lending increased despite greater uncertainty in the overall economic context and strong competition across the sector, reaching €13.1 billion (+8% compared to the same period last year and +1.5% compared to the end of 2025), while maintaining a prudent and balanced growth trajectory in line with the Group's overall growth. The share of sustainability-oriented loans reached 19.2% of the lending portfolio, compared to 15.8% last year, thus confirming a course of continuous integration of sustainability and impact principles into the Group’s activities. In the first quarter of 2026, lending activities continued to be dynamic, with approximately €1 billion in new loans (+6.2% compared to the first quarter of last year), underlining the Group's active role in supporting the real economy.

As far as lending quality is concerned, the first quarter of 2026 shows an increase in coverage ratios compared to that at 31 March 2025: the coverage ratio for non-performing loans increased to 54.5% (from 51.1%); the coverage ratio for bad loans followed a similar trend, increasing to 69.2% (from 68.1%).

The net NPL ratio improved to 1.3% (previously 1.4%), and the gross NPL ratio to 2.7% (from 2.8%). The Texas Ratio is essentially in line with last year at 21% (previously 20%).

 

 

Soundness and liquidity

 

Consistent with its traditional prudent management approach, the Group maintained a robust focus on lending quality during the quarter and continued to monitor closely the evolution of the international macroeconomic environment in order to mitigate potential uncertainties arising from geopolitical instability, market risks, and risks arising from climate change, while maintaining high levels of liquidity and a substantial capital base to ensure regulatory compliance and safeguard its own financial soundness.

 

At 31 March 2026, the CET1 Ratio was 13.82%, the Tier 1 Ratio was 14.63%, and the Total Capital Ratio was 17.22% (compared to 13.27%, 14.01%, and 16.22% in March 2025, and 14.68%, 15.49%, and 17.79% at the end of 2025). All capital ratios show substantial growth compared to last year, while the variation compared to 31 December 2025 is primarily attributable to the repurchase of the entire stake in Hype completed in the quarter.

 

With regard to Second Pillar capital requirements, on 27 February 2026, the Bank of Italy notified Sella Group of the “SREP decision” containing the results of the annual review and prudential assessment process, confirming the minimum capital requirements for 2026 on a consolidated basis: CET1 Ratio at 7.8%, Tier 1 Ratio at 9.6%, and Total Capital Ratio at 11.9%.

In addition to these requirements, there is a countercyclical capital buffer equal to 0.036% and a systemic risk buffer equal to 0.71% (both calculated at 31 March 2026), resulting in a minimum overall CET1 Ratio requirement of 8.55% (10.35% for the Tier 1 Ratio and 12.65% for the Total Capital Ratio).

 

The Group’s liquidity profile remains optimal with the LCR at 208.7% and the NSFR at 140.5%, both well above the minimum regulatory thresholds of 100%, thus confirming the Group’s solid cash availability and its ability to meet its financial commitments in the short and medium term.

 

Access to financial markets continued to be stable and consistent: in the first quarter of 2026, the Group carried on with its funding plan, issuing a Tier II bond worth a total of €50 million, targeted at qualified counterparties and professional clientele. In addition, a further €300 million Senior Preferred bond issue was completed in mid-April.

 

With regard to MREL (“Minimum Requirement for own funds and Eligible Liabilities”) requirements, the estimated prospective targets at consolidated level to be met starting from 1 January 2027 are 22.58% of the TREA (Total Risk Exposure Amount) and 5.38% of the TEM (Total Exposure Measure), as defined in the Bank of Italy’s Provision of 15 September 2025. At 31 December 2025, the MREL-TREA ratio was equal to 23.96% and the MREL-TEM ratio was equal to 9.52%.

In terms of sustainability, the Sella Group has received its first climate change rating from the Carbon Disclosure Project (CDP), one of the leading international systems for measuring environmental performance, which awarded the Group a “B” rating, confirming the quality of its climate risk management, the transparency of its environmental data, and the strengthening of its initiatives to combat climate change.

  

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 €67.3 million, compared to €57.4 million in the first quarter of 2025 (+17.3% versus the same period last year), supported by the increase in volumes of qualified deposits of Funds and SICAVs, asset management, insurance-financial, and consulting. Good performance was recorded in trading revenues (both traditional and online) as a result of market conditions and the excellent results from the placement of BTP Valore bonds and Certificates during the quarter. In March 2026, the first Certificate structured and issued directly by Banca Sella Holding was placed with the Group’s banks for a total of approximately €11 million. 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 98.6% of total assets under management.

 

In the first three months of 2026, total margins from payment systems amounted to €29.9 million, in line with the previous year. The equivalent value of transactions processed through electronic payment systems (POS terminals, e-commerce, and issuing) - an area in which the Group is renowned for its high level of expertise - reached €10.6 billion (+12.8%), of which €0.6 billion related to Hype.

Open Finance platforms also continued to grow, generating revenues amounting to €13.7 million (+17.5%). Recurring revenues also grew further (+30.2%), accounting for 87.2% of total revenues, also thanks to finApi joining the Group as of 30 June 2025.

 

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 €24 million, up from €17.3 million in the first three months of 2025 (+38.7%).

This performance mainly shows the positive contribution of the securities portfolio partly due to capital gains from sales. These results were achieved despite the increase in the cost of medium- to long-term funding, linked to the implementation of the funding plan aimed at achieving the MREL targets. At 31 March 2026, the Group’s securities portfolio amounted to €9.7 billion, compared with €7.7 billion at 31 March 2025.

 

Corporate investment banking, which also includes the management of direct investments in Equity and Venture Capital, with a focus on M&A, Private Debt, and Leveraged Finance products, recorded margins equal to €3.4 million (+18.6%) in the first quarter of 2026, with a total of two deals completed. The Leveraged Finance and Private Debt portfolio grew by 25.4% to €405.1 million. The Corporate Venture Capital and Equity Investment portfolio is worth €69.5 million and generated margins amounting to €1.1 million.

 

 

The performance of the Group's main companies

 

Banca Sella

 

Banca Sella closed the first three months of the year with a net profit of €40.7 million, down from €42.1 million in the previous year (-3.4%). The results for the first quarter of 2026 show higher tax costs (up €2.3 million) and increased provisions for risks, particularly credit risks (+ €1.7 million). However, operating income improved compared with the same period of 2025, as growth in total income outpaced the rise in costs. Annualized ROE was 13.3% (compared to 14.5% in March 2025). The bank’s capital base is robust, with a CET1 ratio of 19.22% and a Total Capital Ratio of 21.90% (compared to 20.58% and 23.46% in March 2025 and 23.20% and 25.64% at the end of 2025). The variation in capital ratios compared to 31 December 2025 is primarily attributable to the repurchase of the entire stake in Hype and the subsequent merger by incorporation into the bank. Liquidity indicators were also extremely positive, well above regulatory thresholds: LCR at 244.7%, NSFR at 154.6% (for both, the minimum regulatory threshold is 100%).

 

Credit quality indicators remained solid: the annualized cost of credit risk was 24 bps (compared with 19 bps in March 2025 and 18 bps at the end of 2025), with coverage on loans increasing; the net NPL ratio stood at 1.2% (compared to 1.3% in March 2025 and 1.2% at the end of 2025), and the gross NPL ratio was 2.5% (compared to 2.5% in March 2025 and 2.4% at the end of 2025). The Texas Ratio amounted to 21.3% (compared to 19.5% in March 2025 and 18.5% at the end of 2025), this variation is also attributable to the merger of Hype into Banca Sella.

 

Total deposits at market value reached €45.9 billion, an increase of 13.6% compared to March 2025 and 4.8% compared to the end of last year. Total net deposits for the first three months of 2026 amounted to €2.6 billion, driven by the growth in indirect deposits. Lending supporting households and businesses increased by 6.6% compared to March 2025 and by 1.8% compared to the end of last year, reaching €10.6 billion.

 

Total income amounted to €176.2 million (+5.1% compared to March 2025). Net interest margin increased compared to the same period last year (+0.9% to €94.7 million); net revenues from services rose (+3.9% to €71.4 million), driven by higher income from investment services (+8.5% to €26.7 million) and electronic payment systems (+11.4% to €22.1 million). Revenues from banking also improved (up 7.8% to €8.9 million), as did ancillary lending fees (up 1.6% to €7.5 million) and income from non-life insurance (up 16.1% to €1.9 million). Net income from financial activities was also extremely positive (+94.7% to €10.1 million), primarily due to the contribution from the securities portfolio resulting from capital gains on sales. The cost-to-income ratio stood at 59.8% (compared to 59% in March 2025).

 

Banca Sella has further strengthened its distinctive service model, which is designed to support households and businesses through solutions tailored towards an efficient and sustainable management of their various financial needs. Among the key recent initiatives is a new guarantee agreement with the European Investment Bank (EIB) aimed at facilitating access to financing and promoting investments by Italian SMEs and mid-caps.

 

In addition, thanks to an agreement with Visa, new digital payment services have been launched to improve the customer experience of families and promote more informed and sustainable spending choices. These advanced features can be accessed via the app and focus on ESG issues, with specific focus on environmental sustainability, allowing Banca Sella customers to understand the environmental impact of their purchases and receive guidance aimed at fostering greater environmental awareness and encouraging more responsible and sustainable purchasing habits.

 

Banca Patrimoni Sella & C.

 

Banca Patrimoni Sella & C., which specializes in the management and administration of assets for private and institutional clients, closed the first quarter of 2026 with a net profit of €6.1 million, (€6.3 million in March 2025). Assets under management stood at €33.9 billion, marking an increase of 17.8% compared to March 2025 (+€5.1 billion) and 3.4% compared to the end of last year (+€1.1 billion). Total net deposits stood at €1.6 billion, while qualified deposits reached €21.9 billion, driven by customer interest in asset management products. The results were positively impacted by both the strong performance of fees following the bank’s further growth in scale and interest margins, and the revenues deriving from trading in the proprietary securities portfolio. The CET1 ratio stood at 12.35% and the Total Capital Ratio at 15.06% (compared to 12.57% and 14.08% in March 2025 and 12.35% and 15.07% at the end of 2025, respectively).

 

Among Banca Patrimoni Sella & C.'s subsidiaries, Sella SGR, the Group's asset management company, closed the first three months of 2026 with a net profit of €1.2 million, up 30.8% compared to the same period last year, and assets under management reaching €6.6 billion (+3%). Sella Fiduciaria, a company that provides trust and family office services, on the other hand, closed the period with assets under management totaling €2.1 billion euros, representing an increase of 13.88% compared to March 2025.

 

Fabrick and the fintech ecosystem

 

In the first quarter of 2026, the Sella Group continued its expansion in the Open Finance sector through the activities of its specialized company Fabrick and its subsidiaries (Fabrick Solutions Spain, Judopay, and finAPI) which recorded total net revenues of €18.4 million, up 22% compared to the same period of the previous year (+17% on a like-for-like basis, taking into account the addition of finAPI and the sale of Codd&Date, also in the first quarter of 2025). Performance was driven in particular by recurring revenues, which grew by 38% (+17% on a like-for-like basis) and accounted for 86% of the total, thus confirming the solidity and scalability of the business model.

 

Expansion of the platform is also continuing - at the end of March, there were 633 connected counterparties, up 38% from March 2025, generating over 1.7 billion API calls per month. Payment solutions are also on the rise, having surpassed 132,000 customers (+6%) and reached a total transaction value for POS and e-commerce equal to €6.9 billion (+5%).

Lastly, the innovation ecosystem is also growing stronger as the Fintech District community, within the scope of which open innovation projects are developed, totaled 314 fintech associates at the end of March.

 

 

 

 

 

 

 

 

 

Explanatory and Methodological Notes

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Changes in the consolidation scope

 

On 6 February 2026, the Group, through Banca Sella, completed the acquisition of the remaining 50% of the share capital of HYPE S.p.A., held by illimity Bank (Banca Ifis Group), for a consideration of €85 million, thereby attaining total control of the company, of which it already held 50% through the parent company Banca Sella Holding.

The transaction, initiated in November 2025, was authorized by the Bank of Italy on 28 January 2026. At the same time as the completion, Banca Sella also acquired the stake previously held by Banca Sella Holding, and on 28 March 2026, HYPE S.p.A. was merged by incorporation into Banca Sella.

 

Effective 6 February 2026, HYPE has therefore been fully consolidated within the Group’s scope. Prior to this date, the contribution from this investment was accounted for under “results from share holdings accounted for using the equity method”. For the purposes of enabling a consistent comparison between the two periods, the changes are presented on a pro-forma basis (management view), assuming the full consolidation of HYPE, line by line and for a comparable period, also in the figures at 31 March 2025.

 

The main financial and equity effects of the integration attributable to Hype (effective as of the date the deal was finalized) are: total revenue of approximately €6.1 million, operating costs of €9.3 million, and direct deposit volumes of €0.3 million. Furthermore, pursuant to the IFRS 3 Accounting Standard, in the case of an existing equity stake (a so-called “step acquisition”), such stake must be re-determined at fair value at the date of the merger, with any deviation from the previous carrying amount reported in the income statement. The valuation of HYPE determined at the time of acquisition therefore resulted in a write-up of the 50% stake already held by Banca Sella Holding, for an amount of €70.3 million.

 

During 2025, the following changes also occurred in the Group’s scope of consolidation:

- the acquisition and subsequent merger by incorporation of Banca Galileo into Banca Patrimoni Sella & C., which was completed on 10 March, with economic and equity effects effective as of 1 March.

- the acquisition of 75% of the share capital of finAPI on 4 June, effective as of 1 June (not included in the accounting data for the first quarter of 2025).

- the sale of 100% of the share capital of Codd&Date S.r.l., effective as of 30 June.

The overall effects of these deals offset each other and are not material, it follows that to provide greater clarity in the disclosures, the reporting of pro-forma data takes into account only the effects of HYPE’s addition to the Group’s scope.

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CET1 Ratio - for 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.

 

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. The Group's cost of risk is broken down as follows amongst the various Group companies (management data): Banca Sella 24 bps, Banca Patrimoni Sella & C. 0 bps, Sella Leasing 29 bps, and Sella Personal Credit 142 bps.

 

Investments - reference is made to capitalized costs (CAPEX: Capital Expenditure).

 

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.

 

L/D ratio: loan-to-deposit ratio, i.e. the ratio of cash lending (net of repos) to direct deposits.

 

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 of two parallel thresholds to be complied with: the Total Risk Exposure Amount (TREA) and the Leverage Ratio Exposure (LRE).

 

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.

 

Gross NPL ratio (EBA methodology): calculated according to the metrics defined by European and national supervisory authorities - ratio of gross impaired loans to customers to total gross loans, with the denominator including not only loans to customers but also lending to loan intermediaries and Central Banks.

 

NPE ratio: gross non-performing exposures (loans, advances, and debt securities) other than those held for trading, relative to total gross debt instruments other than those held for trading.

 

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.

 

Open Finance - Group business lines including Fabrick, Fabrick Solutions Spain, Judopay and finAPI, companies that offer innovative solutions and advanced financial services to financial institutions, businesses, and fintech companies, 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.

 

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.

 

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.

 

Net result from financial activities - this aggregate represents the sum of the following items in the reclassified income statement: Net result from trading activities, Net result from hedging activities, Profit (loss) on sale and repurchase of financial assets valued at amortized cost and financial assets at fair value with impact on overall profitability, Net result from other financial assets and liabilities at fair value with impact on the income statement.

 

ROE - ratio between profit for the financial year, calculated by adding the impact of nonrecurring events to the sum of reserve items, share premiums, capital, minority interests (+/-) and the minority interest profit component in the balance sheet liabilities.

 

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.

 

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). It also comprises associates with types of work relationship having 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.

 

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 37 - chapter 4 Group organizational structure - of the half-year Consolidated Financial Statement and Report at 31 December 2025 available on the Group’s internet site) excluding intragroup elisions and adjustments.>