Sella group, positive results for 2025. Significant and steady growth in all business areas, increasing volumes brokered and greater market presence

PROFITABILITY

• Consolidated group net profit: €176.1 million (+17.3% compared to 2024)
• ROE (annualized): 10.7% (9.9% at the end of 2024)

ECONOMIC PERFORMANCE & EFFICIENCY

• Total Income: €1.16 billion (+5.1% compared to 2024)
• Net interest income: €568.9 million (+1% compared to 2024)
• Net income from services: €527.9 million (+13.4% compared to 2024)
• Operating costs: €834.5 million (+8.3% compared to 2024)
• Cost/Income ratio: 71.4% (69.3% at the end of 2024)

DEPOSITS AND LENDING 

• Total deposits: €75.7 billion* (+13.8% compared to the end of 2024)
• Total net deposits: €7.3 billion* (7.5 billion in 2024)
• Total lending: €12.9 billion* (+10.1% compared to the end of 2024)
• New lending: €3.8 billion (3.3 billion in 2024)
• Loan to Deposit ratio: 62.2% (61.2% at the end of 2024)

CAPITAL SOUNDNESS 31/12/2025 (31/12/24)

• Sella group - CET1: 14.68% (13.81%) - Total Capital Ratio: 17.79% (16.05%)
• Banca Sella - CET1: 23.20% (20.69%) - Total Capital Ratio: 25.64% (22.52%)
• Banca Patrimoni Sella & C. - CET1: 12.35% (13.98%) - Total Capital Ratio: 15.07% (13.98%)

LIQUIDITY & ASSET QUALITY

• LCR: 204.6% (196.3% at the end of 2024)
• NSFR: 141.7% (144% at the end of 2024)
• Gross NPL ratio: 2.7% (2.8% at the end of 2024)
• Net NPL ratio: 1.3% (1.4% at the end of 2024)
• NPL ratio (EBA methodology): 2.4% (2.4% at the end of 2024)
• NPE ratio: 1.7% (1.8% at the end of 2024)
• NPL coverage: 53.6% (51.2% at the end of 2024)
• Bad loans coverage: 68.6% (66.1% at the end of 2024)
• Credit cost: 37 bps (47 bps in 2024)
• Texas Ratio: 19.4% (20.3% at the end of 2024)

PEOPLE & INVESTMENTS

• Customers: 1.54 million* (+124,000 compared to the end of 2024)
• Team Sella: 6,815 people* (+227 compared to the end of 2024)
• Investments (excl. real estate): €94.7 million (95.1 million in 2024)

SUSTAINABILITY AND IMPACT

• Standard Ethics rating: EE- (Adequate) | Long Term Expected: EE+ (Very Strong)
• Great Place to Work: 72 points (71 at the end of 2024)
• Lending in the sustainability area: 17.8% (15.2% at the end of 2024)
• Renewable energy plants: 35 (26 at the end of 2024)
• Energy produced from renewable sources (Mw): 10.6 (3.9 at the end of 2024)
• Own production/consumption of electricity: 19.8% (6% at the end of 2024)

GROUP BANKS’ MAIN RESULTS

Banca Sella 

• Net profit: €158.5 million (-6.9% compared to the end of 2024)
• ROE: 14.3% (17.3% at the end of 2024)
• Total deposits: €43.8 billion (+8.8% compared to the end of 2024)
• Lending: €10.4 billion (+6.5% compared to the end of 2024)

Banca Patrimoni Sella & C. *

• Net profit: €30.5 million (+15.1% compared to the end of 2024)
• AUM: €32.8 billion (21% compared to the end of 2024)
• Net deposits: €4.4 billion (€3.7 billion at the end of 2024)

* Banca Galileo included 
 

The Board of Directors of the parent company Banca Sella Holding has approved the consolidated results at 31 December 2025 of the Sella group, which have exhibited further steady and structural growth in all business segments with an increase in volumes brokered exceeding industry average and market share. 
 
These results have confirmed the effectiveness of the diversified business model, which focuses on the quality of customer relationships and technological and digital development aimed at creating a positive impact on the economy and on society. 
 
As part of the strategy defined under the “Make an Impact” plan, number of customers and volumes brokered have increased, particularly with regard to advisory and asset management services, and net income has continued to grow, further strengthening the group's commitment towards local communities, the environment, and the wider society. 
 
Against a backdrop of macroeconomic and geopolitical uncertainty, the group’s capital strength and liquidity position continued to be robust and well above minimum regulatory requirements, supported by careful and prudent risk management. The group, certified for the fourth consecutive year as a Great Place to Work for the quality of its working environment in all the countries in which it operates, has also been assigned an ESG rating by Standard Ethics for the first time. 
 
Thanks to their consolidated digital know-how, the group's companies have continued to play a leading role in innovation in the Italian and European financial sector. Notably, Banca Sella became part of a consortium of 12 European banks, Qivalis, tasked with issuing a euro-denominated stablecoin while Fabrick, in partnership with Almaviva, was selected by the ECB to develop the mobile app that will give EU citizens access to the digital euro. 
 
As part of its growth and development plans, at the end of the year the acquisition of Hype from illimity Bank (Banca Ifis Group) was completed, authorized by the Bank of Italy and finalized on 6 February 2026, with the aim of strengthening the model based on personal relationships and the development of digital initiatives. In the year, the acquisitions of Banca Galileo by Banca Patrimoni Sella & C., and the acquisitions of finApi, and the sale of Codd&Date by Fabrick had also been completed.
 
The group's economic and financial performance 
 
The consolidated net profit of the Sella group at the end of 2025 was €176.1 million, up 17.3% compared to €150.1 million in the same period of the previous year, with an ROE of 10.7%. 
 
The result of the previous year had been affected by value adjustments on the stake in illimity Bank of approximately €25 million. The 2025 result, on the other hand, benefited from a recovery in value on the same holding, amounting to €5.1 million, following the acceptance of the public exchange and tender offer promoted by Banca Ifis and the capital gain deriving from the sale of Codd&Date, amounting to €4.6 million. 

Consolidated net profit pertaining to the Parent Company, which excludes the quota relating to third-party shareholders present in the shareholding structure of several group companies, amounted to €141.4 million, up 27.1% compared to €111.3 million recorded in the previous year.
 
Total income grew to €1.16 billion (+5.1% compared to 2024), mirroring the growth in volumes brokered in the various areas of activity in which the group operates and supported by significant growth in revenues from services. 
 
Net interest income amounted to €568.9 million, showing an increase (+1%) compared to €563 million in the previous year, reflecting solid performance in a context of decreasing interest rates, thanks to steady growth in average lending volumes, the increase in the contribution from the securities portfolio and the containment of the cost of funding. 
 
Net income from services rose significantly to €527.9 million (+13.4%), accounting for 45.6% of total revenues, thanks to the group's highly diversified revenue sources and, in particular, to the contribution provided by investment services and digital payment systems. 
 
Net income from financial activities, positive by €60.1 million, is compared to the €72 million recorded in the same period of the previous year. 
 
Operating costs amounted to €834.5 million, up 8.3%, in line with management forecasts for growth and reflecting the ongoing increase in size driven by the strengthening of commercial activities, the network – with 10 new branches opened during the year – and the constant upgrading of the group's technology infrastructure. The variation mainly relates to personnel expenses linked to the growth in the workforce, amounting to €497.2 million (+12.9%). At the end of 2025, Team Sella had reached 6,815 people, 227 more than in the previous year, of which 47 resulted from changes in the corporate scope. 
 
Other administrative expenses amounted to €208.9 million, down 1.8% compared to the end of 2024, which was, however, impacted by the contribution to the DGS resolution fund of approximately €17 million, not required in 2025. Net of this item, the year-on-year increase (+6%) was mainly attributable to higher IT services costs, linked to the ongoing upgrading of the technology infrastructure, while depreciation and amortization, reflecting the significant strategic investments made in recent years, rose by 16% to €115.4 million. 
 
Investments (capex) in the year, excluding real estate, allocated to the development of strategic projects and the implementation of the “Make an Impact” plan, amounted to €94.7 million (€95.1 million in the previous year). 
 
The ongoing investments contribute to further strengthening the group's diversified business model, characterized by a high level of innovation, particularly in Open Finance, which is now at the center of initiatives of international significance, as previously mentioned. The current phase of business expansion translates into steady growth in market share and an increase in volumes brokered that is above the industry average, in line with business plan forecasts, resulting in a Cost to Income ratio of 71.4%, compared to 69.3% in December 2024. 
 
Consistent with these dynamics, operating profit was slightly down on last year, amounting to €322.5 million (-2.4%). 
 
Net adjustments to loans amounted to €47.1 million, down from €54.7 million in 2024 (-13.9%), resulting in a credit risk cost equal to 37 bps (previously 47 bps). These figures include the activities of companies specializing in consumer credit and reflect growing credit hedging. Banca Sella and Banca Patrimoni Sella & C. reported credit risk costs equivalent to 18 and 8 bps, respectively. 
 
Total net provisions for risks and charges (including operating risk) amounted to €8.8 million, down from €7.7 million in 2024. The result of investments accounted for using the equity method amounted to -€3.7 million, an improvement compared to -€26.2 million in 2024, which was affected by value adjustments made on the investment in illimity Bank of approximately €25 million. The 2025 figure shows a recovery in value of €5.1 million on illimity Bank itself, following the subscription to the public exchange and tender offer promoted by Banca Ifis and completed at a price higher than the carrying value, as well as value adjustments on other equity investments totaling -€6.8 million. 
 
The effect produced by the sale of Codd&Date on 30 June amounted to +€4.6 million (reported under gains/losses from goodwill, investments and valuations of tangible and intangible assets). 
 
Over the course of the year, the group exceeded the threshold of 1.5 million customers (excluding Hype), recording 124,000 net new customers, which represents the best result achieved by the group to date, confirming a steady growth of over 100,000 net customers per year over the last three years. 
 
Deposits and lending 
 
Total deposits at market value amounted to €75.7 billion (+13.8%), with an increase of €9.2 billion in absolute terms. This increase was driven by net deposits amounting to approximately €7.3 billion, in line with the 2024 result, with asset management contributing €3.4 billion, confirming the group's standing as one of Italy's leading operators. The addition of Banca Galileo to the group contributed €1 billion to this growth. The market price performance ⁠effect was approximately €1.9 billion. 

Direct deposits net of repos exceeded the €20 billion threshold, reaching €20.7 billion, up €1.6 billion compared to the end of 2024. Assets under administration reached €26.5 billion, up 14.1% or €3.3 billion, supported by net deposits of €2.2 billion and a positive market price performance of approximately €1.1 billion. 

Qualified deposits at market value, which include asset management products and other forms of deposits under advisory agreements, reached €33.2 billion (43.9% of total global deposits), up 17.1% compared to the end of 2024, equal to €4.8 billion, consisting of €3.9 billion in qualified net deposits and €0.9 billion in market price performance. 

Lending increased steadily throughout the year, reaching €12.9 billion (+10.1%), reflecting a prudent trend in line with the group's structural and balanced growth, while also exceeding the industry average. Lending activity was particularly dynamic: new loans achieved the best result in the history of the group, reaching €3.8 billion (+15%), of which 29.7% were based on sustainability criteria, maintaining the traditional caution in lending policies and solid credit quality. The share of sustainability-oriented loans reached 17.8% of the lending portfolio, up from 15.2% last year. 

Lending quality remains solid - the coverage ratio for non-performing loans increased to 53.6% (from 51.2% at the end of 2024); the coverage ratio for bad loans followed a similar trend, increasing to 68.6% (from 66.1%). Improvement in the net NPL ratio at 1.3% (previously 1.4%) and the gross NPL ratio at 2.7% (previously 2.8%). The Texas ratio was 19.4% (previously 20.3%). 
 
Soundness and liquidity 
 
The Sella group closed 2025 with a sound and stable capital and liquidity position, well above the minimum regulatory requirements, in line with the group's traditionally prudent profile. This is accompanied by rigorous risk management, which is necessary to operate in a geopolitical and macroeconomic environment characterized by high uncertainty and complexity. 
 
At 31 December 2025, the CET1 ratio was 14.68%, up 87 basis points from 13.81% at 31 December 2024 (13.70% at 30 September 2025). 
The increase of this indicator is mainly attributable to the positive contribution from self-financing and the effects of the synthetic securitization Significant Risk Transfer completed in the fourth quarter of the year, which resulted in a gain of 57 basis points through a reduction in capital absorption. The deal is part of a series of measures to optimize capital in order to support the group's growth and development plans, including in relation to the acquisition announced last November by Banca Sella of a 50% stake in Hype held by illimity Bank (Banca Ifis Group), a deal authorized by the Bank of Italy and completed on 6 February 2026. 
 
Even net of the effects of synthetic securitization, the group's CET1 ratio stands at over 14%, up by approximately 30 basis points compared to 2024, confirming the group's ability to combine significant organic growth in lending, amounting to approximately €1.2 billion over the year, with the concurrent strengthening of its capital soundness profile. 
 
At 31 December 2025, the Tier 1 ratio was 15.49% and the Total Capital Ratio was 17.79% (compared to 14.06% and 16.05% at the end of 2024 and 14.46% and 16.71% at 30 September 2025, respectively). 
The Minimum Pillar II requirements resulting from the SREP decision for the 2025 financial year were 7.8% for the CET1 ratio, 9.6% for the Tier 1 ratio, and 12% for the Total Capital Ratio, in addition to the countercyclical capital buffer of 0.03% and the systemic risk buffer of 0.71%. 

The liquidity indicators of the group are at particularly high levels: the LCR is 204.6% and the NSFR is 141.7%, well above the regulatory threshold of 100%. These values reflect a solid structural availability of cash resources and the group's ability to meet its financial commitments in the short and medium term. The group also had stable and effective access to financial markets over the year, completing its funding plan for 2025 through three bond issues by Banca Sella Holding aimed at professional investors - a €60 million AT1 instrument, a Tier 2 issue for €50 million, and a senior preferred issue for a total amount of €300 million. To these are added the issues for a total of €39.2 million made during the year by Banca Patrimoni Sella & C., in particular an AT1 instrument for €9 million and two Tier 2 issues for a total amount of €30.2 million. 
 
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 €248.6 million (+18.8% compared to the end of 2024), 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 98% of total assets under management. 
 
Overall margins from payment systems grew further to €132.2 million (+12%), driven by volumes transacted through digital payment systems, an area in which the group is renowned for its high level of expertise, reaching €40.7 billion (+9.5%). Acquiring services (POS and e-commerce) recorded an increase in volumes transacted of €3.1 billion, bringing the total for the year to €34.7 billion (+9.9%). The number of merchants also grew, reaching a total of 143,200 active merchants at the end of 2025. 
Open Finance platforms also continued to grow, generating revenues amounting to €51.1 million (+6.4%). Recurring revenues further increased (+17.3%), accounting for 83.4% of total revenues. 
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 €57.3 million, down from €99 million in the previous financial year (-42.1%), mainly due to the increase in the cost of medium/long-term funding (6 bond issues carried out during the period, in addition to those completed in the second half of 2024) 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 €17.1 million (+14.4%) in 2025, with a total of 43 deals completed. The Leveraged Finance and Private Debt stock grew by 26.6% to €406.5 million. The Corporate Venture Capital and Equity Investment portfolio has a value of €71.3 million and generated margins of €2.8 million. 
 
Environmental and social sustainability 
 
The group's commitment in the sustainability field continues. For several years now, the group has been regularly measuring the impact of its ESG performance using the self-assessment tool provided by the B-Impact Assessment (BIA) methodology. At the end of 2025, the group had achieved a score of 96.6 points (+2.9 compared to the end of 2024), well above the threshold of 80 points that classifies companies as “regenerative.” During the year, energy production from renewable sources grew significantly, with an installed capacity of 10.6 MW across 35 proprietary plants, marking an increase of 6.7 MW compared to the end of 2024. The objective set out in the strategic plan is to achieve a total production capacity of 17 MW, bringing the investment to around €20 million by 2026. The percentage of self-produced energy, given by the ratio between energy generation from renewable sources and electricity consumption, was 19.8% in 2025, up 13.8 percentage points compared to the 2024 figure of 6%. In addition, the total number of charging stations installed at the group's main locations is now 46. For several years now, all the electricity used by the Sella group in Italy and Romania has been “green energy,” from renewable sources certified with a “Guarantee of Origin”, which also rose to 100% in India, Germany, and the UK in 2025. 
Various initiatives were also supported in the communities where the group is present and operates, including through volunteer work and charitable donations involving Team Sella. Among these were blood donation days with the Italian Blood Donors' Association (AVIS) in Milan, Turin, and Rome, an experimental course introducing sign language, support for the Eureka School in India, litter picking and the restoration of dozens of benches and street furniture together with the Legambiente environmental association in eight Italian cities, as well as the donation of over 400 refurbished company computers to the Territorial Center for Volunteering in Biella and Vercelli to offer practical support to non-profit organizations, schools, and individuals. 
 
 
The performance of the group's main companies 
 
Banca Sella 
 
Banca Sella closed 2025 with a net profit of €158.5 million, down from €170.2 million in the previous year (-6.9%). Annualized ROE stood at 14.3% (compared to 17.3% at the end of 2024). At 31 December 2025, the CET1 ratio was 23.2%, up 251 basis points from 20.69% at 31 December 2024 (21.29% at 30 September 2025). The growth is mainly attributable to the positive contribution of self-financing and the effects of the synthetic securitization Significant Risk Transfer completed in the fourth quarter of the year, which resulted in a gain of 193 basis points. The operation is part of the capital optimization measures aimed at supporting the Bank and group's growth and development plans, also in relation to the acquisition, announced last November, of the 50% stake in Hype held by illimity Bank (Banca Ifis Group), a deal authorized by the Bank of Italy and completed on 6 February 2026. 
Liquidity indicators were also very positive, well above the required thresholds - LCR at 247.2%, NSFR at 162.5% (for both, the minimum regulatory thresholds are 100%). 
 
Credit quality indicators remained solid: the annualized cost of credit risk was 18 bps (24 bps at the end of 2024), the net NPL ratio was 1.2% (it was 1.2%) and the gross NPL ratio was 2.4% (previously 2.4%). The Texas Ratio is 18.5% (it was 19.4%). 
 
Total deposits at market value reached €43.8 billion, up 8.8% compared to the end of 2024. Net deposits were positive at €2.5 billion, supported by growth in both direct and indirect deposits. Loans to support the activities of households and businesses increased by 6.5% compared to the end of 2024, reaching €10.4 billion. 
 
Total income amounted to €683.1 million (-1.4% compared to the end of 2024). Net interest income was down (-9.9% to €373 million), mainly due to the expected reduction in interest rates, but this was offset by significant growth in net revenues from services (+13% to €298.3 million), driven by an increase in income from digital payment systems (+21.3% to €97.7 million) and investment services (+14.3% to €101 million). The performance of ancillary lending fees and banking revenues was also positive (both exceeding €30 million and growing by more than 3%), as was non-life insurance income (+26% to €6.8 million). Net income from financial activities fell compared to the previous year (-21.3% to €11.9 million). The cost-to-income ratio stood at 61.4% (58.1% in December 2024). 
 
Banca Sella's results for 2025 emphasize the solidity and effectiveness of its service model based on personal relations, specialized advisory and technology, capable of generating a positive impact for customers and the communities in which it operates. During 2025, four new branches were opened, in line with the plan aimed at strengthening the bank's presence across the country. The bank also confirmed its commitment to financial education, launching a program specifically dedicated to empowering female entrepreneurship. Banca Sella continued to offer increasingly efficient and innovative solutions with a high technological content, while promoting initiatives aimed at meeting the evolving financial needs of its customers. Banca Sella also joined a consortium of eleven other major European banks to issue a euro-denominated stablecoin, compliant with MiCAR regulations, which is expected to be launched in the second half of 2026.
 

Banca Patrimoni Sella & C. 
 
Banca Patrimoni Sella & C., specializing in the management and administration of assets of private and institutional clients, closed 2025 with a net profit of €30.5 million, up 15.1% compared to €26.5 million at the end of 2024. Assets under management reached €32.8 billion, up 21% compared to December 2024, thanks to the development of commercial activities and the contribution of market dynamics. Total net deposits stood at €4.4 billion, while net qualified deposits reached €2.9 billion, benefiting from customers' growing interest in asset management products and the commitment of the bankers’ network. The results were affected by both the positive performance of fees, supported by the increase in assets under management, the contribution of interest margins, and the revenues deriving from trading in the proprietary securities portfolio. CET1 was 12.35% and Total Capital Ratio 15.07% (they were both at 13.98% at the end of 2024), figures that reflect the bank’s solidity. 

During 2025, Banca Patrimoni Sella & C. completed the acquisition through merger of Banca Galileo, thereby further strengthening its competitive positioning and expanding the range of services and expertise available to its customers. 
Among Banca Patrimoni Sella & C.'s subsidiaries, Sella SGR, the group's asset management company, closed 2025 with net profits of €2.8 million, up 15.5% from the same period last year, and assets under management totaling €6.4 billion (+25.3% compared to 31 December 2024). Sella Fiduciaria, a company that provides trust and family office services, closed 2025 with assets under management amounting to €2.3 billion, representing an increase of 27% compared to 2024. 831 fiduciary mandates were opened, 31 trusts were managed and 23 family office contracts were entered into.
 
Fabrick and the fintech ecosystem
 
In 2025, the Sella group saw further development and growth in the Open Finance sector through the activities of the specialized company Fabrick and its subsidiaries (Fabrick Solutions Spain, Judopay, and finAPI), which recorded total net revenues of €66 million, up 6.1% on the previous year. Recurring revenues also increased (+19.2%), representing 80% of total revenues, compared to 71% in the previous year, partly as a result of the different scope of corporate consolidation.
The number of customers is also growing: at the end of 2025, there were 587 counterparties connected to the platform (+33.4%), generating a significant increase in API calls, which exceeded 2.1 billion per month. The payments business reached almost 132,000 customers (+6.4%) with POS and e-commerce having a value of €29.8 billion (+5.9%). 
In June 2025, Fabrick completed the acquisition of 75% of finAPI from Schufa Holding, thus officially entering the German Open Finance market. This transaction is part of the international expansion strategy aimed at promoting the development of innovation synergies in digital payments across Europe. In the same month, Fabrick also sold 100% of the capital of Codd&Date, a management consulting and technological-organizational advisory company, to Links Management and Technology SpA. 
The Fintech District community, within the scope of which open innovation projects are developed, at the end of December counted 315 fintech associates. In addition, there are 17 corporates with whom collaborations have been established over the years. In the community, 51 fintech companies participate in the Fintech for Good program (+34.2%), which focuses on activities with an ESG impact. 
 

Click here to view the Consolidated Accounting Data of Sella Group and the Accounting Statements of Banca Sella as at 31 Decembre 2025

 
  
Explanatory and Methodological Notes 

Changes in the consolidation scope 
 
In 2025 the consolidation scope of Sella group underwent the following changes: 
 
on 10 March 2025, the merger by incorporation of Banca Galileo into Banca Patrimoni Sella & C. was successfully completed. 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. With effect from 1st March, the estimated contribution to the total income resulting from the corporate merger is approximately €10.6 million (management data).
 
On 4 June 2025, Fabrick, a Sella group company specializing in the development of Open Finance solutions and innovation for the financial sector, completed the acquisition of 75% of the share capital of finAPI, a German company operating in Open Banking and Open Finance services. The estimated contribution of the deal to the total income is around €5 million (management data), with effect from 1st June. 
 
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 €4.6 million. The contribution to the total income of the company in the first six months was around €2.5 million. 
 
The consolidated income statement and balance sheet figures for Sella group at 31 December 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. 

Synthetic securitization SRT - in December 2025, the group completed the synthetic securitization of a portfolio of corporate loans worth approximately €1 billion, with the aim of optimizing risk management and strengthening its capital base. The operation, compliant with the regulations in force, allows for a significant transfer of credit risk and contributes to improving capital efficiency, to support financing activities in the real economy. In line with market practices, the structure provides for a credit protection agreement with institutional investors. 
 
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. 
 
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 bank S.p.A., consolidated using the equity method. In November 2025, the group submitted an offer to acquire 50% of the share capital of Hype held by illimity Bank, a Banca Ifis group company, which was authorized by the Bank of Italy on 28 January 2026. The acquisition, completed on 6 February 2026, will result in a redefinition of the group's customer base. 
 
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 18 bps, Banca Patrimoni Sella & C. 8 bps, Sella Leasing 23 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. 
 
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. 
 
Great Place to Work® (GPTW) - certification that measures the quality of the working environment from the perspective of the employees themselves, based on a standardized international methodological model. The main index is the Trust Index, calculated through an anonymous survey that assesses key aspects such as trust in senior management, corporate culture, and employee well-being. 
 
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. 
 
Open Finance recurring revenues - revenues from continued Open Finance services, based on pricing models that include fixed fees and variable components linked to platform and API utilization volumes. 
 
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) including employees of Hype. 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 22 - chapter 4 group organizational structure - of the half-year Consolidated Financial Statement and Report at 30 June 2025 available on the group’s internet site) excluding intragroup elisions and adjustments.