General Bank ha closed 2025 with a consolidated net profit of 445,8 million of euros (+3,4% year on year), the highest level in its history. assets managed and administered reached a new record of 113,5 billion (+9,3%), while the net collection exceeded 6,8 billion (+2,9%), with an additional 451 million already achieved in January 2026. Strong acceleration in the fourth quarter: net profit of 131,2 million (+41,7%) and net banking income of 277,7 million (+7,8%). In light of the results, the Board of Directors proposed a dividend of €2,90 per share.
“All net collection targets have been achieved thanks to the strong acceleration in the fourth quarter of 2025,” underlined the CEO Gianmaria Mossa during the call with analysts.
Despite the solid accounts, the stock falls on Piazza Affari (-6%), penalised by fears related to artificial intelligence: a volatility that is affecting the entire managed savings sector and which in the previous days had already affected software and insurance.
A new all-time high for Banca Generali
Earnings quality remains high: therecurring net income rises to 362,5 million (+6,8%) and represents 81% of the total. edge of intermediation grows to 1,03 billion (+2%), supported by commissions recurring (530 million, +11,3%) and from financial leeway (355,5 million, +5%), while the interest margin stands at 325 million (+2%) thanks to the expansion of retail deposits (15,8 billion, +9%) and the drop in the cost of funding to 77 basis points. active interest-bearing assets Recurring commissions reached €16,7 billion, mostly from bonds. Gross recurring fees rose to €1,13 billion, including €31,2 million from Intermonte.
Its Intermonte It's becoming a growth engine: the integration has already generated €16 million in revenues from trading and market making. "Revenues will double by 2030, with an additional €40-€45 million," Mossa explained, "while €10-€15 million is expected by 2026, and the cost/income ratio will drop below 60%. "Hedging on structured products has generated the first synergies, and the positive trend was confirmed in January." On the commercial front, "we've launched two Italian equity funds" and "received 160 investment banking inquiries, with two mandates already signed and another 8-10 on the way."
On the capital, despite the impact of the Mediobanca takeover bid and the entry into force of the new regulatory framework (CRR3), capital ratios remain well above SREP requirements: CET1 at 17,1%, Total Capital Ratio at 18,9%, leverage at 5,6% and LCR at 337%.
Dividend and guidance 2026
The Board of Directors has resolved dividends of 338,9 million, equal to 2,9 euros per share (payout 76%). The distribution will be structured in two tranches: 2,20 euros with ex-dividend date on 18 May 2026 and 0,70 euros with ex-dividend date on 15 February 2027. The second tranche of the 2024 dividend (0,65 euros per share) will be detached on 23 February 2026 and paid on 25 February.
For the 2026 the bank estimates a net collection exceeding 6,5 billion, an estimated net interest margin of between €330 and €340 million and core operating expense growth in the range of 6-8%. The integration of Intermonte and the insurbanking partnership with Alleanza will help generate significant additional revenues in the coming years.
To those who pointed out that the 2026 net collection guidance is slightly lower than the 2025 result (€6,8 billion), CEO Gian Maria Mossa responded: "We want to start the year with a conservative approach and then exceed the targets. We are more focused on quality than quantity, but as usual, targets are designed to be exceeded. There is some caution given that it is so early in the year, but it is still the highest initial guidance ever."
Banca Generali: AI fears weigh on the stock
Despite the solid accounts, the title General Bank loses more than 5% on the stock market, dragged by the sales on the entire sector of managed savings following the news from the United States, where the startup Altruist has introduced tax planning tools based onartificial intelligence.
Mossa, however, downplayed the impact: “Volatility is a US issue that has nothing to do with the Italian wealth management market and even less with us, because we are not a brokerage platform.”
According to the CEO, “Italy is a unique market, where savings management is still a family business” and customers are looking for “human contact, not automation”. AI, he added, “is a great business accelerator, not an alternative: we do not see any strategic risk from the latest news, and AI will be disruptive but in a positive sense”. And he concluded: “We are considering some partnerships with AI companies, we've been analyzing them for a year and a half, so let's see collaboration opportunities e non-competitive considering our business.”
