FinecoBank's AI Inflection: From Promise to Execution
Record net sales, upgraded guidance, and the launch of securities lending and AI tools mark a step change in Fineco's growth story.
FBK.MI · Earnings Call · 2026-07-30
A step-up in growth
FinecoBank reported a strong first half, with adjusted net profit up 8% year-on-year to €343 million and revenues up 11% to €713 million. The headline is the acceleration in net sales, up 35% in H1, and the company is guiding to a further upgrade for 2026 and 2029. The momentum is visible in July, with estimated net sales of €1.7 billion, nearly 40% higher year-on-year, driven by strong client acquisition—21,000 new clients in July alone, up 40%.
We are experiencing a material step-up in our growth.
Management attributes this to a unique positioning at the crossroads of AI disruption, wealth transfer, and banking consolidation. The bank's transactional and stable deposit base (the highest in Europe by median ticket) supports a capital-light model, while investing and brokerage contribute to a diversified revenue stream. This is not just growth in volumes—new clients are arriving with higher-quality assets, and the bank is seeing a rising share of wallet.
The AI inflection point
The most significant change is the shift of AI from promise to execution. In the previous call (February 2026), management described AI as a game changer but offered few specifics. Today, the tone is concrete: “We are redesigning the backbone of the bank with artificial intelligence that is gradually moving into the execution phase 2026.” — Alessandro Foti, CEO and General Manager · 2026-07-30 The company has already deployed an AI-driven CRM for financial planners and a brokerage Copilot for clients, which is showing early evidence of driving order execution. These tools are expected to lift productivity and begin to bend the cost curve.
artificial intelligence is now a top keyword for the company, and management is confident that AI will allow it to deliver cost growth below plan. The guidance for 2026 includes operating cost growth of around 6% (excluding growth investments), but the CEO hinted that AI-related savings could accelerate beyond that. "We are extremely confident that going forward, we can expect a material impact on the evolution of the operational cost," he said, signalling that the payback is ahead of earlier assumptions.
New revenue engines: securities lending, ETFs, and partnerships
Fineco is launching multiple initiatives to monetize its growing asset base. The securities lending platform has just gone live, giving institutional counterparties direct access to its high-quality, granular retail AUC. Management sees significant potential given the 40% of the stock already opted in, and the platform is expected to add meaningful brokerage revenues. “the securities lending platform, which has been just launched.” — Paolo Grazia, Executive · 2026-07-30 ETFs are another lever: the stock on the platform has exceeded €21 billion, and the company is pursuing data platform fees, active ETFs, and internalization. The pan European platform is on track for a full launch in early 2027. Additionally, the exclusive 4-year partnership with CNP Assicura for life insurance distribution improves product quality and margins.
Guidance upgrade and capital strength
Management raised the outlook for 2026 and 2029, driven by better-than-expected net sales, resilient deposits, and a slower cost growth trajectory. EPS growth ambition is now "definitely higher" than the prior double-digit target. “our ambition now is definitely higher currently with what we are experiencing.” — Alessandro Foti, CEO and General Manager · 2026-07-30 The cost/income ratio is guided comfortably below 30%, and the payout ratio is expected in the 70–80% range. Capital remains fortress-like: CET1 ratio at 23.18% and leverage ratio at 5.02%, both well above requirements.
This is a company executing on multiple fronts. The prior calls showed the groundwork—AI as a concept, crypto as a project, and securities lending as an idea. Now, stable deposit growth and AI-driven efficiency are translating into financial acceleration. The risk is whether the pace can be maintained, but management's confidence, backed by hard numbers, suggests this is a genuine inflection point.