Sella Group: a positive start to 2026
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 (read the full Press Release).
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.
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.
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.
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.
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.
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%).
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.