Posted in Finance, Press release |

2024-2028 Strategic Plan



AMCO acts to facilitate the financial recovery of households and corporates, focusing on its systemic role in managing impaired loans for the public interest.

With the 2024-2028 Plan, AMCO concentrates on creating value from the existing portfolio, optimising the recovery process with a data-driven approach and proactive credit management.


  • TO PRODUCE VALUE from the existing portfolio with greater operational efficiency
  • SUPPORT TO HOUSEHOLDS AND CORPORATES also with innovative projects to facilitate their financial recovery
  • SYSTEMIC ROLE in managing impaired loans for the public interest 

AMCO continues on the path outlined in the GSSE Sustainability Strategy: 2025 targets confirmed and new development lines to 2028 outlined.


  • Collection rate increasing to 6.7% in 2026 (with gradual normalization to 5% in 2028) due to the strengthening of the operating model
  • Profit generation in all Plan years: €50m in 2026, €51m in 2028
  • Assets under management (AuM) decreasing to €32.3bn in 2026 and €28.5bn in 2028 with an on-balance component of 39% in 2028 (52% in 2023)
  • Solid capital structure with excess capital of €1.8bn at end 2028 (€0.8bn at end 2023)
  • The new capital light model will create value for the public interest: AMCO will reduce outstanding debt to zero and will release capital

AMCO has already directed some preparatory actions for the new Plan to provide a solid foundation for future development: updating expected collections related to the existing loan portfolio, based on the changed macroeconomic environment, and reshaping corporate governance.

Milan, 12 March 2024 – The Board of Directors of AMCO – Asset Management Company S.p.A., met today under the chairmanship of Dr. Giuseppe Maresca and approved 2023 financial results and the new 2024-2028 Strategic Plan «We Produce Value», confirming the GSSE Sustainability Strategy.

“We are launching an ambitious four-year Plan to produce value from the existing loan portfolio through increased operational efficiency and industrialization of processes. The Plan outlines new projects to manage impaired loans, focusing on our systemic role in the sector to facilitate financial recovery of households and corporates. AMCO will generate profit in all Plan years and release capital for the public interest.” explains Andrea Munari, CEO of AMCO.

Market context

The current market environment shows a challenging macroeconomic scenario with positive real rates and uncertain inflationary dynamics. However, the market does not expect a credit deterioration in the short term. In fact, the banking system has stabilised at minimal NPE levels and high capitalization levels; expectations of new NPE volumes are lower than in the past. In addition, the evolving competitive scenario sees a mature and evolving servicing market, which will soon be regulated also by the legislation – in the process of being enacted – on the acquisition and management of NPLs.

2024-2028 Strategic Plan: «We Produce Value» With the 2024-2028 Plan, AMCO focuses on creating value from the existing portfolio, optimizing recoveries performance through greater efficiency of the operating machine. AMCO acts to facilitate the financial recovery of households and corporates focusing on its systemic role in managing impaired loans for the public interest.

The three strategic Pillars of the Plan

The 2024-2028 Plan is divided into 3 pillars that intersect the GSSE Sustainability Strategy.

1. TO PRODUCE VALUE from the existing portfolio with greater operational efficiency

AMCO aims to optimize the recovery performance of the existing portfolio, through increased and renewed efficiency of the operating machine. Efficiency will be achieved through the evolution of the portfolio management model based on a data-driven approach, greater specialisation in credit management both in-house and in outsourcing and the improvement of IT infrastructure and internal processes.

2. SUPPORT TO HOUSEHOLDS AND CORPORATES also with innovative projects

AMCO will structure innovative projects to facilitate the financial recovery of households and corporates. The planned initiatives are: the launch of multi-originator funds dedicated to specific sectors and/or geographies to facilitate their re-launch; restructuring and industrial re-launch with  new financing of files already in the portfolio as well as not in the portfolio (single name files) relating to medium-large corporates; the RE.Perform project to support retail mortgage clients in their return to performing status.

3. SYSTEMIC ROLE in managing impaired loans for the public interest

AMCO focuses its systemic role in managing impaired loans for the public interest. For this purpose, both a structure for managing Government-guaranteed loans and new initiatives for managing impaired loans in synergy with other partners are being defined.

Sustainability throughout the value chain

AMCO continues on the path outlined in the GSSE1 Sustainability Strategy by confirming the 2025 targets and defining new actions to be implemented between 2026 and 2028. In detail:

  • Sustainable Governance: establishment of an ESG Board Committee and appointment of ESG Ambassadors.
  • Sustainable Credit Management: launch of the RE.Perform project related to retail mortgages, physical risk analysis of clusters of Real Estate assets. On Customer care, post-agreement customer satisfaction survey, a multichannel approach in customer management and improvement of average response time.
  • Sustainable Development of Human Capital: Employee Satisfaction Survey, development of a Diversity & Inclusion Policy, calculation and reduction of the gender pay gap, and start of a Leadership program for women under 40. Future actions include obtaining the UNI/PdR 125-2022 certification2.
  • Environmental protection: appointment of a Mobility Manager for the Milan office and definition of smart mobility initiatives for all employees.

Main 2026-2028 financial targets3

Strengthening the operating model will improve collection rate, which is expected to increase to 6.7% in 2026 with gradual normalization to 5% in 2028.

Assets under management (AuM) are expected to decrease to €32.3bn in 2026 and €28.5bn in 2028 with an on-balance component of 43% in 2026 and 39% in 2028 (52% in 2023).

AMCO will be profitable, generating net income in all Plan years: €50m in 2026, €51m in 2028. The strong capital structure is confirmed, with excess capital of €1.8bn as of 2028. The new capital light model will create value for the public interest, as AMCO will not issue new debt, will reduce outstanding debt to zero, and will release capital.

Euro/m3FY23FY26  FY28CAGR 23-28 (%)
Total Revenues484350243-50%
of which from investor92%86%79%-13 p.p.
EBITDA margin 64%46%38%-26p.p.
Net income(388)5051n.m.
Gross Debt3,4002,0000
Shareholders’ Equity2,0002,2002,300+13%
Net Debt/equity1.30.30n.m.
Excess capital (@TCR 20%)8001,4001,800+142%

Solid foundations for future development

AMCO has already directed some preparatory actions for the new Plan to provide a solid foundation for future development.

  1. Updated expected collections estimates related to the existing loan portfolio based on the changed macroeconomic environment. The evaluation parameters of the loan portfolio were modified based on observed recovery performance and forward-looking elements aligned with structurally higher real interest rates than the historical trend and taking into account the changed macroeconomic environment.
  2. Evolution of corporate governance. After the appointment, in October 2023, of two Board Committees (Risk and Related Parties, Remuneration and Nomination), the strengthening of the system of power delegation and internal controls and an organizational review with activation of mechanisms of change management, are underway. Business functions will be strengthened to optimize recovery strategies as well as the division dedicated to data-governance supporting the Business.

2023 Results

Business development

As of 31 December 2023, Assets under Management (AuM) reach €34.7bn (-5% y/y) due to natural portfolio dynamics, not offset by new assets under management throughout the year totalling €1.0bn. 68% of AuMs are NPLs and 32% are UTPs. In terms of operating mix, 69% of volumes are managed in-house and 31% in outsourcing.

In 2023 AMCO has successfully managed credit files in several sectors. Among the most significant ones, in the Italian manufacturing sector: Snaidero (UD), Tecnogear (RE) and Imprima (CO); in the transportation sector: Augusta 2 (RM) and in the real estate sector: Vulcano Buono (NA), Bagnoli – former Italsider (NA) and GHT-Genoa High Tech (GE) projects. Finally, in the hotellerie sector, Maritalia (FG).

Operating activities – Collections

2023 collections show a growing performance (+9% y/y) and reach €1.7bn, compared to €1.5bn in the same period of the previous year.

In 2023 collection rate4 reaches 4.6% and is overall stable (4.7% in 2022) due to the natural aging of the portfolio. The main components are improving: collection rate of the Workout Division (NPLs) increases to 3.4% (3.0% in 2022), while collection rate of the UTP Division increases to 8.1% (7.6% in 2022). Collection rate of the SP&S Division reaches 3.6% (3.8% in 2022).

The solid performance of both collections and the collection rate is accompanied by a proactive credit management approach: 95% of collections from UTPs result from extra-judicial activities, as well as 41% of collections from NPLs.

2023 Results

EBITDA (€311.1m) was up by 2% y/y, versus €304.1m in 2022. This trend reflects an increase in revenues mainly related to higher interest income. EBITDA margin stood at 64.2%. Net credit provisions amounting to €524m due to updated portfolio recovery estimates, based on the challenging macroeconomic environment, led to a net result of -€388m.

Income statement – Main items

Revenues were up (+10% y/y) to €484.2m. Servicing fees were down 9% due to the natural dynamics of the off-balance portfolios of the former Veneto Banks, only partially offset by the fees related to the Cuvèe fund.

Interest income reached €345.1m (+12% y/y) due to the impact produced by rising market rates on floating-rate portfolios. Other income/expenses from operating activities – which refer to cash recoveries (all cash-based) – were up (+13% y/y) and are related to collections exceeding expected recovery plans.

Total costs amounted to €173.1m, up 28% y/y. In detail, net operating costs stood at €123.5m, up 29% y/y, due to the increase in legal and debt collection expenses impacted by property management costs of assets securing leasing loans, IT costs, inflationary dynamics, and to higher outsourcing fees related to collections on the portfolio managed by external servicers.

Euro/millionFY22FY23Var. %
Servicing fees44.540.3-9%
Interest and fees from customers307.2345.112%
Other income/expenses from operating activities87.798.813%
Total Revenues439.4484.210%
Staff costs(39.2)(49.6)26%
Net operating costs(96.0)(123.5)29%
Total costs(135.3)(173.1)28%
Ebitda margin69.2%64.2%n.m.
Net credit provisions(141.1)(523.8)n.m.
Other operating income/expenses5.6(8.4)n.m.
Net result from financial activities(34.7)(31.4)-10%
Net interest from financial activities(68.1)(89.6)32%
Pre-tax profit61.1(357.3)n.m
Income taxes(18.8)(30.7)63%
Net result42.3(388.0)  n.m.

Staff costs amounted to €49.6m (+26% compared to 2022) due to headcount growth and salary increases related to the renewal of the national collective agreement.

As of 31 December 2023, AMCO’s employees were 417, +44 versus 2022. 67% of staff is employed in business roles and the remaining 33% in central functions. Women account for 40% of total staff.

EBIT was -€267.7m. Net credit provisions were -€523.8m and reflect the updated credit portfolio evaluation, based on models embedding updated parameters which result in cash flows’ reviews and the extension of recovery times based on observed recovery performance and on the macroeconomic scenario, which embeds high market rates and uncertainties.

Interest from financial activities -€89.6m increased by 32% compared to 2022 due to the growth in market rates which affected September 2022 and January 2023 bond issuances. 

Income taxes stood at €30.7m.

Balance Sheet

The balance sheet is strong. Loans to customers were €4,235m, down 15.8% versus 2022 due to the natural dynamics of on-balance portfolios and to provisions.

Cash and cash equivalents, including cash and Italian Government Bonds, reached €679m, down €54m versus 2022 due to the positive impact of sound cash generation and the repayment of the maturing bond using available liquidity.

Financial assets stood at €441m and mainly consisted of the stake in the Italian Recovery Fund (IRF).

Financial liabilities at 31 December 2023 were €3,412m and are related to unsecured bonds. The net financial position (NFP)5 was -€2,710m, improved from -€3,377m at the end of 2022, thanks to sound cash generation capabilities.

Loans to customers5,0314,235
Cash and cash equivalents733679
Financial assets572441
Other assets268232
Total assets6,6055,587
Financial liabilities4,1343,412
Tax liabilities40
Provisions for specific purpose1625
Other liability items72128
Net equity2,3782,022
Share capital655655
Share premium604604
Valuation reserves(66)(34)
Net profit42(388)
Total liabilities and net equity6,6055,587

Net equity as of 31 December 2023 totalled €2,022m.

CET1 ratio stood at 32.5%; with Total Capital ratio standing at 32.5% as there are no subordinated bonds outstanding.

The Net Debt (NFP)/Equity ratio is 1.3x.


Appointment of the Board of Directors for the three-year 2023-2025 period and set up of two Board Committees

On 20 June 2023, AMCO’s Ordinary Shareholders’ Meeting appointed the new Board of Directors, increasing the number of Board members from 3 to 5: Giuseppe Maresca -Chairman -, Andrea Munari – Chief Executive Officer -, Antonella Centra, Ezio Simonelli, and Silvia Tossini – Directors. The term of office of the Board of Directors will end with the approval of the 2025 Financial Statements.

On 26 October 2023, AMCO’s Board of Directors set up two internal Committees with investigating, consulting and advisory functions: the Risk and Related Parties Committee and the Remuneration and Nomination Committee.

In February 2024 bond repaid using available liquidity

In February 2024, part of the available liquidity was used to repay a €250m maturing bond.


I, the undersigned, Luca Lampugnani, in my capacity as executive responsible for the preparation of corporate accounting documents, hereby declare, in accordance with paragraph 2, Article 154-bis of the Testo Unico della Finanza (Italian Consolidated Law on Financial Intermediation) that the accounting information disclosed in this press release reflects documentary evidence, accounting entries and other records of the company.

1 GSSE stands for: Sustainable Governance, Sustainable Credit Management, Sustainable Development of Human Capital and Environmental Protection.

2 UNI/PdR 125:2022 is the reference for gender equality certification referred to in the NRRP in Mission No. 5: Inclusion and Cohesion.

3 Targets include new initiatives, currently being defined, related to AMCO’s ‘Systemic Role’ pillar. The economic impacts of the RE.Perform initiative are currently not factored into the targets; they are to be considered as potential upside  that may be generated by the Plan in addition to the below targets.

4 Collection rate calculated as the ratio of collections to (monthly) average GBV for the period.

5 Calculated as: debt securities in issue less cash and cash equivalents.