AMCO 1H25 Results
COLLECTIONS AT €783.6M (+9% Y/Y) AND ASSETS UNDER MANAGEMENT AT €30.9BN
GROUP NET INCOME AT €9.1M, CET1 AT 39.9%
- Assets under management (AuM)1 at €30.9 bn (-8% y/y) in line with the 2024-2028 Plan. 74% are NPLs and 26% are UTPs
- Collections at €783.6m2 (+9% y/y). Total collection rate at 5.0%1 (4.2% in 1H24)
- Strong operating cash flow3 finances the acquisition of Exacta and reduces net debt4 to -€1.66bn in June 2025
- Group revenues5 at €196.6m (-10% y/y) due to lower volumes
- Group EBITDA5 at €91.8m (-24% y/y). EBITDA margin at 46.7%
- Group net income5 at €9.1m
- Solid capital structure: capital requirements further improving with CET1 at 39.9%
- AMCO’s rating confirmed by Fitch (BBB/F2) with positive outlook, S&P rating improved (BBB+/A-2) with stable outlook
- €600m bond with a 5-year maturity issued in March, while €900m6 bonds were repaid since December 2024
- Completion of the Exacta acquisition in April, contributing to results for two months
- 2024 Sustainability Report published on a voluntary basis and new 2025 Sustainability targets set
Milan, 11 September 2025 – The Board of Directors of AMCO – Asset Management Company S.p.A., met today and approved AMCO Group’s results for the first half of 2025.
“1H25 results are in line with the 2024-2028 Strategic Plan: the Company is strongly capitalised and produces value from its existing portfolio through both ordinary credit management and targeted strategic actions, such as the sale of specifically selected portfolios, composed of homogeneous loans. The cash generated from business operations enabled us to finance the acquisition of Exacta, a platform complementary to AMCO which provides the Group with the operations and know-how to support the Public Administration in recovering unpaid taxes, thus strengthening our public role in managing impaired loans,” explains Andrea Munari, Chief Executive Officer of AMCO.
STRATEGIC ACTIONS IN LINE WITH THE PLAN: “WE PRODUCE VALUE”
In 1H25, in line with the guidelines of the 2024-28 Strategic Plan “We Produce Value”, new projects were launched underlying AMCO’s systemic role for the public interest, with the aim of supporting corporates and households’ financial recovery. Specifically:
- In February 2025, the first step of the RE.Perform project was launched to help residential mortgage customers return to performing status, with the aim of their financial recovery and access to new credit. The project envisages the creation of a dedicated unit within the NPE & Outsourcing Division. In parallel, AMCO sold a re-performing residential mortgage portfolio of over €400m GBV. The transaction represents an industry benchmark and contributes to the creation of an efficient re-performing residential mortgage market in Italy.
- On the strategic front, on 30 April, AMCO completed the acquisition of 80% of the Exacta Group, active in the management of local public administrations unpaid taxes. With this deal, AMCO acquired a platform with high-level technological know-how, complementary to its existing business.
- The DREAM Project was launched to transform AMCO into a data-driven company improving data quality and analysis, allowing to lay the foundations for using AI to further optimise credit management.
- In May, the organisational structure was further strengthened with the introduction of the NPE & Special Partnerships division (in-house management of NPLs and leasing receivables above €2 million, as well as multi-originator funds), which joins the two divisions established in June 2024: Turnaround & Strategic Finance (tickets above €2 million, mainly UTPs managed in-house) and NPE & Outsourcing (tickets below €2 million both managed in-house and outsourced, and RE.Performing team for residential mortgages).
In the first half of the year, AMCO achieved important targets set for 2025 in line with the GSSE Sustainability Strategy. Among the main targets achieved there are: as for the Governance pillar, the establishment of an ESG Board Committee; with regard to Human Capital Development, a DE&I Manifesto was drawn up, a Steering Committee was set up as an intermediary step to the UNI/PdR-125 Certification, and a Leadership programme was launched to support career advancement for women. In terms of environmental protection, 100% of corporate cars are hybrid, the first Home-Work Mobility Plan for the Milan office was prepared and Scope 3 emissions (cat.7) for the entire Company population were calculated.
1H25 RESULTS
NPE business performance
As at 30 June 2025, Assets under Management (AuM) relating to AMCO’s NPE business reached €30.9bn7, down 8% y/y in the absence of new acquisitions. This trend, in line with the strategy defined in the Plan, reflects the natural evolution of the portfolio and the sale of the re-performing residential mortgage portfolio of approximately €400m completed in February 2025.
74% of AuMs are non-performing loans (NPLs) and 26% are Unlikely to Pay (UTPs); UTPs decreased by 4 percentage points versus June 2024 due to portfolio vintage and the re-performing portfolio sale.
In terms of operational mix, 71% of volumes are managed in-house and 29% are outsourced.
At the end of June, there were approximately 160 thousand counterparties under management, of which 85 thousand were corporates.
Operating Performance – NPE collections
In 1H25 collections relating to the NPE business reached €783.6m, up 9% y/y (€721.1m in 1H24), supported by the sale of the first homogeneous portfolio of re-performing mortgages8 in Italy.
The annualised collection rate9 in the first half of 2025 was 5.0% (4.2% in the first half of 2024). As expected, annualised collection rates from ordinary credit collections10 are down year-on-year for all business divisions due to lower big-tickets’ collections compared to the first half of 2024, the natural ageing of the portfolio and the growing weight of NPL compared to UTP loans.
The proactive approach to credit management was confirmed, in line with the Sustainability strategy: 97% of collections from UTP loans and 37% of collections from NPL loans came from extra-judicial collection activities. Both percentages are up compared to 2024 figures, when they stood at 94% and 25% respectively.
AMCO Group11 results as at 30 June 2025
As at 30 June 2025, AMCO’s Group net income was €9.1m, with Exacta contributing approximately €1.4m for the 2 months of May and June.
Group EBITDA amounted to €91.8m (-24% y/y). Exacta’s contribution11 was €2.1m. This trend reflects the decline in revenues due to the reduction in on-balance sheet loans and higher personnel costs for new hirings, the renewal of the collective agreement and the consolidation of Exacta. EBITDA margin is46.7%.
Group income statement – Main items
Revenues amounted to €196.6m, down 10% y/y (€218.7m in 1H24) due to lower interest income (-15% y/y) due to the decline in on-balance sheet loans, in line with the Strategic Plan. Servicing fees increased to €28.8m (+24% y/y), benefiting from the diversification into new market segments: fees from Exacta amounted to €5.3m in the first two months of consolidation.
Other income from operating activities – relating to cash recoveries (all cash-based) – decreased (-12% y/y) due to lower collections from ordinary credit management.
Total costs amounted to €104.8m up 7% y/y (Exacta costs amounted to €3.2m). Personnel expenses amounted to €33.1m (+23% compared to the first half of 2024) due to staff increases to support the company’s development, the renewal of the collective agreement and the consolidation of Exacta. Net operating expenses amounted to €71.7m, up 1% y/y, due to the increase in legal and debt collection expenses (+12% y/y), the reduction in outsourcing fees related to portfolio outsourced to third party servicers (-23% y/y) and to stable overhead costs thanks to efficiencies in IT costs.
As at 30 June 2025, AMCO had 452 employees12, 23 more than in the first half of 2024. New hires mainly involved business and staff functions, including the new Data Innovation and Transformation Office functions. 65% of staff are now employed in business roles and the remaining 35% in central functions. Women represent 41% of total workforce.
As at 30 June 2025, Exacta had 288 employees12: 15% were employed in central functions and 85% in business functions. 60% of employees are women.
| Income Statement13 – €/m | 1H24 | 1H25 | % change |
| Servicing fees | 23.2 | 28.8 | 24% |
| Interest income | 150.2 | 127.8 | -15% |
| Other income/expenses from ordinary operations | 45.3 | 40.0 | -12% |
| Total revenues | 218.7 | 196.6 | -10% |
| Personnel expenses | (26.9) | (33.1) | 23% |
| Net operating costs | (70.8) | (71.7) | 1% |
| Total costs | (97.8) | (104.8) | 7% |
| EBITDA | 121.0 | 91.8 | -24% |
| EBITDA margin | 55.3% | 46.7% | n.s. |
| Net impairment gains/losses | (54.4) | (42.2) | -23% |
| Depreciation and amortisation | (2.5) | (2.1) | -15% |
| Provisions | (2.1) | (0.9) | -58% |
| Other operating income/expenses | 0.1 | (1.1) | n.s. |
| Net result from financial activities | 6.0 | 0.2 | n.s. |
| EBIT | 68.1 | 45.8 | -33% |
| Net interest and fees from financial activities | (37.1) | (33.1) | -11% |
| Pre-tax Income | 31.1 | 12.7 | -59% |
| Income taxes | (7.9) | (3.6) | -54% |
| Net income | 23.2 | 9.1 | -61% |
EBIT was €45.8m. Net credit provisions are -€42.2m and reflect the portfolio’s periodic credit risk assessment. Including cash write-backs reclassified as revenues, the overall cost of risk is -€2.2m.
Net interest and fees from financial activities, at €33.1m, decreased by 11% compared to the first half of 2024 due to the debt reduction.
Income taxes stood at €3.6m.
Group Balance Sheet
The balance sheet is strong. Loans to customers amounted to €3,284m, down from €3,478m in December 2024 due to collection activities on on-balance sheet loans and to the on-balance sheet portion of loans included in the re-performing portfolio sold in February 2025.
Cash and cash equivalents – which include cash and Italian Government Bonds – amounted to €1,134m, following the bond repayment – as highlighted in the following paragraphs – and the Exacta acquisition.
Financial assets were €362m and mainly consisted of the Italian Recovery Fund (IRF) participation.
Financial liabilities as at 30 June 2025 were €2,844m and relate to outstanding bonds listed on the market, all unsecured, down from €3,166m at the end of 2024.
During 1H25, the €600m bond maturing in January 2025 was repaid with cash and €300m of the bond maturing in July 2027 were repaid through early redemption as part of a liability management exercise completed on 3 April 2025. On 26 March, a €600 million senior unsecured 5-year bond maturing on 2 April 2030 was successfully issued (with fixed interest rate of 3.25%).The issuance was announced in conjunction with the aforementioned liability management exercise. The abovementioned transactions allowed to reduce the outstanding debt and lengthen its maturity profile, with an average residual debt maturity of 2.5 years as at 30 June 2025.
On 24 March, the company renewed its EMTN Programme, which has a maximum capacity of €6bn. AMCO also has a Commercial Paper program of up to €1bn, which is currently undrawn.
Net debt14 is -€1,666m and is €216 million lower than in December 2024. Strong operating cash flow, through ordinary credit management and strategic actions, such as the sale of specifically selected portfolios (re-performing mortgages), financed the acquisition of Exacta and reduced the net debt.
Shareholders’ equity at 30 June 2025 amounted to €2,083m.
Capital ratios were further increasing: CET1 was 39.9% with Total Capital ratio also standing at 39.9%, as there is no subordinated debt.
The Net Debt /Equity ratio was 0.8 times, down from 0.9 times in December 2024.
| Balance Sheet15 – €/m | 1H24 | FY24 | 1H25 |
| Loans to customers | 3,952 | 3,478 | 3,284 |
| Cash and cash equivalents (loans to banks, government bonds) | 749 | 1,218 | 1,134 |
| Financial assets | 420 | 391 | 362 |
| Other activities | 212 | 331 | 367 |
| Total assets | 5,333 | 5,418 | 5,147 |
| Financial liabilities | 3,137 | 3,166 | 2,844 |
| Tax liabilities | 0 | 0 | 7 |
| Provisions for specific purposes | 25 | 26 | 36 |
| Other liabilities | 126 | 159 | 177 |
| Net equity (of which) | 2,045 | 2,067 | 2,083 |
| Share Capital | 655 | 655 | 655 |
| Share premium | 605 | 605 | 605 |
| Reserves | 796 | 796 | 825 |
| Valuation reserves | (34) | (18) | (11) |
| Net income | 23 | 29 | 9 |
| Total liabilities and equity | 5,333 | 5,418 | 5,147 |
SIGNIFICANT EVENTS DURING THE PERIOD
The Extraordinary Shareholders’ Meeting Approves Amendments to the Articles of Association
On 6 March 2025 AMCO’s Extraordinary Shareholders’ Meeting approved certain amendments to the Articles of Association aimed at better executing Strategic Projects.
S&P upgrades AMCO’s rating to ‘BBB+ ‘ with a Stable outlook. Fitch confirms ‘BBB’ rating and Positive outlook
On 16 April 2025, S&P Global upgraded AMCO’s long-term rating to “BBB+” with a Stable outlook and confirmed its short-term rating of “A-2”.
On 26 June 2025, Fitch Ratings confirmed AMCO’s “BBB” long-term rating with a Positive outlook and its “F2” short-term rating.
STATEMENT BY THE MANAGER RESPONSIBLE FOR PREPARING THE CORPORATE ACCOUNTING DOCUMENTS
I, the undersigned, Eadberto Peressoni, 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 company records.
1 Data related to AMCO’s NPE business, excluding €700m loans managed by Exacta as at 30 June 2025.
2 Data related to AMCO’s NPE business, excluding Exacta. Includes proceeds from the sale of the re-performing portfolio of ca. €400m GBV finalised in February 2025.
3 Cash flow generated from ordinary credit collection and from strategic sale of the re-performing portfolio in February 2025.
4 Calculated as outstanding debt securities at nominal value less cash and cash equivalents.
5 Exacta’s contribution to Group results starting from 30 April 2025, date of the acquisition completion.
6 €600m bond maturing in January 2025 repaid with cash and €300m bonds maturing in July 2027 repaid through early redemption as part of a liability management exercise in April 2025.
7 The figure does not include €700m loans managed by Exacta as at 30 June 2025.
8 Re-performing portfolio of approximately €400m (GBV) sold in February 2025.
9 Collection rate = annualised total collections / average total (monthly) GBV for the period. Includes proceeds from the sale of the re-performing portfolio.
10 Collection rate by division = annualised divisional collections / average divisional GBV for the period. These refer to collections from ordinary credit management: they do not include the proceeds from the sale of the re-performing portfolio. In detail: the collection rate of the NPE & Outsourcing division decreased by 0.9 pp y/y; the collection rate of the NPE & Special Partnerships division decreased by 0.6 pp y/y and the collection rate of the Turnaround & Strategic Finance division decreased by 1.1 pp y/y.
11 Exacta’s contribution to Group results starting from 30 April 2025, date of the acquisition completion.
12 Permanent and fixed-term staff.
13 Exacta’s contribution to Group results starting from 30 April 2025, date of the acquisition completion.
1H24 figures do not include Exacta.
14 Calculated as the nominal value of outstanding debt securities minus cash and cash equivalents.
15 Group data including Exacta as of 30.6.2025. 1H24 and FY24 figures do not include Exacta.
