AMCO FY25 results
AMCO – FY25 RESULTS
COLLECTIONS AT €1.5BN AND ASSETS UNDER MANAGEMENT AT €29.5BN
GROUP NET INCOME AT €26.7M, CET1 AT 41.1%
- Assets under Management (AuM) at €29.5bn1, -9% y/y thanks to an industrial approach coupled with a transactional market approach in credit management
- Collection rate at 4.8%2 (4.4% in 2024); collections at €1.5bn2 (+1% y/y)
- Strong operating cash flows allowed for net debt3 reduction down to -€1.3bn at December 2025
- Group EBITDA4 at €191.5m (-19% y/y)
- Group net income4 at €26.7m (€28.9m in 2024)
- Solid capital position: capital ratios further improving with CET1 at 41.1%
- Investment-grade ratings: S&P at BBB+/A-2 with Positive Outlook; Fitch at BBB+/F1 with Stable Outlook
- In 1Q26, issuance of a €750m bond maturing in 2029 and of a €300m bond maturing in 2038
- RE.Perform project (2nd step): disposal of a second portfolio of approximately €600m (GBV) of re-performing retail mortgages finalised on 24 March 2026
Milan, 26 March 2026 – The Board of Directors of AMCO-Asset management Company S.p.A. met today and approved AMCO’s 2025 Group results.
“2025 financial results confirm AMCO’s strong capital position and its ability to generate liquidity,” explains Andrea Munari,CEO of AMCO. – “The company closes 2025 with a profit and higher collections thanks to its strategy aimed at optimising credit collections, both by an industrial approach in credit management and by enhancing the value of specific assets with a transactional market approach.”
MAIN 2025 STRATEGIC PROJECTS
In 2025, in line with the Strategic Plan guidelines, the following projects were implemented, supporting AMCO’s systemic role:
- in February, the first step of the RE.Perform Project was finalised with the sale of the first re-performing mortgages portfolio in Italy of over €400m, and the creation of an internal team dedicated to managing the remaining loans, with the aim of supporting households in their return to performing status. In March 2026, the second step of the RE.Perform Project was completed with the disposal of a second re-performing retail mortgages portfolio of approximately €600m (GBV) to a jointly owned vehicle – 49% held by AMCO and 51% by funds managed by Bayview.
- in April, the acquisition of 80% of the Exacta Group was completed. AMCO acquired an operating platform with high level technological know-how dedicated to the collection of unpaid local taxes, complementary to AMCO’s existing business5.
- during the year, the DREAM Project was implemented to transform AMCO into a data-driven company and further optimise credit management, improving data quality and analysis, also using AI. In 2025, the migration of the core banking IT system was completed.
- the Business organisational structure was further strengthened with the evolution into three Divisions: “NPE & Special Partnerships”, “Turnaround & Strategic Finance” and “NPE & Outsourcing”6.
In 2025, AMCO achieved important ESG targets in line with its Sustainability Strategy. Regarding Governance, an ESG Board Committee was established and training in business ethics7 was provided to 100% of AMCO’s and servicers’ employees. In the Social sphere, AMCO confirms its proactive approach to credit management: 95% of collections from UTP loans came from extra-judicial activities, as 44% of collections from NPL loans and 60% of collections relating to SMEs and individuals. Furthermore, a Leadership Programme was launched to support women’s career development: the Company promoted 11% of its female workforce8 through development initiatives; the gender pay gap was monitored and remains below 5%9. Finally, ESG training and engagement activities for employees were carried out. On the Environment side, AMCO reduced GHG emissions from operational activities by 65% compared to 202110. Credit portfolio monitoring shows that 30% of total expected cash flows are exposed to hydrogeological risk and 4% to geological risk; 9% of expected cash flows from UTPs are exposed to transition risk. Finally, the Company mapped 100% of its owned properties and a cluster of 10 repossessed leased properties for energy efficiency improvements.
FY25 RESULTS
NPE business performance
As at 31 December 2025, Assets under Management (AuM) reached €29.5bn11, down 9% y/y in line with expected dynamics, thanks to proactive management and the sale of the aforementioned portfolio of re-performing mortgages with a GBV of approximately €400m.
76% of AuM are non-performing loans (NPLs) and 24% are Unlikely to Pay (UTPs). In terms of operating mix, 70% of volumes are managed in-house and 30% are outsourced. At the end of 2025, there were approximately 150 thousand counterparties under management, of which 80 thousand were corporates.
Operating Performance – NPE collections
In 2025 collections reached €1.5bn, up 1% y/y, supported by value-enhancing strategic actions envisaging a transactional market approach.
Collection rate12 in 2025 was 4.8% (4.4% in 2024); it increased thanks to the value-enhancing strategic actions.
AMCO Group13 results as at 31 December 2025
Group net income in 2025 was €26.7m (€28.9m in 2024), due to lower credit provisions and other one-off income from the Genova Hight Tech (GHT)14 consolidation. Exacta’s contribution was equal to €4.1m.
Group EBITDA amounted to €191.5m (compared to €237.1m in 2024). This trend reflects the natural decline in revenues from on-balance sheet loans and higher personnel costs to strengthen the corporate structure and for the Exacta consolidation.
Group income statement – Main items
Revenues amounted to €408.8m, down 6.6% y/y (€437.7m in 2024) due to lower interest income (€244.2m, -16% y/y) linked to the decline in on-balance sheet loans, in line with expected dynamics. Servicing revenues increased by 41% to €65m, thanks to Exacta’s contribution equal to €20m in the 8-month consolidation period.
Other income from operating activities – relating to cash recoveries (all cash-based) – decreased by 3% y/y and are related to collections on loans exceeding expected recovery plans.
Total costs amounted to €217.3m, up by 8.3% y/y due to changes in the consolidation perimeter. In detail, net operating costs amounted to €148.8m and slightly increased by 1% y/y due to higher legal and debt collection expenses (i.e. higher costs related to the management of leased properties and to new legal proceedings). Staff costs amounted to €68.5m (+29% compared to 2024) due to headcount strengthening to support the company’s development, the renewal of the collective agreement and the Exacta and GHT consolidation.
As at 31 December 2025, AMCO Group had 743 employees due to the Exacta and GHT consolidation (compared to 444 at 31 December 2024). AMCO had 452 employees: 65% employed in business roles and the remaining 35% in central functions. Women represent 42% of the total workforce. The average age is 44.
As at 31 December 2025, Exacta had 284 employees: 83% employed in business functions. 60% are women15.
EBIT was equal to €91.6m, compared to €121.1m in 2024. Net credit provisions were -€84.1m and reflect the portfolio’s periodic credit risk assessment. Net interest from financial activities, equal to €67.6m, decreased by 2.3% compared to 2024 due to debt reduction.
Income taxes were positive at €2.6m.
| Income Statement16 – €/m | FY24 | FY25 | % change |
| Servicing revenues | 46.1 | 65.0 | 41% |
| Interest income | 289.1 | 244.2 | -16% |
| Other income from operating activities | 102.5 | 99.7 | -3% |
| Total revenues | 437.7 | 408.8 | -7% |
| Staff costs | (53.3) | (68.5) | 29% |
| Net operating costs | (147.4) | (148.8) | 1% |
| Total costs and Expenses | (200.6) | (217.3) | 8% |
| EBITDA | 237.1 | 191.5 | -19% |
| EBITDA margin | 54.2% | 46.8% | n.s. |
| Net impairment gains/losses | (113.5) | (84.1) | -26% |
| Depreciation and amortisation | (4.5) | (7.7) | +71% |
| Provisions | (1.5) | (7.6) | n.s. |
| Other operating income/expenses | (1.3) | 14.3 | n.s. |
| Net result from financial activities | 4.8 | (14.9) | n.s. |
| EBIT | 121.1 | 91.6 | -24% |
| Net interest from financial activities | (69.2) | (67.6) | -2% |
| Pre-tax income | 51.9 | 24.0 | -54% |
| Income taxes | (22.9) | 2.6 | n.s. |
| Group net income | 28.9 | 26.7 | -8% |
Group Balance Sheet
The Group’s balance sheet is strong. Loans to customers amounted to €2,761m, down from €3,478m in 2024 due to collections on on-balance sheet loans.
Cash and cash equivalents – which include cash and Italian Government Bonds– amounted to €1,504m (+23.5% y/y).
| Balance Sheet17 – €/m | FY24 | FY25 |
| Loans to customers | 3,478 | 2,761 |
| Cash and cash equivalents (loans to banks, government bonds) | 1,218 | 1,504 |
| Financial assets | 391 | 315 |
| Other assets | 331 | 649 |
| Total assets | 5,418 | 5,228 |
| Financial liabilities | 3,166 | 2,875 |
| Tax liabilities | 0 | 7 |
| Provisions for specific purposes | 27 | 45 |
| Other liabilities | 159 | 198 |
| Net equity (of which) | 2,067 | 2,104 |
| o/w: Share capital | 655 | 655 |
| o/w: Share premium | 605 | 605 |
| o/w: Reserves | 796 | 825 |
| o/w: Valuation reserves | (18) | (8) |
| o/w: Net income | 29 | 27 |
| Total liabilities and equity | 5,418 | 5,228 |
Financial liabilities at 31 December 2025 were €2,875m; they are composed of unsecured bonds listed on the market. During 2025, 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 €600m 5-year senior unsecured bond maturing on 2 April 2030 was successfully issued; 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.
On 24 March 2025, the Company renewed its EMTN program, which has a maximum capacity of €6bn. The Company has a Commercial Paper program in place for a maximum amount of up €1bn, which is currently undrawn.
Net debt18 was -€1,307m, €574m lower than in December 2024, thanks to strong operating cash flows. The Net Debt/Equity ratio was 0.6x, down from 0.9x at December 2024.
Shareholders’ equity at 31 December 2025 amounted to €2,104m.
Capital ratios further increased: CET1 was 41.1%19 with Total Capital ratio also standing at 41.1%, as there is no subordinated debt.
RATING
On 25 September 2025, Fitch Ratings upgraded AMCO’s long-term rating to “BBB+” and its short-term rating to “F1”, with a “Stable” outlook.
On 3 February 2026, S&P Global upgraded the outlook on the long-term “BBB+” rating to “Positive”. The short-term rating remains “A-2”.
On 23 October 2025, Fitch Ratings upgraded AMCO’s commercial, residential and asset-backed special servicer ratings to “CSS2+”, “RSS2+” and “ABSS2+”, with a “Stable” outlook.
SIGNIFICANT EVENTS AFTER THE PERIOD
Two senior unsecured bonds issued
On 14 January 2026, AMCO successfully issued a 3-year senior unsecured bond maturing on 15 March 2029 for a nominal amount of €750m with a spread of 37bp over BTP.
On 2 February 2026, the Company issued, via a private placement, a €300m senior unsecured bond maturing on 1 March 2038, with a spread of 43bp over BTP.
1 Data related to AMCO’s NPE business, excluding loans managed by Exacta.
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 Calculated as outstanding debt securities at nominal value less cash and cash equivalents.
4 Group financial results, including the consolidation of Exacta from 30.04.2025 and of GHT from 31.08.2025.
5 The 2026 Budget Law envisages the extension of AMCO’s operations to the collection of municipalities’ local taxes through a segregated account; the detailed governance and operating model are subject to the Ministry of Economy and Finance’s decrees.
6 “NPE & Special Partnerships” manages in-house NPLs exceeding €2m and lease receivables, as well as multi-originator funds; “Turnaround & Strategic Finance” manages in-house positions exceeding €2m, mainly UTP, “NPE & Outsourcing” manages loans of less than €2m both in-house and outsourcing, in addition to the RE.Performing team for retail mortgages.
7 Anti-corruption, Privacy and AML.
8 In line with male promotions in 2025.
9 Calculated by employee category excluding executives.
10 Scope 1 and 2.
11 Data related to AMCO’s NPE business, excluding loans managed by Exacta.
12 Total collection rate = total collections / average (monthly) GBV for the period. Includes proceeds from the sale of the re-performing portfolio finalised in February 2025.
13 Group financial results, including the consolidation of Exacta from 30.04.2025 and of GHT from 31.08.2025.
14 In 2025, AMCO increased its stake in the share capital of its debtor GHT to 76.14%, becoming its largest shareholder. The aim is to manage the company’s overall debt position more effectively, also through the relaunch of the real estate development project in Genoa.
15 Genova High Tech Spa had 7 employees as of 31 December 2025.
16 Group financial results, including the consolidation of Exacta from 30.04.2025 and of GHT from 31.08.2025.
17 FY25 financial results include the consolidation of Exacta from 30.04.2025 and of GHT from 31.08.2025.
18 Calculated as the nominal value of outstanding debt securities minus cash and cash equivalents.
19 Equity includes net income of the period for the purpose of CET1 calculation.
