Italian lender loses nearly half its value on profit warning, CEO exit

By Steve Goldstein

A bank that buys up invoices from Italian hospitals issued a big profit warning.

An Italian specialty finance lender that buys up the invoices from the Italian public sector lost nearly half of its value on Monday after the ousting of its chief executive and a profit warning.

BFF Bank shares (IT:BFF) tumbled 46% as the bank said it's expecting EUR72 million ($85 million) of provisions due to negative court rulings on Italian public sector receivables. BFF also said it has increased the expected collection time of late-payments from 2,100 to 2,400 days and will take a EUR22 million one-time charge.

The bank that manages debt collection of government bodies and hospitals said it's restating 2024 accounts and warned that adjusted profits for 2025 will be around EUR150 million, versus consensus of EUR155 million. This year's adjusted profit will be EUR160 million vs. its previous goal of EUR240 million, it added.

Massimiliano Belingheri will step down from his CEO role but stay on the board and CFO Giuseppe Sica will become general manager, the bank said.

Belingheri, who holds 6% of the bank, won't get any severance payments, the bank said.

-Steve Goldstein

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02-02-26 0512ET