In its Q4 2025 earnings call, Banco BPM detailed a full‐year net profit that surpassed consensus forecasts by approximately 8%, driven primarily by a robust 12% increase in fee and commission income. The bank noted a 4% decline in net interest income as lending yields were pressured by lower market rates, but highlighted that the fee surge—spanning wealth management, transaction banking and card services—more than compensated for the drop. Management reiterated the strength of the new operating model implemented in 2025, pointing to a 15% year‐over‐year reduction in operating expenses through process automation and branch network optimization. The call also included guidance for 2026, targeting a mid‐single‐digit uplift in return on tangible equity (RoTE) and forecasting cost‐to‐income improvement to 52% thanks to ongoing digitization initiatives.