July 13, 2026 06:46 AM GMT Italian Banks | Europe M Idea 2Q26E and M&A update: stick to UCG and BPE We see Q2 as a solid quarter, as we position ahead of consensus, mainly on NII and costs, for all names. We rerun the EPS and CET1 sensitivity for UCG and BPER on M&A and reiterate Overweight on both names. Into Q1: We are 5% ahead of VA consensus on core earnings and CET1 ratio for BMPS, while we expect a beat to core PPP for BAMI, ISP, UCG and BPER in the low- single-digits. We are constructive on BPER on t ...