Q : Can you provide more details on the net interest income outlook for 2025? A : Assuming a 3.6%-3.7% Euribor, we expect an increase of EUR900 million from hedging facilities compared to last year. Markup will remain positive, and we anticipate slight loan growth. In 2025, we expect further positive contributions from hedging facilities and loan growth, positioning net interest income between 2023 and 2024 levels. 1 Inferring Term Rates from SOFR Futures Prices - Finance and Economics Discussion Series 2019-014 Analysts note that Euribor futures open interest has grown significantly in the front contracts, signaling increased hedging activity from euro-denominated corporate borrowers. Current spreads between March and June 2025 are narrowing, suggesting reduced volatility expectations.
