Slides
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MEDIOBANCA 6M RESULTS AS AT 31 DECEMBER 2025 Milan, 9 February 2026
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Agenda Section 1. Executive summary Section 2. 6M/3M as at Dec25 Consolidated results Section 3. 6M/3M as at Dec25 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
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3 CLOSING A “SHORT” SIX-MONTH FINANCIAL PERIOD* Sound asset driven business, smooth transition in WM as priority WM: TFA €115bn (up 8% YoY1, stable QoQ2), with €2.6bn 6M NNM in AUM €1.1bn outflows in last 3M due to some senior banker departures CIB: softer M&A, growth in Lending/Markets resumed in last 3M CF: €4.9bn new loans (up 12%1) with ongoing stock repricing Revenues down 3%1 at €1,786m in 6M… Slowdown in WM (-1%1to €473m) and CIB (-20%1 from last year’s record levels to €357m), growth in CF (+6%1 to €678m) and INS (+14%1 to €277m) …but up 6% QoQ2 at €918m in last 3M across all revenue lines NII up 1%2 (€483m in 3M) driven by CF (up 3%2), fees up 6%2 (€246m in 3M) driven by WM (up 17%2) Cost/income ratio 46%, up 3pp1 in part due to retention actions Cost of risk at 53bps, with €164m residual overlays Recurring net profit at €623m (down 6%1), stated net profit at €513m after ~€110m one-off costs CET1 ratio up at 16.4%3 DPS: €0.63 dividend proposal to be paid in April 26 * On 9 Feb.26, Mediobanca’s Bod approved the results for a “short” six-month financial period ending 31 Dec25, adopted to align the Group’s financial year with the calendar year, effective 1 January 2026 1) YoY: 6M Dec25 / 6M Dec24 2) QoQ: 3M Dec25/ 3M Sept25 3) The fully loaded CET1 ratio is ~16.1%, including fully loaded impacts of CRR3 and excluding impact related to FRTB Executive summary Section 1
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4 6M KPIs: REVENUES ~€1.8BN, NET PROFIT ADJ. ~€0.6BN Financial results Highlights MEDIOBANCA CONSOLIDATED – 6M as at Dec25 PER SHARE EPS BVPS TBVPS No. shares/ o/w treasury €0.63 -20% YoY -24% HoH €13.4 +4% YoY +2% HoH €12.2 +4% YoY +3% HoH 813.3m -2% YoY 6.7m treasury Ratio Gross NPLs/Ls CoR ROTE RoRWA 2.0% -0.5pp YoY -0.1pp HoH 53bps +3bps YoY +16bps HoH 12.8% -1.2pp YoY -1.5pp HoH 2.7% -10bpsYoY -30bps HoH K RWAs Density2 CET1 ratio Leverage Ratio €46bn -4% YoY Flat HoH 43% -5pp YoY -1pp HoH 16.4%3 (100% payout) 7.2% -0.2pp YoY +0.2pp HoH P&L Revenues C/I ratio GOP risk adj Net profit €1,786m -3% YoY -5% HoH 46% +3pp YoY +2pp HoH €825m -12% YoY -12% HoH €513m -22% YoY -24% HoH Revenues at €1,786m (down 3% YoY), with growth in INS and CF, lower WM and CIB contribution (the latter from record 2024 levels) C/I ratio at 46%, including some retention costs EPS: €0.63 (down 20% YoY); EPS adj: €0.77 (down 5% YoY) TBVPS: €12.2 (up 4% YoY); BVPS: €13.4 (up 4% YoY) DPS proposal: €0.63 (100% payout on stated net profit) to be paid in April (ex date 20 April) Gross NPLs down to 2.0%, net 0.8% (coverage NPLs 60% , PLs 1.1%) after write offs/prudent reclassification in CF CoR @53bps, with €164m overlays still available (down only €26m vs June25) RWAs down 4% YoY to €46bn (driven by new large corporate PD model) and RoRWA at 2.7% CET13 @16.4%, including 100% payout ROTE ~13% A&L Loans Funding TFAs NNM €56bn +4% YoY +3% HoH €71bn ow WM1 €37bn +10%YoY Flat HoH €115bn +8% YoY +3% HoH €1.4bn -71% YoY -78% HoH Higher funding (up 10% YoY) with costs gradually declining; Loans up 4% YoY NNM: outflows in last 3M which bring NNM to €1.4bn in 6M TFAs: 6M growth over €115bn YoY: 6m Dec25 / 6m Dec24; HoH: 6m Dec25 / 6m June25 1) Including WM deposits and bonds placed with WM proprietary and third-party networks 2) Consolidated RWAs/total assets 3) The fully loaded CET1 ratio is ~16.1%, including fully loaded impacts of CRR3 and excluding impact related to FRTB Executive summary Section 1
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5 3M KPIs: REVENUES UP 6%1 €918M, NET PROFIT ADJ ~€300M Wealth Management – 3M results as at Dec25 Revenues Fees TFA Net profit €249m -1% YoY +11% QoQ €149m +2% YoY +17% QoQ €115bn +8% YoY -1% QoQ €49m -15% YoY +12% QoQ Consumer Finance – 3M results as at Dec25 Revenues New loans CoR Net profit €342m +6% YoY +2% QoQ €2.5bn +13% YoY +7% QoQ 173bps -3bps YoY -4bps QoQ €112m +10% YoY +3% QoQ Corporate & Inv.Banking – 3M results as at Dec25 Revenues Fees CoR Net profit €186m -30% YoY +9% QoQ €71m -51% YoY -7% QoQ 9bps +9bps YoY +8bps QoQ €45m -48% YoY -7% QoQ Executive summary Section 1 CF: NII >€300m and new loans >€2.5bn for the first time New loans >€2.5bn (up 7% QoQ and 13% YoY) Positive 3M revenues trend up to >€340m, driven by volumes and loan stock repricing CoR down 4bps QoQ (€12m overlays used since Sept25) CIB: solid asset driven business, softer Advisory Fees compared to last year’s record highs in Advisory; down 7% QoQ on softer Advisory partly offset by solid Lending Loan book again reporting growth in last 3M Asset quality confirmed WM: Stable TFAs, retention measures started in PB TFAs stable QoQ €115bn, with €1.1.bn NNM outflows in last Q mainly in MB Private Banking franchise Double-digit growth in fees QoQ, with all sources growing, helped also by seasonality Franchise: retention measures started MB – 3M results as at Dec25 Revenues Fees CoR Net profit €918m -7% YoY +6% QoQ €246m -23% YoY +6% QoQ 55bps +5bps YoY +4bps QoQ €221m -33% YoY -24% QoQ MEDIOBANCA CONSOLIDATED Revenues up 6% QoQ with all sources increasing C/I ratio up 3pp to 47%, due also to retention measures CoR under control at 55bps Net profit at €301m, before one-offs (FV adjustments and OPS costs) 1) QoQ: 3m Dec25 / 3m Sept25
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Agenda Section 1. Executive summary Section 2. 6M/3M as at Dec25 Consolidated results Section 3. 6M/3M as at Dec25 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
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7 MB: CONSOLIDATED RESULTS SUMMARY Highlights 6M consolidated revenues down 3% YoY to €1,786m, with growth in CF and INS not completely offsetting lower CIB and WM contribution. Quarterly rebound (up 6% QoQ) on positive trend in all divisions NII resilient (down 2% YoY, up 1% QoQ), backed by loan volume growth and ongoing stock repricing in CF Fees down 13% YoY due to softer CIB and WM, with the latter recovering in last Q Trading down 24% YoY, but rebounding in last Q INS up 14%, on sound AG contribution C/I ratio @46% YoY, reflecting 4% YoY cost increase, due also to retention costs CoR @53bps, reflecting ongoing CoR normalization in CF. Overlays stock at €164m (down €26m in 6M) GOP risk-adj. at €825m, down 12% YoY Net profit recurring at €623m (down 6% YoY), down to €513m after non-recurring items Sound asset driven business: TFAs up 8% YoY to €115bn, loans up 4% YoY (to €56bn) with funding up 10% YoY (to €71bn) Solid capital position: CET1 at 16.4% at Dec25, up 130bps vs June25 and 60bps QoQ, including 100% payout, plus positive impacts of the removal of the SBB and properties revaluation (+70bps) ROTE at 12.8%, RORWA 2.7% 1) YoY: 6M Dec25/Dec24. Data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB 2) The fully loaded CET1 ratio is ~16.1%, including fully loaded impacts of CRR3 and excluding impact related to FRTB Financial results €m 6M Dec25 6M Dec24 ∆ YoY1 3M Dec25 3M Sept25 3M Dec24 Total income 1,786 1,850 -3% 918 868 985 Net interest income 962 979 -2% 483 479 494 Fee income 478 549 -13% 246 232 317 Net treasury income 70 92 -24% 43 27 53 Equity acc. 276 230 +20% 147 130 121 WM 473 480 -1% 249 224 252 CF 678 638 +6% 342 335 324 CIB 357 448 -20% 186 171 266 INS 277 243 +14% 147 130 128 HF 4 46 -91% -4 8 18 Total costs (816) (783) +4% (435) (381) (413) Loan loss provisions (145) (133) +9% (76) (69) (66) GOP risk adj. 825 934 -12% 408 417 506 PBT 686 931 -26% 312 375 493 Net result 513 660 -22% 221 291 330 Net result excl. one-offs 623 660 -6% 301 322 330 TFA - €bn 115.3 106.8 +8% 115.3 115.9 106.8 Customer loans - €bn 55.9 53.9 +4% 55.9 54.4 53.9 Funding - €bn 70.8 64.2 +10% 70.8 71.3 64.2 RWA - €bn 45.9 47.6 -4% 45.9 45.2 47.6 Cost/income ratio (%) 46 42 +3pp 47 44 42 Cost of risk (bps) 53 50 +3bps 55 51 50 Gross NPLs/Ls (%) 2.0% 2.5% 2.0% 2.1% 2.5% NPL coverage (%) 59.5% 69.4% 59.5% 59.9% 69.4% EPS (€) 0.63 0.79 -20% 0.27 0.36 0.40 RoRWA (%) 2.7% 2.8% -10bps 2.8% 2.7% 3.0% ROTE adj. (%) 12.8% 14.0% -1.2pp 12.7% 12.8% 14.7% CET1 ratio (%) 16.4% 15.2% +120bps 16.4% 15.8% 15.2% 6M/3M Consolidated results Section 2
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8 0.1 0.7 1.5 0.7 (0.8) 2.0 1.8 1.5 2.0 0.5 0.2 (0.1) 0.8 (0.3) (0.8) Dec24 Mar25 June25 Sept25 Dec25 Deposits AUM AUA 106.8 108.3 112.1 115.9 115.3 SOUND ASSET DRIVEN BUSINESS, TFA STABLE IN LAST Q TFAs stable at €115bn, despite outflows (3M NNM, €bn) 2.5 3.8 2.32.3 6M/3M Dec25 - Consolidated results Section 2 TFA stable QoQ at 115bn despite €1.1bn outflows in the final part of the quarter, concentrated mainly in liquidity and securities. AUM trend positive with €2.6bn NNM in 6M, o/w >€0.5bn in last Q driven by Premier Retention measures started and prioritized (1.1) (Loan book, €bn) 55.9 20.6 19.8 20.9 17.1 17.8 17.8 15.6 16.3 16.7 Dec24 Sept25 Dec25 CIB WM CF Other 53.9 +2% +5% 54.4 +4% YoY +3% QoQ - Loans growing to €55.9bn Loans up to €55.9bn reflecting: CIB: higher volumes materialized in 3M plus seasonal factoring increase Steady growth in WM and CF, the latter matched also by ongoing positive stock repricing
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9 REVENUES DOWN 3% YoY, RECOVERING IN LAST Q Revenues by division (YoY, €m, 6M) 6M revenues ~€1.8bn, down 3% YoY, but recovering in last Q (up 6% QoQ) WM: down 1% YoY reflecting fees up 2% and lower NII contribution, but up 11% QoQ driven by fee acceleration CIB: down 20% YoY compared with last year’s record levels, but up 9% QoQ driven mainly by Trading/Markets CF: up 6% YoY with NII up 8% INS: up 14% YoY on higher AG contribution HF: down 91% YoY due to lower interest rates 1) YoY % change 6M/3M Dec25 - Consolidated results Section 2 1,850 1,786 (7) (90) 40 34 (41) Dec24 WM CIB CF INS HF & other Dec25 +6%1 +14%1-1%1 -3% YoY -20%1 252 224 249 Dec24 Sept25 Dec25 WM revenues (3M, €m) 324 335 342 Dec24 Sept25 Dec25 CF revenues (3M, €m) 128 130 147 Dec24 Sept25 Dec25 Insurance revenues (3M, €m) +2% + 11% 266 171 186 Dec24 Sept25 Dec25 CIB revenues (3M, €m) +9% +14%
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10 59 49 312 19 Sept25 Dec25 Specialty Fin. Lending CapMkt Advisory 6M consolidated fees down 13% YoY to €478m, but rebounding in last Q (up 6% QoQ): WM: €277m up 2% YoY, with sound growth in management fees (up 15% YoY) partly offset by lower upfront fees; positive last Q trend (up 17% QoQ) driven by all sources CIB: €146m down 34% YoY, as it compares with last year record result in Advisory; fees down 7% QoQ due to softer Advisory, partly offset by solid Lending CF: €77m down 4% YoY due to higher rappel fees CIB fees (€m, 3M) Note: data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB 1) CapMkt fees include ECM, DCM, CMS, Sales 1 FEE INCOME DOWN 13% YOY, UP 6% IN LAST QUARTER Fee income trend by division (€m, 3M) 76 71 39 42 42 37 39 38 124 146 143 142 128 149 78 143 101 86 76 71 Sept24 Dec24 Mar25 June25 Sept25 Dec25 CF WM CIB HF&Other 274 317 232 254 232 6M/3M Dec25 - Consolidated results Section 2 246 549 529 478 +6% (25) (28) 124 132 28 30 Sept25 Dec25 Performance Banking Mngt & Upfront Passive WM fees (€m, 3M) 128 149
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11 275 282 289 289 297 304 102 102 101 100 94 96 77 85 90 95 84 8631 25 17 12 4 Sept24 Dec24 Mar24 June25 Sept25 Dec25 CF WM CIB HF&Other NII BACKED BY LOANS GROWTH 6M NII at €962m, down 2% YoY and up 1% QoQ, reflecting: Avg. loan book growth (up 4% YoY and 1% QoQ), with CF steadily growing and CIB loan book back to growth in the Q (driven also by the seasonal effect in factoring) Lower loan yield (-50bps1 YoY, despite CF positive stock repricing through the year) not fully matched by deposit CoF reduction (-44bps1), last Q showing improved trend (loan yield up 5bps, deposit CoF down 17bps) NII sensitivity: +/-€18m NII every +/50bps in rates (from ~€35m in Sept.25) reflecting new macro-hedging framework 6M/3M Dec25 - Consolidated results Section 2 NII trend by division (€m, 3M) 494485 497 496 479 483 979 993 962 1) Annualized yield / cost excluding hedging 2) Including all funding sources (deposits, bonds, banks, other) Loan yield, CoF and loan-funding spread1 3.1% 2.9% 3.0% 2.0% 2.2% 2.4% 2.6% 2.8% 3.0% 3.2% 3M Dec24 3M Sept25 3M Dec25 Loan/Funding spread 5.64% 5.09% 5.14% 2.53% 2.20% 2.12% 1.20% 2.20% 3.20% 4.20% 5.20% Loan yield
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12 STABLE FUNDING POSITION €8.6BN RAISED IN LAST 12M AT ~80BPS 1) Including Certificates at FVO 2) Avg. 3M client rate 3) Avg. 3M spread vs Eur3M 6M/3M Dec25 - Consolidated results Section 2 30.4 31.1 30.3 31.6 31.3 31.2 8.6 8.9 9.3 June25 Sept25 Dec25 WM deposits MB securities TLTRO Banks & Other 70.6 70.8 1 Funding stock basically flat at ~€71bn… with cost trend improving QoQ 3M avg Dec24 Sept25 Dec25 WM deposits cost2 1.81% 1.54% 1.37% Bond stock spread3 126bps 118bps 113bps (€bn) (Bonds, €bn; CoF, bps) 71.3 5.0 6.0 3.7 Maturities to Dec26 Maturities to Dec27 Maturities to Dec28 ~117 ~110Senior Preferred bond 1.1 Covered bond 1.2 Loans and Others 0.6 € 5bn bond maturities ahead…with overall €2.9bn funding >12M raised in 6M (€bn) ~138
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13 RCB Costs up 4% YoY reflecting: Administrative expenses up 4% YoY, driven by IT costs, business growth and inflation Labour costs up 5% YoY, driven by some retention measures including bonuses aligned with normalized historical performance in PB and CIB, plus impact of the Italian national collective contract (CCNL) Cost/income ratio up 3pp to 46% at consolidated level, reflecting upward trend in CIB and WM and stable C/I ratio in CF. HF cost base flat COSTS UP 4% YOY 6M/3M Dec25 - Consolidated results Section 2 315 336 195 198 195 205 78 77 Dec24 Dec25 WM CIB CF HF&other Costs trend by division (€m, %, 6M)Costs trend by sources (€m) 816783 44% 55% 31% 30% 66% 71% Cost/income 42% 46% 364 378 419 438 Dec24 Dec25 Admin. Labour 816783 +4% YoY +5% +4%
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14 COST OF RISK UNDER CONTROL AT 53BPS 6M Dec25 consolidated CoR at 53bps (up 3bps YoY), 55bps in 3M Dec25, with overlays stock down by €26m vs June25 (down €13m vs Sept25), driven by: CF: CoR at 175bps in 6M, down 2bps YoY (173bps in 3M, down 4bps QoQ), overlays stock at €123m, down €23m vs June25 CIB: CoR at 5bps, reflecting portfolio quality; overlays stock at €26m, broadly unchanged WM: CoR neglibile. June 25 benefited from one-offs on models 6M/3M Dec25 - Consolidated results Section 2 Consolidated and CF CoR trend1 (bps, 3M) 146 135 123 27 26 26 17 16 15 June25 Sept25 Dec25 CF CIB Other 190 177 164 Total overlays trend (€m) 51 50 39 35 51 55 179 176 169 171 177 173 0 20 40 60 80 100 120 Sept24 Dec24 Mar25 June25 Sept25 Dec25 Consolidated CoR CF CoR 6M Dec24 50bps 177bps 6M June25 37bps 170bps 6m Dec25 53bps 175bps Cons. CF 1) March 25 and June 25 data benefited from one-offs on models in CIB and WM respectively
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15 PRUDENT STAGING GROSS NPL RATIO AT 2.0% 92.6% 93.4% 93.7% 0.58% 0.58% 0.57% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00% 110.00% 120.00% Dec24 Sept25 Dec25 Gross Exposure/Loans Coverage 4.9% 4.4% 4.3% 14.1% 12.3% 12.4% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% Dec24 Sept25 Dec25 Gross Exposure/Loans Coverage Stage 2 performing loans 0.8% 0.9% 0.8% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% Dec24 Sept25 Dec25 Stage 1 performing loans Performing loan coverage 1.26% 1.11% 1.09% 3.57% 3.17% 3.11% Dec24 Sept25 Dec25 Consolidated Consumer Finance Gross NPL ratio down slightly QoQ to 2.0% (0.8% net), coverage at ~60% Down YoY due to writeoff of fully covered positions in FY25 2.5% 2.1% 2.0% 0 0.01 0.02 0.03 0.04 0.05 Dec24 Sept25 Dec25 Gross NPL ratio Net NPL ratio 69.4% 59.9% 59.5% -0.1 0.1 0.3 0.5 0.7 0.9 1.1 1.3 1.5 Dec24 Sept25 Dec25 NPL coverage ratio Performing loan indicators Stage 2 loans <5% of gross loans with high coverage (~12%) – Performing loans coverage ratio at ~1.1% 6M/3M Consolidated results Section 2
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16 ASSET QUALITY BY DIVISIONS Net NPLs (€m) (“deteriorate”) Leasing (HF) Consumer Finance1 (CF) Corporate & Investment Banking (CIB) Wealth Management (WM) of which bad loans (€m) (“sofferenze”) NPL coverage NPLs as % of loans Mediobanca consolidated 422 480 470 Dec24 Sept25 Dec25 12 13 11 Dec24 Sept25 Dec25 270 3531 339 Dec24 Sept25 Dec25 131 103 112 Dec24 Sept25 Dec25 10 11 9 Dec24 Sept25 Dec25 37 37 35 Dec24 Sept25 Dec25 0 0 0 Dec24 Sept25 Dec25 5 5 5 Dec24 Sept25 Dec25 31 31 29 Dec24 Sept25 Dec25 0 0 0 Dec24 Sept25 Dec25 69% 60% 60% Dec24 Sept25 Dec25 71% 68% 71% Dec24 Sept25 Dec25 74% 62% 62% Dec24 Sept25 Dec25 42% 44% 42% Dec24 Sept25 Dec25 84% 77% 80% Dec24 Sept25 Dec25 2.5% 2.1% 2.0% 0.8% 0.9% 0.8% Dec24 Sept25 Dec25 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% Dec24 Sept25 Dec25 6.2% 5.3% 5.0% 1.7% 2.2% 2.0% Dec24 Sept25 Dec25 1.3% 1.0% 1.1% 0.8% 0.6% 0.6% Dec24 Sept25 Dec25 12.6% 12.6% 11.7% 2.3% 3.3% 2.6% Dec24 Sept25 Dec25 -2% -22% Net Gross -4% +9% -20% -5% -6% Note: data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB 1. ~€260m writeoff of fully covered NPLs in Mar25 and ~€110m past-due loans reclassified as NPLs in June25 due to a new stricter definition of default adopted including forborne and UTP with less than 90 days past due, consequently among the highest-quality NPLs 6M/3M Consolidated results Section 2
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17 NON-RECURRING ITEMS Gross impact on PBT Net impact after tax Public offers-related costs (52) (35) o/w Jul-Sept25 (45) (31) o/w Oct-Dec25 (7) (4) Severance Oct-Dec25 (18) (12) Asset writedown Oct-Dec25 (64) (64) Total (133) (110) 6M/3M Dec25 - Consolidated results Section 2 623 513 ( 35 ) ( 12 ) ( 64 ) Net profit recurring OPS related costs Severance Asset writedown Net profit stated Net profit: from recurring to stated (€m, 6M, Dec25)Non-recurring items (€m, 6M, Dec25) 6M net profit recurring at €623m, down to €513m after ~€110 negative one-offs (net impact), o/w ~€80m recorded in last 3M: €35m net impact of public offers-related costs, including consultants, LTI, performance shares payment and other contractual clauses that have been triggered €12m net impact of severance €64m of goodwill writedown on foreign subsidiaries
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18 CET1 RATIO >16% CET1 6M trend (%, bps) CET1 ratio 16.4%, up 130bps vs June25 and ~60bps QoQ, mainly reflecting: SBB withdrawal (+95bps), properties fair value (+70bps occurred in last 3M) to align the accounting method with MPS Group Positive RWA impact (+45bps), with optimization occurred in Sept.25 partly offset by volume growth Negative impact from AG deduction (-55bps) Other impacts (-25bps), mainly including -15bps from release of windfall tax reserve on FY 2023 profits and -25bps from acceleration of share-based payment schemes Earnings (115bps) offset by distribution (100% dividend payout included) DPS @0.63 to be paid in April 26 15.1% 16.4% +95bps +70bps +45bps (55bps) (25bps) June25 SBB withdrawn in Sept25 Properties revaluation in Dec25 RWAs INS Other Dec25 6M/3M Consolidated results Section 2 0.51 0.56 0.56 0.59 0.63 70% 70% 70% 70% 100% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% - 0.10 0.20 0.30 0.40 0.50 0.60 0.70 Dec23 June24 Dec24 June25 Dec25 Dividend per share trend (€, 6M) +13% YoY Cash Pay-out +7%
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19 ESG PROFILE ENVIRONMENT SOCIAL Orizzonti: the social reintegration project for young prisoners, in conjunction with the Francesca Rava Foundation, is being run for the second year. The project aims to offer these young people a chance for a fresh start by involving them in manual and educational activities Associazione San Fedele: Mediobanca supports this charity which is committed to combating healthcare poverty and assisting the most vulnerable individuals ESG/green credit product footprint now material with ~€6bn of stock o/w: 69% corporate, 19% mortgages, 12% consumer finance Stable share of ESG funds in client portfolios (% of ESG qualified funds @50%)1 Significant Mediobanca DCM activity in the ESG space with 16 Green bond transactions, 3 Sustainability-linked bonds, 1 Social bond, 1 Sustainable bond, and 1 Blue bond, for a total issued amount of more than €13bn since Jan-25 Mediobanca has offset its remaining Scope 1 and Scope 2 (market-based) CO2 emissions for FY 2024-25, amounting to 5,608 metric tons of CO2 eq. This has been achieved by acquiring certified carbon credits 1) % of ESG qualified funds (SFDR Articles 8&9 funds) out of total funds in Affluent Clients portfolio GOVERNANCE Extraordinary Shareholders’ Meeting At the December 1st Extraordinary Shareholders’ Meeting the shareholders of Mediobanca approved the following amendments to the company’s Articles of Association: the inclusion of Mediobanca as part of the Monte dei Paschi di Siena Group (amendments to Article 3), financial year ending on 31 December (amendments to Article 31). 6M/3M Consolidated results Section 2
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Agenda Section 1. Executive summary Section 2. 6M/3M as at Dec25 Consolidated results Section 3. 6M/3M as at Dec25 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
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21 660 670 513 Dec24 June25 Dec25 Revenues (€m, 6M) GOP risk adj. (€m, 6M) Net profit (€m, 6M) Profitability (%, 6M) Mediobanca Consolidated 1,850 1,874 1,786 Dec24 June25 Dec25 934 942 825 Dec24 June25 Dec25 -5% -12% Consumer Finance (CF) 638 657 678 Dec24 June25 Dec25 307 311 330 Dec24 June25 Dec25 205 206 221 Dec24 June25 Dec25 +3% +6% +7% Wealth Management (WM) 480 492 473 Dec24 June25 Dec25 164 189 137 Dec24 June25 Dec25 111 121 93 Dec24 June25 Dec25 -4% -28% -23% Insurance (INS) 243 278 277 Dec24 June25 Dec25 240 275 274 Dec24 June25 Dec25 241 276 267 Dec24 June25 Dec25 - - -3% -24% Corporate & Investment Banking (CIB) 448 433 357 Dec24 June25 Dec25 254 238 154 Dec24 June25 Dec25 144 131 93 Dec24 June25 Dec25 -18% 6M Divisional results Section 3 -29% 2.8% 2.9% 3.0% Dec24 June25 Dec25 3.8% 4.0% 2.7% Dec24 June25 Dec25 3.4% 3.8% 3.8% Dec24 June25 Dec25 1.9% 1.9% 1.5% Dec24 June25 Dec25 CONSOLIDATED RORWA 2.7%, ROTE 13% 2.8% 3.0% 2.7% 14.0% 14.3% 12.8% -5% 0% 5% 10% 15% 20% 0.50% 1.50% 2.50% 3.50% 4.50% 5.50% Dec24 June25 Dec25 -35% ROTE RORWA RORWA RORWA RORWA RORWA % HoH change
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22 WM: RESULTS SNAPSHOT REVENUES >€470m (down 1%1) – NET PROFIT >€90m (down 16%1) Commercial results reflected corporate transition: TFAs: >€115bn, up 8% YoY and flat QoQ NNM: €1.4bn in 6M (€1.1bn outflows last 3M), with €2.6bn AUM net inflows offset by €1.1bn AUA outflows and deposit conversion. Solid trend in Premier (€1.3bn inflows) and AM (€0.9bn inflows), while PB outflows (€0.8bn) reflect some senior banker departures Franchise: 1,365 professionals as at Dec25, down by 28 vs June25 (o/w 20 in Premier and 8 in Private) Revenues of €473m down 1% YoY: Fees up 2% YoY, with management fees up 15% YoY and upfront fees down 27% YoY. All sources of fees growing in last Q NII down 7% YoY due to interest rate cuts and stickier CoF in part due to incentivized deposits in private banking Cost/income ratio at 71% (up 5pp), with costs up 7%, including retention costs and increase in administrative costs linked to investments in IT systems and platforms CoR remains non-material 6M net profit at €93m, down 16% YoY RoRWA at 2.7% HighlightsFinancial results 1) YoY: 6M Dec25 / Dec24 €m 6M Dec25 6M Dec24 ∆ YoY1 3M Dec25 3M Sept25 3M Dec24 Total income 473 480 -1% 249 224 252 Net interest income 190 204 -7% 96 94 102 Fee income 277 270 +2% 149 128 146 Net treasury income 6 6 +16% 4 3 3 Total costs (336) (315) +7% (176) (159) (164) Loan provisions (1) (1) -30% (1) 0 (0) GOP risk adj. 137 164 -17% 72 65 88 PBT 137 160 -15% 72 65 84 Net profit 93 111 -16% 49 44 58 TFA - €bn 115.3 106.8 +8% 115.3 115.9 106.8 AUM/AUA 85.0 78.6 +8% 85.0 84.8 78.6 Deposits 30.3 28.2 +7% 30.3 31.1 28.2 NNM - €bn 1.4 4.8 -71% (1.1) 2.5 2.3 Customer loans - €bn 17.8 17.1 +4% 17.8 17.8 17.1 RWAs - €bn 7.1 6.2 +14% 7.1 7.0 6.2 Gross NPLs/Ls (%) 1.1% 1.3% 1.1% 1.0% 1.3% Cost/income ratio (%) 71 66 +5pp 71 71 65 Cost of risk (bps) 1 1 - 2 0 0 RoRWA (%) 2.7 3.8 -110bps 2.8 2.6 4.0 Salesforce 1,365 1,337 +28 1,365 1,399 1,337 6M - Divisional results - WM Section 3
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23 28.2 30.4 30.3 48.2 50.5 1.4 1.8 53.9 30.4 31.3 31.1 Dec24 June25 6M NNM Mkt effect Dec25 Deposits AUM AUA WM TFAs UP 8%1 >€115BN – FEES UP 2%1 AT €277M TFAs: up to >€115bn with AUM/AUA up to ~€85bn (up 4% in 6M), with €1.4bn NNM (after €1.1bn outflows in last Q) and €1.8bn positive market effect. TFA YoY increase: +€8.5bn, with pro-forma 12M NNM of €7.6bn WM fees up 2% YoY, with growth in management fees (up 14% YoY for franchise and up 21% for AM companies, driven by AUM growth) and banking fees (up 12% YoY) offset by lower upfront fees (down 27% YoY due to lower structured product placement in Private, also related to market context) Franchise ROA1 stable at 98bps (99bps in 6M Dec24), AM ROA at 50bps (up 4bps YoY) WM fees by source (6M, €m)WM TFAs trend (€bn) NNM breakdown AUM/AUA +1.5 - Private -0.9 - Premier +1.5 - AM +0.9 Deposits -0.1 112.1 115.3 (38) (53) 159 181 50 36 32 39 52 58 -100.0 -50.0 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 Dec24 Dec25 Passive Mngt Franchise Upfront/Advisory Mngt AM Banking & other Performance 277270 +14% 106.8 6M - Divisional results - WM Section 3 1) YoY Dec.25/Dec.24 2) ROA franchise: gross management fees from franchise (Private & Premier)/Avg. AUM from franchise 12M PF: +€8.5bn TFA, with €7.6bn NNM +2% YoY
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24 MB PREMIER: TFAs UP 12%1 >€50BN, FEES UP 10%1 TFAs: up 12% YoY to over €50bn, with AUM up 20%, AUA up 16% and deposits up 2%. Positive trend in AUM/AUA confirmed also in last Q (up 3% QoQ), with some deposit conversion NNM: €4.3bn net inflows in last 12M (up 4% YoY), driven by AUM (€2.8bn, up 32% YoY). Positive net inflows also in last Q (€0.2bn) Fees: upward trend ongoing, driven by management and banking fees Franchise: 1,225 professionals at the end of Dec25 (up 44 YoY), down 20 in last 6M due some bankers’ departure and slowdown in recruitment due to uncertainties MB Premier TFAs (€bn, end period) AUM 2.8 AUM 2.1 1.5 1.5 1.1 0.2 3M M-25 3M J-25 3M S-25 3M D-25 12M D-25 12M D-24 MB Premier NNM (€bn) MB Premier fees (€m, 3M) 6M - Divisional results - WM Section 3 17.9 18.8 18.3 10.0 11.3 11.6 16.9 19.6 20.3 Dec24 Sept25 Dec25 Deposits AUA AUM +12% YoY 44.8 49.7 50.2 +1% QoQ +3% +3% -2% 45 53 54 54 51 57 Sept24 Dec24 Mar25 June25 Sept25 Dec25 4.3 4.2 108 98 108 1) YoY 6M Dec25/Dec24
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25 CIB: RESULTS SNAPSHOT REVENUES ~€360m (down 20%1) – NET PROFIT >€90m (down 36%1) Financial results Highlights 6M Dec25 net profit at €93m, down 36% YoY1, due to lower revenues (down 20% YoY to €357m) and slightly higher costs (up 2% YoY to €198m). Revenues trend improving in last Q (up 9% QoQ), mainly thanks to Trading/Markets Details for 6M as follows: NII up 5% YoY, supported by higher Corporate Lending volumes and stronger activity in structured products within Markets Fees down 34% YoY, compared to record results in 6M Dec24 (which were up 75% YoY vs 6M Dec23 thanks to Arma Partners record contribution and robust Large domestic and Spanish CF activity). Deal closing delays also weighed on fee performance in the last 3M Trading down 37% YoY, but rebounding in last Q Cost/Income ratio at 55% (up 11pp) reflecting the compensation framework introduced to key staff and the impact of lower revenues CoR low at 5bps, confirming strong portfolio quality RWA down 20% YoY, driven by the adoption of the new PD model implemented in Sept25, generating €1.7bn RWA savings for large corporates) RoRWA at 1.5% 1) YoY: 6M Dec25/Dec24. Data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB 6M - Divisional results - CIB Section 3 €m 6M Dec25 6M Dec24 ∆ YoY1 3M Dec25 3M Sept25 3M Dec24 Total income 357 448 -20% 186 171 266 Net interest income 170 162 +5% 86 84 85 Fee income 146 221 -34% 71 76 143 Net treasury income 41 65 -37% 30 11 37 Total costs (198) (195) +2% (110) (88) (104) Loan loss provisions (5) 2 n.m. (5) (1) 0 GOP risk adj. 154 254 -39% 72 83 162 PBT 149 251 -40% 71 78 159 Net result 93 144 -36% 45 48 86 Customer loans - €bn 20.9 20.6 +1% 20.9 19.8 20.6 RWAs - €bn 12.3 15.4 -20% 12.3 12.6 15.4 Gross NPLs/Ls (%) 0.2% 0.2% 0.2% 0.2% 0.2% Cost/income ratio (%) 55 44 +11pp 59 51 39 Cost of risk (bps) 5 (2) +7bps 9 1 0 RoRWA (%) 1.5 1.9 -40bps 1.4 1.5 2.4 Revenues breakdown ECM/DCM 9 17 -48% 4 5 7 Lending 105 102 +2% 57 48 53 Advisory M&A 110 178 -38% 50 61 125 Trading Prop 13 21 -35% 9 5 15 Market division 83 95 -13% 47 36 49 Specialty Finance 37 35 +8% 19 18 17
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26 REVENUES OF €357M, DIVERSIFIED Revenues by product (3M, €m) Highlights 53 125 65 65 61 50 10 7 7 10 5 4 46 49 60 50 36 47 6 15 15 8 5 9 18 17 19 20 18 19 49 53 59 56 48 57 Sept24 Dec24 Mar25 June25 Sept25 Dec25 Advisory ECM&DCM Markets Other Specialty Fin. Lending 182 224 209 171 Revenues totalled €357m in 6M, driven by Advisory, Markets and Lending, with last 3M up 9% QoQ at €186m 6M trend as follows: Advisory: €110m, down 38% YoY, mainly reflecting normalization of Arma Partners contribution (€46m in 6M Dec25 vs €82m in 6M Dec24) and of the CF business compared to record results in 6M Dec24 Lending: €105m, up 2% YoY, with growth in volumes offsetting the continued tightness of spreads Markets: €83m, down 13% YoY due to lower fixed income contribution, but up 32% in last 3M thanks to higher structured product activity ECM & DCM: €9m, with a solid trend in DCM and limited ECM activity due to the absence of deals Specialty Finance: up 8% YoY 186 266 357 6M - Divisional results - CIB Section 3 433
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27 RESILIENT PERFORMANCE IN M&A… M&A activity has remained resilient in 2025 despite the macro uncertainties, driven primarily by financial sponsors activity and large transactions, benefiting from a more diversified and international client base MB announced 43 deals1 during the period MB was involved in the largest and most visible deals in the Italian market, including: Disposal by Permira of Golden Goose to HSG and Temasek; Acquisition by Ardian and Finint of Milione; Acquisition of Sorgenia by F2i and Asterion; Acquisition of Tinexta by Advent and Nextalia; Acquisition by Ariston Group of Riello Group The Mid-Cap segment showed resilience with MB having a leading position in Italy, leveraging on the consolidated partnership between CIB and WM, and a growing presence internationally with three transactions announced by the Mid Corporate in Germany The dedicated effort in the Energy Transition space has paid off with 9 deals announced since July 2025, up 80% YoY Significant achievements with financial sponsors, with 72% of deals1 in the period executed with private capital providers, both advising them and with them as counterparties, consistent with SP objective to expand private capital coverage amid increasing activity driven by abundant liquidity, more constructive financing conditions and need to show exits Increasing presence in Europe, with 58% of deals in the period with international clients, due to the established presence in Spain and to the leading advisory franchises of Messier & Associés and Arma Partners, as demonstrated by recently announced deals: The acquisition by Veolia of Clean Earth (MA) Significant Growth Equity Investment in FundApps from FTV Capital (AP) The acquisition by Engie Romania of a 253-MW wind project from Greenvolt The acquisition by Adagia Partners of agn Niederberghaus Selected M&A Italian Large and Mid-Cap Transactions Energy Transition Selected M&A International Transactions Selected M&A Financial Sponsors Transactions 1) Including Messier & Associés and Arma Partners deals 6M - Divisional results - CIB Section 3 August 2025 Financial Advisor to the Seller Undisclosed Disposal of Frigomeccanica to Middleby September 2025 Financial Advisor to the Seller Disposal of a minority stake in Proger to Azzurra Capital September 2025 Acquisition of the 100% of Financial Advisor to the Buyer December 2025 Financial Advisor to the Buyer Acquisition of EG Group’s Italian business by a consortium of Italian fuel retail operators Consortium Announced Financial Advisor to the Seller Sale by Enfinity Global of 49% stake in a 402 MW portfolio of solar PV power plants in Italy to SOFAZ December 2025 Financial Advisor to the Seller Sale of a stake in Sorgenia, EF Solare and Renovalia Tramontana Announced Financial Advisor to the Buyer Undisclosed Acquisition of a majority stake in Tinexta by Nextalia and Advent Announced Financial Advisor to the Seller Merge of GEK TERNA and Motor Oil Hellas power and gas supply and generation activities in a new corporate entity July 2025 Acquired by Financial Advisor to the Seller $3bn Announced Acquisition of Financial Advisor to the Seller Announced Financial Advisor to the Buyer Acquisition of Milione S.p.A. (Venice Airport) from DWS and InfraVia December 2025 Sale of Averna & Zedda Piras to Illva Saronno Financial Advisor to the Seller EV: €289m Announced Financial Advisor to The Buyer has acquired From Acquisition by Estra of a 52MW operating wind farm from Alerion Financial Advisor to the Buyer Announced Financial Advisor to the Buyer Acquisition and financing of AGN by Adagia Partners October 2025 Announced Financial advisor to the Buyer ~€2.5bn HSG acquisition of a majority stake in Golden Goose from Permira
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28 …AND IN DEBT Energy Transition Selected ECM Transactions Selected DCM Transactions Selected Lending Transactions Lending DCM ECM In the second half of 2025, equity markets experienced a strong recovery following a period of slowdown driven by trade-related uncertainty, closing at all-time highs. In this context, ECM activity increased materially, with a higher number of IPOs and secondary transactions, creating favorable conditions for a potential pickup in IPO activity in 2026, supported by strong secondary market performance and attractive valuations for new issuers. In this environment, Mediobanca acted as Joint Bookrunner on the €453mn IPO of Cirsa in Spain, the third-largest gaming sector IPO in Europe over the past 15 years Despite the usual seasonality with lower Euro DCM volumes, Mediobanca successfully delivered solid DCM results in the period, reinforcing its leading position in Italy and its established European presence. In the FIG space, Mediobanca led landmark inaugural transactions such as the first perpetual RT1 for Assicurazioni Generali, Banco Desio’s inaugural Senior Preferred bond, and the first Green bond issued by BMPS (acting as Global Coordinator / GSS Structurer). Additionally, Mediobanca acted as Sole Global Coordinator / Sole Lead Manager in Itas Mutua’s Tier 2 bond and bookrunner in Poste Italiane’s new 5-year Senior bond. Mediobanca remains the partner of choice for financial institutions across all asset classes (particularly in capital trades). In the Italian corporate space, Mediobanca played a key role in several high-profile public transactions, acting as Joint Bookrunner, Sustainability Coordinator and Dealer Manager on Inwit’s new SLB issuance and tender offer, as Joint Active Bookrunner on ASTM’s senior bond and as Joint Bookrunner on Exor’s new bond. In addition, Mediobanca acted as Joint Bookrunner on the first- ever blue bond issuance by an Italian company (A2A). In the international space, Mediobanca took the lead in several landmark transactions, participating in senior bond trades for Swisscom, Redeia, Wendel, Merlin and as Dealer Manager for Gecina’s tender offer, further underscoring its expanding footprint across core European markets The event-driven financing opportunities continue to remain limited in our core geographies leading to strong competition among European banks and pressure on margins. Against this backdrop, Mediobanca focused on relationship-driven facilities, consolidating its leadership in the domestic and European market and specialized debt advisory mandates. Notable transactions in the period include the advisory mandate (i) to Pad Multienergy for the acquisition of EG Italia and (ii) for the arrangement of a financing package (including an E-Mob capex line) in favour of Tank & Rast, the underwriting of the refinancing carried out by Kryalos for a trophy asset in Milan, alongside the participation as mandated lead arranger in the refinancing exercises in favour of Ali Group and Ferrari, and in the new debt package supporting the capex plan of Port Liberty (part of CMA CGM). On top of this, Mediobanca acted as lead arranger in the acquisition financing supporting Ferrero’s acquisition of WK Kellogg and as participant in the refinancing of Ferrara Candy (part of Ferrero Group) 6M - Divisional results - CIB Section 3 €453m IPO July 2025 Joint Bookrunner October 2025 Joint Bookrunner € 600,000,000 3.750% Nov-35 September 2025 Green Bond € 500,000,000 3.000% Oct-31 Joint Bookrunner October 2025 Sole Global Coordinator & Sole Lead Manager Tier 2 € 45,000,000 5.250% Oct-35 September 2025 Joint Bookrunner Inaugural Restricted Tier 1 € 500,000,000 4.750 Call Oct-31 October 2025 Joint Bookrunner Senior Preferred € 300,000,000 3.250% Jan-31 October 2025 New Isssue: SLB Senior Unsecured € 850,000,000 3.625% Oct-32 Tender Offer on: € 700m 1.875% due Jul -26 Joint Bookrunner, Sustainability Coordinator & Dealer Manager November 2025 Joint Bookrunner Senior Unsecured € 700,000,000 3.625% Nov-37 October 2025 Senior Unsecured € 500,000,000 3.375% Feb-32 Joint Active Bookrunner November 2025 Joint Bookrunner Senior Unsecured € 750,000,000 3.000% Dec-30 November 2025 Global Coordinator, GSS Structurer & Joint Bookrunner Inaugural Green Senior Preferred € 500,000,000 3.250% Feb-32 September 2025 Lead Arranger Acquisition Financing July 2025 €583m Refinancing & E-Mob Capex Debt Advisor & MLA July 2025 $1,750m Refinancing MLA August 2025 Financial Advisor Acquisition Financing December 2025 €154m Refinancing Underwriter, Bookrunner & MLA December 2025 €350m Refinancing MLA December 2025 Capex Financing MLA October 2025 Refinancing & Capex Participant
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29 CF: UNBROKEN MID-SINGLE-DIGIT GROWTH NII (€601M) AND NET PROFIT (€221M) Solid commercial activity in 6M Dec.25: New business: €4.9bn up 12% YoY (€2.5bn in last Q, up 7% QoQ), driving solid loan book growth, up 7% YoY to €16.7bn Channels: direct representing ~70% of new PLs in 6M as of Dec.25, with digital ~40%; bank channel doubled to ~€450m in 6M BNPL: new business above €430m in 6M25 (up 39% YoY and QoQ) 6M GOP risk adj. at €330m (up 8% YoY), driven by: Revenues up 6% YoY, reflecting NII solid growth (up 8% YoY) on higher volumes and high loan book profitability; fees down YoY mainly due to higher rappel fees driven by higher volumes originated by MPS Costs up 5% YoY driven by IT, marketing, volume growth and higher credit collection costs, cost/income ratio stable @30% LLPs up 5% YoY, along with volume growth, reflecting a broadly stable CoR at 175bps in 6M. €123m of overlays still available as at Dec25, after €23m use in last 6M (€12m in last Q). Underlying 6M cost of risk2 broadly stable at 192bps Asset quality confirmed, with gross NPLs/Ls at 5.0% and sound coverage (NPLs at 62% and performing at 3.11%) RoRWA at 3.0% Financial results Highlights 1) YoY: 6M Dec25/Dec24. Data restated to reflect transfer of MBCS from CIB to CF 2) Underlying CoR: incurred COR excluding overlay release, except for those due to IFRS 9 model update (PD/LGD parameters unchanged) €m 6M Dec25 6M Dec24 ∆ YoY1 3M Dec25 3M Sept25 3M Dec24 Total income 678 638 +6% 342 335 324 Net interest income 601 557 +8% 304 297 282 Fees 77 81 -4% 38 39 42 Total costs (205) (195) +5% (106) (98) (102) Loan provisions (143) (136) +5% (71) (72) (68) GOP risk adj. 330 307 +8% 165 165 154 PBT 328 306 +7% 165 162 154 Net profit 221 205 +8% 112 109 102 New loans - €bn 4.9 4.3 +12% 2.5 2.3 2.2 Customer loans - €bn 16.7 15.6 +7% 16.7 16.3 15.6 RWAs - €bn 15.0 14.5 +3% 15.0 14.5 14.5 Gross NPLs/Ls (%) 5.0% 6.2% 5.0% 5.3% 6.2% Cost/Income ratio (%) 30 31 -1pp 31 29 31 Cost of Risk (bps) 175 177 -2bps 173 177 176 RoRWA (%) 3.0 2.8 +20bps 3.0 3.1 2.9 6M - Divisional results – CF Section 3
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30 0.5 0.5 0.5 0.5 0.6 0.4 0.4 0.4 0.4 0.4 1.0 1.2 1.2 1.1 1.2 Dec24 Mar25 June25 Sept25 Dec25 Credit cards SP loans Car loans Personal loans Salary loans 5.21% 5.43% 5.40% 5.23% 5.28% 5.60% 7.21% 7.31% 7.36% 7.26% 7.33% 7.38% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% Sept24 Dec24 Mar25 June25 Sept25 Dec25 (NII-underlaying CoR)/avg. loans NII/avg. Loans GROWTH IN NEW BUSINESS AND LOAN BOOK, RESILIENT YIELD 6M Dec25 new loans up 12% YoY (up 7% QoQ) confirming the distribution strength, with €4.9bn of new loans in 6M (€2.5bn in last Q) mainly driven by new personal loans (up 16% YoY), salary-backed finance (up 26% YoY) and BNPL (up 39% YoY). Last Q indirect new loans growth driven also by MPS NII rose further fostered by: Volumes: loan book growth up to €16.7bn (up 7% YoY) fuelled by solid new loans Quarterly net marginality (NII/avg. loans) up 7bps YoY and 5bps QoQ due to resilient loan book profitability, increasing share of direct personal loans, and effective management of CoF and hedging strategies Risk-adjusted profitability up YoY and particularly QoQ driven by growing NII and lower CoR Loan book net profitability1 (3M, %)New loans by product (3M, €bn) 2.5 2.2 +13% 2.4 1) Underlying CoR: incurred COR excluding overlay release, except for those due to IFRS 9 model update (PD/LGD parameters unchanged) 2.4 3M - Divisional results – CF Section 3 2.3
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31 ASSET QUALITY CONFIRMED …as well as high coverage ratios PLs coverage at 3.11%, NPLs at 61.8% 1) Increase of NPLs and reduction of coverage is driven by the writeoff of ~€260m of NPLs (with ~100% coverage) in 3Q25 and by ~€110m loans (forborne and UTP with less than 90 days past due, consequently among the highest-quality NPLs) reclassified as NPLs due to a new definition of default. Pro forma NPL coverage ratio stable at 74.7%. … net NPL stock reflecting higher NPL quality CF Net NPLs, stock (€m) and incidence to loans (%) Proactive NPL management ongoing 68.1% 75.3% 61.6%1 61.8% 3.17% 3.67% 3.25% 3.11% 2.00% 3.00% 4.00% 5.00% 6.00% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% June20 June24 June25 Dec25 324 241 3451 339 2.5% 1.6% 2.1% 2.0% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 100 200 300 400 500 June20 June24 June25 Dec25 NPL Performing Coverage ratios trend 66% 78% 87% 87% 34% 22% 13% 13% June20 June24 June25 Dec25 Net NPL with overdue >90days Net NPL with overdue <90days CF Net NPLs composition (%) CoR trend under control 66 68 68 66 68 72 71 174 179 176 169 171 177 173 50 100 150 200 0 20 40 60 80 100 120 June24 Sept24 Dec24 Mar25 June25 Sept25 Dec25 Quarterly LLPs (€m) and cost of risk (bps) 6M - Divisional results – CF Section 3
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32 INSURANCE: GROWING CONTRIBUTION Financial results Highlights 6M Dec25 net profit at €267m, up 11% YoY reflecting: AG solid contribution up 20% YoY to €277m Dividend contribution of other equity investments (up 3% YoY to €17m), offset by NII charge of allocated debt AG book value: €4.2bn, up 4% YoY AG market valuation: €7.3bn (or €35.8ps) up 31% YoY RoRWA @3.8% 1) YoY: 12M Dec25/Dec24. 6M/3M Dec25 - Divisional results – INS Section 3 €m 6M Dec25 6M Dec24 ∆ YoY1 3M Dec25 3M Sept25 3M Dec24 Total income 277 243 +14% 147 130 128 Impairments (4) 9 n.m. (5) 1 (2) Net result 267 241 +11% 139 127 119 Book value - €bn 5.0 4.9 +3% 5.0 4.9 4.9 Ass. Generali (13%) 4.2 4.0 +4% 4.2 4.0 4.0 Other investments 0.9 0.9 -1% 0.9 0.9 0.9 Market value - €bn 8.2 6.4 +27% 8.2 7.7 6.4 Ass. Generali 7.3 5.6 +31% 7.3 6.8 5.6 RWA - €bn 8.2 8.1 +2% 8.2 7.9 8.1 RoRWA (%) 3.8 3.4 +40bps 4.1 3.5 3.6
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33 HOLDING FUNCTIONS: NET LOSS OF €52M DUE TO INTEREST RATE DECREASE Financial results Highlights 6M Dec25 net loss of €52m reflecting mainly: Revenues down 91% YoY, due to market rates reduction and slower cost of funding reduction Cost flat YoY €4m net writebacks Funding position: stock up 10% YoY to ~€71bn: Bonds: up 9% YoY to €31.2bn, after €2.3bn issuances in 6M (including €1.2bn covered bond and €1.1bn senior preferred) at low spreads Deposits: €30.3bn, up 7% YoY; cost gradually decreasing (1.64% June25, 1.54% Sept25 and 1.39% Dec25) despite incentives, with reduction driven by Premier Banking book average balances broadly stable at €11bn, with yield down 30bps in last Q Loans totalled €0.5bn down 22% YoY and related to legacy leasing positions All key indicators at high levels: LCR 161%, CBC €20.3bn, NSFR 115% MREL liabilities at 43.04% of RWAs as at Dec25, above requirements (23.92% for 2025) 1) YoY: 6M Dec25/Dec24. Figures restated to reflect the transfer of core leasing business from HF to CIB 6M - Divisional results – HF Section 3 €m 6M Dec25 6M Dec24 ∆ YoY1 3M Dec25 3M Sept25 3M Dec24 Total income 4 46 -91% (4) 8 18 Net interest income (5) 39 n.m. (6) 1 16 Net treasury income 9 6 +54% 2 6 3 Fee income 1 2 -61% 0 1 (1) Total costs (77) (78) - (41) (36) (43) GOP (74) (32) n.m. (45) (28) (25) Loan provisions 4 2 +90% 1 3 2 Other 8 1 n.m. (3) 11 1 PBT (61) (29) n.m. (47) (14) (22) Income taxes & minorities 10 (5) n.m. 2 8 (6) Net result (52) (34) +54% (45) (6) (28) Customer loans - €bn 0.5 0.6 -22% 0.5 0.5 0.6 Funding - €bn 70.8 64.2 +10% 70.8 71.3 64.2 ECB 0.0 0.0 - 0.0 0.0 0.0 WM Deposits 30.3 28.2 +7% 30.3 31.1 28.2 Bonds 31.2 28.7 +9% 31.2 31.3 28.7 Others 9.3 7.3 +27% 9.3 8.9 7.3
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Agenda Section 1. Executive summary Section 2. 6M/3M as at Dec25 Consolidated results Section 3. 6M/3M as at Dec25 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
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35 WHAT’S NEXT Closing remarks Section 4 1 Q 2026 Guidance (1/1 – 31/3 calendarized) Sound trend in CF reflected in solid loan and NII trend Robust CIB franchise and pipeline WM: reorganization started leveraging commitment, brand, competences, focus on core businesses - transition actively under management, including retention measures Mediobanca 2025-28 Business Plan will be updated as part of the MPS Group strategic review
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MEDIOBANCA 6M RESULTS AS AT 31 DECEMBER 2025 Milan, 9 February 2026
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Agenda Section 1. Executive summary Section 2. 6M/3M as at Dec25 Consolidated results Section 3. 6M/3M as at Dec25 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
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38 MEDIOBANCA CONSOLIDATED P&L 1) YoY= 6M Dec25 /Dec24 2) Excluding public offers-related gross costs (and related impact on taxes) and asset writedown Divisional tables Annex 1 €m 6M Dec25 6M June25 6M Dec24 YoY1 3M Dec25 3M Sept25 3M June25 3M Mar25 3M Dec24 Total income 1,786 1,874 1,850 -3% 918 868 952 922 985 Net interest income 962 993 979 -2% 483 479 496 497 494 Fee income 478 529 549 -13% 246 232 254 274 317 Net treasury income 70 86 92 -24% 43 27 41 45 53 Equity accounted co. 276 267 230 20% 147 130 162 105 121 Total costs (816) (833) (783) 4% (435) (381) (434) (399) (413) Labour costs (438) (437) (419) 5% (238) (200) (227) (210) (219) Administrative expenses (378) (396) (364) 4% (197) (181) (207) (189) (194) Loan loss provisions (145) (100) (133) 9% (76) (69) (47) (53) (66) GOP risk adjusted 825 942 934 -12% 408 417 471 470 506 Impairments, disposals (1) 10 11 n.m. (3) 2 1 9 (1) Other2 (5) (30) (14) -67% (5) 1 (19) (11) (11) PBT 820 921 931 -12% 400 420 453 468 493 Income taxes & minorities2 (197) (251) (272) -28% (99) (98) (116) (135) (163) Net profit excl. one-offs 623 670 660 -6% 301 322 337 334 330 Public offers costs (after tax, incl. Severance) (47) (16) (31) Asset writedown (64) (64) - Net profit incl. one-offs 513 670 660 -22% 221 291 337 334 330 Cost/Income ratio (%) 46 44 42 +3pp 47 44 46 43 42 Cost of Risk (bps) 53 37 50 +3bps 55 51 35 39 50 ROTE adj. (%) 13 14 14 -1pp
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39 MEDIOBANCA CONSOLIDATED A&L 1) YoY= 6M Dec25 /Dec24; HoH= 6M Dec25 / 6M June25; QoQ= 3M Dec25 / 3M Sept25 2) The fully loaded CET1 ratio is ~16.1%, including fully loaded impacts of CRR3 and excluding impact related to FRTB Divisional tables Annex 1 €bn Dec25 Sept25 June25 Dec24 QoQ1 HoH1 YoY1 Funding 70.8 71.3 70.6 64.2 -1% - +10% Bonds 31.2 31.3 31.6 28.7 - -1% +9% WM deposits 30.3 31.1 30.4 28.2 -3% - +7% ECB 0.0 0.0 0.0 0.0 - - - Others 9.3 8.9 8.6 7.3 +4% +8% +27% Loans to customers 55.9 54.4 54.3 53.9 +3% +3% +4% CIB 20.9 19.8 20.2 20.6 +5% +4% +1% Wholesale 17.5 16.9 17.0 17.2 +3% +3% +2% Specialty Finance 3.4 2.9 3.2 3.4 +18% +8% - Consumer 16.7 16.3 16.1 15.6 +2% +4% +7% WM 17.8 17.8 17.6 17.1 - +1% +4% Mortgage 13.0 13.0 12.9 12.6 - +1% +3% Private Banking 4.8 4.8 4.7 4.5 - +1% +7% Leasing 0.5 0.5 0.5 0.6 -5% -11% -22% Treasury+AFS+HTM+LR 20.1 27.1 22.2 17.6 -26% -10% +14% RWAs 45.9 45.2 46.1 47.6 +1% - -4% Loans/Funding ratio 79% 76% 77% 84% CET1 ratio (%)2 16.4 15.8 15.1 15.2 TC ratio (%)2 18.6 18.7 17.9 17.6
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40 WEALTH MANAGEMENT RESULTS 1) YoY= 6M Dec25 /Dec24 Divisional tables Annex 1 €m 6M Dec25 6M June25 6M Dec24 YoY1 3M Dec25 3M Sept25 3M June25 3M Mar25 3M Dec24 Total income 473 492 480 -1% 249 224 246 247 252 Net interest income 190 201 204 -7% 96 94 100 101 102 Fee income 277 285 270 +2% 149 128 142 143 146 Net treasury income 6 7 6 +16% 4 3 4 3 3 Total costs (336) (326) (315) +7% (176) (159) (167) (159) (164) Loan provisions (1) 22 (1) -30% (1) 0 20 2 (0) GOP risk adjusted 137 189 164 -17% 72 65 99 89 88 Other 0 (12) (4) n.m. 0 (0) (11) (1) (3) Income taxes & minorities (44) (56) (50) -12% (23) (21) (26) (30) (27) Net profit 93 121 111 -16% 49 44 63 58 58 Cost/Income ratio (%) 71 66 66 +5pp 71 71 68 64 65 LLPs/Ls (bps) 1 (25) 1 - 2 0 (47) (4) 0 Loans (€bn) 17.8 17.6 17.1 +4% 17.8 17.8 17.6 17.2 17.1 TFA (€bn) 115.3 112.1 106.8 +8% 115.3 115.9 112.1 108.3 106.8 AUM/AUA (€bn) 85.0 81.7 78.6 +8% 85.0 84.8 81.7 79.4 78.6 Deposits (€bn) 30.3 30.4 28.2 +7% 30.3 31.1 30.4 28.9 28.2 NNM (€bn) 1.4 6.2 4.8 -71% (1.1) 2.5 3.8 2.3 2.3 AUM/AUA (€bn) 1.5 4.0 4.5 -67% (0.3) 1.8 2.3 1.7 2.2 Deposits (€bn) (0.1) 2.2 0.3 n.m. (0.8) 0.7 1.5 0.7 0.1 RWA (€bn) 7.1 6.9 6.2 +14% 7.1 7.0 6.9 6.3 6.2 RoRWA (%) 2.7 4.0 3.8 -110bps
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41 CIB RESULTS 1) YoY= 6M Dec25 /Dec24 Divisional tables Annex 1 €m 6M Dec25 6M June25 6M Dec24 YoY1 3M Dec25 3M Sept25 3M June25 3M Mar25 3M Dec24 Total income 357 433 448 -20% 186 171 209 224 266 Net interest income 170 185 162 +5% 86 84 95 90 85 Net treasury income 41 62 65 -37% 30 11 28 33 37 Fee income 146 187 221 -34% 71 76 86 101 143 Total costs (198) (205) (195) +2% (110) (88) (111) (94) (104) Loan loss provisions (5) 10 2 n.m. (5) (1) (2) 12 0 GOP risk adjusted 154 238 254 -39% 72 83 96 142 162 Other (5) 2 (4) +39% (0) (5) 1 1 (2) Income taxes&minorities (57) (109) (107) -47% (27) (30) (51) (58) (74) Net profit 93 131 144 -36% 45 48 46 84 86 Cost/Income ratio (%) 55 47 44 +11pp 59 51 53 42 39 LLPs/Ls (bps) 5 (9) (2) +7bps 9 1 4 (23) 0 Loans (€bn) 20.9 20.2 20.6 +1% 20.9 19.8 20.2 20.5 20.6 RWAs (€bn) 12.3 13.6 15.4 -20% 12.3 12.6 13.6 14.4 15.4 RoRWA (%) 1.5 1.9 1.9 -40bps
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42 CONSUMER FINANCE RESULTS 1) YoY= 6M Dec25 /Dec24 Divisional tables Annex 1 €m 6M Dec25 6M June25 6M Dec24 YoY1 3M Dec25 3M Sept25 3M June25 3M Mar25 3M Dec24 Total income 678 657 638 +6% 342 335 327 330 324 Net interest income 601 578 557 +8% 304 297 289 289 282 Fee income 77 79 81 -4% 38 39 37 42 42 Total costs (205) (212) (195) +5% (106) (98) (107) (105) (102) Loan provisions (143) (135) (136) +5% (71) (72) (68) (66) (68) GOP risk adjusted 330 311 307 +8% 165 165 152 159 154 Other (3) 1 (1) 0 (3) 1 0 (1) Income taxes (106) (105) (102) +5% (53) (54) (52) (53) (52) Net profit 221 206 205 +8% 112 109 101 105 102 Cost/Income ratio (%) 30 32 31 -1pp 31 29 33 32 31 LLPs/Ls (bps) 175 170 177 -2bps 173 177 171 169 176 New loans (€bn) 4.9 4.7 4.3 +12% 2.5 2.3 2.4 2.4 2.2 Loans (€bn) 16.7 16.1 15.6 +7% 16.7 16.3 16.1 15.8 15.6 RWAs (€bn) 15.0 14.4 14.5 +3% 15.0 14.5 14.4 14.0 14.5 RoRWA (%) 3.0 2.9 2.8 +20bps
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43 INSURANCE RESULTS 1) YoY= 6M Dec25 /Dec24 Divisional tables Annex 1 €m 6M Dec25 6M June25 6M Dec24 YoY1 3M Dec25 3M Sept25 3M June25 3M Mar25 3M Dec24 Total income 277 278 243 +14% 147 130 172 106 128 Impairments (4) 9 9 n.m. (5) 1 0 8 (2) Net profit 267 276 241 +11% 139 127 166 110 119 Book value (€bn) 5.0 4.8 4.9 +3% 5.0 4.9 4.8 5.0 4.9 Ass. Generali (13%) 4.2 3.9 4.0 +4% 4.2 4.0 3.9 4.1 4.0 Other investments 0.9 0.9 0.9 - 0.9 0.9 0.9 0.9 0.9 Market value (€bn) 8.2 7.1 6.4 +27% 8.2 7.7 7.1 7.5 6.4 Ass. Generali 7.3 6.2 5.6 +31% 7.3 6.8 6.2 6.6 5.6 RWA (€bn) 8.2 7.8 8.1 +2% 8.2 7.9 7.8 8.0 8.1 RoRWA (%) 3.8 3.8 3.4 +40bps
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44 HOLDING FUNCTIONS RESULTS 1) YoY= 6M Dec25 / 6M Dec24 Divisional tables Annex 1 €m 6M Dec25 6M June25 6M Dec24 YoY1 3M Dec25 3M Sept25 3M June25 3M Mar25 3M Dec24 Total income 4 15 46 -91% (4) 8 0 16 18 Net interest income (5) 12 39 n.m. (6) 1 3 8 16 Net treasury income 9 4 6 +54% 2 6 (3) 7 3 Fee income 1 1 2 -61% 0 1 0 1 (1) Total costs (77) (89) (78) - (41) (36) (48) (41) (43) Loan provisions 4 3 2 +90% 1 3 3 1 2 GOP risk adjusted (70) (70) (30) n.m. (44) (25) (45) (25) (23) Other 8 (7) 1 n.m. (3) 11 (6) (1) 1 Income taxes & minorities 10 19 (5) n.m. 2 8 14 5 (6) Net profit (52) (58) (34) +54% (45) (6) (37) (21) (28) Loans (€bn) 0.5 0.5 0.6 -22% 0.5 0.5 0.5 0.5 0.6 RWAs 3.4 3.4 3.4 -2% 3.4 3.2 3.4 3.5 3.4
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45 MEDIOBANCA S.P.A. P&L 1) YoY= 6M Dec25 / 6M Dec24 2) Prior-year figures have been restated following the voluntary adoption of changes in accounting policies, specifically regarding the valuation of investment property (from cost to fair value) and the valuation of investments in subsidiaries, associates, and joint ventures (from cost to the equity method), in accordance with the applicable accounting standards Divisional tables Annex 1 Mediobanca Spa (€m) 6M 6M Var.%1 Dic.25 Dic.24 Pro-forma2 Net interest income 106.6 165.6 -35.6% Net treasury income 64.5 83.3 -22.5% Net fee and commission income 137.3 198.3 -30.8% Dividends on investments 608.9 559.0 8.9% Total income 917.3 1,006.2 -8.8% Labour costs (156.0) (160.2) -2.6% Administrative expenses (116.8) (109.6) 6.6% Operating costs (272.8) (269.8) 1.1% Loan loss provisions (4.3) (0.2) n.m. Provisions for other financial assets (5.3) 10.8 n.m. Other income (losses) 5.1 (3.3) n.m. Profit before tax 640.1 743.7 -13.9% Income tax for the period (33.5) (81.5) -58.9% Net profit ex. one-off costs* 606.6 662.2 -8.4% Impairment (77.5) — n.m. OPS costs (43.4) — n.m. Net profit incl. one-off costs 485.7 662.2 -26.7% * Does not include costs related to OPS and related taxes and asset write down
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46 MEDIOBANCA S.P.A. A&L Divisional tables Annex 1 Mediobanca S.p.A. (€m) Dic.25 Giu.25 Pro-forma1 Dic.24 Pro-forma1 Assets Financial assets held for trading 16,989.4 16,726.3 15,130.9 Treasury financial assets 13,725.8 14,354.5 13,285.1 Banking book securities 12,834.1 12,007.8 11,947.8 Customer loans 45,971.3 42,503.8 42,533.2 Equity Investments 11,521.7 11,203.3 11,083.9 Tangible and intangible assets 417.2 244.0 243.8 Other assets 900.0 1,080.9 912.3 Total assets 102,359.5 98,120.6 95,137.0 Liabilities Funding 67,161.1 64,790.6 58,874.0 Treasury financial liabilities 13,801.5 10,996.0 13,624.7 Financial liabilities held for trading 8,325.6 9,045.7 9,291.5 Other liabilities 1,767.1 2,178.3 2,053.4 Provisions 60.9 63.1 79.2 Net equity 10,757.6 9,730.8 10,552.0 Profit of the period 485.7 1,316.1 662.2 Total liabilities 102,359.5 98,120.6 95,137.0 1) Prior-year figures have been restated following the voluntary adoption of changes in accounting policies, specifically regarding the valuation of investment property (from cost to fair value) and the valuation of investments in subsidiaries, associates, and joint ventures (from cost to the equity method), in accordance with the applicable accounting standards
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47 GLOSSARY MEDIOBANCA BUSINESS SEGMENT CIB Corporate and Investment Banking WB Wholesale Banking SF Specialty Finance CF Consumer Finance WM Wealth Management INS Insurance AG Assicurazioni Generali HF Holding Functions PROFIT & LOSS (P&L) and BALANCE SHEET AIRB Advanced Internal Rating-Based ALM Asset and Liability Management AUA Assets under Administration AUM Assets under Management BVPS Book Value Per Share C/I Cost /Income CBC Counter Balancing Capacity CET1 Phased-in Calculation including the Danish Compromise benefit for AG (~100bps) CET1 Fully Loaded Including the Danish Compromise benefit (for AG), FL impact from equity exposure (different from AG), excluding FRTB CoF Cost of Funding CoR Cost of Risk DGS Deposit Guarantee Scheme DPS Dividend Per Share EPS Earnings Per Share EPS adj. Earnings Per Share adjusted1 PROFIT & LOSS (P&L) and BALANCE SHEET ESG Environmental, Social, Governance FAs Financial Advisors FVOCI Fair Value through Other Comprehensive Income GOP Gross Operating Profit Leverage ratio CET1 / Total Assets (FINREP definition) Ls Loans LLPs Loan Loss Provisions M&A Merger and Acquisitions NAV Net Asset Value Net profit adjusted GOP net of LLPs, minorities and taxes, with normalized tax rate NII Net Interest Income NNM Net New Money (AUM/AUA/Deposits) NP Net Profit NPLs NPLs net of NPLs purchased PBT Profit Before Tax RM Relationship Managers RORWA Adjusted Return1 on RWAs2 ROTE Adjusted Return on Tangible Equity (book value)1 RWA Risk Weighted Asset SRF Single Resolution Fund TBV Shareholders’ equity net of intangibles, dividend accrual for the period and minorities TBVPS TBV Per Share TC Total Capital TFA AUM+ AUA+ Deposits Notes 1) Based on net profit adjusted (see above) 2) INS RWA include K absorption for concentration limit Comparison periods have been recast, with negligible impacts, after the eighth update of Bank of Italy circular 262/2005 came into force, incorporating the introduction of the new IFRS 17 – Insurance Contracts.
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48 DISCLAIMER & DECLARATION OF HEAD OF FINANCIAL REPORTING Disclaimer This document includes certain projections, estimates, forecasts and consequent targets which reflect the current views of Mediobanca – Banca di Credito Finanziario S.p.A. (the “Company”) with regard to future events (“forward-looking statements”). These forward-looking statements include, but are not limited to, all statements other than actual data, historical or current, including those regarding Mediobanca’s future financial position and operating results, strategy, plans, objectives and future developments in the markets where Mediobanca operates or is intending to operate. All forward-looking statements, based on information available to the Company as of the date hereof, rely on scenarios, assumptions, expectations and projections regarding future events which are subject to uncertainties because they are dependent on factors most of which are beyond the Company’s control. Such uncertainties may cause actual results and performances that differ, including materially, from those projected in or implied by the data present; therefore the forward-looking statements are not a reliable indicator of future performances. The information and opinions included in this document refer to the date hereof and accordingly may change without notice. The Company, however, assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Due to the risks and uncertainties described above, readers are advised not to place undue reliance on such forward-looking statements as a prediction of actual results. No decision as to whether to execute a contract or subscribe to an investment should be based or rely on this document, or any part thereof, or the fact of its having been distributed. Declaration by Head of Company Financial Reporting As required by Article 154-bis, paragraph 2 of Italian Legislative Decree 58/98, the undersigned hereby declares that the stated accounting information contained in this report conforms to the documents, account ledgers and book entries of the company. Head of Company Financial Reporting Emanuele Flappini
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49 INVESTOR CONTACT DETAILS Mediobanca Investor Relations Piazzetta Cuccia 1, 20121 Milan, Italy Email: investor.relations@mediobanca.com +39 02 8829 860/647 http://www.mediobanca.com