Slides
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MEDIOBANCA 12M RESULTS AS AT 30 JUNE 2025 Milan, 31 July 2025
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Agenda Section 1. Executive summary Section 2. FY25/4Q25 Group results Section 3. FY25/4Q25 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
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3 12M RESULTS: FULL DELIVERY OF TARGETS FOSTERED BY A STRONGER FRANCHISE REVENUES UP TO €3.7BN, EPS UP 7%, ROTE 14%, 9% TOTAL ANNUAL YIELD Double-digit growing feesNII resilient Net profit up 4%, EPS up 7%Lower COR, with ample overlays €1,972m NII 12M25 €1,072m Fees 12M25 up 14% YoY driven by CIB & WM 44bps 12M25 -4bps YoY driven by CIB & WM 15.2% June24 €1,330m 12M25 EPS up 7% YoY €1.64 12M25 High K generation Net profit up 4% YoY Best in class payout (100%) €1.15 DPS (up 7% YoY from €1.07) €0.56 paid in May25 €0.59 payable in Nov.25 ~€400m final SBB To be executed in FY262 15.1% CET11 June25 100% payout Strong commercial achievements, leveraging specialized business model WM €11bn NNM (12M, +32% YoY) CIB Avg. loan up by >€1bn (+8% YoY) CF >€9bn new loans (12M, +9% YoY) 1) The fully loaded CET1 ratio is ~14.8%, including fully loaded impacts of CRR3 and excluding impact related to FRTB. 2) Subject to ECB and AGM approval. down 1% YoY supported by CF up 9% ++270bps generated in 12M 48bps 12M24 Executive summary Section 1 ✓ ✓ ✓✓ ✓ ✓✓
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4 4Q: SOLID PROGRESSION, €337M NET PROFIT Net profit/EPS at high levelsDecreasing COR Better than guidance 35bps Group COR 4Q25 39bps 3Q25 €337m 4Q25 EPS €0.41 4Q25 Net profit 4Q Group revenues: >€950m resilient YoY, on diversified activity across divisions WM CF Executive summary Section 1 Record NNM: €3.8bn Exceeding guidance, almost €1.5bn outflows NII resilient Confirming guidance €496m 4Q25 up 1% YoY Flat QoQ driven by CF & CIB €497m 3Q25 €3.8bn 4Q25 up 64% QoQ WM: €20m writebacks CF: stable at ~170bps, with no overlays used €246m up 5% YoY stable QoQ CIB €323m up 7% YoY resilient QoQ INS €172m down 5% YoY up >60% QoQ €211m down 7% YoY down 7% QoQ €334m 3Q25 €0.40 3Q25 Well above €9-10bn annual guidance €11.0bn 12M25 up 32% YoY
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5 Growing TFAs TFAs up €13bn YoY Capital reallocation and optimization RWA density down 4pp to 44% in 2Y 32% 28% 27% 68% 72% 73% June23 June24 June25 Deposits AUM/AUA (Group TFAs, €bn, %) 99 112 2YCAGR:13% STRONG & CAPITAL EFFICIENT ASSET GROWTH (Group RWAs and loans, €bn) 52.5 54.3 Executive summary Section 1 ✓ ✓ 88 2YCAGR:17% 19.4 14.9 13.2 13.5 14.5 14.3 6.0 6.1 6.9 8.7 8.1 7.8 3.8 4.2 3.9 June23 June24 June25 CIB CF WM INS HF 100% 7% 17% 12% 26% 38% 100% 8% 17% 15% 31% 29% 46.1 51.4 RWA: Loans 2YCAGR: 2% RWAs 2YCAGR: -5% 47.6
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6 3.6 >3.7 3,303 3,607 3,719 FY23 FY24 FY25 Growing revenues up to 8% of RWA …DRIVING REVENUE, GOP AND RORWA GROWTH (Group revenues €bn, revenues/RWA %) 6.4% 8.1% Executive summary Section 1 ✓ Growing GOP Cost/income stable at 43% ✓ CAGR: 6% 3.6 >3.7 1,620 1,813 1,876 FY23 FY24 FY25 43% 43% CAGR: 8% (Group GOP risk adj €bn, cost/income %) Growing RORWA Group up to 2.9% 1.2% 1.4% 2.0% 2.9% 2.7% 2.9% 3.1% 3.6% 3.8% 3.2% 3.8% 3.6% 2.4% 2.7% 2.9% FY23 FY24 FY25 CIB CF WM INS Group ✓
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7 VISIBLE VALUE CREATION BEST EVER EPS/DPS/ROTE – 100% PAYOUT – 9% YIELD DPS up to €1.15 (up 7% YoY, 4YCAGR: 15%) 0.66 0.75 0.85 1.07 1.15 FY21 FY22 FY23 FY24 FY25 (€) Executive summary Section 1 High capital creation allowing 100% payout and high single-digit annual yield 16.3 15.7 15.9 15.2 15.1 9.45 10.15 10.25 10.08 11.00 June21 June22 June23 June24 June25 CET1 % MDA % 70%70% 0.2bn Cash payout Buyback 70% 1) Including €0.2bn SBB on FY23 earnings, deducted from CET1 in FY24 2) Subject to AGM and ECB approval, to be executed in FY26 and deducted from CET1 at June 25 3) Maximum Distributable Amount – MDA: including 56.25% of P2R (1.75%), Conservation Capital Buffer (2.50%), Countercyclical Buffer (0.14% al 31 March 2025), O-SII buffer (0.25%), SyRB buffer (0.8%) and AT1 shortfall (1,83%). EPS up to €1.64 (up 7% YoY, up16% 4YCAGR) 0.91 1.05 1.21 1.53 1.64 FY21 FY22 FY23 FY24 FY25 (€) ROTE up to 14% TBVPS up to €11.8 (up 2% YoY, 4YCAGR: 2%) 10.9 10.6 11.6 11.6 11.8 9% 10% 13% 14% 14% 0% 5% 10% 15% 5 7 9 11 13 FY21 FY22 FY23 FY24 FY25 TBVPS (€), ROTE (%) Last 2Y: 100% payout 70% cash div + SBB ✓ ✓ ✓ 70% 70% 0.4bn20.6bn1 From FY26 to FY28: 100% recurring cash div payout ✓
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8 1.21 1.64 2.10 recurring FY23 FY25 FY28T TRAJECTORY SET TO FY28 “ONE BRAND – ONE CULTURE” TARGETS Executive summary Section 1 Revenues up to €4.4bn in FY28 3.3 3.7 4.4 FY23 FY25 BP28T (€bn) +6%1 +6%1 Recurring ROTE up to 17% in FY28 stated ROTE up to ~20% 13% 14% 17% recurring FY23 FY25 BP28T Shareholder distribution: €5bn in next 3Y 2.2 2.4 ~5bn 0.0 1.0 2.0 3.0 4.0 5.0 4Y FY20/21/22/23 2Y FY24/25 3Y FY26/27/28 (€bn) 1) CAGR: 2Y 23/25; 3Y 25/28 2) Including €4.5bn cash dividend + €0.4bn buyback approved on June25 (subject to authorization) and to be executed in FY26 Recurring EPS up to €2.1 in FY28 stated EPS up to €2.4 (€) Solid CET1 ratio at ~14% in FY28 15.9% 15.1% ~14% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 17.0% FY23 FY25 BP28T (%) 2.4 stated ~20% stated 15,5% Tier1 capital +16%1 +8%1 recurring 30%Cumulative yield 2 0.85 1.15 2.10 FY23 FY25 FY28T Recurring DPS up to €2.1 in FY28 (€) +16%1 +22%1
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9 12M25 KPIs: REVENUES €3.7BN, NET PROFIT €1.3BN Financial results Highlights MEDIOBANCA GROUP – 12M as at June25 PER SHARE EPS BVPS TBVPS No. shares/ o/w treasury €1.64 +7% YoY €13.2 +3% YoY €11.8 +2% YoY 813.3m -2% YoY 6.9m treasury Ratio Gross NPLs/Ls CoR ROTE RoRWA 2.1% -0.4pp YoY 44bps -4bps YoY 14% +0.3pp YoY 2.9% +0.2pp YoY K RWAs Group density2 CET1 ratio Leverage Ratio €46bn -3% YoY 44.3% -4pp YoY 15.1%3 (100% payout) 6.8% -30bps YoY P&L Revenues C/I ratio GOP risk adj Net profit €3,719m +3% YoY 43% +0.5pp YoY €1,876m +3% YoY €1,330m +4% YoY Revenues up to €3,719m (up 3% YoY), driven by fees up 14% YoY Healthy efficiency ratio (C/I ratio at 43%), despite investments in distribution, digital innovation and talent 12M EPS: €1.64 (up 7% YoY) TBVPS: €11.8 (up 2% YoY); BVPS: €13.2 (up 3% YoY) SBB: €385m completed on 2 July 25, with 24.1m shares or 2.9% capital bought, and 20m treasury shares cancelled end July 25 Gross NPLs down at 2.1%, net 0.9% (coverage NPLs 60% , PLs 1.1%) after write offs/prudent reclassification in CF CoR @44bps, with €190m overlays still available (down €32m vs June24) RWAs down 3% YoY to €46bn (€1.6bn RWA Basel IV savings as of 1.1.25) and RoRWA up to 2.9% CET13 @15.1%, including 3rd tranche of SBB4 (€400m) ROTE at 14% A&L Loans Funding TFAs NNM €54bn +4% YoY €71bn ow WM1 €38bn +7%YoY €112bn +13% YoY €11.0bn +32% YoY Comfortable funding position: higher deposits (up 9% YoY) with decreasing cost, despite promo campaigns; bond stock up 14% YoY at lowest spread levels Robust liquidity indicators: LCR 165%, CBC remains high at €22bn, NSFR 117% YoY: 12m Jun25 / 12m Junr24 1) Including WM deposits and bonds placed with WM proprietary and third-party networks 2) Group RWAs/total assets 3) The fully loaded CET1 ratio is ~14.8%, including fully loaded impacts of CRR3 and excluding impact related to FRTB. 4) Subject to ECB and AGM approval. Executive summary Section 1
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Agenda Section 1. Executive summary Section 2. FY25/4Q25 Group results Section 3. FY25/4Q25 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
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11 3,607 3,719(13) 133 6 (14) Revenues 12M-Jun24 NII Fees Trading INS Revenues 12M-Jun25 REVENUES UP 3% YoY – SOUND 4Q AT €951M 12M Group revenues by division (YoY, €m) 12M Group revenues at €3.7bn, up 3% YoY (additional ~€100m, driven by fees), with 4Q keeping high level of €951m, down 3% YoY but up 3% QoQ WM: up 5% YoY, with fees up 13% driven by higher AUM/AUA, maintaining a good pace in 4Q (€246m) CIB: up 16% YoY (up 4% net of Arma Partners2), driven by Advisory and Markets, reducing pace in 4Q, but still healthy (€211m) CF: up 7% YoY with NII up 9% INS: down 2% YoY on AG contribution, with higher income in 4Q (€172m) HF: down 64% YoY due to lower interest rates/trading income, ongoing also in 4Q +3%-1% +3% YoY +14% 1) YoY % change 2) Arma Partners contribution: €68m in 12M24 (consolidated since Oct.23) and €160m in 12M25, ow €41m in 4Q25 924 973 12M24 12M25 WM revenues (12M, €m) 1,189 1,277 12M24 12M25 CF revenues (12M, €m) 530 522 12M24 12M25 INS revenues (12M, €m) +5% YoY 763 888 12M24 12M25 CIB revenues (12M, €m) 1,709 1,816K-light +6% YoY +16% YoY +7% YoY -2% YoY -3% FY25/4Q25 - Group results Section 2
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12 254 259 266 266 275 282 288 289 107 106 107 105 102 102 101 100 75 78 80 74 72 81 86 9160 58 43 48 36 29 22 16 1Q24 Sept23 2Q24 Dec23 3Q24 Mar24 4Q24 June24 1Q25 Sept24 2Q25 Dec24 3Q25 Mar25 4Q25 June25 CF WM CIB HF&Other 17.8 18.4 18.2 19.1 19.2 17.4 16.9 17.6 17.7 18.1 16.4 16.9 16.9 17.0 17.3 4Q24 June24 1Q25 Sept24 2Q25 Dec24 3Q25 Mar25 4Q25 June25 CIB WM CF Other NII: RESILIENT PATH, QUARTERLY GROWTH IN CF AND CIB 12M Group NII resilient (down 1% YoY, stable QoQ) with volume growth (average loans up 5% YoY, mainly concentrated in CIB and CF), offset by lower loan yield (-80bps1, despite CF positive repricing through the year) and deposit CoF slow reduction (- 20bps) mainly impacting HF. Quarterly trend broadly stable: average loans up 1% QoQ, CF margin trend stable, resilient yield on banking book. Gradual reduction in cost of deposits (-6bps in 4Q25) NII sensitivity: +/-€35m NII every +/50bps in rates FY25/4Q25 - Group results Section 2 NII trend by division (€m, 3M) 492 494485496 1,971 55.752.9 +1% - 53.9 +5% YoY +1% QoQ +1% 496 501 1,985 Average loan book by division (€bn, 3M) 497 -1% YoY 53.3 55.2 496 1) 4Q25 vs 4Q24 loan yield
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13 33 38 39 35 35 37 37 34 108 132 123 126 124 146 143 142 48 86 91 136 84 150 107 92 1Q24 Sept23 2Q24 Dec23 3Q24 Mar24 4Q24 June24 1Q25 Sept24 2Q25 Dec24 3Q25 Mar25 4Q25 June25 CF WM CIB HF&Other 99 64 65 8 14 5 21 20 15 8 8 7 4Q24 3Q25 4Q25 Specialty Fin. Lending CapMkt Advisory Group fees up 14% YoY to €1,072m in 12M, with 4Q at €253m (down 9% YoY and 7% QoQ on normalizing CIB) WM: €555m in 12M (up 13% YoY) and €142m in 4Q (up 13% YoY), with management fees steadily increasing, driven by AUM growth, upfront fees sustained by strong structured product flows. Performance fees up from 16m in FY24 to 22m in FY25. CIB: €433m in 12M, up 20% YoY (up 13% on a like-for-like basis2), normalizing in 4Q25 at €92m after record results in Advisory in 2Q, with a solid contribution from DCM, Lending and Markets CF: €143m in 12M, almost flat YoY CIB fees (€m, 3M) (20) (21) (22) 116 135 137 28 26 26 4Q24 3Q25 4Q25 Performance Banking Mgt & Upfront Passive WM fees (€m, 3M) 1) CapMkt fees include ECM, DCM, CMS, Sales 2) Excluding Arma Partners contribution in 1Q25 1 DOUBLE-DIGIT TREND IN FEES SOLID UNDERLYING TREND IN WM AND CIB 136 143 180 279 231238242 126 Fee income trend by division (€m, 3M) 316 939 1,072 +14% YoY 107 142 273 92 FY25/4Q25 - Group results Section 2 253
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14 COMFORTABLE FUNDING POSITION €10.9BN RAISED IN LAST 9M AT ~68BPS 1) Including Certificates at FVO 2) Avg. 3M client rate 3) Avg. 3M spread vs Eur3M FY25/4Q25 - Group results Section 2 27.9 30.4 27.6 31.6 1.3 6.8 8.6 June24 June25 WM deposits MB securities TLTRO Banks & Other 63.6 70.6 1 Funding stock up to >€70bn with growing deposits… 1.2 5.7 6.9 Q4 25 FY26 FY27 Bond outstanding maturities New bonds issued at favourable spreads 6.8 3.5 Bonds issued 12M25 Bonds maturing 12M25 ~85 ~110 Bond CoF3 ~135 ~105~100 …with cost trend improving in 4Q June24 Dec24 Mar25 June25 WM deposits cost2 1.84% 1.81% 1.70% 1.64% Bond stock spread3 128bps 126bps 124bps 122bps (€bn) (Bonds, €bn; CoF, bps) Bond CoF3o/w €2.4bn issued in 4Q
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15 RCB Ongoing investments in business-enhancing factors. Cost growth driven by: Business-related growth (€46m additional costs in 12M) which includes platform growth (headcount up by 90), increasing volume, product diversification and rebranding costs Technology and projects (€12m additional costs in 12M) driven by investment and run costs after two years of strong investment in business (CRM, CMB Core Banking and digitalization in Premier and Consumer) Inflation & other effects (€10m additional costs in 12M, related to labour contract renewal and other admin.) Cost/income ratio kept under control at Group level (43%) and in all divisions with HF cost base down by 7% YoY COSTS DRIVEN BY BUSINESS-ENHANCING FACTORS FY25/4Q25 - Group results Section 2 614 641 380 410 369 395 179 164 FY24 FY25 WM CIB CF HF&other (o/w 26 Arma) Costs and cost/income ratio trend by division (€m, %)Group costs trend by type (€m) 1,6101,542 50% 46% 31% 31% 66% 66% Cost/income 43% 43% 738 754 805 46 12 10 856 FY24 Business growth IT&Projects Inflation FY25 Admin. Labour Headcount 5,443 Headcount 5,533 1,6101,542 +90 FTE +4% YoY (o/w 42 Arma) o/w: Arma €16.2m Germany €8.2m
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16 GROUP COR WELL UNDER CONTROL AT 44BPS 12M25 Group CoR at 44bps (35bps in 4Q), with overlays stock down by €32m in 12M (unchanged in 4Q25), driven by: CF: CoR at 173bps in FY25, up 5bps YoY (up 1bps QoQ); overlays stock at €146m, down €29m vs June24. WM: €21m recoveries by macro and PD historical series update CIB: €9m writeback in FY25, reflecting portfolio quality and new model calibration; overlays stock at €27m, stable vs June24 FY25/4Q25 - Group results Section 2 46 57 48 43 51 50 39 35 0 20 40 60 80 100 120 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Group CoR trend (bps) 12M25 44bps 12M24 48bps LLPs trend (€m) 175 154 146 27 27 27 19 20 17 June24 Dec24 June25 CF CIB Other 222 201 190 Total overlays trend (€m) 60 61 63 66 68 68 66 68 (6) 5 (8) (11) 3 1Q24 Sept23 2Q24 Dec23 3Q24 Mar24 4Q24 June24 1Q25 Sept24 2Q25 Dec24 3Q25 Mar25 4Q25 June25 CF CIB Other 56 67 66 53 4760 73 63
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17 PRUDENT STAGING GROSS NPL RATIO STABLE AT 2.1%, HIGH COVERAGE RATIOS 92.5% 93.0% 93.3% 0.60% 0.57% 0.58% -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% June24 Mar25 June25 Gross Exposure/Loans Coverage 5.0% 4.9% 4.6% 14.3% 13.9% 12.2% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 0% 2% 4% 6% 8% 10% 12% 14% June24 Mar25 June25 Gross Exposure/Loans Coverage Stage 2 performing loans 0.8% 0.8% 0.9% 0.0 0.0 0.0 0.0 0.0 0.1 June24 Mar25 June25 Stage 1 performing loans Performing loan coverage 1.31% 1.24% 1.13% 3.67% 3.52% 3.25% June24 Mar25 June25 Group Consumer Finance Gross NPL stable at 2.1% (0.9% net), strong coverage (60.1%). CF: ~€260m fully covered loan write-offs in Q3 and ~€110m past due loans1 reclassified as NPL in Q4 2.5% 2.0% 2.1% 0.0 0.0 0.0 0.0 0.0 0.1 June24 Mar25 June25 Gross NPL ratio Net NPL ratio 69.1% 62.5% 60.1% 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 June24 Mar25 June25 NPL coverage ratio Sound performing loan indicators confirmed Stage 2 loans <5% of gross loans with high coverage (~12%) – Performing loans coverage ratio at ~1.1% FY25/4Q25 - Group results Section 2 1) New stricter definition of default adopted including foreborne and UTP with less than 90days past due, consequently among the highest quality NPL (see also slide 39).
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18 ASSET QUALITY BY DIVISIONS Net NPLs (€m) (“deteriorate”) Leasing Consumer Finance (CF) Corporate & Investment Banking (CIB) Wealth Management (WM) of which bad loans (€m) (“sofferenze”) NPL coverage NPLs as % of loans Mediobanca Group 414 424 469 June24 Mar25 June25 23 6 7 June24 Mar25 June25 241 279 3451 June24 Mar25 June25 130 125 104 June24 Mar25 June25 19 14 12 June24 Mar25 June25 30 37 36 June24 Mar25 June25 0 0 0 June24 Mar25 June25 5 5 5 June24 Mar25 June25 24 32 30 June24 Mar25 June25 1 0 0 June24 Mar25 June25 69% 62% 60% June24 Mar25 June25 54% 81% 81% June24 Mar25 June25 75% 66% 61% June24 Mar25 June25 43% 41% 44% June24 Mar25 June25 76% 77% 79% June24 Mar25 June25 2.5% 2.0% 2.1% 0.8% 0.8% 0.9% June24 Mar25 June25 0.3% 0.2% 0.2% 0.1% 0.0% 0.0% June24 Mar25 June25 5.9% 4.9% 5.2% 1.6% 1.8% 2.2% June24 Mar25 June25 1.3% 1.2% 1.1% 0.8% 0.7% 0.6% June24 Mar25 June25 6.1% 5.1% 4.9% 1.5% 1.2% 1.1% June24 Mar25 June25 +11% -11% Net Gross +24% -17% +10% -4% -4% Note: QoQ % change 1. ~€110m past due loans reclassified as NPL in Q4 due to a new stricter definition of default adopted including foreborne and UTP with less than 90days past due, consequently among the highest quality NPL (see also slide 39). FY25/4Q25 - Group results Section 2
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19 SOLID CAPITAL GENERATION, CET1 RATIO @15.1% CET1 trend in FY25 CET1 ratio @15.1%, with 270bps capital generation financing high distribution: 70% div payout (~€930m, 190bps CET1) and SBB2 (€400m 3rd tranche to complete €1bn program set in One Brand - One Culture Plan) YoY trend (-10bps): +280bps from generated earnings, +45bps from RWA (+55bps from Basel IV, -10bps organic growth), - 50bps from AG higher deductions, -195bps from dividend accrual (70% cash payout), -90bps from SBB QoQ trend (-50bps): +75bps from generated earnings and +25bps from lower Ass. Generali BV after dividend payment, financing, -50bps from MB dividend accrual (70% cash payout), -90bps SBB, -10bps other effects Large buffer vs MDA confirmed (11.0% as at June252). FY25/4Q25 - Group results Section 2 1) Maximum Distributable Amount – MDA: including 56.25% of P2R (1.75%), Conservation Capital Buffer (2.50%), Countercyclical Buffer (0.14% al 31 March 2025), O-SII buffer (0.25%), SyRB buffer (0.8%) and AT1 shortfall (1,83%). 2) Subject to ECB and AGM approval. 15.2% 15.1% 280bps 45bps (50bps) (5bps) June24 Generated earnings RWA INS Other Distribution June25 (190bps) Div (90bps) SBB 270bps capital generation
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20 12M25 RESULTS SUMMARY Highlights 12M25 revenues up 3% YoY to €3,719m: NII stable YoY and flat QoQ, backed by positive CF contribution, CIB volume recovery and resilient banking book yield. CoF gradually reducing Fees up 14% YoY, with solid trend in CIB and WM Trading up 3% YoY with positive contribution from new desks of Markets division INS down 3% YoY Costs under control due to effective cost management of project and marketing expenses, plus HR effective management; C/I ratio at 43% LLPs down 7% YoY with CoR at 44bps (-4bps YoY); overlays stock at €190m, down €32m in 12M. CoR down to 35bps in 4Q mainly for benefits from PD historical series update in WM GOP risk-adj. at €1,876m, +3% YoY Net profit at €1,330m, up 4% YoY, also reflecting: Minorities: €78m (mainly related to partners of Arma) Solid capital position: CET1 at 15.1% at Jun25, down 10bps vs Jun24, including Basel IV tailwinds (plus 55bps) ROTE at 14% 1) YoY: 12M Jun25/Jun24. 2) The fully loaded CET1 ratio is ~14.8%, including fully loaded impacts of CRR3 and excluding impact related to FRTB. Financial results €m 12M25 Jun25 ∆ YoY1 4Q25 Jun25 3Q25 Mar25 4Q24 Jun24 Total income 3,719 +3% 951 920 979 Net interest income 1,972 -1% 496 497 492 Fee income 1,072 14% 253 273 279 Net treasury income 178 3% 41 45 39 Equity accounted co. 497 -3% 162 105 168 WM 973 5% 246 247 234 CF 888 16% 211 226 227 CIB 1,277 7% 323 326 301 INS 522 -2% 172 106 181 HF 81 -64% 5 21 44 Total costs (1,610) 4% (433) (397) (418) Loan loss provisions (233) -7% (47) (53) (56) GOP risk adj. 1,876 +3% 471 470 504 PBT 1,852 +7% 453 468 439 Net result 1,330 +4% 337 334 327 TFA - €bn 112.1 +13% 112.1 108.3 99.4 Customer loans - €bn 54.3 +4% 54.3 54.0 52.4 Funding - €bn 70.6 +11% 70.6 66.1 63.7 RWA - €bn 46.1 -3% 46.1 46.3 47.6 Cost/income ratio (%) 43 - 45 43 43 Cost of risk (bps) 44 -4bps 35 39 43 Gross NPLs/Ls (%) 2.1% 2.1% 2.0% 2.5% NPL coverage (%) 60.1% 60.1% 62.5% 69.1% EPS (€) 1.64 +7% 0.41 0.40 0.39 RoRWA (%) 2.9 +0.2pp 2.9 2.9 3.2 ROTE adj. (%) 14.2% +0.3pp 13.9% 13.9% 16.3% CET1 ratio (%) 15.1% -10bps 15.1% 15.6% 15.2% FY25/4Q25 - Group results Section 2
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21 SUSTAINABLE BANKING FURTHER UPGRADE OF OUR ESG PROFILE ENVIRONMENT SOCIAL EIB–Mediobanca Agreement Signed: €200 million in new financing to support microenterprises and women-led businesses Following Mediobanca, Mediobanca Premier and Compass obtained gender equality certification in accordance with UNI/PdR 125:2022 standards ~100% employees trained in ESG (Human Rights / Financial Health and inclusion) Above 2/3 of Wealth Advisors certified in ESG by EFPA >27m educational emails providing content on green/financial topics sent to clients by Compass from July 2023 to March 2025 Renewed partnership with UNHCR to support the Child Protection Programme for refugees and asylum seekers in Italy 18% reduction in financed emissions intensity (tCO2/€m) (2026 target achieved one year in advance) ESG/green credit product footprint now material with ~€5.9bn of stock o/w: 71% corporate, 18% mortgages, 11% consumer finance Stable share of ESG funds in clients portfolio (% of ESG qualified funds @49%)1 Significant Mediobanca DCM activity in the ESG space with 22 sustainable bond transactions for a total issued amount of almost €13.5bn during FY 2024-25 All short-term targets of the Transition Plan have been achieved Mediobanca has successfully completed the placement of its inaugural €300m Sustainable Tier 2 bond 1) % of ESG qualified funds (SFDR Articles 8&9 funds) out of total funds in Affluent Clients portfolio 2) Financed emission intensity in CIB lending (excluding Specialty Finance) and proprietary investment portfolio. Mediobanca has improved its ESG ratings, achieving the highest level (AAA) from MSCI and an upgraded score (C+) from ISS and qualified as Yearbook Member in the S&P Global Sustainability Yearbook 2025 FY25/4Q25 - Group results Section 2
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Agenda Section 1. Executive summary Section 2. FY25/4Q25 Group results Section 3. FY25/4Q25 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
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23 1,273 1,330 June24 June25 Revenues (€m, 12M) GOP risk adj. (€m, 12M) Net profit (€m, 12M) Profitability (%) Mediobanca Group 3,607 3,719 June24 June25 1,813 1,876 June24 June25 +3% +3% Consumer Finance (CF) 1,189 1,277 June24 June25 570 613 June24 June25 383 408 Jun24 Jun25 +7% +8% +7% Wealth Management (WM) 924 973 June24 June25 303 353 June24 June25 209 232 June24 June25 +5% +17% +11% Insurance (INS) 530 522 June24 June25 525 516 June24 June25 522 516 June24 June25 -2% -2% -1% +4% Corporate & Investment Banking (CIB) 763 888 June24 June25 393 486 June24 June25 244 270 June24 June25 +16% FY25/4Q25 Divisional results Section 3 +11% 2.7% 2.9% June24 June25 3.6% 3.8% June24 June25 3.8% 3.6% June24 June25 1.4% 2.0% June24 June25 GROUP RORWA UP TO 2.9% DRIVEN BY K-LIGHT BUSINESSES 2.7% 2.9% 13.9% 14.2% -5.0% 0.0% 5.0% 10.0% 15.0% June24 June25 24% ROTE RORWA RORWA RORWA RORWA RORWA
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24 WM FY25 PERFORMANCE STRONG UNDERLYING TRENDS DUE TO EFFECTIVE BUSINESS MODEL Net profit & RORWA to highest level Record NNM (TFA), despite almost €1.5bn ouflows in Private €11.0bn 12M25 up 32% YoY ~60% in AUM €3.8bn NNM in 4Q €8.4bn 12M24 Ongoing recruitment due to healthy pipeline built in Premier Material TFA growth €112bn June25 up €13bn YoY up €3.9bn QoQ €99bn June24 €232m 12M25 up 11% YoY€209m 12M24 New hires: (WM division) Deposits up €2.5bn with CoF down 20bps Highest ever revenues 12 new RM/ 20 46 FA entered €973m 12M25 Revenues up 5% YoY o.w. fees up 13% YoY €924m 12M24 €102m 4Q25 Management fees up 14% YoY €90m 4Q24 €30.4bn June25 €27.9bn June24 CoF: 1.6% from 1.8% 4Q25 vs 4Q24 157 o.w. 12M25 40 4Q25 FY25/4Q25 Divisional results - WM Section 3 3.8% RORWA 12M25 3.6% 12M24 up 20bps YoY
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25 WM: “ONE BRAND–ONE CULTURE” STRATEGIC PATH IN LAST 2Y WM strategic path: ➢ Main growth option and priority for MB Group ➢ Scaling up and further repositioning as a leader in the Italian market ➢ Leveraging the One Brand approach and successful PIB model MBWM: “ONE FRANCHISE” approach leveraging the Mediobanca brand Asset Management NNM: €3.1bn in last 2Y Private Banking NNM: €8.0bn in last 2Y Premier Banking NNM: €8.3bn in last 2Y Last 2Y: Total NNM >€19bn, TFAs up 27% FY25/4Q25 Divisional results - WM Section 3 ➢ PIB model: >€2bn liquidity events gathered by MBPB in last 2Y, approx. 50% in synergy with CIB, 19 M&A mandates co- originated ➢ Flagship initiatives launched in Private Markets in collaboration with top tier partners ➢ Customized solutions for structured products and discretionary mandates ➢ Strong repositioning with recruitment increasing (>260 new professionals hired in last 2Y) ➢ Upgrade in customer base by shifting toward Premier segment: +7.5k new HNWI clients in 24M, over 50k retail accounts exited ➢ Acceleration of offer repositioning towards in house guided platform ➢ New products launched in liquid assets (new delegated funds covering different asset classes) ➢ Polus new credit alternatives funds (+1bn in last 2Y) and ongoing CLO activity (€1.2bn CLO placed in last 2Y, US CLO market entered with 2 placements)
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26 TFAs UP ~€13BN IN 12M TO >€112BN €11BN INFLOWS, WITH ONGOING REBALANCING MIX TOWARDS AUM TFAs: up to >€112bn with AUM/AUA up to ~€82bn (up 14% in 12M), with €1.7bn market effect 12M NNM: €11.0bn with rebalancing mix towards AUM (~60% of NNM). Record NNM in last Q at €3.8bn, driven by AUM flows, ongoing strong placement of structured products, and deposit increase, with the latter also favoured by promo campaigns on new money MBWM: net inflows by quarter (€bn)Group TFAs trend (€bn) FY25/4Q25 Divisional results - WM Section 3 (0.6) (1.3) 1.5 0.2 0.1 0.7 1.5 0.4 0.1 1.0 0.6 1.3 2.0 1.8 1.5 1.4 2.3 1.7 1.2 1.1 0.2 (0.1) 0.8 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Deposits AUM AUA 2.5 1.3 1.2 3.3 1) Note: AUM including ~€15.0 bn as at June25 (€12.7bn June24) related to external AUM managed by factories (Polus, RAM, MB SGR) 2.6 27.9 30.4 43.3 11.0 1.7 50.5 28.2 31.3 June24 12M NNM Mkt effect June25 Deposits AUM AUA 99.4 NNM breakdown AUM/AUA +8.5 - Private +2.6 - Premier +3.6 - AM +2.2 Deposits +2.5 112.1 11.0 8.4 1 1 2.3 2.3 +32% YoY 3.8
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27 SOUND FEE PERFORMANCE WITH ALL WEALTH PRODUCTS UP DOUBLE DIGIT WM fees up 13% YoY, driven by solid trend in management fees (up 14% YoY for franchise and up 17% for AM companies) on growing AUM (up 17% YoY) and 24% YoY increase in upfront fees on sound activity in certificates and private markets products. Franchise ROA broadly stable (at 98bps, vs 99bps in FY24). Banking fees down mainly due to lower mortgage volumes Strong contribution from all segments: Premier NNM up >70% to €5.2bn, >50% from AUM, with ROA stable at ~105bps Private NNM at €3.5bn, still healthy despite almost €1.5bn outflows, NNM focused on structured products and private markets Asset management up to €2.2bn, fuelled by launch of EU and US CLOs plus special sits funds inflows with higher marginality FY25/4Q25 Divisional results - WM Section 3 WM fees by source (€m, 3M) (73) (84) 285 325 96 11859 70107 104 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 FY24 FY25 Passive Mngt Franchise Upfront/Advisory Mngt AM Banking & other Performance 1) ROA franchise: management fees from franchise (Private & Premier)/Avg. AUMs from franchise TFAs by segment (€bn, end period) 27.9 30.4 30.6 35.4 28.2 31.3 12.7 15.0 June24 June25 Deposits AUM- Franchise AUA AUM -Factories 99.4 +13% 112.1 3.1 5.2 4.5 3.5 0.8 2.2 FY24 FY25 Premier Private Asset Management 8.4 NNM by segment (€bn) +13% 555 489 1 +14% 11.0
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28 WM: 12M25 RESULTS SNAPSHOT REVENUES €973m (up 5%) – NET PROFIT €232m (up 11%) Strong commercial results in 12M25, in line with FY25 guidance trajectory, reflected in ongoing solid growth in both revenues and net profit: NNM: €11.0bn in 12M25, exceeding FY25 guidance (€9- 10bn) with strong improvement in mix (60% AUM) and positive contribution from all segments; €2.5bn deposit inflows in 12M (of which €1.5bn in 4Q25) favored by promo campaigns partly offset by conversion TFAs: >€112bn, up 13% YoY 12M25 net profit up 11% YoY to €232m: Revenues of €973m up 5% YoY: Fees up 13% YoY, driven by strong franchise performance (mgt fees up 14% and upfront fees up 23%), as well as sound AM contribution (up 21%) NII down 5% YoY due to rate cuts and stickier COF also due to uncertainties related to MPS offer Cost/income ratio at 66%, with costs up 4%, and the latter including recruitment costs, investments in digital platform (partly for the new advisory services/platform launched in Private Banking) to prioritize TFA growth CoR remains non-material, with €20m writebacks in 4Q mainly due to PD historical series update RoRWA up 20bps to 3.8% HighlightsFinancial results 1) YoY: 12M Jun25/Jun24. FY25/4Q25 Divisional results - WM Section 3 €m FY25 Jun25 YoY1 4Q25 Jun25 3Q25 Mar25 4Q24 Jun24 Total income 973 +5% 246 247 234 Net interest income 405 -5% 100 101 105 Fee income 555 +13% 142 143 126 Net treasury income 13 +36% 4 3 2 Total costs (641) +4% (167) (159) (157) Loan provisions 21 n.m. 20 2 1 GOP risk adj. 353 +17% 99 89 78 PBT 337 +12% 89 89 78 Net profit 232 +11% 63 58 55 TFA - €bn 112.1 +13% 112.1 108.3 99.4 AUM/AUA 81.7 +14% 81.7 79.4 71.5 Deposits 30.4 +9% 30.4 28.9 27.9 NNM - €bn 11.0 +32% 3.8 2.3 3.3 Customer loans - €bn 17.6 +4% 17.6 17.2 16.9 RWAs - €bn 6.9 +14% 6.9 6.3 6.1 Gross NPLs/Ls (%) 1.1% 1.1% 1.2% 1.3% Cost/income ratio (%) 66 - 68 64 67 Cost of risk (bps) -12 -16bps -47 -4 -3 RoRWA (%) 3.8 +20bps 4.3 3.8 3.7 Salesforce 1,394 +88 1,394 1,373 1,306
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29 CIB: FY25 PERFORMANCE GROWTH DELIVERED ON SOLID PIPELINE AND HIGHER RWA EFFICIENCY 4Q25 Fees ~ avg. FY24 level, despite mkt volatility RWA efficiency improved 1) CIB loan book, average volumes in the quarter €92m 4Q25 down 14% QoQ +2% vs Avg. FY24€90m Avg. FY24 Net Profit/RORWA close at the highest level €270m Net profit 12M25 up 11% YoY€244m 12M24 Highest-ever 12M revenues €888m 12M25 up 16% YoY driven by fees (up 20%) and NII (up 7%) €763m 12M24 Recovery in corporate lending confirmed €19.2bn1 4Q25 flat QoQ€19.1bn 3Q25 down €1.6bn YoY Basel IV benefits, selective origination with strong rating profile €17.8bn 4Q24 up €1.4bn YoY €107m 3Q25 …supporting resumed growth in NII €91m 4Q25 up 6% QoQ up 23% YoY €86m 3Q25 €74m 4Q24 2.0% RORWA 12M25 1.4% 12M24 up 60bps YoY 14.9 13.2 FY24 FY25 7 8 9 10 11 12 13 14 15 16 RWA FY25/4Q25 Divisional results - CIB Section 3
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30 LAST 2Y STRATEGIC ACHIEVEMENTS ➢ Arma Partners partnership in Tech/Digital well ahead of acquisition plan ➢ Energy Transition strong transaction track record in Italy and Spain; Private Capital activity acceleration across the franchise ➢ Sustained mid-market activity in Italy, driven also by PB collaboration; start of Mid International in Germany and Spain ➢ BTP specialist fully operational with raising ranking of MB; CO2 trading on track Sources of K optimization for MB Group 1) Period on Period (FY 25&24 vs FY 23&22) Delivery across businesses ➢ In Advisory growth driven by international (49% of total transactions) and private capital (84% of total), with 175 transactions announced incl. Arma (15% PoP1 increase excl. Arma) ➢ In Lending, revenue stability thanks to volume recovery fostered by new PD model and fees driving RoRWA higher ➢ In Markets, growth with increasing RoRWA Successful execution of new initiatives ➢ Selective corporate lending with enhanced focus on return- driven capital allocation whilst maintaining risk discipline ➢ RWAs down €5bn since June23, due to Basel IV, increased use of risk mitigating measures and disciplined capital allocation CIB strategic path: ➢ Fee driven, K-light, more international diversified Investment Bank ➢ Growth matched with strong RWA reduction to drive up profitability ➢ Leveraging new initiatives to expand CIB franchise CIB delivery across all businesses, new initiatives and K-light strategy FY25/4Q25 Divisional results - CIB Section 3
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31 CORPORATE FINANCE MKT IMPROVING AND POSITIVE DCM MOMENTUM WHILST ECM ACTIVITY REMAINS WEAK FY25/4Q25 Divisional results - CIB Section 3 1) Source: Dealogic as at July 2025 – Any nation involvement announced M&A transactions; Completed DCM and ECM deals based, respectively, on issuer and exchange nationality M&A ECM DCM European Volumes of Deals ($bn)1 Italian Volumes of Deals ($bn)1 237 297 291 535 455 405 494 569 325 373 258 204 186 235 243 338 274 322 247 320 340 307 30 60 56 67 86 91 47 67 22 30 24 25 33 33 25 24 35 45 17 29 40 29 254 314 135 134 235 215 171 149 278 186 137 164 317 256 163 124 335 260 215 127 291 338 520 671 481 735 776 711 712 785 624 589 419 393 536 523 431 485 643 627 480 476 671 675 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 17 10 17 49 42 22 15 23 24 61 19 8 9 16 15 38 25 24 22 29 53 21 1 4 2 3 4 2 1 2 2 1 2 3 1 2 2 2 3 3 1 2 5 4 18 16 18 18 24 20 9 9 19 8 7 7 27 20 14 9 28 22 13 11 23 22 36 30 37 71 69 44 26 34 45 70 28 19 36 38 31 49 57 49 36 41 81 48 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 +21% 2021 remains a record year in investment banking, while 2022 and 2023 saw a significant contraction followed by a rebound in 2024 across all investment banking products in Europe IB volumes were up 6%1 in 1H 2025, driven by M&A (up 9% YoY) and DCM (up 6% YoY), while ECM remained weak (down 14% YoY). Increased activity from large caps and private capital providers, despite heightened geopolitical and economic uncertainty +6%
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32 STRONG PERFORMANCE IN M&A… M&A activity in FY25 has been more positive and constructive than last year, driven mainly by financial sponsors activity growth and large transactions, and more diversified with 49% of deals in the period originated internationally. Some softer M&A activity starting from 3Q25 due to macro uncertainties MB announced 93 deals1 during the period up 13% YoY MB was involved in the largest and most visible deals in the Italian market, including: Disposal by Eni of a 20% stake in Plenitude to Ares; BPER Banca Voluntary Public Exchange Offer for all Banca Popolare Di Sondrio shares; Disposal of IGT’s Global Gaming and PlayDigital businesses to Apollo; Disposal of 2i Rete Gas from F2i and Finavias to Italgas The Mid-Cap segment showed resilience with MB having a leading position, leveraging on the consolidated collaboration between CIB and WM The dedicated effort in the Energy Transition space has paid off with 10 major deals announced since July 2024 Significant achievements with financial sponsors, with 84% of deals1 in the period executed with private capital providers, both advising them and with them as counterparties, consistent with BP 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, 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: Significant minority investment in IFS led by Hg, ADIA and CPP Investments (AP) Disposal of EYSA to Tikehau Capital by H.I.G. Disposal of NBHX Trim Europe to Mutares by NBHX (MA) Sale of Namirial to Bain Capital (AP) 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 FY25/4Q25 Divisional results - CIB Section 3 Announced Financial Advisor to the Buyer €4.3bn Voluntary public exchange offer over all the shares of Financial Advisor to the Seller (a portfolio company of Ambienta) Acquired by Announced €1.2bn December 2024 Acquisition of Grandi Stazioni Retail SpA by OMERS Infrastructure and DWS Infrastructure Financial Advisor to the Buyer €5.3bn April 2025 Disposal of 2i Rete Gas from F2i and Finavias to Italgas Financial Advisor to the Sellers Financial advisor to the Seller Combined EV $6.2bn Disposal of IGT Global Gaming and PlayDigital businesses & combination with Everi July 2025 Undisclosed Announced Disposal of the Specialty Chemicals and High Performance Polymers business areas of Radici Partecipazioni Financial advisor to the Seller Disposal by Eni of a 20% stake in Plenitude to Ares for €2.0bn Announced Financial advisor to the Seller EqV €10bn (>€12bn EV) Disposal of 49% stake in 2i Aeroporti to Asterion Industrial Partners November 2024 Financial Advisor to the Sellers Announced Acquisition of Genetic by Renaissance and Aurora Growth from CVC and the Pavese family Financial Advisor to the Buyer Announced Financial Advisor to the Seller Disposal of Sifi to Faes Farma by 21 Invest Disposal of EYSA to May 2025 Undisclosed Financial Advisor to the Seller Announced Financial Advisor to the seller Disposal of a majority stake and subsequent delisting of Ala from EGM Undisclosed Financial Advisor to the Buyer significant minority investment by April 2025 a portfolio company of Financial Advisor to the Buyer Disposal of NBHX Trim Europe to June 2025 Undisclosed Announced Financial Advisor to the Buyer Acquisition of a majority stake of Westrafo by Nextalia Undisclosed €107m May 2025 Has acquired the talc business of Financial Advisor to the Buyer
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33 …AND IN DEBT FY25/4Q25 Divisional results - CIB Section 3 Energy Transition Selected ECM Transactions Selected DCM Transactions Selected Lending Transactions Lending DCM ECM In a context of subdued and modest domestic and European ECM activity during H2 2024 and in H1 2025, with equity markets further affected by ongoing geopolitical and trade tensions, Mediobanca participated in some significant ECM transactions in Italy: acting as JGC for Fincantieri €400m rights issue in July 2024, as JGC for doValue €150m rights issue in December 2024 and as Sole Global Coordinator in Technoprobe €70m ABB in June 2025. Mediobanca’s DCM business completed its best year on record, driven by relentless deal flow with more than 80 transactions between public and private placement bonds. In the FIG space, Mediobanca reaffirmed its leading role by supporting key transactions such as the Santander’s SP issuance and UniCredit’s and Generali’s successful Tier 2 bond placements, further consolidating its position as a top partner for financial institutions across all asset classes (in particular, for capital trades), both in the Italian market and internationally. In the Italian corporate space, Mediobanca had a key role in several notable public transactions, acting as Joint Active Bookrunner for Nexi’s inaugural IG senior unsecured bond and Prysmian’s debut hybrid issuance. Mediobanca also maintained its dominant position in the USPP segment for Italian corporates On the international stage, Mediobanca continued to strengthen the footprint in its core geographies, participating to landmark trades for Repsol (hybrid bond), Abertis (hybrid bond), APRR (senior unsecured bond), VW (jumbo green hybrid bond), EDP (green hybrid bond) and CKHGT as Dealer Manager of its GBP cash tender offer Private corporate loan markets have demonstrated strong resilience to the threat of tariffs and rising geopolitical tensions. Against a backdrop of decreasing margins due to strong competition, limited new money deal flow and M&A-driven activity, Mediobanca maintained its leading role in the domestic market (both in the relationship and the acquisition financing segments), complementing the underwriting fee generation activity with coordination and debt advisory mandates Notable transactions include the underwriting of the (i) LBO financing for Investindustrial’s buy-out of Piovan, (ii) acquisition financing backing MFE’s voluntary public takeover offer launched to increase its ownership in ProSieben and (iii) acquisition financing supporting Recordati’s purchase of the global rights of Enjaymo from Sanofi, alongside several debt advisory mandates including the mandate for Omers and DWS within the acquisition of GSR. On top of this, Mediobanca coordinated transactions carried out by Nexi, Snam, Enel (world’s largest single- tranche Sustainability-linked RCF in EUR), with a leading role in the Institutional issuance of Flutter and participation in the financing supporting Prada’s acquisition of Versace and Cellnex’s ESG-linked TL €400m Rights Issue July 2024 Joint Global Coordinator €150m Rights Issue December 2024 Joint Global Coordinator €70m ABB June 2025 Sole Global Coordinator May 2025 Inaugural Hybrid €1,000,000,000 5.250% PNC5.25 Joint Bookrunner May 2025 Senior Unsecured €750,000,000 3.875% May 2031 Joint Active Bookrunner June 2025 Cash Tender Offer on: £ 500m 2.000% due Oct-27 £ 300m 2.625% due Oct-34 Joint Dealer Manager June 2025 Tier 2 €1,000,000,000 4.175% 12NC7 Joint Bookrunner May 2025 Senior Preferred €1,000,000,000 3.250% May 2032 Joint Bookrunner Joint Bookrunner May 2025 Green Hybrid €750,000,000 5.493% PNC5.5 €1,150,000,000 5.994% PNC8.5 June 2025 Tier 2 €500,000,000 4.135% June 2036 Joint Bookrunner June 2025 Eu Green €1,00,000,000 3.250% July 2032 Joint Bookrunner June 2025 Joint Bookrunner Hybrid €700,000,000 4.500% PNC6 May 2025 Hybrid €500,000,000 4.746% PNC5.75 Joint Bookrunner February 2025 €12,000m Sustainability- linked RCF Doc and Facilty Agent March 2025 €3,400m Acquisition Financing Underwriter January 2025 LBO Financing Underwriter & Global Coordinator March 2025 €2,900m TL & RCF Refinancing Global Coordinator & Sole Doc Agent December 2024 Acquisition Financing Sole Debt Advisor December 2024 Acquisition Financing Underwriter & Global Coordinator February 2025 €2,400m TL & RCF Refinancing MLA & Bookrunner May 2025 €1,500m Acquisition Financing MLA & Bookrunner May 2025 $-eq. 2.3bn EUR/USD/GBP bond $ 750m USD TLB Acquisition FinancingEuro bond Joint Lead Bookrunner USD TLB Bookrunner April 2025 €625m TL Lead Arranger
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34 REVENUES: DIVERSIFIED, ADVISORY-DRIVEN GROWTH Revenues by product (3M, €m) Highlights FY25/4Q25 Divisional results - CIB Section 3 24 56 51 99 53 125 65 657 8 10 4 10 7 7 10 36 57 46 39 46 49 60 50 8 3 10 6 6 15 15 8 18 19 20 19 19 19 20 22 49 57 56 60 49 53 59 56 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Advisory ECM&DCM Markets&other Prop. Trading Specialty Fin. Lending 142 201 194 +16% YoY 227 183 268763 888 1) Excluding Arma Partners contribution in 1Q25 226 Strong FY25 revenue trend, up 16% YoY to €888m driven by Advisory, Markets and Prop. Trading performance, with 4Q confirmed above €210m after the peak level seen in 2Q: Advisory: all time high fees at €309m, up 35% YoY, driven by strong growth in Arma Partners (€164m in 12M, o/w €46m in 4Q), and in Corporate Finance Italy Lending: €217m revenues in FY25, broadly flat YoY on lower NII, due to still tight spreads partly offset by volume growth, and sound fee trend Markets & Prop. Trading: €205m Markets revenues in FY25 up 15% YoY both for the recovery of equity solution and the contribution of fixed solution due to interest rate positioning. Prop. trading almost doubled to €44m ECM & DCM fees: €34m fees in FY25 ongoing solid performance in DCM; ECM still weak Specialty Finance: resilient contribution (€81m revenues in FY25) 211
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35 CIB: 12M25 RESULTS SNAPSHOT RECORD REVENUES WITH FOCUS ON K-LIGHT, IMPROVING PROFITABILITY Financial results Highlights 12M25 net profit up 11% YoY (up 4% net of Arma Partners2) to €270m, reflecting: Revenues all-time high up 16% YoY (up 4% net of Arma Partners2) to €888m: NII up 7% YoY, as the negative impact from spreads was offset by corporate volumes recovery for both lending and markets Fees up 20% YoY, driven by solid contribution of domestic business (+5% YoY) and strong non-domestic contribution. Trading up 33% YoY, thanks to Markets division (+15%), with positive contribution of new desk BTP Specialist and EU Allowance arbitrages, and to the doubled contribution of Prop. Trading portfolio Cost/Income ratio under control (46%), despite cost increase (up 8% YoY), partly due to the Arma Partners consolidation (up 5% like-for-like2), but also to investments for new initiatives Negligible CoR in 12M25, reflecting strong portfolio quality, with €9m writeback in FY25 Asset quality: gross NPL ratio at 0.2% (down from 0.3% in June24) and coverage at 81%, up vs 54% in June24 RoRWA up 60bps to 2.0% in 12M25, mainly driven by K-light revenue growth and RWA reduction (down 11% YoY) mainly due to Basel IV benefits and selective origination FY25/4Q25 Divisional results - CIB Section 3 1) YoY: 12M Jun25/Jun24. 2) Excluding Arma Partners contribution in 1Q25 €m 12M25 Jun25 ∆ YoY1 4Q25 Jun25 3Q25 Mar25 4Q24 Jun24 Total income 888 +16% 211 226 227 Net interest income 329 +7% 91 86 74 Fee income 433 +20% 92 107 136 Net treasury income 127 +33% 28 33 17 Total costs (410) +8% (114) (96) (113) Loan loss provisions 9 -18% (3) 11 8 GOP risk adj. 486 +24% 94 141 121 PBT 484 +25% 95 142 117 Net profit 270 +11% 45 84 74 Customer loans - €bn 19.4 +2% 19.4 19.7 19.0 RWAs -€bn 13.2 -11% 13.2 14.1 14.9 Gross NPLs/Ls (%) 0.2% 0.2% 0.2% 0.3% Cost/Income ratio (%) 46 -4pp 54 43 50 Cost of Risk (bps) (5) - 6 (23) (17) RoRWA (%) 2.0 +60bps 1.3 2.4 2.0
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36 CF: SOUND NEW BUSINESS WITH RESILIENT MARGINS RECORD 12M RESULTS Robust new loan business FY25/4Q25 Divisional results - CF Section 3 Loan book steady growth Stable CoR and Overlays trend in 4Q25 Growing risk-adjusted profitability 12M results record level €9.1bn 12M25 up 9% YoY down 2% QoQ €1,277m 12M25 Revenues up 7% YoY down 1% QoQ driven by fees NII stable QoQ (up 9% YoY) €1,189m 12M24 €2.4bn 4Q25 €16.1bn 4Q25 up 1% QoQ up 6% YoY €15.8bn 3Q25 170bps 4Q25 169bps 3Q25 €408m 12M25 Net profit up 7% YoY down 5% QoQ€100m 4Q25 Solid new personal loans progression 5.35% 5.53% 7.04% 7.26% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 12M FY24 12M FY25 (NII-CoR)/avg.loans NII / avg. Loans €4.3bn 12M25 €3.9bn 12M24 up 10% YoY up 1% QoQ Overlays: €146m up 2m QoQ down 29m YoY
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37 LAST 2Y STRATEGIC ACHIEVEMENTS CF strategic path: ➢ Strong investments in multichannel approach to feed direct distribution, scale up digital platforms, and deliver NII growth ➢ Leadership in terms of new business, risk profile and sustainable high profitability ➢ BNPL to become a long- term profitable credit product by leveraging Compass’s distinctive capabilities Sustainable and profitable growth leveraging direct and digital distribution ➢ HeyLight: the new international BNPL eco-system for credit solutions, upgrading merchant and client user experience; ready to cope with regulation (subject to consumer credit regulation following the application of CCD by end-2026) ➢ Powerful instrument for new customer acquisition representing ~40% of total Compass monthly new clients ➢ Swiss new loans up to €95m in FY25 ➢ Enlarging distribution: 35k merchants o/w 1.9k online POS (>15k as at June 23) BNPL to become a long-term profitable credit product by leveraging Compass’s distinctive capabilities ➢ Proprietary distribution network up to 335 branches (up 23 in 2Y) ➢ Personal loans originated by direct network up ~20% in 2Y (~80% of total personal loans), with digital @40% Scaling up direct distribution and digital platforms NII driver for the Group, highly profitable ➢ New loans up to €9.1bn (up >1bn in 2Y) ➢ Marginality resilient after risk (NII-LLPs/avg. loans: 5.5%) ➢ Asset quality under control with net NPLs stable ~2% ➢ ~€146m overlays still to be deployed (~€62m used in 2Y) FY25/4Q25 Divisional results - CF Section 3
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38 5.21% 5.41% 5.32% 5.16% 5.21% 5.43% 5.40% 5.24% 7.00% 7.09% 7.17% 7.04% 7.20% 7.30% 7.35% 7.26% 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% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 (NII-underlaying CoR)/avg. loans NII/avg. Loans 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.3 0.3 0.4 0.4 0.3 0.4 0.4 0.4 0.9 0.9 1.0 1.1 1.0 1.0 1.2 1.2 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Credit cards SP loans Car loans Personal loans Salary loans 2.2 +2% GROWTH IN NEW BUSINESS AND LOAN BOOK, RESILIENT YIELD 12M25 new loans up 9% YoY (up 2% QoQ) confirming the record quarterly new business level of €2.4bn, mainly driven by new personal loans (up 10% YoY), salary-backed finance (up 23% YoY) and BNPL (up 39% YoY) NII at record level fostered by: Volume: loan book growth up to €16.1bn (up 6% YoY) fuelled by solid new loans 12M25 net marginality (NII/avg. loans) up 22bps YoY due to loan book repricing, increasing share of direct personal loans, and effective management of CoF and hedging strategies Risk-adjusted profitability up YoY despite the increase in CoR (up 5bps YoY) Loan book net profitability1 (3M, %) FY25/4Q25 Divisional results - CF Section 3 New loans by product (3M, €bn) 2.0 1.9 12M24: 8.4 2.2 2.22.1 12M25: 9.1 +9% 12M25: 5.30%12M24: 5.25% 12M25: 7.26%12M24: 7.04% 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
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39 ASSET QUALITY CONFIRMED HEALTHY …as well as high coverage ratios PLs coverage at 3.25%, NPLs at 61.5% 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 (foreborne and UTP with less than 90days past due, consequently among the highest quality NPL) reclassified as NPL 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 Stricter default definition adopted in 4Q, NPL write offs in 3Q 1 68.1% 75.3% 66.2% 61.5%1 3.17% 3.67% 3.52% 3.25% 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 Mar25 June25 324 241 279 3451 2.5% 1.6% 1.8% 2.2% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 100 200 300 400 500 June20 June24 Mar25 June25 NPL Performing Coverage ratios trend FY25/4Q25 Divisional results - CF Section 3 66% 78% 77% 87% 34% 22% 23% 13% June20 June24 Mar25 June 25 Net NPL with overdue >90days Net NPL with overdue <90days CF Net NPLs composition (%) CoR trend under control and normalizing as expected 60 61 63 66 68 68 66 68 165 168 169 174 178 175 169 170 50 100 150 200 0 20 40 60 80 100 120 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 LLPs (€m) and cost of risk (bps) FY24: 168 FY25: 173 Increase driven by the introduction of a new DoD: €110m higher quality loans reclassified in NPLs in 4Q
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40 CF: STRONG COMMERCIAL ACTIVITY AND RECORD FINANCIALS ALL-TIME HIGH NII (>€1.1BN) AND NET PROFIT (€408M) Solid commercial activity in 12M25: Strong new business: €9.1bn (€2.4bn in 4Q25), up 9% YoY, driving solid loan book growth, up 6% YoY to €16.1bn High independence: direct channels representing ~80% of new PLs in 12M25, with digital @40% BNPL: strong trend with new business close to €700m in 12M25 (up 39% YoY) 12M25 GOP risk adj. at €613m (up 8% YoY), driven by: Revenues up 7% YoY, reflecting NII solid growth (up 9% YoY) on higher volumes and high loan book profitability; fees almost flat YoY absorbing higher rappel driven by higher volumes Costs up 7% YoY due to digital platform development (resiliency, cyber-security and Heylight), volume growth and higher credit collection costs, cost/income ratio flat (31%) LLPs up 8% YoY reflected in a slight and expected increase in CoR to 173bps in 12M25. €146m of overlays still available as at June25, after €29m use in 12M25 (stable in 4Q25). Underlying 12M cost of risk2 stable at 195bps (up 7bps QoQ from 195 to 202 bps). Asset quality confirmed healthy, with gross NPLs/Ls at 5.2% and sound coverage (NPLs at 61% and performing at 3.25%) RoRWA at 2.9% Financial results Highlights 1) YoY: 12M Jun25/Jun24. 2) Underlying CoR: incurred COR excluding overlay release, except for those due to IFRS 9 model update (PD/LGD parameters unchanged) FY25/4Q25 Divisional results - CF Section 3 €m 12M25 Jun25 ∆ YoY1 4Q25 Jun25 3Q25 Mar25 4Q24 Jun24 Total income 1,277 +7% 323 326 301 Net interest income 1,134 +9% 289 288 266 Fees 143 -1% 34 37 35 Total costs (395) +7% (103) (102) (98) Loan provisions (270) +8% (68) (66) (66) GOP risk adj. 613 +8% 152 157 137 PBT 613 +8% 152 157 137 Net profit 408 +7% 100 105 91 New loans - €bn 9.1 +9% 2.4 2.4 2.2 Customer loans - €bn 16.1 +6% 16.1 15.8 15.2 RWAs - €bn 14.3 -1% 14.3 14.0 14.5 Gross NPLs/Ls (%) 5.2% 5.2% 4.9% 5.9% Cost/Income ratio (%) 31 32 31 33 Cost of Risk (bps) 173 +5bps 170 169 174 RoRWA (%) 2.9 +20bps 2.9 3.0 2.5
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41 INSURANCE: SOLID CONTRIBUTION Financial results Highlights 12M25 net profit at €516m, down 1% YoY reflecting: Stable revenues (down 2% YoY), with AG contribution down by 2% due to non-recurring capital gains booked last year Positive effect from mark-to-market of seed K/PE funds (€18m in 12M25 vs €20m in 12M24) AG book value: €3.9bn, up 6% YoY AG market valuation: €6.2bn (or €30.2ps) up 30% YoY RoRWA @3.6% 1) YoY: 12M Jun25/Jun24. FY25/4Q25 Divisional results - INS Section 3 €m 12M25 Jun25 ∆ YoY1 4Q25 Jun25 3Q25 Mar25 4Q24 Jun24 Total income 522 -2% 172 106 181 Impairments 18 -10% 0 8 0 Net result 516 -1% 166 110 169 Book value - €bn 4.8 +5% 4.8 5.0 4.6 Ass. Generali (13%) 3.9 +6% 3.9 4.1 3.7 Other investments 0.9 +1% 0.9 0.9 0.9 Market value - €bn 7.1 +25% 7.1 7.5 5.6 Ass. Generali 6.2 +30% 6.2 6.6 4.8 RWA - €bn 7.8 -4% 7.8 8.0 8.1 RoRWA (%) 3.6 -20bps 4.7 2.9 5.1
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42 HOLDING FUNCTIONS: RESULT LOWER DUE TO INTEREST RATE DECREASE Financial results Highlights Net loss of €85m in 12M25 reflecting: Revenues down 64% YoY, due to lower NII/trading income reflecting sensitivity to interest rate reduction Strict control over costs, down 7% YoY €7m net writebacks related to NPL reduction in leasing Comfortable funding position, with stock up 11% YoY to >€70bn: Bonds: up 14% YoY and 5% QoQ to €31.6bn, after €6.8bn issuances in 12M25 (o/w €2.4bn in 4Q25) at lower spreads Deposits: €30.4bn, up 9% YoY and up 5% QoQ; cost gradually down by 20bps at 1.64% also reflecting promo campaign finalized at future conversion Banking book average balances broadly stable at €11bn, with resilient yield. Higher liquidity in 4Q25 reflecting interest rate trend Loans (leasing) totalled €1.1bn down 10% YoY All key indicators at high levels: LCR 165%, CBC €22.0bn, NSFR 117% MREL liabilities at 42.6% of RWAs as at June25, above requirements (23.92% for 2025). 1) YoY: 12M Jun25/Jun24. FY25/4Q25 Divisional results - HF Section 3 €m 12M25 Jun25 ∆ YoY1 4Q25 Jun25 3Q25 Mar25 4Q24 Jun24 Total income 81 -64% 5 21 44 Net interest income 69 -61% 8 13 39 Net treasury income 9 -77% (3) 7 6 Fee income 5 -29% 1 1 (1) Total costs (178) -7% (51) (44) (53) GOP (97) Nm (46) (23) (10) Loan provisions 7 Nm 3 1 0 Other (SRF/DGS incl.) (5) -90% (5) (1) (27) PBT (95) Nm (48) (24) (36) Income taxes & minorities 11 Nm 13 4 10 Net profit (85) +93% (35) (20) (26) Customer loans - €bn 1.1 -10% 1.1 1.1 1.2 Funding - €bn 70.6 +11% 70.6 66.1 63.7 Bonds 31.6 +14% 31.6 30.0 27.6 Direct deposits (Retail&PB) 30.4 +9% 30.4 28.9 27.9 ECB - Nm - - 1.3 Others 8.6 +25% 8.6 7.3 6.8
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Agenda Section 1. Executive summary Section 2. FY25/4Q25 Group results Section 3. FY25/4Q25 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
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44 FY26: ANOTHER YEAR OF GROWTH IN A TOUGHER SCENARIO Key strategic initiatives WM: challenging recruitment targets (~115 salespeople, 70% at variable costs) to support TFA growth, ongoing offering enhancement, further CIB-WM synergies CIB: slowdown in the IB market, addressed by new initiatives (international mid-market, new markets products) CF: digital and BNPL expansion, also thanks to Suisse footprint; strict CoR control INS: high single digit growth expected1, source of capital to be redeployed HF: decreasing rates/NII management, RED project to start FY26 guidance: further growth TFAs keep growing (to ~€123bn) with NNM >10bn targeted on AUM/AUA Revenues up low/mid-single digit Fees high single-digit growth, boosted by WM (double digit); slowdown in CIB, (mainly ARMA after record FY25 results) Resilient NII; boosted by CF margin resilience and loan growth (up mid-single digit) Cost/Income at 44% CoR 55bps, with approx. 50% overlays release Net profit ~€1.4bn CET1>14%, Tier1 ~15% 100% ordinary cash payout Closing remarks Section 4 1) Based on AG consensus.
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45 ROTE2 recurring up to 17% ROTE2 stated up to 20% CET1 ~14%, T1 ~15.5% Annual K generation: 280bps Shareholder remuneration Cumulative €5bn in 3Y €4.5bn cash + 0.4bn SBB DPS doubling from €1.15ps to €2.1ps Cumulative yield ~30%3 Targeting industry-leading performance with low execution risk Stronger industrial footprint driving high and sustainable growth Superior capital generation High cash distributions REVENUES +6%1 to €4.4bn EPS recurring +9%1 to €2.1 EPS stated +14%1 to €2.4 TBVPS2 + 3YDPS: +15%1 to €18-19 Closing remarks Section 4 …IN EXECUTION OF THE FY25-28 «ONE BRAND–ONE CULTURE» PLAN 1) 3YCAGR 2025-28 2) ROTE stated at ~20%, ROTE adj for non recurring 17%. Tangible equity: shareholders’ equity net of intangibles, dividend accrual for the period, minorities and AT1 capital. TBVPS calculated on tangible equity divided by number of shares after deletion of shares bought back 3) On 28 July 25 price
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46 0 2 4 6 8 10 12 14 16 18 20 22 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 MB 176.7% EU banks 57.7% ITA banks 115.6% BMPS -99.8% ~30% TOTAL YIELD AHEAD, WITH LOW EXCUTION RISK LEVERAGING UNIQUE TRACK RECORD OF DELIVERY >10Y (1/1/2015-24/07/2025) market performance and Total Shareholders Return (TSR) Mediobanca: +177% (TSR: +369%) BMPS: -99.8% (TSR: -99.8%) EU Banks: +58% (TSR: 158%) Ita Banks: +116% (TSR: 234%) 3Y Distribution €0.5bn 4Y Distribution €2.2bn 3Y Distribution €1.3bn 2Y Distribution €2.4bn BP 2016-19 “Long-Term Value Player” BP 2019-23 “Distinctive Growth Player” BP 2013-16 “From Holding to Banking Group” BP 2023-26 “One Brand – One Culture” June25E1 (Y2) Rolling 2028 “One Brand – One Culture” 3Y Distribution ~€5bn Mediobanca: ~30% Cumulative Yield in FY25-FY28: 9% in FY26 10% in FY27 11% in FY28 Closing remarks Section 4 ✓ ✓ ✓ ✓
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47 BEST IN CLASS RETURN FOR MB INVESTORS ~30% MB Peer1 Peer2 Peer3 Peer4 Peer5 Peer6 Peer7 Peer8 Peer9 Peer10 Peer11 Peer12 Peer13 Peer14 Peer15 Peer16 Peer17 Peer18 Peer19 Avg: ~20% EU TOP20 banks ranked by cumulative dividends ’25E-28E / Market cap Almost 100% MB Peer1 Peer2 Peer3 Peer4 Peer5 Peer6 Peer7 Peer8 Peer9 Peer10 Peer11 Peer12 Peer13 Peer14 Peer15 Peer16 Peer17 Peer18 Peer19 MB: Top ranked for cash yield… 280 bps Peer1 Peer2 Peer3 Peer4 Peer5 MB Peer6 Peer7 Peer8 Peer9 Peer10 Peer11 Peer12 Peer13 Peer14 Peer15 Peer16 Peer17 Peer18 Peer19 …and cash pay-out …thanks to best in class capital generation Avg: ~40% TOP20 banks ranked by avg annual CET1 change before distribution FY25-28 (bps) Avg: ~200 bps Closing remarks Section 4 TOP20 banks ranked by cumulative dividends ’25E-28E / Net profit Source: MB Research, coverage of 42 EU banking stocks
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48 Significant capital reallocation from INS to WM Focus MB on faster growing, capital light WM business Enhance size, quality and visibility of revenues and profits … TO BE FURTHER ENHANCED WITH BANCA GENERALI ACCRETIVE TRANSACTION UNLOCK SYNERGIESUNIQUE EQUITY STORY Mediobanca: a fast growing, leading Wealth Manager with a unique positioning and yield in European market Closing remarks Section 4 • Proposed guidelines sent to AG for continuation of agreements between them and BG with possible extension to MB • General Meeting (ex art.104 TUF) possibly brought forward to 21 August, in accordance with timing requirements
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49 … IN A VALUE ACCRETIVE JOURNEY Revenues (€bn,%), ROTE (%) 26% <30% ~50%24% >20% ~20%34% <35% ~30% 14% ~15% FY25 FY28E MB FY28E + BG FY24 +synergiesWM CIB CF INS& Other Other 3.7 ~€5bn Closing remarks Section 3 TFA >€110bn >€140bn >€250bn ROTE 14% 17% >20% 4.4
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50 BUILDING A CHAMPION IN WEALTH MANAGEMENT A UNIQUE STORY FOR GROWTH, BUSINESS MIX, YIELD Source: Nasdaq; market data as of 28 July 2025. Company public information. MEDIOBANCA: Mediobanca + Banca Generali pro-forma Ranking of European Banks with Market Cap > €10bn MB: the only EU player with >€170bn AUM/AUC, >50% revenues from WM, >8% dividend yield (FY26) UBS UCG ISP BNP BBVA ING Caixa DB Credit Agricole Nordea SocGen KBC DNB Commerzbank SEB Erste Danske Bank Swedbank PKO ABN OTP AIB BBPM Bank of Ireland Fineco Julius Baer Pekao 112 101 96 91 88 76 61 56 55 49 44 40 38 34 33 33 Santander 29 26 24 21 21 20 16 32 16 15 13 12 12 12 1116 AuM / AuC >€170bn ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ AM Revenues at least 50% of total ✓ ✓ ✓ ✓ FY26 Dividend Yield >8% ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Closing remarks Section 4 Svenska Handel. MEDIOBANCA Sabadell Santander Polska
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51 ➢ Specialized financial player with strong potential in high growth segments ➢ Capital-light model ➢ Low interest rate / credit risk sensitivity ➢ Attractive earnings mix MEDIOBANCA STAND ALONE HAS MUCH BETTER OUTLOOK VS MPS+MB (AND EVEN MORE WITH BG) MEDIOBANCA STAND ALONE MEDIOBANCA INTEGRATED INTO MPS ➢ Undifferentiated mid-size commercial bank with low growth potential in current macro ➢ Capital-intensive model ➢ High interest rate / credit risk sensitivity ➢ Unattractive earnings mix FINANCIALS ➢ Stated EPS growth: +14%2 3YCAGR ➢ Recurring EPS growth: +9%2 3YCAGR ➢ Yield: 30% cumulative cash yield with low execution risk ➢ ROTE: from 14% to 17% ➢ ~14% CET1, best in class K generation (+280bps p.a.) ➢ Potential multiple rerating ➢ EPS: double digit dilutive also due to dissynergies ➢ Yield: no enhancement vs. MB stand alone, DPS dilution including dissynergies, high execution risk ➢ Strong dependence on DTA usage ➢ Sustainable ROTE/ CET1 and pay-out to be verified, due to risks to franchise resilience, NII/CoR headwinds in current macro (SMEs), legal/fiscal issues (on MPS balance sheet) INDUSTRIALS MEDIOBANCA SHAREHOLDER VIEW Closing remarks Section 3
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MEDIOBANCA 12M RESULTS AS AT 30 JUNE 2025 Q&A SESSION
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Agenda Section 1. Executive summary Section 2. FY25/4Q25 Group results Section 3. FY25/4Q25 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
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54 IT GDP (y/y) EA GDP (y/y) IT Inflation (y/y) IT Core Infl. (y/y) IT Unemp. Rate Euribor 3M IT 10Y yield BTP-Bund spread (1) GDP and CPI are annual % change; Unemployment rate is the yearly average; IT 10Y yield and BTP -Bund spread are the 2Q daily average in each year; Euribor 3M is the 2Q end value; Scenario BP23 -26: 2026 growth and inflation are 2026H1/2025H1; 2026 Unemp. is 1Q and 2Q average MACRO SCENARIO AHEAD UNCERTAINTY WEIGHS ON GROWTH EARLY IN THE FORECAST HORIZON Macro scenario Annex 1 June 2025 Scenario 20251 2026 2027 2028 0.5% 0.6% 0.8% 0.8% 0.9% 0.9% 1.6% 1.6% 1.8% 1.8% 1.9% 2.0% 1.8% 2.1% 2.3% 2.2% 6.0% 6.5% 6.9% 6.9% 2.0% 1.9% 2.4% 2.7% 3.6% 4.1% 4.6% 4.7% 95bp 90bp 90bp 90bp 3.00 1.75 2.25 2.50 3.00 2.25 0.0 1.0 2.0 3.0 4.0 5.0 2022 Q4 2023 Q2 2023 Q4 2024 Q2 2024 Q4 2025 Q2 2025 Q4 2026 Q2 2026 Q4 2027 Q2 2027 Q4 2028 Q2 June 2025 Scenario BP23-26 Scenario ➢ Tariff uncertainty looms ahead ➢ Growth is softer than pre-tariff uncertainty ➢ ECB lowers rates to 1.75% in 4Q25 to ensure against growth softening ➢ Robust public spending in infrastructure and defence (particularly in Germany), consolidated EZ growth from 2H26 ➢ The ECB removes insurance in 3Q26 and leans against lively economic activity in 3Q27 ➢ BTP-Bund spread benefits from further EU integration and EA economic resilience
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55 MEDIOBANCA GROUP P&L 1) YoY= Jun25/Jun24 2) Including SRF contribution in FY24 Divisional tables Annex 2 €m FY25 June25 FY24 June24 YoY1 4Q25 June25 3Q25 Mar25 2Q25 Dic24 1Q25 Sept24 4Q24 June24 Total income 3,719 3,607 3% 951 920 983 865 979 Net interest income 1,972 1,985 -1% 496 497 494 485 492 Fee income 1,072 939 14% 253 273 316 231 279 Net treasury income 178 172 3% 41 45 53 39 39 Equity accounted co. 497 510 -3% 162 105 121 109 168 Total costs (1,610) (1,542) 4% (433) (397) (411) (369) (418) Labour costs (856) (805) 6% (227) (210) (219) (200) (218) Administrative expenses (754) (738) 2% (206) (187) (192) (169) (201) Loan loss provisions (233) (252) -7% (47) (53) (66) (67) (56) GOP risk adjusted 1,876 1,813 3% 471 470 506 428 504 Impairments, disposals 20 14 46% 1 9 (1) 12 (1) Non recurring2 (44) (90) -52% (19) (11) (11) (2) (64) PBT 1,852 1,736 7% 453 468 493 438 439 Income taxes & minorities (522) (463) 13% (116) (135) (163) (108) (111) Net profit 1,330 1,273 4% 337 334 330 330 327 Cost/Income ratio (%) 43 43 - 45 43 42 43 43 Cost of Risk (bps) 44 48 -4bps 35 39 50 51 43 ROTE adj. (%) 14.2 13.9 30bps
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56 MEDIOBANCA GROUP A&L 1) YoY = June25/June24; QoQ=June25/Mar25 2) The fully loaded CET1 ratio is ~14.8%, including fully loaded impacts of CRR3 and excluding impact related to FRTB. Divisional tables Annex 2 €bn June25 Mar25 Dec24 Sept24 June24 QoQ1 YoY1 Funding 70.6 66.1 64.2 62.1 63.7 +7% +11% Bonds 31.6 30.0 28.7 27.4 27.6 +5% +14% Direct deposits (Retail&PB) 30.4 28.9 28.2 28.2 27.9 +5% +9% ECB - - - - 1.3 Others 8.6 7.3 7.3 6.5 6.8 +18% +25% Loans to customers 54.3 54.0 53.9 52.0 52.4 +1% +4% CIB 19.4 19.7 19.9 18.4 19.0 -2% +2% Wholesale 17.0 17.3 17.2 16.4 16.0 -2% +6% Specialty Finance 2.4 2.4 2.7 2.0 3.0 +3% -17% Consumer 16.1 15.8 15.6 15.3 15.2 +1% +6% WM 17.6 17.2 17.1 16.9 16.9 +2% +4% Mortgage 12.9 12.7 12.6 12.6 12.6 +2% +2% Private Banking 4.7 4.5 4.5 4.3 4.3 +5% +10% Leasing 1.3 1.3 1.3 1.4 1.4 -3% -10% Treasury+AFS+HTM+LR 22.2 19.5 17.6 17.8 18.7 +14% +19% RWAs 46.1 46.3 47.6 47.4 47.6 -1% -3% Loans/Funding ratio 77% 82% 84% 84% 82% -5pp -5pp CET1 ratio (%)2 15.1 15.6 15.2 15.4 15.2 TC ratio (%)2 17.9 18.5 17.6 17.9 17.7
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57 WEALTH MANAGEMENT RESULTS 1) YoY = Jun25/Jun24 Divisional tables Annex 2 €m FY25 June25 FY24 June24 YoY1 4Q25 June25 3Q25 Mar25 2Q25 Dic24 1Q25 Sept24 4Q24 June24 Total income 973 924 5% 246 247 252 228 234 Net interest income 405 425 -5% 100 101 102 102 105 Fee income 555 489 13% 142 143 146 124 126 Net treasury income 13 9 36% 4 3 3 2 2 Total costs (641) (614) 4% (167) (159) (164) (151) (157) Loan provisions 21 (7) Nm 20 2 (0) (1) 1 GOP risk adjusted 353 303 17% 99 89 88 76 78 Other (16) (2) Nm (11) (1) (3) (1) (0) Income taxes & minorities (106) (92) 15% (26) (30) (27) (23) (22) Net profit 232 209 11% 63 58 58 53 55 Cost/income ratio (%) 66 66 - 68 64 65 66 67 LLPs/Ls (bps) -12 4 -16bps -47 -4 0 2 -3 Loans (€bn) 17.6 16.9 +4% 17.6 17.2 17.1 16.9 16.9 TFA (€bn) 112.1 99.4 +13% 112.1 108.3 106.8 103.2 99.4 AUM/AUA (€bn) 81.7 71.5 +14% 81.7 79.4 78.6 75.0 71.5 Deposits (€bn) 30.4 27.9 +9% 30.4 28.9 28.2 28.2 27.9 NNM (€bn) 11.0 8.4 +32% 3.8 2.3 2.3 2.6 3.3 AUM/AUA (€bn) 8.5 8.6 -1% 2.3 1.7 2.2 2.3 1.8 Deposits (€bn) 2.5 -0.3 Nm 1.5 0.7 0.1 0.2 1.5 RWA (€bn) 6.9 6.1 +14% 6.9 6.3 6.2 6.1 6.1 RoRWA (%) 3.8 3.6 +20bps
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58 CIB RESULTS 1) YoY = Jun25/Jun24 Divisional tables Annex 2 €m FY25 June25 FY24 June24 YoY1 4Q25 June25 3Q25 Mar25 2Q25 Dic24 1Q25 Sept24 4Q24 June24 Total income 888 763 16% 211 226 268 183 227 Net interest income 329 307 7% 91 86 81 72 74 Fee income 433 361 20% 92 107 150 84 136 Net treasury income 127 95 33% 28 33 37 28 17 Total costs (410) (380) 8% (114) (96) (107) (94) (113) Loan loss provisions 9 11 -18% (3) 11 (1) 1 8 GOP risk adjusted 486 393 24% 94 141 161 91 121 Other (2) (6) -68% 2 1 (3) (1) (4) Income taxes&minorities (214) (144) 49% (50) (58) (73) (33) (43) Net profit 270 244 11% 45 84 85 57 74 Cost/Income ratio (%) 46 50 -4pp 54 43 40 51 50 LLPs/Ls (bps) (5) (5) - 6 (23) 1 (3) (17) Loans (€bn) 19.4 19.0 2% 19.4 19.7 19.9 18.4 19.0 RWAs (€bn) 13.2 14.9 -11% 13.2 14.1 15.0 14.2 14.9 RoRWA (%) 2.0 1.4 +60bps
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59 CONSUMER FINANCE RESULTS 1) YoY = Jun25/Jun24 Divisional tables Annex 2 €m FY25 June25 FY24 June24 YoY1 4Q25 June25 3Q25 Mar25 2Q25 Dic24 1Q25 Sept24 4Q24 June24 Total income 1,277 1,189 7% 323 326 319 310 301 Net interest income 1,134 1,044 9% 289 288 282 275 266 Fee income 143 145 -1% 34 37 37 35 35 Total costs (395) (370) 7% (103) (102) (99) (90) (98) Loan provisions (270) (250) 8% (68) (66) (68) (68) (66) GOP risk adjusted 613 570 8% 152 157 153 152 137 Other 0 0 - 0 0 0 0 0 Income taxes (205) (187) 10% (52) (53) (51) (50) (46) Net profit 408 383 7% 100 105 102 102 91 Cost/Income ratio (%) 31 31 - 32 31 31 29 33 LLPs/Ls (bps) 173 168 +5bps 170 169 175 178 174 New loans (€bn) 9.1 8.4 +9% 2.4 2.4 2.2 2.1 2.2 Loans (€bn) 16.1 15.2 +6% 16.1 15.8 15.6 15.3 15.2 RWAs (€bn) 14.3 14.5 -1% 14.3 14.0 14.4 14.3 14.5 RoRWA (%) 2.9 2.7 +20bps
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60 INSURANCE RESULTS 1) YoY = Jun25/Jun24 Divisional tables Annex 2 €m FY25 June25 FY24 June24 YoY1 4Q25 June25 3Q25 Mar25 2Q25 Dic24 1Q25 Sept24 4Q24 June24 Total income 522 530 -2% 172 106 128 115 181 Impairments 18 20 -10% 0 8 (2) 12 0 Net profit 516 522 -1% 166 110 119 121 169 Book value (€bn) 4.8 4.6 +5% 4.8 5.0 4.9 4.8 4.6 Ass. Generali (13%) 3.9 3.7 +6% 3.9 4.1 4.0 3.9 3.7 Other investments 0.9 0.9 +1% 0.9 0.9 0.9 0.9 0.9 Market value (€bn) 7.1 5.6 +25% 7.1 7.5 6.4 6.2 5.6 Ass. Generali 6.2 4.8 +30% 6.2 6.6 5.6 5.3 4.8 RWA (€bn) 7.8 8.1 -3% 7.8 8.0 8.1 8.1 8.1 RoRWA (%) 3.6 3.8 -20bps
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61 HOLDING FUNCTIONS RESULTS 1) YoY = Jun25/Jun24 Divisional tables Annex 2 €m FY25 June25 FY24 June24 YoY1 4Q25 June25 3Q25 Mar25 2Q25 Dic24 1Q25 Sept24 4Q24 June24 Total income 81 224 -64% 5 21 23 33 44 Net interest income 69 178 -61% 8 13 21 28 39 Net treasury income 9 39 -77% (3) 7 3 2 6 Fee income 5 6 -29% 1 1 (1) 3 (1) Total costs (178) (192) -7% (51) (44) (46) (38) (53) Loan provisions 7 (6) Nm 3 1 2 0 0 GOP risk adjusted (90) 26 Nm (43) (23) (20) (5) (9) Other (incl. SRF/DGS contribution¹) (5) (54) -90% (5) (1) 1 1 (27) Income taxes & minorities 11 (16) Nm 13 4 (7) 0 10 Net profit (85) (44) 93% (35) (20) (26) (4) (26) Loans (€bn) 1.1 1.2 -10% 1.1 1.3 1.3 1.2 1.2 RWA 3.9 4.2 -6% 3.9 4.0 3.9 4.6 4.2
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62 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 considering the Danish Compromise benefit (~100bps) as permanent CET1 Fully Loaded Including FL impact from equity exposure (different from AG), excluding FRTB CET1 SREP requirement Includes: 56% of P2R (1.75%), Capital Conservation Buffer (2.5%), Counter-Cyclical Buffer (0.14% as at 31/03/25), O- SII buffer (0.25%) and Systemic Risk Buffer (0.8%) 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 MDA Maximum Distributable Amount. The MDA level reflects the shortfall of AT1/T2 instruments for 1.87% 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 Group 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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63 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 the Group’s future financial position and operating results, strategy, plans, objectives and future developments in the markets where the Group 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. The information contained in this presentation relating to the public exchange offers for Mediobanca S.p.A. and Banca Generali S.p.A. must not be disseminated, directly or indirectly, in any country where such dissemination is not authorized under the applicable laws 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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64 INVESTOR CONTACT DETAILS Mediobanca Group Investor Relations Piazzetta Cuccia 1, 20121 Milan, Italy Email: investor.relations@mediobanca.com +39 02 8829 860/347 http://www.mediobanca.com