Slides
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MEDIOBANCA 3M RESULTS AS AT 30 SEPTEMBER 2025 Milan, 5 November 2025
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Agenda Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks Annexes 1. 3M KPIs and Divisional tables
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3 3M SEPT25: NAVIGATING A MAJOR CHANGE Commercial flows WM: €2.5bn NNM (flat YoY1, ow Premier €1.1bn, +7%1, Private&AM €1.3bn, -10%1), ow €2.0bn AUM CIB: good M&A, subdued Lending/Markets volumes CF: €2.3bn new loans (up 12%1) with ongoing stock repricing Stable revenues at €868m WM -2%1(to €224m), CIB -6%1(to €171m), CF +7%1(to €335m), INS +13%1 (to €130m) NII: CF up 8%1, with consolidated NII almost stable (down 1%1 to €479m) Fee income flat1 (€232m) driven by WM (up 3%), notably MB Premier (double-digit growth) Cost/income ratio <44% Asset quality: CoR at 51bps (flat), with €177m residual overlays Net profit at €322m, down to €291m after €30m net one-off costs related to public offers (“OPS”) Capital and shareholders’ remuneration CET1 ratio at 15.8%2 (up ~75bps) due to SBB removal and RWA optimization €0.59 balance dividend paid on 26 Nov.25 (total €1.15 for FY25) 1) YoY: 3m Sept25 / 3m Sept24 2) The fully loaded CET1 ratio is ~15.5%, including fully loaded impacts of CRR3 and excluding impact related to FRTB. Executive summary Section 1
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4 DIVISION KPIs Wealth Management – 3M results as at Sept25 Revenues Fees TFA Net profit €224m -2% YoY -9% QoQ €128m +3% YoY -10% QoQ €116bn +12% YoY +3% QoQ €44m -17% YoY -30% QoQ Consumer Finance – 3M results as at Sept25 Revenues New loans CoR Net profit €335m +7% YoY +3% QoQ €2.3bn +12% YoY -2% QoQ 177bps -2bps YoY +6bps QoQ €109m +6% YoY +8% QoQ Corporate & Inv.Banking – 3M results as at Sept25 Revenues Fees CoR Net profit €171m -6% YoY -18% QoQ €76m -3% YoY -12% QoQ 1bps n.m. €48m -18% YoY +4% QoQ Executive summary Section 1 CF: NII and fees at record levels New loans up 12% to €2.3bn, despite stricter origination criteria Revenues up to ~€335m in 1Q, driven by repricing and product/channel diversification CoR normalizing (€12m overlays used from June25) CIB: resilient and with low K absorption Fees resilient YoY in a seasonally weak quarter, solid trend in advisory, some delay in lending and markets Asset quality confirmed as excellent, RWAs lower due to new large corporate PD models (€1.7bn) WM: fees and AUM growth TFAs up to €116bn, with €2.5bn NNM Low single-digit growth in fees, driven by solid trend in mgmt fees partly offset by lower sales of structured products Franchise: 8 higher salesforce in MB Premier, with 22 new entries in 3M; 2 net departures from Private Banking Insurance – 3M results as at Sept25 Revenues RWA BV Net profit €130m +13% YoY -25% QoQ €7.9bn -3% YoY +2% QoQ €4.0bn +3% YoY +2% QoQ €127m +5% YoY -23% QoQ INS: high contribution Revenues and net profit at high levels Book value: €4.0bn Market value: €6.8bn
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Agenda Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks Annexes 1. 3M KPIs and Divisional tables
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6 CAPITAL-LIGHT ASSET TREND TFAS UP ~€13BN, RWAS DOWN >€2BN …with €2.5bn in NNM in 1Q26 >€2.0bn from AUM, €0.7bn from deposits Double-digit growth in TFAs to €116bn AUM/AUA up 13% YoY to €85bn, deposits up 11% YoY to €31bn 28.2 30.4 31.1 75.0 81.7 84.8 Sept24 June25 Sept25 Deposits AUM/AUA 103.2 +12% 115.9 (TFAs, €bn) +4% +2% Mid-single-digit loan growth Down in corporate in last Q, ongoing growth in WM and CF 19.2 19.9 16.9 17.8 15.3 16.3 Sept24 Sept25 CIB WM CF Other 54.452.0 +5% +6% +5% +4% (Loan book, €bn) 1.4 (1.9) (1.7) Sept24 Organic growth Optim./ regulat. FY25 PD model in CIB 1Q26 Sept25 47.4 45.2 (RWAs, €bn) 112.1 0.2 0.7 1.5 0.7 1.3 2.0 1.8 1.5 2.01.1 0.2 (0.1) 0.8 (0.3) 3M Sept24 3M Dec24 3M Mar25 3M Jun25 3M Sept25 Deposits AUM AUA 2.5 3.8 2.32.32.6 (Quarterly NNM, €bn) …matched with RWA optimization RWAs down >€2bn YoY and €0.9bn QoQ -5% 3M - Consolidated results Section 2
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7 866 868(7) (12) - 20 Revenues 3M-Sept24 NII Trading Fees Equity accounted Revenues 3M-Sept25 REVENUES STABLE YoY 3M consolidated revenues by source (YoY, €m) 3M revenues €868m, flat YoY, down 9% QoQ for seasonality WM: -2% YoY, with fees up 3% driven by higher AUM/AUA, with a good pace maintained in 1Q26 (€224m), below 4Q25 (€246m) due to seasonally lower certificates activity CIB: -6% YoY, driven by solid Advisory/Debt division performances, reduced contribution from Trading/Markets in 1Q26 vs previous quarters CF: up 7% YoY with NII up 8% INS: up 13% YoY on higher AG contribution HF: down ~€20m YoY due to lower interest rates, ongoing also in 3M Sept25 flat1-1%1 Flat -31%1 Note: data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB 1) YoY % change 228 224 Sept24 Sept25 WM revenues (3M, €m) 314 335 Sept24 Sept25 CF revenues (3M, €m) 115 130 Sept24 Sept25 INS revenues (3M, €m) 182 171 Sept24 Sept25 CIB revenues (3M, €m) 402 414K-light +3% YoY +19%1 3M - Consolidated results Section 2
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8 53 65 59 8 5 315 15 12 Sept24 June25 Sept25 Specialty Fin. Lending CapMkt Advisory Consolidated fees flat YoY to €232m in 1Q (down 9% QoQ mainly due to seasonal factors) WM: €128m up 3% YoY (down 10% QoQ), with management fees increasing steadily, driven by AUM growth, upfront fees impacted by summer seasonal issues for structured product flows. CIB: €76m broadly flat YoY (down 12% QoQ), with a solid contribution from advisory business CF: €39m, steady contribution CIB fees (€m, 3M) (18) (24) (24) 111 139 123 25 26 28 Sept24 June25 Sept25 Performance Banking Mgt & Upfront Passive WM 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 FLAT 78 142 124 Fee income trend by division (€m, 3M) flat YoY 86 128 76 39 42 42 37 39 124 146 143 142 128 78 143 101 86 76 Sept24 Dec24 Mar25 June25 Sept25 CF WM CIB HF&Other 274 317 232 254 232 3M - Consolidated results Section 2
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9 275 282 289 289 297 102 102 101 100 94 77 85 90 95 84 31 25 17 12 4 Sept24 Dec24 Mar25 June25 Sept25 CF WM CIB HF&Other 17.9 19.2 18.7 17.5 18.1 18.3 16.6 17.3 17.3 Sept24 June25 Sept25 CIB WM CF Other NII RESILIENCE Consolidated NII resilient (down 1% YoY, down 2% QoQ adj1 for inflation) with growth in CF and subdued lending in CIB. High liquidity also temporarily impacted NII Lower loan yield (-18bps QoQ, despite CF positive repricing through the year) was not fully matched by deposit CoF reduction (- 10bps), slowed by incentives aimed at client relations, especially in Private Banking NII sensitivity broadly unchanged: +/-€35m NII every +/50bps in interest rates NII trend by division (€m, 3M) 494 479 55.4 +4% YoY -1% QoQ485 Average loan book by division (€bn, 3M, gross) 497 -1% YoY 53.3 496 Note: data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB 1) Excluding inflation coupon 2) Without hedging 55.7 ow 8 inflationow 5 inflation 5.09%5.27%5.81% Loan yield (%)2 3M - Consolidated results Section 2
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10 28.2 30.4 31.1 27.4 31.6 31.3 6.5 8.6 8.9 Sept24 June25 Sept25 WM deposits MB securities TLTRO Banks & Other FUNDING POSITION €1.3 RAISED IN LAST 3M AT ~87BPS 1) Including Certificates at FVO 2) Avg. 3M client rate 3) Avg. 3M spread vs Eur3M 62.1 70.6 1 Funding stock up to >€71bn, with growing deposits, and diversified access to institutional mkt 0.9 4.3 6.1 3M Sept25 issuances Maturities to June26 Maturities to June27 ~135 ~105 COF improving further, incentives to foster NNM slowing deposit COF reduction 3M average Sept24 Dec24 June25 Sept25 WM deposits cost2 1.95% 1.81% 1.64% 1.54% Bond stock spread3 128bps 126bps 122bps 118bps (€bn) Bond CoF (bps)3 €0.9bn bond issued @~90bps €0.9bn issued €1.3bn expired 3M - Consolidated results Section 2 …with overall €1.3bn funding >12M raised in 3M Senior Preferred bond 0.7 Covered bond 0.2 Loans and Others… 71.3 (€bn) (€bn)
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11 68 68 66 68 72 1 Sept24 Dec24 Mar25 June25 Sept25 CF CIB Other 67 66 53 47 COST OF RISK AT 51BPS Sept.25 consolidated CoR at 51bps flat vs Sept.24, with partial use of overlays (stock down by €12m QoQ to €177m): CF: CoR at 177bps, down 2bps YoY (up 6bps QoQ); overlays stock at €135m, down €32m YoY and €11m vs June25 CIB: Cor at 1bps, reflecting portfolio quality; overlays stock at €26m, down €1m YoY WM: CoR negligible QoQ growth of both LLPs and CoR due to absence of writebacks in last quarter 51 50 39 35 51 179 176 169 171 177 0 20 40 60 80 100 120 Sept24 Dec24 Mar25 June25 Sept25 Consolidated CoR bps CF CoR bps Consolidated and CF CoR trend (bps, 3M) LLPs trend (€m,3M) 167 146 135 28 27 26 21 17 16 Sept24 June25 Sept25 CF CIB Other 215 189 177 Total overlays trend (€m) 69 3M - Consolidated results Section 2
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12 PRUDENT STAGING GROSS NPL RATIO STABLE AT 2.1% 92.4% 93.3% 93.4% 0.60% 0.58% 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% Sept24 June25 Sept25 Gross Exposure/Loans Coverage 5.0% 4.6% 4.4% 14.5% 12.2% 12.3% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 0% 2% 4% 6% 8% 10% 12% 14% Sept24 June25 Sept25 Gross Exposure/Loans Coverage Stage 2 performing loans 0.8% 0.9% 0.9% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% Sept24 June25 Sept25 Stage 1 performing loans Performing loan coverage 1.32% 1.13% 1.11% 3.65% 3.25% 3.17% Sept24 June25 Sept25 Group Consumer Finance Gross NPL stable QoQ at 2.1% (0.9% net), coverage at 60% down YoY due to writeoff of fully covered positions in FY25 2.6% 2.1% 2.1% 0 0.01 0.02 0.03 0.04 0.05 Sept24 June25 Sept25 Gross NPL ratio Net NPL ratio 69.0% 60.1% 59.9% (0.1) 0.1 0.3 0.5 0.7 0.9 1.1 1.3 1.5 Sept24 June25 Sept25 NPL coverage ratio Performing loan indicators Stage 2 loans <5% of gross loans with high coverage (~12%) – Performing loans coverage ratio at ~1.1% 3M - Consolidated results Section 2
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13 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 429 469 480 Sept24 June25 Sept25 28 10 13 Sept24 June25 Sept25 261 3451 353 Sept24 June25 Sept25 128 104 103 Sept24 June25 Sept25 13 10 11 Sept24 June25 Sept25 31 36 37 Sept24 June25 Sept25 0 0 0 Sept24 June25 Sept25 5 5 5 Sept24 June25 Sept25 25 30 31 Sept24 June25 Sept25 1 0 0 Sept24 June25 Sept25 69% 60% 60% Sept24 June25 Sept25 53% 77% 68% Sept24 June25 Sept25 75% 62% 62% Sept24 June25 Sept25 43% 44% 44% Sept24 June25 Sept25 82% 81% 77% Sept24 June25 Sept25 2.6% 2.1% 2.1% 0.8% 0.9% 0.9% Sept24 June25 Sept25 0.3% 0.2% 0.2% 0.1% 0.0% 0.1% Sept24 June25 Sept25 6.2% 5.2% 5.3% 1.7% 2.2% 2.2% Sept24 June25 Sept25 1.3% 1.1% 1.0% 0.8% 0.6% 0.6% Sept24 June25 Sept25 13.2 % 12.1 % 12.6 % 2.8% 2.6% 3.3% Sept24 June25 Sept25 +2% +17% Net Gross +2% -2% +40% +3% +2% 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 3Q FY25 and ~€110m past-due loans reclassified as NPLs in Q4 FY25 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. 3M - Consolidated results Section 2
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14 CET1 RATIO @15.8% CET1 trend in 1Q26 CET1 ratio @15.8%, up 75bps QoQ including SBB removal (+95bps) as June 25 data included €400m SBB deduction (withdrawn in September) RWA reduction (+35bps) due to optimization from the update of PD model in corporate (€1.7bn savings), matched with moderate organic growth Negative impact from AG deduction: -30bps Other, including non-recurring items related to public exchange offer Earnings accrual offset by distribution (100% dividend payout included) Large buffer vs minimum regulatory requirements 15.05% 15.80% 95bps 35bps (30bps) (25bps) June25 SBB withdrawn RWA INS Other Earnings/ 100% Pay-out Sept25 (65bps) Div 65bps Earnings 3M - Consolidated results Section 2
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15 MB: CONSOLIDATED RESULTS SUMMARY Highlights Quarterly result benefitting from diversification of income sources, C/I efficiency and profitability: Revenues stable at €868m with both NII and fees resilient YoY CF and INS contribution offsetting softer CIB and HF contribution and temporary pause in growth in WM QoQ performance impacted by seasonality and some delays in CIB origination and WM investment product placement C/I ratio preserved @44% CoR at 51bps (flat YoY); overlays stock at €177m, down €12m in 3M and €38m YoY. CoR normalization in CF ongoing GOP risk-adj. at €417m, broadly stable YoY Net profit at €322m, resilient YOY, down to €291m after non recurring items reflecting: One off costs of €30m (€45m gross of taxes) related to OPS (consultants, LTI, performance shares payment) Minorities: €8m (mainly related to partners of Arma) Solid capital position: CET1 at 15.8% at Sept.25, up 75bps vs Jun25, for the removal of the SBB (95bps deduction no more included) ROTE at 12.8%, RORWA 2.7% 1) YoY: 12M Sept25/Sept24.. 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 ~15.5%, including fully loaded impacts of CRR3 and excluding impact related to FRTB. Financial results €m 3M Sept25 ∆ YoY1 3M June25 3M Mar25 9M PF Sept25 Total income 868 - 952 922 2,742 Net interest income 479 -1% 496 497 1,471 Fee income 232 - 254 274 761 Net treasury income 27 -31% 41 45 114 Insurance exposure 130 19% 162 105 396 WM 224 -2% 246 247 717 CIB 171 -6% 209 224 605 CF 335 7% 327 330 992 INS 130 13% 172 106 408 HF 8 -72% -0 16 23 Total costs (381) 3% (434) (399) (1,214) Loan loss provisions (69) 3% (47) (53) (169) GOP risk adj. 417 -3% 471 470 1,359 PBT 375 -14% 453 468 1,296 Net result 291 -12% 337 334 962 Net result excl. OPS costs 322 -2% 337 334 962 TFA - €bn 115.9 +12% 112.1 108.3 115.9 Customer loans - €bn 54.4 +5% 54.3 54.0 54.4 Funding - €bn 71.3 +15% 70.6 66.1 71.3 RWA - €bn 45.2 -5% 46.1 46.3 45.2 Cost/income ratio (%) 44 +1pp 46 43 44 Cost of risk (bps) 51 - 35 39 42 Gross NPLs/Ls (%) 2.1 - 2.1 2.0 2.1 NPL coverage (%) 59.9 60.1 62.5 59.9 EPS (€) 0.36 -10% 0.41 0.40 1.17 RoRWA (%) 2.7 - 2.9 2.9 2.8 ROTE adj. (%) 12.8 -0.3pp 13.8 13.9 13.3 CET1 ratio (%) 15.8 +40bps 15.1 15.6 15.8 3M - Consolidated results Section 2
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16 ESG PROFILE ENVIRONMENT SOCIAL Mediobanca Sport Camp – Nisida institute for juvenile offenders in Naples: Mediobanca Sport Camp has completed its ninth year, offering a week of sport and fair play for young inmates; Tessiamo il Futuro – “Weaving the Future”, with Cometa: the first year of this three-year project has seen more than 100 young people involved in an integrated textile industry training programme including both schools and businesses. Conta sul Futuro! – “Count on the Future!”, with Junior Achievement: in 2024-25, a total of 11,500 children participated in person in this long- term financial education project for middle-school students, and a further 105,000 took part online, with the help of 128 volunteers (86 of whom from Mediobanca). MSCI AAA rating confirmed ESG/green credit product footprint now material with ~€5.9bn of stock o/w: 70% corporate, 18% 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 4 sustainable bond transactions for a total issued amount of €2.35bn during 1Q26 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. GOVERNANCE AGM on 28 Oct 2025 Shareholders in 2025 AGM: Appointed a new Board of Directors for 2026-28 three-year period, representing a complete overhaul, including the new: Chairman (Vittorio Umberto Grilli) CEO (Alessandro Melzi d’Eril) Approved shareholders’ remuneration with a dividend of €1.15ps Approved Remuneration Policy for FY 2025-26. The new BoD has adopted a resolution to call an extraordinary general meeting to be held on 1 December 2025 to approve amendments to the company’s Articles of Association with regard to: Article 3: Mediobanca’s inclusion in the Monte dei Paschi di Siena Group Article 31: financial year ended on 31 December. 3M - Consolidated results Section 2
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Agenda Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks Annexes 1. 3M KPIs and Divisional tables
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18 330 291 Sept24 Sept25 Revenues (€m, 3M) GOP risk adj. (€m, 3M) Net profit (€m, 3M) RoRWA & ROTE (%) Mediobanca Consolidated 866 868 Sept24 Sept25 428 417 Sept24 Sept25 flat -3% Consumer Finance (CF) 314 335 Sept24 Sept25 152 165 Sept24 Sept25 102 109 Sept24 Sept25 +7% +8% +6% Wealth Management (WM) 228 224 Sept24 Sept25 76 65 Sept24 Sept25 53 44 Sept24 Sept25 -2% -15% -17% Insurance (INS) 115 130 Sept24 Sept25 114 128 Sept24 Sept25 121 127 Sept24 Sept25 +13% +13% +5% -12% Corporate & Investment Banking (CIB) 182 171 Sept24 Sept25 93 83 Sept24 Sept25 58 48 Sept24 Sept25 -6% 3M - Divisional results Section 3 -18% 2.8% 3.1% Sept24 Sept25 3.6% 2.6% Sept24 Sept25 3.2% 3.5% Sept24 Sept25 1.6% 1.5% Sept24 Sept25 2.7% 2.7% 13.1% 12.8% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 17.0% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% Sept24 Sept25 -11% ROTE RoRWA RORWA STABLE AT 2.7% DRIVEN BY K-LIGHT BUSINESSES Note: data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB
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19 WM: RESULTS SNAPSHOT REVENUES €224m (down 2%) – NET PROFIT €44m (down 17%) Positive 3M Sept.25 commercial results, with franchise resilience. NNM mix towards higher AUM. Franchise: in last 3M MB Premier salesforce up by 8 people with 22 new entries, 3 exits from MB Private, 1 hiring in CMB NNM: €2.5bn in 3M, in line with last year, driven by AUM (€2.0bn) and deposits (€0.7bn). MB Premier up 7% YoY contributing over €1.1bn (ow €0.7bn in AUM); PB at >€0.5bn, including €0.4bn liquidity events in MBPB. Positive trend ongoing in AM (€0.8bn NNM, mainly in Polus) TFAs: ~€116bn, up 12% YoY 3M net profit at €44m, with revenue growth temporarily paused by initiatives to retain HNWI clients: Revenues of €224m flat YoY: Fees up 3% YoY, driven by mgt fees (up 17%). QoQ reduction mainly due to lower structured product placement. NII down 8% YoY due to interest rate cuts and stickier CoF in part due to incentivized remuneration measures in private banking Cost/income ratio at 71% (up 5pp), with costs up 5%, including recruitment costs and deployment of investments in digital platform CoR remains non-material, with no writebacks vs €20m recorded in 4Q mainly due to PD historical series update RoRWA at 2.6% HighlightsFinancial results 1) YoY: 12M Sept25/Sept24. €m 3M Sept25 ∆ YoY1 3M Jun25 3M Mar25 9M PF Sept25 Total income 224 -2% 246 247 717 Net interest income 94 -8% 100 101 294 Fee income 128 +3% 142 143 413 Net treasury income 3 +33% 4 3 10 Total costs (159) +5% (167) (159) (485) Loan provisions 0 -125% 20 2 22 GOP risk adj. 65 -15% 99 89 254 PBT 65 -14% 89 89 242 Net profit 44 -17% 63 58 165 TFA - €bn 115.9 +12% 112.1 108.3 115.9 AUM/AUA 84.8 +13% 81.7 79.4 84.8 Deposits 31.1 +11% 30.4 28.9 31.1 NNM - €bn 2.5 -3% 3.8 2.3 8.7 Customer loans - €bn 17.8 +5% 17.6 17.2 17.8 RWAs - €bn 7.0 +14% 6.9 6.3 7.0 Gross NPLs/Ls (%) 1.0 1.1 1.2 1.0 Cost/income ratio (%) 71 +5pp 68 64 68 Cost of risk (bps) -0 -2bps -47 -4 -17 RoRWA (%) 2.6 n.s. 4.3 3.8 3.5 Salesforce 1,399 +6 1,393 1,373 1,399 3M - Divisional results - WM Section 3
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20 28.2 30.4 31.1 45.5 50.5 2.5 1.3 53.3 29.5 31.3 31.6 Sept24 June25 3M NNM Mkt effect Sept25 Deposits AUM AUA TFAs UP €3.8BN TO €116BN, DRIVING FEE GROWTH TFAs: up €3.8bn to ~€116bn with AUM/AUA up to ~€85bn (up 13% in 12M), with €2.5bn NNM and €1.3bn positive market effect WM fees up 3% YoY, driven by management fees (up 17% YoY for franchise and up 29% for AM companies) on growing AUM (up 17% YoY) with upfront down YoY and QoQ mainly reflecting structured products/private markets placement Franchise ROA1 stable at 99bps (98bps in FY25), AM ROA at 49bps (up 4bps YoY). MBWM: fees by source (3M, €m)TFAs trend (€bn) NNM breakdown AUM/AUA +1.8 - Private +0.1 - Premier +0.8 - AM +0.8 Deposits +0.7 112.1 115.9 (18) (25) 77 90 20 1515 1925 28 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 Sept24 Sept25 Passive Mngt Franchise Upfront/Advisory Mngt AM Banking & other Performance +3% 128 124 +17% 103.2 3M - Divisional results - WM Section 3 1) ROA franchise: gross management fees from franchise (Private & Premier)/Avg. AUM from franchise
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21 STABLE NNM AND FRANCHISE Premier Banking: TFAs up 15% YoY to €50bn, with quarterly NNM up 7% YoY to €1.1bn. Good asset mix with €0.7bn derived from AUM, and €0.3bn from deposits with gradual reduction of CoF. Franchise recruitment ongoing (+8 salespeople in last 3M, including 22 new hirings) Private Banking: TFAs up 9% YoY to over €50bn with quarterly NNM of €0.5bn, with stable contribution of MBPB (€0.7bn) mainly deriving from liquidity events in part helped by certain client/banker incentivization retention measures, more sensitive to strategic changes (2 exits in last 3M) Asset management: TFAs up 16% to €16bn, with quarterly NNM up to €0.8bn, positive for all AM companies (including the launch of >€0.4bn new EU CLO at Polus). TFAs by segment (€bn, end period) 1.1 1.1 0.9 0.5 0.6 0.8 3M Sept24 3M Sept25 Premier Private Asset Management 2.6 NNM by segment (3M, €bn) 2.5 Franchise by segment (#salespeople) 629 693 705 534 552 548 158 148 146 Sept24 June25 Sept25 Premier FA Premier RM Private Bankers 1,321 1,399 3M - Divisional results - WM Section 3 43.4 49.7 46.1 50.4 13.7 15.9 Sept24 Sept25 Premier Private Asset Management 103.2 +12% 115.9 1,393
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22 CIB: 3M25 RESULTS SNAPSHOT SOFTER RESULTS, FURTHER RWA EFFICIENCY Financial results Highlights 3M Sept.25 net profit1 at €48m, down 18% YoY, reflecting: Revenues down 6% YoY to €171m: NII up 10% YoY, as the negative impact from spreads was offset by corporate volumes recovery in first half 2025. Subdued volumes in last 3M due to weak environment Fees down 3% YoY, driven by sound contribution of advisory, both domestic and non- domestic. Trading down 60% YoY, due to lower activity in Fixed Income trading in Markets Cost/Income ratio under control although up 1pp (@51%), reflecting cost control (down 3% YoY) and correlation with revenues COR negligible, reflecting strong portfolio quality Asset quality stable: gross NPL ratio at 0.2% and coverage at 68% (77% as at June25) RoRWA at 1.5%, mainly driven by K-light revenue growth and RWA reduction (down 13% YoY for Basel IV benefits from Jan.25 and new PD model implemented in Sept.25 with €1.7bn RWA savings on large corporates) 1) YoY: 3M Sept25/Sept24. data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB €m 3M Sept25 ∆ YoY1 3M Jun25 3M Mar25 9M PF Sept25 Total income 171 -6% 209 224 605 Net interest income 84 +10% 95 90 269 Fee income 76 -3% 86 101 263 Net treasury income 11 -60% 28 33 73 Total costs (88) -3% (111) (94) (293) Loan loss provisions (1) n.m. (2) 12 9 GOP risk adj. 83 -11% 96 142 320 PBT 78 -15% 97 142 317 Net profit 48 -18% 46 84 178 Customer loans - €bn 19.8 +4% 20.2 20.5 19.8 RWAs -€bn 12.6 -13% 13.6 14.4 12.6 Gross NPLs/Ls (%) 0.2 0.2 0.2 0.2 Cost/Income ratio (%) 51 +1pp 53 42 48 Cost of Risk (bps) 1 +4bps 4 (23) (6) RoRWA (%) 1.5 -10bps 1.4 2.3 1.8 Revenue by product ECM/DCM 5 -51% 10 7 22 Lending 48 -3% 56 59 162 Advisory M&A 61 +14% 65 65 191 Trading Prop 5 -25% 8 15 27 Markets&Other 36 -22% 50 60 145 Specialty Finance 18 +0% 20 19 57 3M - Divisional results - CIB Section 3
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23 RESILIENT PERFORMANCE IN M&A… M&A activity in 2025 has remained resilient despite the macro uncertainties, driven primarily by financial sponsors activity and large transactions, benefiting from a more diversified client base MB announced 21 deals1 during the period MB was involved in the largest and most visible deals in the Italian market, including: Acquisition of Sorgenia by F2i and Asterion; Acquisition of Tinexta by Advent and Nextalia; Disposal by Enfinity Global of a 49% stake in a portfolio of solar PV assets 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 the Mid Corporate team in Germany The dedicated effort in the Energy Transition space has paid off with 6 deals announced since July 2025, up 100% YoY Significant achievements with financial sponsors, with 75% 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 57% 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 Cinven of Smart Communications (AP) The strategic partnership between GEK TERNA and Motor Oil The acquisition by Veolia of Chameleon Industries (MA) Significant Growth Equity Investment in FundApps from FTV 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 3M - Divisional results - CIB Section 3 July 2025 Financial Advisor to the Buyer €4.3bn Voluntary public exchange offer over all the shares of September 2025 EV €3.3bn Voluntary Tender Offer on Financial Advisor to the Buyer August 2025 Financial Advisor to the Seller Undisclosed Disposal of Frigomeccanica to Middleby Financial Advisor to the Seller Disposal of Sifi to Faes Farma by 21 Invest August 2025 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 Announced 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 Announced Financial Advisor to the Seller Disposal of Orion to PAI Partners by Xenon Private Equity Announced 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 Announced Disposal of DeA Capital Alternative Funds to Financial Advisor to the Seller $620m July 2025 Sale of Veolia North America Regeneration Services Financial Advisor to the Seller Announced Acquisition of Financial Advisor to the Buyer July 2025 Acquired by Financial Advisor to the Seller
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24 July 2025 Senior Preferred €300,000,000 3.492% July 2030 Global Coordinator & Joint Bookrunner September 2025 Lead Arranger Acquisition Financing …AND IN DEBT Energy Transition Selected ECM Transactions Selected DCM Transactions Selected Lending Transactions Lending DCM ECM In a scenario of subdued and modest domestic and European ECM activity during 3Q 2025, characterized by continued geopolitical and trade tensions and the postponement of several IPOs, Mediobanca acted as joint bookrunner in one of the most significant IPOs priced in Europe during 3Q 2025: Cirsa. This transaction, the third- largest gaming IPO in the past 15 years, has further reinforced our cross-product coverage in the Spanish market Irrespective of lower issuance volumes caused mostly by frontloading of funding plans and geopolitical volatility, Mediobanca’s DCM franchise delivered another strong quarter in 1Q FY25/26 to further consolidate its leading position in Italy and its strong international footprint In the FIG space, Mediobanca led landmark transactions such as Assicurazioni Generali’s inaugural Restricted Tier 1 placement and the second venture of Banca Sella in the senior preferred segment, demonstrating – once again – that Mediobanca is the partner of choice for financial institutions across all asset classes (particularly in capital trades). In the Italian corporate space, Mediobanca confirmed its market leadership, taking a key role in high-profile transactions such as Mundys’ new sustainability-linked bond On the international front, Mediobanca took part in several key transactions – especially in Spain and France – acting in trades for Wendel, Merlin and Redeia (senior bonds) and as Dealer Manager for Gecina’s tender offer, further demonstrating its expanding reach across core European markets The scarcity of event-driven financing opportunities and limited new money deal flow are continuing to act as a drag on European lending volumes across the credit spectrum, leading to a steady downward pressure on market clearing spreads due to strong competition. 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 1Q FY 2025-26 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, as well the leading role in the TLB/HY institutional issuance of Flutter. Mediobanca also acted as mandated lead arranger of the refinancing exercise in favour of Ali Group and as lead arranger of the bridge financing carried out by Ferrero for the acquisition of WK Kellogg 3M - Divisional results - CIB Section 3 €453m IPO July 2025 Joint Bookrunner September 2025 SLB Senior Unsecured € 500,000,000 3.700% Sep-31 Joint Active Bookrunner August 2025 Senior Unsecured € 500,000,000 3.750% August 2033 Joint Bookrunner August 2025 Green Senior Unsecured € 550,000,000 3.500% Sep-33 Joint Bookrunner August 2025 Tender Offer on: € 700m 1.375% due Jun -27 & € 800m 1.375% due Jan -28 Dealer Manager September 2025 Inaugural RT1 €500,000,000 4.750% PNC6 Joint Bookrunner July 2025 €583m Refinancing & E-Mob Capex Debt Advisor & MLA July 2025 $-eq. 1.3bn 6NC2 EUR/USD/GBP SSN $500m 7Y TLB add-on Joint Bookrunner July 2025 $1,750m Refinancing MLA August 2025 Financial Advisor Acquisition Financing
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25 CF: HIGH SINGLE DIGIT GROWTH NII (€297M) AND NET PROFIT (€109M) Solid commercial activity in 3M Sept.25: New business: €2.3bn down 2% QoQ due to seasonal factors but up 12% YoY, driving solid loan book growth, up 6% YoY to €16.3bn Direct channels representing ~75% of new PLs in 3M as of Sept.25, with digital @40% BNPL: new business above €180m in 3M26 (up 33% YoY and broadly flat QoQ) 3M GOP risk adj. at €165m (up 8% YoY), driven by: Revenues up 7% YoY, reflecting NII solid growth (up 8% YoY) on higher volumes and high loan book profitability; fees almost flat YoY absorbing higher rappel fees driven by higher volumes Costs up 5% YoY driven by IT, marketing, volume growth and higher credit collection costs, cost/income ratio down (29%) LLPs up 5% YoY reflected in a slight increase in CoR to 177bps in 3M26. €135m of overlays still available as at Sept25, after €11m use in IQ26 (€8m in IQ25). Underlying 3M cost of risk2 up at 206bps (up 3bps QoQ). Asset quality confirmed, with gross NPLs/Ls at 5.3% and sound coverage (NPLs at 62% and performing at 3.17%) RoRWA at 3.1% Financial results Highlights 1) YoY: 3M Sept25/Sept24. 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 3M Sept25 ∆ YoY1 3M June25 3M Mar25 9M PF Sept25 Total income 335 +7% 327 330 992 Net interest income 297 +8% 289 289 875 Fees 39 +1% 37 42 119 Total costs (98) +5% (107) (105) (310) Loan provisions (72) +5% (68) (66) (206) GOP risk adj. 165 +8% 152 159 476 PBT 162 +7% 153 159 474 Net profit 109 +6% 101 105 315 New loans - €bn 2.3 +12% 2.4 2.4 7.1 Customer loans - €bn 16.3 +6% 16.1 15.8 16.3 RWAs - €bn 14.5 +1% 14.4 14.0 14.5 Gross NPLs/Ls (%) 5.3 5.2 4.9 5.3 Cost/Income ratio (%) 29 -1pp 33 32 31 Cost of Risk (bps) 177 -2bps 171 169 173 RoRWA (%) 3.1 +30bps 2.9 3.0 2.9 3M - Divisional results – CF Section 3
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26 0.4 0.5 0.5 0.5 0.5 0.3 0.4 0.4 0.4 0.4 1.0 1.0 1.2 1.2 1.1 Sept24 Dec24 Mar25 June25 Sept25 Credit cards SP loans Car loans Personal loans Salary loans 5.21% 5.43% 5.40% 5.24% 5.28% 7.21% 7.31% 7.36% 7.26% 7.33% 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 (NII-underlaying CoR)/avg. loans NII/avg. Loans -2% GROWTH IN NEW BUSINESS AND LOAN BOOK, RESILIENT YIELD 3M Sept.25 new loans up 12% YoY (down 2% QoQ due to seasonality) confirming the growth trajectory with €2.3bn of new loans mainly driven by new personal loans (up 16% YoY), salary-backed finance (up 26% YoY) and BNPL (up 33% YoY) NII rose further fostered by: Volume: loan book growth up to €16.3bn (up 6% YoY) fuelled by solid new loans Quarterly net marginality (NII/avg. loans) up 12bps 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 7bps YoY) Loan book net profitability1 (3M, %)New loans by product (3M, €bn) 2.32.22.1 +12% 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
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27 ASSET QUALITY CONFIRMED …as well as high coverage ratios PLs coverage at 3.17%, 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% 3.17% 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 Sept25 324 241 3451 353 2.5% 1.6% 2.2% 2.2% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 100 200 300 400 500 June20 June24 June25 Sept25 NPL Performing Coverage ratios trend 66% 78% 87% 87% 34% 22% 13% 13% June20 June24 June25 Sept25 Net NPL with overdue >90days Net NPL with overdue <90days CF Net NPLs composition (%) CoR trend under control and normalizing 63 66 68 68 66 68 72 170 174 179 176 169 171 177 50 100 150 200 0 20 40 60 80 100 120 Mar24 June24 Sept24 Dec24 Mar25 June25 Sept25 Quarterly LLPs (€m) and cost of risk (bps) 3M - Divisional results – CF Section 3
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28 INSURANCE: GROWING CONTRIBUTION Financial results Highlights 3M Sept.25 net profit at €127m, up 5% YoY reflecting: AG contribution up 23% YoY to €129m Dividend contribution of other equity investments of €8m, offset by NII charge of allocated debt AG book value: €4bn, up 3% YoY AG market valuation: €6.8bn (or €33.4ps) up 29% YoY RoRWA @3.5% 1) YoY: 12M Sept25/Sept24. 3M - Divisional results – INS Section 3 €m 3M Sept25 D YoY1 3M June25 3M Mar25 9M PF Sept25 Total income 130 +13% 172 106 408 Impairments 1 n.m. 0 8 9 Net result 127 +5% 166 110 403 Book value - €bn 4.9 +2% 4.8 5.0 4.9 Ass. Generali (13%) 4.0 +3% 3.9 4.1 4.0 Other investments 0.9 -3% 0.9 0.9 0.9 Market value - €bn 7.7 +24% 7.1 7.5 7.7 Ass. Generali 6.8 +29% 6.2 6.6 6.8 RWA - €bn 7.9 -3% 7.8 8.0 7.9 RoRWA (%) 3.5 +30bps 4.7 2.9 3.8
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29 HOLDING FUNCTIONS: RESULT LOWER DUE TO INTEREST RATE DECREASE Financial results Highlights 3M Sept.25 net loss of €6m reflecting: Revenues down 72% YoY, due to lower NII due to sensitivity to interest rate reduction and stickier CoF Cost trend (up 3% YoY) reflecting technology running costs (up 18%) €3m net writebacks related to legacy leasing portfolio Funding position: stock up 15% YoY to >€71bn: Bonds: up 14% YoY to €31.3bn, after €0.9bn issuances in 1Q26 at low spreads Deposits: €31.1bn, up 10% YoY and up 2% QoQ; cost gradually down by 10bps QoQ at 1.54%, in part reflecting promotional campaign aimed at future conversion Banking book average balances broadly stable, with resilient yield. Loans (run-off leasing portfolio) totalled €0.3bn down 25% YoY All key indicators at high levels: LCR 159%, CBC €21.2bn, NSFR 118% MREL liabilities at 43.7% of RWAs as at June25, above requirements (23.92% for 2025). 1) YoY: 12M Sept25/Sept24. Figures restated to reflect the transfer of core leasing business from HF to CIB. 3M - Divisional results – HF Section 3 €m 3M Sept25 D YoY1 3M June25 3M Mar25 9M PF Sept25 Total income 8 -72% (0) 16 23 Net interest income 1 -96% 3 8 13 Net treasury income 6 n.s. -3 7 10 Fee income 1 -70% (0) 1 2 Total costs (36) +3% (48) (41) (125) GOP (28) n.s. (48) (25) (102) Loan provisions 3 n.s. 3 1 6 Other (SRF/DGS incl.) 11 n.s. (6) (1) 5 PBT (14) n.s. (51) (26) (91) Income taxes & minorities 8 n.s. 14 5 26 Net profit (6) +21% (37) (21) (65) Customer loans - €bn 0.3 -25% 0.4 0.4 0.3 Funding - €bn 71.3 +15% 70.6 66.1 71.3 Bonds 31.3 +14% 31.6 30.0 31.3 Direct deposits (Retail&PB) 31.1 +10% 30.4 28.9 31.1 ECB 0.0 0.0 0.0 0.0 Others 8.9 +37% 8.6 7.3 8.9
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Agenda Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks Annexes 1. 3M KPIs and Divisional tables
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31 WHAT’S NEXT Growth in TFAs with NNM solid but below 3M Sept.25 RWAs growing moderately without any significant optimization/regulatory measure impact High single-digit growth in revenues QoQ, due to CIB deals closing and stronger placement fees in WM CoR ratio in the 50~55bps range in part by leveraging overlays Net profit/EPS: broadly stable on a recurring basis High CET1: in 15.0%-15.5% range Shareholders’ remuneration: proposed cash payout ratio @100% FINANCIAL YEAR TO END ON 31 DEC DEC.25 GUIDANCE Closing remarks Section 4
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Agenda Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks Annexes 1. 3M KPIs and Divisional tables
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33 3M KPIs Financial results Highlights MEDIOBANCA CONSOLIDATED – 3M as at Sept.25 PER SHARE EPS Excl. OPS costs BVPS TBVPS No. shares/ o/w treasury €0.4 Flat YoY €13.9 +7% YoY €12.2 +4% YoY 813.3m -2% YoY 6.7m treasury Ratio Gross NPLs/Ls CoR ROTE RoRWA 2.1% -0.4pp YoY 51bps flat YoY 12.8% -0.3pp YoY 2.7% flat YoY K RWAs Group density2 CET1 ratio Leverage Ratio €45bn -5% YoY 43.2% -5pp YoY 15.8%3 (100% payout) 7.0% -30bps YoY P&L Revenues C/I ratio GOP risk adj Net profit Excl. OPS costs €868m flat YoY 44% +1.1pp YoY €417m -3% YoY €322m -2% YoY Revenues €868m (flat YoY), driven by diversification Healthy efficiency ratio (C/I ratio at 44%) Net profit at €322m, impacted by ~€30m net one-off costs related to OPS: net profit stated @€291m 3M EPS: €0.4 (flat YoY) TBVPS: €12.2 (up 4% YoY); BVPS: €13.9 (up 7% YoY) SBB: 3rd SBB withdrawn Gross NPLs at 2.1%, net 0.9% (coverage NPLs 60%, PLs 1.1%) CoR @51bps, with €177m overlays still available (down €12m vs June25) RWAs down 5% YoY to €45bn (€1.7bn savings from new PD model in CIB), RoRWA up to 2.7% CET13 @15.8%, after removal of third SBB tranche4 ROTE at 12.8% A&L Loans Funding TFAs NNM €54bn +5% YoY €71bn ow WM1 €39bn +15%YoY €116bn +12% YoY €2.5bn -3% YoY Higher funding/liquidity position: deposits up 10% YoY, CoF decreasing, despite retention measures; ongoing positive trend in bonds, and other institutional funding Robust LCR (159%), CBC (€21bn), NSFR (118%) YoY: 3m Sept25 / 3m Sept24 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 ~15.5%, including fully loaded impacts of CRR3 and excluding impact related to FRTB. 4) €400m approved in June25 and withdrawn in September25 3M results as at September 2025 Annex 1
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34 CONSOLIDATED MEDIOBANCA P&L 1) YoY= Sept25/Sept24;QoQ=Sept25/June25 3M results as at September 2025 Annex 1 €m 1Q26 Sept25 4Q25 June25 3Q25 Mar25 2Q25 Dec24 1Q25 Sept24 QoQ1 YoY1 Total income 868 952 922 985 866 -9% +0% Net interest income 479 496 497 494 485 -3% -1% Fee income 232 254 274 317 232 -9% -0% Net treasury income 27 41 45 53 39 -33% -31% Equity accounted co. 130 162 105 121 109 -20% +19% Total costs (381) (434) (399) (413) (370) -12% 3% Labour costs (200) (227) (210) (219) (200) -12% +0% Administrative expenses (181) (207) (189) (194) (170) -12% +7% Loan loss provisions (69) (47) (53) (66) (67) +47% +3% Operating profit 417 471 470 506 428 -11% -3% Impairments, disposals 2 1 9 (1) 12 Non recurring (SRF/DGS contribution) 1 (19) (11) (11) (2) PBT 420 453 468 493 438 -7% -4% Income taxes & min. (98) (116) (135) (163) (108) -15% -9% Net profit excl. OPS costs 322 337 334 330 330 -5% -3% Offer costs net of taxes (31) - - - - Net profit incl. OPS costs 291 337 334 330 330 -14% -12% Cost/income ratio (%) 44 46 43 42 43 -2pp +1pp Cost of risk (bps) 51 35 39 50 51 +16bps -1bps
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35 CONSOLIDATED MEDIOBANCA A&L 1) YoY= Sept25/Sept24;QoQ=Sept25/June25 €bn Sept25 June25 Sept24 QoQ1 YoY1 Funding 71.3 70.6 62.1 +1% +15% Bonds 31.3 31.6 27.4 -1% +14% Direct WM deposits 31.1 30.4 28.2 +2% +10% ECB 0.0 0.0 0.0 #DIV/0! #DIV/0! Others 8.9 8.6 6.5 +3% +37% Loans to customers 54.4 54.3 52.0 +0% +5% CIB 19.8 20.2 19.2 -2% +4% Wholesale 16.9 17.0 16.4 -0% +3% Specialty Finance 2.9 3.2 2.7 -9% +7% CF 16.3 16.1 15.3 +2% +6% WM 17.8 17.6 16.9 +1% +5% Mortgage 13.0 12.9 12.6 +1% +3% Private banking 4.8 4.7 4.3 +2% +11% HF 0.5 0.5 0.6 -5% -21% Treasury and securities at FV 27.1 22.2 17.8 +22% +52% RWAs 45.2 46.1 47.4 -2% -4% Loans/Funding ratio 76% 77% 84% -1pp -7pp CET1 ratio (%) 15.8% 15.1% 15.4% +0.7pp -0.4pp TC ratio (%) 18.7% 17.9% 17.9% +0.8pp +0.8pp 3M results as at September 2025 Annex 1
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36 WEALTH MANAGEMENT RESULTS 1) YoY= Sept25/Sept24;QoQ=Sept25/June25 €m 1Q26 Sept25 4Q25 June25 3Q25 Mar25 2Q25 Dec24 1Q25 Sept24 QoQ1 YoY1 Total income 224 246 247 252 228 -9% -2% Net interest income 94 100 101 102 102 -6% -8% Fee income 128 142 143 146 124 -10% +3% Net treasury income 3 4 3 3 2 -22% +33% Total costs (159) (167) (159) (164) (151) -4% +5% Loan provisions 0 20 2 (0) (1) -99% n.m. GOP risk adj. 65 99 89 88 76 -35% -15% Other (0) (11) (1) (3) (1) Income taxes & min. (21) (26) (30) (27) (23) -19% -8% Net profit 44 63 58 58 53 -30% -17% Cost/income ratio (%) 71 68 64 65 66 +3pp +5pp LLPs/Ls (bps) -0 -47 -4 0 2 +47bps -2bps Loans (€bn) 17.8 17.6 17.2 17.1 16.9 +1% +5% TFA (€bn) 115.9 112.1 108.3 106.8 103.2 +3% +12% of which AUM/AUA (€bn) 84.8 81.7 79.4 78.6 75.0 +4% +13% of which deposits (€bn) 31.1 30.4 28.9 28.2 28.2 +2% +11% NNM (€bn) 2.5 3.8 2.3 2.3 2.6 -35% -3% of which AUM/AUA (€bn) 1.8 2.3 1.7 2.2 2.3 -24% -24% of which deposits (€bn) 0.7 1.5 0.7 0.1 0.2 -53% n.m. RWA (€bn) 7.0 6.9 6.3 6.2 6.1 +1% +14% RoRWA (%) 2.6 4.3 3.8 4.0 3.6 -1.7pp -1pp 3M results as at September 2025 Annex 1
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37 CIB RESULTS 1) YoY= Sept25/Sept24;QoQ=Sept25/June25 €m 1Q26 Sept25 4Q25 June25 3Q25 Mar25 2Q25 Dec24 1Q25 Sept24 QoQ1 YoY1 Total income 171 209 224 266 182 -18% -6% Net interest income 84 95 90 85 77 -11% +10% Fee income 76 86 101 143 78 -12% -3% Net treasury income 11 28 33 37 28 -61% -60% Total costs (88) (111) (94) (104) (91) -21% -3% Loan loss provisions (1) (2) 12 0 2 -71% n.m. GOP risk adjusted 83 96 142 162 93 -14% -11% Other (5) 1 1 (2) (1) Income taxes & min. (30) (51) (58) (74) (33) -41% -10% Net profit 48 46 84 86 58 +4% -18% Cost/income ratio (%) 51 53 42 39 50 -2pp +1pp LLPs/Ls (bps) 1 4 (23) 0 (3) -3bps +4bps Loans (€bn) 19.8 20.2 20.5 20.6 19.2 -2% +4% RWAs (€bn) 12.6 13.6 14.4 15.4 14.6 -7% -13% RoRWA (%) 1.5 1.4 2.3 2.4 1.6 +10bps -10bps 3M results as at September 2025 Annex 1
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38 CONSUMER FINANCE RESULTS 1) YoY= Sept25/Sept24;QoQ=Sept25/June25 €m 1Q26 Sept25 4Q25 June25 3Q25 Mar25 2Q25 Dec24 1Q25 Sept24 QoQ1 YoY1 Total income 335 327 330 324 314 +3% +7% Net interest income 297 289 289 282 275 +2% +8% Fee income 39 37 42 42 39 +5% +1% Total costs (98) (107) (105) (102) (93) -8% +5% Loan provisions (72) (68) (66) (68) (68) +5% +5% GOP risk adjusted 165 152 159 154 152 +9% +8% Income taxes (54) (52) (53) (52) (50) +3% +7% Net profit 109 101 105 102 102 +8% +6% Cost/income ratio (%) 29 33 32 31 30 -4pp -1pp LLPs/Ls (bps) 177 171 169 176 179 +6bps -2bps New loans (€bn) 2.3 2.4 2.4 2.2 2.1 -2% +12% Loans (€bn) 16.3 16.1 15.8 15.6 15.3 +2% +6% RWAs (€bn) 14.5 14.4 14.0 14.5 14.4 +1% +1% RoRWA (%) 3.1 2.9 3.0 2.9 2.8 +20bps +30bps 3M results as at September 2025 Annex 1
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39 INSURANCE RESULTS 1) YoY= Sept25/Sept24;QoQ=Sept25/June25 3M results as at September 2025 Annex 1 €m 1Q26 Sept25 4Q25 June25 3Q25 Mar25 2Q25 Dec24 1Q25 Sept24 QoQ1 YoY1 Total income 130 172 106 128 115 -25% +13% Impairments 1 0 8 (2) 12 Net profit 127 166 110 119 121 -23% 5% Book value (€bn) 4.9 4.8 5.0 4.9 4.8 +1% +2% Ass. Generali (13%) 4.0 3.9 4.1 4.0 3.9 +2% +3% Other investments 0.9 0.9 0.9 0.9 0.9 -2% -3% Market value (€bn) 7.7 7.1 7.5 6.4 6.2 +9% +24% Ass. Generali 6.8 6.2 6.6 5.6 5.3 +11% +29% RWA (€bn) 7.9 7.8 8.0 8.1 8.1 +2% -3% RoRWA (%) 3.5 4.7 2.9 3.6 3.2 -120bps +30bps
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40 HOLDING FUNCTIONS RESULTS 1) YoY= Sept25/Sept24;QoQ=Sept25/June25 3M results as at September 2025 Annex 1 €m 1Q26 Sept25 4Q25 June25 3Q25 Mar25 2Q25 Dec24 1Q25 Sept24 QoQ1 YoY1 Total income 8 (0) 16 18 28 n.m. -72% Net interest income 1 3 8 16 23 -74% -96% Net treasury income 6 (3) 7 3 2 n.m. n.m. Fee income 1 (0) 1 (1) 3 n.m. -70% Total costs (36) (48) (41) (43) (35) -25% +3% Loan provisions 3 3 1 2 0 +12% n.m. GOP risk adj. (25) (45) (25) (23) (7) -44% n.m. Other (incl. SRF/DGS contribution¹) 11 (6) (1) 1 1 Income taxes & minorities 8 14 5 (6) 2 Net profit (6) (37) (21) (28) (5) n.m. n.m. Loans (€bn) 0.5 0.5 0.5 0.6 0.6 -5% -21% RWAs (€bn) 3.2 3.4 3.5 3.4 4.2 -6% -23%
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41 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 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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42 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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43 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