Results and presentations

Mediobanca steady, consistent progress made in implementing BP19-23

Covid-19 impact managed successfully, confirming validity of business model:

• Mediobanca strongly positioned in resilient segments: households & large-mid caps and fee-driven capital light businesses 
• Mediobanca moved from emergency situation to providing continuous support to staff, clients and community
• IT investments in digitalization and automation accelerated

4Q results above expectations:

• Positive market and customer trends supporting faster than expected recovery in business
• 4Q ordinary earnings sufficient to cover FY20 one-off charges (€285m), 80% Covid related, 80% in 4Q20
• Growth confirmed: €606m revenues (up 4% QoQ), €217m net profit adjusted

Solid FY20 results

• Revenues resilient at €2.5bn, with NII and fees up 3%
• CoR at 82bps (+30bps YoY), Gross NPLs/Ls ~ 4%
• Net profit at €600m - adjusted €887m
• ROTE adjusted 10% 
• CET1 at 16.1%¹ (+200bps YoY) with DPS20 = 0 (as ECB guidelines)

BP19-23 strategy, targets and shareholders’ remuneration policy confirmed now also factoring in Covid

Targeting industry-leading performance in term of growth and shareholders remuneration

CSR/ESG strategy: delivery ongoing 

_{1) CET1 phase-in. CET1 FL @14.5% (without Danish Compromise ~145bps and with IFRS9 fully phased ~15bps}