Strategic Plan 2026-30
As part of the MPS Group Strategic Plan 2026-30 approved on 26 February 2026, Mediobanca has set new strategic targets to unlock the potential value deriving from its combination with MPS, generating sustainable benefits for all stakeholders and leveraging on the hallmarks of its distinctive business model.
The new strategic plan, which is based on the calendar year for the first time, provides for strong growth in:
- Revenues: from €3.6bn to €4.8bn (CAGR 2025-30: +6%)
- Net operating profit: from €1.7bn to €2.6bn (CAGR 2025-30: +8%), with the cost/income ratio decreasing to 37%
- Net profit: from €1.2bn to €1.9bn (CAGR 2025-30: +10%)
- Profitability (ROTE): from 13% to 18%, helped by capital optimization (CET1 ratio from 16% to over 13%)
- Dividends: expected payout ratio approx. 90% of net profit.
The strategic actions will involve:
- Further acceleration in the specialized commercial offering, helped by the new Group’s size and ambitions
- Leveraging on the unique Mediobanca brand and the Bank’s leadership position in Private & Investment Banking
- Compass as sustainable source of growing net interest income, supported by expansion of the franchise
- Substantial investments in distribution associated with increased efficiency
- Attractive growth options outside Italy
- Full development of the real estate project in the Principality of Monaco.
|
2025PF2 |
2028E |
2030E |
25-28E CAGR3 |
25-30E CAGR3 |
|
|
Main P&L items1 (€bn) |
|||||
|
Total revenues |
3.6 |
4.5 |
4.8 |
8.0% |
6.0% |
|
Operating costs |
(1.6) |
(1.7) |
(1.8) |
2.1% |
2.1% |
|
Gross operating profit |
2.0 |
2.8 |
3.0 |
12.3% |
8.7% |
|
Loan loss provisions |
(0.2) |
(0.4) |
(0.4) |
17.9% |
12.3% |
|
Net operating profit |
1.7 |
2.4 |
2.6 |
11.4% |
8.2% |
|
Pre-tax profit |
1.7 |
2.5 |
2.6 |
15.1% |
9.1% |
|
Net profit |
1.2 |
1.8 |
1.9 |
15.7% |
10.0% |
|
Adj. net profit4 |
1.3 |
1.7 |
1.9 |
9.3% |
7.7% |
|
Main indicators/ratios1 |
|||||
|
Cost/income ratio (%) |
45% |
38% |
37% |
(6.9) p.p. |
(7.6) p.p. |
|
Cost of risk (bps) |
45 |
62 |
65 |
17 bps |
20 bps |
|
Adj. RoTE4(%) |
13.4% |
16.8% |
17.8% |
3.4 p.p. |
4.4 p.p. |
|
Dividend payout (%) |
~80% |
~90% |
~90% |
~10 p.p. |
~10 p.p. |
|
CET1 ratio (%) |
16.4% |
14.2% |
13.3% |
(2.2) p.p. |
(3.1) p.p. |
|
Total loans (€bn) |
56 |
66 |
68 |
5.7% |
4.1% |
|
TFAs (€bn) |
115 |
145 |
160 |
8.0% |
6.8% |
NB: financial targets refer to the current scope of Mediobanca and its subsidiaries.
1. P&L items restated in accordance with the standards adopted by the MPS Group. TFAs do not include assets under custody. Loans do not include repos.
2. Pro forma data for 12M ending 31/12/25.
3. Delta for margins/ratios.
4. Adj. net profit calculated as accounting net profit excluding net income deriving from the real estate project in the Principality of Monaco. The figures in the column headed 2025PF have been calculated by excluding non-recurring items (costs related to the public exchange offers and the related tax impact, and impairment charges for goodwill). TBV calculated as net equity net of intangibles, dividends accrued during the period, and minority interests.