BoD - 6M Results for the period ended 30.6.2026

Mediobanca Board of Directors’ Meeting

6M results for period ended 30/6/26

Record quarter

Growth in revenues (up 6%¹ to ~ €2bn)

GOP (up 12%¹ to ~€1.2bn)

Net profit (>€710m)

ROTE (~15%)

Best-ever result at consolidated and CIB/Compass levels

Revenues climbing to €1,948m (up 6%¹):

excellent performance in CIB (up 13%¹ to €493m)
solid growth in CF (up 5%,¹ to €664m)
high contribution from INS (up 10%,¹ to €316m)
slowdown in WM (down 5% a €447m) due to reduced upfront/performance fees

Costs down 2%¹ and cost/income ratio declining to 40% (down 3pp¹):
Labour costs up 1%¹, administrative expenses down 7%¹

GOP increasing to €1,173m (up 12%¹)

Cost of risk 54 bps (€132m in residual overlays, with €32m used in 6M)

Net profit €711m (up 6%¹), with higher tax rate

ROTE 14.9%

CET1² 15.9% (down 60 bps QoQ in 6M due to higher volumes, 100% payout)

Results accelerating in 2Q:

CIB: record performance, with robust pipeline

CF: record new loans (€2.7bn, up 14% YoY and up 5% QoQ³) with loan stock up 8%YoY

WM: TFAs €117bn (up 4% YoY, up 3% QoQ), with AUM €56bn (up 11% YoY, up 5% QoQ)

Revenues approx. €1bn (up 8% YoY, up 9% QoQ), driven by fees:

Fee income totalled €256m (up 15% YoY and QoQ), due to acceleration in CIB

Net profit €388m (up 15% YoY, up 20% QoQ)

CORPORATE & INVESTMENT BANKING: leadership position confirmed

Revenues: €493m (up 13% YoY): 2Q outstanding, with revenues of €271m (up 29% YoY, up 22% QoQ), on record performances in Advisory and Markets

Launch of structured products distribution and integration with MPS activities started

Cost/income ratio 44% (down 4pp YoY)

Asset quality confirmed as excellent, with the cost of risk at 6bps

Net profit €172m (up 29% YoY)

WEALTH MANAGEMENT: transition phase

Franchise: gradually stabilizing, helped by further retention actions

Revenues: €447m (down 5% YoY), on robust management fees (up 10% YoY), and lower upfront/ performance fees and NII

TFAs up 4% YoY: €117bn, due to the positive market effect and the reduction in flows due to previous outflows. Mix improving

NNM: down €1.4bn in 6M, but down €0.3bn in 2Q

Cost discipline: €304m (down 2% YoY, excluding retention costs)

Cost/income ratio: 68% (up 2pp YoY)

Net profit €81m (down 33% YoY) on higher tax rate, with non-recurring charges of €18m

CONSUMER FINANCE: highly profitable business

New loans at record high levels (€5.3bn in 6M), due to direct distribution and higher contribution from MPS network

Revenues growing: €664m (up 5% YoY), on strong volumes, with yields gradually adapting to the increasing interest rate scenario

Costs declining: €180m (down 3% YoY), cost/income ratio 27% (down 2pp YoY)

Asset quality stable with CoR gradually normalizing at 185 bps, with €29m in overlays used in 6M (€94m left); coverage ratios stably high

Net profit stable at €206m

INSURANCE & PRINCIPAL INVESTING: strong contribution

Revenues €316m (up 10% YoY), net profit €286m

 

Chief Executive Officer and General Manager Alessandro Melzi d’Eril commented as follows:

"For the first six months we've reported record revenues and net profits, delivering a solid performance, which is expected to continue in the coming months as well, despite the high levels of uncertainty affecting the business and market environment. A strong commercial performance in terms of new loans by the Consumer Finance division, and an acceleration in fee income in 2Q (up 15% QoQ), in Corporate & Investment Banking activity in particular (up 31% QoQ), offset the stabilization phase affecting Wealth Management, which still reported TFAs of €117bn at the period-end.

The results confirm the discipline shown in this transition phase, and lay the foundations for proceeding effectively with the upcoming merger process with Banca MPS, on which we remain fully focused. In this process, I am more and more convinced that the solidity of our business model, our close relations with our customers, and our staff’s determination will contribute to generating value for all stakeholders, leveraging on our eighty-year history of serving the Italian economic system.”

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^[1] YoY chg: end-June 2026 vs to end-June 2025.

^[2] CET1 fully loaded: 15.6% including the effects of CRR III fully-loaded (excluding FRTB).

^[3] QoQ: end-June 2026 vs end-March 2026.