Board of Directors’ Meeting - 9M results for period ended 30/9/26

 

Mediobanca Board of Directors’ Meeting

9M results for period ended 30/9/26

 

MEDIOBANCA CONFIRMS

THE STRENGTH OF ITS BRAND AND FRANCHISE

Double-digit growth

GOP up 16%^[1] (€1.8bn)

Net profit up 13%¹ (€1.1bn)

ROTE 15%

 

9M results: growth from all businesses

Revenues increasing to €2,926m (up 9%¹), highest levels ever:

Excellent performance in CIB (up 14%¹ to €0.7bn), consistent growth in CF (up 4%¹ to €1.0bn),

high contribution from INS (up 23%,¹ to €0.5bn), WM resilient (at €0.7bn)

Costs stable¹ and cost/income ratio declining to 39% (down 4pp¹):

GOP increasing to €1,783m (up 16%¹)

Cost of risk 53 bps (€114m in residual overlays, with €50m used in 9M)

Net profit €1,090m (up 13%¹), with higher tax rate

 ROTE 15.3%

 

Solid 3Q performance

Revenues €977m (up 15% YoY, down 3% QoQ):

Net profit €379m (up 30% YoY, down 2% QoQ)

CET1^[2] 15.0% down ~90 bps due to higher volumes,
deductions, OCI reserves (minus ~15 bps) plus 100% payout

CIB: high revenues (~€200m) despite seasonal factors

WM: NNM positive and franchise stable

CF: new loans €2.6bn, up 12% YoY, with the loan stock up 9% YoY

 

 

 CORPORATE & INVESTMENT BANKING: excellent performance

Revenues: €689m (up 14% YoY¹), with all sources reporting increases,

and strong growth in customer loans (up 16% YoY)

Solid 3Q performance, with revenues of €197m (up 17% YoY, down 27% QoQ),

with Advisory and Markets normalizing at high levels (seasonal factors), and a healthy contribution from ECM

Co-operation with MPS in Markets and Lending areas continuing

Cost/income ratio 46% (down 4pp YoY¹)

Asset quality confirmed as excellent, with the cost of risk at 5bps

Net profit €233m (up 27% YoY¹)

 

WEALTH MANAGEMENT: stabilization phase

TFAs stable at €117bn (up 1% YoY, stable QoQ), with NNM inflows reported in 3Q (€0.7bn), driven by asset management

Distribution network stable in 3Q

Revenues resilient: €680m (stable YoY¹), with management fees robust (up 9% YoY¹)

Cost discipline: €450m (down 2% YoY¹, excluding retention costs)

Cost/income ratio: 66% (down 1pp YoY¹)

Net profit €129m (down 22% YoY¹), with a higher tax rate; non-recurring charges of €28m

 

CONSUMER FINANCE: solid and profitable growth in business

New loans at record high levels (€7.9bn in 9M), due to direct distribution and higher contribution from the MPS network

Higher revenues: €1,001m (up 4% YoY¹), on strong volumes, with yields gradually adapting to the increasing interest rate scenario

Costs down 1% YoY¹ to €270m, cost/income ratio 27% (down 1pp YoY¹)

Asset quality stable with CoR gradually normalizing at 186 bps,

with €44m in overlays used in 9M (€79m left); coverage ratios stably high

Net profit €301m (down 4% YoY¹)

 

INSURANCE & PRINCIPAL INVESTING: high contribution

Revenues €513m (up 23% YoY¹), net profit €475m (up 18% YoY¹)

 

 

 

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

“We have closed the first nine months of the year with revenues of approx. €3bn and a net profit of over €1bn, highest levels ever.

Mediobanca has once again confirmed the strength of its brand and franchise, based on the standing of our clients and the professionalism of our staff.

The growth and contribution of all our divisions have been positive. Corporate and Investment Banking posted record revenues for the nine months; in Consumer Finance, business was again buoyant and profitable, with new loans of almost €8bn; while Wealth Management reflected stability in revenues, TFAs and distribution network, confirming the value of its business model.

In the coming months, still marked by high uncertainty due to the macroeconomic scenario, there will be no change in our discipline, search for excellence, closeness in relations with our customers and focus on business, which are the founding values of Mediobanca’s culture”.

^[1] YoY chg: 9M as at end-Sept. 2026 vs 9M as at end-Sept. 2025.

^[2] CET1 fully loaded: 14.7% including the effects of CRR III fully-loaded (excluding FRTB).