Mediobanca BoD - Financial statements for six months ended 31/12/23 approved

EFFECTIVE START TO 2023-26 STRATEGIC PLAN
“ONE BRAND - ONE CULTURE”

FOCUS ON CAPITAL-LIGHT GROWTH
Wealth Management TFAs up €5.5bn to €94bn
RWAs down 5%¹due to optimization in Investment Banking
Revenues over €1.7bn (up 4% YoY²), net profit €611m (up 10% YoY)
Net interest income ~€1bn (up 18% YoY), fee income (€422m) accelerating in 2Q
(up 35% QoQ² to €242m), solid contribution from Insurance activities (~€220m)
Robust capital generation CET1³ 15.3%
despite -125 bps impact of share buyback, acquisitions and AIRB models

VALUE CREATION
EPS 6M €0.72 (up 10% YoY), TBVPS €11.1 (up 12% YoY)
Profitability increasing further: ROTE 13.3%, RoRWA 2.5%

HIGH, VISIBLE PROFIT DISTRIBUTION FOR SHAREHOLDERS
First interim dividend payment due in May 2024
Cash payout 70%, €200m share buyback being executed

M&A AS GROWTH DRIVER
CIB: acquisition of Arma Partners (advisory in digital/tech space)
CF: acquisition of HeidiPay (Swiss BNPL specialist)
HF: sale of Revalea (Italian NPLs acquisition)
MB SpeedUp launched, to create and invest in startups in the digital sector

WM – Priority objective for the Group, distinctive positioning in Private Investment Banking (PIB)

MB Premier: rebranding launched on 15 January 2024, with excellent feedback
from clients and potential future collaborators
Growth driven by distinctive Private & Investment Bank positioning
15 deals executed in 1H with €0.5bn in NNM
NNM confirmed at double system average⁴ (Assoreti)
Double-digit growth in TFAs (up 12% to €94bn), NNM (€4bn in 6M),
revenues (~€460m, up 12% YoY) and net profit (€100m, up 22% YoY)
Offering strengthened through enhancement of Group synergies

CIB – Focus on K-light growth
RWA density⁵  down 15 pp (from 61% to 46%) due to increasingly selective
approach to new loans and risk mitigation measures being implemented
Rich IB deal pipeline ahead, solid performance in Mid Corporate segment, effective partnership with Private Banking
Partnership with Arma Partners now completed and effective
First consolidation in 2Q, represents 40% of growth in CIB revenues in 2023-26 Strategic Plan
New initiatives launched (35% of growth in CIB revenues in 2023-26 Strategic Plan):
Energy Transition, International Mid Cap, BTP Specialist

CF – Growth through multichannel leadership and independent distribution
Focus on proprietary and digital channels
New loans solid (€3.9bn in 1H, >€2bn of which in 2Q) despite asset repricing and more prudent lending criteria
Increase in new client acquisition rate driven by BNPL, following the contribution of HeidiPay and Nexi agreement
Profitability and asset quality resilient
Net profit in 6M €194m
Net NPLs/loans 1.5%, COR in 6M 166 bps, €187m overlays intact

HF - Effecting funding action
€2.8bn in bonds issued, €2.2bn of T-LTRO repaid 6 months ahead of schedule
Avg. cost of funding below expectations (most recent issues 145 bps, vs 185 bps 2024 bdg)

^{1 HoH: end-December 2023 vs end-June 2023
2 YoY: 6M to end-December 2023 vs 6M to end-December 2022; QoQ chg.: 3M to end-December 2023 vs 3M end-September 2023.
3 CET1 (phase-in and fully-loaded) pro forma, considering the Danish Compromise as permanent (benefit of ~100 bps) net of the dividend payout of 70%.
4 NNM/(AUM+AUA); vs Assoreti average.
5 CIB density calculated as:  CIB RWAs/ CIB assets}