UPDATE TO 2028 OF THE “ONE BRAND - ONE CULTURE” PLAN APPROVED

UPDATE TO 2028 OF THE “ONE BRAND - ONE CULTURE”
PLAN APPROVED

GROUP STRATEGIC GUIDELINES CONFIRMED
With a holistic and synergistic Private & Investment Banking model,
anchored in responsible banking values, Mediobanca aims to be
the reference bank for corporates and entrepreneurs,
a partner for its employees and clients,
and a valuable investment for its shareholders

FURTHER ROBUST GROWTH EXPECTED IN REVENUE,
PROFITABILITY AND REMUNERATION

GROWTH
Revenue above €4.4 bn (+20% in three years¹, CAGR +6%²)
Net profit of €1.9 bn (+45%¹ over the three-year period), EPS at €2.4 (CAGR +14%²)
Ordinary net profit of €1.7 bn (+30%¹ over the three years period), EPS at €2.1 (CAGR +9%²)

PROFITABILITY AND SOLIDITY
ROTE³ at 20%, ordinary at 17% (+3 pp¹ from 14%)
CET1 of 14%, T1 of 15.5%

SHAREHOLDER REMUNERATION
€4.9 bn over 3 years,⁴ of which €4.5 bn cash
Payout: 100% of ordinary profit, entirely in cash
DPS over the three years: €1.12⁵ in FY25, +50% in FY26, doubling to €2.1 in FY28
Cumulative yield above 30%

THE GROUP’S POSITIVE INDUSTRIAL AND FINANCIAL TRAJECTORY WILL BE
FURTHER STRENGTHENED BY THE PUBLIC EXCHANGE OFFER FOR BANCA
GENERALI
THE COMPARISON WITH THE MPS PUBLIC EXCHANGE OFFER SHOWS A
LACK OF INDUSTRIAL AND FINANCIAL RATIONALE AND HIGH EXECUTION
RISKS

^{1 June 28 v June 25
2 Compound annual growth rate for the period June 25 - June 28
3 AT1 planned to be issued in the three years, excluded
4 Including the third tranche (around €0.4 bn) of the share buyback planned for FY25/26 under the 23/26 Plan, totalling €1 bn (€0.2 bn executed in FY23/24, €0.4 bn in FY24/25), to be determined in July 2025 and subject to approval by the Shareholders’ Meeting and the ECB. 
5 Interim dividend paid in May 2025 (€0.56) annualised.}