Banca Mediolanum Spa · MIL:BMED
Banca Mediolanum Spa — Q3 2025 Earnings Presentation
77 slides from Banca Mediolanum Spa's earnings presentation, Nov 6, 2025
Slide 1: 9M 2025 Results & Business Update
9M 2025 Results & Business Update
Slide 2: Table of content and colour key
Table of content and colour key 9M 2025 Group Results 3 9M 2025 Domestic Market Results 21 9M 2025 Spain Results 31 Business Update 33 Mediolanum Facts 44
Slide 3: 9M 2025 Group Results
3 9M 2025 Group Results
Slide 4: Economic & Financial Highlights
9M 2025 4 Economic & Financial Highlights Group Another strong year taking shape € mn 9M 2025 9M 2024 Change Net Commission Income 968.6 874.8 +11% Material fee growth driven by robust inflows into managed assets Net Interest Income 581.7 613.4 -5% NII closing the gap vs. 2024 due to funding costs d
Slide 5: Business Results Highlights
9M 2025 5 Business Results Highlights Group All key business metrics up sharply € bn 9M 2025 9M 2024 Change FY 2024 Change Higher total net inflows driven by customer base expansion & Total Net Inflows 8.16 7.16 +14% greater share of wallet from existing customers. Added boost from promotional initi
Slide 6: Growth & Resilience Drivers
9M 2025 6 Growth & Resilience Drivers Group Sustained customer growth driven by attractive business model Automatic investment services foster AUM resilience 30/09/2025 31/12/2024 Change Bank Customers 2,004,000 1,918,700 +4% Customer base continues to expand at a healthy pace, also thanks to promot
Slide 7: Capital Adequacy & Balance Sheet Highlights
9M 2025 7 Capital Adequacy & Balance Sheet Highlights Group Simple & solid balance sheet structure, strong capital generation 9M 2025 0 FY 2024 CET1 Ratio remained extremely robust after implementation of final terms CET1 Ratio 23.2% 23.7% of Basel III. Sale of Mediobanca stake now fully factored in
Slide 8: Income Statement
8 Income Statement 9M 2025 € mn Group 9M 2025 9M 2024 Change Entry fees 46.3 42.3 +9% Management fees 1,041.5 943.7 +10% Investment Management fees 198.8 186.1 +7% Net insurance result 164.4 149.5 +10% Banking service fees 182.1 141.0 +29% Other fees 40.9 37.7 +9% Gross Commission Income 1,674.0 1,5
Slide 9: Income Statement by Quarter
9 Income Statement by Quarter 9M 2025 € mn Group Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Entry fees 13.0 15.6 13.8 18.2 16.9 15.1 14.3 Management fees 303.3 316.9 323.5 340.2 343.6 337.4 360.5 Investment Management fees 60.1 62.4 63.6 66.8 66.9 63.8 68.1 Net insurance result 48.0 48.9 52.6 49.9 56
Slide 10: Net Interest Income
10 Net Interest Income 9M 2025 € mn Group YoY Trend QoQ Trend 811 220 215 752 198 195 198 180 187 582 407 313274 231 235253229 239248270 163141 178192 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Slide 11: Acquisition Costs in detail
11 Acquisition Costs in detail 9M 2025 € mn Group 9M 2025 9M 2024 Change Total commissions 458.7 402.2 +14% One-time commissions 62.3 51.7 +20% Ongoing commissions 396.4 350.4 +13% Total incentives & bonuses 92.1 73.2 +26% Incentives on individual net inflows 59.6 48.6 +23% Contest & bonuses 29.2 21
Slide 12: 2025 Net Inflows
12 2025 Net Inflows 9M 2025 € mn Group 9M 2025 9M 2024 GROUP TOTAL NET INFLOWS +8,155 +7,157 Managed Assets +6,582 +5,443 - o/w Mutual Funds, U/L & Managed Accounts +6,799 +5,111 Administered Assets +1,573 +1,714 Italy - Banca Mediolanum Total Net Inlows +6,632 +6,268 Managed Assets +5,231 +4,542 -
Slide 13: AUA/AUM Trend
13 AUA/AUM Trend 9M 2025 € mn Group 150.4 Administered Assets (9M 25: € 40.1 bn) 138.5 10y CAGR 9.4% Managed Assets (9M 25: € 110.3 bn) 118.1 108.4 103.7 93.3 84.7 75.774.1 68.8 62.1 56.5 50.2 44.7 39.539.8 34.8 27.729.830.125.6 23.6 20.419.922.0 17.9 13.0 9.5 4.7 5.3 5.5 6.1 7.2 0.1 0.6 0.9 1.3 1.6
Slide 14: Assets under Administration/Management
14 Assets under Administration/Management 9M 2025 € mn Group 30/09/2025 31/12/2024 Change 30/09/2024 Change Italy - Banca Mediolanum 135,223 125,092 +8% 120,466 +12% Mutual Funds & U-L Policies 93,054 85,243 +9% 81,644 +14% Other Life Insurance Reserves 2,077 2,010 +3% 2,058 +1% Banking 40,093 37,83
Slide 15: Mutual Funds & Unit-linked policies look-through
15 Mutual Funds & Unit-linked policies look-through 9M 2025 as at 30/09/2025 Group Fixed Income 44% Equity 55% Money market funds (incl. ‘Intelligent Investment Strategy’) 8% Cash & Other 1% Certificates not included. Cash: liquidity not invested. Other: may include hedging derivatives (shown as neg
Slide 16: Loans Granted
16 Loans Granted 9M 2025 € mn Group 9M 2025 9M 2024 Change Mortgages 1,521 1,028 +48% Personal Loans 765 543 +41% Salary-backed Loans (Prexta)1 503 464 +8% TOTAL 2,789 2,034 +37% 3rd-party Loans 15 15 +2% 1. Includes Prexta unsecured loans
Slide 17: Credit Book Trend
17 Credit Book Trend 9M 2025 € mn Group Salary-Backed Loans (Prexta) 18.4 17.0 17.6 Lines of Credit 16.4 Personal Loans 10y CAGR 12% 14.4 Mortgages 12.1 10.4 8.9 7.8 6.5 7.1 5.6 4.8 4.1 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M 2025
Slide 18: Credit Book & Quality
18 Credit Book & Quality 9M 2025 € mn Group 30/09/2025 31/12/2024 Change 30/09/2024 Change Mortgages 13,068 12,512 +4% 12,226 +7% Personal Loans 2,586 2,437 +6% 2,352 +10% Lines of Credit 547 557 -2% 545 +0% Salary-backed loans (Prexta)1 2,241 2,112 +6% 2,057 +9% TOTAL 18,441 17,618 +5% 17,180 +7% B
Slide 19: General Insurance Gross Premiums
19 General Insurance Gross Premiums 9M 2025 € mn Group 9M 2025 9M 2024 Change Stand-alone policies 140.0 119.6 +17% New business 24.2 23.0 +5% In-force business 115.9 96.6 +20% Loan protection policies 34.5 23.1 +50% Group health policies 0.2 0.2 -1% GROSS PREMIUMS 174.7 142.9 +22%
Slide 20: Balance Sheet Structure – Banking Group
20 Balance Sheet Structure – Banking Group 9M 2025 Group as at 30/09/2025 Straight-forward & solid balance sheet structure € mn 40,267 40,267 Cash 288 • Current account mandatory for all • High quality book: CoR at 15 bps Loans to customers • Mainly retail & collateralised customers • Stable source
Slide 21: 9M 2025 Domestic Market Results
21 9M 2025 Domestic Market Results
Slide 22: Mutual Funds - AUM Trend
22 Mutual Funds - AUM Trend 9M 2025 € bn – including U-L assets Italy 93.1 85.2 69.7 71.2 63.1 59.1 55.3 50.0 47.6 44.2 39.8 35.3 29.2 23.7 19.620.0 15.8 14.115.515.2 11.7 9.6 8.4 10.011.0 7.4 8.7 3.7 4.0 3.8 3.8 4.3 5.0 1.9 2.2 0.1 0.6 0.9 1.1 1.3 1.5
Slide 23: Mutual Funds - Assets under Management
23 Mutual Funds - Assets under Management 9M 2025 € mn Italy 30/09/2025 31/12/2024 Change 30/09/2024 Change 'Best Brands' funds on funds (IRL) 30,591 30,086 +2% 29,685 +3% 'Challenge' mutual funds (IRL) 31,517 28,231 +12% 26,443 +19% Funds of Hedge Funds (IRL) 29 36 -20% 35 -18% 'Fondi Italia' mutua
Slide 24: Mutual Funds - Assets by A.M. Company
24 Mutual Funds - Assets by A.M. Company 9M 2025 as at 30/09/2025 - including U-L assets Italy Mediolanum Gestione Fondi (Italy) 10.8% other A.M. companies 15.7% Mediolanum International Funds (Ireland) 73.5%
Slide 25: Banking - Assets under Administration
25 Banking - Assets under Administration 9M 2025 € mn Italy 30/09/2025 31/12/2024 Change 30/09/2024 Change Cash deposits 25,851 25,211 +3% 24,147 +7% Repurchase agreements 5 4 +13% 2 +108% 3rd-party structured bonds 3,693 3,520 +5% 3,586 +3% Other securities 10,545 9,104 +16% 9,028 +17% BANKING ADMI
Slide 26: Banking - Interest Spread
9M 2025 26 Banking - Interest Spread Italy Total Book Customer Book 4.50% 4.00% 4.00% 3.50% 3.89% 3.41% 3.20% 3.50% 3.56% 3.00% 2.99% 3.34% 2.95% 3.20% 3.00% 2.90% 2.50% 2.71% 2.25% 2.50% 2.44% 2.47% 2.00% 1.95% 1.93% 2.00% 1.76% 1.50% 1.45% 1.44% 1.50% 1.00% 1.06% 1.00% 1.11% 0.99% 0.87% 0.70% 0.50
Slide 27: Bank Balance Sheet Highlights
27 Bank Balance Sheet Highlights 9M 2025 Italy € mn – as at 30/09/2025 Liabilities Assets Customers 25,919 16,778 Treasury 4,759 15,876 Interbank / intra-group deposits & repos 875 623 ECB refinancing 0 497 MTS refinancing 3,584 0 Securities (bonds) 300 14,756 Other liabilities / assets 5,965 3,990
Slide 28: Family Banker Network - Italy
28 Family Banker Network - Italy 9M 2025 Change in headcount & Split by Average Portfolio Year 2025 Italy 4,801 5,046 > € 30 mn -62 335 529 34% -28 379 36% 55% 55% € 20-30 mn 22% 21% € 10-20 mn 4,422 4,517 26% 24% 26% Turnover rate € 5-10 mn (last 12m) 2.9% 9% 9% 9% 10% 9% < € 5 mn Avg. 01/01 Resign
Slide 29: 'Private Bankers' & 'Wealth Advisors' - Italy
29 ‘Private Bankers’ & ‘Wealth Advisors’* - Italy 9M 2025 as at 30/09/2025 Italy Private Bankers Wealth Advisors 957 ( > € 30 mn AUM) ( > € 70 mn AUM) Average assets in portfolio 51.3 123.5 886 827 171 o/w Managed Assets 39.8 97.3 768 791 160 127 125 125 565 584 35 45 544 75 786 700 726 643 666 529
Slide 30: Top-Tier Bankers: Productivity continues to rise
30 Top-Tier Bankers: Productivity continues to rise 9M 2025 Italian Network Average Total Portfolio - € mn per advisor Italy 70 Wealth Advisors & 64.2 Private Bankers 61.3 60 53.7 50.4 48.2 47.7 50 40 Italian FAs Market 33.2 34.0* Average - Assoreti 27.9 29.5 30 25.1 26.2 29.5 Total Family 28.0 Bank
Slide 31: 9M 2025 Spain Results
31 9M 2025 Spain Results
Slide 32: Spain Highlights
32 Spain Highlights 9M 2025 Spain € mn 9M 2025 9M 2024 Change vs. FY Operating Margin 44.5 65.3 -32% Net Income 38.9 54.4 -28% -0.4 Total Assets 14,814 12,155 +22% +14% Managed Assets 11,159 8,863 +26% +15% Administered Assets 3,656 3,292 +11% +9% Total Net Inflows 1,539 918 +68% Net Inflows into Ma
Slide 33: Business Update
33 Business Update
Slide 34: Italian FA Networks - Ranking by Net Inflows
34 Italian FA Networks - Ranking by Net Inflows Business Update € mn – totals by Group January -September 2025 Managed Assets & Managed Assets Admin. Assets w/ Total Net Inflows Advisory fee Banca Mediolanum 5,491 5,506 6,555 Gruppo Fideuram/Intesa 4,988 6,042 7,039 Allianz Bank 3,828 3,842 4,951 Fi
Slide 35: Italian FA Networks - Market Share
35 Italian FA Networks - Market Share Business Update Jan-Sept 2025 BMED Other FA networks Net Inflows into Net Inflows into Total Net Inflows Managed Assets Mutual Funds* 18% 23% 28% Personal Loans General Insurance Mortgages Granted Gross Premiums Granted 72% 62% 98% * including Unit-Linked polici
Slide 36: October 2025 Business Results
36 October 2025 Business Results Business Update € mn Oct 2025 YTD 2025 YTD 2024 GROUP TOTAL NET INFLOWS 1,086 9,241 8,524 Managed Assets 734 7,317 6,145 - o/w Mutual Funds, U-L & Managed Accounts 697 7,496 5,794 Administered Assets 351 1,924 2,379 GROUP LOANS GRANTED 392 3,182 2,392 GENERAL INSURAN
Slide 37: Time deposits Promo Offers
37 Time deposits Promo Offers Business Update 2023-2025 • Promotions on time deposits have been extremely effective in acquiring new liquidity from both new and existing customers • Proven track-record of transforming deposits into managed assets thanks to the advice of Family Bankers in implementin
Slide 38: Creating the NEXT Generation of the Network
Business 38 Creating the NEXT Generation of the Network Update Pairing high potential new graduates to work as junior assistants (‘Banker Consultant’) with senior Private Bankers & Wealth Advisors ● ‘Banker Consultants’ initially receive dedicated training programme (Executive Master’s) provided by
Slide 39: Automatic Investment Services
Business 39 Automatic Investment Services Update Investment services featuring automatic gradual switch into equity funds allowing customers to take advantage of dollar-cost averaging ● Big Chance (2001) • Capital is initially invested in money market fund • A portion of the assets is switched twice
Slide 40: The 'Double Chance' Service
40 The ‘Double Chance’ Service Business Update Launched June 2008 ● A long-term investment strategy/service that allows the retail investor to gradually enter the global financial markets via Mediolanum investment products, while mitigating the effects of volatility & taking advantage of Double Chan
Slide 41: The 'Intelligent Investment Strategy' Service (IIS)
41 The ‘Intelligent Investment Strategy’ Service (IIS) Business Update Launched June 2016 ● A long-term investment strategy/service (10+ yrs, € 30k+) that allows our customers to gradually enter the equity markets in order to take advantage of the overall growth of the world economy ● Designed to re
Slide 42: The 'IIS' service at work
42 The ‘IIS’ service at work Business Update Launched June 2016 ‘Market crises are buying opportunities’: not just a slogan Step ins & step outs reduce avg unit price on investments, allowing customers to benefit from market volatility. € 4 bn of money market managed assets are bound to be transferr
Slide 43: Group Customer Base
43 Group Customer Base Business Update as at 30/09/2025 Total Customers 2,004k (‘000) End Goal: to be the Customer's Primary Bank Banca 1,727 Mediolanum (ITA) 1,417k hold a bank account • 69% use BMED as Primary Bank (internal data analytics) • 39% use BMED as the Only Bank (2024 survey) Banco 277 M
Slide 44: Mediolanum Facts
44 Mediolanum Facts
Slide 45: Banca Mediolanum at a Glance
45 Banca Mediolanum at a Glance Mediolanum Data as at 30.09.25 Facts ● Italian Asset Gatherer addressing Italian & Spanish retail markets ● Vertically integrated to fully control the value chain (manufacturer & distributor) ● Offering the entire range of financial services to customers (banking, inv
Slide 46: BMED Shareholders & Group Structure
46 BMED Shareholders & Group Structure Mediolanum Facts as at 30/09/2025 BANKING Banco Mediolanum 100% Mediolanum Fiduciaria ASSET Mediolanum Mediolanum Mediolanum MANAGEMENT Gestione Fondi International Gestion S.A. 100% Funds Doris 100% Banca 95% Banca Mediolanum 100% Banco (direct & indirect Medi
Slide 47: Banca Mediolanum's Integrated Business Model
Mediolanum 47 Banca Mediolanum’s Integrated Business Model Facts ● We and our Family Bankers view the company as a single entity, providing solutions that best fit the needs of the customer, whether it be in Insurance the form of a mutual fund, an insurance policy or a bank product ● The Bank (est.
Slide 48: Banca Mediolanum's Multi-channel Model
Mediolanum 48 Banca Mediolanum’s Multi-channel Model Facts Mobile apps (all platforms) Automated Telephone Website Services (VRU / SMS) TRA TION NS MA A R A U E D D Customer FO L ED C Almost 20,000 A Banking Center IN TI 3rd-party branches/ V ON smart ATMs (Poste, Intesa, Unicredit, LOGISTICS 600 Re
Slide 49: Customers: freedom in banking
49 Combining the advantages of traditional and direct banks Mediolanum Facts Family Bankers: the human touch Self-employed tied agents with entrepreneurial approach Willing to provide advice anytime, anywhere Extensively trained to tackle every household financial need Equally competent across all p
Slide 50: Italian Household Financial Assets
Mediolanum 50 Italian Household Financial Assets Facts Over the last few years asset gatherers have increased market share to the detriment of traditional banks 0.00 Total HH Assets as at Dec. ‘24: € 5.98 trillion 38.00 9.00 73% 60% Asset gatherers growing mainly thanks 8.00 28.00 to: ● Demand for s
Slide 51: Net Income Trend
51 Net Income Trend Mediolanum Facts € mn 1,120 822 713 726 565 507 439 434 394 380 351 337 321 256 233 224 217 224 212 115 103 129 141 131 75 88 82 54 60 67 38 49 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 9M 25 2008 & 2010: adjusted net income excl
Slide 52: Dividend Payout
52 Dividend Payout Mediolanum Facts € mn 1120 ### Net Income Retained Earnings 822 382 Base Dividends 713 Special Dividends 303 184 565 522 286 439 394 380 162 434 351 337 321 88 153 256 95 111 553 233 224 212 217 224 217 100 86 115 103 82 129 141 88 131 219 153 122 519 308 323 339 369 54 60 75 88 3
Slide 53: Net Inflows Trend
53 Net Inflows Trend Mediolanum Facts € bn 10.44 9.18 8.30 8.16 7.72 7.64 7.13 6.66 6.58 6.04 5.95 5.26 5.385.38 4.61 4.22 4.05 4.12 4.06 4.11 4.01 3.75 3.54 3.22 3.04 2.95 2.43 2.43 1.67 0.85 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 Total Net Inflows Net Inflows in
Slide 54: BMED: 25 Years of Consistent Net Inflows
54 BMED: 25 Years of Consistent Net Inflows Mediolanum Facts Anti-cyclical flows mean better performance for customers thanks to dollar-cost-averaging Twin Towers 10y BTP Yield Subprime Sovereign Decreasing ITA Banks Populism Covid-19 High Inflation Attack stable above 4% Mortgages Debt Yields Crisi
Slide 55: Family Banker Network
55 Family Banker Network Mediolanum Facts Group Licensed Financial Advisors Italy Spain 6,682 6,415 Banker Consultants (ITA only) 6,054 6,216 529 5,6335,525 5,762 5,352 5,417 5,211 5,012 5,0595,0985,1425,1615,1545,1845,155 1,636 4,866 4,4274,5014,3974,535 4,114 3,842 3,018 2,513 2,200 2,046 1,9151,8
Slide 56: Italy - Average Assets per Family Banker
56 Italy - Average Assets per Family Banker Mediolanum Facts € mn 2% 4% > € 30 mn 36% 23% 34% € 20-30 mn 28.0 28.6 21% 22% 31% € 10-20 mn 24.2 22.9 20.4 21.3 18.7 16.3 16.2 24% 14.8 26% € 5-10 mn 12.2 13.3 9.9 10.9 40% 8.5 9% 9% 10% 9% < € 5 mn 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 57: Total Customers
57 Total Customers Mediolanum Facts (‘000) Italy Spain 2,004 1,919 1,799 1,686 1,587 1,486 1,3761,413 1,2901,333 1,231 1,1371,1631,1761,1511,1241,1191,1271,178 1,068 972 985 989 1,010 854 746 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 9M 25
Slide 58: Italy - Average Assets per Customer
58 Italy - Average Assets per Customer Mediolanum Facts € thousands Primary Bank Account Holders 91.8 94.7 90.0 80.8 84.1 80.6 84.4 72.7 74.8 77.8 79.2 73.4 66.4 70.1 58.3 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M 25
Slide 59: Spain - Net Income
59 Spain - Net Income Mediolanum Facts € mn 81.1 Impairment of CGU ‘Spain’ 61.9 45.1 38.9 34.2 35.6 31.5 27.4 26.3 28.8 21.0 20.0 17.6 15.0 6.8 7.1 3.4 3.9 1.3 1.5 -0.1 0.6 -1.1 0.0 -6.3 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 9M 25
Slide 60: Spain - Assets under Administration
60 Spain - Assets under Administration Mediolanum Facts € bn 14.81 Administered Assets (9M 25: € 3.7 bn) 13.03 Managed Assets (9M 25: € 11.2 bn) 3.65 10.54 3.36 10y CAGR 16% 8.94 8.87 3.26 7.19 2.41 2.78 5.92 2.05 4.66 4.84 1.65 11.16 9.66 3.88 3.55 1.33 1.42 2.98 7.28 2.49 2.35 2.38 1.23 6.52 6.09
Slide 61: Spain - Net Inflows Trend
61 Spain - Net Inflows Trend Mediolanum Facts € mn Total Net Inflows 1,503 1,539 1,259 1,107 1,018 865 599 619 559 607 451 522 327 94 95 114 7 35 6 35 -223 -291 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 9M 25 1,451 1,367 Managed Asset Inflows 935 688 690 613 529 422 440 418 364
Slide 62: Spain - Credit Book
62 Spain - Credit Book Mediolanum Facts € mn 1,664 Lines of Credit 1,494 1,349 Personal Loans 10y CAGR 24% 1,170 Mortgages 1,026 745 562 451 333 228 157 163 169 187 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M 2025
Slide 63: Spain – Family Banker Network
Mediolanum 63 Spain – Family Banker Network Facts 1,620 1,640 1,614 1,636 1,504 1,318 996 1,029 900 835 712 755 593 652 524 505 551 453 419 448 407 439 375 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 9M 25
Slide 64: Banking Book Composition
64 Banking Book Composition Mediolanum Facts € bn – nominal value – as at 30/09/2025 Banking Book: € 15.4 bn (nom. values) Rate Type Sector % Fixed Government 97.7% Financial 2.3% Floating 73.0% 27.0% Govies % Italy 71.0% Spain 14.1% Other EU Countries 14.9% Portfolio Portfolio 3.6 HTC 2.4 99.9% 0.1
Slide 65: Mediolanum Investment Advisory Strategy
Mediolanum 65 Investment Advisory Strategy Facts Our investment strategy explains the consistency of our inflows & transfers ‘technical performance’ into ‘customer performance’ ● We advise our customers proposing products & services that correspond to each of their specific needs ● Investor needs re
Slide 66: Contractual Service Margin
Mediolanum 66 Contractual Service Margin Facts CSM is the new key metric showing size and stability of revenues ready to be recognised in future years Greater visibility on future earnings from insurance business Update on Effects of new reserves, fair Revenues in the production on value, free-risk
Slide 67: Mediolanum Corporate University
67 Training & Communication Mediolanum Mediolanum Corporate University Facts ● Inaugurated March 2009 ● Centralises our training know-how, in coordination with top universities, professors and individuals who are experts in the field ● Provides our Family Bankers & employees with a resource for life
Slide 68: Corporate TV Channel
68 Training & Communication Mediolanum Corporate TV Channel Facts A proprietary state-of-the-art tool established in 1989 Online programs to train, motivate & communicate with our Family Bankers ● Financial news commented by top company executives ● Company news & product information ● Online traini
Slide 69: Mediolanum Marketing Events
Mediolanum 69 Marketing Events Facts ● 9 nation-wide in-person events, with over 60,000 between attendees & digital viewers in 2024 ● Over 2,000 digital/in-person events organised by Family Bankers: over 145,000 attendees Results are measurable: ● Net inflows into managed assets of invited customers
Slide 70: Top Performer in Customer Experience
70 Top Performer in Customer Experience Mediolanum Facts BVA Doxa Survey – Customer Satisfaction 2024 Solid customer relationship is built on best-in-class service delivery both human & digital Overall Perceived Digital Financial Advisor Satisfaction Value Platform Interaction Customer Comprehensive
Slide 71: The 3rd best known bank brand in Italy
71 The 3rd best known bank brand in Italy Mediolanum Facts Spontaneous brand awareness – Italian banks – September 2025 66% 26% 58% 22% 50% 20% 31% 15% 30% 14% source: GfK – an NIQ company
Slide 72: The most memorable adv in the banking industry
72 The most memorable adv in the banking industry Mediolanum Facts Spontaneous recall of advertisement – Italian banks – 9M 2025 37.9 27.0 21.1 16.6 8.8 7.8 6.7 5.9 5.0 4.0 3.4 2.4 2.0 1.9 source: GfK – an NIQ company
Slide 73: The development of the digital customer
73 The development of the digital customer: Business Update Launched January 2021 A totally digital Bank account addressing the needs of ‘digital young adults’ ● For those who require a full-service account, but aren’t in the market for advice like the typical BMED customer ● Not only an account but
Slide 74: Ranking of Italian Banking Groups by Market Cap
74 Ranking of Italian Banking Groups by Market Cap Mediolanum Facts € bn – as at 31/10/2025 Unicredit 99.7 Intesa-SanPaolo 97.1 MPS 23.0 BPER 20.3 Banco-BPM 19.1 Mediobanca 13.5 Banca Mediolanum 13.0 FinecoBank 12.1 Pop.di Sondrio 6.6 Banca Generali 5.7 CREDEM 4.7 Banca IFIS 1.4 Banca Desio 1.1 Banc
Slide 75: Price Return & Total Return Index
75 MED.MI / BMED.MI Mediolanum Price Return & Total Return Index* Facts 4000% Price Return 3500% Reinvested Total Return 3000% 2500% 2000% 1500% 1000% 500% 0% * Total Return Index includes dividend reinvestments, June 3, 1996 – October 31, 2025 Source: Datastream
Slide 76: Disclaimer
76 Disclaimer This document has been prepared by Banca Mediolanum S.p.A. for the sole purpose of providing information and presenting the Group’s strategies. The information, opinions, valuations and forecasts it contains have not been audited by any independent body; they may be altered at any time
Slide 77: Investor Relations Contacts
77 Investor Relations Contacts ● Alessandra Lanzone Banca Mediolanum +39-02-9049.2039 alessandra.lanzone@mediolanum.it S.p.A. Via Ennio Doris 20080 Basiglio MI – Italy ● Lisa Maxon +39-02-9049.2997 http://www.bancamediolanum.it lisa.maxon@mediolanum.it ● Luca Pugliese +39-02-9049.2721 luca.pugliese@