Banca Monte Dei Paschi Di Siena S.p.a. · MIL:BMPS
Banca Monte Dei Paschi Di Siena — Q3 2025 Earnings Presentation
40 slides from Banca Monte Dei Paschi Di Siena's earnings presentation, Nov 7, 2025
Slide 1: A New Competitive Force in Banking
A New Competitive Force in Banking 3Q-25 & 9M-25 Results Siena, 7th November 2025
Slide 2: Disclaimer
Disclaimer THIS DOCUMENT IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION. THIS DOCUMENT, WHICH WAS PREPARED BY BANCA MONTE DEI PASCHI DI SIENA S.P.A. (THE “COMPANY” OR “BMPS” AND TOGETHER WITH ITS CONSOLIDATED SUBSIDIARIES, THE “GROUP”), IS PRELIMINARY IN NATURE AND MAY BE SUBJECT TO UPDATING,
Slide 3: 3Q-25 & 9M-25 Executive Summary
3Q-25 & 9M-25 Executive Summary ▪ 9M-25 net profit at €1,366m, up +17.5% y/y excluding positive net tax in both periods, sustained by the solid growth of fees thanks to the commercial strength of our franchise, with €474m contribution in 3Q-25, up +16.5% y/y and -1.1% q/q, despite the typical third-
Slide 4: Successful acquisition of Mediobanca with ~86.3% acceptance rate
Successful acquisition of Mediobanca with ~86.3% acceptance rate ▪ MPS completed the public tender and exchange offer on September 22nd, with an 86.3% acceptance rate that underscores the strong rationale and the success of the deal, with strong support from the Italian and international investors b
Slide 5: 3Q-25 & 9M-25 Results
3Q-25 & 9M-25 Results Balance sheet figures do not include the contribution of Mediobanca, for comparison purposes Income statement data refer only to MPS, with the consolidation of economic figures of Mediobanca starting from 4Q25 results 5
Slide 6: Net Profit
Net Profit Quarterly Evolution (€m) Yearly Evolution (€m) +16.5% -12.7% -1.1% 1,566 1,366 432 479 474 407 +17.5% 1.288 1.096 460 431 390 3Q-24 2Q-25 3Q-25 9M-24 9M-25 Positive net tax • 9M-25 net profit at €1,366m, up +17.5% y/y excluding positive net tax in both periods, sustained by the solid grow
Slide 7: Net Operating Profit
Net Operating Profit Quarterly Evolution (€m) Yearly Evolution (€m) +2.4% +3.7% -7.3% 1.389 1.339 488 453 442 3Q-24 2Q-25 3Q-25 9M-24 9M-25 • 9M-25 net operating profit at €1,389m, up +3.7% y/y, with resilient revenues sustained by fee income, offsetting rate impact on net interest income, operating
Slide 8: Gross Operating Profit
Gross Operating Profit Quarterly Evolution Operating Income (€m) Gross Operating Profit (€m) -0.7% -4.5% -1.4% 1,047 -7.7% 1,007 1,000 3Q-24 2Q-25 3Q-25 539 576 532 Operating Costs (€m) +0.2% -0.6% 3Q-24 2Q-25 3Q-25 467 471 468 Cost/Income 46% 45% 47% 3Q-24 2Q-25 3Q-25 • 3Q-25 gross operating profit
Slide 9: Gross Operating Profit
Gross Operating Profit Yearly Evolution Operating Income (€m) Gross Operating Profit (€m) +0.5% 3.037 3.054 -0.2% 1.645 1.643 9M-24 9M-25 Operating Costs (€m) +1.4% 9M-24 9M-25 1.392 1.411 Cost/Income 46% 46% 9M-24 9M-25 • 9M-25 gross operating profit at €1,643m, almost stable y/y, with resilient re
Slide 10: Strong commercial performance in 9M-25
Strong commercial performance in 9M-25 Total Commercial Savings (1) (€bn) WM Gross Inflows (€bn) +6% +18% 174 12,8 10,9 164 Sep-24 Sep-25 Sep-24 Sep-25 New Retail Mortgages (€bn) New Consumer Finance (€m) 2.2x +17% 4,8 962 826 2,1 Sep-24 Sep-25 Sep-24 Sep-25 • 9M-25 commercial performance confirms t
Slide 11: Net Interest Income
Net Interest Income Quarterly Evolution (€m) Yearly Evolution (€m) -8.7% -7.4% -1.3% 1.768 1.638 596 543 551 544 3Q-24 1Q25 2Q-25 3Q-25 9M-24 9M-25 Lending rate 4.29% 3.75% 3.55% 3.37% 4.39% 3.55% Funding rate 1.14% 0.87% 0.71% 0.62% 1.18% 0.73% Spread 3.16% 2.89% 2.84% 2.76% 3.21% 2.83% -8bps -40bp
Slide 12: Net Customer Loans
Net Customer Loans Net Loans (1) (€bn) +5.2% +0.3% 62.0 63,6 65,1 65,3 30.7 29.6 30.4 29.6 30.2 32.4 6,4 33.4 6,2 34.4 6,4 34.9 6,4 Dec-24 Mar-25 Jun-25 Sep-25 Small business & medium enterprises Retail Large Corporate & Other • Net customer loans at €65.3bn, up +5.2% since Dec-24, driven by strong
Slide 13: Total Commercial Savings
Total Commercial Savings Total Commercial Savings(1) (€bn) +4.3% +1.9% 167.2 166.9 171.0 174.3 59,6 59,3 60,4 61,8 33,2 34,3 35,3 35,7 74,3 73,3 75,3 76,8 Dec-24 Mar-25 Jun-25 Sep-25 Deposits AuC AuM • Total commercial savings up by more than €7bn since December 2024 (+4.3%), with 3Q-25 solid contri
Slide 14: Italian Govies Portfolio
Italian Govies Portfolio Italian Govies Portfolio Breakdown(1) (€bn) 11.6 11.4 10.9 11.0 1,5 2,7 2,7 2,7 1,5 1,1 0,9 0,6 8,0 7,9 7,8 7,7 Dec-24 Mar-25 Jun-25 Sep-25 AC FVTOCI FVTPL FVTOCI Duration (years) ~2.1 ~1.6 ~2.8 ~2.9 FVTOCI Credit spread sensitivity (€m)(2) -0.4 -0.2 -0.3 -0.2 • Banking book
Slide 15: Net Fee and Commission Income
Net Fee and Commission Income Quarterly Evolution Commercial Banking Fees (€m) Total Fees (€m) +4.5% -5.5% +7.4% 184 203 192 -5.5% 405 382 3Q-24 2Q-25 3Q-25 356 Wealth Management and Advisory Fees (€m) +10.6% -5.5% 172 201 190 3Q-24 2Q-25 3Q-25 3Q-24 2Q-25 3Q-25 • 3Q-25 fees at €382m, growing +7.4%
Slide 16: Net Fee and Commission Income
Net Fee and Commission Income Yearly Evolution Commercial Banking Fees (€m) Total Fees (€m) +4.4% +8.5% 556 581 1.185 1.092 9M-24 9M-25 Wealth Management and Advisory Fees (€m) +12.8% 536 604 9M-24 9M-25 9M-24 9M-25 • 9M-25 total fees at €1,185m, up +8.5% y/y, thanks to a solid growth in wealth mana
Slide 17: Operating Costs
Operating Costs Quarterly Evolution HR Costs (€m) Operating Costs (€m) +3.4% +0.3% +0.2% -0.6% 310 319 320 467 471 468 3Q-24 2Q-25 3Q-25 Non-HR Costs (€m) -6.1% -2.4% 158 152 3Q-24 2Q-25 3Q-25 148 3Q-24 2Q-25 3Q-25 • 3Q-25 operating costs at €468m, -0.6% q/q and almost stable y/y thanks to strong di
Slide 18: Operating Costs
Operating Costs Yearly Evolution HR Costs (€m) Operating Costs (€m) +4.6% +1.4% 918 960 1.392 1.411 9M-24 9M-25 Non-HR Costs (€m) -5.0% 9M-24 9M-25 475 451 9M-24 9M-25 • 9M-25 operating costs at €1,411m, up +1.4% y/y with the impact of the renewal of the labour contract and variable remuneration poo
Slide 19: Gross NPE Stock
Gross NPE Stock Gross NPE Stock (€bn) Breakdown by Category (€bn) 3.7 3.6 3.5 3.1 Bad loans/ Total NPEs 2,3 2,3 2,2 2,0 36% 3,7 3,6 3,5 1,3 1,4 1,3 1,1 3,1 Dec-24 Mar-25 Jun-25 Sep-25 Bad loan UTP + Past due Breakdown by type of guarantee (€bn) Dec-24 Mar-25 Jun-25 Sep-25 3.7 3.6 3.5 RE + State 3.1
Slide 20: Coverage and Cost of Risk
Coverage and Cost of Risk NPE Coverage Breakdown Cost of Risk (bps) 66,5% 65,9% 66,1% 63,0% 38,8% 40,0% 39,5% 41,2% 26,3% 28,7% 28,7% 27,2% 9M-25 CoR 53 46 Bad loan Coverage UTP Coverage Past Due Coverage 42 39 42bps Dec-24 Mar-25 Jun-25 Sep-25 Total NPE Coverage 48,5% 49,5% 49,3% 48,7% FY-24 1Q-25
Slide 21: Funding & Liquidity
Funding & Liquidity Reduced Reliance on ECB funding (ECB Funding/Total Liabilities) LCR Evolution 166% 156% 169% 159% 7% 7% Dec-24 Mar-25 Jun-25 Sep-25 6% 6% NSFR Evolution 134% 132% 131% Dec-24 Mar-25 Jun-25 Sep-25 130% Dec-24 Mar-25 Jun-25 Sep-25 • Sound liquidity position with LCR at 159% and NSF
Slide 22: Capital
Capital CET1 Ratio Fully Loaded(1) CET1 Ratio Fully Loaded: Quarterly Dynamics(1) 18,2% 19,6% 19,6% 18,9% 16,9% 19,6% +1.0% -0,7% 16,9% 9,2% -0,9% -0,1% -2.0% Jun-25 3Q-25 3Q-25 9M-25 RWA Mediobanca Sep-25 Dec-24 Mar-25 Jun-25 Sep-25 SREP net profit dividend dividend and others impact (like-for-like
Slide 23: 3Q-25 Mediobanca Results
3Q-25(1) Mediobanca Results Key messages Note: (1) 1Q-26 on the basis of Mediobanca’s financial calendar 23
Slide 24: Key messages on 3Q-25 Mediobanca results
Key messages on 3Q-25(1) Mediobanca results ▪ Positive commercial flows confirmed in 3Q-25: ▪ Wealth Management: €2.5bn Net New Money ▪ CIB: sound M&A business ▪ Consumer Finance: €2.3bn new loans ▪ Stable revenues supported by diversification ▪ C/I ratio <44% ▪ Healthy asset quality, with CoR flat
Slide 25: The combined MPS - Mediobanca
The combined MPS - Mediobanca 25
Slide 26: A new competitive force in the banking landscape
A new competitive force in the banking landscape Consolidated position as a leading Italian player… … and reached scale at European level Ranking by market cap (6) (€bn, Eurozone banks) Santander 133 #3 player BBVA >8% 103 UniCredit 99 Intesa Sanpaolo 97 in the Italian banking market (1) Loans marke
Slide 27: Strong industrial rationale: complementarity of the two platforms
Strong industrial rationale: a profitable and sustainable business model based on the complementarity of the two platforms ASSET RETAIL & CORPORATE & CONSUMER GATHERING & HNWI PRIVATE COMMERCIAL INVESTMENT INSURANCE & ASSET MANAGEMENT FINANCE WEALTH BANKING BANKING BANKING MANAGEMENT Premium Distrib
Slide 28: Resilient and diversified business model powered by capital-light contributions
Resilient and diversified business model powered by capital-light contributions Pro forma business mix by revenues Insurance ~7% Corporate & Investment Banking Retail & Commercial ~15% Banking ~31% ~€8bn Asset Gathering & Wealth Management and Private Consumer Finance Banking ~17% ~29% Notes: Based
Slide 29: Combination Program at full speed
Combination Program at full speed, with the two entities already cooperating seamlessly Kick-started the Defined a clear timeline to Preliminary evidences confirm full Combination Team achieve the Target Business Model outside-in synergies • Launched the Combination Program • Defined a Combination P
Slide 30: MPS – Mediobanca, an accretive combination from all perspectives
MPS – Mediobanca, an accretive combination from all perspectives Key Financial Metrics Transaction Key Takeaways (1) ~14% RoTE (%) ▪ Significant industrial synergies at €0.7bn pre-tax p.a. Financial benefits ▪ Attractive pro-forma RoTE at ~14% ▪ Accelerated DTAs absorption at €0.5bn p.a. ▪ Superior
Slide 31: Process update and indicative timeline
Process update and indicative timeline January 24th Deal announcement and MPS Notice pursuant to Art. 102 ✓ April 17th EGM approval of the capital increase to support Mediobanca acquisition (86% favorable vote) ✓ End of June – July 2nd Release of Supervisory authorities’ prior authorizations and app
Slide 32: Final remarks
MONTE | DEI PASCHI DI STENA BANCA DAL 1472 MONTE DEI PASCHI DI SIENA BANCA DAL 1472 Final remarks
Slide 33: Conclusions
Conclusions ▪ Another solid quarter, leading to 9M net profit of €1.4bn ▪ Solid operating performance, with 9M Net Operating Profit up +3.7% y/y ▪ Strong commercial performance by all metrics ▪ CET1 ratio at 16.9% following first consolidation of Mediobanca ▪ BMPS standalone PBT expected to be highe
Slide 34: Appendix – Supporting Materials of 3Q-25 Results
Appendix – Supporting Materials of 3Q-25 Results 34
Slide 35: Focus on DTAs
Focus on DTAs On and Off Balance Sheet DTAs (€bn) Dec-24 Mar-25 Jun-25 Sep-25 Convertible DTAs 0.4 0.4 0.4 0.5 ▪ Stock of DTAs not recorded in Balance Sheet DTAs on Tax loss carryforwards 1.5 1.6 1.7 1.8 at €1.1bn, entirely composed by DTAs on tax loss carryforwards Other non-convertible DTAs 0.6 0.
Slide 36: Extraordinary Litigations and Extrajudicial Claims
Extraordinary Litigations and Extrajudicial Claims Gross Petitum(1) (€bn) ▪ Extraordinary litigations and extrajudicial Dec-24 Mar-25 Jun-25 Sep-25 claims at €1.2bn ▪ A positive trend of civil sentences on Alken civil litigation (2nd disclosure of financial information 2008- 0,45 0,45 0,45 0,45 degr
Slide 37: Reclassified Income Statement – Monte dei Paschi di Siena
Reclassified Income Statement – Monte dei Paschi di Siena 3Q-25/ 2Q- 3Q-25/ 3Q- 9M-25/ (€m) 3Q-25 2Q-25 3Q-24 9M-25 9M-24 25 (%) 24 (%) 9M-24 (%) Net Interest Income 544 551 596 1,638 1,768 -1.3% -8.7% -7.4% Net fees and commission income 382 405 356 1,185 1,092 -5.5% +7.4% +8.5% Core Revenues 926 9
Slide 38: Proforma Reclassified Income Statement – MPS + Mediobanca
Proforma Reclassified Income Statement – MPS + Mediobanca (€m) Sep-25 Total Revenues 5,732 Personnel expenses -1,596 Other administrative expenses -805 Depreciations/amortisations and net impairment losses on PPE -206 Operating Costs -2,607 Gross operating profit 3,126 Net impairment losses for cred
Slide 39: Balance Sheet
Balance Sheet Total Assets (1) (€m) MPS+MB Dec-24 Mar-25 Jun-25 Sep-25 QoQ% YtD% Sep-25 Loans to Central banks 565 660 644 671 4.2% 18.7% 1,114 Loans to banks 2,068 1,921 1,716 2,089 21.7% 1.0% 6,746 Loans to customers 77,310 78,631 80,530 80,705 0.2% 4.4% 140,679 Securities assets 17,447 19,024 18,
Slide 40: Lending & Direct Funding
Lending & Direct Funding Total Lending (€m) MPS+MB Dec-24 Mar-25 Jun-25 Sep-25 QoQ% YtD% Sep-25 Current accounts 2,659 2,832 2,870 2,968 3.4% 11.6% 5,958 Medium-long term loans 50,705 52,041 53,173 53,657 0.9% 5.8% 82,753 Other forms of lending 15,023 14,890 15,483 15,004 -3.1% -0.1% 36,423 Reverse
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