Banca Monte Dei Paschi Di Siena S.p.a. · MIL:BMPS
Banca Monte Dei Paschi Di Siena — Investor Presentation (February 2026)
77 slides from Banca Monte Dei Paschi Di Siena's investor presentation, Feb 27, 2026
Slide 1: From Deep Roots to New Frontiers
FROM DEEP ROOTS TO NEW FRONTIERS A Leading Competitive Force in Banking 27 February 2026
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION. THIS PRESENTATION, 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 UP
Slide 3: Disclaimer (cont'd)
Disclaimer (cont’d) IMPORTANT INFORMATION The Merger referred to in this presentation relates to BMPS and Mediobanca. This presentation does not constitute an offer to buy or sell the shares of the Companies. The shareholders’ meetings of the Companies will be called to approve the Merger on the bas
Slide 4: Agenda
AGENDA 01 Introduction 02 The Combined Group 03 Business Areas Strategic Highlights 04 Financial Targets 05 Closing Remarks 3
Slide 5: Today's Presenters
Today’s Presenters Luigi Lovaglio Andrea Maffezzoni Group Chief Executive Officer Group Chief Financial Officer 4
Slide 6: Successful Acquisition of Mediobanca with 86.3% Ownership
Successful Acquisition of Mediobanca with 86.3% Ownership, on Track to Full Integration SUCCESSFUL ACQUISITION OF MEDIOBANCA FULL INTEGRATION OF THE TWO ENTITIES Completed the public tender and exchange Started activities for full integration by offer on September 22nd, 2025 MPS and Mediobanca B
Slide 7: MPS – Mediobanca: a Leading Competitive Force in Banking
MPS – Mediobanca: a Leading Competitive Force in Banking “#3 domestic banking player with distinctive and complementary capabilities and a strong innovation engine driving profitable growth” #3 player ~8% €8bn in the Italian banking market1 Loan market share Revenues 2025 ~22k >7m ~€300bn Total Empl
Slide 8: Business Plan 2026-2030: a Superior Set of Financial Targets
Business Plan 2026-2030: a Superior Set of Financial Targets Revenues (€bn) Cost / Income (%) Net Profit Adjusted (€bn)2 2030 €9.5bn 2030 38% 2030 €3.7bn CAGR Delta CAGR 2025A 2028E 2030E 2025A 2028E 2030E 2025A 2028E 2030E 25A-30E 25A-30E 25A-30E €7.6bn €9.0bn €9.5bn +5% 46% 39% 38% (8)p.p. €2.4bn
Slide 9: Management Team Outperforming Targets and Delivering Value Creation
A Management Team Consistently Outperforming Targets and Delivering Outstanding Shareholders Value Creation In 2025 MPS standalone had already overcome the 2026 … generating ~€10bn of value for its shareholders since 2022 targets of the 2024-2028 Strategic Plan… capital increase Actual Results Selec
Slide 10: Agenda
AGENDA 01 Introduction 02 The Combined Group 03 Business Areas Strategic Highlights 04 Financial Targets 05 Closing Remarks 9
Slide 11: Our Unique Success Factors for Profitable Growth
Our Unique Success Factors for Profitable Growth and Superior Value Creation Highly Visible, Trusted Deeply Rooted and Targeted IT Relevant Scale and Best- Iconic Brands Entrenched Commercial Investments Enabling in-Class Capital Position to Franchise Driving the Full Deployment of Strategically Pur
Slide 12: Platforms' Complementarity and Iconic Brands Delivering a Diversified Business Model
Platforms’ Complementarity and Iconic Brands Delivering a Diversified and Resilient Business Model Revenues Contribution by Segment1 Retail & Commercial Retail & Commercial Banking Banking Consumer Finance 19% Consumer Finance 29% Asset €8bn 2 Principal Gathering & Wealth Investing Total Revenues 20
Slide 13: Unique Commercial Franchise: Full Coverage from Retail to High-end Private Banking
Unique Commercial Franchise: Full Coverage from Retail to High-end Private Banking, from SMEs to Multinational Corporates Latest Actual Figures Asset Gathering & Wealth Retail & Commercial Banking >7m Management Total Clients ~1,250 Branches ~1,300 Financial Advisors Retail Branch Relationship ~4,25
Slide 14: One Platform Powering Digital and AI Agenda
One Platform Powering Digital and AI Agenda – Modernize, Secure and Scale for Better Experiences, Faster Execution and Higher Operating Efficiency Digital and AI Engine Digital-native and Future-proof digital personalized customer 100% ~20% resilience and security experience and products colleagues
Slide 15: Relevant Scale and Best-in-class Capital Position
Relevant Scale and Best-in-class Capital Position to Capture Value Accretive Opportunities Domestically and in New Markets MPS has Reached Scale at European Level1 Ready to exploit new initiatives in Ranking by Market Capitalization (€bn) attractive markets, leveraging on our Bank 1 164 strengths: s
Slide 16: Our People Powering Successful Integration and Growth
Our People Powering Successful Integration and Growth Two legacies Strong Retention and Reward Framework Rebalance for Growth One plan Retain and empower key client-facing, Bankers and Private Banking talent to strengthen our growth Internal mobility and reskilling to redeploy capacity across th
Slide 17: Integration Plan on Track to Realize Full Synergy Potential
Integration Plan on Track to Realize Full Synergy Potential of ~€0.7bn Integration Plan Phase 1: Accomplished, with tangible results ~€0.3bn Extensive diagnostic analysis completed and target business model defined Revenue synergies Synergies realization already ongoing on revenue (Lending, Inve
Slide 18: Agenda
AGENDA 01 Introduction 02 The Combined Group 03 Business Areas Strategic Highlights 04 Financial Targets 05 Closing Remarks 17
Slide 19: One Group, Five Businesses
One Group, Five Businesses: Combining Strengths to Accelerate Value Creation Retail & Asset Gathering & Corporate & Consumer Finance Private Banking Commercial Banking Wealth Management Investment Banking 29% 19% 21% 9% 14% Distinctive, complementary capabilities unlocking significant value in each
Slide 20: Agenda – Retail & Commercial Banking
AGENDA 01 Introduction 02 The Combined Group Business Areas Strategic Highlights 03 Retail & Commercial Banking 04 Financial Targets 05 Closing Remarks 19
Slide 21: Retail & Commercial Banking
Retail & Commercial Banking Leading Italian player, with nationwide footprint, acting as a primary relationship for Italian families and businesses Revenues 2.6 CAGR Strategic initiatives (€bn) 2.1 2.5 +4.5% Strengthening leadership in mortgages through a unified factory 2025 2028 2030 >2.7m A Upgra
Slide 22: Strengthening Leadership in Mortgages and Non-Life Bancassurance
A Strengthening Leadership in Mortgages through a Unified Factory and Upgrade the Non-Life Bancassurance Value Proposition Accelerate Time-to-yes reduction from >25 to <7 days Mortgages (€bn)2 Credit Decisions Develop an automated and objective creditworthiness assessment via AI CAGR (AI-led) +5
Slide 23: Enhance Value Proposition of Strategic Verticals and Specialty Finance
B Enhance Value Proposition of Strategic Verticals and Specialty Finance Expertise Expand the commercial loan base across corporate clients and SMEs by Commercial loans to corporates1 (€bn) enhancing territorial coverage, ensuring a more effective physical and CAGR Commercial relationship-driven p
Slide 24: Strengthen Digital Capabilities
C Strengthen Digital Capabilities Retail clients Digitally active clients % of total retail clients¹ Redesign the App to provide full functional coverage and an ~80% enhanced customer experience ~73% Enable seamless digital and assisted purchase through +19p.p. self-service journeys, remote advi
Slide 25: Agenda – Consumer Finance
AGENDA 01 Introduction 02 The Combined Group Business Areas Strategic Highlights 03 Consumer Finance 04 Financial Targets 05 Closing Remarks 24
Slide 26: Consumer Finance
Consumer Finance A top-tier consumer finance platform, highly scalable, leveraging Compass capabilities and MPS distribution CAGR Strategic initiatives Revenues 1,6 1,7 +4.6% 1,3 (€bn) #2 player A Structural growth driver, enhancing 2025 2028 2030 In Italy Group returns via cross-selling CAGR PBT +4
Slide 27: Structural Growth Driver, Enhancing Group Returns via Cross-selling
A Structural Growth Driver, Enhancing Group Returns via Cross-selling Prioritization of Customers with active SDD arrangements with high-potential other financial institutions Mortgage customers open to refinancing customer Merchant customers using SmartPos Nexi Compass dealers segments Wi
Slide 28: Create a Single Product Factory and Scale in New Markets
B Create a Single Product Factory and a Center of Excellence Pooling the Group’s C Best Capabilities and Scale the Consumer Finance Model in New Markets Consolidate the Create a single product factory Total disbursements (€bn) physical Selectively expand Compass branch network at variable cost a
Slide 29: Consumer Finance: Tech enablers
Consumer Finance: Tech enablers Digital channel disbursements (€bn) Grow digital Streamline onboarding and loan origination processes 1.8 1.9 personal 1.4 +36% lending Scale-up proprietary instant lending solutions 2025 2028 2030 BNPL volumes of HeyLight’s GMV1 (€bn) Scale up Position HeyLight
Slide 30: Agenda – Asset Gathering & Wealth Management
AGENDA 01 Introduction 02 The Combined Group Business Areas Strategic Highlights 03 Asset Gathering & Wealth Management 04 Financial Targets 05 Closing Remarks 29
Slide 31: Asset Gathering & Wealth Management
Asset Gathering & Wealth Management A fee-compounding, capital-light, next generation wealth platform, with enhanced advisory and technology-enabled productivity and scalability Revenues CAGR Strategic initiatives +5.2% (€bn) 1,5 1,8 2,0 €142bn A Bring together Widiba and 2025 2028 2030 Total TFAs M
Slide 32: Bring together Widiba and Mediobanca Premier Capabilities
A Bring together Widiba and Mediobanca Premier Capabilities Integrate Integrate the Widiba and Premier Financial Advisor Networks, generating Financial advisors (#) economies of scale >1,750 Know-Hows >1,550 Enhance the offering through synergies with the banking channel and +39% 1,284 the Wealt
Slide 33: Strengthen Service Model and Investment Product Offering
B Strengthen the Service Model and the Investment Product Offering for Affluent / Upper Affluent Clients TFA1 from upper affluent clients (€bn) Adoption of a In branch, through a best-in-class Client experience multichannel Off-site advisory Remotely 34 model 31 +22% 28 Investment Strengthen
Slide 34: Distinctive Investment Solutions with Anima and Global Asset Managers
C Distinctive Investment Solutions by Combining the Capabilities of Anima, Mediobanca AM Companies, and Leading Global Asset Managers Leverage the partnership with ANIMA to provide clients access to a broad range of high-quality investment solutions + Gross AuM Mediobanca SGR (€bn)1 Build on pro
Slide 35: Agenda – Private Banking
AGENDA 01 Introduction 02 The Combined Group Business Areas Strategic Highlights 03 Private Banking 04 Financial Targets 05 Closing Remarks 34
Slide 36: Private Banking
Private Banking Private Investment Banking at scale, focused on high-end client, delivering holistic coverage across public and private markets, structured solutions and key international hubs Revenues 0.9 CAGR Strategic initiatives 0.8 +6.5% (€bn) 0.6 Cement leadership in Private 2025 2028 2030 A I
Slide 37: Cement Leadership in Private Investment Banking
A Cement Leadership in Private Investment Banking Go-to partner for Italian entrepreneurs for personal wealth and Scale corporate financial needs (M&A and other IB, Debt and Markets & Lead products) Scale tailored solutions, Private Markets / alternatives and internal ~€2bn Cumulative NNM from L
Slide 38: Broaden the Investment and Credit Solutions Offering
B Broaden the Investment and Credit Solutions Offering Private Markets AuM (€bn)2 Private Scale Private markets access via direct investments & club Markets deals, strengthening partnerships with top-tier global players 5.0 Engine to build a reference platform 4.7 2.5 x2 CMA Scale up the tailore
Slide 39: Internationally Expand the Private Investment Banking Model
C Internationally Expand the Distinctive Private Investment Banking Model Leverage on Mediobanca’s strategic international assets… …to develop two potential complementary hubs Corporate & Investment Banking Asset Management European hub in Luxembourg Private Banking Attract new international inflo
Slide 40: Agenda – Corporate & Investment Banking
AGENDA 01 Introduction 02 The Combined Group Business Areas Strategic Highlights 03 Corporate & Investment Banking 04 Financial Targets 05 Closing Remarks 39
Slide 41: Corporate & Investment Banking
Corporate & Investment Banking The trusted partner for Italy’s corporates and entrepreneurs with a growing international presence, combining deep Advisory capabilities with Debt, Markets and Commercial Banking services Revenues CAGR Strategic initiatives 1.3 1.3 +5.4% (€bn) 1.0 #1 player A Build the
Slide 42: Build the Leading CIB Franchise in Italy
A Build the Leading CIB Franchise in Italy Complementary Leverage Mediobanca Investment Banking capabilities (M&A, ECM, Mediobanca CIB Revenues by business capabilities for Acquisition Financing / Lending, DCM, Markets) and MPS Commercial & Large, Mid, Small- Transaction Banking (IB, Debt, Markets
Slide 43: Accelerate International Growth
B Accelerate International Growth Expansion of CIB Advisory-led with Debt and Markets cross-selling in Spain / Portugal, in core markets France, UK and Germany 50% International revenues Develop international client base for Commercial Banking (Italy vs. International) Pan-European Tech sector
Slide 44: Enhance Private Investment Banking Model
C Enhance Private Investment Banking Model Advisory-driven Advisory content (e.g., industries, international, Private Capital) for both partnership with liquidity events and extraordinary transactions entrepreneurs Liquidity events leveraged to grow NNM for Private Banking ~20% of Italy M&A Reve
Slide 45: Agenda – Principal Investing
AGENDA 01 Introduction 02 The Combined Group Business Areas Strategic Highlights 03 Principal Investing 04 Financial Targets 05 Closing Remarks 44
Slide 46: Principal Investing
Principal Investing Profitable source of revenues and earnings uncorrelated from the performance of our core banking activity, providing stability and visibility Principal investing contribution to group… Principal Investing Revenue (€bn) CAGR +7.6% …revenue1 …and pre-tax profit1 0.8 ~13% ~30% for M
Slide 47: Agenda – Enablers
AGENDA 01 Introduction 02 The Combined Group Business Areas Strategic Highlights 03 Enablers 04 Financial Targets 05 Closing Remarks 46
Slide 48: Digitization and Innovation to Support the Business
Digitization and Innovation to Support the Business and our Digital and AI Foundations Selected key initiatives Retail and Commercial Banking Consumer Finance Capex 2026–2030, (€bn) Of which ~50% benefitting also other Digitization of channels for customer Evolution of the consumer finance areas of
Slide 49: Empowering our Talented and Committed People
Empowering our Talented and Committed People to Shape and Achieve the Group’s Ambitions Our talented and committed people Competitive Evolve the Group’s remuneration model in line with corporate compensation objectives and target structure model Strengthen reward, retention and engagement, espec
Slide 50: ESG: Building Shared Value
ESG: Building Shared Value Launch a structured stakeholder-engagement model to co-design sustainable AuM Invested in ESG Products / Total AuM (%)1 solutions Stakeholder-led >50% >50% Build a permanent dialogue network to align the transition with local priorities 47% Governance and unlock MPS-Me
Slide 51: Agenda – Financial Targets
AGENDA 01 Introduction 02 The Combined Group 03 Business Areas Strategic Highlights 04 Financial Targets 05 Closing Remarks 50
Slide 52: Overview of Macroeconomic Assumptions
Overview of Macroeconomic Assumptions Underlying Updated Financial Targets Euribor 3 months, % 2,2% 2,0% 2,1% 2,4% 2,5% 2,5% 2025A 2026E 2027E 2028E 2029E 2030E Real GDP Growth, % 0,7% 0,6% 0,6% 0,5% 0,4% 0,5% 2025A 2026E 2027E 2028E 2029E 2030E Inflation, % 1,6% 1,7% 2,1% 2,0% 1,9% 1,9% 2025A 2026E
Slide 53: Updated Financial Targets
Updated Financial Targets 1 2025PF 2028E 2030E 25-28E CAGR 25-30E CAGR1 Selected P&L Items (€bn) Growing, diversified and Operating Income 7.6 9.0 9.5 5.6% 4.6% resilient revenue profile Operating Costs (3.5) (3.5) (3.6) 0.5% 0.6% Gross Operating Profit 4.1 5.4 6.0 9.5% 7.6% LLPs (0.6) (0.7) (0.7) 6
Slide 54: Growing, Diversified and Resilient Revenue Profile
Growing, Diversified and Resilient Revenue Profile Operating Income Evolution, €bn CAGR 2025A-30E Operating Income 7,6 9,0 9,5 +4.6% • Operating income projected to grow at ~4.6% CAGR 2025A–30E, driven 2025A 2028E 2030E by growth in Net Fee and Commission Income (~5.6% CAGR 2025A–30E), thanks to sig
Slide 55: Focus on Net Interest Income
Focus on Net Interest Income Net Interest Income Evolution, €bn Commercial NII1 Evolution 1.3 0.2 5,0 0.2 • Positive commercial net interest 4,1 (0.8) (0.2) income evolution (+€1.6bn over 2025A-2030E), supported by commercial volumes growth and € 1.6bn commercial spread increase • Increase of instit
Slide 56: Focus on Commercial Volumes
Focus on Commercial Volumes Commercial Loans Evolution, €bn Commercial Direct Savings Evolution , €bn ~4.3% ~2.1% CAGR 25-30E ~5.2% ~2.0% CAGR 25-28E • Commercial volumes to grow at a ~4.3% CAGR 2025A-2030E, driven 156,9 by Retail & Commercial Banking 148,2 118,3 (+€15.5bn) and Compass (+€4.3bn) 127
Slide 57: Focus on Net Fees & Commissions: Evolution and Breakdown
Focus on Net Fees & Commissions: Evolution and Breakdown Net Fee & Commission Income Composition , €bn CAGR CAGR 2025A-28E 2025A-30E 3,2 2,9 +6.4% +5.6% • Sustained growth in Wealth 2,4 1,3 Management and Advisory fees 1,2 +4.4% +3.6% (~7.0% CAGR 2025A-2030E), representing the main driver of 1,1 ove
Slide 58: Focus on Net Fees & Commissions: Indirect Funding
Focus on Net Fees & Commissions: Indirect Funding Indirect funding Mix , €bn CAGR CAGR 2025A-28E 2025A-30E • Indirect funding to grow at a ~6.4% +7.1% +6.4% CAGR 2025A–30E, increasing from 252,1 €185bn in 2025A to €252bn by 227.1 2030E +2.1% 77,9 +2.8% 185,1 72,2 • AuM represents the main growth dri
Slide 59: Technology-driven Operating Leverage
Technology-driven Operating Leverage Operating Costs Evolution, €bn CAGR C/I ratio 46% 39% 38% 2025A-30E (%) • Operating costs (ex D&A) flat over 2025A–30E Operating Costs 3,5 3,5 3,6 +0.6% • Strong operating leverage with C/I 2025A 2028E 2030E ratio decreasing from 46% in 2025 to 38% in 2030, also
Slide 60: Focus on Operating Costs: Evolution and Breakdown
Focus on Operating Costs: Evolution and Breakdown HR costs evolution 2025-2030, €bn 2,1 0.20 (0.11) 2,2 0.18 (0.15) (0.03) • HR costs slightly increasing over plan horizon, driven by growth initiatives and salary inflation, offset by synergies and attrition HR 2025 National contract FTE Attrition Sy
Slide 61: Overview of Business Areas Financials
Overview of Business Areas Financials Operating income 2025A – 2030E (€bn / %)1 Pre-tax profit 2025A – 2030E (€bn / %)1 5.2 9.5 4.8 16% 9.0 9% 16% 8% 7.6 14% 16% 15% 3.3 16% 8% 9% 8% 9% 16% 14% 7% 9% 21% 16% 23% 21% 6% 22% 21% 18% 18% 23% 15% 19% 16% 18% 29% 29% 28% 22% 22% 20% 2025A 2028E 2030E 202
Slide 62: Retail & Commercial Banking
Retail & Commercial Banking CAGR 25A-30E CAGR 25A-30E 2,5 2,6 82 2,1 76 66 Operating ~4.5% ~4.3% Loans (€bn) Income (€bn) • Operating income to grow at ~4.5% CAGR 2025A- 2025A 2028E 2030E 2025A 2028E 2030E Net fees / 30E Revenues ~40% ~40% ~40% CoR (bps) 41 33 31 • Strong operating leverage 47 • PBT
Slide 63: Consumer Finance
Consumer Finance CAGR 25A-30E CAGR 25A-30E 1,6 1,7 1,3 199 194 191 Operating ~4.6% ~3bps2 CoR (bps)1 Income (€bn) • Operating Income increasing from €1.3bn in 2025A 2028E 2030E 2025A 2028E 2030E 2025A to €1.7bn in 2030E, with ~4.6% CAGR 2025A- 2030E 0,5 • C/I ratio decreasing from Operating 0,4 12 1
Slide 64: Asset Gathering & Wealth Management
Asset Gathering & Wealth Management CAGR 25A-30E CAGR 25A-30E 170 185 1,8 2,0 142 Operating 1,5 ~5.2% ~5.5% • Operating income growing Income (€bn) TFA (€bn) at ~5.2% CAGR 2025A- 30E, with a resilient 2025A 2028E 2030E 2025A 2028E 2030E commission-driven mix, Net fees / ~60% ~60% ~60% Revenues (%) r
Slide 65: Private Banking
Private Banking CAGR 25A-30E CAGR 25A-30E 0,8 0,9 • Operating income to 0,6 93 103 Operating ~6.5% 77 increase at a ~6.5% Income (€bn) TFA (€bn) ~6.1% 2025A-30E CAGR, with a structurally stronger mix 2025A 2028E 2030E 2025A 2028E 2030E driven by commissions, Net fees / >55% ~60% >60% Revenues (%) ri
Slide 66: Corporate & Investment Banking
Corporate & Investment Banking CAGR 25A-30E CAGR 25A-30E 1,3 1,3 1,0 0,5 0,6 Fee Income 0,4 Operating ~5.4% ~8.0% Evolution Income (€bn) (€bn) 2025A 2028E 2030E 2025A 2028E 2030E • Operating income to Net fees / ~40% >40% >40% increase at ~5.4% CAGR Revenues (%) 2025A-30E, with a structurally strong
Slide 67: Focus on Non-Performing Exposures: Evolution
Focus on Non-Performing Exposures: Evolution Gross NPE by Classification 2025A (€bn) Default Rate (%) Gross NPE Classification 2030E (€bn) 1,2% 1,1% 4.1 0,9% 3.6 1,2 2025A 2028E 2030E 64% • Gross NPE exposure to fall 1,3 Cure Rate (%) to €3.6bn by 2030E from 71% 14,0% €4.1bn in 2025A, driven by 12,4
Slide 68: Focus on NPE: Key Asset Quality Indicators
Focus on Non-Performing Exposures: Evolution of Key Asset Quality Indicators Gross NPE Ratio1 NPE Coverage • Gross NPE ratio reduction 2,9% Bad loans 64% 71% 71% to 2.2% in 2030E (from 2,4% 2,2% 2.9% in 2025A) and Net NPE ratio reduction to UTP / PD 47% 48% 47% 1.0% in 2030E (from 1.4% in 2025A) • C
Slide 69: Fortress Balance Sheet
Fortress Balance Sheet Funding Mix Institutional Bonds Evolution (€bn) 37,7 36,7 • Stable Funding Mix, with 30% 30% 31% expected reduction of ECB 26,7 13,4 14,3 exposure 13% 16% 16% 5% 2% 2% 11,5 10,6 • Total maturities at 10% 10% 10% €27.8bn and total funding 21,9 19,9 issuances at €37.7bn in 12,4
Slide 70: Fortress Balance Sheet (cont'd)
Fortress Balance Sheet (cont’d) CET1 Capital Ratio Evolution, % CET1 Capital, €bn 14.2 15.6 16.2 • CET1 ratio at ~16% in 2028E and 2030E RWA, €bn 87.7 98.9 102.3 • 100% payout over the plan • DTA utilization offsetting 16,2% ~16% ~16% RWA growth in the period 13% CET1 ratio management • Merger trans
Slide 71: Agenda – Closing Remarks
AGENDA 01 Introduction 02 The Combined Group 03 Business Areas Strategic Highlights 04 Financial Targets 05 Closing Remarks 70
Slide 72: A Leading Competitive Force in Banking…
A Leading Competitive Force in Banking… Best-in-class business model: Undisputable #3 player in the at scale, diversified, complete Italian banking market and customer-driven Significant strategic flexibility, Technology-driven operating with CET1 ratio at ~16% and leverage, with target C/I ratio 10
Slide 73: Superior Organic Capital Generation and Best-in-class Dividend Yield
… with Superior Organic Capital Generation and Best-in-class Dividend Yield at European Level Cash Dividend, €bn ~3,6 ~3,3 ~2,6 2025A 2028E 2030E … delivering Europe’s top dividend Unparalleled dividend potential… yield in banking Shareholders remuneration ~€16bn ~60% accretive over plan horizon Cum
Slide 74: The Evolving Journey of MPS: from Deep Roots to New Frontiers
The Evolving Journey of MPS: from Deep Roots to New Frontiers Bold Horizons A Leading Competitive Force in Banking Highly competitive The Renaissance business model • At scale The Reset + • #3 leading bank in • Complete and diversified Legacy from the Past Italy • Profitable and • Business Model Sus
Slide 75: Appendix
MONTE DEI PASCHI DI SIENA BANCA DAL 1472
Slide 76: Financial Targets by Business Area
Financial Targets by Business Area Retail & Commercial Asset Gathering & Corporate & Corporate Center and Consumer Finance Private Banking Principal Investing 1 Total Banking Wealth Management Investment Banking Other (€bn) 2025A 2028E 2030E 2025A 2028E 2030E 2025A 2028E 2030E 2025A 2028E 2030E 2025
Slide 77: Current Mediobanca Financial Targets
Current Mediobanca Financial Targets 2 3 2025PF 2028E 2030E 25-28E CAGR 25-30E CAGR3 Selected P&L Items (€bn) 1 Accelerating specialized Operating Income 3.6 4.5 4.8 8.0% 6.0% business proposition fostered Operating Costs (1.6) (1.7) (1.8) 2.1% 2.1% by Group scale and ambition Gross Operating Profit
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