Banca Mediolanum Spa · MIL:BMED
Banca Mediolanum Spa — H1 2026 Earnings Presentation
76 slides from Banca Mediolanum Spa's earnings presentation, Jul 30, 2026
Slide 1: H1 2026 Results & Business Update
H1 2026 Results & Business Update
Slide 2: Table of content and colour key
Table of content and colour key H1 2026 Group Results 3 H1 2026 Domestic Market Results 21 H1 2026 Spain Results 29 Business Update 31 Mediolanum Facts 41
Slide 3: H1 2026 Group Results
3 H1 2026 Group Results
Slide 4: Economic & Financial Highlights
H1 2026 4 Economic & Financial Highlights Group Delivering profitable growth at scale € mn H1 2026 H1 2025 Change Recurring fees up supported by positive net inflows and favourable Net Commission Income 705.7 644.4 +10% market performance. Strong volumes of certificates in H1 Net Interest Income 478
Slide 5: Business Results Highlights
H1 2026 5 Business Results Highlights Group Sustained customer engagement driving resilient results despite volatility € bn H1 2026 H1 2025 Change FY 2025 Change Robust net inflows reflecting the attractiveness of our business model, driven by both new customer acquisition and increasing share of To
Slide 6: Growth & Resilience Drivers
H1 2026 6 Growth & Resilience Drivers Group Continued customer base & network expansion Automatic investment services: disciplined investing + future flow visibility 30/06/2026 31/12/2025 Change Growth driven by the attractiveness of our business Bank Customers 2,089,500 2,032,100 +3% model and the
Slide 7: Capital Adequacy & Balance Sheet Highlights
H1 2026 7 Capital Adequacy & Balance Sheet Highlights Group Robust capital position & ample liquidity capacity H1 2026 0 FY 2025 CET1 Ratio 22.7% 23.0% Strong CET1 Ratio with no recognition of H1 net income in the regulatory capital MREL ratio strengthened following the €500m senior preferred bond M
Slide 8: Income Statement
8 Income Statement H1 2026 € mn Group H1 2026 H1 2025 Change Entry fees 30.3 32.0 -5% Management fees 762.5 681.1 +12% Investment Management fees 143.1 130.7 +9% Net insurance result 112.1 110.8 +1% Banking service fees 157.8 122.7 +29% Other fees 28.9 27.6 +5% Gross Commission Income 1,234.7 1,104.
Slide 9: Income Statement by Quarter
9 Income Statement by Quarter H1 2026 € mn Group Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Entry fees 16.9 15.1 14.3 17.3 15.3 15.1 Management fees 343.6 337.4 360.5 372.8 375.2 387.3 Investment Management fees 66.9 63.8 68.1 70.4 71.1 72.1 Net insurance result 56.4 54.4 53.6 59.1 57.4 54.7 Banking servic
Slide 10: Net Interest Income
10 Net Interest Income H1 2026 € mn Group YoY Trend QoQ Trend 811 812 242 752 230 236 215 180 187 479 407 313 274 239 248 270 231 235 253 229 163 141 178 192 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 2026
Slide 11: Acquisition Costs in detail
11 Acquisition Costs in detail H1 2026 € mn Group H1 2026 H1 2025 Change Total commissions 345.5 300.5 +15% One-time commissions 49.0 42.0 +17% Ongoing commissions 296.4 258.5 +15% Total incentives & bonuses 72.6 60.3 +20% Incentives on individual net inflows 39.6 38.8 +2% Contest & bonuses 30.9 19.
Slide 12: H1 2026 Net Inflows
12 H1 2026 Net Inflows H1 2026 € mn Group H1 2026 H1 2025 GROUP TOTAL NET INFLOWS +6,374 +6,105 Managed Assets +4,205 +4,543 - o/w Mutual Funds, U/L & Managed Accounts +3,652 +4,771 Administered Assets +2,169 +1,562 Italy - Banca Mediolanum Total Net Inlows +5,290 +4,866 Managed Assets +3,374 +3,675
Slide 13: AUA/AUM Trend
13 AUA/AUM Trend H1 2026 € mn Group 168.2 Administered Assets (H1 26: € 43.2 bn) 155.8 10y CAGR 9.6% 138.5 Managed Assets (H1 26: € 125.1 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 22.023.6 17.920.419.9 13.0 9.5 6.1 7.2 3.1 4.7 5.3 5.5 0.1 0.6 0.
Slide 14: Assets under Administration/Management
14 Assets under Administration/Management H1 2026 € mn Group 30/06/2026 31/12/2025 Change 30/06/2025 Change Italy - Banca Mediolanum 150,705 139,957 +8% 129,866 +16% Mutual Funds & U-L Policies 105,021 96,420 +9% 88,410 +19% Other Life Insurance Reserves 2,153 2,099 +3% 2,045 +5% Banking 43,531 41,4
Slide 15: Mutual Funds & Unit-linked policies look-through
15 Mutual Funds & Unit-linked policies look-through H1 2026 as at 30/06/2026 Group Fixed Income Equity 43% 56% 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 H1 2026 € mn Group H1 2026 H1 2025 Change Mortgages 1,103 1,008 +9% Personal Loans 619 529 +17% Prexta1 358 323 +11% TOTAL 2,080 1,860 +12% 3rd-party Loans 13 11 +24% 1. Includes Prexta unsecured loans
Slide 17: Credit Book Trend
17 Credit Book Trend H1 2026 € mn Group Prexta Lines of Credit 18.98 19.69 10y CAGR 11% Personal Loans 17.03 17.62 16.44 Mortgages 14.38 12.14 10.35 8.89 7.77 6.49 7.08 4.77 5.61 4.05 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026
Slide 18: Credit Book & Quality
18 Credit Book & Quality H1 2026 € mn Group 30/06/2026 31/12/2025 Change 30/06/2025 Change Mortgages 13,760 13,343 +3% 12,856 +7% Personal Loans 2,925 2,728 +7% 2,554 +14% Lines of Credit 632 621 +2% 541 +17% Prexta1 2,375 2,290 +4% 2,186 +9% TOTAL 19,691 18,983 +4% 18,137 +9% Banca Mediolanum Itali
Slide 19: General Insurance Gross Premiums
19 General Insurance Gross Premiums H1 2026 € mn Group H1 2026 H1 2025 Change Stand-alone policies 105.7 92.2 +15% New business 18.4 15.7 +17% In-force business 87.3 76.6 +14% Loan protection policies 23.3 22.2 +5% GROSS PREMIUMS 129.1 114.4 +13%
Slide 20: Balance Sheet Structure – Banking Group
20 Balance Sheet Structure – Banking Group H1 2026 Group as at 30/06/2026 Straight-forward & solid balance sheet structure € mn 43,881 43,881 Cash 192 • Current account mandatory for all • High quality book: CoR at 19 bps customers • Mainly retail & collateralised Loans to customers 19,691 • Stable
Slide 21: H1 2026 Domestic Market Results
21 H1 2026 Domestic Market Results
Slide 22: Mutual Funds - AUM Trend
22 Mutual Funds - AUM Trend H1 2026 € bn – including U-L assets Italy 105.0 96.4 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 14.115.515.2 15.8 11.0 11.7 7.4 8.7 9.6 8.4 10.0 2.2 3.7 4.0 3.8 3.8 4.3 5.0 0.1 0.6 0.9 1.1 1.3 1.5 1.9 85 86 87 88 89 90 91 92 93 94 95 96 97 9
Slide 23: Mutual Funds - Assets under Management
23 Mutual Funds - Assets under Management H1 2026 € mn Italy 30/06/2026 31/12/2025 Change 'Best Brands' funds on funds (IRL) 31,500 30,651 +3% 'Challenge' mutual funds (IRL) 36,879 33,116 +11% Funds of Hedge Funds (IRL) 33 30 +10% 'Fondi Italia' mutual funds (ITA) 11,041 10,174 +9% 'Real estate' fun
Slide 24: Mutual Funds - Assets by A.M. Company
24 Mutual Funds - Assets by A.M. Company H1 2026 as at 30/06/2026 - including U-L assets Italy Mediolanum Gestione Fondi (Italy) 11.0% other A.M. companies 16.5% Mediolanum International Funds (Ireland) 72.5%
Slide 25: Banking - Assets under Administration
25 Banking - Assets under Administration H1 2026 € mn Italy 30/06/2026 31/12/2025 Change 30/06/2025 Change Cash deposits 28,064 26,770 +5% 26,033 +8% Repurchase agreements 7 8 -18% 6 +15% 3rd-party structured bonds 4,073 3,661 +11% 3,639 +12% Other securities 11,387 10,999 +4% 9,733 +17% BANKING ADM
Slide 26: Banking - Interest Spread
H1 2026 26 Banking - Interest Spread Italy Total Book Customer Book 3.50% 4.00% 3.10% 3.13% 3.14% 3.50% 3.00% 2.95% 3.36% 3.35% 3.36% 3.20% 3.00% 2.50% 2.93% 2.84% 2.45% 2.44% 2.72% 2.31% 2.71% 2.25% 2.50% 2.00% 2.00% 1.50% 1.50% 1.00% 0.84% 1.00% 0.70% 0.64% 0.69% 0.50% 0.64% 0.50% 0.48% 0.43% 0.51
Slide 27: Bank Balance Sheet Highlights
27 Bank Balance Sheet Highlights H1 2026 Italy € mn – as at 30/06/2026 Liabilities Assets Customers 28,191 17,770 Treasury 5,042 17,673 Interbank / intra-group deposits & repos 1,001 389 ECB refinancing 0 499 MTS refinancing 3,541 0 Securities (bonds) 500 16,786 Other liabilities / assets 6,303 4,09
Slide 28: Family Banker Network - Italy
H1 2026 28 Family Banker Network - Italy Italy Portfolio size per cluster Headcount change Portfolio size Family Avg. Assets/FB Assets 5,473 (€ mn) Bankers (€ mn) 5,148 394 -56 -13 753 > 100 3% 14% 151.8 590 50 – 100 14% 30% 66.5 4,558 4,720 30-50 23% 28% 38.8 15-30 31% 22% 22.1 01/01 Resigned Retir
Slide 29: H1 2026 Spain Results
29 H1 2026 Spain Results
Slide 30: Spain Highlights
30 Spain Highlights H1 2026 Spain € mn H1 2026 H1 2025 Change vs. FY Operating Margin 31.3 27.8 +12% Net Income 30.8 24.5 +26% -0.4 Total Assets 17,158 14,203 +21% +11% Managed Assets 13,454 10,375 +30% +13% Administered Assets 3,705 3,828 -3% +4% Total Net Inflows 1,099 1,248 -12% Net Inflows into
Slide 31: Business Update
31 Business Update
Slide 32: Italian FA Networks - Ranking by Net Inflows
32 Italian FA Networks - Ranking by Net Inflows Business Update € mn – totals by Group H1 2026 Managed Assets & Managed Assets Admin. Assets w/ Total Net Inflows Advisory fee Allianz Bank 3,916 3,934 4,876 Gruppo Fideuram/Intesa 3,470 3,504 5,746 Banca Mediolanum 2,998 3,079 5,178 Banca Generali 1,6
Slide 33: Italian FA Networks - Market Share
33 Italian FA Networks - Market Share Business Update H1 2026 BMED Other FA networks Net Inflows into Managed Assets & Admin. Total Net Inflows Managed Assets Assets w/ Advisory fee 16% 19% 16% Personal Loans General Insurance Gross Mortgages Granted Granted Premiums 64% 60% 99% Source: Assoreti
Slide 34: Time deposits Promo Offers
34 Time deposits Promo Offers Business Update 2023-2026 • 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 35: Creating the NEXT Generation of the Network
Business 35 Creating the NEXT Generation of the Network Update Pairing high potential new graduates to work as junior assistants (‘Banker Consultant’) with our Top-Tier Bankers & Wealth Advisors ● ‘Banker Consultants’ initially receive dedicated training programme (Executive Master’s) provided by Me
Slide 36: Automatic Investment Services
Business 36 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 37: The 'Double Chance' Service
37 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 dollar-cost
Slide 38: The 'Intelligent Investment Strategy' Service (IIS)
38 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 39: The 'IIS' service at work
39 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. € 5.9 bn of money market managed assets are bound to be transfe
Slide 40: Group Customer Base
40 Group Customer Base Business Update as at 30/06/2026 Total Customers 2,090k (‘000) End Goal: to be the Customer's Primary Bank Banca 1,793 Mediolanum (ITA) 1,493k hold a bank account • 69% use BMED as Primary Bank (internal data analytics) • 38% use BMED as the Only Bank (2025 survey) Banco 296 M
Slide 41: Mediolanum Facts
41 Mediolanum Facts
Slide 42: Banca Mediolanum at a Glance
42 Banca Mediolanum at a Glance Mediolanum Data as at 30.06.26 Facts ● A leading Italian asset gatherer focused on the Italian and Spanish retail markets ● A vertically integrated model with full control over the value chain, from manufacturing to distribution ● A comprehensive financial services of
Slide 43: BMED Shareholders & Group Structure
43 BMED Shareholders & Group Structure Mediolanum Facts as at 30/06/2026 BANKING Banco Mediolanum 100% Mediolanum Fiduciaria ASSET Mediolanum Mediolanum Mediolanum MANAGEMENT Gestione Fondi International Gestion S.A. 100% Funds Doris 100% Banca 93% Banca Mediolanum 100% Banco (direct & indirect Medi
Slide 44: Banca Mediolanum's Integrated Business Model
Mediolanum 44 Banca Mediolanum’s Integrated Business Model Facts ● We and our Family Bankers operate as one single integrated platform, delivering the solution that best fits each customer’s needs across banking, protection and investments Insurance ● The Bank (established in 1997) plays a distincti
Slide 45: Banca Mediolanum's Multi-channel Model
Mediolanum 45 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 A Almost 9,000 Banking Center IN TI V 3rd-party branches/ ON smart ATMs (Intesa, Unicredit, Euronet) LOGISTICS 600 R
Slide 46: Where personal advice meets direct banking convenience
Mediolanum 46 Where personal advice meets direct banking convenience Facts Family Bankers: the human touch Customers: freedom in banking • Entrepreneurial exclusive Family Bankers remunerated on commissions and with a strong advisory mindset Advice and support anytime, anywhere • Trained to address
Slide 47: Italian Household Financial Assets
Mediolanum 47 Italian Household Financial Assets Facts Over the last few years, asset gatherers have outgrown traditional banks and steadily gained market share 00 HH addressable Assets as at Sept. ‘25: € 4.09 trillion 00 70% 73% Asset gatherers have been gaining ground 00 59.4% mainly thanks to: 50
Slide 48: Net Income Trend
48 Net Income Trend Mediolanum Facts € mn 1,238 1,120 822 713 565 556 507 439 434 394 380 351 337 321 256 233 224 212 217 224 115 103 129 141 131 75 88 82 67 38 49 54 60 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 25 H1 26 2008 & 2010: adjusted net in
Slide 49: Dividend Payout
49 Dividend Payout Mediolanum Facts € mn 1238 ### Net Income 1120 Retained Earnings 314 Base Dividends 822 382 Special Dividends 713 333 565 522 303 184 439 394 286 351 337 321 380 162 434 153 233 224 212 217 224 217 100 86 256 95 111 88 115 103 82 129 141 131 219 153 122 323 519 553 591 54 60 75 88
Slide 50: Net Inflows Trend
50 Net Inflows Trend Mediolanum Facts € bn 11.64 10.44 9.18 9.06 8.30 7.72 7.64 7.13 6.66 6.37 6.04 5.95 5.26 5.38 5.38 4.61 4.22 4.05 4.12 4.06 4.11 4.01 4.21 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 2025 H1 26 Total Net Infl
Slide 51: BMED: 25 Years of Consistent Net Inflows
51 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 52: Family Banker Network
52 Family Banker Network Mediolanum Facts Group Licensed Financial Advisors Italy 7,164 Spain 6,798 6,415 753 Banker Consultants (ITA only) 6,216 6,054 5,762 5,6335,525 5,352 5,417 5,211 1,691 5,012 5,0595,0985,1425,1615,1545,1845,155 4,866 4,4274,5014,3974,535 4,114 3,842 3,018 2,513 2,200 2,046 4,
Slide 53: Italy – Avg. Portfolio Size & Family Banker Distribution by Portfolio Size
Italy – Avg. Portfolio Size & Family Banker Distribution by Portfolio Size Mediolanum 53 Facts € mn FB Distribution by Average Portfolio Size FB Distribution by Portfolio Size in 2011 Portfolio Size in 2026 3% >€100 mn €>30 mn 1% €50-100 mn 14% €15-30 mn 11% €30-50 mn 23% €5-15 mn 48% 30.4 31.7 31%
Slide 54: Top-Tier Bankers: Productivity continues to rise
54 Top-Tier Bankers: Productivity continues to rise Mediolanum Italian Network Average Total Portfolio - € mn per advisor Facts N°Advisors: 678 N°Advisors: 188 Total Assets: €53.8 bn Total Assets: €14.2 bn Top-Tier 78.8 78.8 78.6 80.1 79.3* 75.6 76.7 Bankers - Italy Italian FAs Market 36.0 35.5 Asso
Slide 55: Total Customers
55 Total Customers Mediolanum Facts (‘000) Italy Spain 2,090 2,032 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 25 H1 26
Slide 56: Italy - Average Assets per Customer
56 Italy - Average Assets per Customer Mediolanum Facts € thousands Primary Bank Account Holders 100.2 90.0 91.8 96.4 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 2025 H1 26
Slide 57: Spain - Net Income
57 Spain - Net Income Mediolanum Facts € mn 81.1 Impairment of CGU ‘Spain’ 61.9 57.7 45.1 34.2 35.6 31.5 30.8 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 25 H1 26
Slide 58: Spain - Assets under Administration
58 Spain - Assets under Administration Mediolanum Facts € bn Administered Assets (H1 26: € 3.7 bn) 17.16 Managed Assets (H1 26: € 13.5 bn) 15.49 3.70 13.08 3.55 10y CAGR 16% 10.54 3.36 8.94 8.87 3.26 7.19 2.41 2.78 5.92 13.45 2.05 11.93 4.66 4.84 1.65 9.71 3.55 3.88 1.42 2.98 1.33 2.49 2.35 7.28 2.3
Slide 59: Spain - Net Inflows Trend
59 Spain - Net Inflows Trend Mediolanum Facts € mn 1,954 Total Net Inflows 1,503 1,259 1,107 1,099 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 25 H1 26 1,954 Managed Asset Inflows 1,451 935 845 613 688 690 529 364
Slide 60: Spain - Credit Book
60 Spain - Credit Book Mediolanum Facts € mn Lines of Credit 1,921 10y CAGR 25% Personal Loans 1,744 Mortgages 1,494 1,349 1,170 1,026 745 562 451 333 169 187 228 157 163 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026
Slide 61: Spain – Family Banker Network
Mediolanum 61 Spain – Family Banker Network Facts 1,691 1,620 1,640 1,614 1,650 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 25 H1 26
Slide 62: Banking Book Composition
62 Banking Book Composition Mediolanum Facts € bn – nominal value – as at 30/06/2026 Banking Book: € 17.8 bn (nom. values) Portfolio Sector % Government 97.5% No sensitivity to ITA spread as the entire Financial 2.5% book is measured at amortised cost (HTC) Govies % Italy 68.5% Rate Type Spain 7.3%
Slide 63: Mediolanum Investment Advisory Strategy
Mediolanum 63 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 64: Contractual Service Margin
64 Contractual Service Margin Mediolanum Facts € bn 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 276 3,524 267 3,107 -126 Update on Effects of new reserves, fair Revenues in the p
Slide 65: Mediolanum Corporate University
65 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 66: Corporate TV Channel
66 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 67: Mediolanum Marketing Events
Mediolanum 67 Marketing Events Facts ● 13 nation-wide in-person events, with over 2,000 attendees & 1 million digital viewers in 2025 ● Over 3,000 digital/in-person events organised by Family Bankers: over 200,000 attendees Results are measurable: ● Net inflows into managed assets of invited custome
Slide 68: Top Performer in Customer Experience
68 Top Performer in Customer Experience Mediolanum Facts Ipsos Doxa Survey – Customer Satisfaction 2025 Solid customer relationship is built on best-in-class service delivery both human & digital Overall Perceived Digital Financial Advisor Satisfaction Value Platform Interaction Customer Comprehensi
Slide 69: The 3rd best known bank brand in Italy
69 The 3rd best known bank brand in Italy Mediolanum Facts Spontaneous brand awareness – Italian banks – June 2026 70% 24% 56% 19% 46% 18% 28% 15% 26% 14% source: GfK – an NIQ company
Slide 70: The most memorable adv in the banking industry
70 The most memorable adv in the banking industry Mediolanum Facts Spontaneous recall of advertisement – Italian banks –H1 2026 35.7 26.5 19.8 18.5 10.7 10.0 5.7 5.2 4.0 3.8 3.2 2.2 1.8 1.5 source: GfK – an NIQ company
Slide 71: Grandi patrimoni – Delivering Excellence
Mediolanum 71 Grandi patrimoni – Delivering Excellence Facts • An ecosystem of high-end services for the customer with more complex needs & portfolios above €2 mn • Opt-in contract that our Top-Tier Bankers may offer to customers at their discretion • Strong service differentiation and involvement o
Slide 72: The development of the digital customer
72 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 73: Ranking of Italian Banking Groups by Market Cap
73 Ranking of Italian Banking Groups by Market Cap Mediolanum Facts € bn – as at 24/07/2026 Unicredit 121.3 Intesa-SanPaolo 113.8 MPS 35.4 BPER 29.0 Banco-BPM 23.7 Mediobanca 22.6 Banca Mediolanum 17.0 FinecoBank 14.5 Banca Generali 7.6 CREDEM 6.5 Banca Desio 1.9 Banca IFIS 0.9 Banca Sistema 0.1 Sou
Slide 74: Price Return & Total Return Index
74 MED.MI / BMED.MI Mediolanum Price Return & Total Return Index* Facts 4500% Price Return 4000% Reinvested Total Return 3500% 3000% 2500% 2000% 1500% 1000% 500% 0% * Total Return Index includes dividend reinvestments, June 3, 1996 – July 20, 2026 Source: Datastream
Slide 75: Disclaimer
75 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 76: Investor Relations Contacts
76 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@