Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca — Q1 FY2026 Earnings Presentation
43 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, Nov 5, 2025
Slide 1: Mediobanca 3M Results as at 30 September 2025
MEDIOBANCA 3M RESULTS AS AT 30 SEPTEMBER 2025 Milan, 5 November 2025
Slide 2: Agenda
Agenda Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks Annexes 1. 3M KPIs and Divisional tables
Slide 3: 3M Sept25: Navigating a Major Change
3M SEPT25: NAVIGATING A MAJOR CHANGE Executive summary Section 1 Commercial flows WM: €2.5bn NNM (flat YoY1, ow Premier €1.1bn, +7%1, Private&AM €1.3bn, -10%1), ow €2.0bn AUM CIB: good M&A, subdued Lending/Markets volumes CF: €2.3bn new loans (up 12%1) with ongoing stock repricing Stable revenues at
Slide 4: Division KPIs
DIVISION KPIs Executive summary Section 1 WM: fees and AUM growth Wealth Management – 3M results as at Sept25 TFAs up to €116bn, with €2.5bn NNM Revenues Fees TFA Net profit Low single-digit growth in fees, driven by solid trend in mgmt fees partly offset by lower sales of structured products €224m
Slide 5: Agenda
Agenda Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks Annexes 1. 3M KPIs and Divisional tables
Slide 6: Capital-Light Asset Trend
CAPITAL-LIGHT ASSET TREND TFAS UP ~€13BN, RWAS DOWN >€2BN 3M - Consolidated results Section 2 Double-digit growth in TFAs to €116bn …with €2.5bn in NNM in 1Q26 AUM/AUA up 13% YoY to €85bn, deposits up 11% YoY to €31bn >€2.0bn from AUM, €0.7bn from deposits (TFAs, €bn) (Quarterly NNM, €bn) +12% 3.8 1
Slide 7: Revenues Stable YoY
REVENUES STABLE YoY 3M - Consolidated results Section 2 3M consolidated revenues by source (YoY, €m) WM revenues (3M, €m) Flat 228 224 (7) (12) - 20 868 866 -1%1 Sept24 Sept25 -31%1 flat1 +19%1 CIB revenues (3M, €m) K-light +3% YoY 414 182 171 402 Sept24 Sept25 Revenues NII Trading Fees Equity Reven
Slide 8: Fee Income Flat
FEE INCOME FLAT 3M - Consolidated results Section 2 Fee income trend by division (€m, 3M) CIB fees (€m, 3M) 86 76 flat YoY 78 15 Specialty Fin. 317 15 5 12 8 3 Lending 274 254 65 59 CapMkt 1 53 232 232 Advisory 143 101 Sept24 June25 Sept25 86 78 76 WM fees (€m, 3M) 146 143 142 Performance 124 142 12
Slide 9: NII Resilience
NII RESILIENCE 3M - Consolidated results Section 2 NII trend by division (€m, 3M) Average loan book by division (€bn, 3M, gross) -1% YoY 5.81% 5.27% 5.09% Loan yield (%)2 496 +4% YoY 494 55.7 55.4 ow 5 inflation ow 8 inflation 53.3 -1% QoQ 485 497 479 25 17 12 4 31 17.3 17.3 85 90 95 84 16.6 77 102
Slide 10: Funding Position
FUNDING POSITION €1.3 RAISED IN LAST 3M AT ~87BPS 3M - Consolidated results Section 2 Funding stock up to >€71bn, with growing deposits, COF improving further, and diversified access to institutional mkt incentives to foster NNM slowing deposit COF reduction (€bn) 71.3 70.6 62.1 8.9 8.6 6.5 3M avera
Slide 11: Cost of Risk at 51bps
COST OF RISK AT 51BPS 3M - Consolidated results Section 2 Consolidated and CF CoR trend (bps, 3M) Total overlays trend (€m) 120 100 179 176 177 171 80 169 60 215 189 51 51 40 50 20 39 35 21 177 28 17 16 27 0 Sept24 Dec24 Mar25 June25 Sept25 26 Consolidated CoR bps CF CoR bps 167 146 135 LLPs trend (
Slide 12: Prudent Staging
PRUDENT STAGING GROSS NPL RATIO STABLE AT 2.1% 3M - Consolidated results Section 2 Gross NPL stable QoQ at 2.1% (0.9% net), coverage at 60% down YoY due to writeoff of fully covered positions in FY25 0.05 Gross NPL ratio 5.00% Net NPL ratio 1.5 NPL coverage ratio 1.3 0.04 4.00% 1.1 2.6% 69.0% 60.1%
Slide 13: Asset Quality by Divisions
ASSET QUALITY BY DIVISIONS 3M - Consolidated results Section 2 Net NPLs (€m) of which bad loans (€m) NPL coverage NPLs as % of loans (“deteriorate”) (“sofferenze”) Gross 69% 2.6% +2% 2.1% 2.1% Mediobanca +3% 60% 60% 0.8% 0.9% 429 469 480 0.9% consolidated 31 36 37 Net Sept24 June25 Sept25 Sept24 Jun
Slide 14: CET1 Ratio @15.8%
CET1 RATIO @15.8% 3M - Consolidated results Section 2 CET1 trend in 1Q26 65bps Earnings 95bps 35bps (30bps) (65bps) Div (25bps) 15.80% 15.05% June25 SBB withdrawn RWA INS Other Earnings/ Sept25 100% Pay-out CET1 ratio @15.8%, up 75bps QoQ including SBB removal (+95bps) as June 25 data included €400m
Slide 15: MB: Consolidated Results Summary
MB: CONSOLIDATED RESULTS SUMMARY 3M - Consolidated results Section 2 Financial results Highlights 3M ∆ 3M 3M 9M PF €m Quarterly result benefitting from diversification of income Sept25 YoY1 June25 Mar25 Sept25 Total income 868 - 952 922 2,742 sources, C/I efficiency and profitability: Net interest i
Slide 16: ESG Profile
ESG PROFILE 3M - Consolidated results Section 2 GOVERNANCE ENVIRONMENT SOCIAL AGM on 28 Oct 2025 MSCI AAA rating confirmed Mediobanca Sport Camp – Nisida Shareholders in 2025 AGM: institute for juvenile offenders in Appointed a new Board of Directors ESG/green credit product footprint Naples: Mediob
Slide 17: Agenda
Agenda Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks Annexes 1. 3M KPIs and Divisional tables
Slide 18: RoRWA Stable at 2.7% Driven by K-Light Businesses
RORWA STABLE AT 2.7% DRIVEN BY K-LIGHT BUSINESSES 3M - Divisional results Section 3 Revenues (€m, 3M) GOP risk adj. (€m, 3M) Net profit (€m, 3M) RoRWA & ROTE (%) 5.0% 17.0% ROTE flat 4.5% 15.0% 13.1% 4.0% 3.5% 12.8% 13.0% Mediobanca -3% 11.0% -12% 3.0% 866 868 9.0% 2.7% 2.5% 417 2.7% Consolidated 42
Slide 19: WM: Results Snapshot
WM: RESULTS SNAPSHOT REVENUES €224m (down 2%) – NET PROFIT €44m (down 17%) 3M - Divisional results - WM Section 3 Financial results Highlights 3M ∆ 3M 3M 9M PF Positive 3M Sept.25 commercial results, with franchise €m Sept25 YoY1 Jun25 Mar25 Sept25 resilience. NNM mix towards higher AUM. Total incom
Slide 20: TFAs up €3.8bn to €116bn, Driving Fee Growth
TFAs UP €3.8BN TO €116BN, DRIVING FEE GROWTH 3M - Divisional results - WM Section 3 TFAs trend (€bn) MBWM: fees by source (3M, €m) 112.1 115.9 +3% 103.2 180.0 128 1.3 2.5 124 31.6 160.0 31.3 28 140.0 29.5 25 19 120.0 NNM breakdown 15 15 100.0 AUM/AUA +1.8 80.0 20 - Private +0.1 50.5 53.3 60.0 45.5 -
Slide 21: Stable NNM and Franchise
STABLE NNM AND FRANCHISE 3M - Divisional results - WM Section 3 TFAs by segment (€bn, end period) NNM by segment (3M, €bn) Franchise by segment (#salespeople) +12% 115.9 2.6 1,393 1,399 2.5 1,321 103.2 148 146 15.9 0.6 158 13.7 0.8 552 548 50.4 534 0.9 46.1 0.5 629 693 705 43.4 49.7 1.1 1.1 Sept24 S
Slide 22: CIB: 3M25 Results Snapshot
CIB: 3M25 RESULTS SNAPSHOT SOFTER RESULTS, FURTHER RWA EFFICIENCY 3M - Divisional results - CIB Section 3 Financial results Highlights 3M ∆ 3M 3M 9M PF €m 3M Sept.25 net profit1 at €48m, down 18% YoY, reflecting: Sept25 YoY1 Jun25 Mar25 Sept25 Total income 171 -6% 209 224 605 Revenues down 6% YoY to
Slide 23: Resilient Performance in M&A…
RESILIENT PERFORMANCE IN M&A… 3M - Divisional results - CIB Section 3 Selected M&A Italian Large and Mid-Cap Transactions Announced Announced Announced September 2025 M&A activity in 2025 has remained resilient despite the macro uncertainties, Consortium driven primarily by financial sponsors activi
Slide 24: …and in Debt
…AND IN DEBT 3M - Divisional results - CIB Section 3 Selected ECM Transactions In a scenario of subdued and modest domestic and European ECM activity during 3Q July 2025 2025, characterized by continued geopolitical and trade tensions and the postponement of several IPOs, Mediobanca acted as joint b
Slide 25: CF: High Single Digit Growth
CF: HIGH SINGLE DIGIT GROWTH NII (€297M) AND NET PROFIT (€109M) 3M - Divisional results – CF Section 3 Financial results Highlights 3M ∆ 3M 3M 9M PF Solid commercial activity in 3M Sept.25: €m Sept25 YoY1 June25 Mar25 Sept25 New business: €2.3bn down 2% QoQ due to seasonal factors but up 12% YoY, dr
Slide 26: Growth in New Business and Loan Book, Resilient Yield
GROWTH IN NEW BUSINESS AND LOAN BOOK, RESILIENT YIELD 3M - Divisional results – CF Section 3 New loans by product (3M, €bn) Loan book net profitability1 (3M, %) +12% 8.0% 8.00% 7.21% 7.31% 7.36% 7.26% 7.33% -2% 7.0% 7.00% 2.4 2.4 2.3 2.2 2.1 6.0% 6.00% 5.0% 1.0 1.2 1.2 1.1 5.00% 1.0 4.0% 5.43% 5.40%
Slide 27: Asset Quality Confirmed
ASSET QUALITY CONFIRMED 3M - Divisional results – CF Section 3 Proactive NPL management ongoing … net NPL stock reflecting higher NPL quality CF Net NPLs composition (%) CF Net NPLs, stock (€m) and incidence to loans (%) 500 3.0% 2.5% 2.2% 2.2% 22% 13% 13% 2.5% 34% 400 1.6% 2.0% 300 345 1 353 1.5% 7
Slide 28: Insurance: Growing Contribution
INSURANCE: GROWING CONTRIBUTION 3M - Divisional results – INS Section 3 Financial results Highlights 3M D 3M 3M 9M PF 3M Sept.25 net profit at €127m, up 5% YoY reflecting: €m Sept25 YoY1 June25 Mar25 Sept25 AG contribution up 23% YoY to €129m Total income 130 +13% 172 106 408 Dividend contribution o
Slide 29: Holding Functions: Result Lower
HOLDING FUNCTIONS: RESULT LOWER 3M - Divisional results – HF DUE TO INTEREST RATE DECREASE Section 3 Financial results Highlights 3M D 3M 3M 9M PF €m 3M Sept.25 net loss of €6m reflecting: Sept25 YoY1 June25 Mar25 Sept25 Revenues down 72% YoY, due to lower NII due to sensitivity to Total income 8 -7
Slide 30: Agenda
Agenda Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks Annexes 1. 3M KPIs and Divisional tables
Slide 31: What's Next
WHAT’S NEXT Closing remarks Section 4 FINANCIAL YEAR TO END ON 31 DEC DEC.25 GUIDANCE Growth in TFAs with NNM solid but below 3M Sept.25 RWAs growing moderately without any significant optimization/regulatory measure impact High single-digit growth in revenues QoQ, due to CIB deals closing and stron
Slide 32: Agenda
Agenda Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks Annexes 1. 3M KPIs and Divisional tables
Slide 33: 3M KPIs
3M KPIs 3M results as at September 2025 Annex 1 Financial results Highlights MEDIOBANCA CONSOLIDATED – 3M as at Sept.25 EPS No. shares/ 3M EPS: €0.4 (flat YoY) BVPS TBVPS Excl. OPS costs o/w treasury PER TBVPS: €12.2 (up 4% YoY); BVPS: €13.9 (up 7% YoY) SHARE 813.3m €0.4 €13.9 €12.2 SBB: 3rd SBB wit
Slide 34: Consolidated Mediobanca P&L
CONSOLIDATED MEDIOBANCA P&L 3M results as at September 2025 Annex 1 1Q26 4Q25 3Q25 2Q25 1Q25 €m Sept25 June25 Mar25 Dec24 Sept24 QoQ1 YoY1 Total income 868 952 922 985 866 -9% +0% Net interest income 479 496 497 494 485 -3% -1% Fee income 232 254 274 317 232 -9% -0% Net treasury income 27 41 45
Slide 35: Consolidated Mediobanca A&L
CONSOLIDATED MEDIOBANCA A&L 3M results as at September 2025 Annex 1 €bn Sept25 June25 Sept24 QoQ1 YoY1 Funding 71.3 70.6 62.1 +1% +15% Bonds 31.3 31.6 27.4 -1% +14% Direct WM deposits 31.1 30.4 28.2 +2% +10% ECB 0.0 0.0 0.0 #DIV/0! #DIV/0! Others 8.9 8.6 6.5 +3% +37% Loans to customers 54.4 54.3
Slide 36: Wealth Management Results
WEALTH MANAGEMENT RESULTS 3M results as at September 2025 Annex 1 1Q26 4Q25 3Q25 2Q25 1Q25 €m Sept25 June25 Mar25 Dec24 Sept24 QoQ1 YoY1 Total income 224 246 247 252 228 -9% -2% Net interest income 94 100 101 102 102 -6% -8% Fee income 128 142 143 146 124 -10% +3% Net treasury income 3 4 3 3 2 -
Slide 37: CIB Results
CIB RESULTS 3M results as at September 2025 Annex 1 1Q26 4Q25 3Q25 2Q25 1Q25 €m Sept25 June25 Mar25 Dec24 Sept24 QoQ1 YoY1 Total income 171 209 224 266 182 -18% -6% Net interest income 84 95 90 85 77 -11% +10% Fee income 76 86 101 143 78 -12% -3% Net treasury income 11 28 33 37 28 -61% -60% Tota
Slide 38: Consumer Finance Results
CONSUMER FINANCE RESULTS 3M results as at September 2025 Annex 1 1Q26 4Q25 3Q25 2Q25 1Q25 €m Sept25 June25 Mar25 Dec24 Sept24 QoQ1 YoY1 Total income 335 327 330 324 314 +3% +7% Net interest income 297 289 289 282 275 +2% +8% Fee income 39 37 42 42 39 +5% +1% Total costs (98) (107) (105) (102) (9
Slide 39: Insurance Results
INSURANCE RESULTS 3M results as at September 2025 Annex 1 1Q26 4Q25 3Q25 2Q25 1Q25 €m Sept25 June25 Mar25 Dec24 Sept24 QoQ1 YoY1 Total income 130 172 106 128 115 -25% +13% Impairments 1 0 8 (2) 12 Net profit 127 166 110 119 121 -23% 5% Book value (€bn) 4.9 4.8 5.0 4.9 4.8 +1% +2% Ass. Generali (
Slide 40: Holding Functions Results
HOLDING FUNCTIONS RESULTS 3M results as at September 2025 Annex 1 1Q26 4Q25 3Q25 2Q25 1Q25 €m Sept25 June25 Mar25 Dec24 Sept24 QoQ1 YoY1 Total income 8 (0) 16 18 28 n.m. -72% Net interest income 1 3 8 16 23 -74% -96% Net treasury income 6 (3) 7 3 2 n.m. n.m. Fee income 1 (0) 1 (1) 3 n.m. -70% To
Slide 41: Glossary
GLOSSARY MEDIOBANCA BUSINESS SEGMENT PROFIT & LOSS (P&L) and BALANCE SHEET CIB Corporate and Investment Banking ESG Environmental, Social, Governance WB Wholesale Banking FAs Financial Advisors SF Specialty Finance FVOCI Fair Value through Other Comprehensive Income CF Consumer Finance GOP Gross Ope
Slide 42: Disclaimer & Declaration of Head of Financial Reporting
DISCLAIMER & DECLARATION OF HEAD OF FINANCIAL REPORTING Disclaimer This document includes certain projections, estimates, forecasts and consequent targets which reflect the current views of Mediobanca – Banca di Credito Finanziario S.p.A. (the “Company”) with regard to future events (“forward-lookin
Slide 43: Investor Contact Details
INVESTOR CONTACT DETAILS Mediobanca Investor Relations Piazzetta Cuccia 1, 20121 Milan, Italy Email: investor.relations@mediobanca.com +39 02 8829 860/647 http://www.mediobanca.com 43