Banca Mediolanum Spa · MIL:BMED
Banca Mediolanum Spa — FY 2025 Earnings Presentation
76 slides from Banca Mediolanum Spa's earnings presentation, February 2026
Slide 1: Full Year 2025 Results & Business Update
Full Year 2025 Results & Business Update
Slide 2: Table of content and colour key
Table of content and colour key FY 2025 Group Results 3 FY 2025 Domestic Market Results 21 FY 2025 Spain Results 31 Business Update 33 Mediolanum Facts 43
Slide 3: FY 2025 Group Results
3 FY 2025 Group Results
Slide 4: Economic & Financial Highlights
FY 2025 4 Economic & Financial Highlights Group Raising the bar again: a year of new peaks € mn FY 2025 FY 2024 Change Material fee growth driven by robust inflows into managed assets & Net Commission Income 1,313.0 1,168.0 +12% supportive markets NII stable y/y thanks to improved mix in the funding
Slide 5: Business Results Highlights
FY 2025 5 Business Results Highlights Group Commercial momentum: new highs, broad-based strength € bn FY 2025 FY 2024 Change FY 2024 Change Net inflows reached record levels, driven by attractiveness of our business model & high Total Net Inflows 11.64 10.44 +11% quality of service delivered. Contri
Slide 6: Growth & Resilience Drivers
FY 2025 6 Growth & Resilience Drivers Group Sustained customer growth driven by attractive business model Material step-up in adoption of ‘Intelligent Investment Strategy’ service 31/12/2025 31/12/2024 Change Bank Customers 2,032,100 1,918,700 +6% Customer base continues to expand at a healthy pace,
Slide 7: Capital Adequacy & Balance Sheet Highlights
FY 2025 7 Capital Adequacy & Balance Sheet Highlights Group Prudent capital structure and consistent value creation FY 2025 0 FY 2024 29.1% 29.9% Best-in-class ROE underlines commitment to maximising shareholder value ROE CET1 Ratio remained extremely robust after sound shareholder CET1 Ratio 23.0%
Slide 8: Income Statement
8 Income Statement FY 2025 € mn Group FY 2025 FY 2024 Change Entry fees 63.5 60.5 +5% Management fees 1,414.3 1,283.9 +10% Investment Management fees 269.2 252.8 +6% Net insurance result 223.5 199.4 +12% Banking service fees 258.7 186.9 +38% Other fees 56.1 51.7 +8% Gross Commission Income 2,285.3 2
Slide 9: Income Statement by Quarter
9 Income Statement by Quarter FY 2025 € mn Group Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Entry fees 13.0 15.6 13.8 18.2 16.9 15.1 14.3 17.3 Management fees 303.3 316.9 323.5 340.2 343.6 337.4 360.5 372.8 Investment Management fees 60.1 62.4 63.6 66.8 66.9 63.8 68.1 70.4 Net insurance result
Slide 10: Net Interest Income
10 Net Interest Income FY 2025 € mn Group YoY Trend QoQ Trend 220 230 811 812 215 752 198 195 198 187 180 407 313 274 239 248 270 231 235 253 229 163 141 178 192 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Slide 11: Acquisition Costs in detail
11 Acquisition Costs in detail FY 2025 € mn Group FY 2025 FY 2024 Change Total commissions 628.2 549.3 +14% One-time commissions 89.3 72.5 +23% Ongoing commissions 538.9 476.8 +13% Total incentives & bonuses 140.3 113.6 +24% Incentives on individual net inflows 90.3 73.9 +22% Contest & bonuses 45.2
Slide 12: 2025 Net Inflows
12 2025 Net Inflows FY 2025 € mn Group FY 2025 FY 2024 GROUP TOTAL NET INFLOWS +11,639 +10,443 Managed Assets +9,056 +7,643 - o/w Mutual Funds, U/L & Managed Accounts +9,347 +7,328 Administered Assets +2,583 +2,800 Italy - Banca Mediolanum Total Net Inlows +9,709 +8,974 Managed Assets +7,127 +6,227
Slide 13: AUA/AUM Trend
13 AUA/AUM Trend FY 2025 € mn Group Administered Assets (FY 25: € 41.3 bn) 155.8 10y CAGR 9.6% Managed Assets (FY 25: € 114.5 bn) 138.5 118.1 108.4 103.7 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 3.1 4.7 5.3 5.5 6.1 7.2 0.1 0.6 0.9 1.3
Slide 14: Assets under Administration/Management
14 Assets under Administration/Management FY 2025 € mn Group 31/12/2025 31/12/2024 Change Italy - Banca Mediolanum 139,957 125,043 +12% Mutual Funds & U-L Policies 96,420 85,194 +13% Other Life Insurance Reserves 2,099 2,010 +4% Banking 41,438 37,839 +10% Spain - Banco Mediolanum 15,487 13,075 +18%
Slide 15: Mutual Funds & Unit-linked policies look-through
15 Mutual Funds & Unit-linked policies look-through FY 2025 as at 31/12/2025 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 FY 2025 € mn Group FY 2025 FY 2024 Change Mortgages 2,127 1,616 +32% Personal Loans 1,138 841 +35% Prexta1 692 636 +9% TOTAL 3,956 3,092 +28% 3rd-party Loans 20 20 +1% 1 Salary-backed loans & unsecured loans
Slide 17: Credit Book Trend
17 Credit Book Trend FY 2025 € mn Group Prexta 17.62 18.98 Lines of Credit 10y CAGR 11% 16.44 17.03 Personal Loans 14.38 Mortgages 12.14 10.35 8.89 7.08 7.77 6.49 5.61 4.05 4.77 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 18: Credit Book & Quality
18 Credit Book & Quality FY 2025 € mn Group 31/12/2025 31/12/2024 Change Mortgages 13,343 12,512 +7% Personal Loans 2,728 2,437 +12% Lines of Credit 621 557 +11% Prexta1 2,290 2,112 +8% TOTAL 18,983 17,618 +8% Banca Mediolanum Italian Banks 2 Gross NPE 1.50% 2.7% 3 Net NPE 0.77% 1.5% Cost of Risk 0.
Slide 19: General Insurance Gross Premiums
19 General Insurance Gross Premiums FY 2025 € mn Group FY 2025 FY 2024 Change Stand-alone policies 198.7 168.5 +18% New business 35.0 32.3 +8% In-force business 163.7 136.2 +20% Loan protection policies 47.5 37.4 +27% Group health policies 0.2 0.2 -1% GROSS PREMIUMS 246.4 206.1 +20%
Slide 20: Balance Sheet Structure – Banking Group
20 Balance Sheet Structure – Banking Group FY 2025 Group as at 31/12/2025 Straight-forward & solid balance sheet structure € mn 39,772 39,772 Cash 137 • Current account mandatory for all • High quality book: CoR at 16 bps Loans to customers • Mainly retail & collateralised customers • Stable source
Slide 21: FY 2025 Domestic Market Results
21 FY 2025 Domestic Market Results
Slide 22: Mutual Funds - AUM Trend
22 Mutual Funds - AUM Trend FY 2025 € bn – including U-L assets Italy 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 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 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00
Slide 23: Mutual Funds - Assets under Management
23 Mutual Funds - Assets under Management FY 2025 € mn Italy 31/12/2025 31/12/2024 Change 'Best Brands' funds on funds (IRL) 30,651 30,086 +2% 'Challenge' mutual funds (IRL) 33,116 28,231 +17% Funds of Hedge Funds (IRL) 30 36 -18% 'Fondi Italia' mutual funds (ITA) 10,174 8,292 +23% 'Real estate' fun
Slide 24: Mutual Funds - Assets by A.M. Company
24 Mutual Funds - Assets by A.M. Company FY 2025 as at 31/12/2025 - including U-L assets Italy Mediolanum Gestione Fondi (Italy) 10.9% other A.M. companies 16.0% Mediolanum International Funds (Ireland) 73.1%
Slide 25: Banking - Assets under Administration
25 Banking - Assets under Administration FY 2025 € mn Italy 31/12/2025 31/12/2024 Change 31/12/2024 Change Cash deposits 26,770 25,211 +6% 25,211 +6% Repurchase agreements 8 4 +99% 4 +99% 3rd-party structured bonds 3,661 3,520 +4% 3,520 +4% Other securities 10,999 9,104 +21% 9,104 +21% BANKING ADMIN
Slide 26: Banking - Interest Spread
FY 2025 26 Banking - Interest Spread Italy Total Book Customer Book 3.50% 4.00% 3.20% 3.56% 3.00% 3.10% 3.50% 2.99% 2.95% 3.34% 3.36% 3.20% 3.00% 2.50% 2.93% 2.45% 2.71% 2.25% 2.50% 2.47% 2.44% 2.00% 1.93% 1.76% 2.00% 1.50% 1.44% 1.50% 1.00% 1.06% 1.00% 1.11% 0.70% 0.87% 0.64% 0.50% 0.50% 0.48% 0.43
Slide 27: Bank Balance Sheet Highlights
27 Bank Balance Sheet Highlights FY 2025 Italy € mn – as at 31/12/2025 Liabilities Assets Customers 26,892 17,238 Treasury 3,159 14,604 Interbank / intra-group deposits & repos 877 616 ECB refinancing 0 386 MTS refinancing 1,982 0 Securities (bonds) 300 13,602 Other liabilities / assets 6,074 4,283
Slide 28: Family Banker Network - Italy
28 Family Banker Network - Italy FY 2025 Change in headcount & Split by Average Portfolio Year 2025 Italy 4,801 5,148 > € 30 mn 34% 491 590 -90 -54 38% 379 € 20-30 mn 55% 22% 21% € 10-20 mn 4,422 4,558 26% 23% Turnover rate € 5-10 mn (last 12m) 3.0% 9% 8% 9% 10% < € 5 mn Avg. 01/01 Resigned Retired
Slide 29: Private Bankers & Wealth Advisors - Italy
29 ‘Private Bankers’ & ‘Wealth Advisors’* - Italy FY 2025 as at 31/12/2025 Italy Private Bankers Wealth Advisors 1,047 ( > € 30 mn AUM) ( > € 70 mn AUM) Average assets in portfolio 50.4 118.7 o/w Managed Assets 39.2 93.6 886 214 827 768 791 160 127 125 125 565 584 544 35 45 75 833 700 726 643 666 52
Slide 30: Top-Tier Bankers: Productivity continues to rise
30 Top-Tier Bankers: Productivity continues to rise FY 2025 Italian Network Average Total Portfolio - € mn per advisor Italy 70 Wealth Advisors & 64.3 61.3 Private Bankers 60 53.7 50.4 48.2 47.7 50 40 34.0* Italian FAs Market 33.2 Average - Assoreti 27.9 29.5 30 25.1 26.2 30.4 Total Family 28.0 Bank
Slide 31: FY 2025 Spain Results
31 FY 2025 Spain Results
Slide 32: Spain Highlights
32 Spain Highlights FY 2025 Spain € mn FY 2025 FY 2024 Change Operating Margin 56.4 76.7 -26% Net Income 57.7 81.1 -29% Total Assets 15,487 13,075 +18% Managed Assets 11,935 9,712 +23% Administered Assets 3,552 3,363 +6% Total Net Inflows 1,954 1,503 +30% Net Inflows into Managed Assets 1,954 1,451
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 2025 Managed Assets & Managed Assets Admin. Assets w/ Total Net Inflows Advisory fee Gruppo Fideuram/Intesa 7,804 9,119 10,748 Banca Mediolanum 7,465 7,492 9,522 Allianz Bank 5,092 5,113 6,693 Finecobank 3,913 5,3
Slide 35: Italian FA Networks - Market Share
35 Italian FA Networks - Market Share Business Update 2025 BMED Other FA networks Net Inflows into Managed Assets & Admin. Total Net Inflows Managed Assets Assets w/ Advisory fee 17% 21% 19% Personal Loans General Insurance Gross Mortgages Granted Granted Premiums 64% 65% 99% * including Unit-Linked
Slide 36: Time deposits Promo Offers
36 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 37: Creating the NEXT Generation of the Network
Business 37 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 38: Automatic Investment Services
Business 38 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 39: The 'Double Chance' Service
39 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 40: The 'Intelligent Investment Strategy' Service (IIS)
40 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 41: The 'IIS' service at work
41 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 bn of money market managed assets are bound to be transferr
Slide 42: Group Customer Base
42 Group Customer Base Business Update as at 31/12/2025 Total Customers 2,032k (‘000) End Goal: to be the Customer's Primary Bank Banca 1,746 Mediolanum (ITA) 1,441k hold a bank account • 69% use BMED as Primary Bank (internal data analytics) • 39% use BMED as the Only Bank (2024 survey) Banco 286 M
Slide 43: Mediolanum Facts
43 Mediolanum Facts
Slide 44: Banca Mediolanum at a Glance
44 Banca Mediolanum at a Glance Mediolanum Data as at 31.12.25 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 45: BMED Shareholders & Group Structure
45 BMED Shareholders & Group Structure Mediolanum Facts as at 31/12/2025 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 46: Banca Mediolanum's Integrated Business Model
Mediolanum 46 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 47: Banca Mediolanum's Multi-channel Model
Mediolanum 47 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 48: Customers: freedom in banking
48 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 49: Italian Household Financial Assets
Mediolanum 49 Italian Household Financial Assets Facts Over the last few years asset gatherers have increased market share to the detriment of traditional banks 00 Total HH Assets as at Sept. ‘25: € 6.27 trillion 90% 00 73% Asset gatherers growing mainly thanks to: 59.2% 70% 00 ● Demand for speciali
Slide 50: Net Income Trend
50 Net Income Trend Mediolanum Facts € mn 1,238 1,120 822 713 565 507 439 434 394 380 351 337 321 233 224 212 256 217 224 115 103 129 141 131 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 2008 & 2010: adjusted net income exclu
Slide 51: Dividend Payout
51 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 52: Net Inflows Trend
52 Net Inflows Trend Mediolanum Facts € bn 11.64 10.44 9.18 9.06 8.30 7.72 7.64 7.13 6.66 6.04 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 2025 Total Net Inflows Net Inflows i
Slide 53: BMED: 25 Years of Consistent Net Inflows
53 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 54: Family Banker Network
54 Family Banker Network Mediolanum Facts Group Licensed Financial Advisors Italy Spain 6,798 Banker Consultants (ITA only) 6,415 6,216 590 6,054 5,762 5,633 5,525 5,352 5,417 5,211 5,184 5,155 5,012 5,059 5,098 5,142 5,161 5,154 1,650 4,866 4,427 4,501 4,397 4,535 4,114 3,842 3,018 2,513 2,200 2,04
Slide 55: Italy - Average Assets per Family Banker
55 Italy - Average Assets per Family Banker Mediolanum Facts € mn 2% 4% > € 30 mn 23% 38% € 20-30 mn 31% 21% € 10-20 mn 30.4 28.0 22.9 24.2 20.4 21.3 18.7 23% € 5-10 mn 16.3 16.2 12.2 13.3 14.8 40% 8.5 9.9 10.9 8% 10% < € 5 mn 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Avg. Avg. Portfolio Portfoli
Slide 56: Total Customers
56 Total Customers Mediolanum Facts (‘000) Italy Spain 2,032 1.919 1.799 1,686 1,587 1,486 1,376 1,413 1,333 1,290 1,231 1,137 1,163 1,176 1,151 1,124 1,178 1,119 1,127 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
Slide 57: Italy - Average Assets per Customer
57 Italy - Average Assets per Customer Mediolanum Facts € thousands Primary Bank Account Holders 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
Slide 58: Spain - Net Income
58 Spain - Net Income Mediolanum Facts € mn 81.1 Impairment of CGU ‘Spain’ 61.9 57.7 45.1 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 0.0 1.5 -0.1 0.6 -1.1 -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
Slide 59: Spain - Assets under Administration
59 Spain - Assets under Administration Mediolanum Facts € bn Administered Assets (25: € 3.6 bn) 15.45 Managed Assets (25: € 11.9 bn) 13.03 3.55 10y CAGR 16% 10.54 3.36 8.94 8.87 3.26 7.19 2.41 2.78 5.92 2.05 11.90 4.66 4.84 1.65 9.66 3.88 3.55 1.42 2.98 1.33 7.28 2.49 2.35 2.38 1.23 6.52 6.09 2.02 2
Slide 60: Spain - Net Inflows Trend
60 Spain - Net Inflows Trend Mediolanum Facts € mn 1,954 Total Net Inflows 1,503 1,259 1,107 1,018 865 522 599 619 559 607 451 327 94 35 35 95 114 7 6 -223 -291 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 1,954 Managed Asset Inflows 1,451 935 613 688 690 529 364 422 440 418 343
Slide 61: Spain - Credit Book
61 Spain - Credit Book Mediolanum Facts € mn 1,744 Lines of Credit 10y CAGR 25% 1,494 Personal Loans 1,349 Mortgages 1,170 1,026 745 562 451 333 187 228 157 163 169 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 62: Spain – Family Banker Network
Mediolanum 62 Spain – Family Banker Network Facts 1,650 1,640 1,620 1,504 1,614 1,318 996 1,029 900 835 712 755 652 593 551 524 505 453 419 448 407 439 375 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Slide 63: Banking Book Composition
63 Banking Book Composition Mediolanum Facts € bn – nominal value – as at 31/12/2025 Banking Book: € 15.1 bn (nom. values) Portfolio Sector % Government 97.7% No sensitivity to ITA spread as the entire Financial 2.3% book is measured at amortised cost (HTC) Govies % Italy 69.7% Rate Type Spain 14.4%
Slide 64: Mediolanum Investment Advisory Strategy
Mediolanum 64 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 65: Contractual Service Margin
65 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 Update on Effects of new reserves, fair Revenues in the production on value, free-
Slide 66: Training & Communication: Mediolanum Corporate University
66 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 67: Training & Communication: Corporate TV Channel
67 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 68: Mediolanum Marketing Events
Mediolanum 68 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 69: Top Performer in Customer Experience
69 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 70: The 3rd best known bank brand in Italy
70 The 3rd best known bank brand in Italy Mediolanum Facts Spontaneous brand awareness – Italian banks – December 2025 66% 28% 54% 23% 47% 19% 30% 18% 28% 15% source: GfK – an NIQ company
Slide 71: The most memorable adv in the banking industry
71 The most memorable adv in the banking industry Mediolanum Facts Spontaneous recall of advertisement – Italian banks –2025 37.2 26.6 20.3 16.8 9.1 8.0 6.4 5.8 4.8 3.9 3.3 2.4 2.2 1.9 source: GfK – an NIQ company
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 30/01/2026 Unicredit 114.4 Intesa-SanPaolo 103.9 MPS 26.5 BPER 23.3 Banco-BPM 19.1 Banca Mediolanum 14.7 Mediobanca 14.3 FinecoBank 13.7 Pop.di Sondrio 7.8 Banca Generali 6.6 CREDEM 5.3 Banca IFIS 1.7 Banca Desio 1.3 Ba
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 – January 23, 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@