Banca Monte Dei Paschi Di Siena S.p.a. · MIL:BMPS

Banca Monte Dei Paschi Di Siena — Q2 2026 Earnings Presentation

44 slides from Banca Monte Dei Paschi Di Siena's earnings presentation, Aug 7, 2026

  1. Slide 1: 2Q-26 & 1H-26 Consolidated Results

    Gruppo Banca Monte dei Paschi di Siena 2Q-26 & 1H-26 Consolidated Results 7th August 2026

  2. 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”) MAY NOT BE REPRODUCED IN ANY FORM, FURTHER DISTRIBUTED OR

  3. Slide 3: 2Q-26 & 1H-26 Consolidated Results

    2Q-26 & 1H-26 Consolidated Results Notes: Data for the first two quarter of 2025 redetermined following the acquisition of Mediobanca finalised in September 2025: the related items were consolidated line by line with reference to the income statement, including the corresponding net income under min

  4. Slide 4: 2Q-26 & 1H-26 Executive Summary

    2Q-26 & 1H-26 Executive Summary  Strong earnings momentum continues:1H-26 net profit above €1.1bn and profit before taxes at €1,970m +12.2% y/y, driven by the strengthened quality of the operating performance; 2Q-26 net profit above €0.6bn, +20.2% q/q  Efficiency and stronger business model drivin

  5. Slide 5: Net Profit

    Net Profit Quarterly Evolution1, €m Yearly Evolution1, €m +27.3% +25.3% +20.2% 1,118 892 610 479 508 2Q-25 1Q-26 2Q-26 1H-25 1H-26  1H-26 net profit above €1.1bn, +25.3% y/y, driven by the strengthened quality of the operating performance  2Q-26 net profit above €0.6bn, +20.2% q/q and +27.3% vs 2Q

  6. Slide 6: Net Operating Profit

    Net Operating Profit Quarterly Evolution, €m Yearly Evolution, €m +12.7% +8.2% 2,008 +11.8% 1,857 1,060 941 948 2Q-25 1Q-26 2Q-26 1H-25 1H-26  1H-26 net operating profit above €2bn, +8.2% y/y driven by higher revenues with a stronger mix reflecting diversified business model, effective management o

  7. Slide 7: Gross Operating Profit

    Gross Operating Profit Quarterly Evolution Operating Income Evolution, €m +5.3% +5.4% Gross Operating Profit Evolution, €m 1,962 1,960 2,065 +11.4% +8.7% 1,198 1,075 1,102 2Q-25 1Q-26 2Q-26 Operating Costs Evolution, €m -2.2% +1.1% 887 857 867 2Q-25 1Q-26 2Q-26 Cost/Income 45% 44% 42% 2Q-25 1Q-26 2Q

  8. Slide 8: Gross Operating Profit

    Gross Operating Profit Yearly Evolution Operating Income Evolution, €m +4.1% Gross Operating Profit Evolution, €m 3,866 4,024 +8.0% 2,130 2,300 1H-25 1H-26 Operating Costs Evolution, €m -0.7% 1,736 1,724 1H-25 1H-26 Cost/Income 45% 43% 1H-25 1H-26  1H-26 gross operating profit at €2,300m, +8.0% y/y

  9. Slide 9: Net Interest Income

    Net Interest Income Quarterly Evolution, €m Yearly Evolution, €m +0.6% +2.5% +0.3% 1,055 1,036 1,062 2,091 2,097 2Q-25 1Q-26 2Q-26 1H-25 1H-26 Commercial Lending rate 4.44% 4.33% 4.34% 4.55% 4.34% Commercial Funding rate 0.98% 0.81% 0.81% 1.04% 0.81% Commercial Spread 3.46% 3.51% 3.53% 3.51% 3.52% 

  10. Slide 10: Net Fees & Commissions

    Net Fees & Commissions Quarterly Evolution Commercial Banking Fees Evolution, €m +0.9% +8.3% Total Fees Evolution, €m +9.0% 228 213 230 +8.4% 670 2Q-25 1Q-26 2Q-26 615 618 WM and Advisory Fees Evolution, €m +13.8% +8.5% 2Q-25 1Q-26 2Q-26 387 406 440 2Q-25 1Q-26 2Q-26  2Q-26 fees at €670m showing a

  11. Slide 11: Net Fees & Commissions

    Net Fees & Commissions Yearly Evolution Commercial Banking Fees Evolution, €m +0.2% Total Fees Evolution, €m 442 443 +3.6% 1H-25 1H-26 1,244 1,288 WM and Advisory Fees Evolution, €m +5.4% 802 846 1H-25 1H-26 1H-25 1H-26  1H-26 fees at €1,288m, +3.6% y/y driven by a solid growth of WM and advisory f

  12. Slide 12: Commercial Performance

    Commercial Performance Total Financial Assets, €bn WM Gross Inflows, €bn +6.5% +5.1% +3.3% -4.7% 300 6.3 290 6.0 282 5.7 Jun-25 Mar-26 Jun-26 2Q-25 1Q-26 2Q-26 New Retail Mortgages, €bn New Consumer Finance, €bn -18.6% +11.6% +16.1% +5.2% 2.4 2.5 2.7 2.8 1.7 1.9 2Q-25 1Q-26 2Q-26 2Q-25 1Q-26 2Q-26 

  13. Slide 13: Commercial Customer Loans

    Commercial Customer Loans Commercial Customer Loans Evolution¹, €bn +5.6% +1.8% 128 129 131 124 21 22 23 24 21 21 21 21 17 17 17 18 65 66 67 68 Jun-25 Dec-25 Mar-26 Jun-26 Retail & Commercial Banking Consumer Finance AG&WM & Private Banking Corporate & Investment Banking  Customer loans at €131bn,

  14. Slide 14: Commercial Direct Savings

    Commercial Direct Savings Commercial Direct Savings Evolution¹, €bn +2.0% +0.9% 105 107 106 107 4 5 5 5 59 60 59 58 41 42 41 43 Jun-25 Dec-25 Mar-26 Jun-26 Retail & Commercial Banking AG&WM & Private Banking Corporate & Investment Banking  Commercial direct savings at €107bn, +0.9% q/q  Solid y/y

  15. Slide 15: Indirect Funding

    Indirect Funding Indirect Funding Mix, €bn AuM, €bn +10.2% +5.6% 117 116 122 +9.2% 111 0.2 0.2 +4.6% 104 110 109 115 7 7 7 7 185 193 Jun-25 Dec-25 Mar-26 Jun-26 177 185 11 9 9 12 AuC, €bn +7.5% +3.0% 66 68 69 71 155 162 161 169 11 9 9 11 51 52 52 54 13 13 13 13 6 7 6 6 Jun-25 Dec-25 Mar-26 Jun-26 Ju

  16. Slide 16: Operating Costs

    Operating Costs Quarterly Evolution HR Costs Evolution, €m +2.1% +2.5% Operating Costs Evolution, €m 545 542 556 -2.2% +1.1% 887 857 867 2Q-25 1Q-26 2Q-26 Non-HR Costs Evolution, €m -9.1% -1.4% 342 2Q-25 1Q-26 2Q-26 315 311 2Q-25 1Q-26 2Q-26  2Q-26 operating costs at €867m, +1.1% q/q reflecting the

  17. Slide 17: Operating Costs

    Operating Costs Yearly Evolution HR Costs Evolution, €m +2.1% Operating Costs Evolution, €m 1,076 1,098 -0.7% 1H-25 1H-26 1,736 1,724 Non-HR Costs Evolution, €m -5.2% 661 1H-25 1H-26 626 1H-25 1H-26  1H-26 operating costs down -0.7% y/y at €1,724m, with the impact of increased variable remuneration

  18. Slide 18: Asset Quality & Cost of Risk

    Asset Quality & Cost of Risk Gross NPE stock, €bn NPE Coverage, % 4.4 51.6% 49.5% 50.6% 50.6% 3.9 3.7 3.7 Sep-25 Dec-25 Mar-26 Jun-26 Sep-25 Dec-25 Mar-26 Jun-26 Cost of Risk, bps 1H-26 CoR Gross NPE Ratio¹ 3.1% 2.7% 2.5% 2.5% 39bps 42 37 Net NPE Ratio 1.5% 1.4% 1.3% 1.2% 1Q-26 2Q-26  Gross NPE sto

  19. Slide 19: Funding & Liquidity Position

    Funding & Liquidity Position LCR Evolution, % NSFR Evolution, % 161% 167% 169% 157% 122% 122% 121% 121% Sep-25 Dec-25 Mar-26 Jun-26 Sep-25 Dec-25 Mar-26 Jun-26  Sound liquidity position of the Group, with counterbalancing capacity at €48bn  LCR up at 169% also thanks to the successful completion o

  20. Slide 20: Capital

    Capital FL CET1 Capital, % FL Capital Ratios, % Sep-25 Dec-25 Mar-26 Jun-26 SREP 20261 16.9% 16.2% 15.9% 16.3% CET1 ratio (%) 16.9% 16.2% 15.9% 16.3% 9.51% 9.5% Tier 1 ratio (%) 17.0% 16.3% 16.0% 16.4% 11.42% Sep-25 Dec-25 Mar-26 Jun-26 SREP Total capital ratio (%) 19.3% 18.4% 17.9% 18.3% 13.97% 202

  21. Slide 21: Purchase Price Allocation (PPA)

    Purchase Price Allocation (PPA) Value to be allocated PPA Process Phase 1 (Dec-25) Determination of Intangible Value Phase 2 (Jun-26) 17.8 6.5 ~3 2.2 3.6 14.9 0.5 0.7 0.1 15.7 11.3 -0.4 -0.1 Purchase PriceMB Book Value Price to be Price FV Book Value Goodwill Brand Customer Core Deposits Tax Impact

  22. Slide 22: Update on the Merger with Mediobanca & 2Q-26 & 1H-26 Mediobanca Results Key Messages

    Update on the Merger with Mediobanca & 2Q-26 &1H-26 Mediobanca Results Key Messages

  23. Slide 23: Mediobanca: consolidated results summary

    Mediobanca: consolidated results summary  1H-Net profit at €711m (up 6% y/y) with 2Q ~€390m (up 20% q/q)  1H-26 consolidated revenues up 6% y/y to €1,948m, with an acceleration in 2Q (up 8% q/q to €1,010m). Sound contribution in CIB, Consumer Finance and Principal Investments, backed by healthy co

  24. Slide 24: Revenues Contribution by Segment

    Revenues Contribution by Segment confirms the importance of high multiple businesses Revenues Contribution by Segment1 Retail & Commercial Retail & Commercial Banking Banking 18% Consumer Finance 28% Consumer Finance Principal €4bn Revenues 21% Asset Gathering & Wealth Investing 1H 2026 Financial Ad

  25. Slide 25: MPS / Mediobanca Merger on Track to be Effective by 4Q-26

    MPS / Mediobanca Merger on Track to be Effective by 4Q-26 Key Updates Following the BMPS BoD’s approval on 22.06.2026 of the demerger operations, submitted the core regulatory filings to the competent authorities, 1 Integration is progressing Implemented Business Transformation priorities: target se

  26. Slide 26: Expected Synergies Confirmed

    Expected Synergies Confirmed Synergies target and phasing Main initiatives activated in 2Q-26 1H-26 results  Acceleration of Compass product penetration across the MPS €0.7bn network, supported by the development of 3 commercial initiatives: personal loans, salary-backed loan and credit-line  Laun

  27. Slide 27: MPS's Update on ISP Offer and other Strategic Developments

    MPS’s Update on ISP Offer and other Strategic Developments

  28. Slide 28: MPS's Update on Intesa Sanpaolo's Offer and other Strategic Developments

    MPS’s Update on Intesa Sanpaolo’s Offer and other Strategic Developments  On 8 June 2026, Intesa Sanpaolo announced a Voluntary Public Tender and Exchange Offer on all MPS shares (the “Offer”)  The preliminary observations regarding the Offer published by MPS’s Board of Directors on 16 July 2026 r

  29. Slide 29: Final Remarks

    MONTE DEI PASCHI DISIENA BANCA DAL 1472

  30. Slide 30: Conclusion and 2026 Outlook

    Conclusion and 2026 Outlook  2Q26 confirms the acceleration of the Group’s economic performance, sustained by the synergies developed following the integration with Mediobanca  Solid growth rates both q/q and y/y: – 2Q-26 profit before tax above €1.0bn, +15.9% q/q and +17.4% vs 2Q-25 – 2Q-26 net o

  31. Slide 31: Business Units main figures

    i Business Units main figures MONTE DEI PASCHI DISIENA BANCA DAL 1472

  32. Slide 32: Retail & Commercial Banking

    Retail & Commercial Banking Revenues, €m Commercial Customer Loans1, €bn 534 502 548 65 67 68  2Q-26 revenues at €548m, strongly increasing q/q (+9%) 2Q-25 1Q-26 2Q-26 Jun-25 Mar-26 Jun-26 and y/y (+3%), thanks to commercial activity, with loans progressively up Operating Costs, €m Commercial Direc

  33. Slide 33: Consumer Finance

    Consumer Finance Revenues, €m CoR, bps 314 334 330 169 187 187  2Q-26 revenues at €330m maintaining the solid pace of 2Q-25 1Q-26 2Q-26 2Q-25 1Q-26 2Q-26 1Q-26, accelerating by +5% y/y, thanks to new loans momentum Operating Costs, €m New Loans, €bn  Positive progression of operating costs, decrea

  34. Slide 34: Asset Gathering & Wealth Management

    Asset Gathering & Wealth Management Revenues, €m TFA, €bn 366 413 355 132 139 144  Total revenues at €413m, up +13% q/q and +16% y/y 2Q-25 1Q-26 2Q-26 Jun-25 Mar-26 Jun-26 driven by core revenues growth  Operating costs at €168m down -1% q/q and -3% y/y with C/I ratio decreased at 41% Operating Co

  35. Slide 35: Private Banking

    Private Banking Revenues, €m TFA, €bn 175 167 172 83 81 83 2Q-25 1Q-26 2Q-26 Jun-25 Mar-26 Jun-26  Total revenues at €172m showing a growth q/q reflecting the ongoing normalization of the franchising Operating Costs, €m Indirect Funding, €bn  Operating costs at €113m with an almost stable q/q C/I

  36. Slide 36: Corporate Investment Banking

    Corporate Investment Banking Revenues, €m Fees, €bn 342 265 297 139 100 108  Total revenues at €342m, with a strong acceleration in 2Q-26 (+15% q/q and +29% y/y), driven by excellent fee 2Q-25 1Q-26 2Q-26 2Q-25 1Q-26 2Q-26 performance  Fees up both q/q (+29%) and y/y (+39%) with sound Operating Co

  37. Slide 37: Principal Investing

    Principal Investing Revenues, €m 172 177 138 2Q-25 1Q-26 2Q-26  Revenues at €177m, up q/q mainly reflecting AG solid contribution and positive impact from FV valuation of funds  AG book value: €6.9bn down q/q after dividend payments Assicurazioni Generali (13% stake) with market valuation at €8.7b

  38. Slide 38: Appendix – Supporting Materials

    Appendix – Supporting Materials

  39. Slide 39: Reclassified Income Statement

    Reclassified Income Statement 2Q-26 / 1Q- 2Q-26 / 2Q- 1H-26 / 1H- (€m) 1Q-25 2Q-25 1Q-26 2Q-26 1H-25 1H-26 26 (%) 25 (%) 25 (%) Net Interest Income 1,036 1,055 1,036 1,062 2,091 2,097 +2.5% +0.6% +0.3% Net fees and commission income 629 615 618 670 1,244 1,288 +8.4% +9.0% +3.6% Core Revenues 1,665 1

  40. Slide 40: Balance Sheet

    Balance Sheet Total Assets1, €m Sep-25 Dec-25 Mar-26 Jun-26 Q/Q Loans to Central Banks 1,114 1,094 1,041 988 (5.1%) Loans to Banks 6,784 7,120 6,624 6,616 (0.1%) Loans to Customers 142,879 142,842 146,337 148,185 1.3% Securities Assets 45,898 46,543 48,533 50,070 3.2% Tangible and Intangible Assets

  41. Slide 41: Lending & Direct Funding

    Lending & Direct Funding Total Lending, €m Sep-25 Dec-25 Mar-26 Jun-26 Q/Q Current Accounts 5,958 5,397 5,739 5,765 0.4% Medium-long Term Loans 82,753 85,438 87,263 89,281 2.3% Other Forms of Lending 36,423 38,759 38,408 38,585 0.5% Reverse Repos 13,398 11,296 13,080 12,706 (2.9%) Impaired Loans 2,1

  42. Slide 42: Focus on DTAs

    Focus on DTAs On and Off Balance Sheet DTAs, €bn Sep-25 Dec-25 Mar-26 Jun-26 Convertible DTAs 0.5 0.5 0.5 0.5  In 4Q-25, complete reassessment of DTAs on Tax loss carryforwards 1.8 2.8 2.6 2.5 €1.1bn TLCF DTA made possible by the tax consolidation of Mediobanca Other non-convertible DTAs 0.7 0.8 0.

  43. Slide 43: Italian Govies Portfolio

    Italian Govies Portfolio Italian Govies Portfolio Breakdown1, €bn 19.8 19.8 18.4 3.4 4.4 4.7 3.4 2.7 2.5 11.6 12.8 12.5 Dec-25 Mar-26 Jun-26 FVTPL FVTOCI AC FVTOCI Duration (years) ~2.2 ~3.1 ~3.3 FVTOCI Credit spread (1.5) (1.2) (1.2) sensitivity (€m)(2)  Group banking book portfolio (AC + FVTOCI)

  44. Slide 44: Asset Quality Details

    Asset Quality Details Gross Exposure, €m Sep-25 Dec-25 Mar-26 Jun-26 Bad loans 1,293.5 1,162.9 1,097.7 1,075.0 Unlikely to pay loans 2,761.9 2,374.4 2,317.5 2,298.9 Past due loans 378.8 330.1 325.0 363.5 TOTAL GROSS EXPOSURES 4,434.2 3,867.4 3,740.2 3,737.4 NPE Coverage, % Sep-25 Dec-25 Mar-26 Jun-2

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