Banca Monte Dei Paschi Di Siena S.p.a. · MIL:BMPS
Banca Monte Dei Paschi Di Siena — Q2 2025 Earnings Presentation
30 slides from Banca Monte Dei Paschi Di Siena's earnings presentation, Aug 6, 2025
Slide 1: 2Q-25 & 1H-25 Results
A Clear and Simple Commercial Bank, Revolving Around Customers, Combining Technology With Human Touch 2Q-25 & 1H-25 Results Siena, 6th August 2025
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) IMPORTANT - YOU MUST CAREFULLY READ THE FOLLOWING BEFORE CONTINUING: The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or webcast) this presentation or by reading the presentation slides, you
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) IMPORTANT INFORMATION Prior to the commencement of the acceptance period, as required under applicable regulations, the Offeror has published an offer document and an exemption document, to be carefully examined by the shareholders of MEDIOBANCA - Banca di Credito Finanziario Societ
Slide 4: 2Q-25 & 1H-25 Executive Summary
2Q-25 & 1H-25 Executive Summary ▪ 1H-25 net profit at €892m, up +21.4% y/y excluding positive net tax in both periods, sustained by a strong commercial activity and with an acceleration in 2Q-25, showing a net profit of €479m, up +15.7% q/q on a comparable basis ▪ 1H-25 net operating profit at €936m
Slide 5: Net Profit
Net Profit Quarterly Evolution (€m) Yearly Evolution (€m) +16.0% -23.0% 1,159 892 479 413 +21.4% +15.7% 857 706 397 460 1Q-25 2Q-25 Positive net tax 1H-24 1H-25 • 1H-25 net profit at €892m, up +21.4% y/y excluding positive net tax in both periods, sustained by a strong commercial activity • 2Q-25 ne
Slide 6: Net Operating Profit
Net Operating Profit Quarterly Evolution (€m) Yearly Evolution (€m) +9.1% +4.3% 936 897 448 488 1Q-25 2Q-25 1H-24 1H-25 • 1H-25 net operating profit at €936m, up +4.3% y/y driven by higher revenues, with increased net fee income contribution thanks to the strong commercial effectiveness of our franc
Slide 7: Gross Operating Profit
Gross Operating Profit Quarterly Evolution Operating Income (€m) Gross Operating Profit (€m) +3.9% 1,007 1,047 +7.6% 1Q-25 2Q-25 535 576 Operating Costs (€m) -0.3% 1Q-25 2Q-25 472 471 Cost/Income 47% 45% 1Q-25 2Q-25 • 2Q-25 gross operating profit at €576m, up +7.6% q/q driven by higher revenues and
Slide 8: Gross Operating Profit
Gross Operating Profit Yearly Evolution Operating Income (€m) Gross Operating Profit (€m) +1.1% 2,031 2,054 +0.5% 1,106 1,111 1H-24 1H-25 Operating Costs (€m) +2.0% 1H-24 1H-25 925 943 Cost/Income 46% 46% 1H-24 1H-25 • 1H-25 gross operating profit at €1.1bn, above previous year thanks to increased r
Slide 9: Strong commercial performance in 1H-25
Strong commercial performance in 1H-25 Total Commercial Savings(1) (€bn) WM Gross Inflows (€bn) +€4bn +19% 8.9 171 7.5 167 Dec-24 Jun-25 Jun-24 Jun-25 New Retail Mortgages (€bn) New Consumer Finance (€m) 2.5x +20% 3.5 686 1.4 572 Jun-24 Jun-25 Jun-24 Jun-25 • Ongoing commercial focus on key strategi
Slide 10: Net Interest Income
Net Interest Income Quarterly Evolution (€m) Yearly Evolution (€m) +1.5% -6.7% 1,172 1,094 543 551 1Q-25 2Q-25 1H-24 1H-25 Lending rate 3.75% 3.55% 4.44% 3.65% Funding rate 0.87% 0.71% 1.20% 0.79% Spread 2.89% 2.84% 3.24% 2.86% -5bps -38bps • 2Q-25 NII at €551m, up +1.5% q/q driven by loan volume ex
Slide 11: Net Customer Loans
Net Customer Loans Net Loans (1) (€bn) +4.9% +2.4% 62.0 63.6 65.1 29.6 30.6 30.2 29.6 30.7 30.2 32.4 33.4 32.4 34.4 6.4 6.2 6.4 Dec-24 Mar-25 Jun-25 Small business & medium enterprises Retail Large Corporate & Other • Net customer loans up +4.9% since Dec-24 and up +2.4% q/q driven by strong commerc
Slide 12: Total Commercial Savings
Total Commercial Savings Total Commercial Savings(1) (€bn) +2.3% +2.5% 167.2 166.9 171.0 Q/Q YTD 59.6 59.3 60.4 +1.9% +1.4% 33.2 34.3 35.3 +2.8% +2.8% 74.3 73.3 75.3 Dec-24 Mar-25 Jun-25 Deposits AuC AuM • Total commercial savings up by €4.1bn q/q (+2.5% q/q), supporting the performance up to date N
Slide 13: Italian Govies Portfolio
Italian Govies Portfolio Italian Govies Portfolio Breakdown(1) (€bn) Italian Govies Portfolio at FVTOCI 11.6 11.4 11.0 1.5 2.7 2.7 Dec-24 Mar-25 Jun-25 1.5 1.1 0.9 FVTOCI Duration ~2.1 ~1.6 ~2.8 (years) 8.0 7.9 7.8 FVTOCI Credit -0.4 -0.2 -0.3 spread sensitivity (€m)(2) Dec-24 Mar-25 Jun-25 Amortize
Slide 14: Net Fee and Commission Income
Net Fee and Commission Income Quarterly Evolution Commercial Banking Fees (€m) Total Fees (€m) +9.9% +1.7% 185 203 398 405 1Q-25 2Q-25 Wealth Management and Advisory Fees (€m) -5.5% 213 201 1Q-25 2Q-25 1Q-25 2Q-25 • Total fees at €405m, up +1.7% q/q driven by commercial banking fees up +9.9% q/q, th
Slide 15: Net Fee and Commission Income
Net Fee and Commission Income Yearly Evolution Commercial Banking Fees (€m) Total Fees (€m) +4.4% +9.1% 372 388 803 736 1H-24 1H-25 Wealth Management and Advisory Fees (€m) +13.8% 1H-24 1H-25 364 414 1H-24 1H-25 • 1H-25 total fees at €803m up +9.1% y/y, with increase driven by a strong performance i
Slide 16: Operating Costs
Operating Costs Quarterly Evolution HR Costs (€m) Operating Costs (€m) -0.7% -0.3% 321 319 472 471 1Q-25 2Q-25 Non-HR Costs (€m) +0.7% 1Q-25 2Q-25 151 152 1Q-25 2Q-25 • 2Q-25 operating costs under control at €471m (-0.3% q/q) with both HR and Non-HR practically stable q/q 16
Slide 17: Operating Costs
Operating Costs Yearly Evolution HR Costs (€m) Operating Costs (€m) +5.3% +2.0% 608 640 925 943 1H-24 1H-25 Non-HR Costs (€m) -4.4% 1H-24 1H-25 317 303 1H-24 1H-25 • 1H-25 operating costs at €943m, up +2.0% y/y with the impact of the renewal of the labour contract and variable remuneration pool incr
Slide 18: Gross NPE Stock
Gross NPE Stock Gross NPE Stock (€bn) Breakdown by Category (€bn) 3.7 3.6 3.5 3.1 Bad loans/ 2.3 2.3 2.2 Total NPEs 2.1 34% 1.3 1.4 1.3 1.1 3.7 3.6 3.5 3.1 Dec-24 Mar-25 Jun-25 Jun-25 net of Bad loan UTP + Past due disposals Breakdown by type of guarantee (€bn) Dec-24 Mar-25 Jun-25 Jun-25 net of 3.7
Slide 19: Coverage and Cost of Risk
Coverage and Cost of Risk NPE Coverage Breakdown Cost of Risk (bps) 66.5% 65.9% 66.1% 61.6% 38.8% 40.0% 39.5% 39.2% 26.3% 28.7% 28.7% 28.7% 1H-25 CoR 53 Bad loan Coverage UTP Coverage Past Due Coverage 46 42 43bps Dec-24 Mar-25 Jun-25 Jun-25 net of disposals Total NPE Coverage 48.5% 49.5% 49.3% 46.7
Slide 20: Funding & Liquidity
Funding & Liquidity Reduced Reliance on ECB funding (ECB Funding/Total Liabilities) LCR Evolution 166% 156% 169% 7% Dec-24 Mar-25 Jun-25 6% 6% NSFR Evolution 134% 130% 132% Dec-24 Mar-25 Jun-25 Dec-24 Mar-25 Jun-25 • Solid liquidity position with unencumbered counterbalancing capacity at €31bn, LCR
Slide 21: Capital
Capital CET1 Ratio Fully Loaded(1) Fully Loaded Capital Ratios(1) SREP 18.2% 19.6% 19.6% Dec-24 Mar-25 Jun-25 2025(2) CET1 ratio (%) 18.2% 19.6% 19.6% 9.19% 9.2% Tier 1 ratio (%) 18.2% 19.6% 19.6% 11.15% Total capital 20.5% 22.0% 21.8% 13.78% Dec-24 Mar-25 Jun-25 SREP ratio (%) 2025 CET1 Ratio Fully
Slide 22: 2025 EBA EU-Wide Stress Test results
2025 EBA EU-Wide Stress Test results CET1 ratio fully loaded in the Stress Test 22.9% ▪ Best ever results in Stress Tests (better than 2023): 19.4% o Adverse scenario: 2027 FL CET1r = 16.83% (-257bps 18.2% 16.8% vs FY24 CRR3 restated) o Baseline scenario: 2027 FL CET1r = 22.93% (+353bps vs FY24 CRR3
Slide 23: Update on the Mediobanca Offer
Update on the Mediobanca Offer ▪ Exchange offer period: started on 14th July and will end on 8th September (40 trading days) Timeline and ▪ Consideration: 2.533 newly issued ordinary shares for every Mediobanca share tendered offer terms ▪ Threshold: at least 66.67% of Mediobanca’s share capital, po
Slide 24: Conclusions
Conclusions ▪ Positive operating profit dynamics both quarter-on-quarter and year-on-year, leading to a 1H-25 net profit of €892mln ▪ Resilient revenues, with mix enhancement, driven by sound commercial results ▪ Cost of risk and asset quality improving, in line with the Business Plan, supported by
Slide 25: Appendix – Supporting Materials of 2Q-25 Results
Appendix – Supporting Materials of 2Q-25 Results 25
Slide 26: Focus on DTAs
Focus on DTAs On and Off Balance Sheet DTAs (€bn) Dec-24 Mar-25 Jun-25 Convertible DTAs 0.4 0.4 0.4 ▪ Stock of DTAs not recorded in Balance Sheet DTAs on Tax loss carryforwards 1.5 1.6 1.7 at €1.3bn, entirely composed by DTAs on tax loss carryforwards Other non-convertible DTAs 0.6 0.6 0.5 ▪ Current
Slide 27: Extraordinary Litigations and Extrajudicial Claims
Extraordinary Litigations and Extrajudicial Claims Gross Petitum(1) (€bn) Dec-24 Mar-25 Jun-25 ▪ Extraordinary litigations and extrajudicial Alken civil claims at €1.2bn, with slight reduction over litigation (2nd 0.45 0.45 0.45 31st March 2025 degree positive) ▪ A positive trend of civil sentences
Slide 28: Reclassified Income Statement
Reclassified Income Statement 2Q-25/ 1Q- 1H-25/ 1H- (€m) 2Q-25 1Q-25 1H-25 1H-24 25 (%) 24 (%) Net Interest Income 551 543 1,094 1,172 +1.5% -6.7% Net fees and commission income 405 398 803 736 +1.7% +9.1% Core Revenues 956 941 1,897 1,908 +1.6% -0.6% Profit (loss) of equity-accounted investments (A
Slide 29: Balance Sheet
Balance Sheet Total Assets(1) (€m) Jun-24 Dec-24 Mar-25 Jun-25 QoQ% YoY% Loans to Central banks 566 565 660 644 -2.4% 13.7% Loans to banks 2,671 2,068 1,921 1,716 -10.6% -35.7% Loans to customers 77,975 77,310 78,631 80,530 2.4% 3.3% Securities assets 18,399 17,447 19,024 18,967 -0.3% 3.1% Tangible
Slide 30: Lending & Direct Funding
Lending & Direct Funding Total Lending (€m) Jun-24 Dec-24 Mar-25 Jun-25 QoQ% YoY% Current accounts 2,634 2,659 2,832 2,870 1.3% 8.9% Medium-long term loans 51,579 50,705 52,041 53,173 2.2% 3.1% Other forms of lending 14,659 15,023 14,890 15,483 4.0% 5.6% Reverse repurchase agreements 7,225 7,035 7,0
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