Banca Monte Dei Paschi Di Siena S.p.a. · MIL:BMPS
Banca Monte Dei Paschi Di Siena — Q4 2025 Earnings Presentation
43 slides from Banca Monte Dei Paschi Di Siena's earnings presentation, Feb 10, 2026
Slide 1: A Leading Competitive Force in Banking
A Leading Competitive Force in Banking 4Q-25 & FY-25 Preliminary Results Siena, 10th February 2026
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”), IS PRELIMINARY IN NATURE AND MAY BE SUBJECT TO UPDATING,
Slide 3: 4Q-25 & FY-25 Executive Summary
4Q-25 & FY-25 Executive Summary ▪ New combined group FY-25 net profit at €3.0bn (before PPA’s net economic impact equal to €-0.3bn )(1) ▪ FY-25 standalone net profit at €2,750m, up +17.7% y/y when excluding positive net tax, driven by a solid operating performance sustained by growing fee income; 4Q
Slide 4: €2,613m dividends (€0.86 per share), Dividend Yield of 10%
€2,613m dividends (€0.86 per share), for a Dividend Yield of 10%, top of the banking sector €0.86 per share, a total of €2,613m D/Y 10%(1) Dividend yields (2) 10% 8% 6% 6% 6% 6% 5% 5% 5% 5% 4% 4% 4% 4% 4% 3% 3% 2% 2% 1% The dividend distribution will be subject to the AGM approval; amemdments to the
Slide 5: Update on the combination with Mediobanca
Update on the combination with Mediobanca ▪ Confirmed target group structure, fully aligned with the industrial rationale of the Offer, aiming at maximizing the value creation and achieve maximum integration in line with the regulatory requirements related to ECB authorization, with legal entity Med
Slide 6: 4Q-25 & FY-25 MPS (standalone) Preliminary Results
4Q-25 & FY-25 MPS (standalone) Preliminary Results P&L and balance sheet figures do not include the contribution of Mediobanca(1), for comparison purposes Notes: (1) Mediobanca consolidation started as of 30 September 2025 for balance sheet figures and from 1 October 2025 for income statement data.
Slide 7: From Standalone to Combined Group FY-25 Net profit: main components
From Standalone to Combined Group FY-25 Net profit: main components Combined (MPS+MB) Group Net Profit (€m) +961 3.036 2.716 -321 +376 1.700 FY-25 4Q-25 Mediobanca Group positive net tax FY-25 Group 4Q-25 PPA's FY-25 MPS (Standalone) pre-tax profit net profit economic impacts Group net profit pre-ta
Slide 8: Net Profit
Net Profit Quarterly Evolution (€m) Yearly Evolution (€m) n.m. +41.0% n.m. 2,750 1,951 1,384 +17.7% 474 1.700 385 1.445 348 431 412 4Q-24 3Q-25 4Q-25 FY-24 FY-25 Positive net tax • FY-25 net profit at €2,750m, +17.7% y/y excluding positive net tax in both periods, driven by a solid operating perform
Slide 9: Net Operating Profit
Net Operating Profit Quarterly Evolution (€m) Yearly Evolution (€m) +15.3% +6.4% +4.2% 1.860 1.748 453 472 409 4Q-24 3Q-25 4Q-25 FY-24 FY-25 • FY-25 net operating profit at €1,860m, up +6.4% y/y driven by commercial effectiveness in fee income activities, confirming the strength of our franchise, op
Slide 10: Gross Operating Profit
Gross Operating Profit Quarterly Evolution Operating Income (€m) Gross Operating Profit (€m) +2.4% +2.0% +5.2% +2.8% 996 1.000 1.020 520 532 546 4Q-24 3Q-25 4Q-25 Operating Costs (€m) -0.6% +1.2% 4Q-24 3Q-25 4Q-25 477 468 474 Cost/Income 48% 47% 46% 4Q-24 3Q-25 4Q-25 • 4Q-25 gross operating profit a
Slide 11: Gross Operating Profit
Gross Operating Profit Yearly Evolution Operating Income (€m) Gross Operating Profit (€m) +1.0% 4.034 4.074 +1.1% 2.165 2.189 FY-24 FY-25 Operating Costs (€m) +0.8% FY-24 FY-25 1.869 1.885 Cost/Income 46% 46% FY-24 FY-25 • FY-25 gross operating profit at €2,189m, up +1.1% y/y, with revenues up +1.0%
Slide 12: Strong commercial performance in FY-25
Strong commercial performance in FY-25 Total Commercial Savings (1) (€bn) WM Gross Inflows (€bn) +6.5% +17% 17,0 178 14,6 167 Dec-24 Dec-25 Dec-24 Dec-25 New Retail Mortgages (€bn) New Consumer Finance (€m) +83% +14% 6,2 1.278 3,4 1.121 Dec-24 Dec-25 Dec-24 Dec-25 • Strong commercial performance in
Slide 13: Net Interest Income
Net Interest Income Quarterly Evolution (€m) Yearly Evolution (€m) -7.5% -7.4% +0.1% 2.356 2.182 588 544 544 4Q-24 3Q-25 4Q-25 FY-24 FY-25 Lending rate 4.09% 3.37% 3.38% 4.31% 3.51% Funding rate 0.99% 0.62% 0.61% 1.13% 0.70% Spread 3.10% 2.76% 2.77% 3.18% 2.81% +1bp -33bps -37bps • FY-25 NII at €2,1
Slide 14: Net Customer Loans
Net Customer Loans Net Loans(1) (€bn) +6.2% +1.0% 63,6 65,1 65,3 65,9 62.0 29.6 30.2 30.7 30.4 30.6 32.4 6,4 33.4 6,2 34.4 6,4 34.9 6,4 35.3 6,8 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Small business & medium enterprises Retail Large Corporate & Other • Net customer loans close to €66bn, up +6.2% since D
Slide 15: Total Commercial Savings
Total Commercial Savings Total Commercial Savings(1) (€bn) +6.5% +2.2% 171.0 174.3 178.0 167.2 166.9 60,4 61,8 63,1 59,6 59,3 33,2 34,3 35,3 35,7 37,2 74,3 73,3 75,3 76,8 77,8 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Deposits AuC AuM • Total commercial savings at €178bn, up by about €11bn since December 2
Slide 16: Italian Govies Portfolio
Italian Govies Portfolio Italian Govies Portfolio Breakdown(1) (€bn) 11.6 11.4 11.7 11.0 10.9 1,5 2,7 2,7 2,6 2,7 1,5 1,1 0,9 0,8 0,6 8,0 7,9 7,8 7,7 8,3 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 AC FVTOCI FVTPL FVTOCI Duration (years) ~2.1 ~1.6 ~2.8 ~2.9 ~3.7 FVTOCI Credit spread -0.3 sensitivity (€m)(2)
Slide 17: Net Fee and Commission Income
Net Fee and Commission Income Quarterly Evolution Commercial Banking Fees (€m) Total Fees (€m) +0.7% +2.7% +7.4% 196 192 197 +4.9% 382 401 4Q-24 3Q-25 4Q-25 373 Wealth Management and Advisory Fees (€m) +14.8% +7.0% 177 190 204 4Q-24 3Q-25 4Q-25 4Q-24 3Q-25 4Q-25 • 4Q-25 fees at €401m, up +7.4% y/y d
Slide 18: Net Fee and Commission Income
Net Fee and Commission Income Yearly Evolution Commercial Banking Fees (€m) Total Fees (€m) +3.5% 752 778 +8.2% 1.586 1.465 FY-24 FY-25 Wealth Management and Advisory Fees (€m) +13.3% FY-24 FY-25 713 808 FY-24 FY-25 • FY-25 total fees at €1,586m, up +8.2% y/y driven by an excellent performance in we
Slide 19: Operating Costs
Operating Costs Quarterly Evolution HR Costs (€m) Operating Costs (€m) +3.1% +0.3% -0.6% +1.2% 311 320 321 477 468 474 4Q-24 3Q-25 4Q-25 Non-HR Costs (€m) -7.8% +3.1% 166 148 153 4Q-24 3Q-25 4Q-25 4Q-24 3Q-25 4Q-25 • 4Q-25 operating costs at €474m down -0.6% y/y thanks to the rigorous and effective
Slide 20: Operating Costs
Operating Costs Yearly Evolution HR Costs (€m) Operating Costs (€m) +4.3% +0.8% 1.229 1.281 1.869 1.885 FY-24 FY-25 Non-HR Costs (€m) -5.7% 640 604 FY-24 FY-25 FY-24 FY-25 • FY-25 operating costs at €1,885m, well under control (+0.8% y/y) thanks to the rigorous and effective management of Non-HR cos
Slide 21: Gross NPE Stock
Gross NPE Stock Gross NPE Stock (€bn) Breakdown by Category (€bn) 3.7 3.6 3.5 3.1 2.9 Bad loans/ Total NPEs 2,3 2,3 2,2 2,0 1,9 34% 3,7 3,6 3,5 1,3 1,4 1,3 1,1 1.0 3,1 2,9 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Bad loan UTP + Past due Breakdown by type of guarantee (€bn) Dec-24 Mar-25 Jun-25 Sep-25 Dec-
Slide 22: Coverage and Cost of Risk
Coverage and Cost of Risk NPE Coverage Breakdown Cost of Risk (bps) 66,5% 63,0% 61,8% 46 42 39 37 41,2% 43,1% 38,8% 26,3% 27,2% 28,3% Bad loan Coverage UTP Coverage Past Due Coverage 1Q-25 2Q-25 3Q-25 4Q-25 Dec-24 Sep-25 Dec-25 Total NPE Coverage 53 49,5% 40 49,3% 48,7% 49,3% 48,5% Dec-24 Mar-25 Jun
Slide 23: Funding & Liquidity
Funding & Liquidity Reduced Reliance on ECB funding (ECB Funding/Total Liabilities) LCR Evolution 166% 159% 168% 7% 7% 7% Dec-24 Sep-25 Dec-25 NSFR Evolution Dec-24 Sep-25 Dec-25 134% 131% 133% Dec-24 Sep-25 Dec-25 • Sound liquidity position, with unencumbered counterbalancing capacity at €33.5bn, L
Slide 24: Purchase Price Allocation (PPA)
Purchase Price Allocation (PPA) Value to be allocated (€bn) PPA process (€bn) Goodwill (€bn) 17,8 6,5 ~3.0 2,2 14,9 2,5 -0,4 -0,7 11,3 Purchase Price MB Book Value Price to be Preliminary PPA Loans Other Tax impact FV Book Value Provisional allocated as at Sep-25 goodwill post allocation (1) Price a
Slide 25: Capital
Capital CET1 Ratio Fully Loaded(1) Fully Loaded Capital Ratios(1) SREP 18,2% 18,9% Dec-24 Sep-25 Dec-25 16,9% 2026 16,2% 9,0% CET1 ratio (%) 18.2% 16.9% 16.2% 9.01% Tier 1 ratio (%) 18.2% 17.0% 16.3% 10.92% Dec-24 Sep-25 Sep-25 Dec-25 SREP Total capital 20.5% 19.3% 18.4% 13.47% (like-for-like) (MPS
Slide 26: 4Q-25 Mediobanca Results
4Q-25 Mediobanca Results Key messages 26
Slide 27: Key messages on 4Q-25 Mediobanca results
Key messages on 4Q-25 Mediobanca results ▪ 4Q-25 net profit at €301m, before one-offs (FV adjustments and OPS costs)(1); €221m reported ▪ Sound asset driven business: o WM: TFA at €115bn, stable QoQ; transition under management o CIB: higher volumes materialized in 3M (+5% q/q) including seasonal fa
Slide 28: The combined BMPS - Mediobanca
The combined BMPS - Mediobanca 28
Slide 29: Strong industrial rationale: a profitable and sustainable business model
Strong industrial rationale: a profitable and sustainable business model based on the complementarity of the two platforms ASSET RETAIL & CORPORATE & CONSUMER GATHERING & HNWI PRIVATE COMMERCIAL INVESTMENT INSURANCE & ASSET MANAGEMENT FINANCE WEALTH BANKING BANKING BANKING MANAGEMENT Distribution ag
Slide 30: Resilient and diversified business model powered by capital-light contributions
Resilient and diversified business model powered by capital-light contributions Pro forma(1) business mix by 2025 revenues Insurance ~8% Corporate & Investment Banking Retail & Commercial ~14% Banking ~30% ~€8bn(2) Asset Gathering & Wealth Management and Private Consumer Finance Banking ~19% ~30% No
Slide 31: Combination Program progressing at fast pace
Combination Program progressing at fast pace: key benefits already achieved and Integration Plan ready for delivery in line with the planned timeline …AND FURTHER GROWTH PHASE 1 CONFIRMED THE SOUNDNESS …WITH SUBSTANTIAL AND TANGIBLE UNLOCKED BY THE INTEGRATION OF THE STRATEGIC RATIONALES… BENEFITS A
Slide 32: Final remarks
MONTE DEI PASCHI DI SIENA BANCA DAL 1472 MONTE DEI PASCHI DI SIENA BANCA DAL 1472 Final remarks
Slide 33: Conclusions
Conclusions ▪ FY-25 MPS (standalone) pre-tax profit at €1.7bn well above guidance ▪ Outstanding commercial performance, as shown by volumes growth and high single digit fee increase ▪ Trend to be confirmed in 2026, with acceleration of commercial dynamics and solid growth in fees and commissions, su
Slide 34: Appendix – Supporting Materials of 4Q-25 & FY-25 Preliminary Results
Appendix – Supporting Materials of 4Q-25 & FY-25 Preliminary Results 34
Slide 35: Focus on DTAs
Focus on DTAs On and Off Balance Sheet DTAs (€bn) Dec-24 Sep-25 Dec-25 Convertible DTAs 0.4 0.5 0.5 ▪ In 4Q-25, complete reassessment of €1.1bn DTAs on Tax loss carryforwards 1.5 1.8 2.8 TLCF DTA made possible by the tax consolidation of Mediobanca Other non-convertible DTAs 0.6 0.7 0.8 ▪ Current It
Slide 36: MPS standalone: extraordinary litigations and extrajudicial claims
MPS standalone: extraordinary litigations and extrajudicial claims Gross Petitum(1) (€bn) ▪ Extraordinary litigations and extrajudicial Dec-24 Sep-25 Dec-25 claims at €1.2bn ▪ A positive trend of civil sentences on Alken civil litigation (2nd disclosure of financial information 2008- 0,45 0,45 0,45
Slide 37: Reclassified Income Statement – Quarterly evolution
Reclassified Income Statement – Quarterly evolution 4Q-24 3Q-25 4Q-25 4Q-25/ 3Q- 4Q-25/ 4Q- 4Q-25 4Q-25 (€m) MPS MPS MPS 25 (%) 24 (%) MB MPS + MB Net Interest Income 588 544 544 +0.1% -7.5% 473 1,017 Net fees and commission income 373 382 401 +4.9% +7.4% 206 607 Core Revenues 961 926 945 +2.1% -1.7
Slide 38: Reclassified Income Statement – Yearly evolution
Reclassified Income Statement – Yearly evolution FY-24 FY-25 FY-25/FY- 4Q-25 FY-25 (€m) MPS MPS 24 (%) MB MPS + MB Net Interest Income 2,356 2,182 -7.4% 473 2,654 Net fees and commission income 1,465 1,586 +8.2% 206 1,792 Core Revenues 3,821 3,768 -1.4% 679 4,447 Profit (loss) of equity-accounted in
Slide 39: Mediobanca: Main P&L managerial reclassification and quarterly recast figures
Mediobanca: Main P&L managerial reclassification and quarterly recast figures (€m) 1Q-25 2Q-25 3Q-25 4Q-25 Net Interest Income 493 503 477 472 Fees 250 229 209 218 Other Revenues 156 197 167 199 Total Revenues 899 929 853 889 Personnel expenses -210 -225 -200 -240 Other administrative expenses -149
Slide 40: Proforma Reclassified FY-25 Income Statement – MPS + Mediobanca
Proforma Reclassified FY-25 Income Statement – MPS + Mediobanca (€m) Dec-25 Net Interest Income 4,130 Fees 2,452 Other Revenues 1,053 Total Revenues 7,635 Personnel expenses -2,156 Other administrative expenses -1,068 Depreciations/amortisations and net impairment losses on PPE -275 Operating Costs
Slide 41: Balance Sheet
Balance Sheet Total Assets (1) (€m) Dec-24 Sep-25 Dec-25 Sep-25 Dec-25 QoQ% YoY% MPS MPS MPS MPS+MB MPS+MB Loans to Central banks 565 671 897 33.6% 58.6% 1,114 1,094 Loans to banks 2,068 2,089 1,852 -11.3% -10.4% 6,746 7,120 Loans to customers 77,310 80,705 81,530 1.0% 5.5% 140,679 142,842 Securitie
Slide 42: Lending & Direct Funding
Lending & Direct Funding Total Lending (€m) Dec-24 Sep-25 Dec-25 Sep-25 Dec-25 QoQ% YoY% MPS MPS MPS MPS+MB MPS+MB Current accounts 2,659 2,968 2,552 -14.0% -4.0% 5,958 5,397 Medium-long term loans 50,705 53,657 54,751 2.0% 8.0% 82,753 85,438 Other forms of lending 15,023 15,004 15,434 2.9% 2.7% 36,
Slide 43: Sustainability – 2025 highlights
Sustainability – 2025 highlights Current Achievements Our Key Objectives Green Loans to NZBA sectors (2) • -74% Scope 1 emissions (1) (2017 vs 2025) over Total Lending to NZBA sectors (%) • 100% renewable energy since 2012 7,6% • 20% Green Bond on total issuances in 2025 3,8% 1,6% • EUR 10.5bn AuM E
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