Banca Monte Dei Paschi Di Siena S.p.a. · MIL:BMPS
Banca Monte Dei Paschi Di Siena — Q1 2026 Earnings Presentation
32 slides from Banca Monte Dei Paschi Di Siena's earnings presentation, May 12, 2026
Slide 1: Gruppo Banca Monte dei Paschi di Siena 1Q-26 Consolidated Results
Gruppo Banca Monte dei Paschi di Siena 1Q-26 Consolidated Results 12th May 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: 1Q-26 Consolidated Results
1Q-26 Consolidated Results Notes: Yearly changes based on the pro forma financial data of the combined entity, including Mediobanca, as at March 31, 2025.
Slide 4: 1Q-26 Executive Summary
1Q-26 Executive Summary Strong earnings momentum: €521m net profit and €911m PBT, up +15.6% q/q and +6.7% y/y, confirming the strength, visibility and repeatability of our earnings trajectory Efficiency driving performance: Gross operating profit exceeded €1.1bn (+8.4% q/q), with revenues up +3.
Slide 5: Net Profit & Profit Before Tax
Net Profit & Profit Before Tax Profit Before Tax Evolution, €m Net Profit Evolution, €m +6.7% 1,349 +15.6% Impact of taxes and other items1, €m 911 854 788 +561 692 521 -162 -390 1Q-25 4Q-25 1Q-26 1Q-25 4Q-25 1Q-26 pro forma 1Q-25 4Q-25 1Q-26 pro forma pro forma 1Q-26 net profit at €521m, reflecti
Slide 6: Net Operating Profit
Net Operating Profit Net Operating Profit Evolution, €m +3.4% +9.5% 916 947 865 1Q-25 4Q-25 1Q-26 pro forma 1Q-26 net operating profit at €947m, up +9.5% q/q mainly driven by an increase in core revenues and lower operating costs, with cost of risk under control Net operating profit +3.4% y/y su
Slide 7: Gross Operating Profit
Gross Operating Profit Operating Income Evolution, €m +2.9% +3.0% Gross Operating Profit Evolution, €m 1,905 1,902 1,960 +4.3% +8.4% 1,055 1,101 1,016 1Q-25 4Q-25 1Q-26 pro forma Operating Costs Evolution, €m +1.1% -3.1% 1Q-25 4Q-25 1Q-26 849 886 859 pro forma Cost/Income 45% 47% 44% 1Q-25 4Q-25 1Q-
Slide 8: Net Interest Income
Net Interest Income Net Interest Income Evolution, €m flat +1.9% 1,036 1,017 1,036 1Q-25 4Q-25 1Q-26 pro forma Commercial Lending rate 4.67% 4.30% 4.33% Commercial Funding rate 1.10% 0.83% 0.81% Commercial Spread 3.57% 3.47% 3.51% 1Q-26 NII at €1,036m, +1.9% q/q thanks to improvement of commercial
Slide 9: Net Fees & Commissions
Net Fees & Commissions Commercial Banking Fees Evolution, €m -1.4% -5.4% Total Fees Evolution, €m 211 219 208 -1.7% +2.8% 1Q-25 4Q-25 1Q-26 pro forma 629 618 601 WM and Advisory Fees Evolution1, €m -1.8% +7.6% 1Q-25 4Q-25 1Q-26 pro forma 418 382 411 1Q-25 4Q-25 1Q-26 pro forma 1Q-26 fees at €618m,
Slide 10: Commercial Performance
Commercial Performance Total Financial Assets1, €bn WM Gross Inflows2, €bn -0.5% +9.7% 292 290 6.4 6.3 274 5.8 Mar-25 Dec-25 Mar-26 1Q-25 4Q-25 1Q-26 New Retail Mortgages3, €bn New Consumer Finance, €bn -4.7% +3.7% 2.1 1.7 1.7 2.5 2.6 2.7 1Q-25 4Q-25 1Q-26 1Q-25 4Q-25 1Q-26 Strong commercial perfo
Slide 11: Commercial Customer Loans
Commercial Customer Loans Commercial Customer Loans Evolution¹, €bn +5.2% +1.0% 128 129 122 21 22 23 21 22 21 16 17 17 64 66 67 Mar-25 Dec-25 Mar-26 pro forma Retail & Commercial Banking Consumer Finance AG&WM & Private Banking Corporate & Investment Banking Customer loans at €129bn, +1.0% q/q dri
Slide 12: Commercial Direct Savings
Commercial Direct Savings Commercial Direct Savings Evolution¹, €bn +4.5% -1.3% 101 107 106 4 5 5 56 57 57 41 44 44 Mar-25 Dec-25 Mar-26 pro forma Retail & Commercial Banking AG&WM & Private Banking Corporate & Investment Banking Net Commercial direct savings at €106bn with a resilient quarterly d
Slide 13: Indirect Funding
Indirect Funding Indirect Funding Mix, €bn AuM, €bn +6.5% -1.1% 117 116 +7.0% 109 0.2 -0.1% 110 108 102 173 185 185 7 7 7 9 ~12 Mar-25 pro forma Dec-25 Mar-26 8 AuC, €bn +7.9% 151 161 159 +1.7% 64 68 69 8 9 11 14 14 49 51 51 13 Mar-25 Dec-25 Mar-26 ~7 7 7 pro forma Mar-25 pro forma Dec-25 Mar-26 Ret
Slide 14: Operating Costs
Operating Costs HR Costs Evolution, €m +2.1% -3.2% Operating Costs Evolution, €m 531 560 542 +1.1% -3.1% 849 886 859 1Q-25 pro forma 4Q-25 1Q-26 Non-HR Costs Evolution, €m -0.7% -2.8% 1Q-25 pro forma 4Q-25 1Q-26 319 326 316 1Q-25 pro forma 4Q-25 1Q-26 1Q-26 operating costs at €859m, -3.1% q/q than
Slide 15: Asset Quality & Cost of Risk
Asset Quality & Cost of Risk Gross NPE stock, €bn NPE Coverage, % 4.4 51.6% 49.5% 50.6% 3.9 3.7 Sep-25 Dec-25 Mar-26 Sep-25 Dec-25 Mar-26 Cost of Risk, bps Gross NPE 3.1% 2.7% 2.5% Ratio¹ 42 42 Net NPE 1.5% 1.4% 1.3% Ratio 4Q-25 1Q-26 Gross NPE stock at €3.7bn; Gross NPE ratio at 2.5% and net NPE
Slide 16: Funding & Liquidity Position
Funding & Liquidity Position Funding Mix, €bn & % LCR Evolution, % 161% 167% 157% ABS/Lt secured Interbank 5% 3% Covered bonds 7% Sep-25 Dec-25 Mar-26 Senior 11% €146bn1 Customer NSFR Evolution, % deposits 72% Subordinated bonds 122% 121% 121% 2% Sep-25 Dec-25 Mar-26 Sound liquidity profile of the
Slide 17: Capital
Capital FL CET1 Capital, % FL Capital Ratios, % Sep-25 Dec-25 Mar-26 SREP 20261 16.9% 16.2% 15.9% CET1 ratio (%) 16.9% 16.2% 15.9% 9.51% 9.5% Tier 1 ratio (%) 17.0% 16.3% 16.0% 11.42% Sep-25 Dec-25 Mar-26 SREP Total capital ratio (%) 19.3% 18.4% 17.9% 13.97% 2026 FL CET 1 Ratio: Quarterly Dynamics R
Slide 18: Update on the Merger with Mediobanca & 1Q-26 Mediobanca Results Key Messages
Update on the Merger with Mediobanca & 1Q-26 Mediobanca Results Key Messages
Slide 19: Key messages on 1Q-26 Mediobanca results
Key messages on 1Q-26 Mediobanca results Profit Before Tax €447m (+19% q/q) and Net profit €323m (+46% q/q) Positive commercial trends, with first benefits from synergies: o CIB: growth across all products resumed in last 3M o WM: TFAs €113bn, +4% y/y, driven by AuM up 7% y/y; -2% q/q including
Slide 20: Revenues Contribution by Segment confirms the importance of high multiple businesses
Revenues Contribution by Segment confirms the importance of high multiple businesses Revenues Contribution by Segment Retail & Commercial Banking Retail & Commercial Banking 19% Consumer Finance 28% Consumer Finance Principal €2bn Revenues Asset Gathering & Wealth Investing 1Q 2026 20% Management 8%
Slide 21: MPS / Mediobanca Merger on Track to be Effective by 4Q-26
MPS / Mediobanca Merger on Track to be Effective by 4Q-26 Transaction Timeline Corporate & Industrial Steps Implementation Update Merger of Mediobanca S.p.A. into Banca Business Plan Target Group Structure 13.02.26 – Boards approvals to proceed with MPS S.p.A. and demerger of the C&IB and implem
Slide 22: Expected Synergies Confirmed
Expected Synergies Confirmed Synergies target and phasing Main initiatives activated in 1Q-26 0.7 €B Reduction of debit card processing fees and increase in rebates on investment funds, through renegotiation of agreement with third-party payment provider and Asset Managers Acceleration of MB CIB
Slide 23: Final Remarks
MONTE DEI PASCHI DISIENA BANCA DAL 1472
Slide 24: Conclusion and 2026 Outlook
Conclusion and 2026 Outlook Strong start to the Business Plan: PBT at €911m (+15.6% q/q, +6.7% y/y) and net profit at €521m, fully in line with guidance and reflecting solid execution across the Group Commercial strength and resilient franchise: Gross operating profit +8.4% q/q, loans +1.0% q/q
Slide 25: Appendix – Supporting Materials
Appendix – Supporting Materials
Slide 26: Income Statement – Quarterly Evolution
Income Statement – Quarterly Evolution (€m) 1Q-25 pro forma 4Q-25 1Q-26 Q/Q Y/Y Net Interest Income 1,036 1,017 1,036 +1.9% (0.0%) Net fees and commission income 629 601 618 +2.8% (1.7%) Core Revenues 1,665 1,618 1,654 +2.2% (0.7%) Profit (loss) of equity-accounted investments 121 180 146 (18.9%) +2
Slide 27: Balance Sheet
Balance Sheet Total Assets1, €m Sep-25 Dec-25 Mar-26 Q/Q Loans to Central Banks 1,114 1,094 1,041 (4.9%) Loans to Banks 6,746 7,120 6,624 (7.0%) Loans to Customers 140,679 142,842 146,337 2.4% Securities Assets 44,598 46,543 48,533 4.3% Tangible and Intangible Assets 7,778 6,638 6,632 (0.1%) Other A
Slide 28: Lending & Direct Funding
Lending & Direct Funding Total Lending, €m Sep-25 Dec-25 Mar-26 Q/Q Current Accounts 5,958 5,397 5,739 6.3% Medium-long Term Loans 82,753 85,438 87,263 2.1% Other Forms of Lending 36,423 38,759 38,408 (0.9%) Reverse Repos 13,398 11,296 13,080 15.8% Impaired Loans 2,147 1,952 1,847 (5.3%) Total 140,6
Slide 29: Pro Forma Reclassified 2025 Income Statement – MPS + Mediobanca
Pro Forma Reclassified 2025 Income Statement – MPS + Mediobanca 1Q-25 2Q-25 3Q-25 4Q-25 FY-25 Net Interest Income 1,036 1,055 1,022 1,017 4,130 Fees 629 615 573 601 2,418 Other Revenues 240 292 243 284 1,058 Total Revenues 1,905 1,962 1,839 1,902 7,607 Personnel expenses (531) (545) (520) (560) (2,1
Slide 30: Focus on DTAs
Focus on DTAs On and Off Balance Sheet DTAs, €bn Sep-25 Dec-25 Mar-26 Convertible DTAs 0.5 0.5 0.5 In 4Q-25, complete reassessment of DTAs on Tax loss carryforwards 1.8 2.8 2.6 €1.1bn TLCF DTA made possible by the tax consolidation of Mediobanca Other non-convertible DTAs 0.7 0.8 0.9 Current Ita
Slide 31: Italian Govies Portfolio
Italian Govies Portfolio Italian Govies Portfolio Breakdown1, €bn 18.4 19.8 18.0 3.4 4.4 3.1 3.4 2.7 4.4 11.6 12.8 10.5 Mar-25 Dec-25 Mar-26 pro forma FVTPL FVTOCI AC FVTOCI Duration (years) ~1.6 ~2.2 ~3.1 FVTOCI Credit spread (1.6) (1.5) (1.2) sensitivity (€m)(2) Group banking book portfolio (AC
Slide 32: Asset Quality Details
Asset Quality Details Gross Exposure, €m Sep-25 Dec-25 Mar-26 Bad loans 1,293.5 1,162.9 1,097.7 Unlikely to pay loans 2,761.9 2,374.4 2,317.5 Past due loans 378.8 330.1 325.0 TOTAL GROSS EXPOSURES 4,434.2 3,867.4 3,740.2 NPE Coverage, % Sep-25 Dec-25 Mar-26 Bad loans 65.2% 61.4% 60.7% Unlikely to pa
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