Banca Mediolanum Spa · MIL:BMED
Banca Mediolanum Spa — Q1 2026 Earnings Presentation
78 slides from Banca Mediolanum Spa's earnings presentation, May 7, 2025
Slide 1: Q1 2026 Results & Business Update
Q1 2026 Results & Business Update
Slide 2: Table of content and colour key
Table of content and colour key Q1 2026 Group Results 3 Q1 2026 Domestic Market Results 21 Q1 2026 Spain Results 30 Business Update 32 Mediolanum Facts 43
Slide 3: Q1 2026 Group Results
3 Q1 2026 Group Results
Slide 4: Q1 2026 Economic & Financial Highlights
Q1 2026 4 Economic & Financial Highlights Group Quality growth from core business, driven by fundamentals € mn Q1 2026 Q1 2025 Change Solid fee growth driven by Recurring Fees (+9%). Banking Service Fees Net Commission Income 353.5 316.2 +12% up 66% thanks to strong Certificate sales 180.0 +31% NII
Slide 5: Q1 2026 Business Results Highlights
Q1 2026 5 Business Results Highlights Group Resilient flows despite volatility, customers staying the course € bn Q1 2026 Q1 2025 Change FY 2025 Change Robust commercial activity despite demanding comparison base. Total Net Inflows 3.34 3.77 -11% Inflow quality remained strong, with customers invest
Slide 6: Q1 2026 Growth & Resilience Drivers
Q1 2026 6 Growth & Resilience Drivers Group Continued customer & network expansion Automatic investment services fueling the equity pipeline 31/03/2026 31/12/2025 Change Growth fueled by appeal of the business model & Bank Customers 2,066,500 2,032,100 +2% quality of service delivered. Strong contri
Slide 7: Capital Adequacy & Balance Sheet Highlights
Q1 2026 7 Capital Adequacy & Balance Sheet Highlights Group Rock-solid capital position, well above regulatory thresholds Q1 2026 0 FY 2025 CET1 Ratio 22.8% 23.0% Extremely robust, confirming strong organic capital generation capacity Higher vs year-end, reflecting the €500mn SP bond issued in Janua
Slide 8: Income Statement
8 Income Statement Q1 2026 € mn Group Q1 2026 Q1 2025 Change Entry fees 15.3 16.9 -9% Management fees 375.2 343.6 +9% Investment Management fees 71.1 66.9 +6% Net insurance result 57.4 56.4 +2% Banking service fees 80.5 48.5 +66% Other fees 14.3 13.8 +4% Gross Commission Income 613.8 546.1 +12% Acqu
Slide 9: Income Statement by Quarter
9 Income Statement by Quarter Q1 2026 € mn Group Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Entry fees 16.9 15.1 14.3 17.3 15.3 Management fees 343.6 337.4 360.5 372.8 375.2 Investment Management fees 66.9 63.8 68.1 70.4 71.1 Net insurance result 56.4 54.4 53.6 59.1 57.4 Banking service fees 48.5 74.1 59.5 76.5
Slide 10: Net Interest Income
10 Net Interest Income Q1 2026 € mn Group YoY Trend QoQ Trend 811812 230 236 752 215 180 187 407 313 274 239 248 270 231 235 253 229 236 163 141 178 192 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Slide 11: Acquisition Costs in detail
11 Acquisition Costs in detail Q1 2026 € mn Group Q1 2026 Q1 2025 Change Total commissions 170.5 149.5 +14% One-time commissions 25.3 19.9 +28% Ongoing commissions 145.1 129.7 +12% Total incentives & bonuses 30.6 28.2 +9% Incentives on individual net inflows 14.7 16.2 -9% Contest & bonuses 14.8 10.9
Slide 12: Q1 2026 Net Inflows
12 Q1 2026 Net Inflows Q1 2026 € mn Group Q1 2026 Q1 2025 GROUP TOTAL NET INFLOWS +3,344 +3,765 Managed Assets +1,870 +2,014 - o/w Mutual Funds, U/L & Managed Accounts +1,585 +2,123 Administered Assets +1,474 +1,752 Italy - Banca Mediolanum Total Net Inlows +2,763 +3,063 Managed Assets +1,499 +1,566
Slide 13: AUA/AUM Trend
13 AUA/AUM Trend Q1 2026 € mn Group Administered Assets (Q1 26: € 41.7 bn) 155.8 154.4 Managed Assets (Q1 26: € 112.6 bn) 10y CAGR 9.6% 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 6.1 7.2 3.1 4.7 5.3 5.5 0.1 0.6 0.
Slide 14: Assets under Administration/Management
14 Assets under Administration/Management Q1 2026 € mn Group 31/03/2026 31/12/2025 Change 31/03/2025 Change Italy - Banca Mediolanum 138,493 139,957 -1% 126,468 +10% Mutual Funds & U-L Policies 94,570 96,420 -2% 84,797 +12% Other Life Insurance Reserves 2,123 2,099 +1% 2,067 +3% Banking 41,800 41,43
Slide 15: Mutual Funds & Unit-linked policies look-through
15 Mutual Funds & Unit-linked policies look-through Q1 2026 as at 31/03/2026 Group Fixed Income 46% Equity 53% Money market funds (incl. ‘Intelligent Investment Strategy’) 9% 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 Q1 2026 € mn Group Q1 2026 Q1 2025 Change Mortgages 503 452 +11% Personal Loans 282 247 +14% Prexta1 167 149 +12% TOTAL 953 849 +12% 3rd-party Loans 6 5 +31% 1 Salary-backed loans & unsecured loans
Slide 17: Credit Book Trend
17 Credit Book Trend Q1 2026 € mn Group Prexta Lines of Credit 10y CAGR 11% 18.98 19.25 Personal Loans 17.03 17.62 16.44 Mortgages 14.38 12.14 10.35 8.89 7.77 6.49 7.08 4.77 5.61 4.05 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026
Slide 18: Credit Book & Quality
18 Credit Book & Quality Q1 2026 € mn Group 31/03/2026 31/12/2025 Change 31/03/2025 Change Mortgages 13,488 13,343 +1% 12,639 +7% Personal Loans 2,798 2,728 +3% 2,474 +13% Lines of Credit 639 621 +3% 522 +22% Prexta1 2,322 2,290 +1% 2,144 +8% TOTAL 19,246 18,983 +1% 17,780 +8% Banca Mediolanum Itali
Slide 19: General Insurance Gross Premiums
19 General Insurance Gross Premiums Q1 2026 € mn Group Q1 2026 Q1 2025 Change Stand-alone policies 49.8 43.2 +16% New business 8.7 7.9 +11% In-force business 41.1 35.3 +16% Loan protection policies 10.7 10.1 +6% GROSS PREMIUMS 60.5 53.3 +14%
Slide 20: Balance Sheet Structure – Banking Group
20 Balance Sheet Structure – Banking Group Q1 2026 Group as at 31/03/2026 Straight-forward & solid balance sheet structure € mn 44,790 44,790 Cash 197 • Current account mandatory for all • High quality book: CoR at 19 bps customers Loans to • Mainly retail & collateralised 19,246 • Stable source of
Slide 21: Q1 2026 Domestic Market Results
21 Q1 2026 Domestic Market Results
Slide 22: Mutual Funds - AUM Trend
22 Mutual Funds - AUM Trend Q1 2026 € bn – including U-L assets Italy 96.4 94.6 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 14.115.515.2 15.8 11.0 11.7 7.4 8.7 9.6 8.4 10.0 2.2 3.7 4.0 3.8 3.8 4.3 5.0 0.1 0.6 0.9 1.1 1.3 1.5 1.9
Slide 23: Mutual Funds - Assets under Management
23 Mutual Funds - Assets under Management Q1 2026 € mn Italy 31/03/2026 31/12/2025 Change 'Best Brands' funds on funds (IRL) 29,161 30,651 -5% 'Challenge' mutual funds (IRL) 32,543 33,116 -2% Funds of Hedge Funds (IRL) 30 30 +0% 'Fondi Italia' mutual funds (ITA) 10,151 10,174 -0% 'Real estate' fund
Slide 24: Mutual Funds - Assets by A.M. Company
24 Mutual Funds - Assets by A.M. Company Q1 2026 as at 31/03/2026 - including U-L assets Italy Mediolanum Gestione Fondi (Italy) 11.1% other A.M. companies 16.3% Mediolanum International Funds (Ireland) 72.6%
Slide 25: Banking - Assets under Administration
25 Banking - Assets under Administration Q1 2026 € mn Italy 31/03/2026 31/12/2025 Change 31/03/2025 Change Cash deposits 27,706 26,770 +3% 26,584 +4% Repurchase agreements 8 8 -4% 4 +79% 3rd-party structured bonds 3,726 3,661 +2% 3,670 +2% Other securities 10,361 10,999 -6% 9,346 +11% BANKING ADMINI
Slide 26: Banking - Interest Spread
Q1 2026 26 Banking - Interest Spread Italy Total Book Retail Book 3.50% 4.00% 3.10% 3.13% 3.50% 3.00% 2.99% 2.95% 3.36% 3.35% 3.34% 3.20% 3.00% 2.93% 2.50% 2.45% 2.44% 2.84% 2.71% 2.25% 2.50% 2.47% 2.00% 1.93% 2.00% 1.50% 1.50% 1.00% 1.06% 1.00% 0.70% 0.87% 0.64% 0.69% 0.50% 0.50% 0.48% 0.51% 0.43%
Slide 27: Bank Balance Sheet Highlights
27 Bank Balance Sheet Highlights Q1 2026 Italy € mn – as at 31/03/2026 Liabilities Assets Customers 27,843 17,407 Treasury 6,209 18,744 Interbank / intra-group deposits & repos 1,016 582 ECB refinancing 0 635 MTS refinancing 4,693 0 Securities (bonds) 500 17,527 Other liabilities / assets 6,358 4,25
Slide 28: Family Banker Network - Italy
28 Family Banker Network - Italy Q1 2026 Change in headcount & Split by Average Portfolio Year 2026 Italy 5,148 5,294 -22 -8 176 > € 30 mn 639 38% 590 36% € 20-30 mn 21% 21% € 10-20 mn 4,558 4,655 23% 23% Turnover rate € 5-10 mn (last 12m) 2.8% 8% 8% 10% 12% < € 5 mn Avg. 01/01 Resigned Retired Recr
Slide 29: 'Private Bankers' & 'Wealth Advisors' - Italy
29 ‘Private Bankers’ & ‘Wealth Advisors’* - Italy Q1 2026 as at 31/12/2026 Italy Private Bankers Wealth Advisors ( > € 30 mn AUM) ( > € 70 mn AUM) 1,052 1,047 Average assets in portfolio 49.6 116.4 o/w Managed Assets 38.1 91.4 218 886 214 827 768 791 160 127 125 125 565 584 544 35 45 75 833 834 700
Slide 30: Q1 2026 Spain Results
30 Q1 2026 Spain Results
Slide 31: Spain Highlights
31 Spain Highlights Q1 2026 Spain € mn Q1 2026 Q1 2025 Change vs. FY Operating Margin 16.3 15.7 +4% Net Income 15.3 14.2 +8% -0.7 Total Assets 15,541 13,476 +15% +0% Managed Assets 11,888 9,818 +21% -0% Administered Assets 3,653 3,657 -0% +3% Total Net Inflows 590 705 -16% Net Inflows into Managed A
Slide 32: Business Update
32 Business Update
Slide 33: April 2026 Business Results
33 April 2026 Business Results Business Update € mn Apr 2026 YTD 2026 YTD 2025 GROUP TOTAL NET INFLOWS 1,294 4,638 4,892 Managed Assets 831 2,701 3,148 - o/w Mutual Funds, U-L & Managed Accounts 689 2,275 3,306 Administered Assets 463 1,936 1,743 GROUP LOANS GRANTED 360 1,313 1,157 GENERAL INSURANCE
Slide 34: Italian FA Networks - Ranking by Net Inflows
34 Italian FA Networks - Ranking by Net Inflows Business Update € mn – totals by Group Q1 2026 Managed Assets & Managed Assets Admin. Assets w/ Total Net Inflows Advisory fee Allianz Bank 1,966 1,974 2,372 Gruppo Fideuram/Intesa 1,588 1,550 2,565 Banca Mediolanum 1,246 1,278 2,782 Finecobank 813 1,1
Slide 35: Italian FA Networks - Market Share
35 Italian FA Networks - Market Share Business Update Q1 2026 BMED Other FA networks Net Inflows into Managed Assets & Admin. Total Net Inflows Managed Assets Assets w/ Advisory fee 18% 17% 15% Personal Loans General Insurance Gross Mortgages Granted Granted Premiums 66% 59% 99% * including Unit-Lin
Slide 36: Time deposits Promo Offers
36 Time deposits Promo Offers Business Update 2023-2026 • 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 dollar-cost
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. € 5.5 bn of money market managed assets are bound to be transfe
Slide 42: Group Customer Base
42 Group Customer Base Business Update as at 31/03/2026 Total Customers 2,067k (‘000) End Goal: to be the Customer's Primary Bank Banca 1,774 Mediolanum (ITA) 1,473k hold a bank account • 68% use BMED as Primary Bank (internal data analytics) • 38% use BMED as the Only Bank (2025 survey) Banco 292 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 31.03.26 Facts ● A leading Italian asset gatherer focused on the Italian and Spanish retail markets ● A vertically integrated model with full control over the value chain, from manufacturing to distribution ● A comprehensive financial services of
Slide 45: BMED Shareholders & Group Structure
45 BMED Shareholders & Group Structure Mediolanum Facts as at 31/03/2026 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 operate as one single integrated platform, delivering the solution that best fits each customer’s needs across banking, protection and investments Insurance ● The Bank (established in 1997) plays a distincti
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: Where personal advice meets direct banking convenience
Mediolanum 48 Where personal advice meets direct banking convenience Facts Family Bankers: the human touch Customers: freedom in banking • Entrepreneurial exclusive Family Bankers with a strong advisory mindset Advice and support anytime, anywhere • Trained to address the full spectrum of household
Slide 49: Italian Household Financial Assets
Mediolanum 49 Italian Household Financial Assets Facts Over the last few years, asset gatherers have outgrown traditional banks and steadily gained market share 00 HH addressable Assets as at Sept. ‘25: € 4.01 trillion 00 70% 73% Asset gatherers have been gaining 00 59.2% ground mainly thanks to: 50
Slide 50: Net Income Trend
50 Net Income Trend Mediolanum Facts € mn 1,238 1,120 822 713 565 507 439 434 394 380 351 337 321 256 276 233 224 212 217 224 115 103 129 141 131 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 Q1 26 2008 & 2010: adjusted net in
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 5.38 5.38 4.61 4.22 4.05 4.12 4.06 4.11 4.01 3.75 3.54 3.22 3.04 3.34 2.95 2.43 2.43 1.67 1.87 0.85 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 26 Total Net Infl
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 6,964 Spain 6,798 6,415 639 Banker Consultants (ITA only) 6,054 6,216 5,762 5,633 5,525 5,352 5,417 5,211 5,184 5,155 1,670 5,012 5,059 5,098 5,142 5,161 5,154 4,866 4,427 4,501 4,397 4,535 4,114 3,842 3,018 2,513 2,20
Slide 55: Italy - Average Assets per Family Banker
55 Italy - Average Assets per Family Banker Mediolanum Facts € mn 2% 4% > € 30 mn 36% 23% € 20-30 mn 31% 21% € 10-20 mn 30.4 29.5 28 22.9 24.2 20.4 21.3 23% 18.7 € 5-10 mn 14.8 16.3 16.2 10.9 12.2 13.3 40% 8.5 9.9 8% 12% < € 5 mn 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Q1 Avg. Avg. 26 Portfolio
Slide 56: Top-Tier Bankers: Productivity continues to rise
56 Top-Tier Bankers: Productivity continues to rise Mediolanum Italian Network Average Total Portfolio - € mn per advisor Facts 70 Wealth Advisors & 64.3 61.3 Private Bankers 60 53.7 50.4 48.2 47.7 50 40 36.0 Italian FAs Market 33.2 Average - Assoreti 27.9 29.5 30 25.1 26.2 30.4 Total Family 28.0 Ba
Slide 57: Total Customers
57 Total Customers Mediolanum Facts (‘000) Italy Spain 2,067 2,032 1.919 1.799 1,686 1,587 1,486 1,3761,413 1,2901,333 1,231 1,1371,1631,1761,1511,1241,1191,1271,178 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 Q1 26
Slide 58: Italy - Average Assets per Customer
58 Italy - Average Assets per Customer Mediolanum Facts € thousands Primary Bank Account Holders 90.0 91.8 96.4 94.1 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 Q1 26
Slide 59: Spain - Net Income
59 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 15.3 6.8 7.1 3.9 1.3 0.0 1.5 3.4 -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 Q1 26
Slide 60: Spain - Assets under Administration
60 Spain - Assets under Administration Mediolanum Facts € bn Administered Assets (Q1 26: € 3.7 bn) 15.49 15.54 Managed Assets (Q1 26: € 11.9 bn) 13.08 3.55 3.65 10y CAGR 16% 10.54 3.36 8.94 8.87 3.26 7.19 2.41 2.78 5.92 2.05 11.93 11.89 4.66 4.84 1.65 9.71 3.88 3.55 2.98 1.33 1.42 7.28 2.49 2.35 2.3
Slide 61: Spain - Net Inflows Trend
61 Spain - Net Inflows Trend Mediolanum Facts € mn 1,954 Total Net Inflows 1,503 1,259 1,107 1,018 865 599 619 559 607 590 451 522 327 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 Q1 26 1,954 Managed Asset Inflows 1,451 935 613 688 690 529 364 422 4
Slide 62: Spain - Credit Book
62 Spain - Credit Book Mediolanum Facts € mn 1,839 1,744 Lines of Credit 1,494 Personal Loans 10y CAGR 25% 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 Q1 2026
Slide 63: Spain – Family Banker Network
Mediolanum 63 Spain – Family Banker Network Facts 1,620 1,640 1,614 1,650 1,670 1,504 1,318 996 1,029 900 835 712 755 593 652 524 505 551 453 419 448 407 439 375 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Q1 26
Slide 64: Banking Book Composition
64 Banking Book Composition Mediolanum Facts € bn – nominal value – as at 31/03/2026 Banking Book: € 18.7 bn (nom. values) Portfolio Sector % Government 97.9% No sensitivity to ITA spread as the entire Financial 2.1% book is measured at amortised cost (HTC) Govies % Italy 67.2% Rate Type Spain 13.3%
Slide 65: Mediolanum Investment Advisory Strategy
Mediolanum 65 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 66: Contractual Service Margin
66 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 127 3,152 3,107 -22 -61 Update on Effects of new reserves, fair Revenues in the pr
Slide 67: Mediolanum Corporate University
Mediolanum 67 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-long education ● Develop
Slide 68: Mediolanum Corporate TV Channel
Mediolanum 68 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 training course support ● Inspi
Slide 69: Mediolanum Marketing Events
Mediolanum 69 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 70: Top Performer in Customer Experience
70 Top Performer in Customer Experience Mediolanum Facts Ipsos Doxa Survey – Customer Satisfaction 2025 Solid customer relationship is built on best-in-class service delivery both human & digital Overall Perceived Digital Financial Advisor Satisfaction Value Platform Interaction Customer Comprehensi
Slide 71: The 3rd best known bank brand in Italy
71 The 3rd best known bank brand in Italy Mediolanum Facts Spontaneous brand awareness – Italian banks – March 2026 69% 28% 56% 18% 46% 17% 31% 17% 31% 17% source: GfK – an NIQ company
Slide 72: The most memorable adv in the banking industry
72 The most memorable adv in the banking industry Mediolanum Facts Spontaneous recall of advertisement – Italian banks –Q1 2026 36.7 26.7 20.7 18.7 10.7 9.7 5.0 4.7 4.3 4.0 2.7 2.7 1.7 1.7 source: GfK – an NIQ company
Slide 73: Grandi patrimoni – Delivering Excellence
Mediolanum 73 Grandi patrimoni – Delivering Excellence Facts • An ecosystem of high-end services for the customer with more complex needs & portfolios above €2 mn • Opt-in contract that Private Bankers and Wealth Advisors may offer to customers at their discretion • Strong service differentiation an
Slide 74: The development of the digital customer
74 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 75: Ranking of Italian Banking Groups by Market Cap
75 Ranking of Italian Banking Groups by Market Cap Mediolanum Facts € bn – as at 30/04/2026 Intesa-SanPaolo 100.6 Unicredit 99.0 MPS 27.5 BPER 26.1 Banco-BPM 18.8 Mediobanca 16.1 Banca Mediolanum 13.9 FinecoBank 12.9 Banca Generali 6.5 CREDEM 5.1 Banca IFIS 1.4 Banca Desio 1.2 Banca Sistema 0.1 Sour
Slide 76: Price Return & Total Return Index
76 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 – April 30, 2026 Source: Datastream
Slide 77: Disclaimer
77 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 78: Investor Relations Contacts
78 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@