Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca - Banca di Credito Finanziario — FY2024 Earnings Presentation
70 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, Aug 1, 2024
Slide 1: Mediobanca 12M Results as at 30 June 2024
MEDIOBANCA 12M RESULTS AS AT 30 JUNE 2024 Milan, 1 August 2024
Slide 2: Agenda
Agenda Section 1. Executive summary Section 2. FY24/4Q24 Group results Section 3. FY24/4Q24 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
Slide 3: First year of BP23-26: strong and capital efficient growth delivered
FIRST YEAR OF THE BP23-26 “ONE BRAND-ONE CULTURE”: STRONG AND CAPITAL EFFICIENT GROWTH DELIVERED WITH ATTRACTIVE STAKEHOLDERS’ REMUNERATION GROWTH Revenues up 9% to an all-time high of €3.6bn, TFA up 13% to ~€100bn All divisions growing – RWAs down 7% to €48bn NII up 10% to ~€2.0bn, fees up 11% to >
Slide 4: WM: double-digit growth driven by positioning upscale
WM: DOUBLE-DIGIT GROWTH DRIVEN BY POSITIONING UPSCALE UNDER “ONE MEDIOBANCA” APPROACH Executive summary Section 1 Mediobanca Private (NNM €4.5bn): Mediobanca Private Investment Banking effective deployment of Private Global advisory with entrepreneurs, leveraging on private markets products Investme
Slide 5: CIB: more international, fee driven, K-light
CIB: MORE INTERNATIONAL, FEE DRIVEN, K-LIGHT MORE DIVERSIFIED ACROSS INDUSTRIES, CLIENTS AND PRODUCTS Executive summary Section 1 Leading position in Tech/Digital space with Arma Partner2, the largest tech Several new initiatives1 up and running: dedicated advisory team in EMEA ➢ Tech with Arma Part
Slide 6: CF: leveraging technology to maximize client outreach
CF: LEVERAGING TECHNOLOGY TO MAXIMIZE CLIENT OUTREACH WHILE IMPROVING USER EXPERIENCE Executive summary Section 1 Leadership in digital distribution HeyLight channels: Pagolight will become an international BNPL ecosystem for credit solutions ➢ @35% of direct personal loans to uplift both merchant a
Slide 7: FY24: all-time high results
FY24: ALL-TIME HIGH RESULTS… REVENUES €3.6BN, NET PROFIT >€1.2BN, ROTE @14% Executive summary Section 1 Financial results Highlights MEDIOBANCA GROUP – 12M as at June24 EPS: 27% growth to €1.53, TBVPS: flat YoY at €11.6 No. shares/ DPS: total up 26% YoY to €1.07, o/w €0.51 interim dividend EPS DPS T
Slide 8: Ending with a strong 4Q
ENDING WITH A STRONG 4Q REVENUES ~€980M, COR 43BPS, NET PROFIT ~€330M Executive summary Section 1 Group: sound quarter Mediobanca Group – 4Q results as at June24 High revenues €979m (up 11% YoY and 9% QoQ): solid NII >€490m, record fees €279m and strong INS results Revenues Fees CoR Net profit CoR u
Slide 9: Clear growth opportunities ahead
CLEAR GROWTH OPPORTUNITIES AHEAD IN A DECREASING INTEREST RATE ENVIRONMENT Executive summary Section 1 with NII keeping its long-term upward trend Revenues growing steadily … driven by the fixed-rate CF book… (Revenues, €m) (NII and Fee income, €m) 3.8bn 2100 1,985 NII 1500 +9% 3,607 1900 1,801 1400
Slide 10: BP23-26 trajectory confirmed
BP23-26 TRAJECTORY CONFIRMED Executive summary Section 1 Cost/income ratio under control despite strong investment Asset quality confirmed as healthy in technology/talent and high regulation costs (Costs and cost/income ratio, €m, %) (Gross NPL ratio and CoR, %, bps) 10.0% 82 90 47% 47% 46% 46% 9.0%
Slide 11: Strong capital generation & shareholders' distribution
STRONG CAPITAL GENERATION & SHAREHOLDERS’ DISTRIBUTION Executive summary Section 1 Focus on K-lighter activities has increased K generation… RoRWA up to 2.7% with capital generation close to ~300bps (RoRWA, %; RWAs, €bn; net profit €m) (Organic capital generation before distribution and M&A, bps) 80
Slide 12: Good progression in delivery ESG targets at group level
GOOD PROGRESSION IN DELIVERY ESG TARGETS AT GROUP… LONG-STANDING RESPONSIBLE APPROACH TO BANKING Executive summary Section 1 ENVIRONMENT 30/6/24 TARGET 30/6/26 down 18% vs baseline Financed emissions intensity (tCO2/M€) down >20%11 (down 6% per year) NZBA new targets: oil & gas, All interim sector t
Slide 13: ...and divisional levels
…AND DIVISIONAL LEVELS Executive summary Section 1 WEALTH MANAGEMENT TARGET 30/6/24 TARGET 30/6/26 Green mortgages: increase green mortgages volume and incidence 11.5% 19% total new loans - increase in new business (% out of total) ESG ESG funds: increasing ESG new business +9 OFFERING +6 (+3 per ye
Slide 14: Agenda
Agenda Section 1. Executive summary Section 2. FY24/4Q24 Group results Section 3. FY24/4Q24 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
Slide 15: Selective and value-driven asset growth
SELECTIVE AND VALUE-DRIVEN ASSET GROWTH FY24/4Q24 - Group results Section 2 TFAs up >€11bn YoY (~€3bn QoQ) to ~€100bn… with >€8bn NNM, with all-time high in 4Q (€3.3bn) AUM/AUA up to ~€72bn, deposits at €28bn Deposit inflows in 4Q driven by promo campaign and liquidity events (Group TFAs, €bn) (NNM,
Slide 16: Well diversified and K-light revenue growth
WELL DIVERSIFIED AND K-LIGHT REVENUE GROWTH FY24/4Q24 - Group results Section 2 Group revenues by division (YoY, 12M, €m) WM revenues (3M, €m) +9% YoY 240 232 234 218 16 Avg 205 67 3,607 FY23 68 50 103 +14%1 3,303 +6%1 1Q24 2Q24 3Q24 4Q24 +7%1 +13%1 CF revenues (3M, €m) 298 305 301 286 K-light reven
Slide 17: NII: solid trend driven by A&L management
NII: SOLID TREND DRIVEN BY A&L MANAGEMENT… FY24/4Q24 - Group results Section 2 NII by division (€m, 12M) Loan yield and loan-funding spread1 +10% Group NII trend by Q 5.67% 5.91% 5.97% 6.01% 1,985 Loan yield 1,801 o/w infl o/w infl 30 1 2.27% 2.43% 2.42% 2.52% 307 Funding cost2 288 +7% 502 496 501 4
Slide 18: With comfortable funding position
WITH COMFORTABLE FUNDING POSITION €11.2BN RAISED IN LAST 12M AT 114BPS VS EUR3M FY24/4Q24 - Group results Section 2 Funding up €3bn with deposits resilient at one of the highest historical levels and record bond issuance >€8bn bond issuance in 12M at ~130bps (vs €3bn maturities), with strong and div
Slide 19: Fees: gaining pace in last quarters
FEES: GAINING PACE IN LAST QUARTERS ON THE BACK OF WM/CIB STRENGHTENING FY24/4Q24 - Group results Section 2 Fee income trend by division (€m, 3M) CIB fees (€m, 3M) 136 8 +11% 91 21 8 Specialty fin 9 939 51 17 Lending 1 8 15 99 CapMkt 843 Group fee trend by Q 9 11 50 Advisory +25% 361 279 22 289 242
Slide 20: Costs driven by business-enhancing factors
COSTS DRIVEN BY BUSINESS-ENHANCING FACTORS FY24/4Q24 - Group results Section 2 Group costs trend by type (€m) Cost and cost/income ratio trend by division (€m, %) +9% YoY 24 21 1,542 1,542 43% 84 1,413 1,413 43% 178 805 184 31% 31% 370 728 347 Headcount Headcount +216 FTE 5,443 50% 5,227 380 46% 327
Slide 21: Group CoR reduced to 48bps
GROUP COR REDUCED TO 48BPS OVERLAYS EQUAL TO 0.9x ANNUAL LLPs FY24/4Q - Group results Section 2 CoR trend (bps) Overlay stock trend (€m) FY23 FY24 Group 52bps Group 48bps CF 145bps CF 168bps 269 CIB 16bps CIB (5)bps 20 236 174 CF 222 165 168 169 40 23 148 19 146 142 141 32 27 71 209 48 57 48 181 175
Slide 22: Prudent staging
PRUDENT STAGING GROSS NPL RATIO AT 2.5% AND HIGH COVERAGE RATIOS FY24/4Q24 - Group results Section 2 Gross NPL ratio flat YoY at 2.5% (0.8% net), with strong coverage (69%) confirmed 5.0% Gross NPL ratio 5.0% Net NPL ratio 80.0% NPL coverage ratio 78.0% 72.1% 4.0% 4.0% 76.0% 74.0% 3.0% 2.5% 2.5% 2.5
Slide 23: Asset quality by divisions
ASSET QUALITY BY DIVISIONS FY24/4Q24 - Group results Section 2 Net NPLs (€m) of which bad loans (€m) NPL coverage NPLs as % of loans (“deteriorate”) (“sofferenze”) 72% Gross +2% 70% 69% 2.5% 2.5% 2.5% Mediobanca -13% 0.7% 0.8% 0.8% 374 404 414 Group 41 34 30 Net June23 Mar24 June24 June23 Mar24 June
Slide 24: Capital optimization and reallocation under way
CAPITAL OPTIMIZATION AND REALLOCATION UNDER WAY CAPITAL ALLOCATED 1/3 TO CF, 1/3 TO CIB, 1/3 TO OTHER BUSINESSES FY24/4Q - Group results Section 2 RWAs trend by division (€bn, incidence %) Divisional RoRWA (%) -7% YoY 3.8% 51.4 100% 3.6% 48.8 47.6 100% 3.8 7% 3.2% 3.9 4.2 9% 3.1% 8.7 17% 2.7% 8.1 8.
Slide 25: Robust capital creation, high shareholder remuneration
ROBUST CAPITAL CREATION, HIGH SHAREHOLDER REMUNERATION CET1 PHASE-IN AND FL @16.1% BEFORE NEW SBB UPFRONT DEDUCTION FY24/4Q - Group results Section 2 CET1¹ ratio FY24 trend Capital generation: 290bps +75bps (35)bps (175)bps +250bps 16.1% 15.9% 15.5%2 (50)bps (45)bps (90)bps 15.2% June23 1st SBB tran
Slide 26: FY24 performance: net profit up 24%
FY24 PERFORMANCE: NET PROFIT UP 24% FY24/4Q - Group results Section 2 Financial results Highlights Sound FY24 results with net profit up 24% to €1,273m, driven by FY24 D 4Q24 3Q24 4Q23 revenue growth and LLPs reduction; C/I ratio and CoR under €m June24 YoY1 June24 Mar24 June23 control. ROTE at 14%
Slide 27: Agenda
Agenda Section 1. Executive summary Section 2. FY24/4Q24 Group results Section 3. FY24/4Q24 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
Slide 28: All divisions with high/growing RoRWA
ALL DIVISIONS WITH HIGH/GROWING RORWA FY24 Divisional results Section 3 Revenues GOP risk adj. Net profit Profitability (€m, 12M) (€m, 12M) (€m, 12M) (%) 15.0% +9% +12% 12.7% 13.9% +24% ROTE 10.0% Mediobanca 3,303 3,607 1,813 5.0% 1,620 1,273 Group 1,026 2.4% RORWA 2.7% 0.0% -5.0% June23 June24 June
Slide 29: WM: One Brand-One Culture strategic path in FY24
WM: “ONE BRAND–ONE CULTURE” STRATEGIC PATH IN FY24 FY24 Divisional results - WM Section 3 MBWM: “ONE FRANCHISE” approach leveraging the Mediobanca brand WM BP23-26 strategic path: ➢ €1bn liquidity events gathered by MBPB in FY24 (up from Distinctive and 0.6bn in FY23) ➢ Main growth option and priori
Slide 30: TFAs up >€11bn to ~€100bn
TFAs UP >€11BN TO ~€100BN, >€8BN INFLOWS IN 12M, ~€5BN IN LAST 6M FY24 Divisional results - WM Section 3 Group TFAs trend (€bn) MBWM: net inflows by quarter (€bn) MBWM among top asset gatherers (6M NNM (Jan-Jun24)1 FY24: 8.4bn (o/w 6.6bn AUA and 2.0bn AUM) 99.4 3.0 3.3 88.0 8.4 €5.7bn 28.2 1.3 2.5 1
Slide 31: Fees, revenues and GOP scaling up
FEES, REVENUES AND GOP SCALING UP WM CONTRIBUTION TO MB GROUP AT 30% BANKING REVENUES AND 52% OF FEES FY24 Divisional results - WM Section 3 WM fees trend and contribution to Group (€m) WM fees by source (€m) and mgmt. ROA (%) 489 450 15 Performance +9% 450 489 8 108 97 Banking&other 77 97 281 Upfro
Slide 32: Successful deployment of PIB model
SUCCESSFUL DEPLOYMENT OF “PIB” MODEL FY24 Divisional results - WM Section 3 Focus on UHNWI and entrepreneurial families, by leveraging successful dual coverage with Private Banking fully integrated Corporate Investment Banking services, distinctive Private Markets platform and tailor-made liquid off
Slide 33: Mediobanca Premier strong start
MEDIOBANCA PREMIER STRONG START FY24 Divisional results - WM Section 3 Launched on 15 January, with the aim of being a market leader in the €500K-€5m segment, by leveraging Mediobanca Group advisory and markets capabilities under the “One Brand – One Culture” approach, while retaining the native dig
Slide 34: WM: FY24 results snapshot
WM: FY24 RESULTS SNAPSHOT REVENUES ~€925m (up 13%) – NET PROFIT ~ €210m (up 29%) FY24 Divisional results - WM Section 3 Financial results Highlights FY24 D 4Q24 3Q24 4Q23 Backed by strong investments in distributions and positive €m June24 YoY1 June24 Mar24 June23 market performance, MBWM has delive
Slide 35: WM: well on track to deliver BP26 financial targets
WM: WELL ON TRACK TO DELIVER BP26 FINANCIAL TARGETS FY24 Divisional results - WM Section 3 AUM/AUA up 20% YoY to €72bn TFAs up 13% YoY to €99bn Distribution network up to >1.3k BP23-26T CAGR +12% BP23-26T CAGR +9% Up ~300 professionals in BP23-26T (€bn) (€bn) (# professionals) 3YCAGR +12% 3YCAGR +9%
Slide 36: CIB: One Brand-One Culture strategic path in FY24
CIB: “ONE BRAND – ONE CULTURE” STRATEGIC PATH IN FY24 FY24 Divisional results - CIB Section 3 MBCIB - leading international and diversified investment bank: advisory led and client centric with selective balance sheet use; strong integration in Italy between CIB and WM with Private Investment Bank m
Slide 37: Visible K efficient business evolution
VISIBLE K EFFICIENT BUSINESS EVOLUTION DISCIPLINE FOR K-INTENSIVE PRODUCTS AND FOCUS ON K-LIGHT PRODUCTS FY24 Divisional results - CIB Section 3 RWAs trend (€bn) and revenue breakdown evolution Highlights Revenues/RWAs 4.5% 30 27 5% Revenue efficiency enhanced in a tough environment: 3.6% Revenues/R
Slide 38: Corporate finance market improving and strong DCM momentum
CORPORATE FINANCE MKT IMPROVING AND STRONG DCM MOMENTUM WHILST ECM ACTIVITY REMAINS WEAK… FY24 Divisional results - CIB Section 3 2021 remains a record year in investment banking while 2022 and 2023 have seen a significant contraction 1H24 closed with a rebound in activity driven by strong DCM activ
Slide 39: Leadership confirmed in investment banking in Italy
…LEADERSHIP CONFIRMED IN INVESTMENT BANKING IN ITALY… FY24 Divisional results - CIB Section 3 M&A Italy 12M FY23/24 by Deal Value ($bn)1 M&A Italy 12M FY23/24 by # of Deals1 DCM Italy 12M FY23/24 by # of Deals2 $bn – Bookrunner 1 ISP 62 6.7 1 JPM 47.8 1 50 2 UCG 56 5.7 2 43.6 2 ROTH 38 3 41 4.1 3 GS
Slide 40: Strong performance in M&A
…DEMONSTRATING ABILITY TO NAVIGATE THE MARKET, WITH A STRONG PERFORMANCE IN M&A… FY24 Divisional results - CIB Section 3 M&A activity started 2024 positively and more constructively than last Selected M&A Italian Large-Cap Transactions year driven mainly by both large strategic M&A recovery and rene
Slide 41: As well as in capital markets and lending
…AS WELL AS IN CAPITAL MARKETS AND LENDING FY24 Divisional results - CIB Section 3 During the year, Mediobanca acted as JGC in the €653m ABB of BMPS, as JGC in the €1.2bn Campari combo deal (ABB+CB) and as Sole GC in the Selected ECM Transactions €200m rights issue of Carel. Moreover, Mediobanca ass
Slide 42: Revenues: recovery in IB and AP consolidation
REVENUES: RECOVERY IN IB AND AP CONSOLIDATION FY24 Divisional results - CIB Section 3 Revenue by product (3M, €m) Highlights 763 712 FY24 revenues at €763m, up 7% YoY, with the last three quarters well above historical averages, reflecting Arma 248 consolidation and gradual recovery in advisory from
Slide 43: CIB: FY24 results snapshot
CIB: FY24 RESULTS SNAPSHOT FOCUS ON K-LIGHT ACTIVITIES, IMPROVING PROFITABILITY FY24 Divisional results - CIB Section 3 Financial results Highlights Net profit up 8% YoY to €244m, reflecting: FY24 D 4Q24 3Q24 4Q23 €m June24 YoY1 June24 Mar24 June23 Growth in revenues (up 7% YoY): Total income 763 +7
Slide 44: CIB: well on track to deliver BP26 financial targets
CIB: WELL ON TRACK TO DELIVER BP26 FINANCIAL TARGETS FY24 Divisional results - CIB Section 3 Loan book down 3% YoY to €19bn RWAs down 23% YoY to €15bn Revenues up 7% YoY to €0.8bn Flat in BP23-36T BP23-26 CAGR -4% BP23-26 CAGR +8% (€bn) (€bn) (€bn) flat 3YCAGR -4% 3YCAGR +8% -3% 19 20 20 0.9 -23% 19
Slide 45: CF: One Brand-One Culture strategic path in FY24
CF: “ONE BRAND – ONE CULTURE” STRATEGIC PATH IN FY24 FY24 Divisional results - CF Section 3 Sustainable and profitable growth leveraging on direct and digital distribution CF BP23-26 strategic path: Direct distribution ➢ Proprietary distribution network up to 327 branches (up 15 and digital YoY, up
Slide 46: Leading multichannel distribution network
LEADING MULTICHANNEL DISTRIBUTION NETWORK DIGITALLY GROWING Compass multichannel platform Strongly positioned in digital/direct personal loans Largest franchise in Italy in BNPL (Number of merchants, ‘000) Integrated digital platform CAGR: +7% Compass point of sale 261 327 ~220 146 8.4 181 professio
Slide 47: New loans up delivering record volumes
NEW LOANS UP DELIVERING RECORD VOLUMES COUPLED WITH EFFECTIVE REPRICING FY24 Divisional results - CF Section 3 New loans by product (3M, €bn) Loan book net profitability (12M, %) 10.0% +7% 8.4bn 7.8bn 9.5% avg new12.00% loans yield up 9.0% ~150bps YoY 2.2 2.2 10.00% 2.0 2.0 8.5% 1.9 2.0 1.9 1.9 8.0%
Slide 48: BNPL becoming material
BNPL BECOMING MATERIAL IN TERMS OF VOLUMES AND REVENUE CONTRIBUTION FY24 Divisional results - CF Section 3 BNPL new loans and loan book (3M, €m) Fee income (12M, €m) FY24 BNPL new loans: €497m ~3X up 6% 160 145 250 137 250 231 140 124 12 20 120 4 200 FY23 BNPL new loans: €190m 183 30 100 40 151 43 1
Slide 49: Asset quality confirmed as healthy
ASSET QUALITY CONFIRMED AS HEALTHY FY24 Divisional results - CF Section 3 …reflected in an expected and manageable increase in Early risk indicators normalizing… CoR… Early deterioration index LLPs (€m) and cost of risk (bps) (loans entering recovery status/avg. loans; 3 months average) 9.00% FY24:
Slide 50: Consumer Finance: sound growing path
CONSUMER FINANCE: SOUND GROWING PATH INCREASE IN COR, COF AND COSTS EFFICIENTLY MANAGED DUE TO COMPASS BUSINESS MODEL FY24 Divisional results - CF Section 3 Financial results Highlights €m FY24 D 4Q24 3Q24 4Q23 Strong commercial activity in FY24, with results confirming the June24 YoY1 June24 Mar24
Slide 51: CF: well on track to deliver BP26 financial targets
CF: WELL ON TRACK TO DELIVER BP26 FINANCIAL TARGETS FY24 Divisional results - CF Section 3 New loans up 7% YoY to €8.4bn New PL directly distributed at 78% Loan book up 5% YoY to €15.2bn BP23-26 CAGR +6% Up to >85% n BP26T BP23-26 CAGR +4% (€bn) (% on total personal loans) (€bn) 3YCAGR +6% 3YCAGR +4
Slide 52: Insurance: solid contribution
INSURANCE: SOLID CONTRIBUTION FY24 Divisional results - Insurance Section 3 Financial results Highlights FY24 D 4Q24 3Q24 4Q23 FY24 net profit at €522m, up 19% YoY reflecting: €m June24 YoY1 June24 Mar24 June23 Higher revenues (up 14% YoY), with strong increase in Total income 530 +14% 181 126 170 4
Slide 53: Holding Functions: improved results
HOLDING FUNCTIONS: IMPROVED RESULTS FY24 Divisional results – HF Section 3 Financial results Highlights FY24 net loss at €44m, 54% lower YoY, reflecting: FY24 D 4Q24 3Q24 4Q23 Broadly flat revenues, with positive impact from higher €m June24 YoY1 June24 Mar24 June23 banking book contribution offset
Slide 54: Solid funding and liquidity indicators
SOLID FUNDING AND LIQUIDITY INDICATORS FY24 Divisional results - HF Section 3 Record bond issuance in FY24, including €1.3bn of …allowing large buffer well above MREL requirement capital instruments (80% of BP23-26 target)… MREL req. for 2024 at 23.57% Notable recent issues Date Size (€m) Spread MRE
Slide 55: Agenda
Agenda Section 1. Executive summary Section 2. FY24/4Q24 Group results Section 3. FY24/4Q24 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
Slide 56: Closing remarks (1/2)
CLOSING REMARKS (1/2) Closing remarks Section 4 FIRST YEAR OF BP23-26 “ONE BRAND-ONE CULTURE” ON TRACK TO DELIVER OUR VISION OF MEDIOBANCA Centred on Wealth Management… WM: solid FY24 revenues (~€925m, ow ~€490 fees), contributing to 30% of banking revenues and 52% of Group fees Visible net profit (
Slide 57: Closing remarks (2/2): FY25 guidelines
CLOSING REMARKS (2/2) Closing remarks Section 4 TRAJECTORY OF BP “ONE BRAND – ONE CULTURE” CONFIRMED Stronger industrial Superior High distribution footprint feeding high capital creation with low execution risk and sustainable growth FY25 GUIDELINES1 Growth in TFAs with €9-10bn of NNM Flat RWAs wit
Slide 58: Q&A session
MEDIOBANCA 12M/4Q RESULTS AS AT 30 JUNE 2024 Q&A SESSION
Slide 59: Agenda
Agenda Section 1. Executive summary Section 2. FY24/4Q24 Group results Section 3. FY24/4Q24 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
Slide 60: Macro scenario ahead
MACRO SCENARIO AHEAD PEAK RATE HIGHER THAN FORECAST BUT DOWNWARD CURVE AS EXPECTED Macro scenario Annex 1 Scenario BP23-26 June24 Scenario 20231 2024 2025 2026 20241 2025 2026 2027 IT GDP (y/y) 0.7% 1.3% 1.2% 1.3% 0.8% 1.0% 0.9% 0.7% EA GDP (y/y) 0.5% 1.8% 2.3% 2.2% 0.6% 1.5% 1.7% 1.6% IT Inflation
Slide 61: Mediobanca Group P&L
MEDIOBANCA GROUP P&L Divisional tables Annex 2 D €m FY24 FY23 4Q24 3Q24 2Q24 1Q24 4Q23 YoY1 Total income 3,607 3,303 +9% 979 898 867 864 885 Net interest income 1,985 1,801 +10% 492 496 501 496 502 Fee income 939 843 +11% 279 238 242 180 185 Net treasury income 172 206 -16% 39 40 46 48 33 Equity acc
Slide 62: Mediobanca Group A&L
MEDIOBANCA GROUP A&L Divisional tables Annex 2 D D €bn June24 Mar24 Dec23 Sept23 June23 QoQ1 YoY1 Funding 63.7 60.4 60.6 60.2 60.5 +5% +5% Bonds 27.6 26.2 23.9 23.1 22.3 +5% +24% Direct deposits (retail&PB) 27.9 26.4 27.7 27.6 28.2 +6% -1% ECB 1.3 2.1 3.4 4.6 5.6 -37% -76% Others 6.8 5.7 5.6 4.9 4.5
Slide 63: Wealth Management results
WEALTH MANAGEMENT RESULTS Divisional tables Annex 2 D €m FY24 FY23 4Q24 3Q24 2Q24 1Q24 4Q23 YoY1 Total income 924 821 +13% 234 232 240 218 207 Net interest income 425 362 +18% 105 107 106 107 96 Fee income 489 450 +9% 126 123 132 108 108 Net treasury income 9 9 -2% 2 3 2 2 2 Total costs (614) (555)
Slide 64: CIB results
CIB RESULTS Divisional tables Annex 2 D €m FY24 FY23 4Q24 3Q24 2Q24 1Q24 4Q23 YoY1 Total income 763 712 +7% 227 194 201 142 148 Net interest income 307 288 +7% 74 80 78 75 79 Fee income 361 289 +25% 136 91 86 48 51 Net treasury income 95 135 -30% 17 22 37 19 18 Total costs (380) (327) +16% (113) (95
Slide 65: Consumer Finance results
CONSUMER FINANCE RESULTS Divisional tables Annex 2 D €m FY24 FY23 4Q24 3Q24 2Q24 1Q24 4Q23 YoY1 Total income 1,189 1,121 +6% 301 305 298 286 280 Net interest income 1,044 985 +6% 266 266 259 254 245 Fee income 145 137 +6% 35 39 38 33 35 Total costs (370) (347) +6% (98) (97) (92) (83) (96) Loan provi
Slide 66: Insurance results
INSURANCE RESULTS Divisional tables Annex 2 D €m FY24 FY23 4Q24 3Q24 2Q24 1Q24 4Q23 YoY1 Total income 530 464 +14% 181 126 80 143 170 Impairments 20 2 n.m. 0 11 10 (1) 5 Net profit 522 440 +19% 169 130 86 137 157 Book value (€bn) 4.6 4.2 +8% 4.6 4.7 4.4 4.3 4.2 Ass. Generali (13%) 3.7 3.5 +7% 3.7 3.
Slide 67: Holding Functions results
HOLDING FUNCTIONS RESULTS Divisional tables Annex 2 D €m FY24 FY23 4Q24 3Q24 2Q24 1Q24 4Q23 YoY1 Total income 224 220 +1% 44 46 55 80 90 Net interest income 178 145 +23% 39 36 51 53 77 Net treasury income 39 43 -8% 6 10 2 21 5 Fee income 6 33 -81% (1) (0) 2 6 7 Total costs (192) (202) -5% (53) (45)
Slide 68: Glossary
GLOSSARY MEDIOBANCA BUSINESS SEGMENT PROFIT & LOSS (P&L) and BALANCE SHEET CIB Corporate and investment banking ESG Environmental, Social, Governance WB Wholesale banking FAs Financial Advisors SF Specialty finance FVOCI Fair Value to Other Comprehensive Income CF Consumer finance GOP Gross operatin
Slide 69: Disclaimer & declaration of Head of Financial Reporting
DISCLAIMER & DECLARATION OF HEAD OF FINANCIAL REPORTING Disclaimer This document includes certain projections, estimates, forecasts and consequent targets which reflect the current views of Mediobanca – Banca di Credito Finanziario S.p.A. (the “Company”) with regard to future events (“forward-lookin
Slide 70: Investor contact details
INVESTOR CONTACT DETAILS Mediobanca Group Investor Relations Piazzetta Cuccia 1, 20121 Milan, Italy Jessica Spina Tel. no. (0039) 02-8829.860 Luisa Demaria Tel. no. (0039) 02-8829.647 Matteo Carotta Tel. no. (0039) 02-8829.290 Marcella Malpangotto Tel. no. (0039) 02-8829.428 Email: investor.relation
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