Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca - Banca di Credito Finanziario — Q2 2026 Earnings Presentation
45 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, Aug 6, 2026
Slide 1: Mediobanca 6M Results as at 30 June 2026
MEDIOBANCA 6M RESULTS AS AT 30 JUNE 2026 Milan, 6 August 2026
Slide 2: Agenda
Agenda Section 1. Executive summary Section 2. 6M consolidated results Section 3. 6M divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 3: Growth in revenues, GOP and net profit; ROTE ~15%
GROWTH IN REVENUES (+6%), GOP (+12%) & NET PROFIT (>€710M) ROTE ~15% Executive summary Section 1 6M26 RESULTS: BEST EVER PERFORMANCE FOR MB CONSOLIDATED, CIB AND CF Growth in revenues to €1,948m (up 6% YoY1) CIB up 13%1 (to €493m), CF up 5%1 (to €664m) and INS up 10%1 (to €316m); WM down 5%1 (to €44
Slide 4: Mediobanca: Consolidated Results Summary
MEDIOBANCA: CONSOLIDATED RESULTS SUMMARY Executive summary Section 1 Financial results Highlights 6M 6M 3M 3M 3M €m June26 June25 YoY1 June26 Mar26 June25 6M consolidated revenues up 6% YoY to €1,948m, with an Total income 1,948 1,837 +6% 1,010 939 927 acceleration in 2Q (up 8% QoQ to €1,010m). So
Slide 5: 2Q26: €1bn Revenues, ~€390m Net Profit
2Q26: €1BN REVENUES, ~€390M NET PROFIT Executive summary Section 1 MEDIOBANCA: best ever results MB – 2Q results as at June26 High single-digit growth in revenues to €1bn, with all sources Revenues Fees CoR Net profit increasing and double-digit growth in fees following record CIB advisory results €
Slide 6: Agenda
Agenda Section 1. Executive summary Section 2. 6M consolidated results Section 3. 6M divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 7: Commercial Flows: Growth in Lending and TFAs
COMMERCIAL FLOWS: GROWTH IN LENDING AND TFAs 6M June26 - Consolidated results Section 2 Loans up to €56.6bn TFAs up to €117bn (Commercial loan book1, €bn) (3M NNM, €bn) +7% YoY 115.9 115.3 116.9 TFA 112.1 113.1 +2% QoQ 108.3 3.8 53.1 55.4 56.6 0.8 2.5 2.3 17.0 17.4 1.5 16.1 +2% 1.8 2.0 (0.3) (1.1) 1
Slide 8: Revenues up 6% YoY, Effective Diversification
REVENUES UP 6% YoY, EFFECTIVE DIVERSIFICATION 6M June26 - Consolidated results Section 2 Revenues by division (YoY, €m, 6M) CIB revenues (3M, €m) +6% YoY +22% 222 271 210 29 15 1,948 56 (21) 32 June25 Mar26 June26 1,837 +10%1 +5%1 WM revenues (3M, €m) -5%1 +13%1 229 +4% 228 219 June25 Mar26 June26 C
Slide 9: Fee Income up 3% YoY Driven by CIB
FEE INCOME UP 3% YOY DRIVEN BY CIB 6M June26 - Consolidated results Section 2 Fee income trend by division (€m, 3M) CIB fees (€m, 3M) 122 479 94 14 85 5 Specialty Fin. 466 16 15 Lending 414 4 22 102 +15% 256 CapMkt 1 243 65 223 223 54 212 Advisory 203 122 June25 Mar26 June26 100 85 70 94 75 WM fees
Slide 10: NII Backed by Loans Growth
NII BACKED BY LOANS GROWTH 6M June26 - Consolidated results Section 2 NII trend by division (€m, 3M) Loan yield, CoF and loan-funding spread (3M)1 996 982 950 503 5.27% 5.19% 5.20% Loan yield 493 477 473 488 +2% 495 5.20% 86 94 4.20% 91 95 85 88 3.20% 2.27% 2.10% 2.14% Cost of funding 93 95 90 92 2.
Slide 11: Funding Position
FUNDING POSITION € 5.8BN RAISED IN 6M AT ~66BPS 6M June26 - Consolidated results Section 2 Funding stock1 up to ~€72bn… with cost trend improving YoY and QoQ… (€bn) 70.8 71.6 72.0 8.0 9.0 9.8 3M avg Dec25 Mar26 June26 32.5 33.0 33.0 WM deposits cost3 1.37% 1.28% 1.29% Bond stock spread4 113bps 111bp
Slide 12: Costs down 2% YoY
COSTS DOWN 2% YoY 6M June26 - Consolidated results Section 2 Costs trend by sources (€m, 6M) Costs trend by division (€m, %, 6M) -2% YoY 789 775 789 43% 775 40% staff 84 74 5,533 5,447 186 29% 181 27% 435 438 +1% 209 48% 216 44% 54 57 300 310 66% 304 68% -7% 280 June25 June26 June25 June26 General&A
Slide 13: Cost of Risk Normalizing at 54bps
COST OF RISK NORMALIZING AT 54BPS 6M June26 - Consolidated results Section 2 Consolidated, CF and CIB CoR trend1 (bps, 3M) Total overlays trend (€m) 6M June25 6M Dec25 6m June26 Cons. 33bps 48bps 54bps CF 167bps 171bps 185bps 164 -14bps 1bps 6bps 158 CIB 10 7 32 132 150 32 7 130 187 187 175 32 171 1
Slide 14: Prudent Staging, High Coverage
PRUDENT STAGING, HIGH COVERAGE 6M June26 - Consolidated results Section 2 Gross NPL ratio flat QoQ at 1.8% (0.8% net), coverage at ~60% 5.00% Gross NPL ratio 5% Net NPL ratio 150.00% NPL coverage ratio 130.00% 4.00% 4% 110.00% 60.1% 59.9% 59.1% 90.00% 3.00% 3% 1.9% 1.8% 1.8% 70.00% 2.00% 2% 50.00% 1
Slide 15: Asset Quality by Divisions
ASSET QUALITY BY DIVISIONS CF GROSS NPL RATIO <5% 6M June26 - Consolidated results Section 2 Net NPLs (€m) of which bad loans (€m) NPL coverage NPLs as % of loans (“deteriorate”) (“sofferenze”) Gross 1.9% 1.8% 1.8% Mediobanca 60% 60% 59% Net 469 472 472 0.8% 0.8% 0.8% consolidated 36 35 34 June25 Ma
Slide 16: CET1 Ratio and RWAs
CET1 RATIO AND RWAs 6M June26 - Consolidated results Section 2 CET11 6M trend (%, bps) RWAs by division (€bn) +155bps 46.1 46.6 48.0 3.3 3.3 3.2 (155bps) 8.4 7.8 8.1 (75bps) 6.9 7.1 7.1 +15bps 14.4 15.4 15.0 16.4% 15.85% 13.9 12.7 14.2 Dec25 Earnings/ RWAs AG deduction June26 June25 Mar26 June26 100
Slide 17: ESG Profile
ESG PROFILE 6M June26 - Consolidated results Section 2 ENVIRONMENT SOCIAL GOVERNANCE ESG/green credit product footprint Through the Orizzonti project, On 22 June 2026, the BoD of BMPS, now material, with stock of developed with Fondazione MBPremier and Widiba have unanimously ~€8,1bn o/w: 55% corpor
Slide 18: Agenda
Agenda Section 1. Executive summary Section 2. 6M consolidated results Section 3. 6M divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 19: Divisional Snapshot
DIVISIONAL SNAPSHOT 6M June26 - Divisional results Section 3 Revenues GOP Net profit (€m, 6M) (€m, 6M) (€m, 6M) +6% +12% +6% Mediobanca 1,837 1,948 1,048 1,173 671 711 Consolidated 1,744 973 512 June25 Dec25 June26 June25 Dec25 June26 June25 Dec25 June26 -5% -9% -33% Wealth Management 468 460 447 15
Slide 20: CIB: Leadership Confirmed - Best Semester Ever
CIB: LEADERSHIP CONFIRMED - BEST SEMESTER EVER REVENUES >€490m (up 13% YoY) and NET PROFIT >€170m (up 29% YoY) 6M June26 - Divisional results - CIB Section 3 Financial results Highlights 6M 6M ∆ 3M 3M 3M 6M revenues up 13% YoY to €493m (2Q: €271m, up 22% €m June26 June25 YoY1 June26 Mar26 June25 QoQ
Slide 21: Revenues of >€490m, Diversified and Growing
REVENUES OF >€490M, DIVERSIFIED AND GROWING 6M June26 - Divisional results - CIB Section 3 Revenues by product (3M, €m) Highlights 493 Revenues totalled €493m, up 13% YoY, with sound contribution of all products: 436 271 Advisory: €157m (up 20% YoY), with ongoing positive 355 trend of domestic and E
Slide 22: Strong Performance in M&A…
STRONG PERFORMANCE IN M&A… 6M June26 - Divisional results - CIB Section 3 M&A activity strengthened in 6M 2026, posting it best first semester ever, supported by a broad-based market rebound, robust megadeal activity and Selected M&A Italian Large and Mid-Cap Transactions pickup in strategic activit
Slide 23: …and in ECM and Debt
…AND IN ECM AND DEBT 6M June26 - Divisional results - CIB Section 3 Selected ECM Transactions Mediobanca delivered solid H1 2026 ECM results, further strengthening its ECM franchise both in Italy May 2026 May 2026 March 2026 March 2026 February 2026 and internationally and confirming its consistent
Slide 24: WM: Transition Undergoing
WM: TRANSITION UNDERGOING REVENUES >440m (down 5% YoY) – NET PROFIT >€80m (down 33% YoY) 6M June26- Divisional results - WM Section 3 Financial results Highlights 6M 6M 3M 3M 3M Commercial results still impacted by corporate transition, €m with TFAs recovering in 2Q: June26 June25 YoY1 June26 Mar2
Slide 25: TFAs up to €117bn
TFAs UP TO €117BN 6M June26 - Divisional results - WM Section 3 WM TFAs trend (€bn) WM fees by source (6M, €m) +4% YoY -6% YoY 115.3 116.9 112.1 3.0 350.0 273 255 (1.1) (0.3) 300.0 42 47 31.1 31.8 31.3 250.0 38 40 6M NNM breakdown 200.0 73 45 AUM +0.4 150.0 AUA -0.6 50.5 53.9 Deposits -1.1 55.9 100.
Slide 26: TFAs, NNM and Franchise by Segment
TFAs, NNM AND FRANCHISE BY SEGMENT 6M June26 - Divisional results - WM Section 3 TFAs by segment (€bn, end period) NNM by segment (6M, TFA, €bn) Franchise by segment (#salespeople) +4% 116.9 6.2 1,393 1,365 1,341 1,324 112.1 0.9 148 140 120 111 15.0 17.1 2.3 1Q26 2Q26 552 521 520 509 48.0 (1.4) 49.2
Slide 27: CF: Highly Profitable Business
CF: HIGHLY PROFITABLE BUSINESS RECORD COMMERCIAL ACTIVITY (€5.3BN NEW LOANS IN 6M) 6M June26 - Divisional results - CF Section 3 Financial results Highlights 6M 6M ∆ 3M 3M 3M €m Record commercial activity in 6M June26: June26 June25 YoY1 June26 Mar26 June25 Total income 664 632 +5% 330 334 314 New b
Slide 28: Growth in New Business and Loan Book
GROWTH IN NEW BUSINESS AND LOAN BOOK 6M June26 - Divisional results – CF Section 3 New loans by product (3M, €bn) Loan book net profitability1 (3M, %) +14% 8.00% 8.00% 7.23% 7.29% 7.34% 7.20% 6.97% 2.7 7.00% 7.00% 2.5 2.6 2.4 2.3 6.00% 6.00% 5.00% 1.2 1.3 1.3 5.00% 1.2 1.1 4.00% 5.58% 4.00% 0.4 3.00
Slide 29: Asset Quality Confirmed Excellent
ASSET QUALITY CONFIRMED EXCELLENT 6M June26 - Divisional results – CF Section 3 Proactive NPL management ongoing … net NPL stock reflecting higher NPL quality1 (CF Net NPLs composition, %) (Net NPLs stock, €m; net NPL incidence to loans, %) 500 3.0% 2.5% 22% 13% 13% 14% 2.1% 2.0% 2.0% 2.5% 34% 400 1
Slide 30: Insurance & Principal Investing: Growing Contribution
INSURANCE & PRINCIPAL INVESTING: GROWING CONTRIBUTION TOTAL INCOME UP 10% YOY AND NET PROFIT UP 4% YOY 6M June26 - Divisional results – INS Section 3 Financial results Highlights 6M 6M ∆ 3M 3M 3M 1H26 net profit at €286m, up 4% YoY mainly reflecting AG €m June26 June25 YoY1 June26 Mar26 June25 solid
Slide 31: Holding Functions: Results Snapshot
HOLDING FUNCTIONS: RESULTS SNAPSHOT 6M June26 - Divisional results – HF Section 3 Financial results Highlights 6M 6M ∆ 3M 3M 3M 1H26 net loss of €29m (halved YoY) reflecting mainly: €m June26 June25 YoY1 June26 Mar26 June25 Revenues up ~3x YoY, reflecting higher trading and Total income 34 13 n.m. 1
Slide 32: Agenda
Agenda Section 1. Executive summary Section 2. 6M consolidated results Section 3. 6M divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 33: What's Next
WHAT’S NEXT Closing remarks Section 4 2026 Guidance Mediobanca is focused on delivering the BP25-30 actions For next 6m the industrial trend are expected positive in all businesses, with geographical and product diversifications working effectively in delivering sustainable growth Caution as require
Slide 34: Mediobanca 6M Results as at June 2026
MEDIOBANCA 6M RESULTS AS AT 30 JUNE 2026 Milan, 6 August 2026
Slide 35: Agenda
Agenda Section 1. Executive summary Section 2. 6M consolidated results Section 3. 6M divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 36: Mediobanca Consolidated P&L
MEDIOBANCA CONSOLIDATED P&L Divisional tables Annex 1 1H26 2H25 1H25 2Q26 1Q26 4Q25 3Q25 2Q25 €m June26 Dec25 June25 YoY1 June26 Mar26 Dec25 Sept25 June25 Net interest income 982 950 996 -1% 495 488 473 477 503 Fee income 479 414 466 +3% 256 223 212 203 223 Income from banking activities 1,462 1,3
Slide 37: Mediobanca – Balance Sheet
MEDIOBANCA – BALANCE SHEET Divisional tables Annex 1 Funding €bn June26 Mar26 Dec25 June25 QoQ1 YoY1 Stable Funding 72.0 71.6 70.8 70.6 +1% +2% WM deposits 29.2 29.6 30.3 30.4 -1% -4% Securities 33.0 33.0 32.5 32.8 - - Financing from banks 8.5 7.3 6.4 5.8 +17% +46% Other 1.3 1.7 1.6 1.5 -24% -16
Slide 38: Corporate & Investment Banking Results
CORPORATE & INVESTMENT BANKING RESULTS Divisional tables Annex 1 1H26 2H25 1H25 2Q26 1Q26 4Q25 3Q25 2Q25 €m June26 Dec25 June25 YoY1 June26 Mar26 Dec25 Sept25 June25 Net interest income 181 172 187 -3% 94 88 86 85 95 Fee income 216 145 185 +17% 122 94 70 75 85 Financial revenues2 94 43 62 +52% 54
Slide 39: Wealth Management Results
WEALTH MANAGEMENT RESULTS Divisional tables Annex 1 1H26 2H25 1H25 2Q26 1Q26 4Q25 3Q25 2Q25 €m June26 Dec25 June25 YoY1 June26 Mar26 Dec25 Sept25 June25 Net interest income 182 188 198 -8% 92 90 95 93 99 Fee income 255 264 273 -6% 130 126 142 122 136 Other income 10 8 (3) n.m. 6 3 6 2 (5) Total in
Slide 40: Consumer Finance Results
CONSUMER FINANCE RESULTS Divisional tables Annex 1 1H26 2H25 1H25 2Q26 1Q26 4Q25 3Q25 2Q25 €m June26 Dec25 June25 YoY1 June26 Mar26 Dec25 Sept25 June25 Net interest income 606 600 578 +5% 302 304 304 296 290 Fee income 35 33 34 +2% 17 18 15 18 15 Other income 23 27 20 +17% 11 12 12 14 10 Total inc
Slide 41: Insurance & Principal Investing Results
INSURANCE & PRINCIPAL INVESTING RESULTS Divisional tables Annex 1 1H26 2H25 1H25 2Q26 1Q26 4Q25 3Q25 2Q25 €m June26 Dec25 June25 YoY1 June26 Mar26 Dec25 Sept25 June25 Net interest income (16) (16) (4) n.m. (8) (8) (8) (8) (2) Profit (loss) of equity accounted investments 291 276 267 +9% 160 131 14
Slide 42: Holding Functions Results
HOLDING FUNCTIONS RESULTS Divisional tables Annex 1 1H26 2H25 1H25 2Q26 1Q26 4Q25 3Q25 2Q25 €m June26 Dec25 June25 YoY1 June26 Mar26 Dec25 Sept25 June25 Net interest income 10 (14) 25 -58% 9 1 (16) 2 20 Fee income (4) (2) (3) +40% (2) (2) (2) (1) (2) Financial revenues2 25 15 (13) n.m. 1 25 11 5 (
Slide 43: 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 through Other Comprehensive Income CF Consumer Finance GOP Pre-provi
Slide 44: 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 45: Investor Contact Details
INVESTOR CONTACT DETAILS Mediobanca Investor Relations Jessica Spina (0039) 02-8829.860 Luisa Demaria (0039) 02-8829.647 Matteo Carotta (0039) 02-8829.290 Marcella Malpangotto (0039) 02-8829.428 Piazzetta Cuccia 1, 20121 Milan, Italy Email: investor.relations@mediobanca.com http://www.mediobanca.com
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