Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca — 6M Dec 2025 Earnings Presentation
49 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, Feb 9, 2026
Slide 1: Mediobanca 6M Results as at 31 December 2025
MEDIOBANCA 6M RESULTS AS AT 31 DECEMBER 2025 Milan, 9 February 2026
Slide 2: Agenda
Agenda Section 1. Executive summary Section 2. 6M/3M as at Dec25 Consolidated results Section 3. 6M/3M as at Dec25 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 3: Closing a "short" six-month financial period
CLOSING A “SHORT” SIX-MONTH FINANCIAL PERIOD* Executive summary Section 1 Sound asset driven business, smooth transition in WM as priority WM: TFA €115bn (up 8% YoY1, stable QoQ2), with €2.6bn 6M NNM in AUM €1.1bn outflows in last 3M due to some senior banker departures CIB: softer M&A, growth in Le
Slide 4: 6M KPIs: Revenues ~€1.8bn, Net Profit Adj. ~€0.6bn
6M KPIs: REVENUES ~€1.8BN, NET PROFIT ADJ. ~€0.6BN Executive summary Section 1 Financial results Highlights MEDIOBANCA CONSOLIDATED – 6M as at Dec25 EPS: €0.63 (down 20% YoY); EPS adj: €0.77 (down 5% YoY) EPS BVPS TBVPS No. shares/ o/w treasury TBVPS: €12.2 (up 4% YoY); BVPS: €13.4 (up 4% YoY) PER S
Slide 5: 3M KPIs: Revenues up 6% to €918m, Net Profit Adj ~€300m
3M KPIs: REVENUES UP 6%1 €918M, NET PROFIT ADJ ~€300M Executive summary Section 1 MEDIOBANCA CONSOLIDATED MB – 3M results as at Dec25 Revenues up 6% QoQ with all sources increasing Revenues Fees CoR Net profit C/I ratio up 3pp to 47%, due also to retention measures €918m €246m 55bps €221m CoR under
Slide 6: Agenda
Agenda Section 1. Executive summary Section 2. 6M/3M as at Dec25 Consolidated results Section 3. 6M/3M as at Dec25 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 7: MB: Consolidated Results Summary
MB: CONSOLIDATED RESULTS SUMMARY 6M/3M Consolidated results Section 2 Financial results Highlights 6M 6M ∆ 3M 3M 3M €m Dec25 Dec24 YoY1 Dec25 Sept25 Dec24 6M consolidated revenues down 3% YoY to €1,786m, with Total income 1,786 1,850 -3% 918 868 985 growth in CF and INS not completely offsetting low
Slide 8: Sound asset driven business, TFA stable in last Q
SOUND ASSET DRIVEN BUSINESS, TFA STABLE IN LAST Q 6M/3M Dec25 - Consolidated results Section 2 Loans growing to €55.9bn TFAs stable at €115bn, despite outflows (Loan book, €bn) +4% YoY (3M NNM, €bn) 115.9 115.3 112.1 +3% QoQ 108.3 106.8 3.8 53.9 54.4 55.9 0.8 2.5 2.3 2.3 15.6 16.3 +2% 16.7 0.2 1.5 1
Slide 9: Revenues down 3% YoY, recovering in last Q
REVENUES DOWN 3% YoY, RECOVERING IN LAST Q 6M/3M Dec25 - Consolidated results Section 2 WM revenues (3M, €m) Revenues by division (YoY, €m, 6M) -3% YoY + 11% 252 224 249 1,850 (7) (90) (41) 40 34 Dec24 Sept25 Dec25 1,786 -1%1 +14%1 -20%1 +6%1 CIB revenues (3M, €m) +9% 266 171 186 Dec24 Sept25 Dec25
Slide 10: Fee income down 13% YoY, up 6% in last quarter
FEE INCOME DOWN 13% YOY, UP 6% IN LAST QUARTER 6M/3M Dec25 - Consolidated results Section 2 Fee income trend by division (€m, 3M) WM fees (€m, 3M) 149 549 128 Performance 529 28 30 317 478 Banking 274 132 Mngt & Upfront 124 254 +6% 246 232 Passive 143 232 101 (25) (28) 86 71 78 76 Sept25 Dec25 124 1
Slide 11: NII backed by loans growth
NII BACKED BY LOANS GROWTH 6M/3M Dec25 - Consolidated results Section 2 NII trend by division (€m, 3M) Loan yield, CoF and loan-funding spread1 993 5.64% 979 5.09% 5.14% 962 5.20% Loan yield 496 483 4.20% 485 494 497 479 3.20% 2.53% 2.20% 25 17 12 4 2.12% 31 85 90 95 84 86 2.20% 77 1.20% 101 100 94
Slide 12: Stable funding position
STABLE FUNDING POSITION €8.6BN RAISED IN LAST 12M AT ~80BPS 6M/3M Dec25 - Consolidated results Section 2 Funding stock basically flat at ~€71bn… with cost trend improving QoQ (€bn) 70.6 71.3 70.8 8.6 8.9 9.3 3M avg Dec24 Sept25 Dec25 31.6 31.3 31.2 WM deposits cost2 1.81% 1.54% 1.37% Bond stock spre
Slide 13: Costs up 4% YoY
COSTS UP 4% YOY 6M/3M Dec25 - Consolidated results Section 2 Costs trend by sources (€m) Costs trend by division (€m, %, 6M) +4% YoY 816 46% 816 783 42% 783 77 78 419 +5% 438 31% 205 30% 195 44% 198 55% 195 364 +4% 378 315 66% 336 71% Dec24 Dec25 Dec24 Dec25 WM CIB CF HF&other Cost/income Admin. Lab
Slide 14: Cost of risk under control at 53bps
COST OF RISK UNDER CONTROL AT 53BPS 6M/3M Dec25 - Consolidated results Section 2 Consolidated and CF CoR trend1 (bps, 3M) Total overlays trend (€m) 6M Dec24 6M June25 6m Dec25 Cons. 50bps 37bps 53bps 190 CF 177bps 170bps 175bps 177 17 164 16 120 27 15 26 179 177 26 176 100 173 171 169 80 60 146 135
Slide 15: Prudent staging: gross NPL ratio at 2.0%
PRUDENT STAGING GROSS NPL RATIO AT 2.0% 6M/3M Consolidated results Section 2 Gross NPL ratio down slightly QoQ to 2.0% (0.8% net), coverage at ~60% Down YoY due to writeoff of fully covered positions in FY25 0.05 Gross NPL ratio 5.00% Net NPL ratio 1.5 NPL coverage ratio 1.3 0.04 4.00% 1.1 2.5% 69.4
Slide 16: Asset quality by divisions
ASSET QUALITY BY DIVISIONS 6M/3M Consolidated results Section 2 Net NPLs (€m) of which bad loans (€m) NPL coverage NPLs as % of loans (“deteriorate”) (“sofferenze”) -2% 69% 2.5% Gross 2.1% 2.0% Mediobanca -5% 60% 60% 0.8% 422 480 470 0.9% 0.8% consolidated 37 37 35 Net Dec24 Sept25 Dec25 Dec24 Sept2
Slide 17: Non-recurring items
NON-RECURRING ITEMS 6M/3M Dec25 - Consolidated results Section 2 Non-recurring items (€m, 6M, Dec25) Net profit: from recurring to stated (€m, 6M, Dec25) Gross impact Net impact on PBT after tax ( 35 ) ( 12 ) ( 64 ) Public offers-related costs (52) (35) o/w Jul-Sept25 (45) (31) o/w Oct-Dec25 (7) (4)
Slide 18: CET1 ratio >16%
CET1 RATIO >16% 6M/3M Consolidated results Section 2 CET1 6M trend (%, bps) Dividend per share trend (€, 6M) +45bps (55bps) +13% YoY +70bps (25bps) +7% 0.70 0.63 180% +95bps 0.56 0.56 0.59 160% 0.51 0.60 140% 0.50 120% 16.4% 0.40 100% 100% Cash 15.1% 80% 70% 70% 70% 70% 0.30 Pay-out 0.20 60% 40% 0.1
Slide 19: ESG profile
ESG PROFILE 6M/3M Consolidated results Section 2 GOVERNANCE ENVIRONMENT SOCIAL Extraordinary Shareholders’ Meeting ESG/green credit product footprint Orizzonti: the social reintegration now material with ~€6bn of stock project for young prisoners, in At the December 1st Extraordinary o/w: 69% corpor
Slide 20: Agenda
Agenda Section 1. Executive summary Section 2. 6M/3M as at Dec25 Consolidated results Section 3. 6M/3M as at Dec25 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 21: Consolidated RORWA 2.7%, ROTE 13%
CONSOLIDATED RORWA 2.7%, ROTE 13% 6M Divisional results Section 3 Revenues GOP risk adj. Net profit Profitability (€m, 6M) (€m, 6M) (€m, 6M) (%, 6M) 14.3% 20% 14.0% 12.8% 5.50% 15% -5% -12% -24% ROTE 4.50% Mediobanca 10% 3.50% 1,850 1,874 942 670 5% 934 660 3.0% 2.50% 1,786 825 2.8% Consolidated 513
Slide 22: WM: Results snapshot
WM: RESULTS SNAPSHOT REVENUES >€470m (down 1%1) – NET PROFIT >€90m (down 16%1) 6M - Divisional results - WM Section 3 Financial results Highlights 6M 6M ∆ 3M 3M 3M Commercial results reflected corporate transition: €m Dec25 Dec24 YoY1 Dec25 Sept25 Dec24 TFAs: >€115bn, up 8% YoY and flat QoQ Total in
Slide 23: WM TFAs up 8% >€115bn, fees up 2% at €277m
WM TFAs UP 8%1 >€115BN – FEES UP 2%1 AT €277M 6M - Divisional results - WM Section 3 WM TFAs trend (€bn) WM fees by source (6M, €m) 12M PF: +€8.5bn TFA, with €7.6bn NNM +2% YoY 112.1 115.3 106.8 277 1.8 270 350.0 1.4 31.1 58 300.0 31.3 52 30.4 39 250.0 32 NNM breakdown 200.0 36 50 AUM/AUA +1.5 150.0
Slide 24: MB Premier: TFAs up 12% >€50bn, fees up 10%
MB PREMIER: TFAs UP 12%1 >€50BN, FEES UP 10%1 6M - Divisional results - WM Section 3 MB Premier TFAs (€bn, end period) MB Premier NNM (€bn) MB Premier fees (€m, 3M) +12% YoY +1% 4.3 108 108 QoQ 4.2 98 49.7 50.2 0.2 44.8 1.1 19.6 +3% 20.3 16.9 1.5 10.0 11.3 +3% 11.6 53 54 54 57 AUM 51 45 2.8 AUM 18.8
Slide 25: CIB: Results snapshot
CIB: RESULTS SNAPSHOT REVENUES ~€360m (down 20%1) – NET PROFIT >€90m (down 36%1) 6M - Divisional results - CIB Section 3 Financial results Highlights 6M 6M ∆ 3M 3M 3M 6M Dec25 net profit at €93m, down 36% YoY1, due to lower €m Dec25 Dec24 YoY1 Dec25 Sept25 Dec24 revenues (down 20% YoY to €357m) and
Slide 26: Revenues of €357m, diversified
REVENUES OF €357M, DIVERSIFIED 6M - Divisional results - CIB Section 3 Revenues by product (3M, €m) Highlights Revenues totalled €357m in 6M, driven by Advisory, Markets and Lending, with last 3M up 9% QoQ at €186m 266 433 6M trend as follows: 357 53 224 Advisory: €110m, down 38% YoY, mainly reflect
Slide 27: Resilient performance in M&A
RESILIENT PERFORMANCE IN M&A… 6M - Divisional results - CIB Section 3 Selected M&A Italian Large and Mid-Cap Transactions M&A activity has remained resilient in 2025 despite the macro uncertainties, Announced Announced Announced December 2025 driven primarily by financial sponsors activity and large
Slide 28: ...and in debt
…AND IN DEBT 6M - Divisional results - CIB Section 3 Selected ECM Transactions In the second half of 2025, equity markets experienced a strong recovery following a period July 2025 of slowdown driven by trade-related uncertainty, closing at all-time highs. In this context, ECM activity increased mat
Slide 29: CF: Unbroken mid-single-digit growth
CF: UNBROKEN MID-SINGLE-DIGIT GROWTH NII (€601M) AND NET PROFIT (€221M) 6M - Divisional results – CF Section 3 Financial results Highlights 6M 6M ∆ 3M 3M 3M Solid commercial activity in 6M Dec.25: €m Dec25 Dec24 YoY1 Dec25 Sept25 Dec24 New business: €4.9bn up 12% YoY (€2.5bn in last Q, up 7% QoQ), d
Slide 30: Growth in new business and loan book, resilient yield
GROWTH IN NEW BUSINESS AND LOAN BOOK, RESILIENT YIELD 3M - Divisional results – CF Section 3 New loans by product (3M, €bn) Loan book net profitability1 (3M, %) +13% 8.0% 8.00% 7.31% 7.36% 7.26% 7.33% 7.38% 7.21% 2.5 7.0% 7.00% 2.4 2.4 2.3 2.2 6.0% 6.00% 1.2 5.0% 1.0 1.2 1.2 1.1 5.00% 4.0% 5.43% 5.4
Slide 31: Asset quality confirmed
ASSET QUALITY CONFIRMED 6M - Divisional results – CF Section 3 Proactive NPL management ongoing … net NPL stock reflecting higher NPL quality CF Net NPLs composition (%) CF Net NPLs, stock (€m) and incidence to loans (%) 500 3.0% 2.5% 2.1% 22% 13% 13% 2.0% 2.5% 34% 400 1.6% 2.0% 300 345 1 339 1.5% 7
Slide 32: Insurance: Growing contribution
INSURANCE: GROWING CONTRIBUTION 6M/3M Dec25 - Divisional results – INS Section 3 Financial results Highlights 6M 6M ∆ 3M 3M 3M 6M Dec25 net profit at €267m, up 11% YoY reflecting: €m Dec25 Dec24 YoY1 Dec25 Sept25 Dec24 AG solid contribution up 20% YoY to €277m Total income 277 243 +14% 147 130 128 I
Slide 33: Holding Functions: Net loss of €52m
HOLDING FUNCTIONS: NET LOSS OF €52M DUE TO INTEREST RATE DECREASE 6M - Divisional results – HF Section 3 Financial results Highlights 6M 6M ∆ 3M 3M 3M 6M Dec25 net loss of €52m reflecting mainly: €m Dec25 Dec24 YoY1 Dec25 Sept25 Dec24 Revenues down 91% YoY, due to market rates reduction Total income
Slide 34: Agenda
Agenda Section 1. Executive summary Section 2. 6M/3M as at Dec25 Consolidated results Section 3. 6M/3M as at Dec25 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 35: What's next: Q1 2026 Guidance
WHAT’S NEXT Closing remarks Section 4 1 Q 2026 Guidance (1/1 – 31/3 calendarized) Sound trend in CF reflected in solid loan and NII trend Robust CIB franchise and pipeline WM: reorganization started leveraging commitment, brand, competences, focus on core businesses - transition actively under manag
Slide 36: Mediobanca 6M Results as at December 2025
MEDIOBANCA 6M RESULTS AS AT 31 DECEMBER 2025 Milan, 9 February 2026
Slide 37: Agenda
Agenda Section 1. Executive summary Section 2. 6M/3M as at Dec25 Consolidated results Section 3. 6M/3M as at Dec25 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 38: Mediobanca Consolidated P&L
MEDIOBANCA CONSOLIDATED P&L Divisional tables Annex 1 6M 6M 6M 3M 3M 3M 3M 3M €m Dec25 June25 Dec24 YoY1 Dec25 Sept25 June25 Mar25 Dec24 Total income 1,786 1,874 1,850 -3% 918 868 952 922 985 Net interest income 962 993 979 -2% 483 479 496 497 494 Fee income 478 529 549 -13% 246 232 254 274 317 Ne
Slide 39: Mediobanca Consolidated A&L
MEDIOBANCA CONSOLIDATED A&L Divisional tables Annex 1 €bn Dec25 Sept25 June25 Dec24 QoQ1 HoH1 YoY1 Funding 70.8 71.3 70.6 64.2 -1% - +10% Bonds 31.2 31.3 31.6 28.7 - -1% +9% WM deposits 30.3 31.1 30.4 28.2 -3% - +7% ECB 0.0 0.0 0.0 0.0 - - - Others 9.3 8.9 8.6 7.3 +4% +8% +27% Loans to custome
Slide 40: Wealth Management Results
WEALTH MANAGEMENT RESULTS Divisional tables Annex 1 6M 6M 6M 3M 3M 3M 3M 3M €m Dec25 June25 Dec24 YoY1 Dec25 Sept25 June25 Mar25 Dec24 Total income 473 492 480 -1% 249 224 246 247 252 Net interest income 190 201 204 -7% 96 94 100 101 102 Fee income 277 285 270 +2% 149 128 142 143 146 Net treasury
Slide 41: CIB Results
CIB RESULTS Divisional tables Annex 1 6M 6M 6M 3M 3M 3M 3M 3M €m Dec25 June25 Dec24 YoY1 Dec25 Sept25 June25 Mar25 Dec24 Total income 357 433 448 -20% 186 171 209 224 266 Net interest income 170 185 162 +5% 86 84 95 90 85 Net treasury income 41 62 65 -37% 30 11 28 33 37 Fee income 146 187 221 -34%
Slide 42: Consumer Finance Results
CONSUMER FINANCE RESULTS Divisional tables Annex 1 6M 6M 6M 3M 3M 3M 3M 3M €m Dec25 June25 Dec24 YoY1 Dec25 Sept25 June25 Mar25 Dec24 Total income 678 657 638 +6% 342 335 327 330 324 Net interest income 601 578 557 +8% 304 297 289 289 282 Fee income 77 79 81 -4% 38 39 37 42 42 Total costs (205) (2
Slide 43: Insurance Results
INSURANCE RESULTS Divisional tables Annex 1 6M 6M 6M 3M 3M 3M 3M 3M €m Dec25 June25 Dec24 YoY1 Dec25 Sept25 June25 Mar25 Dec24 Total income 277 278 243 +14% 147 130 172 106 128 Impairments (4) 9 9 n.m. (5) 1 0 8 (2) Net profit 267 276 241 +11% 139 127 166 110 119 Book value (€bn) 5.0 4.8 4.9 +3% 5
Slide 44: Holding Functions Results
HOLDING FUNCTIONS RESULTS Divisional tables Annex 1 6M 6M 6M 3M 3M 3M 3M 3M €m Dec25 June25 Dec24 YoY1 Dec25 Sept25 June25 Mar25 Dec24 Total income 4 15 46 -91% (4) 8 0 16 18 Net interest income (5) 12 39 n.m. (6) 1 3 8 16 Net treasury income 9 4 6 +54% 2 6 (3) 7 3 Fee income 1 1 2 -61% 0 1 0 1 (1
Slide 45: Mediobanca S.p.A. P&L
MEDIOBANCA S.P.A. P&L Divisional tables Annex 1 6M 6M Mediobanca Spa (€m) Var.%1 Dic.25 Dic.24 Pro-forma2 Net interest income 106.6 165.6 -35.6% Net treasury income 64.5 83.3 -22.5% Net fee and commission income 137.3 198.3 -30.8% Dividends on investments 608.9 559.0 8.9% Total income 917.3 1,006.2
Slide 46: Mediobanca S.p.A. A&L
MEDIOBANCA S.P.A. A&L Divisional tables Annex 1 Giu.25 Dic.24 Mediobanca S.p.A. (€m) Dic.25 Pro-forma1 Pro-forma1 Assets Financial assets held for trading 16,989.4 16,726.3 15,130.9 Treasury financial assets 13,725.8 14,354.5 13,285.1 Banking book securities 12,834.1 12,007.8 11,947.8 Customer loans
Slide 47: 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 Gross Ope
Slide 48: 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 49: Investor Contact Details
INVESTOR CONTACT DETAILS Mediobanca Investor Relations Piazzetta Cuccia 1, 20121 Milan, Italy Email: investor.relations@mediobanca.com +39 02 8829 860/647 http://www.mediobanca.com 49