Banca Monte dei Paschi di Siena S.p.A. · MIL:BMPS

Banca Monte dei Paschi di Siena — 9M 2026 Earnings Presentation

41 slides from Banca Monte dei Paschi di Siena's earnings presentation, Nov 6, 2026

  1. Slide 1: 3Q-26 & 9M-26 Consolidated Results

    Gruppo Banca Monte dei Paschi di Siena 3Q-26 & 9M-26 Consolidated Results 6th November 2026

  2. 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”) MAY NOT BE REPRODUCED IN ANY FORM, FURTHER DISTRIBUTED OR

  3. Slide 3: 3Q-26 & 9M-26 Consolidated Results

    3Q-26 & 9M-26 Consolidated Results Notes: Data for the first three quarters of 2025 redetermined following the acquisition of Mediobanca finalised in September 2025: the related items were consolidated line by line with reference to the income statement, including the corresponding net income under

  4. Slide 4: 3Q-26 & 9M-26 Executive Summary

    3Q-26 & 9M-26 Executive Summary  Strong earnings momentum: 9M-26 net profit at €1,657m, confirming solid operating and commercial performance, high level of efficiency and strict control of asset quality; 3Q-26 net profit at €543m (+14.6% vs 3Q-25)  Efficiency and stronger business model driving p

  5. Slide 5: Net Profit

    Net Profit Quarterly Evolution1, €m Yearly Evolution1, €m +21.2% +14.6% 1,657 -10.5% 1,366 606 543 474 3Q-25 2Q-26 3Q-26 9M-25 9M-26  9M-26 net profit at €1,657m, +21.2% y/y thanks to solid operating and commercial performance, high level of efficiency and resilient asset quality  3Q-26 net profit

  6. Slide 6: Net Operating Profit

    Net Operating Profit Quarterly Evolution, €m Yearly Evolution, €m +11.5% +18.6% 2,720 3,033 -3.4% 1,060 1,024 864 3Q-25 2Q-26 3Q-26 9M-25 9M-26  9M-26 net operating profit above €3bn, +11.5% y/y, driven by higher revenues supported by more diversified business mix, with operating costs and cost of

  7. Slide 7: Gross Operating Profit

    Gross Operating Profit Quarterly Evolution Operating Income Evolution, €m +8.7% -3.2% Gross Operating Profit Evolution, €m 1,839 2,065 1,998 +14.8% -3.1% 1,198 1,161 1,012 3Q-25 2Q-26 3Q-26 Operating Costs Evolution, €m +1.3% -3.4% 827 867 837 3Q-25 2Q-26 3Q-26 Cost/Income 45% 42% 42% 3Q-25 2Q-26 3Q

  8. Slide 8: Gross Operating Profit

    Gross Operating Profit Yearly Evolution Operating Income Evolution, €m +5.6% Gross Operating Profit Evolution, €m 5,705 6,023 +10.2% 3,461 3,142 9M-25 9M-26 Operating Costs Evolution, €m flat 2,563 2,562 9M-25 9M-26 Cost/Income 45% 43% 9M-25 9M-26  9M-26 gross operating profit close to €3.5bn, +10.

  9. Slide 9: Net Interest Income

    Net Interest Income Quarterly Evolution, €m Yearly Evolution, €m +8.4% +4.4% +3.0% 1,022 1,062 1,108 3,113 3.205 3Q-25 2Q-26 3Q-26 9M-25 9M-26 Commercial Lending rate 4.27% 4.34% 4.47% 4.46% 4.38% Commercial Funding rate 0.88% 0.81% 0.87% 0.99% 0.83% Commercial Spread 3.39% 3.53% 3.59% 3.47% 3.55% 

  10. Slide 10: Net Fees & Commissions

    Net Fees & Commissions Quarterly Evolution Commercial Banking Fees Evolution, €m +3.4% -4.6% Total Fees Evolution, €m +3.5% 213 230 220 -11.5% 3Q-25 2Q-26 3Q-26 670 573 593 WM and Advisory Fees Evolution, €m +3.5% -15.1% 3Q-25 2Q-26 3Q-26 361 440 373 3Q-25 2Q-26 3Q-26  3Q-26 fees at €593m with quar

  11. Slide 11: Net Fees & Commissions

    Net Fees & Commissions Yearly Evolution Commercial Banking Fees Evolution, €m +1.3% Total Fees Evolution, €m 654 662 +3.5% 1,817 1,882 9M-25 9M-26 WM and Advisory Fees Evolution, €m +4.8% 1,163 1,219 9M-25 9M-26 9M-25 9M-26  9M-26 fees at €1,882m +3.5% y/y driven by a growth of WM and advisory fees

  12. Slide 12: Commercial Performance

    Commercial Performance Total Financial Assets, €bn WM Gross Inflows, €bn +4.0% +1.2% 300 289 17.5 17.7 Sep-25 Sep-26 9M-25 9M-26 New Retail Mortgages, €bn New Consumer Finance, €bn -13.5% +9.6% 6.1 7.4 8.1 5.3 9M-25 9M-26 9M-25 9M-26  Ongoing commercial momentum: Total Financial Asset at €300bn (+4

  13. Slide 13: Commercial Customer Loans

    Commercial Customer Loans Commercial Customer Loans Evolution¹, €bn +6.8% +1.4% 128 129 131 133 125 23 24 24 21 22 21 21 21 21 22 17 17 17 18 18 65 66 67 68 69 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Retail & Commercial Banking Consumer Finance AG&WM & Private Banking Corporate & Investment Banking  Cus

  14. Slide 14: Commercial Direct Savings

    Commercial Direct Savings Commercial Direct Savings Evolution¹, €bn -0.7% -0.8% 107 107 106 107 106 5 5 5 5 5 60 60 59 58 57 42 42 41 43 43 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Retail & Commercial Banking AG&WM & Private Banking Corporate & Investment Banking  Commercial direct savings at €106bn, res

  15. Slide 15: Indirect Funding

    Indirect Funding Indirect Funding Mix, €bn AuM, €bn +6.8% +0.5% 122 123 +6.7% 115 117 116 0.2 0.2 0.2 +0.4% 108 110 109 115 116 7 7 7 7 7 193 194 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 182 185 185 9 11 11 9 12 AuC, €bn +6.7% +0.3% 67 68 69 71 71 160 162 161 169 169 11 9 9 11 11 52 52 52 54 54 13 13 13 1

  16. Slide 16: Operating Costs

    Operating Costs Quarterly Evolution HR Costs Evolution, €m +3.4% -3.3% Operating Costs Evolution, €m 520 556 538 +1.3% -3.4% 827 867 837 3Q-25 2Q-26 3Q-26 Non-HR Costs Evolution, €m -2.4% -3.6% 3Q-25 2Q-26 3Q-26 307 311 300 3Q-25 2Q-26 3Q-26  3Q-26 operating costs at €837m, -3.4% q/q driven by a de

  17. Slide 17: Operating Costs

    Operating Costs Yearly Evolution HR Costs Evolution, €m +2.5% Operating Costs Evolution, €m 1,596 1,636 flat 2,563 2,562 9M-25 9M-26 Non-HR Costs Evolution, €m -4.3% 968 9M-25 9M-26 926 9M-25 9M-26  9M-26 operating costs almost stable y/y at €2,562m, thanks to the solid track record in effective ma

  18. Slide 18: Asset Quality & Cost of Risk

    Asset Quality & Cost of Risk Gross NPE stock, €bn NPE Coverage, % 4.4 51.6% 49.5% 50.6% 50.6% 51.0% 3.9 3.7 3.7 3.7 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Cost of Risk, bps 9M-26 CoR Gross NPE Ratio¹ 3.1% 2.7% 2.5% 2.5% 2.4% 38bps 42 37 36 Net NPE Ratio 1.5% 1.4% 1.3%

  19. Slide 19: Funding & Liquidity Position

    Funding & Liquidity Position LCR Evolution, % NSFR Evolution, % 161% 167% 169% 157% 149% 122% 122% 121% 121% 120% Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26  Sound liquidity position of the Group, with counterbalancing capacity at €47bn  LCR at 149%; NSFR at 120% 19

  20. Slide 20: Capital

    Capital FL CET1 Capital, % FL Capital Ratios, % Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 SREP 20271 16.9% 16.2% 15.9% 16.3% 16.4% CET1 ratio (%) 16.9% 16.2% 15.9% 16.3% 16.4% 9.57% 9.6% Tier 1 ratio (%) 17.0% 16.3% 16.0% 16.4% 16.5% 11.50% Total capital Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 SREP 19.3% 18.4%

  21. Slide 21: 3Q-26 & 9M-26 Mediobanca Results Key Messages

    3Q-26 & 9M-26 Mediobanca Results Key Messages

  22. Slide 22: Mediobanca: consolidated results summary

    Mediobanca: consolidated results summary  9M-26 Net profit at €1,090m (up 13% y/y), at the best level ever, with 3Q at ~€379m  9M-26 revenues up 9% y/y to €2,926m, supported by all businesses: – NII up 2% y/y, backed by loan volume growth, with positive trend in last three quarters – Fees up 1% y/

  23. Slide 23: 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 Segment1 Retail & Commercial Retail & Commercial Banking Banking 17% Consumer Finance 28% Consumer Finance Principal €6bn Revenues 21% Asset Gathering & Wealth Investing 9M 2026 Financial Ad

  24. Slide 24: MPS's Updated Guidance

    MPS's Updated Guidance MONTE DEI PASCHI DISIENA BANCA DAL 1472

  25. Slide 25: Updated Guidance

    Updated Guidance  The outcome of the EGM on the merger with Mediobanca has the following short-term relevant implications in 2026: – missed merger benefit of 50bps+ on CET1 ratio – missed cost savings and lower integration costs (for a positive net impact of ca. €150m on PBT) – the need to issue a

  26. Slide 26: Final Remarks

    MONTE DEI PASCHI DISIENA BANCA DAL 1472

  27. Slide 27: Conclusion

    Conclusion  Strong capability to deliver in complex and volatile scenarios, with 9M-26 net profit at €1,657m  Efficient and strong business model, with gross operating profit +10.2% y/y, revenues +5.6% while keeping costs flat, + customer loans +6.8% y/y, commercial direct savings resilient at €10

  28. Slide 28: Business Units main figures

    i Business Units main figures MONTE DEI PASCHI DISIENA BANCA DAL 1472

  29. Slide 29: Retail & Commercial Banking

    Retail & Commercial Banking Revenues, €m Commercial Customer Loans1, €bn 548 579 507 65 68 69  Solid progression of revenues at €579m in 3Q-26, significantly increasing both q/q and y/y, thanks to Sep-25 Jun-26 Sep-26 commercial activity, with loans progressively up 3Q-25 2Q-26 3Q-26  Cost/income

  30. Slide 30: Consumer Finance

    Consumer Finance Revenues, €m CoR, bps 329 330 336 175 187 196  3Q-26 revenues at €336m, up q/q despite seasonality, 3Q-25 2Q-26 3Q-26 3Q-25 2Q-26 3Q-26 and y/y, thanks to new loans momentum  C/I ratio at 26% with an almost stable trend in the Operating Costs, €m New Loans, €bn quarters  Profit b

  31. Slide 31: Asset Gathering & Wealth Management

    Asset Gathering & Wealth Management Revenues, €m TFA, €bn 413 404 340 135 144 145  Total revenues at €404m showing a solid growth y/y (+19%), driven by core revenues, with quarterly trend 3Q-25 2Q-26 3Q-26 Sep-25 Jun-26 Sep-26 affected by typical 3Q seasonality  Operating costs down at €165m (-2%

  32. Slide 32: Private Banking

    Private Banking Revenues, €m TFA, €bn 165 172 175 85 83 81 3Q-25 2Q-26 3Q-26 Sep-25 Jun-26 Sep-26  Total revenues at €175m with a good pace y/y and q/q, reflecting the ongoing normalization of the franchising Operating Costs, €m Indirect Funding, €bn  Operating costs at €109m with an improving tre

  33. Slide 33: Corporate Investment Banking

    Corporate Investment Banking Revenues, €m Fees, €bn 342 262 221 139 86 85 3Q-25 2Q-26 3Q-26 3Q-25 2Q-26 3Q-26  Total revenues at €262m, increasing y/y (+18%), with quarterly trend reflecting the exceptional performance in Operating Costs, €m Commercial Customer Loans1, €bn fees in 2Q-26  Operating

  34. Slide 34: Principal Investing

    Principal Investing Revenues, €m 177 198 130 3Q-25 2Q-26 3Q-26  Revenues at €198m, up q/q mainly reflecting AG solid contribution and positive impact from FV valuation of funds  AG book value: €7.1bn with market valuation at €8.7bn Assicurazioni Generali (13% stake) AG book value, €bn AG market va

  35. Slide 35: Appendix – Supporting Materials

    Appendix – Supporting Materials

  36. Slide 36: Reclassified Income Statement

    Reclassified Income Statement 3Q-26 / 3Q-26 / 9M-26 / (€m) 1Q-25 2Q-25 3Q-25 1Q-26 2Q-26 3Q-26 9M-25 9M-26 2Q-26 (%) 3Q-25 (%) 9M-25 (%) Net Interest Income 1,036 1,055 1,022 1,036 1,062 1,108 3,113 3,205 +4.4% +8.4% +3.0% Net fees and commission income 629 615 573 618 670 593 1,817 1,882 (11.5%) +3

  37. Slide 37: Balance Sheet

    Balance Sheet Total Assets1, €m Dec-25 Mar-26 Jun-26 Sep-26 Q/Q YtD Loans to Central Banks 1,094 1,041 988 1,104 11.8% 0.9% Loans to Banks 7,120 6,624 6,616 6,212 (6.1%) (12.8%) Loans to Customers 142,842 146,337 148,185 150,782 1.8% 5.6% Securities Assets 46,543 48,533 50,070 48,623 (2.9%) 4.5% Tan

  38. Slide 38: Lending & Direct Funding

    Lending & Direct Funding Total Lending, €m Dec-25 Mar-26 Jun-26 Sep-26 Q/Q YtD Current Accounts 5,397 5,739 5,765 5,814 0.9% 7.7% Medium-long Term Loans 85,438 87,263 89,281 91,248 2.2% 6.8% Other Forms of Lending 38,759 38,408 38,585 38,754 0.4% (0.0%) Reverse Repos 11,296 13,080 12,706 13,135 3.4%

  39. Slide 39: Focus on DTAs

    Focus on DTAs Balance Sheet DTAs, €bn Dec-25 Mar-26 Jun-26 Sep-26 Convertible DTAs 0.5 0.5 0.5 0.4  Current Italian fiscal DTAs on Tax loss carryforwards 2.8 2.6 2.5 2.4 regulations do not set any time limit to the use of tax loss Other non-convertible DTAs 1.0 1.1 1.0 1.1 carryforwards against the

  40. Slide 40: Italian Govies Portfolio

    Italian Govies Portfolio Italian Govies Portfolio Breakdown1, €bn 19.8 19.8 20.3 18.4 4.4 4.7 4.9 3.4 3.4 2.7 2.5 2.7 11.6 12.8 12.5 12.7 Dec-25 Mar-26 Jun-26 Sep-26 FVTPL FVTOCI AC FVTOCI Duration (years) ~2.2 ~3.1 ~3.3 ~3.7 FVTOCI Credit spread (1.5) (1.2) (1.2) (1.1) sensitivity (€m)(2)  Group b

  41. Slide 41: Asset Quality Details

    Asset Quality Details Gross Exposure, €m Dec-25 Mar-26 Jun-26 Sep-26 Bad loans 1,162.9 1,097.7 1,075.0 1,122.9 Unlikely to pay loans 2,374.4 2,317.5 2,298.9 2,238.9 Past due loans 330.1 325.0 363.5 379.6 TOTAL GROSS EXPOSURES 3,867.4 3,740.2 3,737.4 3,741.4 NPE Coverage, % Dec-25 Mar-26 Jun-26 Sep-2

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