Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca — Q1 2026 Earnings Presentation
47 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, May 11, 2026
Slide 1: Mediobanca 3M Results as at 31 March 2026
MEDIOBANCA 3M RESULTS AS AT 31 MARCH 2026 Milan, 11 May 2026
Slide 2: Agenda
Agenda Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 3: Start to 2026: €323M Net Profit in 3M
START TO 2026: €323M NET PROFIT IN 3M Executive summary Section 1 Commercial trends: sound lending and IB business, asset resiliency in WM CIB: growth across all products resumed in 3M WM: TFAs €113bn (up 4% YoY1, down 2% QoQ2), with AUM at €53bn (up 7% YoY, down 2% QoQ) CF: €2.6bn new loans (up 10%
Slide 4: Mediobanca: Consolidated Results Summary
MEDIOBANCA: CONSOLIDATED RESULTS SUMMARY Executive summary Section 1 Financial results Highlights 3M 3M 3M ∆ ∆ €m Mar26 Dec25 Mar25 YoY1 QoQ1 3M consolidated revenues up 3% YoY to €939m and up 5% Total income 939 895 910 +3% +5% QoQ, with sound contribution in CIB, CF and INS, backed by Net interest
Slide 5: Division KPIs
DIVISION KPIs Executive summary Section 1 CIB: solid performance across the board Corporate & Inv.Banking – 3M results as at Mar26 Fees up 34% QoQ, with advisory back to last year’s level and sound Revenues Fees CoR Net profit pipeline, ECM & DCM positive contribution, high markets activity €220m €9
Slide 6: Agenda
Agenda Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 7: Commercial Flows: Growth in Lending, Asset Resiliency in WM
COMMERCIAL FLOWS: GROWTH IN LENDING, ASSET RESILIENCY IN WM 3M Mar26 - Consolidated results Section 2 Loans growing to €55bn TFAs at €113bn (Commercial loan book1, €bn) (3M NNM, €bn) +5% YoY 115.9 115.3 112.1 113.1 +1% QoQ 108.3 3.8 52.7 54.7 55.4 0.8 2.5 2.3 15.8 16.7 +2% 17.0 1.5 1.8 2.0 (1.1) 17.
Slide 8: Revenues up 3% YoY and 5% QoQ, Backed by Diversification
REVENUES UP 3% YoY AND 5% QoQ, BACKED BY DIVERSIFICATION 3M Mar26 - Consolidated results Section 2 Revenues by division (YoY, €m, 3M) WM revenues (3M, €m) 239 243 -10% +3% YoY 219 13 939 23 Mar25 Dec25 Mar26 910 (20) 17 (4) CIB revenues (3M, €m) +20%1 -8%1 -2%1 +5%1 225 +17% 220 188 Mar25 Dec25 Mar2
Slide 9: Fee Income Down 8% YoY, but Up 6% QoQ Driven by CIB
FEE INCOME DOWN 8% YoY, BUT UP 6% QoQ DRIVEN BY CIB 3M Mar26 - Consolidated results Section 2 Fee income trend by division (€m, 3M) WM fees (€m, 3M) 142 -8% YoY 137 126 15 Performance 21 24 22 Banking 243 +6% 137 134 134 Mngt & Upfront 223 223 212 203 Passive 100 (24) (32) (31) 85 70 94 75 Mar25 Dec
Slide 10: NII Backed by Loans Growth and Wider Spread
NII BACKED BY LOANS GROWTH AND WIDER SPREAD 3M Mar26 - Consolidated results Section 2 NII trend by division (€m, 3M) Loan yield, CoF and loan-funding spread (3M)1 -1% YoY 5.37% 5.27% 5.09% 5.14% 5.19% 493 503 477 473 +3% 488 Loan yield 5.20% 4.20% 90 94 84 85 86 3.20% 2.34% 2.27% 2.20% 2.12% 2.11% 2
Slide 11: Funding Position
FUNDING POSITION €2.9BN RAISED IN 3M AT ~70BPS 3M Mar26 - Consolidated results Section 2 Funding stock1 up to ~€72bn… with cost trend improving YoY and QoQ… (€bn) 70.8 71.6 8.0 9.0 3M avg Mar25 Dec25 Mar26 32.5 33.0 WM deposits cost3 1.70% 1.37% 1.28% Bond stock spread4 124bps 113bps 111bps 30.3 29.
Slide 12: Costs Down 6% QoQ
COSTS DOWN 6% QoQ 3M Mar26 - Consolidated results Section 2 Costs trend by sources (€m, 3M) Costs trend by division (€m, %, 3M) +2% YoY 41% 46% 41% 412 -6% 412 378 387 378 387 41 40 38 94 28% 27% -10% 93 29% 91 240 216 210 109 58% 47% 95 42% 105 27 29 29 -1% 151 168 69% 152 69% 141 143 142 63% Mar25
Slide 13: Cost of Risk Normalizing at 53bps
COST OF RISK NORMALIZING AT 53BPS 3M Mar26 - Consolidated results Section 2 Consolidated ,CF and CIB CoR trend1 (bps, 3M) Total overlays trend (€m) 150 130 187 189 175 18 164 110 171 158 169 27 15 167 90 12 26 26 53 70 46 50 50 37 1 30 1 30 8 7 144 10 3 2 123 119 1 -10 (24) -30 Mar25 June25 Sept25 D
Slide 14: Prudent Staging, High Coverage
PRUDENT STAGING, HIGH COVERAGE 3M Mar26 - Consolidated results Section 2 Gross NPL ratio broadly flat QoQ at 1.8% (0.8% net), coverage at ~60% 0.05 Gross NPL ratio 5% Net NPL ratio 150.00% NPL coverage ratio 130.00% 0.04 4% 110.00% 0.03 3% 90.00% 62.5% 59.5% 59.9% 1.9% 1.9% 1.8% 70.00% 0.02 2% 50.00
Slide 15: Asset Quality by Divisions
ASSET QUALITY BY DIVISIONS 3M Mar26 - Consolidated results Section 2 Net NPLs (€m) of which bad loans (€m) NPL coverage NPLs as % of loans (“deteriorate”) (“sofferenze”) Gross 62% 1.9% 1.9% 1.8% Mediobanca 60% 60% 424 470 472 0.7% 0.8% 0.8% consolidated 37 35 35 Net Mar25 Dec25 Mar26 Mar25 Dec25 Mar
Slide 16: CET1 Ratio and RWAs
CET1 RATIO AND RWAs 3M Mar26 - Consolidated results Section 2 CET11 3M trend (%, bps) RWAs by division (€bn) 46.3 45.9 46.6 70bps (35bps) 3.5 3.4 3.5 (70bps) (40bps) 8.0 8.2 8.1 6.3 7.1 7.1 16.4% 14.0 15.7% 15.0 15.4 14.4 12.3 12.4 Dec25 Earnings/ RWAs AG deduction Mar26 Mar25 Dec25 Mar26 100% Pay-o
Slide 17: ESG Profile
ESG PROFILE 3M Mar26 - Consolidated results Section 2 ENVIRONMENT SOCIAL GOVERNANCE On 10 March 2026, the BoD of MB ESG/green credit product footprint (together with the BoD of BMPS) now material, with stock of ~€6.3bn Mediobanca has renewed its support for the UNHCR’s integrated approved plans to m
Slide 18: Agenda
Agenda Section 1. Executive summary Section 2. 3M as at Mar26 Consolidated results Section 3. 3M as at Mar26 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 19: Divisional Snapshot
DIVISIONAL SNAPSHOT 3M Divisional results Section 3 Revenues GOP Net profit (€m, 3M) (€m, 3M) (€m, 3M) +5% +14% +46% Mediobanca 939 533 552 334 323 910 895 483 Consolidated 221 Mar25 Dec25 Mar26 Mar25 Dec25 Mar26 Mar25 Dec25 Mar26 -10% -10% Wealth -23% Management 239 243 219 89 75 67 58 49 38 (WM) M
Slide 20: WM: Results Snapshot
WM: RESULTS SNAPSHOT REVENUES ~220m (down 8% YoY) – NET PROFIT €38m (down 36% YoY) 3M Mar26 - Divisional results - WM Section 3 Financial results Highlights 3M 3M 3M ∆ ∆ Commercial results reflect corporate transition: €m Mar26 Dec25 Mar25 YoY1 QoQ1 NNM: €1.1bn outflows in last 3M (€0.4bn in AUM&A a
Slide 21: WM TFAs at €113bn – Fees at €126m
WM TFAs AT €113BN – FEES AT €126M WITH FRANCHISE MANAGEMENT FEES UP 10% YOY 3M Mar26 - Divisional results - WM Section 3 WM TFAs trend (€bn) WM fees by source (3M, €m) +4% YoY -8% YoY 115.3 113.1 108.3 200.0 (1.1) (1.1) 137 126 31.1 30.5 30.0 150.0 21 22 19 20 NNM breakdown AUM/AUA -0.4 100.0 35 25
Slide 22: TFA, NNM and Franchise by Segment
TFA, NNM AND FRANCHISE BY SEGMENT 3M Mar26 - Divisional results - WM Section 3 TFAs by segment (€bn, end period) NNM by segment (3M, €bn) Franchise by segment (#salespeople) 113.1 2.3 +4% 108.3 1,373 1,365 1,341 16.3 0.6 15.1 148 140 120 0.2 (1.1) 46.9 47.1 1.5 545 521 520 0.5 0.11 (1.7) 704 701 46.
Slide 23: CIB: Results Snapshot
CIB: RESULTS SNAPSHOT REVENUES €220m and NET PROFIT >€70m, WITH REBOUND IN 1Q 3M - Divisional results - CIB Section 3 Financial results Highlights 3M 3M 3M ∆ ∆ 3M revenues rebounded in 1Q to €220m (up 17% QoQ), and €m Mar26 Dec25 Mar25 YoY1 QoQ1 almost back to previous year (down 2% YoY), with posit
Slide 24: Revenues of €220m, Diversified and Growing in Last Q
REVENUES OF €220M, DIVERSIFIED AND GROWING IN LAST Q 3M Mar26 - Divisional results - CIB Section 3 Revenues by product (3M, €m) Highlights Revenues totalled €220m, close to last year’s level (down 2% YoY) and rebounding in 1Q (up 17% QoQ) with sound contribution of all products 3M trend as follows:
Slide 25: Resilient Performance in M&A…
RESILIENT PERFORMANCE IN M&A… 3M Mar26 - Divisional results - CIB Section 3 M&A activity has remained resilient in 1Q 2026 despite the geopolitical Selected M&A Italian Large and Mid-Cap Transactions tensions, driven primarily by financial sponsors activity and large transactions, Announced Announce
Slide 26: …and in Debt
…AND IN DEBT 3M Mar26 - Divisional results - CIB Section 3 In 1Q 2026, following a strong start of the year, markets turned negative, with both European Selected ECM Transactions and US equities experiencing a sharp increase in volatility amid heightened investor risk February 2026 March 2026 March
Slide 27: CF: Results Snapshot
CF: RESULTS SNAPSHOT SOUND NEW LOANS (UP 10% TO 2.6BN), NII (€304M), NET PROFIT (€101M). HEALTHY ASSET QUALITY 3M - Divisional results – CF Section 3 Financial results Highlights 3M 3M 3M ∆ ∆ Solid commercial activity in 3M Mar.26: €m Mar26 Dec25 Mar25 YoY1 QoQ1 New business: €2.6bn up 10% YoY and u
Slide 28: Growth in New Business and Loan Book, Resilient Yield
GROWTH IN NEW BUSINESS AND LOAN BOOK, RESILIENT YIELD 3M Mar26 - Divisional results – CF Section 3 New loans by product (3M, €bn) Loan book net profitability1 (3M, %) +10% 8.00% 8.00% 7.34% 7.23% 7.29% 7.34% 7.20% 2.6 7.00% 7.00% 2.5 2.4 2.4 2.3 6.00% 6.00% 5.00% 1.2 1.3 5.00% 1.2 1.2 1.1 4.00% 5.40
Slide 29: Asset Quality Confirmed
ASSET QUALITY CONFIRMED 3M Mar26 - 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% 13% 2.1% 2.0% 2.0% 2.5% 34% 400 1.6% 2.0% 30
Slide 30: Insurance: Growing Contribution
INSURANCE: GROWING CONTRIBUTION TOTAL INCOME AND NET PROFIT UP 20% YOY 3M Mar26 - Divisional results – INS Section 3 Financial results Highlights 3M 3M 3M ∆ ∆ 1Q26 net profit at €131m, up 20% YoY reflecting: €m Mar26 Dec25 Mar25 YoY1 QoQ1 AG solid contribution up 24% YoY to €131m Total income 138 14
Slide 31: Holding Functions: Results Snapshot
HOLDING FUNCTIONS: RESULTS SNAPSHOT 3M Mar26 - Divisional results – HF Section 3 Financial results Highlights 3M 3M 3M ∆ ∆ 1Q26 net loss of €18m reflecting mainly: €m Mar26 Dec25 Mar25 YoY1 QoQ1 Revenues up 79% YoY, reflecting higher trading and Total income 25 (7) 14 +79% n.m. positive NII due to s
Slide 32: Agenda
Agenda Section 1. Executive summary Section 2. 3M as at Mar26 Consolidated results Section 3. 3M as at Mar26 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 33: What's Next: 2026 Guidance
WHAT’S NEXT Closing remarks Section 4 2026 Guidance Mediobanca is focused on delivering BP25-30 actions and synergies envisaged for the current year, albeit with greater caution as required by macro scenario, which could slow commercial performances in WM and in CIB The pipeline in CIB and the trend
Slide 34: Mediobanca 3M Results as at March 2026
MEDIOBANCA 3M RESULTS AS AT 31 MARCH 2026 Milan, 11 May 2026
Slide 35: Agenda
Agenda Section 1. Executive summary Section 2. 3M as at Mar26 Consolidated results Section 3. 3M as at Mar26 Divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 36: New Reclassification Schemes (1/2)
NEW RECLASSIFICATION SCHEMES (1/2) Divisional tables Annex 1 Starting from 1/1/26, in order to align with the presentation formats adopted by the Parent Company, Mediobanca and its subsidiaries have amended the reclassified P&L and A&L schemes (both consolidated and divisional) The main differences
Slide 37: New Reclassification Schemes (2/2)
NEW RECLASSIFICATION SCHEMES (2/2) Divisional tables Annex 1 With regard to the P&L, the newly adopted layout is a direct derivation of the line items included in the mandatory formats set out by Bank of Italy Circular No. 262, whereas the previously used layouts reflected the Bank’s managerial pers
Slide 38: Mediobanca Consolidated P&L
MEDIOBANCA CONSOLIDATED P&L Divisional tables Annex 1 1Q26 4Q25 3Q25 2Q25 1Q25 €m Mar26 Dec25 Sept25 June25 Mar25 QoQ1 YoY1 Net interest income 488 473 477 503 493 +3% -1% Fee income 223 212 203 223 243 +6% -8% Income from banking activities 711 684 680 726 736 +4% -3% Profit (loss) of equity ac
Slide 39: Mediobanca – Balance Sheet
MEDIOBANCA – BALANCE SHEET Divisional tables Annex 1 Funding €bn Mar26 Dec25 Mar25 QoQ1 YoY1 Stable Funding 71.6 70.8 66.1 +1% +8% WM deposits 29.6 30.3 28.9 -2% +3% Securities 33.0 32.5 31.2 +1% +5% Financing from banks 7.3 6.4 4.5 +14% +62% Other 1.7 1.6 1.5 +8% +12% S/T Funding 13.0 12.5 10.1
Slide 40: Wealth Management Results
WEALTH MANAGEMENT RESULTS Divisional tables Annex 1 1Q26 4Q25 3Q25 2Q25 1Q25 €m Mar26 Dec25 Sept25 June25 Mar25 QoQ1 YoY1 Net interest income 90 95 93 99 100 -5% -9% Fee income 126 142 122 136 137 -12% -8% Other income 3 6 2 (5) 3 -43% +26% Total income 219 243 217 229 239 -10% -8% Personnel exp
Slide 41: Corporate & Investment Banking Results
CORPORATE & INVESTMENT BANKING RESULTS Divisional tables Annex 1 1Q26 4Q25 3Q25 2Q25 1Q25 €m Mar26 Dec25 Sept25 June25 Mar25 QoQ1 YoY1 Net interest income 86 85 84 94 90 +1% -4% Fee income 94 70 75 85 100 +34% -6% Financial revenues2 39 32 11 28 33 +24% +18% Other income 1 1 (4) 1 2 +80% -47% To
Slide 42: Consumer Finance Results
CONSUMER FINANCE RESULTS Divisional tables Annex 1 1Q26 4Q25 3Q25 2Q25 1Q25 €m Mar26 Dec25 Sept25 June25 Mar25 QoQ1 YoY1 Net interest income 304 304 296 290 288 - +6% Fee income 18 15 18 15 19 +22% -7% Other income 12 12 14 10 10 -2% +22% Total income 334 331 329 314 317 +1% +5% Personnel expens
Slide 43: Insurance Results
INSURANCE RESULTS Divisional tables Annex 1 1Q26 4Q25 3Q25 2Q25 1Q25 €m Mar26 Dec25 Sept25 June25 Mar25 QoQ1 YoY1 Net interest income (8) (8) (8) (2) (2) - n.m. Profit (loss) of equity accounted investments 131 147 135 168 106 -11% +24% Financial revenues2 15 4 4 7 11 n.m. +37% Total income 138
Slide 44: Holding Functions Results
HOLDING FUNCTIONS RESULTS Divisional tables Annex 1 1Q26 4Q25 3Q25 2Q25 1Q25 €m Mar26 Dec25 Sept25 June25 Mar25 QoQ1 YoY1 Net interest income 2 (15) 3 21 7 n.m. -64% Fee income (2) (1) (1) (2) (1) +50% n.m. Financial revenues2 25 11 5 (21) 8 n.m. n.m. Other income 1 (1) 11 4 1 n.m. -17% Total in
Slide 45: 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 46: 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 47: Investor Contact Details
INVESTOR CONTACT DETAILS Mediobanca Investor Relations Piazzetta Cuccia 1, 20121 Milan, Italy Email: investor.relations@mediobanca.com (0039) 02-8829.860/647 http://www.mediobanca.com 47