Banca Mediolanum Unsp/Adr (BNCDY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by. Welcome to Banca Mediolanum Q1 2026 results conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To enter the queue for questions, please press star 1 1 at any time. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Alessandra Lanzone, Head of Investor Relations. Please go ahead, Madam. Thank you. Hello, everyone, and welcome to Banca Mediolanum's conference call. Thanks for joining us today. We are only at the beginning of the year, but Q1 offers already a meaningful first read on a very active start to 2026. The strength of our business, the drivers behind the numbers, and the trends of our performance. For the Q&A session at the end, please ask your question in the language of the line you're calling from. As usual, we respond in Italian, but with a simultaneous translation into English available. With that, I'm pleased to hand this over to our CEO, Massimo Doris, joined by our CFO, Angelo Lietti. Massimo, over to you. Thank you, Alessandra. Very good afternoon to all of you. We started 2036 in a context that was already complex, shaped by geopolitics, shifting rates expectations, and policy developments. As the quarter progressed, market volatility increased, particularly from March onwards. But the border point is that volatility is no longer an exception. It has become part of the baseline we operate in. In this environment, the key question is not whether uncertainty is present, but how customers respond to it. So far, the evidence is clear. Despite ...