Banca Mediolanum Unsp/Adr (BNCDY) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the Banca Mediolanum 9 month 2025 results conference call. At this time all participants are in listening only mode. After the speaker presentation there will be the 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 a 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. Hello, everyone. It's a pleasure to meet with you again. As you've seen, with a strong third quarter behind us, our nine-month picture is in good shape. And today we are going to take a closer look to our results, what's powering them and how we see the road ahead. Just a quick note before we start. You're welcome to ask a question at the end of the presentation in the language of the line you're calling from. We will answer in Italian, as usual, with a real-time English translation. With that, I'm pleased to turn the floor to our CEO, Massimo Doris, who is joined by our CFO, Angelo Lietti. Massimo, over to you. Thank you Alessandra, and good afternoon everyone, and thanks for joining us. Let's start with the context. Nine months in, inflation in Europe returned to around 2%. Interest rates remained restrictive, equity markets advanced unevenly, bond yields were volatile, currencies were choppy, and geopolitics remained a persistent headwind. In this kind of environment, discipline matters, and steady execution is rewarded. And that's where we stayed focused. We planned for this noise and kept on doing the fundamentals well, prioritizing our proven trademar...