Banca Mps: Board approves consolidated results as at 31 March 2026

About this update from Banca Monte Dei Paschi Di Siena S.p.a.

BANCA MPS BOARD APPROVES CONSOLIDATED RESULTS AS AT 31 MARCH 2026 HIGH QUALITY AND DIVERSIFIED REVENUE MIX, WITH GROWING PROFITABILITY, EFFECTIVE COST DISCIPLINE AND STRONG CAPITAL SOUNDNESS BUSINESS PERFORMANCE IN LINE WITH STRATEGIC TRAJECTORY SET OUT IN 2026-2030 BUSINESS PLAN INTEGRATION PROCESS WITH MEDIOBANCA CONTINUES, WITH THE AIM TO COMPLETE THE REORGANISATION IN THE GROUP'S FIVE BUSINESS AREAS AND ACCELERATING VALUE CREATION FOR ALL STAKEHOLDERS ****************** Q126 GROUP CONSOLIDATED NET PROFIT OF EUR 521 MILLION, SUPPORTED BY DOUBLE-DIGIT GROWTH IN OPERATING PERFORMANCE AND, IN Y/Y AND Q/Q COMPARISON, NOT BENEFITTING FROM POSITIVE TAX EFFECTS; PRE-TAX PROFIT AT EUR 911 MILLION, UP +15.6% Q/Q (+6.7% Y/Y 1 ) LEADING POSITIONING WITHIN THE EUROPEAN BANKING SECTOR IN TERMS OF CAPITAL STRENGTH AND SHAREHOLDER REMUNERATION: CET1 RATIO AT 15.9%, NET OF DIVIDENDS ACCRUED IN THE QUARTER BASED ON A 100% PAYOUT RATIO, WITH A STRONG CAPITAL BUFFER ABOVE REGULATORY REQUIREMENTS (ca. 650 BASIS POINTS 2 ) POSITIVE TREND IN REVENUES DRIVEN BY CONTINUED COMMERCIAL MOMENTUM AT EUR 1,960 MILLION, UP 2.9% Y/Y 3 AND 3.0% Q/Q, THANKS TO BOTH NET INTEREST INCOME (+1.9% Q/Q) AND FEES AND COMMISSIONS (+2.8% Q/Q), WITH ACCELERATION IN THE WEALTH MANAGEMENT AND ADVISORY COMPONENT (+7.6% Q/Q 4 ) NET OPERATING RESULT INCREASES TO EUR 947 MILLION (+9.5% Q/Q AND+3.4% Y/Y 5 ) DRIVEN BY THE POSITIVE REVENUES DYNAMIC, AS WELL AS EFFECTIVE MANAGEMENT OF ‌1 Comparison with the Group's pro forma figures (including the contribution of the Mediobanca Group) as at 31 March 2025. ‌ 2 Buffer calculated considering the increase in capital requirements due to the introduction from 1 st April 2026 of the O-SII buffer equal to 0.50 percent of overall risk-weighted exposures. ‌3 See note 1. ‌4 Including the result of the insurance business. ‌5 See note 1. OPERATING COSTS (-3.1% Q/Q AND +1.1% Y/Y 6 ) WITH COST OF RISK STABLE Q/Q AT 42 BPS COST/INCOME IN Q1 AT 44%, DOWN 3 BPS VS. PREVIOUS QUARTER GROWTH IN CUSTOMER LOANS 7 (+1.0% Q/Q AND +5.2% Y/Y 8 ), DRIVEN BY LEADING ROLE IN MORTGAGE LENDING TO HOUSEHOLDS (EUR 1.7 BILLION) AND BY CONSUMER CREDIT FLOWS (EUR 2.7 BILLION) TOTAL FUNDING 9 AT APPROXIMATELY EUR 290 BILLION, UP BY OVER EUR 16 BILLION VS. Q1 2025 10 , WITH WEALTH MANAGEMENT GROSS INFLOWS INCREASING 10% Q/Q GROSS NPEs STOCK AT EUR 3.7 BILLION GROSS NPE RATIO AT 2.5% AND NET NPE AT 1.3% TOTAL NPE COVERAGE AT 50.6% SOLID LIQUIDITY POSITION WITH AN UNENCUMBERED COUNTERBALANCING CAPACITY OF EUR 49 BILLION LCR AT 157% AND NSFR AT 121% ****************** Siena, 12 May 2026 - The Board of Directors of Banca Monte dei Paschi di Siena S.p.A. (the "Bank"), which concluded its meeting yesterday evening under the chairmanship of Prof. Cesare Bisoni, has reviewed and approved the results as at 31 March 2026. Group profit and loss results as at 31 March 2026 The Group's total revenues as at 31 March 2026 stand at EUR 1,960 million . Excluding the contribution from the Mediobanca perimeter, amounting to EUR 925 million, revenues come to EUR 1,034 million, representing an increase compared with same period of the previous year (+2.7%, equal to EUR +27.2 million), driven by a positive trend in net interest income (+0.8%, equal to EUR +4.2 million), net fee and commission income (+3.0%, equal to EUR +11.8 million) and other income from financial operations (+13.1%, equal to EUR +8.7 million). Other operating income and expenses also record a positive performance (EUR +2.6 million). ‌6 See note 1. ‌7 Gross performing loans. ‌8 Change vs pro forma figures as at 31 March 2025, including the contribution of Mediobanca Group. ‌9 Direct and indirect commercial funding. ‌10 See note 8. Revenues in the first quarter of 2026 (EUR 1,960 million) are also up compared with the previous quarter (+3.0%, equal to EUR 57.8 million), with growth across all main components: net interest income +1.9% (equal to EUR 18.9 million), net fee and commission income +2.8% (equal to EUR 17.1 million), and other income from financial operations +8.4% (equal to EUR 22.4 million). Other operating income and expenses remain broadly stable (EUR -0.5 million). Net interest income as at 31 March 2026 amounts to EUR 1,036 million . Excluding the contribution from the Mediobanca Group (amounting to EUR 489 million), the figure stands at EUR 547 million, up on EUR 543 million in the same period of 2025, supported by the growth in lending and lower cost of both commercial funding and cost of debt securities in issue. This effect is only partially offset by the decline recorded in balances with banks at amortised cost and in balances with central banks. Net interest income increases by 1.9% (equal to EUR +18.9 million) quarter-on-quarter. Growth is supported primarily by customer loans measured at amortised cost, reflecting continued expansion in lending volumes. Hedging derivatives and the cost of debt securities in issue also improve quarter-on-quarter. These trends are only partially offset by the higher costs recorded on balances with banks at amortised cost and, to a lesser extent, by the lower contribution from trading portfolios. Net fee and commission income as at 31 March 2026 stands at EUR 618 million . Excluding the contribution from the Mediobanca Group (amounting to EUR 209 million), net fee and commission income comes to EUR 410 million, an increase compared with the same period of the previous year (+3.0%, equal to EUR +11.8 million). This positive performance is driven by intermediation, management and advisory commissions (+10.9%, equal to EUR +23.3 million) partially offset by commercial banking fees dynamics (-6.2%, equal to EUR -11.5 million). The result for the first quarter of 2026 is higher than in the previous quarter (+2.8%, equal to EUR +17.1 million). Growth is attributable to the intermediation, management and advisory segment (+7.6%, equal to EUR 28.8 million), driven by securities and currency intermediation and placement services on the back of increased activity within Mediobanca's Corporate Investment Banking division. The commercial banking segment records fees of EUR 207.5 million in the quarter, compared with EUR 219.3 million in the previous quarter, which had benefitted in particular, in the lending segment, from the seasonality typically associated with the final quarter of the year. The insurance business result for the first quarter of 2026 remains broadly stable quarter-on-quarter. Dividends, similar income and profits (losses) from equity investments amount to EUR 146 million . Excluding the contribution from the Mediobanca Group (amounting to EUR 131 million and almost entirely attributable to the valuation of Assicurazioni Generali at equity method) the aggregate totals EUR 15 million, compared with EUR 16 million as at 31 March 2025. Including the contribution from the Mediobanca Group, the EUR 146 million recorded in the first quarter of 2026 compares with EUR 180 million in the previous quarter, reflecting the lower contribution from insurance companies. Net profit (loss) from trading, financial assets/liabilities measured at fair value and gains from disposals/repurchases as at 31 March 2026 amounts to EUR 144 million , of which EUR 84 million is attributable to the acquired Mediobanca Group. Excluding the contribution from the Mediobanca Group, the aggregate shows an increase compared with the previous year (EUR +10.3 million). The Group's quarterly trend also shows growth compared with the previous quarter (EUR +66.3 million). As at 31 March 2026, operating expenses amount to EUR 859 million ; net of the component attributable to the Mediobanca Group, the aggregate stands at EUR 473 million, remaining broadly stable compared with 31 March 2025 (+0.1%, equal to EUR 0.4 million). Operating costs for the first quarter of 2026 decrease by -3.1% compared with EUR 886 million in the previous quarter. An analysis of the individual aggregates shows that: HR costs amount to EUR 542 million as at 31 March 2026. Excluding the component attributable to the Mediobanca Group, the aggregate stands at EUR 326 million, up 1.6% compared with the first quarter of 2025, mainly due to costs associated with the third and fourth tranches of salary increases under the renewed national collective bargaining agreement for the banking sector (effective from 1 June 2025 and 1 March 2026, respectively). Compared with the previous quarter, on a like-for-like basis (including the Mediobanca Group's contribution of EUR 216 million), HR costs decrease by -3.2%. This reduction is mainly attributable to lower provisions for the variable remuneration component of the acquired group and to workforce trends in the first quarter of 2026; other administrative expenses amount to EUR 249 million , including EUR 141 million attributable to the Mediobanca Group. Excluding the Mediobanca Group, the aggregate shows a reduction compared with 31 March 2025 (-4.4%), also reflecting the continued implementation of a rigorous cost management process and a focus on cost-optimisation measures. The quarter-on-quarter comparison shows a reduction in other administrative expenses (EUR -7.3 million); net value adjustments to property, plant and equipment and intangible assets amount to EUR 68 million as at 31 March 2026. Excluding the contribution attributable to the Mediobanca Group, the total stands at EUR 39 million, remaining broadly stable compared with the same period of 2025. The contribution for the first quarter of 2026 is down by EUR 1.9 million compared with the previous quarter. As a result of the above trends, the Group's gross operating profit amounts to EUR 1,101 million . Excluding the amount attributable to the Mediobanca Group (equal to EUR 539 million), gross operating profit stands at EUR 562 million, an increase compared with EUR 535 million in the same period of the previous year. The contribution for the first quarter of 2026 is up EUR 84.9 million compared to the previous quarter. Loan loss provisions booked by the Group as at 31 March 2026 amount to EUR 154 million . Excluding the portion attributable to the Mediobanca Group, amounting to EUR 83 million, loan loss provisions stand at EUR 71 million, down from EUR 91 million recorded in the same period of the previous year. In particular, the first quarter of 2026 reflects lower provisions on the performing portfolio (following higher flows of exposures migrating from Stage 2 to Stage 1 compared with the first quarter of 2025) and on existing non-performing exposures, only partly offset by higher provisions recognised on new inflows from performing to non-performing loans. Comparison with the fourth quarter of 2025 shows an increase in the cost of credit of EUR 4.6 million, driven by higher volumes recorded in consumer finance. As at 31 March 2026, the cost of risk , i.e. the ratio between the annualised loan loss provisions and the sum of customer loans plus the value of securities from disposals/securitisations of NPEs, stands at 42 bps . The Group's net operating profit as at 31 March 2026 amounts to EUR 947 million . Excluding the contribution attributable to the Mediobanca Group, net operating profit stands at EUR 490 million, an increase of 9.5% compared with the same period of the previous year. The comparison with the last quarter of 2025 shows a growth of 9.5% (equal to EUR 82.3 million). The following items also contribute to the result for the period : other net provisions for risks and charges of EUR -9 million as at 31 March 2026. Excluding the Mediobanca Group's contribution, the aggregate stands at EUR -6 million, lower compared with the EUR -25 million recognised in the same period of the previous year. Net provisions for the quarter compare with net releases of EUR 6 million in the previous quarter; other gains (losses) on equity investments, amounting to EUR -3 million , are entirely attributable to the Mediobanca Group. Excluding the acquired group, the item is nil, as in the corresponding period of the previous year. The figure for the previous quarter, also entirely attributable to the Mediobanca Group, is EUR -1 million; integration costs and staff exit incentive charges amount to EUR -23 million . Excluding the contribution attributable to the Mediobanca Group, the item stands at EUR -12 million, compared with EUR -13 million in the first quarter of 2025. This item includes, in particular, the effect of discounting expenses related to past workforce exits through the early retirement scheme or access to the Solidarity Fund, costs associated with new exit incentive and retention measures, the impact arising from the valuation of the subsidiary MP Banque in accordance with IFRS 5, integration costs and other charges in connection with the reorganization transaction, and costs relating to project initiatives under the Business Plan. On a quarter-on-quarter basis, these costs are down by EUR 18.1 million compared with the previous quarter; risks and charges related to SRF, DGS and similar schemes , totalling EUR -1.5 million . These include costs relating to the life insurance guarantee fund for EUR 1 million and costs relating to the FITD (the Interbank Deposit Protection Fund) for EUR 0.5 million. In the previous financial year, the Group had recognised costs of EUR 10 million, entirely recorded in the fourth quarter, relating to the FITD for EUR 7.6 million and to the life insurance guarantee fund for EUR 2.3 million; DTA fees, totalling EUR -1 million , lower versus EUR -14 million recorded in the same period of the previous year and in the previous quarter, due to the entry, starting from the current financial year, of the companies of the Mediobanca Group into the tax consolidation of the MPS Group. The amount, calculated according to the criteria of Law Decree 59/2016, converted into Law No. 119 of 30 June 2016, consists of the fees due as at 31 March 2026 for DTAs (Deferred Tax Assets) which are convertible into tax credits; net gains (losses) on property, plant and equipment and intangible assets measured at fair value of EUR +2 million , with no contribution from the acquired group. The result compares with EUR +2 million in the same period of the previous year and with EUR -22 million in the previous quarter, which reflected the half-yearly update of property valuations; gains (losses) on the disposal of investments are substantially nil both in the first quarter of 2026 and in the first quarter of 2025, compared with a result of EUR +5 million in the fourth quarter of 2025. As a result of the above trends, the Group's pre-tax profit for the period amounts to EUR 911 million . Excluding the contribution attributable to the Mediobanca Group, pre-tax profit stands at EUR 474 million, up 19.2% compared with EUR 397 million recorded in the same period of the

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