Mediobanca - Banca Di Credito Finanziario S.p.a.MIL: MB

Financial document (analyst presentation 3m iq26 results as at 30 september 2025)

· Issued by Mediobanca - Banca Di Credito Finanziario S.p.a.
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MEDIOBANCA

3M RESULTS AS AT 30 SEPTEMBER 2025

Milan, 5 November 2025



Agenda

Section 1. Executive summary

Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks

Annexes

  1. 3M KPIs and Divisional tables



    3M SEPT25: NAVIGATING A MAJOR CHANGE

    Executive summary Section 1

    Commercial flows

    WM: €2.5bn NNM (flat YoY1, ow Premier €1.1bn, +7%1, Private&AM €1.3bn, -10%1), ow €2.0bn AUM

    CIB: good M&A, subdued Lending/Markets volumes

    CF: €2.3bn new loans (up 12%1) with ongoing stock repricing

    Stable revenues at €868m

    WM -2%1(to €224m), CIB -6%1(to €171m), CF +7%1(to €335m), INS +13%1 (to €130m)

    NII: CF up 8%1, with consolidated NII almost stable (down 1%1 to €479m)

    Fee income flat1 (€232m) driven by WM (up 3%), notably MB Premier (double-digit growth)

    Cost/income ratio <44%

    Asset quality: CoR at 51bps (flat), with €177m residual overlays

    Net profit at €322m, down to €291m after €30m net one-off costs related to public offers ("OPS")

    Capital and shareholders' remuneration

    CET1 ratio at 15.8%2 (up ~75bps) due to SBB removal and RWA optimization

    €0.59 balance dividend paid on 26 Nov.25 (total €1.15 for FY25)





    3

    1. YoY: 3m Sept25 / 3m Sept24

    2. The fully loaded CET1 ratio is ~15.5%, including fully loaded impacts of CRR3 and excluding impact related to FRTB.

DIVISION KPIs

Wealth Management - 3M results as at Sept25

Revenues

Fees

TFA

Net profit

Executive summary Section 1

WM: fees and AUM growth

TFAs up to €116bn, with €2.5bn NNM

Low single-digit growth in fees, driven by solid trend in mgmt fees partly offset by lower sales of structured products

€224m

€128m

€116bn

€44m

Franchise: 8 higher salesforce in MB Premier, with 22 new entries in 3M; 2 net departures from Private Banking

-2% YoY

-9% QoQ

+3% YoY

-10% QoQ

+12% YoY

+3% QoQ

-17% YoY

-30% QoQ

Corporate & Inv.Banking - 3M results as at Sept25

Revenues

Fees

CoR

Net profit

CIB: resilient and with low K absorption

Fees resilient YoY in a seasonally weak quarter,

solid trend in advisory, some delay in lending and markets

Asset quality confirmed as excellent,

RWAs lower due to new large corporate PD models (€1.7bn)

€171m

-6% YoY

-18% QoQ

€76m

-3% YoY

-12% QoQ

1bps

n.m.

€48m

-18% YoY

+4% QoQ

Consumer Finance - 3M results as at Sept25

Revenues

New loans

CoR

Net profit

CF: NII and fees at record levels

New loans up 12% to €2.3bn, despite stricter origination criteria

Revenues up to ~€335m in 1Q,

driven by repricing and product/channel diversification

CoR normalizing (€12m overlays used from June25)

€335m

+7% YoY

+3% QoQ

€2.3bn

+12% YoY

-2% QoQ

177bps

-2bps YoY

+6bps QoQ

€109m

+6% YoY

+8% QoQ

Insurance - 3M results as at Sept25

Revenues

RWA

BV

Net profit

INS: high contribution

Revenues and net profit at high levels

Book value: €4.0bn Market value: €6.8bn

€130m

+13% YoY

-25% QoQ

€7.9bn

-3% YoY

+2% QoQ

€4.0bn

+3% YoY

+2% QoQ

€127m

+5% YoY



-23% QoQ

4



Agenda

Section 1. Executive summary

Section 2. 3M Consolidated results

Section 3. 3M Divisional results

Section 4. Closing remarks

Annexes

  1. 3M KPIs and Divisional tables



    CAPITAL-LIGHT ASSET TREND TFAS UP ~€13BN, RWAS DOWN >€2BN

    3M - Consolidated results Section 2

    Double-digit growth in TFAs to €116bn

    AUM/AUA up 13% YoY to €85bn, deposits up 11% YoY to €31bn

…with €2.5bn in NNM in 1Q26

>€2.0bn from AUM, €0.7bn from deposits

75.0

81.7

+4%

84.8

28.2

30.4

+2%

31.1

103.2

+12%

112.1

115.9

(TFAs, €bn)

(Quarterly NNM, €bn)

3.8

2.6

2.3

1.1

1.3

0.2

2.3

0.2

2.0

0.8

1.5

2.5

1.8

2.0

(0.7

1.5

0.1)

0.7

(

0.3)

Sept24 June25 Sept25

Deposits
AUM/AUA

3M

Sept24

3M

Dec24

3M

Mar25

3M

Jun25

3M

Sept25

Deposits
AUM
AUA

Mid-single-digit loan growth

Down in corporate in last Q, ongoing growth in WM and CF

…matched with RWA optimization

RWAs down >€2bn YoY and €0.9bn QoQ

(Loan book, €bn)

+5%

52.0

54.4

15.3

+6%

+5%

+4%

16.3

16.9

17.8

19.2

19.9

Sept24 Sept25

CIB
WM
CF
Other

(RWAs, €bn)

47.4

1.4

(1.9)

45.2

(1.7)

-5%

Sept24 Organic growth

Optim./ regulat. FY25

PD model in CIB 1Q26

Sept25

6



REVENUES STABLE YoY

3M - Consolidated results Section 2

3M consolidated revenues by source (YoY, €m)

Flat

WM revenues (3M, €m)

-1%1

-31%1

flat1

+19%1

K-light +3% YoY

414

402



866

(7) (12) - 20

868

228

224

Sept24 Sept25

CIB revenues (3M, €m)

182

171

Revenues 3M-Sept24

NII Trading Fees Equity

accounted

Revenues 3M-Sept25

Sept24 Sept25

CF revenues (3M, €m)

314

335

3M revenues €868m, flat YoY, down 9% QoQ for seasonality

WM: -2% YoY, with fees up 3% driven by higher AUM/AUA, with a good pace maintained in 1Q26 (€224m), below 4Q25 (€246m) due to seasonally lower certificates activity

CIB: -6% YoY, driven by solid Advisory/Debt division performances,

reduced contribution from Trading/Markets in 1Q26 vs previous quarters

CF: up 7% YoY with NII up 8%

INS: up 13% YoY on higher AG contribution

HF: down ~€20m YoY due to lower interest rates, ongoing also in 3M Sept25



Sept24 Sept25

INS revenues (3M, €m)

115

130



Sept24 Sept25



7

Note: data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB

  1. YoY % change

FEE INCOME FLAT

3M - Consolidated results Section 2

3

59

CIB fees (€m, 3M)

78

86

15

12

Sept24

June25

WM fees (€m, 3M)

142

124

Sept24

June25

Sept25

(24)

(24)

(18)

111

123

139

25

28

26

128

Sept25

8

53

5

65

15

76

Fee income trend by division (€m, 3M)

317

flat YoY

Specialty Fin.

274

254

232

143

232

101

78

86

76

124

146

143

142

128

39

Sept24

42

Dec24

42

Mar25

37

June25

39

Sept25

Lending

CapMkt1

Advisory

Performance

Banking

Mgt & Upfront

Passive

CF
WM
CIB
HF&Other

Consolidated fees flat YoY to €232m in 1Q (down 9% QoQ mainly due to seasonal factors)

WM: €128m up 3% YoY (down 10% QoQ), with management fees increasing steadily, driven by AUM growth, upfront fees impacted by summer seasonal issues for structured product flows.

CIB: €76m broadly flat YoY (down 12% QoQ), with a solid contribution from advisory business

CF: €39m, steady contribution







8

Note: data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB

1) CapMkt fees include ECM, DCM, CMS, Sales

NII RESILIENCE

3M - Consolidated results Section 2

NII trend by division (€m, 3M) Average loan book by division (€bn, 3M, gross)

-1% YoY

485

31

77

102

494

ow 5 inflation

25

85

497

17

90

496

ow 8 inflation

12

95

102

101

100

479

4

84

94

275

282

289

289

297

Sept24

Dec24

Mar25

June25

Sept25

53.3

5.81%

55.7

Loan yield (%)2

5.09%

5.27%

+4% YoY

16.6

17.3

17.3

17.5

18.1

18.3

17.9

19.2

18.7

55.4 -1% QoQ

Sept24 June25 Sept25

CF
WM
CIB
HF&Other

CIB
WM
CF
Other

Consolidated NII resilient (down 1% YoY, down 2% QoQ adj1 for inflation) with growth in CF and subdued lending in CIB. High liquidity also temporarily impacted NII

Lower loan yield (-18bps QoQ, despite CF positive repricing through the year) was not fully matched by deposit CoF reduction (-10bps), slowed by incentives aimed at client relations, especially in Private Banking

NII sensitivity broadly unchanged: +/-€35m NII every +/50bps in interest rates







9

Note: data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB

  1. Excluding inflation coupon

  2. Without hedging

FUNDING POSITION

€1.3 RAISED IN LAST 3M AT ~87BPS

3M - Consolidated results Section 2

Funding stock up to >€71bn, with growing deposits,

and diversified access to institutional mkt

COF improving further,

incentives to foster NNM slowing deposit COF reduction

(€bn)

62.1

6.5

8.6

8.9

27.4

31.6

31.3

28.2

30.4

31.1

70.6

71.3

3M average

Sept24

Dec24

June25

Sept25

WM deposits cost2

1.95%

1.81%

1.64%

1.54%

Bond stock spread3

128bps

126bps

122bps

118bps

Sept24 June25 Sept25

WM deposits
MB securities1

TLTRO
Banks & Other

€0.9bn bond issued @~90bps

…with overall €1.3bn funding >12M raised in 3M

~135

~105

(€bn) (€bn)

Bond CoF (bps)3

€0.9bn issued

€1.3bn expired

6.1

4.3

0.9

Loans and Others…

Covered bond

Senior Preferred bond

0.7

3M Sept25

issuances

Maturities to

June26

Maturities to

June27

0.2





10

  1. Including Certificates at FVO

  2. Avg. 3M client rate

  3. Avg. 3M spread vs Eur3M

COST OF RISK AT 51BPS

3M - Consolidated results Section 2

Consolidated and CF CoR trend (bps, 3M) Total overlays trend (€m)

179

51

176

169 171

50

39 35

177

51

Sept24

Dec24 Mar25 June25

Sept25

0

Consolidated CoR bps
CF CoR bps

LLPs trend (€m,3M)

215

21

28

167

189

17

27

146

177

16

26

135

68

1

68

66

68

72

67 66 53 47 69

Sept24 June25 Sept25

CF
CIB
Other

Sept24 Dec24 Mar25 June25 Sept25



CF
CIB
Other

11

Sept.25 consolidated CoR at 51bps flat vs Sept.24, with partial use of overlays (stock down by €12m QoQ to €177m): CF: CoR at 177bps, down 2bps YoY (up 6bps QoQ); overlays stock at €135m, down €32m YoY and €11m vs June25 CIB: Cor at 1bps, reflecting portfolio quality; overlays stock at €26m, down €1m YoY

WM: CoR negligible

QoQ growth of both LLPs and CoR due to absence of writebacks in last quarter



PRUDENT STAGING

GROSS NPL RATIO STABLE AT 2.1%

3M - Consolidated results Section 2

Gross NPL stable QoQ at 2.1% (0.9% net), coverage at 60%

down YoY due to writeoff of fully covered positions in FY25

Gross NPL ratio Net NPL ratio NPL coverage ratio

2.6%

2.1%

2.1%

69.0% 60.1% 59.9%



0.8% 0.9% 0.9%

0

Sept24 June25 Sept25

Sept24 June25 Sept25

Sept24 June25 Sept25

Performing loan indicators

Stage 2 loans <5% of gross loans with high coverage (~12%) - Performing loans coverage ratio at ~1.1%

Stage 1 performing loans

0.60% 0.58% 0.58%

Stage 2 performing loans



14.5% 12.2% 12.3%

Performing loan coverage

3.65%













3.25% 3.17%

92.4%

93.3%

93.4%

5.0%

4.6%

4.4%

1.32% 1.13% 1.11%



-1

Sept24 June25 Sept25

Gross Exposure/Loans
Coverage

0%

Sept24 June25 Sept25

Gross Exposure/Loans
Coverage

Sept24 June25 Sept25

Group
Consumer Finance

12



ASSET QUALITY BY DIVISIONS

3M - Consolidated results Section 2

Net NPLs (€m)

("deteriorate")

of which bad loans (€m)

+3%

Sept24 June25 Sept25

("sofferenze")

NPL coverage NPLs as % of loans

429

+2%

469 480

Sept24 June25 Sept25

69%

60% 60%

Sept24 June25 Sept25

2.6%

0.8%

2.1%

0.9%

Gross

2.1%

0.9%

Net

Sept24 June25 Sept25

Mediobanca consolidated

31

36

37

128

-2%

104 103

Sept24 June25 Sept25

+2%

25 30 31

Sept24 June25 Sept25

43%

44% 44%

Sept24 June25 Sept25

1.3%

1.1%

1.0%

0.8%

0.6% 0.6%

Sept24 June25 Sept25

Wealth Management (WM)

+40%

28

Sept24 June25 Sept25

10 13

Sept24 June25 Sept25

0 0 0

77%

53%

68%

Sept24 June25 Sept25

0.3%

0.1%

Sept24

0.2%

0.0%

June25

0.2%

0.1%

Sept25

Corporate & Investment Banking (CIB)

Consumer Finance1 (CF)





13

+2%

261

3451 353

Sept24 June25 Sept25

13

10

+17%

11

Sept24 June25 Sept25

75%

62% 62%

Sept24 June25 Sept25

82% 81% 77%

Sept24 June25 Sept25

6.2%

1.7%

5.2%

2.2%

5.3%

2.2%

Sept24 June25 Sept25

13.2

%

2.8%

12.1 12.6

%

2.6%

%

3.3%

Sept24 June25 Sept25

Leasing (HF)

5 5 5

Sept24

June25

Sept25

1

Sept24

0

June25

0

Sept25

Note: data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB

1. ~€260m writeoff of fully covered NPLs in 3Q FY25 and ~€110m past-due loans reclassified as NPLs in Q4 FY25 due to a new stricter definition of default adopted including forborne and UTP with less than 90 days past due, consequently among the highest-quality NPLs.

CET1 RATIO @15.8%

3M - Consolidated results Section 2

CET1 trend in 1Q26

15.05%

15.80%

95bps

(65bps) Div

65bps Earnings

35bps (30bps) (25bps)

June25 SBB withdrawn RWA INS Other Earnings/

100% Pay-out

Sept25

CET1 ratio @15.8%, up 75bps QoQ including

SBB removal (+95bps) as June 25 data included €400m SBB deduction (withdrawn in September)

RWA reduction (+35bps) due to optimization from the update of PD model in corporate (€1.7bn savings), matched with moderate organic growth

Negative impact from AG deduction: -30bps

Other, including non-recurring items related to public exchange offer

Earnings accrual offset by distribution (100% dividend payout included)

Large buffer vs minimum regulatory requirements



14



MB: CONSOLIDATED RESULTS SUMMARY

3M - Consolidated results Section 2

TFA - €bn

Customer loans - €bn

Funding - €bn

RWA - €bn

115.9

54.4

71.3

45.2

+12% 112.1 108.3

+5% 54.3 54.0

+15% 70.6 66.1

-5% 46.1 46.3

Cost/income ratio (%) Cost of risk (bps) Gross NPLs/Ls (%)

NPL coverage (%)

EPS (€) RoRWA (%) ROTE adj. (%)

CET1 ratio (%)

44

51

2.1

59.9

0.36

2.7

12.8

15.8

+1pp

-

-

-10%

-

-0.3pp

+40bps

46

35

2.1

60.1

0.41

2.9

13.8

15.1

43

39

2.0

62.5

0.40

2.9

13.9

15.6

115.9

54.4

71.3

45.2

44

42

2.1

59.9

1.17

2.8

13.3

15.8

€m

3M

Sept25

∆

YoY1

3M

June25

3M

Mar25

9M PF

Sept25

Total income

868

-

952

922

2,742

Net interest income

479

-1%

496

497

1,471

Fee income

232

-

254

274

761

Net treasury income

27

-31%

41

45

114

Insurance exposure

130

19%

162

105

396

WM

224

-2%

246

247

717

CIB

171

-6%

209

224

605

CF

335

7%

327

330

992

INS

130

13%

172

106

408

HF

8

-72%

-0

16

23

Total costs

(381)

3%

(434)

(399)

(1,214)

Loan loss provisions

(69)

3%

(47)

(53)

(169)

GOP risk adj.

417

-3%

471

470

1,359

PBT

375

-14%

453

468

1,296

Net result

291

-12%

337

334

962

Net result excl. OPS costs

322

-2%

337

334

962

Financial results

Highlights

Quarterly result benefitting from diversification of income sources, C/I efficiency and profitability:

Revenues stable at €868m with both NII and fees resilient YoY

CF and INS contribution offsetting softer CIB and HF contribution and temporary pause in growth in WM

QoQ performance impacted by seasonality and some delays in CIB origination and WM investment product placement

C/I ratio preserved @44%

CoR at 51bps (flat YoY); overlays stock at €177m, down €12m in 3M and €38m YoY. CoR normalization in CF ongoing

GOP risk-adj. at €417m, broadly stable YoY

Net profit at €322m, resilient YOY, down to €291m after non recurring items reflecting:

One off costs of €30m (€45m gross of taxes) related to OPS

(consultants, LTI, performance shares payment)

Minorities: €8m (mainly related to partners of Arma)

Solid capital position: CET1 at 15.8% at Sept.25, up 75bps vs Jun25, for the removal of the SBB (95bps deduction no more included)

ROTE at 12.8%, RORWA 2.7%





15

  1. YoY: 12M Sept25/Sept24.. data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB

  2. The fully loaded CET1 ratio is ~15.5%, including fully loaded impacts of CRR3 and excluding impact related to FRTB.

ESG PROFILE

3M - Consolidated results Section 2

Mediobanca Sport Camp - Nisida institute for juvenile offenders in Naples: Mediobanca Sport Camp has completed its ninth year, offering a week of sport and fair play for young inmates;

Tessiamo il Futuro - "Weaving the Future", with Cometa: the first year of this three-year project has seen more than 100 young people involved in an integrated textile industry training programme including both schools and businesses.

Conta sul Futuro! - "Count on the Future!", with Junior Achievement: in 2024-25, a total of 11,500 children participated in person in this longterm financial education project for middle-school students, and a further 105,000 took part online, with the help of 128 volunteers (86 of whom from Mediobanca).

SOCIAL

MSCI AAA rating confirmed

ESG/green credit product footprint

now material with ~€5.9bn of stock

o/w: 70% corporate, 18% mortgages,

12% consumer finance

Stable share of ESG funds in client portfolios (% of ESG qualified funds @50%)1

Significant Mediobanca DCM activity in the ESG space with 4 sustainable bond transactions for a total issued amount of €2.35bn during 1Q26

ENVIRONMENT

GOVERNANCE AGM on 28 Oct 2025

Shareholders in 2025 AGM:

Appointed a new Board of Directors for 2026-28 three-year period, representing a complete overhaul, including the new:

Chairman (Vittorio Umberto Grilli) CEO (Alessandro Melzi d'Eril)

Approved shareholders'

remuneration with a dividend of

€1.15ps

Approved Remuneration Policy for FY

2025-26.

The new BoD has adopted a resolution to call an extraordinary general meeting to be held on 1 December 2025 to approve amendments to the company's Articles of Association with regard to:

Article 3: Mediobanca's inclusion in

the Monte dei Paschi di Siena Group

Article 31: financial year ended on 31 December.







16

  1. % of ESG qualified funds (SFDR Articles 8&9 funds) out of total funds in Affluent Clients portfolio

  2. Financed emission intensity in CIB lending (excluding Specialty Finance) and proprietary investment portfolio.

Agenda

Section 3. 3M Divisional results

Section 1. Executive summary Section 2. 3M Consolidated results

Section 4. Closing remarks

Annexes

  1. 3M KPIs and Divisional tables



    RORWA STABLE AT 2.7% DRIVEN BY K-LIGHT BUSINESSES

    3M - Divisional results Section 3

    Revenues (€m, 3M) GOP risk adj. (€m, 3M) Net profit (€m, 3M) RoRWA & ROTE (%)

    flat

    Sept24

    Sept25

    868

866

-3%

Sept24

Sept25

417

428

-12%

330

Sept24

Sept25

291

13.1%

ROTE

12.8%

13

2.7%

RoRWA

2.7%

%

Sept24

Sept25

Mediobanca Consolidated



-2%

228

224

Sept24

Sept25

-15%

76

Sept24

65

Sept25

-17%

53

Sept24

44

Sept25

3.6%

2.6%

Sept24

Sept25

Wealth Management (WM)



-6%

182

171

Sept24

Sept25

-11%

93

Sept24

83

Sept25

58

Sept24

-18%

48

Sept25

1.6%

1.5%

Sept24

Sept25

Corporate & Investment Banking (CIB)



+7%

314

335

Sept24

Sept25

+8%

152

Sept24

165

Sept25

2.8%

3.1%

Sept24

Sept25

Consumer Finance (CF)

102

109



+13%

Sept24

Sept25

115

130

+13%

Sept24

Sept25

114

128

+5%

Sept24

Sept25

121

127

3.2%

3.5%

Sept24

Sept25

Insurance (INS)







18

+6%

Sept24

Sept25

Note: data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB

WM: RESULTS SNAPSHOT

REVENUES €224m (down 2%) - NET PROFIT €44m (down 17%)

3M - Divisional results - WM Section 3

€m

Total income

3M

Sept25

∆

YoY1

3M

Jun25

3M

Mar25

9M PF

Sept25

224

-2%

246

247

717

Net interest income

94 -8%

100

101

294

Fee income

128 +3%

142

143

413

Net treasury income

3 +33%

4

3

10

Total costs

(159) +5%

(167)

(159)

(485)

Loan provisions

0 -125%

20

2

22

GOP risk adj.

65 -15%

99

89

254

PBT

65

-14%

89

89

242

Net profit

44

-17%

63

58

165

TFA - €bn

115.9

+12%

112.1

108.3

115.9

AUM/AUA

84.8

+13%

81.7

79.4

84.8

Deposits

31.1

+11%

30.4

28.9

31.1

NNM - €bn

2.5

-3%

3.8

2.3

8.7

Customer loans - €bn

17.8

+5%

17.6

17.2

17.8

RWAs - €bn

7.0

+14%

6.9

6.3

7.0

Gross NPLs/Ls (%)

1.0

1.1

1.2

1.0

Cost/income ratio (%)

71

+5pp

68

64

68

Cost of risk (bps)

-0

-2bps

-47

-4

-17

RoRWA (%)

2.6

n.s.

4.3

3.8

3.5

Salesforce

1,399

+6

1,393

1,373

1,399

Financial results

19

  1. YoY: 12M Sept25/Sept24.

Highlights

Positive 3M Sept.25 commercial results, with franchise resilience. NNM mix towards higher AUM.

Franchise: in last 3M MB Premier salesforce up by 8 people with 22 new entries, 3 exits from MB Private, 1 hiring in CMB

NNM: €2.5bn in 3M, in line with last year, driven by AUM (€2.0bn) and deposits (€0.7bn). MB Premier up 7% YoY contributing over €1.1bn (ow €0.7bn in AUM); PB at

>€0.5bn, including €0.4bn liquidity events in MBPB. Positive trend ongoing in AM (€0.8bn NNM, mainly in Polus)

TFAs: ~€116bn, up 12% YoY

3M net profit at €44m, with revenue growth temporarily paused by initiatives to retain HNWI clients:

Revenues of €224m flat YoY:

Fees up 3% YoY, driven by mgt fees (up 17%). QoQ reduction mainly due to lower structured product placement.

NII down 8% YoY due to interest rate cuts and stickier CoF in part due to incentivized remuneration measures in private banking

Cost/income ratio at 71% (up 5pp), with costs up 5%, including recruitment costs and deployment of investments in digital platform

CoR remains non-material, with no writebacks vs €20m recorded in 4Q mainly due to PD historical series update



RoRWA at 2.6%



TFAs UP €3.8BN TO €116BN, DRIVING FEE GROWTH

3M - Divisional results - WM Section 3

TFAs trend (€bn)

30.4

28.2

103.2

2.5

1.3

NNM breakdown

AUM/AUA +1.8

  • Private +0.1

  • Premier +0.8

- AM +0.8

Deposits +0.7

31.1

45.5

50.5

53.3

29.5

31.3

31.6

112.1 115.9

Sept24 June25 3M NNM Mkt effect Sept25

Deposits
AUM
AUA

MBWM: fees by source (3M, €m)

128

+3%

+17%

28

25

19

15

15

20

90

77

(18)

(25)

124

Sept24 Sept25

Passive
Mngt Franchise
Upfront/Advisory

Mngt AM
Banking & other
Performance

TFAs: up €3.8bn to ~€116bn with AUM/AUA up to ~€85bn (up 13% in 12M), with €2.5bn NNM and €1.3bn positive market effect

WM fees up 3% YoY, driven by management fees (up 17% YoY for franchise and up 29% for AM companies) on growing AUM (up 17% YoY) with upfront down YoY and QoQ mainly reflecting structured products/private markets placement

Franchise ROA1 stable at 99bps (98bps in FY25), AM ROA at 49bps (up 4bps YoY).







20

  1. ROA franchise: gross management fees from franchise (Private & Premier)/Avg. AUM from franchise

STABLE NNM AND FRANCHISE

3M - Divisional results - WM Section 3

TFAs by segment (€bn, end period)

NNM by segment (3M, €bn)

Franchise by segment (#salespeople)

49.7

43.4

+12%

115.9

103.2

46.1

50.4

13.7

15.9

2.6

2.5

1,321

1,393

1,399

1.1

1.1

0.5

0.9

0.8

0.6

158

148

146

534

552

548

629

693

705

Sept24 Sept25

3M Sept24 3M Sept25

Sept24 June25 Sept25

Premier
Private
Asset Management

Premier
Private
Asset Management

Premier FA
Premier RM
Private Bankers

Premier Banking: TFAs up 15% YoY to €50bn, with quarterly NNM up 7% YoY to €1.1bn. Good asset mix with €0.7bn derived from AUM, and

€0.3bn from deposits with gradual reduction of CoF. Franchise recruitment ongoing (+8 salespeople in last 3M, including 22 new hirings)

Private Banking: TFAs up 9% YoY to over €50bn with quarterly NNM of €0.5bn, with stable contribution of MBPB (€0.7bn) mainly deriving from liquidity events in part helped by certain client/banker incentivization retention measures, more sensitive to strategic changes (2 exits in last 3M)

Asset management: TFAs up 16% to €16bn, with quarterly NNM up to €0.8bn, positive for all AM companies (including the launch of >€0.4bn new EU CLO at Polus).



21



CIB: 3M25 RESULTS SNAPSHOT

SOFTER RESULTS, FURTHER RWA EFFICIENCY

3M - Divisional results - CIB Section 3

€m

3M

Sept25

∆

YoY1

3M

Jun25

3M

Mar25

9M PF

Sept25

Total income

171

-6%

209

224

605

Net interest income

84

+10%

95

90

269

Fee income

76

-3%

86

101

263

Net treasury income

11

-60%

28

33

73

Total costs

(88)

-3%

(111)

(94)

(293)

Loan loss provisions

(1)

n.m.

(2)

12

9

GOP risk adj.

83

-11%

96

142

320

PBT

78

-15%

97

142

317

Net profit

48

-18%

46

84

178

Customer loans - €bn

19.8

+4%

20.2

20.5

19.8

RWAs -€bn

12.6

-13%

13.6

14.4

12.6

Gross NPLs/Ls (%)

0.2

0.2

0.2

0.2

Cost/Income ratio (%)

51

+1pp

53

42

48

Cost of Risk (bps)

1

+4bps

4

(23)

(6)

RoRWA (%)

1.5

-10bps

1.4

2.3

1.8

Revenue by product

ECM/DCM

5

-51%

10

7

22

Lending

48

-3%

56

59

162

Advisory M&A

61

+14%

65

65

191

Trading Prop

5

-25%

8

15

27

Markets&Other

36

-22%

50

60

145

Specialty Finance

18

+0%

20

19

57

Financial results Highlights

3M Sept.25 net profit1 at €48m, down 18% YoY, reflecting:

Revenues down 6% YoY to €171m:

NII up 10% YoY, as the negative impact from spreads was offset by corporate volumes recovery in first half 2025. Subdued volumes in last 3M due to weak environment

Fees down 3% YoY, driven by sound contribution of

advisory, both domestic and non- domestic.

Trading down 60% YoY, due to lower activity in Fixed Income trading in Markets

Cost/Income ratio under control although up 1pp (@51%), reflecting cost control (down 3% YoY) and correlation with revenues

COR negligible, reflecting strong portfolio quality

Asset quality stable: gross NPL ratio at 0.2% and coverage at 68% (77% as at June25)

RoRWA at 1.5%, mainly driven by K-light revenue growth and RWA reduction (down 13% YoY for Basel IV benefits from Jan.25 and new PD model implemented in Sept.25 with

€1.7bn RWA savings on large corporates)





22

1) YoY: 3M Sept25/Sept24. data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB

RESILIENT PERFORMANCE IN M&A…

3M - Divisional results - CIB Section 3



M&A activity in 2025 has remained resilient despite the macro uncertainties, driven primarily by financial sponsors activity and large transactions, benefiting from a more diversified client base

September 2025

Acquisition of the 100% of

Financial Advisor to the Buyer



Announced

Consortium

Acquisition of EG Group's Italian business by a consortium of Italian fuel retail operators

Financial Advisor to the Buyer



Announced

Sale by Enfinity Global of 49% stake in a 402 MW portfolio of solar PV power plants in Italy to SOFAZ

Financial Advisor to the Seller



Announced

Disposal of DeA Capital Alternative Funds to

Financial Advisor to the Seller



1

Selected M&A Italian Large and Mid-Cap Transactions

MB announced 21 deals during the period

MB was involved in the largest and most visible deals in the Italian market, including:

Acquisition of Sorgenia by F2i and Asterion; Acquisition of Tinexta by Advent and Nextalia; Disposal by Enfinity Global of a 49% stake in a portfolio of solar PV assets

The Mid-Cap segment showed resilience with MB having a leading position in Italy, leveraging on the consolidated partnership between CIB and WM, and a growing presence internationally with the Mid Corporate team in Germany

The dedicated effort in the Energy Transition space has paid off with 6 deals announced since July 2025, up 100% YoY

Significant achievements with financial sponsors, with 75% of deals1 in the period executed with private capital providers, both advising them and with them as counterparties, consistent with SP objective to expand private capital coverage amid increasing activity driven by abundant liquidity, more constructive financing conditions and need to show exits

Increasing presence in Europe, with 57% of deals in the period with international clients, due to the established presence in Spain and to the leading advisory franchises of Messier & Associés and Arma Partners, as demonstrated by recently announced deals:

The acquisition by Cinven of Smart Communications (AP) The strategic partnership between GEK TERNA and Motor Oil The acquisition by Veolia of Chameleon Industries (MA)

Significant Growth Equity Investment in FundApps from FTV Capital (AP)

September 2025

Disposal of a minority stake in Proger to Azzurra Capital

Financial Advisor to the Seller

September 2025

EV €3.3bn Voluntary Tender Offer on

Financial Advisor to the Buyer

August 2025

Undisclosed

Disposal of Frigomeccanica to Middleby

Financial Advisor to the Seller

July 2025

€4.3bn Voluntary public exchange offer over all the shares

of

Financial Advisor to the Buyer



Selected M&A Financial Sponsors Transactions

Announced

Disposal of Orion to PAI Partners by Xenon Private Equity

Financial Advisor to the Seller

Announced

Undisclosed

Acquisition of a majority stake in Tinexta by Nextalia and Advent

Financial Advisor to the Buyer

Announced

Sale of a stake in Sorgenia, EF Solare and Renovalia Tramontana

Financial Advisor to the Seller

August 2025

Disposal of Sifi to Faes Farma by 21 Invest

Financial Advisor to the Seller



Announced

Merge of GEK TERNA and Motor Oil Hellas power and gas supply and generation activities in a new corporate entity

Financial Advisor to the Seller



July 2025

$620m

Sale of Veolia North America Regeneration Services

Financial Advisor to the Seller



Announced

Acquisition of

Financial Advisor to the Buyer



July 2025

Acquired by

Financial Advisor to the Seller



Selected M&A International Transactions





23

1) Including Messier & Associés and Arma Partners deals Energy Transition

…AND IN DEBT

3M - Divisional results - CIB Section 3

Selected ECM Transactions

July 2025

€453m

IPO

Joint Bookrunner



ECM

In a scenario of subdued and modest domestic and European ECM activity during 3Q 2025, characterized by continued geopolitical and trade tensions and the postponement of several IPOs, Mediobanca acted as joint bookrunner in one of the most significant IPOs priced in Europe during 3Q 2025: Cirsa. This transaction, the third-largest gaming IPO in the past 15 years, has further reinforced our cross-product coverage in the Spanish market

Irrespective of lower issuance volumes caused mostly by frontloading of funding plans and geopolitical volatility, Mediobanca's DCM franchise delivered another strong quarter in 1Q FY25/26 to further consolidate its leading position in Italy and its strong international footprint

DCM

In the FIG space, Mediobanca led landmark transactions such as Assicurazioni Generali's inaugural Restricted Tier 1 placement and the second venture of Banca Sella in the senior preferred segment, demonstrating - once again - that Mediobanca is the partner of choice for financial institutions across all asset classes (particularly in capital trades). In the Italian corporate space, Mediobanca confirmed its market leadership, taking a key role in high-profile transactions such as Mundys' new sustainability-linked bond

On the international front, Mediobanca took part in several key transactions - especially in Spain and France - acting in trades for Wendel, Merlin and Redeia (senior bonds) and as Dealer Manager for Gecina's tender offer, further demonstrating its expanding reach across core European markets

Lending

The scarcity of event-driven financing opportunities and limited new money deal flow are continuing to act as a drag on European lending volumes across the credit spectrum, leading to a steady downward pressure on market clearing spreads due to strong competition. Against this backdrop, Mediobanca focused on relationship-driven facilities, consolidating its leadership in the domestic and European market, and specialized debt advisory mandates

Notable transactions in 1Q FY 2025-26 include the advisory mandate (i) to Pad Multienergy for the acquisition of EG Italia and (ii) for the arrangement of a financing package (including an E-Mob capex line) in favour of Tank & Rast, as well the leading role in the TLB/HY institutional issuance of Flutter. Mediobanca also acted as mandated lead arranger of the refinancing exercise in favour of Ali Group and as lead arranger of the bridge financing carried out by Ferrero for the acquisition of WK Kellogg

Selected DCM Transactions

July 2025

Senior Preferred

€300,000,000 3.492% July 2030

Global Coordinator & Joint Bookrunner

August 2025

Senior Unsecured

€ 500,000,000

3.750% August 2033

Joint Bookrunner

August 2025

Green Senior Unsecured

€ 550,000,000

3.500% Sep-33

Joint Bookrunner

September 2025

SLB Senior Unsecured

€ 500,000,000

3.700% Sep-31

Joint Active Bookrunner

August 2025

Tender Offer on:

€ 700m 1.375% due Jun-27 &

€ 800m 1.375% due Jan-28

Dealer Manager



September 2025

Inaugural RT1

€500,000,000

4.750% PNC6

Joint Bookrunner



Selected Lending Transactions

September 2025

Acquisition Financing

Lead Arranger

August 2025

Acquisition Financing

Financial Advisor

July 2025

€583m

Refinancing & E-Mob Capex

Debt Advisor & MLA

July 2025

$-eq. 1.3bn 6NC2 EUR/USD/GBP SSN

$500m 7Y TLB

add-on Joint Bookrunner

July 2025

$1,750m

Refinancing

MLA







24

Energy Transition

CF: HIGH SINGLE DIGIT GROWTH NII (€297M) AND NET PROFIT (€109M)

3M - Divisional results - CF Section 3

Financial results Highlights

€m

3M

Sept25

∆

YoY1

3M

June25

3M

Mar25

9M PF

Sept25

Total income

335

+7%

327

330

992

Net interest income

297

+8%

289

289

875

Fees

39

+1%

37

42

119

Total costs

(98)

+5%

(107)

(105)

(310)

Loan provisions

(72)

+5%

(68)

(66)

(206)

GOP risk adj.

165

+8%

152

159

476

PBT

162

+7%

153

159

474

Net profit

109

+6%

101

105

315

New loans - €bn

2.3

+12%

2.4

2.4

7.1

Customer loans - €bn

16.3

+6%

16.1

15.8

16.3

RWAs - €bn

14.5

+1%

14.4

14.0

14.5

Gross NPLs/Ls (%)

5.3

5.2

4.9

5.3

Cost/Income ratio (%)

29

-1pp

33

32

31

Cost of Risk (bps)

177

-2bps

171

169

173

RoRWA (%)

3.1

+30bps

2.9

3.0

2.9

Solid commercial activity in 3M Sept.25:

New business: €2.3bn down 2% QoQ due to seasonal factors but up 12% YoY, driving solid loan book growth, up 6% YoY to

€16.3bn

Direct channels representing ~75% of new PLs in 3M as of Sept.25, with digital @40%

BNPL: new business above €180m in 3M26 (up 33% YoY and

broadly flat QoQ)

3M GOP risk adj. at €165m (up 8% YoY), driven by:

Revenues up 7% YoY, reflecting NII solid growth (up 8% YoY) on higher volumes and high loan book profitability; fees almost flat YoY absorbing higher rappel fees driven by higher volumes

Costs up 5% YoY driven by IT, marketing, volume growth and

higher credit collection costs, cost/income ratio down (29%)

LLPs up 5% YoY reflected in a slight increase in CoR to 177bps in 3M26. €135m of overlays still available as at Sept25, after

€11m use in IQ26 (€8m in IQ25). Underlying 3M cost of risk2 up at 206bps (up 3bps QoQ).

Asset quality confirmed, with gross NPLs/Ls at 5.3% and sound coverage (NPLs at 62% and performing at 3.17%)

RoRWA at 3.1%





25

  1. YoY: 3M Sept25/Sept24. Data restated to reflect transfer of MBCS from CIB to CF

  2. Underlying CoR: incurred COR excluding overlay release, except for those due to IFRS 9 model update (PD/LGD parameters

unchanged)

GROWTH IN NEW BUSINESS AND LOAN BOOK, RESILIENT YIELD

3M - Divisional results - CF Section 3

New loans by product (3M, €bn)

Loan book net profitability1 (3M, %)

+12%

2.4

2.4

-2%

2.3

2.1

2.2

1.0

1.0

1.2

1.2

1.1

0.3

0.4

0.4

0.4

0.5

0.5

0.4

0.5

0.4

0.5

7.21% 7.31% 7.36% 7.26% 7.33%

5.21%

5.43%

5.40%

5.24%

5.28%

Sept24 Dec24 Mar25 June25 Sept25 Sept24 Dec24 Mar25 June25 Sept25

Credit cards
SP loans
Car loans
Personal loans
Salary loans
(NII-underlaying CoR)/avg. loans
NII/avg. Loans

3M Sept.25 new loans up 12% YoY (down 2% QoQ due to seasonality) confirming the growth trajectory with €2.3bn of new loans

mainly driven by new personal loans (up 16% YoY), salary-backed finance (up 26% YoY) and BNPL (up 33% YoY)

NII rose further fostered by:

Volume: loan book growth up to €16.3bn (up 6% YoY) fuelled by solid new loans

Quarterly net marginality (NII/avg. loans) up 12bps YoY due to loan book repricing, increasing share of direct personal loans, and effective management of CoF and hedging strategies

Risk-adjusted profitability up YoY despite the increase in CoR (up 7bps YoY)







26

  1. Underlying CoR: incurred COR excluding overlay release, except for those due to IFRS 9 model update (PD/LGD parameters

unchanged)

ASSET QUALITY CONFIRMED

3M - Divisional results - CF Section 3

Proactive NPL management ongoing

… net NPL stock reflecting higher NPL quality

2.5%

2.2%

2.2%

1.6%

324

3451

353

241



CF Net NPLs composition (%)

CF Net NPLs, stock (€m) and incidence to loans (%)

34%

22%

13%

13%

66%

78%

87%

87%

June20 June24 June25 Sept25

Net NPL with overdue >90days
Net NPL with overdue <90days

June20 June24 June25 Sept25

…as well as high coverage ratios

PLs coverage at 3.17%, NPLs at 61.8%

CoR trend under control and normalizing

Coverage ratios trend

75.3%



68.1%

61.6%1 61.8%

3.67%

3.17% 3.25% 3.17%

June20 June24 June25 Sept25

NPL

Performing

Quarterly LLPs (€m) and cost of risk (bps)

170

174

179

176

169

171

177



63

66

68

68

66

68

72

Mar24 June24 Sept24 Dec24 Mar25 June25 Sept25





27

  1. Increase of NPLs and reduction of coverage is driven by the writeoff of ~€260m of NPLs (with ~100% coverage) in 3Q25 and by

~€110m loans (forborne and UTP with less than 90 days past due, consequently among the highest-quality NPLs) reclassified as NPLs due to a new definition of default. Pro forma NPL coverage ratio stable at 74,7%.

INSURANCE: GROWING CONTRIBUTION

3M - Divisional results - INS Section 3

Financial results Highlights



€m

3M

Sept25

D YoY1

3M

June25

3M

Mar25

9M PF

Sept25

3M Sept.25 net

Total income

130

+13%

172

106

408

AG contribu

Impairments

1

n.m.

0

8

9

€8m, offset

Net result

127

+5%

166

110

403

AG book valu

AG market va

Book value - €bn

4.9

+2%

4.8

5.0

4.9

RoRWA @3.5%

Ass. Generali (13%)

4.0

+3%

3.9

4.1

4.0

Other investments

0.9

-3%

0.9

0.9

0.9

Market value - €bn

7.7

+24%

7.1

7.5

7.7

Ass. Generali

6.8

+29%

6.2

6.6

6.8

RWA - €bn

7.9

-3%

7.8

8.0

7.9

RoRWA (%)

3.5

+30bps

4.7

2.9

3.8

profit at €127m, up 5% YoY reflecting:

tion up 23% YoY to €129m

Dividend contribution of other equity investments of by NII charge of allocated debt



e: €4bn, up 3% YoY



luation: €6.8bn (or €33.4ps) up 29% YoY







28

1) YoY: 12M Sept25/Sept24.

3M - Divisional results - HF

HOLDING FUNCTIONS: RESULT LOWER DUE TO INTEREST RATE DECREASE

Section 3

€m

3M

D

3M

3M

9M PF

Sept25

YoY1

June25

Mar25

Sept25

Financial results Highlights

3M Sept.25 net loss of €6m reflecting:

Total income

8

-72%

(0)

16

23

Revenues down 72% YoY, due to lower NII due to sensitivity to

interest rate reduction and stickier CoF

Net interest income

1

-96%

3

8

13

Cost trend (up 3% YoY) reflecting technology running costs

Net treasury income

6

n.s.

-3

7

10

(up 18%)

Fee income

1

-70%

(0)

1

2

€3m net writebacks related to legacy leasing portfolio

Total costs

(36)

+3%

(48)

(41)

(125)

GOP

(28)

n.s.

(48)

(25)

(102)

Loan provisions

3

n.s.

3

1

6

Other (SRF/DGS incl.)

11

n.s.

(6)

(1)

5

PBT

(14)

n.s.

(51)

(26)

(91)

Income taxes & minorities

8

n.s.

14

5

26

Net profit

(6)

+21%

(37)

(21)

(65)

Customer loans - €bn

0.3

-25%

0.4

0.4

0.3

Funding - €bn

71.3

+15%

70.6

66.1

71.3

Bonds

31.3

+14%

31.6

30.0

31.3

Direct deposits (Retail&PB)

31.1

+10%

30.4

28.9

31.1

ECB

0.0

0.0

0.0

0.0

Others

8.9

+37%

8.6

7.3

8.9

Funding position: stock up 15% YoY to >€71bn:

Bonds: up 14% YoY to €31.3bn, after €0.9bn issuances in 1Q26 at low spreads

Deposits: €31.1bn, up 10% YoY and up 2% QoQ; cost gradually down by 10bps QoQ at 1.54%, in part reflecting promotional campaign aimed at future conversion

Banking book average balances broadly stable, with resilient yield.

Loans (run-off leasing portfolio) totalled €0.3bn down 25% YoY

All key indicators at high levels:

LCR 159%, CBC €21.2bn, NSFR 118%

MREL liabilities at 43.7% of RWAs as at June25, above requirements (23.92% for 2025).





29

1) YoY: 12M Sept25/Sept24. Figures restated to reflect the transfer of core leasing business from HF to CIB.

Agenda

Section 4. Closing remarks

Section 1. Executive summary Section 2. 3M Consolidated results Section 3. 3M Divisional results

Annexes

1. 3M KPIs and Divisional tables