Mediobanca S p A : Financial document (analyst presentation 3m iq26 results as at 30 september 2025)

About this update from Mediobanca - Banca Di Credito Finanziario S.p.a.

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 3M KPIs and Divisional tables 3M SEPT25: NAVIGATING A MAJOR CHANGE Executive summary Section 1 Commercial flows WM: €2.5bn NNM (flat YoY 1 , 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 flat 1 (€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 YoY: 3m Sept25 / 3m Sept24 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 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 flat 1 +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 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 CapMkt 1 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 adj 1 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 Excluding inflation coupon 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 cost 2 1.95% 1.81% 1.64% 1.54% Bond stock spread 3 128bps 126bps 122bps 118bps Sept24 June25 Sept25 WM deposits MB securities 1 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 Including Certificates at FVO Avg. 3M client rate 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 Finance 1 (CF) 13 +2% 261 345 1 353 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 ∆ YoY 1 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 YoY: 12M Sept25/Sept24.. data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB 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 % of ESG qualified funds (SFDR Articles 8&9 funds) out of total funds in Affluent Clients portfolio 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 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 ∆ YoY 1 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 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 ROA 1 stable at 99bps (98bps in FY25), AM ROA at 49bps (up 4bps YoY). 20 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 ∆ YoY 1 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 profit 1 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 deals 1 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 ∆ YoY 1 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 risk 2 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 YoY: 3M Sept25/Sept24. Data restated to reflect transfer of MBCS from CIB to CF 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 profitability 1 (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 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% 324 345 1 353 241 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 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

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