MEDIOBANCA
3M RESULTS AS AT 31 MARCH 2026Milan, 11 May 2026
Agenda
Section 1. Executive summary
Section 2. 3M Consolidated results Section 3. 3M Divisional results Section 4. Closing remarks
Annexes
Divisional tables
START TO 2026: €323M NET PROFIT IN 3MExecutive summary Section 1
Commercial trends: sound lending and IB business, asset resiliency in WM
CIB: growth across all products resumed in 3M
WM: TFAs €113bn (up 4% YoY1, down 2% QoQ2), with AUM at €53bn (up 7% YoY, down 2% QoQ)
CF: €2.6bn new loans (up 10% YoY) with resilient stock profitability
Growth in revenues to €939m (up 5% QoQ and up 3% YoY)
Robust trend in CIB (down 2% YoY but up 17% QoQ to €220m), CF (+5% YoY to €334m) and INS (+20% YoY to €138m);
WM trend (down 8% YoY to €219m) showing higher mngt fees (up 8%) offset by lower upfront and perf. fees
All revenue sources up in 1Q
NII up 3% QoQ (at €488m) due to higher volumes and lower CoF, fees up 6% QoQ (€223m in 3M) driven by CIB
and other income driven by strong trading income
Reduction in costs (down 6% QoQ), GOP up to €552m (up 14% QoQ and up 4% YoY) Labour costs down 10% QoQ (to €216m3), G&A down 1% QoQ
Cost/income ratio 41%, down 5pp QoQ and flat YoY
Cost of risk at 53bps with €158m residual overlays (1Q25 benefitted from positive one-offs from models)
Net profit €323m (up 46% QoQ and down 3% YoY) despite higher tax rate - ROTE 13.5% CET1 ratio 15.7%4 down ~75bps due to RWA growth, AG deduction, 100% dividend payout
3
YoY: 3M Mar26 / 3M Mar25
QoQ: 3M Mar26/ 3M Dec25
Excluding WM retention costs and restructuring costs
The fully loaded CET1 ratio is ~15.4%, including fully loaded impacts of CRR3 and excluding impact related to FRTB
Executive summary Section 1
€m
QoQ
∆
1
Financial results
3M | 3M | 3M | ∆ |
Mar26 | Dec25 | Mar25 | YoY1 |
Highlights
3M consolidated revenues up 3% YoY to €939m and up 5% QoQ, with sound contribution in CIB, CF and INS, backed by healthy commercial business
NII resilient (down 1% YoY, up 3% QoQ), backed by loan volume growth and ongoing stock repricing in CFFees down 8% YoY due to softer WM (upfront and perf. fees),
but up 6% QoQ driven by CIB recovery in 1Q26
Other income up 31% YoY and 8% QoQ, driven by strong trading (€83m) and sound PI contribution (€131m)C/I ratio at 41% flat YoY and down 5pp QoQ , reflecting 2% YoY cost increase mainly related to staff costs, the latter decreasing sharply vs previous Q (-10% QoQ)
Gross op. income (GOP) at €552m, up 4% YoY due to 1Q performance (up 14% QoQ)
CoR at 53bps, reflecting ongoing CoR normalization in CF (vs 37bps in 1Q25, which benefitted from positive one-offs on models). Overlays stock at €158m (down €7m in 3M)
Net profit at €323m (down 3% YoY), including a higher tax rate (after government measures) and €23m of non-recurring items
Sound asset business: commercial loans up 5% YoY (to €55bn) with stable funding up 8% YoY (to €72bn); TFA up 4% YoY (to
€113bn), despite some outflows in last two quarters
Solid capital position: CET1 ratio at 15.7% ROTE at 13.5%
4
Total income | 939 | 895 | 910 | +3% | +5% |
Net interest income | 488 | 473 | 493 | -1% | +3% |
Fee income | 223 | 212 | 243 | -8% | +6% |
Other income | 228 | 211 | 174 | +31% | +8% |
CIB | 220 | 188 | 225 | -2% | +17% |
WM | 219 | 243 | 239 | -8% | -10% |
CF | 334 | 331 | 317 | +5% | +1% |
INS | 138 | 143 | 115 | +20% | -3% |
HF | 25 | (7) | 14 | +79% | n.m. |
Total costs | (387) | (412) | (378) | 2% | -6% |
Gross op. income (GOP) | 552 | 483 | 533 | +4% | +14% |
LLPs & asset writedown | (83) | (78) | (52) | +58% | +7% |
Other | (23) | (30) | (11) | n.m. | -25% |
PBT | 447 | 375 | 469 | -5% | +19% |
Net result | 323 | 221 | 334 | -3% | +46% |
TFA - €bn | 113.1 | 115.3 | 108.3 | +4% | -2% |
Commercial loans - €bn | 55.4 | 54.7 | 52.7 | +5% | +1% |
Stable funding - €bn | 71.6 | 70.8 | 66.1 | +8% | +1% |
RWA - €bn | 46.6 | 45.9 | 46.3 | +1% | +2% |
Cost/income ratio (%) | 41 | 46 | 41 | - | -5pp |
Cost of risk (bps) | 53 | 50 | 37 | +16bps | +3bps |
Gross NPLs/Ls (%) | 1.8% | 1.9% | 1.9% | ||
NPL coverage (%) | 59.9% | 59.5% | 62.5% | ||
EPS (€) | 0.40 | 0.27 | 0.40 | -1% | +46% |
ROTE adj. | 13.5% | 12.4% | 14.1% | -0.6pp | +1.1pp |
CET1 ratio | 15.7% | 16.4% | 15.6% |
YoY: 3M Mar26 / 3M Mar25; QoQ: 3M Mar26 / 3M Dec25. 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 ~15.4%, including fully loaded impacts of CRR3 and excluding impact related to FRTB
CIB: solid performance across the board |
Fees up 34% QoQ, with advisory back to last year's level and sound pipeline, ECM & DCM positive contribution, high markets activity Loan book growth in last 3M and asset quality confirmed as strong Launch of MB structured products distribution via MPS network |
Executive summary Section 1
Corporate & Inv.Banking - 3M results as at Mar26 | |||||
Revenues | Fees | CoR | Net profit | ||
€220m -2% YoY +17% QoQ | €94m -6% YoY +34% QoQ | 7bps +31bps YoY -1bps QoQ | €71m -16% YoY +59% QoQ | ||
WM: corporate transition and market volatility | |||||
TFAs €113bn, with €1.1bn NNM outflows in 1Q and €1.1bn negative market effect | |||||
Launch of sale of MB SGR products on MPS network Revenues: mngt fees up 8% YoY, reduction in upfront and perf. fees | €219m -8% YoY | €126m -8% YoY | €113bn +4% YoY | €38m -36% YoY | |
Franchise: progressively stabilizing supported by retention actions | -10% QoQ | -12% QoQ | -2% QoQ | -23% QoQ | |
Consumer Finance - 3M results as at Mar26 | |||
Revenues | New loans | CoR | Net profit |
Wealth Management - 3M results as at Mar26 | |||
Revenues | Fees | TFA | Net profit |
CF: stable on high levels |
New loans €2.6bn (up 3% QoQ and up 10% YoY) helped also by MPS distribution Revenues up 5% YoY (up 1% QoQ) driven by NII (up 6% YoY, stable QoQ despite lower day count) CoR up 16bps QoQ to 187bps (€4m overlays used since Dec25) |
€334m
+5% YoY
+1% QoQ
€2.6bn
+10% YoY
+3% QoQ
187bps
+20bps YoY
+16bps QoQ
€101m
-4% YoY
-10% QoQ
Insurance - 3M results as at Mar26 | |||
Revenues | RWA | AG BV | Net profit |
5
YoY: 3M Mar26 / 3M Dec25; QoQ: 3M Mar26 / 3M Dec25
€138m
INS: high contribution |
Revenues and net profit at high levels Book value AG: €4.3bn Market value AG: €7.1bn |
+20% YoY
-3% QoQ
€8.1bn
+1% YoY
-1% QoQ
€4.3bn
+5% YoY
+3% QoQ
€131m
+20% YoY
-6% QoQ
Agenda
Section 1. Executive summary
Section 2. 3M Consolidated results
Section 3. 3M Divisional results
Section 4. Closing remarks
Annexes
Divisional tables
COMMERCIAL FLOWS: GROWTH IN LENDING, ASSET RESILIENCY IN WM3M Mar26 - Consolidated results Section 2
Loans growing to €55bn
TFAs at €113bn
115.9
115.3
112.1
113.1
108.3
3.8
(Commercial loan book1, €bn)
+5% YoY
(3M NNM, €bn)
15.8
16.7
+2%
17.0
17.2
17.8
-
17.8
19.3
19.8
+2%
20.3
+1% QoQ
52.7
54.7
55.4
2.3
2.5
(1.1)
(1.1)
(0.1)
0.7
(0.3)
0.5
(0.8)
(0.8)
(0.3)
(0.1)
(0.7)
0.7
1.5
1.8
2.0
1.5
0.8
Mar25 Dec25 Mar26
CIB WM CF HFMar25 June25 Sept25 Dec25 Mar26
Deposits AUM AUALoans up to €55.4bn reflecting:
CIB: up 2% QoQ, with higher corporate lending
offsetting seasonally lower factoring
CF: up 2% QoQ, with sound new loans (€2.6bn in 3M) WM: stable in 1Q26
TFAs up 4% YoY, down 2% QoQ to €113bn reflecting market correction and €1.1bn net outflows concentrated in Italian Private Banking due to previous departures of senior bankers
Retention measures signed by bankers in 1Q
7
Excluding repos
3M Mar26 - Consolidated results Section 2
Revenues by division (YoY, €m, 3M)
+3% YoY
WM revenues (3M, €m)
910
23
(20)
17
-8%1
(4)
-2%1
+20%1
+5%1
939
13
239
243 -10% 219
Mar25 Dec25 Mar26
CIB revenues (3M, €m)
225
188 +17%
220
Mar25 WM CIB CF INS HF & other Mar26
Mar25 Dec25 Mar26
317
331
+1%
334
CF revenues (3M, €m)
8
3M revenues totalling €939m, up 3% YoY and 5% QoQ:
CIB: down 2% YoY but up 17% QoQ reflecting good start to the year
WM: down 8% YoY and down 10%QoQ on lower fees and NII CF: up 5% YoY and 1% QoQ in line with NII and volume growth INS: up 20% YoY but down 3% QoQ reflecting AG contribution
HF: positive contribution in 1Q26 (up 79% YoY; negative in previous Q),
driven by positive NII and higher treasury income
YoY % change
Mar25 Dec25 Mar26
Insurance revenues (3M, €m)
115
143 -3% 138
Mar25 Dec25 Mar26
FEE INCOME DOWN 8% YoY, BUT UP 6% QoQ DRIVEN BY CIB
3M Mar26 - Consolidated results Section 2
Fee income trend by division (€m, 3M)
-8% YoY
WM fees (€m, 3M)
137 142
21 | 24 | 22 | ||||
137 | 134 | 134 | ||||
(24) | (32) | (31) |
15
126
PerformanceBanking
Mngt & Upfront
Passive
136
243
18
15
18
15
19
126
142
122
223
137
94
70
75
85
100
212
203
+6% 223
Mar25 Dec25 Mar26
CIB fees (€m, 3M)
100
20 70
13 19
94
Specialty Fin.16
Lending22
CapMkt1Mar25 June25 Sept25 Dec25 Mar26
CF WM CIB HF&Other64 49 54
Mar25 Dec25 Mar26
Advisory3M consolidated fees down 8% YoY to €223m, but recovering vs previous Q (up 6% QoQ):
WM: €126m, down 8% YoY, with growth in management fees (up 8% YoY) offset by lower upfront fees; QoQ trend (down 12%) reflecting management fees stability and seasonality of performance and banking fees
CIB: €94m, down 6% YoY but rebounding QoQ on higher contribution from Advisory, DCM and ECM
CF: €18m, down 7% YoY and up 22% QoQ, due to trend in rappel fees
9
Note: data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB
CapMkt fees include ECM, DCM, CMS, Sales
3M Mar26 - Consolidated results Section 2
NII trend by division (€m, 3M)
99
493
304
304
296
290
288
90
95
93
503
100
86
85
84
94
90
473 +3% 488
477
-1% YoY
Loan yield, CoF and loan-funding spread (3M)1
5.37% 5.27% 5.09% 5.14% 5.19%
Loan yield
2.34% 2.27% 2.20% 2.12% 2.11%
Cost of funding
3.0%
3.0%
2.9%
3.0%
3.1%
Mar25 June25 Sept25 Dec25 Mar26
CF WM CIB HF&OtherMar25 June25 Sept25 Dec25 Mar26
Loan/Funding spread3M NII totalled €488m, down 1% YoY and up 3% QoQ, reflecting:
Commercial loan book growth (up 5% YoY and up 1% QoQ), with positive trend in all divisions
Loan/funding spread up ~5bps YoY/QoQ: loan yield 18bps lower vs last year, but steadily growing in last two quarters (up
~5bps per quarter; cost of funding (CoF) keeps reducing (down 23bps YoY and 1bps QoQ) driven by lower deposit CoF
NII sensitivity: +/-€10m NII every +/50bps in rates
10
Annualized yield of commercial loans / excluding hedging
Including all funding sources (deposits, bonds, banks, other) / excluding hedging
€2.9BN RAISED IN 3M AT ~70BPS
3M Mar26 - Consolidated results Section 2
Funding stock1 up to ~€72bn…
with cost trend improving YoY and QoQ…
(€bn)
70.8
71.6
3M avg Mar25 Dec25 Mar26
29.6
30.3
33.0
32.5
9.0
8.0
WM deposits cost3 1.70% 1.37% 1.28% Bond stock spread4 124bps 113bps 111bps
Dec25 Mar26
WM deposits MB securities2Banks & other
with overall €2.9bn funding >12M raised in 3M
~€4bn bond maturities ahead in FY26
~109
~124
~135
6.3
3.8
3.9
(€bn)
Banks and others 1.6
Senior Preferred bonds 0.6
ABS 0.7
(Bonds, €bn; CoF, bps)
11
Stable funding sources, excluding repos and treasury activities
Including Certificates at FVO, CD and CP
Avg. 3M client rate
Avg. 3M spread vs Eur3M
Residual maturities to Dec26
Maturities to Dec27
Maturities to Dec28
COSTS DOWN 6% QoQ
3M Mar26 - Consolidated results Section 2
Costs trend by sources (€m, 3M)
+2% YoY
Costs trend by division (€m, %, 3M)
41%
46%
41%
378
40
41
94
93
29%
28%
387
38
91
27%
95
42%
109 58%
105
47%
151
63%
168 69%
152
69%
412
-6%
378
387
210
240
-10%
216
27
29
29
141
143
-1%
142
412
Mar25 Dec25 Mar26
Mar25 Dec25 Mar26
G&A D&A LabourWM CIB CF HF&other
Cost/income
Costs up 2% YoY but down 6% QoQ at €387m reflecting:
Administrative expenses flat YoY (down 1% QoQ), driven by IT/info provider costs offset by prioritization of projects
Labour costs up 3% YoY, driven by perfomance/talent remuneration, plus impact of the Italian national collective contract.
QoQ reduction (down 10%) also due to lower costs in WM related to bankers' exits1
Cost/income ratio flat YoY and down 5pp QoQ to 41% at consolidated level, with C/I ratio back to <50% in CIB, confirmed <30% in CF and HF lower cost base
12
€4m retention costs in WM included in "non-recurring items"
3M Mar26 - Consolidated results Section 2
Consolidated ,CF and CIB CoR trend1 (bps, 3M) Total overlays trend (€m)
187
144
123
119
164
158
26
26
12
15
27
18
175
171
167
169
189
371
46
301
50 53
(24)1
3 2 8 7
Mar25 June25 Sept25 Dec25 Mar26
3M Mar26 consolidated CoR at 53bps, up 16bps YoY (in Mar25 and June25 there were positive one-offs from model recalibrations) and up 3bps QoQ, with overlays stock down by €7m vs Dec25, driven by:
CF: CoR at 187bps in 3M, up 20bps YoY and 16bps QoQ, with €4m overlays used in last 3M (vs €10m used in 1Q25 and €12m in 4Q25) and residual stock of €119m. Growth in line with expected normalization and change in mix towards personal loans
CIB: CoR at 7bps in 3M, reflecting portfolio quality; overlays stock at €26m, unchanged
WM: CoR negligible
CIB CoR Consolidated CoR CF CoR
13
March 25 and June 25 data benefited from one-offs from models in CIB and WM respectively
Mar25 Dec25 Mar26
CF CIB Other
PRUDENT STAGING, HIGH COVERAGE
3M Mar26 - Consolidated results Section 2
Gross NPL ratio broadly flat QoQ at 1.8% (0.8% net), coverage at ~60%
Gross NPL ratio Net NPL ratio NPL coverage ratio
1.9% 1.9% 1.8%
0
Mar25 Dec25 Mar26
0.7% 0.8% 0.8%
Mar25 Dec25 Mar26
62.5% 59.5% 59.9%
Mar25 Dec25 Mar26
Performing loan indicators
Stage 2 loans <5% of gross loans with high coverage (~11%) - Performing loans coverage ratio at ~1.0%
Stage 1 performing loans
0.5% 0.5% 0.5%
Stage 2 performing loans
13.9% 12.4% 11.4%
Performing loan coverage
3.5%
93.4%
94.1%
93.9%
3.1% 3.1%
4.7%
4.0%
4.2%
1.2% 1.0% 1.0%
-1
Mar25 Dec25 Mar26
Gross Exposure/Loans Coverage%
Mar25 Dec25 Mar26
Gross Exposure/Loans CoverageMar25 Dec25 Mar26
Consolidated Consumer Finance14
Note: data restated including repos in the customer loans scope, mainly referring to HF
ASSET QUALITY BY DIVISIONS3M Mar26 - Consolidated results Section 2
Net NPLs (€m)
("deteriorate")
of which bad loans (€m)
Mar25 Dec25 Mar26
("sofferenze")
NPL coverage NPLs as % of loans
424
Mar25
470
472
Dec25
Mar26
62%
60%
60%
Mar25 Dec25 Mar26
1.9%
0.7%
1.9%
0.8%
Gross
1.8
%
0.8%Net
Mar25 Dec25 Mar26
Mediobanca consolidated
37 | 35 | 35 |
125
112
108
-4%
Mar25 Dec25 Mar26
32 29 29
Mar25 Dec25 Mar26
41%
42%
42%
Mar25 Dec25 Mar26
1.2%
1.1%
1.0%
0.7%
Mar25
0.6%
Dec25
0.6%
Mar26
Wealth Management (WM)
-27%
10 11 8
Mar25 Dec25 Mar26
Mar25
0
Dec25
0
Mar26
0
76%
71%
78%
Mar25 Dec25 Mar26
0.2%
0.2%
0.2%
0.0% 0.1% 0.0%
Mar25 Dec25 Mar26
Corporate & Investment Banking (CIB)
+3%
279
339
348
Mar25 Dec25 Mar26
+9%
5 5 6
Mar25 Dec25 Mar26
66%
62%
62%
Mar25 Dec25 Mar26
4.9%
1.8%
5.0%
2.0%
5.0%
2.0%
Mar25 Dec25 Mar26
Consumer Finance (CF)
10 9
Mar25 Dec25
9
Mar26
Mar25
0
Dec25
0
Mar26
0
80%
80%
80%
Mar25 Dec25 Mar26
11.8% 12.3% 12.9%
2.6%
2.7%
2.9%
Mar25 Dec25 Mar26
Leasing (HF)
15
Note: data restated including repos in the customer loans scope
CET1 RATIO AND RWAs3M Mar26 - Consolidated results Section 2
CET11 3M trend (%, bps)
RWAs by division (€bn)
46.3 45.9 46.6
3.5
8.0
6.3
3.4
8.2
7.1
3.5
8.1
7.1
14.0
15.0
15.4
14.4
12.3
12.4
16.4%
(70bps)
70bps
15.7%
(40bps)
(35bps)
Dec25 Earnings/
100% Pay-out
RWAs AG deduction
& Other
Mar26
Mar25 Dec25 Mar26
CIB CF WM INS HFCET1 ratio 15.7%, down approx. 75bps vs Dec25 reflecting:
70bps earnings contribution, offset by 100% payout
RWA increase (-35bps), driven by CF lending growth and, to a lesser extent, increase in market risk
Negative impact from AG deduction (approx. -30bps) Other impacts (-10bps), mainly related to FVOCI reserves
16
The fully loaded CET1 ratio is ~15.4%, including fully loaded impacts of CRR3 and excluding impact related to FRTB
ESG PROFILE3M Mar26 - Consolidated results Section 2
ENVIRONMENT
SOCIAL
GOVERNANCE
ESG/green credit product footprint now material, with stock of ~€6.3bn o/w: 69% corporate, 19% mortgages, 12% consumer finance
Stable share of ESG funds in client portfolios (% of ESG qualified funds @49%)1
Significant Mediobanca DCM activity in ESG space with 4 Green bond transactions, 1 Sustainability-linked bond, 2 Social bonds, for a total issued amount of more than
€4bn since Jan-26
Mediobanca has offset its residual Scope 1 and Scope 2 market-based CO2 emissions for the period from 1 July to 31 December 2025, equal to 1,729 tons of CO2 eq. This has been achieved by acquiring certified carbon credits
Mediobanca has renewed its support for the UNHCR's integrated programme to protect unaccompanied foreign minors in Italy. The main aim of the initiative is to come alongside minors from the time they arrive in the country, helping them to overcome some of the main difficulties involved in starting from scratch
On 10 March 2026, the BoD of MB (together with the BoD of BMPS) approved plans to merge MB into BMPS. The merger is part of a broader reorganization project that will be fully defined and submitted for approval to the competent corporate bodies of the relevant companies.
At the AGM held in April 2026, the shareholders of Mediobanca:
approved the financial statements for the period ended 31 December 2025 and distribution of a gross dividend of €0.63 p.s.2;
approved the Staff Remuneration Policy and the Performance Share Scheme for FY 2026;
appointed the Statutory Auditors of Mediobanca until the approval of the financial statements for the year ending 31 December 2028.
17
% of ESG qualified funds (SFDR Articles 8&9 funds) out of total funds in Affluent Clients' portfolio
Payable as from 22 April 2026, with record date 21 April 2026, and the shares going ex-dividend from 20 April 2026
Section 1. Executive summary
Section 2. 3M as at Mar26 Consolidated results
Section 3. 3M as at Mar26 Divisional results
Section 4. Closing remarks
Annexes
1. Divisional tables
DIVISIONAL SNAPSHOT
3M Divisional results Section 3
Revenues
(€m, 3M)
GOP
(€m, 3M)
Net profit
(€m, 3M)
+46%
334
221
323
Mar25
Dec25
Mar26
Mediobanca Consolidated
+5% | +14% | |||||||
910 | 895 | 939 | 533 | 483 | 552 | |||
Mar25 | Dec25 | Mar26 | Mar25 | Dec25 | Mar26 |
Wealth Management (WM)
-10% | -10% | -23% | ||||||||||
239 | 243 | 219 | 89 | 75 | 67 | 58 | 49 | 38 | ||||
Mar25 | Dec25 | Mar26 | Mar25 | Dec25 | Mar26 | Mar25 | Dec25 | Mar26 |
Corporate & Investment Banking (CIB)
+17% 225 188 220 Mar25 Dec25 Mar26 | +48% 130 78 116 Mar25 Dec25 Mar26 | +59% 85 45 71 Mar25 Dec25 Mar26 |
Consumer Finance (CF)
+1% 317 331 334 Mar25 Dec25 Mar26 | +2% 225 237 243 Mar25 Dec25 Mar26 | -10% 105 112 101 Mar25 Dec25 Mar26 |
Insurance (INS)
-3% | -3% | -6% | |||||||||||
115 | 143 | 138 | 113 | 141 | 137 | 110 | 139 | 131 | |||||
Mar25 | Dec25 | Mar26 | Mar25 | Dec25 | Mar26 | Mar25 | Dec25 | Mar26 |
19
% QoQ change
WM: RESULTS SNAPSHOTREVENUES ~220m (down 8% YoY) - NET PROFIT €38m (down 36% YoY)
3M Mar26 - Divisional results - WM Section 3
€m | 3M Mar26 | 3M Dec25 | 3M Mar25 | ∆ YoY1 | ∆ QoQ1 |
Total income | 219 | 243 | 239 | -8% | -10% |
Net interest income | 90 | 95 | 100 | -9% | -5% | Banking due to the effect of previous departures of senior |
Fee income | 126 | 142 | 137 | -8% | -12% | bankers. Marginally positive contribution from Premier |
Other income | 3 | 6 | 3 | +26% | -43% | (€0.1bn) and €0.5bn net inflows from AM |
Total costs | (152) | (168) | (151) | +1% | -10% |
Gross op. income (GOP) | 67 | 75 | 89 | -24% | -10% |
LLPs&asset writedown | 0 | (1) | 2 | -94% | n.m. |
Other | (7) | (2) | (2) | n.m. | n.m. |
PBT | 60 | 72 | 89 | -32% | -16% |
Net profit | 38 | 49 | 58 | -36% | -23% |
TFA - €bn | 113.1 | 115.3 | 108.3 | +4% | -2% |
AUM/AUA | 83.5 | 85.0 | 79.4 | +5% | -2% |
Deposits | 29.6 | 30.3 | 28.9 | +2% | -2% |
NNM - €bn | (1.1) | (1.1) | 2.3 | n.m. | +1% |
Commercial loans - €bn | 17.8 | 17.8 | 17.2 | +4% | - |
RWA - €bn | 7.1 | 7.1 | 6.3 | +13% | +1% |
Gross NPLs/Ls (%) | 1.0% | 1.1% | 1.2% | ||
Cost/income ratio (%) | 69 | 69 | 63 | +6pp | - |
Cost of risk (bps) | 0 | 2 | (4) | +4bps | -2bps |
Salesforce | 1,341 | 1,365 | 1,373 | -32 | -24 |
Financial results
20
1) YoY: 3M Mar26 / 3M Mar25; QoQ: 3M Mar26 / 3M Dec25
Highlights
Commercial results reflect corporate transition:NNM: €1.1bn outflows in last 3M (€0.4bn in AUM&A and
€0.7 in deposits), mainly concentrated in the Italian Private
TFAs: €113bn, up 4% YoY and down 2% QoQ, including also €1.1bn negative market effect in 1Q26Franchise: 1,341 bankers, progressively stabilizing over the last few weeks supported by the retention actions undertaken
Revenues of €219m down 8% YoY:
Fees down 8% YoY, with growth in management fees (8%) and banking fees (up 5%) offset by lower upfront (-30%) and higher passive fees. QoQ trend affected also by seasonality of banking and perf. fees
NII down 9% YoY due to lower balances
Cost/income ratio 69% (up 6pp), with costs up 1% YoY, with lower labour cost (down 3% YoY), more correlated to banker/revenues trend, and higher other costs linked to previous investments in IT systems and platforms
CoR remains non-material
3M net profit at €38m, down 36% YoY
WM TFAs AT €113BN - FEES AT €126M WITH FRANCHISE MANAGEMENT FEES UP 10% YOY
3M Mar26 - Divisional results - WM Section 3
WM TFAs trend (€bn)
+4% YoY
WM fees by source (3M, €m)
-8% YoY
31.1 | (1.1) (1.1) | 30.5 | ||
30.0 | ||||
NNM breakdown | ||||
AUM/AUA -0.4 | ||||
49.4 | 53.9 |
| 53.1 | |
- AM +0.5 | ||||
Deposits -0.7 | ||||
28.9 | 30.3 | 29.6 | ||
108.3
115.3 113.1
137
126
(24)
(31)
83
91
25
35
20
19
22
21
+10%
Mar25 Dec25 3M NNM Mkt effect Mar26
Deposits AUM AUAMar25 Mar26
Passive Mngt Franchise Upfront/AdvisoryMngt AM Banking & other Performance
TFAs: up 4% YoY to €113bn with AUM/AUA up to €84bn (up 5% YoY), despite last two Q outflows (€1.1bn in each quarter) and market correction. WM fees down 8% YoY, with growth in franchise management fees (up 10% YoY) and banking fees (up 5% YoY) offset by lower upfront fees (down 30% YoY due to lower structured product and Private Markets placement in Private Banking, also related to market scenario)
Franchise ROA1 stable at 97bps (96bps in 3M Dec25), AM ROA stable QoQ at 50bps
21
1) ROA franchise: gross management fees from franchise (Private & Premier)/Avg. AUM from franchise
TFA, NNM AND FRANCHISE BY SEGMENT3M Mar26 - Divisional results - WM Section 3
TFAs by segment (€bn, end period)
NNM by segment (3M, €bn)
Franchise by segment (#salespeople)
16.3 | ||||
15.1 | ||||
47.1 | ||||
46.9 | ||||
49.7 | ||||
46.2 |
108.3
+4% 113.1
2.3
1,373
1,365
1,341
148
140
120
545
521
520
680
704
701
1.5
0.2
(1.1)
0.5
0.11
(1.7)
0.6
Mar25 Mar26
3M Mar25 3M Mar26
Mar25 Dec25 Mar26
Premier Private Asset ManagementPremier Private Asset Management
Premier FA Premier RM Private Bankers
Premier Banking: TFAs up 8% YoY to €50bn, with weak quarterly NNM (€0.1bn) reflecting reduction in franchise, in 1Q affecting also FAs area
(18 entries vs 22 exits, o/w FAs 9 new hirings vs 12 exits)
Private Banking: TFAs flat YoY at €47bn with quarterly net outflows of €1.7bn, mainly related to MBPB (€2.0bn outflows, not offset by significant liquidity events). Network down by 20 bankers in 1Q. Exits were concentrated in the first weeks of the year with a subsequent stabilization due to the retention actions put in place
Asset management: TFAs up 7% to €16bn, with quarterly NNM up to €0.5bn, positive for all AM companies (including the launch of a new US CLO at Polus Capital and >€0.2bn MB SGR products sold by MPS network)
22
1)MB Premier NNM split as follows: bankers -€0.3bn; financial advisors +€0.4bn
CIB: RESULTS SNAPSHOTREVENUES €220m and NET PROFIT >€70m, WITH REBOUND IN 1Q
3M - Divisional results - CIB Section 3
Financial results Highlights
€m
QoQ
∆
1
Total income
220
188
225
-2%
+17%
3M | 3M | 3M | ∆ |
Mar26 | Dec25 | Mar25 | YoY1 |
Net interest income | 86 | 85 | 90 | -4% | +1% |
Fee income | 94 | 70 | 100 | -6% | +34% |
Other income | 40 | 32 | 35 | +15% | +25% |
Total costs | (105) | (109) | (95) | +10% | -4% |
Gross op. Income (GOP) | 116 | 78 | 130 | -11% | +48% |
LLPs & asset writedown | (4) | (7) | 12 | n.m. | -44% |
Other | (1) | (1) | 0 | n.m. | +40% |
PBT | 111 | 71 | 142 | -22% | +56% |
Net result | 71 | 45 | 85 | -16% | +59% |
Commercial loans - €bn | 20.3 | 19.8 | 19.3 | +5% | +2% |
RWAs - €bn | 12.4 | 12.3 | 14.4 | -14% | +1% |
Gross NPLs/Ls (%) | 0.2% | 0.2% | 0.2% | ||
Cost/income ratio (%) | 47 | 58 | 42 | +5pp | -11pp |
Cost of risk (bps) | 7 | 8 | (24) | +31bps | -1bps |
Revenues breakdown | |||||
ECM/DCM | 17 | 4 | 7 | n.m. | n.m. |
Lending | 54 | 57 | 59 | -8% | -5% |
Advisory M&A | 55 | 50 | 65 | -17% | +9% |
Prop. trading | 3 | 9 | 15 | -82% | -71% |
Markets & other | 69 | 49 | 60 | +16% | +43% |
Specialty Finance | 22 | 19 | 19 | +19% | +15% |
NII up 1% QoQ (down 4% YoY), with growing corporate loans offsetting pressures on margins
Fees rebounding in 1Q (up 34% QoQ), mainly driven by domestic Advisory, ECM and DCM. Comparison with last year (down 6% YoY) reflects normalization of Arma Partners' contribution (€16m in 1Q26 vs €38m in 1Q 25)
Other income (including trading) up 15% YoY, with positive trend vs previous Q (up 25% QoQ) driven by strong markets activity and certificates business
Cost/Income ratio back <50%, resulting in GOP at €116m
down 11% YoY but strongly rebounding (up 48%) QoQ
CoR low at 7bps, confirming strong portfolio quality. Lastyear CoR included positive one-offs from models
Commercial loans steadily growing (up 5% YoY and 2% QoQ), driven by sound growth in corporate loans in last two quarters23
1) YoY: 3M Mar26 / 3M Mar25; QoQ: 3M Mar26 / 3M Dec25. Data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB
REVENUES OF €220M, DIVERSIFIED AND GROWING IN LAST Q3M Mar26 - Divisional results - CIB Section 3
Revenues by product (3M, €m) Highlights
225
220
Revenues totalled €220m, close to last year's level (down 2% YoY) and rebounding in 1Q (up 17% QoQ) with sound contribution of all products3M trend as follows:
209
59
188
54
55
166
19
15
57
20
8
48
22
3
60
50
7
10
18
5
31
5
19
9
69
49
4
17
65
65
61
50
55
Advisory: €55m, reflecting positive trend in domestic and EU franchise (up 44% YoY and 29% QoQ) and normalization of Arma Partners' contribution (€17m in 3M Mar26 vs €39m in 3M Mar25)Lending: resilient at €54m with growth in volumes offsetting tightness of spreads
Markets: €69m, up 43% QoQ and up 16% YoY, exploiting market volatility. Certificates distribution on MPS franchise has commenced
ECM & DCM: €17m, with solid trend in DCM and a positive contribution from ECM
Specialty Finance: up 19% YoY
Mar25 June25 Sept25 Dec25 Mar26
Advisory ECM&DCM Markets & otherProp. Trading Specialty Fin. Lending
24
RESILIENT PERFORMANCE IN M&A…
3M Mar26 - Divisional results - CIB Section 3
M&A activity has remained resilient in 1Q 2026 despite the geopolitical tensions, driven primarily by financial sponsors activity and large transactions, benefiting from a more diversified and international client base
MB announced 14 deals1 during the period
MB was involved in the largest and most visible deals in the Italian market, including:
Poste Italiane voluntary total public tender and exchange offer for TIM; Reorganization of Plenitude's shareholding structure by Eni with Ares Management and Energy Infrastructure Partners; Joint venture between Lefay Resorts and Marriott International
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 in Germany
Activity in the Energy Transition space has proved solid with two transactions announced in the quarter
Continued achievements with financial sponsors, with ~80% of deals1 in the period executed with private capital providers, both advising them or with them as counterparties, consistent with SP objective to expand private capital coverage amid increasing activity driven by constructive financing conditions and need to execute exits
Increasing presence in Europe, with ~45% 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 joint venture between CMA CGM and Stonepeak for the creation of UNITED PORTS (MA)
The disposal by American Industrial Partners of Aluminium Dunkerque to Aluminium Bahrain (MA)
The Series B growth capital raise of FYLD by Energy Impact Partners (AP)
The acquisition by ECI Partners of Paragin (AP)
Selected M&A Italian Large and Mid-Cap Transactions
Announced
EV €24bn
Totalitarian purchase and exchange offer on
Financial Advisor to the Buyer
Announced
EqV €10.75bn (>€13bn EV)
€1.5bn capital increase
Financial Advisor to the Seller
March 2026
Lefay Resorts spin-off of its brand into a JV with Marriott International
Financial Advisor to the Seller
March 2026
EV €180m
to acquire a minority stake through a reserved capital increase in
Financial Advisor to the Seller
March 2026
Disposal by Club del Sole of some campsites through a sale-and-leaseback to Swiss Life Asset Managers France
Financial Advisor to the Seller
March 2026
€126m
Acquisition by Snam of 48.2% stake of Offshore LNG Toscana from Igneo Infrastructure Partners
Financial Advisor to the Seller
February 2026
Valorization by Graded Holding of a majority stake of Grastim to White Summit Capital
Financial Advisor to the Seller
Selected M&A Financial Sponsors Transactions
Announced
Disposal of a majority stake in MSA Mizar to Towerbrook
Financial Advisor to the Seller
March 2026
€100m
Acquisition by Ardian of an 80% stake in Casaforte Self-Storage
Financial Advisor to the Buyer
March 2026
Undisclosed
Disposal of Lodestar to Renaissance Partners by Bravo Invest
Financial Advisor to the Seller
Selected M&A International Transactions
Announced
Disposal by AIP of Aluminium Dunkerque to Aluminium Bahrain (Alba)
Financial Advisor to the Seller
February 2026
growth investment by
Financial Advisor to the Buyer
Announced
$2.4bn
Joint Venture between CMA Group and Stonepeak to launch UNITED PORTS
Financial Advisor to the Seller
February 2026
Acquisition of Milione
S.p.A. (Venice Airport) from DWS and InfraVia
Financial Advisor to the Buyer
25
February 2026
growth investment by
Financial Advisor to the Buyer
1) Including Messier & Associés and Arma Partners deals
…AND IN DEBT3M Mar26 - Divisional results - CIB Section 3
26
ECM
In 1Q 2026, following a strong start of the year, markets turned negative, with both European and US equities experiencing a sharp increase in volatility amid heightened investor risk aversion linked to Middle East tensions. Despite this backdrop, European ECM activity remained resilient in Q1 2026 with secondary offerings driving the total 1Q 2026 volumes. In this scenario, Mediobanca acted as Joint Global Coordinator in the €500m Primary ABB of Fincantieri, Joint Bookrunner on Blackstone's €89m first selldown in Cirsa since its IPO in July 2025, and as Co-Bookrunner on the €768m primary ABB of Merlin PropertiesMediobanca delivered record results in DCM in 1Q26, demonstrating its ability to exploit the supportive market backdrop observed in the first two months of the year, while reinforcing its leading position in Italy alongside its well-established European footprint
DCM
In the FIG space, Mediobanca led landmark transactions such as the jumbo 10-year RT1 for Unipol Assicurazioni (acting as Global Coordinator and Joint Bookrunner) and Generali's new 10-year Tier 2, as well as BMPS's covered bond and 5 Senior Preferred bonds issued by Iccrea Banca, Banca Mediolanum, Amco, CAAB and Banco BPM. Additionally, Mediobanca acted as Joint Bookrunner for the covered bonds of Santander (dual-tranche) and Tatra Banka, Erste Banking Group's Senior Preferred bond. Mediobanca remains the partner of choice for European financial institutions across all asset classes (particularly in capital trades)In the Italian corporate IG space, Mediobanca confirmed its leading market position, being actively involved in all senior bond issuances in 1Q26 (Inwit, Terna, Acquirente Unico and ADR). In the hybrid segment, Mediobanca led the inaugural hybrid bond transaction of Stellantis and Eni's and Terna's new single-tranche hybrid issuances. In the international corporate space, Mediobanca continues to expand its presence across core European markets, particularly in Iberia, taking a leading role in several landmark transactions and supporting the senior bond issuances of Cellnex, Aena, Telefónica, EDP and REN
Lending
Despite persistently low levels of new-money issuance, the European Loan market remains strongly active in opportunistic transactions, reflecting the relationship-driven dynamics of the space and solid credit fundamentals that continue to withstand the prevailing macroeconomic volatility. Against this backdrop, Mediobanca confirmed its leading role in the few domestic acquisition financings, while focusing its activity on relationship-driven facilities and specialized debt advisory mandates
Notable transactions in 1Q26 include the underwriting of (i) the acquisition financing backing Ariston's purchase of Riello and (ii) the debt package supporting the acquisition of Milione (holding company owning SAVE) by Ardian and Finint, alongside the debt advisory mandate to Hofi (sponsor-backed by Antin) as part of the refinancing of its existing indebtedness. On top of this, the coordination of the cross-border RCF carried out by Brightstar and the participation in the USD-denominated financing backing Ali Group's acquisition of Bunn
Selected ECM Transactions
February 2026 €500m Primary ABB Joint Global Coordinator | March 2026 €768m Primary ABB Co - bookrunner | March 2026 €89m Secondary ABB Joint bookrunner |
Selected DCM Transactions
February 2026
Covered bond
€ 1,500m € 1,000m
2.625% 3.000%
Feb-31 Feb-36
Joint Bookrunner
March 2026
Hybrid Notes
€ 2,200m 6.250% PNC5.25
€ 1,800m 6.875% PNC8
£ 865m 8.250% PNC6.5
Joint Bookrunner
February 2026
EU Green Bond
€ 300,000,000
3.375% February 2034
Joint Bookrunner
February 2026
Senior Unsecured
€ 500,000,000
3.625% February 2034 Joint Active Bookrunner
January 2026
€ 750m 3.125%
6.25NC5.25
Senior Preferred Joint Bookrunner
January 2026
EU Green Hybrid Bond
€ 850,000,000
3.875% Perpetual NC6
Joint Bookrunner
January 2026
January 2026
€ 500m
Green Bond 3.250% 5y
€ 1,000,000,000 Social Senior Preferred 3.707% May-33 due in January 2031
Joint Bookrunner / Sole Arranger
Joint Bookrunner of the EMTN Programme
January 2026
€ 1,000m 6.000% PNC10
Restricted Tier 1
Global Coordinator & Joint Bookrunner
January 2026
€ 650m
4.126%
10y Tier2
due January 2036 Joint Bookrunner
Selected Lending Transactions
March 2026
€200m
Refinancing
Sole Debt Advisor
March 2026
$650m &
€1,000m RCFs
Refinancing GloCo &
Facility Agent
March 2026
Acquisition Financing
Underwriter, GloCo & Facility Agent
March 2026
$750m Acquisition Financing
MLA
February 2026
Acquisition Financing
Underwriter & MLA
CF: RESULTS SNAPSHOT
SOUND NEW LOANS (UP 10% TO 2.6BN), NII (€304M), NET PROFIT (€101M). HEALTHY ASSET QUALITY
3M - Divisional results - CF Section 3
€m
QoQ
∆
1
3M | 3M | 3M | ∆ |
Mar26 | Dec25 | Mar25 | YoY1 |
Financial results Highlights
Solid commercial activity in 3M Mar.26:Total income | 334 | 331 | 317 | +5% | +1% | solid loan book growth, up 8% YoY to €17bn |
Net interest income 304 304 288 +6% - Channels: direct representing ~70% of new PLs in 3M, | ||||||
Fees | 18 | 15 | 19 | -7% | +22% | digital ~40%; bank channel €250m in 3M, up 35% YoY |
Other income | 12 | 12 | 10 | +22% | -2% |
BNPL2: new business above €240m in last 3M (up 26% YoY) |
with
Total costs | (91) | (94) | (93) | -1% | -2% |
Gross op. Income (GOP) | 243 | 237 | 225 | +8% | +2% |
LLPs | (80) | (71) | (67) | +20% | +12% |
Other | (1) | (1) | 0 | n.m. | +86% |
PBT | 161 | 165 | 159 | +2% | -2% |
Net profit | 101 | 112 | 105 | -4% | -10% |
New loans - €bn | 2.6 | 2.5 | 2.4 | +10% | +3% |
Commercial loans - €bn | 17.0 | 16.7 | 15.8 | +8% | +2% |
RWAs - €bn | 15.4 | 15.0 | 14.0 | +9% | +3% |
Gross NPLs/Ls (%) | 5.0% | 5.0% | 4.9% | ||
Cost/Income ratio (%) | 27 | 28 | 29 | -2pp | -1pp |
Cost of Risk (bps) | 187 | 171 | 167 | +20bps | +16bps |
Revenues up 5% YoY, reflecting NII solid growth (up 6% YoY) on higher volumes, fees down YoY mainly due to higher rappel fees driven by higher volumes originated by MPS. NII stable QoQ despite lower day count
Costs down 1% YoY with savings in administrative expenses.
Cost/income ratio down 2pp to 27%
LLPs up 20% YoY, along with volume growth and normalizing CoR (187bps in 3M). €119m of overlays still available as at end-March 2026, after €4m use in last 3M. Underlying 3M cost of risk3 at 198bps (+5pb A/A)Asset quality confirmed, with gross NPLs/Ls at 5.0% and sound coverage (NPLs at 62% and performing at 3.09%)
27
1) YoY: 3M Mar26 / 3M Mar25; QoQ: 3M Mar26 / 3M Dec25. Data restated to reflect transfer of MBCS from CIB to CF
2) Buy-Now-Pay-Later
3) 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 YIELD3M Mar26 - Divisional results - CF Section 3
New loans by product (3M, €bn)
+10%
2.4
2.4
2.3
1.2
1.2
1.1
1.2
1.3
0.4
0.5
0.4
0.5
0.4
0.5
0.4
0.4
0.6
0.5
2.5
2.6
Loan book net profitability1 (3M, %)
7.34% 7.23% 7.29% 7.34% 7.20%
5.40%
5.23%
5.26%
5.58%
5.22%
Mar25 June25 Sept25 Dec25 Mar26
Mar25 June25 Sept25 Dec25 Mar26
Credit cards SP loans Car loans Personal loans Salary loans (NII-underlaying CoR)/avg. loans NII/avg. Loans1Q26 new loans up 10% YoY (up 3% QoQ) confirming the distribution strength, with €2.6bn of new loans in 3M mainly driven by new personal loans (up 9% YoY), car loans (up 18% YoY) and BNPL (up 26% YoY). Bank channel steadily growing boosted also by MPS
NII rose further fostered by:
Volumes: loan book growth up to €17bn (up 8% YoY and 2% QoQ) fuelled by solid new loans
NII/avg. loans: down 14bps YoY and QoQ with resilient loan book marginality and lower day count
28
1) Underlying CoR: incurred CoR excluding overlay release, except for those due to IFRS 9 model update (PD/LGD parameters unchanged)
ASSET QUALITY CONFIRMED3M Mar26 - Divisional results - CF Section 3
Proactive NPL management ongoing
… net NPL stock reflecting higher NPL quality1
2.5%
2.1%
2.0%
2.0%
1.6%
324
3451
339
348
241
(CF Net NPLs composition, %)
(Net NPLs stock, €m; net NPL incidence to loans, %)
34%
22%
13%
13%
13%
66%
78%
87%
87%
87%
June20 June24 June25 Dec25 Mar26
Net NPL with overdue >90days Net NPL with overdue <90daysJune20 June24 June25 Dec25 Mar26
…as well as high coverage ratios1
PLs coverage at 3.09%, NPLs at 61.9%
CoR normalizing and reflecting different mix
167
169
175
187
171
(Coverage ratios, %)
(Quarterly LLPs, €m; cost of risk, bps)
68.1%
75.3%
61.6%1 61.8% 61.9%
67
68
72
71
80
NPL
3.67%
3.17% 3.23% 3.10% 3.09%
June20 June24 June25 Dec25 Mar26
Performing
Mar25 June25 Sept25 Dec25 Mar26
29
Note: June20 and June24 data have not been restated, but differences would be negligible
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 TOTAL INCOME AND NET PROFIT UP 20% YOY3M Mar26 - Divisional results - INS Section 3
Financial results Highlights
€m
QoQ
∆
1
3M | 3M | 3M | ∆ |
Mar26 | Dec25 | Mar25 | YoY1 |
Total income | 138 | 143 | 115 | +20% | -3% | |
o/w equity acc investments | 131 | 147 | 106 | +24% | -11% | |
Total costs | (2) | (2) | (1) | +7% | -6% | |
PBT | 137 | 141 | 113 | +21% | -3% | |
Net result | 131 | 139 | 110 | +20% | -6% | |
Book value | - €bn | 5.2 | 5.0 | 5.0 | +6% | +4% |
Ass. Generali (13%) | 4.3 | 4.2 | 4.1 | +5% | +3% | |
Other investments | 1.0 | 0.9 | 0.9 | +7% | +11% | |
Market value - €bn | 8.0 | 8.2 | 7.5 | +7% | -2% | |
Ass. Generali | 7.1 | 7.3 | 6.6 | +7% | -3% | |
RWA - €bn | 8.1 | 8.2 | 8.0 | +1% | -1% | |
€15m (up 37% YoY) from dividends and other income from funds and equities (including mark-to-market of seed K/PE funds)
AG book value: €4.3bn, up 5% YoY
AG market valuation: €7.1bn (or €34.5ps) up 7% YoY
30
1) YoY: 3M Mar26 / 3M Mar25; QoQ: 3M Mar26 / 3M Dec25
HOLDING FUNCTIONS: RESULTS SNAPSHOT3M Mar26 - Divisional results - HF Section 3
Financial results Highlights
€m
QoQ
∆
1
3M | 3M | 3M | ∆ |
Mar26 | Dec25 | Mar25 | YoY1 |
Total income | 25 | (7) | 14 | +79% | n.m. |
Net interest income | 2 | (15) | 7 | -64% | n.m. |
Fee income | (2) | (1) | (1) | n.m. | +50% |
Other income | 25 | 9 | 9 | n.m. | n.m. |
Total costs | (39) | (41) | (40) | -3% | -6% |
Gross op. income (GOP) | (13) | (48) | (26) | -48% | -72% |
LLPs & asset writedown | 1 | 1 | 0 | n.m. | -52% |
Other | (10) | (1) | (1) | n.m. | n.m. |
PBT | (22) | (47) | (26) | -15% | -53% |
Net result | (18) | (45) | (21) | -13% | -60% |
Commercial loans-€bn | 0.3 | 0.3 | 0.4 | -24% | -6% |
Stable funding2 - €bn | 71.6 | 70.8 | 66.1 | +8% | +1% |
MB securities | 33.0 | 32.5 | 31.2 | +5% | +1% |
WM Deposits | 29.6 | 30.3 | 28.9 | +3% | -2% |
Banks&other | 9.0 | 8.0 | 6.0 | +50% | +13% |
Cost down 3% YoY
€10m of one-off costs related to merger and restructuring
Funding:2 stock up 8% YoY and up 1% QoQ to ~€72bn:
Bonds: up 5% YoY and 1% QoQ to €33bn, after €1.3bn in issuances in 3M (including €0.7bn ABS and €0.6bn senior preferred) at low spreads
Deposits: €29.6bn, up 3% YoY and down 2% QoQ; cost gradually decreasing (1.28% Mar26 vs 1.37% Dec25 and 1.70% Mar25)
Banking book broadly stable at €12.7bn, with yield down
~30bps YoY and broadly unchanged QoQ
Leasing loans totalled €0.3bnAll key indicators at high levels:
LCR 156%, CBC €17.4bn, NSFR 116%
MREL liabilities at 42.07% of RWAs as at Mar26 above requirements (24.43%)
31
YoY: 3M Mar26 / 3M Mar25; QoQ: 3M Mar26 / 3M Dec25. Figures restated to reflect the transfer of core leasing business from HF to CIB
Stable funding sources, excluding repos and treasury activities
Section 1. Executive summary
Section 4. Closing remarks
Section 2. 3M as at Mar26 Consolidated results Section 3. 3M as at Mar26 Divisional results
Annexes
1. Divisional tables
WHAT'S NEXT
Closing remarks Section 4
2026 Guidance
Mediobanca is focused on delivering BP25-30 actions and synergies envisaged for the current year, albeit with greater caution as required by macro scenario,
which could slow commercial performances in WM and in CIB
The pipeline in CIB and the trend in volumes and NII in CF are expected to remain positive
Strong attention will be focused on reducing the cost/income ratio, controlling the cost of risk, and maintaining a solid capital position
33
MEDIOBANCA
3M RESULTS AS AT 31 MARCH 2026Milan, 11 May 2026
Agenda
Section 1. Executive summary
Section 2. 3M as at Mar26 Consolidated results Section 3. 3M as at Mar26 Divisional results Section 4. Closing remarks
Annexes
1. Divisional tables
NEW RECLASSIFICATION SCHEMES (1/2)
Divisional tables Annex 1
Starting from 1/1/26, in order to align with the presentation formats adopted by the Parent Company, Mediobanca and its subsidiaries have amended the reclassified P&L and A&L schemes (both consolidated and divisional)
The main differences between the new reclassified schemes and the previous ones are provided here below and in the next slide
Divisional data shown in this presentation reflect the usual Mediobanca divisional perimeter and are not immediately referable to those of MPS
Assets
New layout presents a breakdown of loans and receivables by counterparty (central banks / banks / customers), whereas previously the focus was on the type of activity, with two aggregates-"Financial assets held for trading" and "treasury assets"-under which all instruments related to those activities were included.
Under the new layout, Loans to customers also include repurchase agreement transactions (repos).
With regard to the securities portfolio, this is now presented by distinguishing between the trading book and the banking book, while derivatives are now presented in aggregate (trading and hedging). Previously, both trading securities and trading derivatives were included under the trading line item, while hedging derivatives were reported within "other assets."
Equity investments are now presented individually, whereas previously they were included within the aggregate of investment securities.
Liabilities
New schemes present direct funding by distinguishing its sources, namely customer deposits and issued securities, followed by the presentation of total funding from banks.
Under the previous layout, funding was instead distinguished between stable funding, which also included a portion of interbank funding, and
treasury funding.
Differences in the remaining line items are mainly attributable to a more detailed presentation, compared with a previously more aggregated layout (for example, the separate presentation of "financial liabilities held for trading" and "derivatives", as opposed to the single line item "financial liabilities held for trading").
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NEW RECLASSIFICATION SCHEMES (2/2)
Divisional tables Annex 1
With regard to the P&L, the newly adopted layout is a direct derivation of the line items included in the mandatory formats set out by Bank of
Italy Circular No. 262, whereas the previously used layouts reflected the Bank's managerial perspective
Mediobanca pro-forma restated P&L NEW OLD Delta
P&L - € million | Total 12M 2025 | 12M 2025 | 12M 2025 | Main differencies | |||
Net interest income | 1,946 | 1,955 | (9) | ||||
Different composition of the item, which included a portion of "other | |||||||
Net fee and commission income | 880 | 1,006 | (126) | income" (mainly related to Compass) and different reclassification of certain "administrative expenses" under commissions paid. | |||
Income from banking activities | 2,826 | 2,961 | (135) | ||||
Dividends, similar income and gains (losses) on investments | 537 | 543 | (6) | ||||
Net profit (loss) from trading, Fair value, net gains (losses) on disposals/repurchases | 171 | 156 | 14 | Mark-to-market valuation of the funds reported under the trading line item | |||
Net profit (loss) from hedging | (10) | - | (10) | Separate disclosure of the item | |||
Other operating income (expenses) | 56 | - | 56 | Separate disclosure of the item, previously included in net fees and commission income | |||
Total Revenues | 3,580 | 3,660 | (80) | ||||
Administrative expenses: | (1,448) | (1,649) | 201 | ||||
a) personnel expenses | (875) | (874) | (1) | ||||
Different reallocation of the "other income and expenses" item and of | |||||||
b) other administrative expenses | (573) | (775) | 202 | certain administrative cost components, now reclassified within fee and commission expenses. | |||
Net value adjustments to PPE and intangible assets | (113) | (113) | Separate disclosure of the item | ||||
Operating expenses | (1,561) | (1,649) | 88 | ||||
Pre-Provision Operating Profit (GOP) | 2,020 | 2,011 | 9 | ||||
Cost of customer credit | (242) | (245) | 3 | ||||
Net impairment (losses)/reversals on asset | (3) | 9 | (12) | Mark-to-market valuation of the funds reported under the trading line item | |||
Net operating income | 1,774 | 1,775 | (1) | ||||
Net provisions for risks and charges | (12) | - | (12) | Separate disclosure of the item, previously included in "other administrative expenses" | |||
Other net income (losses) | (97) | (104) | 7 | ||||
Profit (Loss) for the period before tax | 1,665 | 1,671 | (6) | ||||
Income tax for the period | (363) | (373) | 10 | ||||
Profit (Loss) for the period after tax | 1,302 | 1,298 | 4 | ||||
Net profit (loss) attributable to non-controlling interests | (51) | (51) | 0 | ||||
Impairments on goodwill and intangibles | (68) | (64) | (4) | ||||
Mediobanca's profit (Loss) for the period after tax | 1,183 | 1,183 | 0 |
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MEDIOBANCA CONSOLIDATED P&L
€m
1Q26
Mar26
4Q25
Dec25
3Q25 2Q25
Sept25 June25
1Q25
Mar25
Δ
QoQ
1
YoY
Δ
1
Divisional tables Annex 1
Net interest income | 488 | 473 | 477 | 503 | 493 | +3% | -1% |
Fee income | 223 | 212 | 203 | 223 | 243 | +6% | -8% |
Income from banking activities | 711 | 684 | 680 | 726 | 736 | +4% | -3% |
Profit (loss) of equity accounted investments | 131 | 141 | 130 | 161 | 105 | -7% | +25% |
Financial revenues2 | 83 | 55 | 27 | 23 | 56 | +50% | +49% |
Other operating income (loss) | 14 | 15 | 13 | 16 | 13 | -4% | +8% |
Total income | 939 | 895 | 849 | 927 | 910 | +5% | +3% |
Personnel expenses | (216) | (240) | (200) | (225) | (210) | -10% | +3% |
Other admistrative expenses | (142) | (143) | (130) | (158) | (141) | -1% | - |
Depreciation/amortization and net value adjustments on PPE | (29) | (29) | (29) | (28) | (27) | -1% | +8% |
Operating expenses | (387) | (412) | (359) | (411) | (378) | -6% | +2% |
Pre-Provision Operating Profit | 552 | 483 | 490 | 515 | 533 | +14% | +4% |
Cost of customer credit | (83) | (75) | (69) | (46) | (52) | +10% | +59% |
Net impairment (losses)/reversals for other financial assets | 0 | (3) | (0) | (0) | (0) | n.m. | n.m. |
Net operating income | 470 | 405 | 421 | 469 | 480 | +16% | -2% |
Net provisions for risks and charges | (4) | (4) | (10) | 3 | (2) | +6% | n.m. |
Net gains (losses) on assets3 | (2) | 0 | (1) | (4) | (9) | n.m. | -74% |
Restructuring costs / One-off costs | (15) | 0 | 0 | 0 | 0 | n.m. | n.m. |
Extraordinary transaction costs | 0 | (24) | (45) | (11) | 0 | n.m. | n.m. |
Systemic funds contribution | (1) | (2) | 0 | 0 | (1) | -55% | +50% |
Profit (Loss) for the period before tax | 447 | 375 | 364 | 458 | 469 | +19% | -5% |
Income tax for the period | (125) | (85) | (65) | (97) | (117) | +47% | +7% |
Profit (Loss) after tax | 322 | 291 | 299 | 361 | 352 | +11% | -9% |
Net profit (loss) attributable to non-controlling interests | 1 | (6) | (8) | (19) | (19) | n.m. | n.m. |
Impairment of goodwill and intangibles | 0 | (64) | 0 | (4) | 0 | n.m. | n.m. |
Net profit (loss) for the period 323 221 291 337 334 +46% -3%
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Note: totals may differ from the sum of the individual items due to rounding
YoY= 3M Mar26 / 3M Mar25; QoQ= 3M Mar26 / 3M Dec25
Including: dividends, net profit (loss) from trading, the fair value measurement of assets/liabilities, net gains (losses) on disposals/repurchases, net profit (loss) from hedging
Including: net gains (losses) on equity investments, PPE and intangibles at FV and disposal of investments
MEDIOBANCA - BALANCE SHEET
Divisional tables Annex 1
Funding €bn | Mar26 | Dec25 | Mar25 | Δ QoQ1 | Δ YoY1 |
Stable Funding | 71.6 | 70.8 | 66.1 | +1% | +8% |
WM deposits | 29.6 | 30.3 | 28.9 | -2% | +3% |
Securities | 33.0 | 32.5 | 31.2 | +1% | +5% |
Financing from banks | 7.3 | 6.4 | 4.5 | +14% | +62% |
Other | 1.7 | 1.6 | 1.5 | +8% | +12% |
S/T Funding | 13.0 | 12.5 | 10.1 | +4% | +28% |
Repos | 11.8 | 10.3 | 8.6 | +14% | +37% |
Treasury activity | 1.2 | 2.2 | 1.6 | -45% | -23% |
Total funding3 | 84.5 | 83.2 | 76.3 | +2% | +11% |
Loans and securities €bn | Mar26 | Dec25 | Mar25 | Δ QoQ1 | Δ YoY1 |
Net commercial loans to customers | 55.4 | 54.7 | 52.7 | +1% | +5% |
CIB | 20.3 | 19.8 | 19.3 | +2% | +5% |
Consumer Finance | 17.0 | 16.7 | 15.8 | +2% | +8% |
WM | 17.8 | 17.8 | 17.2 | - | +4% |
HF/Leasing | 0.3 | 0.3 | 0.4 | -6% | -24% |
Repos & other | 7.0 | 5.0 | 4.1 | +41% | +70% |
Total net customer loans | 62.4 | 59.6 | 56.8 | +5% | +10% |
RWAs | 46.6 | 45.9 | 46.3 | +2% | +1% |
CET1 ratio (%)2 | 15.7% | 16.4% | 15.6% | ||
TC ratio (%)2 | 17.9% | 18.7% | 18.5% |
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Note: totals may differ from the sum of the individual items due to rounding
YoY= 3M Mar26 / 3M Mar25; QoQ= 3M Mar26 / 3M Dec25
The fully loaded CET1 ratio is ~15.4%, including fully loaded impacts of CRR3 and excluding impact related to FRTB
Sum of: due to customer, securities and due to banks
WEALTH MANAGEMENT RESULTS
Divisional tables | Annex 1 | ||||||
€m | 1Q26 Mar26 | 4Q25 Dec25 | 3Q25 Sept25 | 2Q25 June25 | 1Q25 Mar25 | Δ QoQ1 | Δ YoY1 |
Net interest income | 90 | 95 | 93 | 99 | 100 | -5% | -9% |
Fee income | 126 | 142 | 122 | 136 | 137 | -12% | -8% |
Other income | 3 | 6 | 2 | (5) | 3 | -43% | +26% |
Total income | 219 | 243 | 217 | 229 | 239 | -10% | -8% |
Personnel expenses | (81) | (97) | (85) | (88) | (83) | -17% | -3% |
Other administrative expenses | (55) | (55) | (50) | (57) | (52) | - | +6% |
Net value adjustments to PP&E and intangibles | (16) | (16) | (16) | (16) | (15) | - | +8% |
Operating expenses | (152) | (168) | (151) | (160) | (151) | -10% | +1% |
Pre-Provision Operating Profit | 67 | 75 | 67 | 69 | 89 | -10% | -24% |
Cost of customer credit | 0 | (1) | 0 | 20 | 2 | n.m. | -94% |
Net operating income | 67 | 74 | 67 | 90 | 90 | -9% | -25% |
Net provisions for risks and charges | (3) | (2) | (2) | (1) | (2) | +43% | +99% |
Restructuring and integration costs | (4) | 0 | 0 | 0 | 0 | n.m. | n.m. |
Profit (Loss) for the period before tax | 60 | 72 | 65 | 89 | 89 | -16% | -32% |
Income tax for the period | (22) | (21) | (21) | (26) | (30) | +4% | -26% |
Net profit (loss) attributable to non-controlling interests | (0) | (1) | (0) | (1) | (1) | -67% | -33% |
Net profit | 38 | 49 | 44 | 63 | 58 | -23% | -36% |
Commercial loans (€bn) | 17.8 | 17.8 | 17.8 | 17.6 | 17.2 | - | +4% |
TFA (€bn) | 113.1 | 115.3 | 115.9 | 112.1 | 108.3 | -2% | +4% |
AUM/AUA (€bn) | 83.5 | 85.0 | 84.8 | 81.7 | 79.4 | -2% | +5% |
Deposits (€bn) | 29.6 | 30.3 | 31.1 | 30.4 | 28.9 | -2% | +2% |
NNM (€bn) | (1.1) | (1.1) | 2.5 | 3.8 | 2.3 | +1% | n.m. |
AUM/AUA (€bn) | (0.4) | (0.3) | 1.8 | 2.3 | 1.7 | +36% | n.m. |
Deposits (€bn) | (0.7) | (0.8) | 0.7 | 1.5 | 0.7 | -12% | n.m. |
RWA (€bn) | 7.1 | 7.1 | 7.0 | 6.9 | 6.3 | +1% | +13% |
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Note: totals may differ from the sum of the individual items due to rounding
YoY= 3M Mar26 / 3M Mar25; QoQ= 3M Mar26 / 3M Dec25