Mediobanca S p A : Financial document (analyst presentation 3m results as at 31 mar 26)

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

MEDIOBANCA 3M RESULTS AS AT 31 MARCH 2026 Milan, 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 3M Executive 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% YoY 1 , down 2% QoQ 2 ), 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 €216m 3 ), 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 MEDIOBANCA: CONSOLIDATED RESULTS SUMMARY Executive summary Section 1 €m QoQ ∆ 1 Financial results 3M 3M 3M ∆ Mar26 Dec25 Mar25 YoY 1 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 CF Fees 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 DIVISION KPIs 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 WM 3M 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 book 1 , €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 HF Mar25 June25 Sept25 Dec25 Mar26 Deposits AUM AUA Loans 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 REVENUES UP 3% YoY AND 5% QoQ, BACKED BY DIVERSIFICATION 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 Performance Banking 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 Lending 22 CapMkt 1 Mar25 June25 Sept25 Dec25 Mar26 CF WM CIB HF&Other 64 49 54 Mar25 Dec25 Mar26 Advisory 3M 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 NII BACKED BY LOANS GROWTH AND WIDER SPREAD 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&Other Mar25 June25 Sept25 Dec25 Mar26 Loan/Funding spread 3M 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 FUNDING POSITION €2.9BN RAISED IN 3M AT ~70BPS 3M Mar26 - Consolidated results Section 2 Funding stock 1 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 cost 3 1.70% 1.37% 1.28% Bond stock spread 4 124bps 113bps 111bps Dec25 Mar26 WM deposits MB securities 2 Banks & 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 Labour WM 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' exits 1 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" COST OF RISK NORMALIZING AT 53BPS 3M Mar26 - Consolidated results Section 2 Consolidated ,CF and CIB CoR trend 1 (bps, 3M) Total overlays trend (€m) 187 144 123 119 164 158 26 26 12 15 27 18 175 171 167 169 189 37 1 46 30 1 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 Coverage Mar25 Dec25 Mar26 Consolidated Consumer Finance 14 Note: data restated including repos in the customer loans scope, mainly referring to HF ASSET QUALITY BY DIVISIONS 3M 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 RWAs 3M Mar26 - Consolidated results Section 2 CET1 1 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 HF CET1 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 PROFILE 3M 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 CO 2 emissions for the period from 1 July to 31 December 2025, equal to 1,729 tons of CO 2 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 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 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 SNAPSHOT REVENUES ~220m (down 8% YoY) - NET PROFIT €38m (down 36% YoY) 3M Mar26 - Divisional results - WM Section 3 €m 3M Mar26 3M Dec25 3M Mar25 ∆ YoY 1 ∆ QoQ 1 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 1Q26 Franchise: 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 Private -1.1 Premier +0.2 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 AUA Mar25 Mar26 Passive Mngt Franchise Upfront/Advisory Mngt 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 ROA 1 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 SEGMENT 3M 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 0.1 1 (1.7) 0.6 Mar25 Mar26 3M Mar25 3M Mar26 Mar25 Dec25 Mar26 Premier Private Asset Management Premier 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 SNAPSHOT REVENUES €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 YoY 1 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% 3M revenues rebounded in 1Q to €220m (up 17% QoQ), and almost back to previous year (down 2% YoY), with positive trend across all business products: 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. Last year 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 quarters 23 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 Q 3M 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 products 3M 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 & other Prop. 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 deals 1 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 deals 1 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 DEBT 3M 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 Properties Mediobanca 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 YoY 1 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% BNPL 2 : new business above €240m in last 3M (up 26% YoY) New business: €2.6bn up 10% YoY and up 3% QoQ , driving 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 3M PBT at €161m (up 2% YoY), driven by: 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 risk 3 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 YIELD 3M 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 profitability 1 (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. Loans 1Q26 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 CONFIRMED 3M Mar26 - Divisional results - CF Section 3 Proactive NPL management ongoing … net NPL stock reflecting higher NPL quality 1 2.5% 2.1% 2.0% 2.0% 1.6% 324 345 1 339 348 241 (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 <90days June20 June24 June25 Dec25 Mar26 …as well as high coverage ratios 1 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% YOY 3M Mar26 - Divisional results - INS Section 3 Financial results Highlights €m QoQ ∆ 1 3M 3M 3M ∆ Mar26 Dec25 Mar25 YoY 1 1Q26 net profit at €131m , up 20% YoY reflecting: 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% AG solid contribution up 24% YoY to €131m €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 SNAPSHOT 3M Mar26 - Divisional results - HF Section 3 Financial results Highlights €m QoQ ∆ 1 3M 3M 3M ∆ Mar26 Dec25 Mar25 YoY 1 1Q26 net loss of €18m reflecting mainly: 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 funding 2 - €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% Revenues up 79% YoY, reflecting higher trading and positive NII due to stabilization of interest rates 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 €0.3bn All 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 Agenda 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 2026 Milan, 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" ). 36 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 37 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 revenues 2 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 assets 3 (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% 38 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 QoQ 1 Δ YoY 1 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 funding 3 84.5 83.2 76.3 +2% +11% Loans and securities €bn Mar26 Dec25 Mar25 Δ QoQ 1 Δ YoY 1 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% 39 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 QoQ 1 Δ YoY 1 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% 40 Note: totals may differ from the sum of the individual items due to rounding YoY= 3M Mar26 / 3M Mar25; QoQ= 3M Mar26 / 3M Dec25

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