Mediobanca S p A : Results as at 31 December 2025

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

MEDIOBANCA 6M RESULTS AS AT 31 DECEMBER 2025 Milan, 9 February 2026 Agenda Section 1. Executive summary Section 2. 6M/3M as at Dec25 Consolidated results Section 3. 6M/3M as at Dec25 Divisional results Section 4. Closing remarks Annexes Divisional tables CLOSING A "SHORT" SIX-MONTH FINANCIAL PERIOD* Executive summary Section 1 Sound asset driven business, smooth transition in WM as priority WM: TFA €115bn (up 8% YoY 1 , stable QoQ 2 ), with €2.6bn 6M NNM in AUM €1.1bn outflows in last 3M due to some senior banker departures CIB: softer M&A, growth in Lending/Markets resumed in last 3M CF: €4.9bn new loans (up 12% 1 ) with ongoing stock repricing Revenues down 3% 1 at €1,786m in 6M… Slowdown in WM (-1% 1 to €473m) and CIB (-20% 1 from last year's record levels to €357m), growth in CF (+6% 1 to €678m) and INS (+14% 1 to €277m) …but up 6% QoQ 2 at €918m in last 3M across all revenue lines NII up 1% 2 (€483m in 3M) driven by CF (up 3% 2 ), fees up 6% 2 (€246m in 3M) driven by WM (up 17% 2 ) Cost/income ratio 46 % , up 3pp 1 in part due to retention actions Cost of risk at 53bps , with €164m residual overlays Recurring net profit at €623m (down 6% 1 ), stated net profit at €513m after ~€110m one-off costs CET1 ratio up at 16.4% 3 DPS: €0.63 dividend proposal to be paid in April 26 3 * On 9 Feb.26, Mediobanca's Bod approved the results for a "short" six-month financial period ending 31 Dec25, adopted to align the Group's financial year with the calendar year, effective 1 January 2026 YoY: 6M Dec25 / 6M Dec24 QoQ: 3M Dec25/ 3M Sept25 The fully loaded CET1 ratio is ~16.1%, including fully loaded impacts of CRR3 and excluding impact related to FRTB 6M KPIs: REVENUES ~€1.8BN, NET PROFIT ADJ. ~€0.6BN Executive summary Section 1 Higher funding (up 10% YoY) with costs gradually declining ; Loans up 4% YoY NNM: outflows in last 3M which bring NNM to €1.4bn in 6M TFAs: 6M growth over €115bn Revenues at €1,786m (down 3% YoY), with growth in INS and CF, lower WM and CIB contribution (the latter from record 2024 levels) C/I ratio at 46% , including some retention costs RWAs down 4% YoY to €46bn (driven by new large corporate PD model) and RoRWA at 2.7% CET1 3 @16.4%, including 100% payout ROTE ~13% Gross NPLs down to 2.0%, net 0.8% (coverage NPLs 60% , PLs 1.1%) after write offs/prudent reclassification in CF CoR @53bps, with €164m overlays still available (down only €26m vs June25) P&L Revenues C/I ratio GOP risk adj Net profit €1,786m -3% YoY -5% HoH 46% +3pp YoY +2pp HoH €825m -12% YoY -12% HoH €513m -22% YoY -24% HoH A&L Loans Funding TFAs NNM €56bn +4% YoY +3% HoH €71bn ow WM 1 €37bn +10%YoY Flat HoH €115bn +8% YoY +3% HoH €1.4bn -71% YoY -78% HoH Financial results Highlights EPS: €0.63 (down 20% YoY); EPS adj: €0.77 (down 5% YoY) TBVPS: €12.2 (up 4% YoY); BVPS: €13.4 (up 4% YoY) DPS proposal: €0.63 (100% payout on stated net profit) to be paid in April (ex date 20 April) MEDIOBANCA CONSOLIDATED - 6M as at Dec25 EPS BVPS TBVPS No. shares/ PER SHARE o/w treasury €0.63 -20% YoY €13.4 +4% YoY €12.2 +4% YoY 813.3m -2% YoY -24% HoH +2% HoH +3% HoH 6.7m treasury 4 Gross CoR ROTE RoRWA NPLs/Ls Ratio 2.0% 53bps 12.8% 2.7% -0.5pp YoY +3bps YoY -1.2pp YoY -10bpsYoY -0.1pp HoH +16bps HoH -1.5pp HoH -30bps HoH K RWAs Density 2 CET1 ratio Leverage Ratio €46bn -4% YoY Flat HoH 43% -5pp YoY -1pp HoH 16.4% 3 (100% payout) 7.2% -0.2pp YoY +0.2pp HoH YoY: 6m Dec25 / 6m Dec24; HoH: 6m Dec25 / 6m June25 Including WM deposits and bonds placed with WM proprietary and third-party networks Consolidated RWAs/total assets The fully loaded CET1 ratio is ~16.1%, including fully loaded impacts of CRR3 and excluding impact related to FRTB 3M KPIs: REVENUES UP 6% 1 €918M, NET PROFIT ADJ ~€300M MB - 3M results as at Dec25 Revenues Fees CoR Net profit Executive summary Section 1 MEDIOBANCA CONSOLIDATED Revenues up 6% QoQ with all sources increasing C/I ratio up 3pp to 47%, due also to retention measures CoR under control at 55bps Net profit at €301m , before one-offs (FV adjustments and OPS costs) Corporate & Inv.Banking - 3M results as at Dec25 Revenues Fees CoR Net profit WM: Stable TFAs, retention measures started in PB TFAs stable QoQ €115bn, with €1.1.bn NNM outflows in last Q mainly in MB Private Banking franchise Double-digit growth in fees QoQ, with all sources growing , helped also by seasonality Franchise: retention measures started CIB: solid asset driven business, softer Advisory Fees compared to last year's record highs in Advisory; down 7% QoQ on softer Advisory partly offset by solid Lending Loan book again reporting growth in last 3M Asset quality confirmed €918m -7% YoY +6% QoQ €246m -23% YoY +6% QoQ 55bps +5bps YoY +4bps QoQ €221m -33% YoY -24% QoQ Wealth Management - 3M results as at Dec25 Revenues Fees TFA Net profit €249m €149m €115bn €49m -1% YoY +2% YoY +8% YoY -15% YoY +11% QoQ +17% QoQ -1% QoQ +12% QoQ €186m -30% YoY CF: NII >€300m and new loans >€2.5bn for the first time New loans >€2.5bn (up 7% QoQ and 13% YoY) Positive 3M revenues trend up to >€340m, driven by volumes and loan stock repricing CoR down 4bps QoQ (€12m overlays used since Sept25) +9% QoQ €71m -51% YoY -7% QoQ 9bps +9bps YoY +8bps QoQ €45m -48% YoY -7% QoQ Consumer Finance - 3M results as at Dec25 Revenues New loans CoR Net profit €342m €2.5bn 173bps €112m +6% YoY +13% YoY -3bps YoY +10% YoY +2% QoQ +7% QoQ -4bps QoQ +3% QoQ 5 1) QoQ: 3m Dec25 / 3m Sept25 Agenda Section 1. Executive summary Section 2. 6M/3M as at Dec25 Consolidated results Section 3. 6M/3M as at Dec25 Divisional results Section 4. Closing remarks Annexes Divisional tables MB: CONSOLIDATED RESULTS SUMMARY 6M/3M Consolidated results Section 2 €m 3M 3M 3M Dec25 Sept25 Dec24 Financial results 6M 6M ∆ Dec25 Dec24 YoY 1 Highlights 6M consolidated revenues down 3% YoY to €1,786m, with growth in CF and INS not completely offsetting lower CIB and WM contribution. Quarterly rebound (up 6% QoQ) on positive trend in all divisions NII resilient (down 2% YoY, up 1% QoQ), backed by loan volume growth and ongoing stock repricing in CF Fees down 13% YoY due to softer CIB and WM, with the latter recovering in last Q Trading down 24% YoY, but rebounding in last Q INS up 14% , on sound AG contribution C/I ratio @46% YoY, reflecting 4% YoY cost increase, due also to retention costs CoR @53bps, reflecting ongoing CoR normalization in CF. Overlays stock at €164m (down €26m in 6M) GOP risk-adj. at €825m , down 12% YoY Net profit recurring at €623m (down 6% YoY), down to €513m after non-recurring items Sound asset driven business: TFAs up 8% YoY to €115bn, loans up 4% YoY (to €56bn) with funding up 10% YoY (to €71bn) Solid capital position: CET1 at 16.4% at Dec25, up 130bps vs June25 and 60bps QoQ, including 100% payout, plus positive impacts of the removal of the SBB and properties revaluation (+70bps) ROTE at 12.8%, RORWA 2.7% 7 Total income 1,786 1,850 -3% 918 868 985 Net interest income 962 979 -2% 483 479 494 Fee income 478 549 -13% 246 232 317 Net treasury income 70 92 -24% 43 27 53 Equity acc. 276 230 +20% 147 130 121 WM 473 480 -1% 249 224 252 CF 678 638 +6% 342 335 324 CIB 357 448 -20% 186 171 266 INS 277 243 +14% 147 130 128 HF 4 46 -91% -4 8 18 Total costs (816) (783) +4% (435) (381) (413) Loan loss provisions (145) (133) +9% (76) (69) (66) GOP risk adj. 825 934 -12% 408 417 506 PBT 686 931 -26% 312 375 493 Net result 513 660 -22% 221 291 330 Net result excl. one-offs 623 660 -6% 301 322 330 TFA - €bn 115.3 106.8 +8% 115.3 115.9 106.8 Customer loans - €bn 55.9 53.9 +4% 55.9 54.4 53.9 Funding - €bn 70.8 64.2 +10% 70.8 71.3 64.2 RWA - €bn 45.9 47.6 -4% 45.9 45.2 47.6 Cost/income ratio (%) 46 42 +3pp 47 44 42 Cost of risk (bps) 53 50 +3bps 55 51 50 Gross NPLs/Ls (%) 2.0% 2.5% 2.0% 2.1% 2.5% NPL coverage (%) 59.5% 69.4% 59.5% 59.9% 69.4% EPS (€) 0.63 0.79 -20% 0.27 0.36 0.40 RoRWA (%) 2.7% 2.8% -10bps 2.8% 2.7% 3.0% ROTE adj. (%) 12.8% 14.0% -1.2pp 12.7% 12.8% 14.7% CET1 ratio (%) 16.4% 15.2% +120bps 16.4% 15.8% 15.2% YoY: 6M Dec25/Dec24. 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 ~16.1%, including fully loaded impacts of CRR3 and excluding impact related to FRTB SOUND ASSET DRIVEN BUSINESS, TFA STABLE IN LAST Q 6M/3M Dec25 - Consolidated results Section 2 Loans growing to €55.9bn TFAs stable at €115bn, despite outflows (0.1) 1.5 Dec25 Sept25 AUA Mar25 June25 Deposits AUM Dec24 (1.1) 0.5 (0.8) (0.8) 0.7 (0.3) 0.7 2.0 1.5 2.5 2.3 2.3 0.2 2.0 0.1 3.8 0.8 108.3 106.8 112.1 1.8 (Loan book, €bn) +4% YoY (3M NNM, €bn) 115.9 115.3 +3% QoQ 53.9 54.4 55.9 15.6 16.3 +2% 16.7 17.1 17.8 - 17.8 20.6 19.8 +5% 20.9 Dec24 Sept25 Dec25 CIB WM CF Other Loans up to €55.9bn reflecting: CIB: higher volumes materialized in 3M plus seasonal factoring increase Steady growth in WM and CF, the latter matched also by ongoing positive stock repricing TFA stable QoQ at 115bn despite €1.1bn outflows in the final part of the quarter, concentrated mainly in liquidity and securities. AUM trend positive with €2.6bn NNM in 6M, o/w >€0.5bn in last Q driven by Premier Retention measures started and prioritized 8 REVENUES DOWN 3% YoY, RECOVERING IN LAST Q 6M/3M Dec25 - Consolidated results Section 2 WM revenues (3M, €m) Revenues by division (YoY, €m, 6M) -1% 1 86 -20% 1 +6% 1 +14% 1 40 1,7 (41) 34 (90) (7) 1,850 -3% YoY 252 224 + 11% 249 Dec24 Sept25 Dec25 CIB revenues (3M, €m) 266 +9% 171 186 Dec24 WM CIB CF INS HF & other Dec25 Dec24 Sept25 Dec25 324 335 +2% 342 CF revenues (3M, €m) 6M revenues ~€1.8bn, down 3% YoY, but recovering in last Q (up 6% QoQ) WM: down 1% YoY reflecting fees up 2% and lower NII contribution, but up 11% QoQ driven by fee acceleration CIB: down 20% YoY compared with last year's record levels, but up 9% QoQ driven mainly by Trading/Markets CF: up 6% YoY with NII up 8% INS: up 14% YoY on higher AG contribution HF: down 91% YoY due to lower interest rates Dec24 Sept25 Dec25 Insurance revenues (3M, €m) +14% 147 128 130 Dec24 Sept25 Dec25 9 YoY % change FEE INCOME DOWN 13% YOY, UP 6% IN LAST QUARTER 6M/3M Dec25 - Consolidated results Section 2 Fee income trend by division (€m, 3M) 549 WM fees (€m, 3M) 49 128 Sept25 CIB fees (€m, 3M) 76 12 Sept25 Dec25 3 59 19 71 Dec25 (28) (25) 124 132 28 30 149 Performance 317 529 478 Banking Mngt & Upfront Passive 274 232 254 +6% 143 232 246 101 78 86 76 71 124 146 143 142 128 149 39 42 42 37 39 38 Specialty Fin. Lending CapMkt 1 Sept24 Dec24 Mar25 June25 Sept25 Dec25 Advisory CF WM CIB HF&Other 6M consolidated fees down 13% YoY to €478m, but rebounding in last Q (up 6% QoQ): WM: €277m up 2% YoY, with sound growth in management fees (up 15% YoY) partly offset by lower upfront fees; positive last Q trend (up 17% QoQ) driven by all sources CIB: €146m down 34% YoY, as it compares with last year record result in Advisory; fees down 7% QoQ due to softer Advisory, partly offset by solid Lending CF: €77m down 4% YoY due to higher rappel fees 10 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

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