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

Results as at 31 December 2025

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

  1. 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% YoY1, stable QoQ2), 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%1to €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% QoQ2 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 3pp1 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

    1. YoY: 6M Dec25 / 6M Dec24

    2. QoQ: 3M Dec25/ 3M Sept25

    3. 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%

CET13 @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 WM1 €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

Density2

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



  1. Including WM deposits and bonds placed with WM proprietary and third-party networks

  2. Consolidated RWAs/total assets

  3. 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

  1. 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

    YoY1

    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%

    1. YoY: 6M Dec25/Dec24. Data restated due to transfer of MBCS from CIB to CF and of core leasing business from HF to CIB

    2. The fully loaded CET1 ratio is ~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

  1. 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

CapMkt1

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

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

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