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Banca Mediolanum (BMED) investor relations material
Banca Mediolanum Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net income for the first nine months of 2025 rose 8% year-over-year to €726 million, driven by strong commission and fee growth, robust net inflows, and effective execution across business lines.
Assets under management and administration reached €150.4 billion, up 8.6% from December 2024, with the customer base surpassing 2 million.
Managed asset inflows surged 21% YoY, supporting recurring fees and customer retention, while total net inflows grew 14% to €8.16 billion.
The Spanish business expanded in line with plans, with managed assets up 15–26% YoY and net income down 28% YoY due to investments and margin pressure.
The group distributed an interim dividend of €0.60 per share, with a total payout of approximately €443.5 million.
Financial highlights
Net commission income increased 11% YoY to €968.6 million, with management and investment management fees up 10% YoY to €1.24 billion.
Net interest income declined 5% YoY to €581.7 million, but is expected to narrow the gap versus last year and align with full-year guidance.
Operating margin grew 5% to €891.4 million; contribution margin up 5% to €1.56 billion.
Cost/income ratio improved to 37.2%, trending below 40% for year-end.
Total net inflows grew 14% to €8.16 billion, with managed asset inflows up 21% YoY to €6.58 billion.
Outlook and guidance
Managed asset net inflows guidance for 2025 is €8–8.5 billion, with similar strength expected in 2026 under normal market conditions.
Net interest income is projected to decline ~1% in 2025 but increase in 2026, potentially by double digits, assuming current yield curves.
Cost-to-income ratio expected below 40% and cost of risk around 20bps.
Dividend per share to increase, with the 2025 interim dividend at €0.60, including a €0.20 one-off from the Mediobanca stake sale.
Guidance assumes stable market conditions for 2026.
Reason for Net Interest Income decline
Reconcile 9M 2025 NII trend with 2025 guidance
Progress towards 2025 managed assets inflow target
Spain profitability post-investment strategy
Drivers for 2026 NII double-digit growth
AI impact on financial advisor model
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Next Banca Mediolanum earnings date
Q4 202512 Mar, 2026
Next Banca Mediolanum earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
Banca Mediolanum S.p.A., originally founded as Programma Italia SpA in 1982 and transformed into its current form in 1997, is an Italian financial institution that provides a wide array of banking, insurance, and asset management services. Its offerings include various types of accounts and deposits, such as current and savings accounts, along with debit, credit, and prepaid cards. The bank also provides mortgages, loans, and e-banking solutions, catering to both individual and family needs. Banca Mediolanum emphasizes tailored, comprehensive financial solutions delivered through innovative and user-friendly technological platforms. The company also engages in investment solutions like mutual funds, unit-linked policies, bond issues, certificates, financial planning and advisory, asset management, and trading services. Additionally, it offers life and non-life insurance, private banking, and pension services. The company is headquartered in Basiglio, Milan, Italy, and its shares are listed on the Borsa Italiana under the ticker symbol BMED.
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