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Banca Mediolanum (BMED) investor relations material
Banca Mediolanum Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income for H1 2025 reached €477.3M, up 6% year-over-year, driven by resilient core business, robust net inflows, and effective commercial initiatives.
Total net inflows rose 8% to €6.11B, with managed asset inflows up 47% to €4.54B, and credit book growth of 7%.
Customer base expanded by 3% to nearly 2 million, supported by network development and targeted promotional initiatives.
Assets under administration reached €144.4B, up 12% from June 2024, with commercial volumes at €8.08B.
Family Banker network and NXT project contributed to productivity and customer acquisition.
Financial highlights
Net commission income grew 10% year-over-year to €644.4M, while net interest income declined 12% to €366.8M due to higher funding costs and rate shifts.
Operating margin increased 1% to €570.6M; contribution margin up 2% to €1.02B.
Banking service fees rose 25% to €123M, and gross commission income increased 11% to €1.1B.
Loans granted surged 48% to €1.86B, with a 75% increase in mortgages.
General insurance gross premiums increased 23% to €114M.
Outlook and guidance
Net interest income for 2025 expected to decrease by 3% year-over-year, with stabilization anticipated in 2026.
Net inflows into managed assets guidance raised to €8–8.5B for 2025.
Cost/income ratio to remain below 40%, cost of risk around 20bps, and base dividend per share to increase.
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