Mediobanca (MB) investor relations material

Executive summary

• 9M26 revenue reached €2,925.6m, up 8.9% YoY; net profit rose 13.3% to €1,090.1m and ROTE was 15.34%.

• Gross operating profit increased 15.9% to €1,782.8m as operating costs fell 0.5% to €1,142.8m.

• 3Q revenue was €977.4m and net profit €378.9m; revenue rose 15% YoY but fell 3.2% QoQ, reflecting seasonal normalization in CIB.

Financial highlights

• Total income rose 8.9% to €2,925.6m; net interest income increased 1.9% to €1,501.9m and fee income rose 1.2% to €677.2m.

• Dividends and investment gains increased 20.7% to €477.9m, primarily from the Assicurazioni Generali holding; trading income rose 84.4% to €228.9m.

• Operating costs were €1,142.8m, down 0.5%; gross operating profit grew 15.9% to €1,782.8m and PBT rose 15.4% to €1,489.6m.

• Attributable net profit rose 13.3% to €1,090.1m amid a higher tax charge; cost of customer credit increased to €256.8m from €167.0m.

• Commercial loans increased 9% YoY to €57.9bn; total financial assets reached €117.2bn, up 1.1%, with 3Q net new money positive at €0.7bn.

Outlook and guidance

• FY26 guidance was reaffirmed: mid-single-digit revenue growth, cost discipline, cost of risk around 55 bps and double-digit net profit growth despite higher integration charges and taxes.

• CIB is expected to benefit from fees and trading; Consumer Finance is expected to match its prior-year record result, with higher NII offsetting normalized credit risk.

• Wealth Management profitability is expected to decline less as activity normalizes; contributions from Assicurazioni Generali and other Insurance-PI holdings are expected to increase YoY.

• Industrial trends are expected to remain positive, with diversification supporting growth and full effects of cost actions emerging in coming quarters; guidance remains subject to uncertainty and market volatility.