Mediobanca (MB) investor relations material

Executive summary

• Net profit for 3M Mar26 reached €323m, up 46% QoQ but down 3% YoY, impacted by higher tax and non-recurring items, with ROTE at 13.5% and CET1 ratio at 15.7%.

• Revenues grew to €939m, up 5% QoQ and 3% YoY, driven by CIB, Consumer Finance, and Insurance, while Wealth Management saw a decline.

• Gross operating profit reached €552m, up 14% QoQ and 4% YoY.

• Cost/income ratio improved to 41%, down 5pp QoQ, with costs down 6% QoQ and labor costs down 10% QoQ.

• Lending and IB business remained robust; asset resiliency in WM, with CIB growth resuming across all products despite market uncertainty.

Financial highlights

• Consolidated revenues: €939m (+3% YoY, +5% QoQ); NII: €488m (-1% YoY, +3% QoQ); Fee income: €223m (-8% YoY, +6% QoQ); Trading income: €83.3m (+54% YoY); Other income: €228m (+31% YoY, +8% QoQ).

• Gross operating profit: €552m (+4% YoY, +14% QoQ); Net profit: €323m (-3% YoY, +46% QoQ).

• Total funding: €71.6bn (+8% YoY, +1% QoQ); Commercial loans: €55.4bn (+5% YoY, +1% QoQ); TFAs: €113.1bn (+4% YoY, -2% QoQ).

• Cost/income ratio: 41% (flat YoY, -5pp QoQ); Loan loss provisions: €82.8m (+58.6% YoY); Gross NPL ratio: 1.8%.

• Operating costs decreased 6.2% QoQ.

Outlook and guidance

• Focus remains on executing BP25-30 actions and synergies, with caution due to macroeconomic and geopolitical uncertainties, including stagflation risks and slower consumption.

• CIB pipeline and Consumer Finance volumes/NII expected to remain positive; emphasis on cost/income reduction, risk control, and capital strength.