Banca Mediolanum (BMED) Q3 2026 earnings summary

Executive summary

• Record 9M net income reached €843.3m, up 16% YoY; operating margin rose 18% to €1,056.3m.

• Total net inflows were €9.52bn, up 17%, including €7.24bn into managed assets; total assets reached €170.59bn, up 13% YoY.

• Growth spanned banking, managed assets, lending and insurance; Spain also increased operating margin and net income.

Financial highlights

• Contribution margin rose 13% to €1,760.3m; net commission income increased 10% to €1,068.6m and net interest income rose 24% to €723.9m.

• Profit before tax increased 18% to €1,151.3m; net income grew 16% to €843.3m.

• Non-recurring items totaled €94.9m, up 17%, including €89.9m of performance fees, up 42%.

• Acquisition costs rose 19% to €682.8m; total costs grew slightly more than 6% and the cost/income ratio improved to 35.1%.

Outlook and guidance

• 2026 managed-asset net inflows expected above €9bn; 2027 volumes expected to grow assuming stable markets.

• Net interest income expected to rise 20% in 2026 and ~10% in 2027, assuming average 3-month Euribor of 3.0%.

• Cost/income ratio expected below 38% in 2026 and to decline further in 2027; cost of risk guided at ~20 bps.

• 2026 base dividend per share expected to exceed €0.80, subject to approval; accumulated unrecognized performance fees were ~€206m at Nov. 6.