Banca Mediolanum (BMED) Q4 2025 earnings summary

Executive summary

• Achieved record net income of €1.238 billion in 2025, up 11% year-over-year, with strong core profitability, commercial momentum, and robust business fundamentals.

• Net commission income rose 12% to €1.313 billion, supported by strong managed asset inflows and high-quality service.

• Customer base expanded 6% to over 2 million, with continued growth in Family Banker and Private Banker networks.

• Proposed a €1.25 per share dividend, up 25% from 2024, including a base of €0.80 and a portion from non-recurring items.

• Extraordinary €2,000 bonus awarded to all employees and Family Bankers for 2025 performance.

Financial highlights

• Total net inflows reached €11.64 billion (+11%), with managed asset inflows up 18% to €9.06 billion.

• Total assets under administration increased 12% to €155.8 billion; credit book expanded to €18.98 billion (+8%).

• Loans granted surged 28% to €3.96 billion; general insurance gross premiums grew 20% to €246.4 million.

• Cost/income ratio improved to 37.6%, below the 40% target.

• Net Non-Performing Exposures ratio at 0.77%; CET1 ratio at 23.0%.

Outlook and guidance

• 2026 guidance: net inflows into managed assets targeted at €9 billion, assuming normal markets.

• Net interest income expected to rise about 10% versus 2025, with cost/income ratio around 38%.

• Cost of risk projected at 20 bps; base dividend per share to increase from €0.80.