Banca Monte dei Paschi di Siena (BMPS) Q1 2026 earnings summary

Executive summary

• Net profit for Q1 2026 reached €521 million and profit before tax €911 million, up 15.6% quarter-on-quarter and 6.7% year-on-year, reflecting strong operating performance, disciplined execution, and strategic momentum.

• Gross operating profit exceeded €1.1 billion (+8.4% q/q), with revenues up 3% and costs down 3.1%, driving the cost/income ratio to 44%.

• Loans grew to €129 billion (+1% q/q, +5.2% y/y), supported by new mortgages and consumer credit, with a resilient funding base.

• Mediobanca integration is progressing on plan, unlocking synergies and scale, with execution-led transformation across business lines.

• Business performance aligns with the 2026-2030 strategic plan, aiming to accelerate value creation through group reorganization.

Financial highlights

• Net profit for Q1 2026 was €521 million, with profit before tax at €911 million, up 15.6% quarter-on-quarter and 6.7% year-on-year (pro forma).

• Gross operating profit at €1.1 billion (+8.4% q/q), with cost/income ratio at 44%.

• Net operating result increased to €947 million, up 9.5% quarter-on-quarter and 3.4% year-on-year.

• Revenues reached €1,960 million, up 2.9% year-on-year and 3% quarter-on-quarter; net interest income up 1.9% q/q, fees up 2.8% q/q.

• Loans reached €129 billion (+1% q/q, +5.2% y/y); direct funding stable at €106 billion, indirect funding at €185 billion, up €12 billion since March 2025.

Outlook and guidance

• 2026 profit before tax guidance confirmed above €3.5 billion, supported by strong momentum and disciplined execution.

• Over 30% of target synergies already secured for 2026; integration initiatives expected to contribute visibly during the year.

• Fee and commission trends expected to remain positive, with seasonality in Q3.

• Dividend per share expected to remain broadly in line with current year; buybacks considered post-merger.

• Integration costs expected at €300 million, mainly booked in the second half of the year.