Banca Monte dei Paschi di Siena (BMPS) Q2 2026 earnings summary

Executive summary

• Net profit for H1 2026 reached €1,118 million, up 25.3% year-over-year, driven by strong revenue growth, improved operating efficiency, and robust capital position.

• Integration with Mediobanca is progressing on schedule, with significant synergies already realized and further benefits expected by year-end; completion is anticipated in Q4 2026.

• Revenues increased by 4.1% to €4,024 million, supported by higher net fee and commission income (+3.6%) and other income from financial operations (+21.3%).

• Operating expenses declined by 0.7% year-over-year, reflecting cost optimization and lower administrative expenses.

• Strategic review and options analysis continue to maximize long-term stakeholder value.

Financial highlights

• Q2 2026 net profit was €610 million (+20.2% quarter-on-quarter, +27.3% year-over-year); H1 2026 net operating profit reached €2,008 million (+8.2% year-over-year).

• Net interest income stable at €2,097 million (+0.3% year-over-year); net fee and commission income at €1,288 million (+3.6%).

• Cost/income ratio improved to 42.9% (from 45.9% year-over-year), reflecting strong operating leverage.

• Group net equity stood at €26.4 billion, down from €28.0 billion at year-end 2025, mainly due to dividend distribution.

• EPS (basic and diluted) at €0.368, down from €0.708 in H1 2025 due to share count changes.

Outlook and guidance

• 2026 profit before tax guidance raised to €3.6 billion, reflecting confidence in continued growth and synergy realization.

• Lending to the economy is expected to continue expanding, though at a slower pace due to geopolitical tensions and inflation.

• Net interest income projected to benefit from volume growth and higher rates, while fee and commission income should grow moderately.

• Cost control and efficiency measures will continue, with careful monitoring of credit risk.

• Positive trends expected in operating income, fees, and cost discipline for the remainder of the year, with cost of risk in line with previous guidance.