Mediobanca (MB) Q2 2026 earnings summary

Executive summary

• Revenues reached €1,948.2m in 6M26, up 6.1% YoY, marking record performance for consolidated, CIB, and Consumer Finance segments.

• Net profit rose to €711.2m, up 6% YoY, despite higher tax rate and cost of risk normalization.

• Gross operating profit increased 11.9% YoY to €1,173m, with cost/income ratio improving to 39.8%.

• ROTE at 14.9%, CET1 ratio at 15.9%, reflecting strong capital position.

• All-time high results at consolidated, CIB, and Consumer Finance levels; Wealth Management in transition with lower profitability.

Financial highlights

• Net interest income: €982.4m (down 1.4% YoY); net fee and commission income: €479.2m (up 2.8% YoY), led by CIB (+16.8% YoY).

• Trading income surged 74.8% YoY to €166.5m; dividends and gains on investments up 9.1% YoY to €290.8m.

• Operating expenses down 1.7% YoY to €775.3m; administrative expenses down 2.3% YoY.

• Cost of risk increased to 54 bps (up 21 bps YoY), mainly due to Consumer Finance.

• Total assets reached €109.7bn (up €3.7bn HoH); customer loans up 3.6% YoY to €62.6bn.

Outlook and guidance

• Management expects mid/high single-digit revenue growth and mid-teens net profit growth for FY 2026, despite higher integration and tax charges.

• Cost discipline and stable credit quality (cost of risk ~55 bps) anticipated.

• CIB and Consumer Finance to remain growth drivers; Wealth Management profitability decline to slow.

• Commercial performance may be impacted by macroeconomic and sector consolidation uncertainties.

• Cautious stance due to macroeconomic and sector governance uncertainties.