Banca Monte dei Paschi di Siena (BMPS) investor relations material

Executive summary

• First-half 2026 net profit exceeded €1.1 billion, up 25.3% year-over-year, driven by strong operating performance, revenue growth, and diversification from the Mediobanca integration.

• Integration with Mediobanca is progressing on schedule, with synergies materializing ahead of plan and expected completion in Q4 2026.

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

Financial highlights

• Q2 2026 net profit reached €610 million (+20.2% quarter-on-quarter, +27.3% year-over-year); H1 2026 net profit at €1,118 million (+25.3% year-over-year).

• Gross operating profit for H1 2026 was €2.3 billion (+8.0% year-over-year), with revenues at €4,024 million (+4.1% year-over-year) and cost/income ratio down to 42.9%.

• Net interest income for H1 2026 was €2,097 million (+0.3% year-over-year); net fee and commission income at €1,288 million (+3.6% year-over-year).

• Operating expenses declined to €1,724 million (-0.7% year-over-year), reflecting cost discipline.

Outlook and guidance

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

• Integration with Mediobanca expected to deliver synergies above 30% of the total amount in 2026.

• 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.