Mediobanca
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Mediobanca (MB) investor relations material

Mediobanca Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary9 Feb, 2026

Executive summary

  • Revenues for the six months ended Dec 2025 were €1,786m, down 3–3.5% year-over-year, with Consumer Finance and Insurance growth offset by declines in Wealth Management and Corporate & Investment Banking from record 2024 levels.

  • Recurring net profit was €623m (down 6% YoY); stated net profit was €513m after ~€110m in one-off costs, including public offer-related expenses and goodwill writedown.

  • CET1 ratio improved to 16.4%, with a proposed dividend per share of €0.63 (100% payout) to be paid in April 2026.

  • The period marked a transition as the company became part of the MPS Group, with a new Board of Directors and changes in reporting structure.

  • Wealth Management total financial assets reached €115bn, up 8% YoY, but saw outflows in the last quarter due to senior banker departures.

Financial highlights

  • 6M revenues: €1,786m (down 3–3.5% YoY); 3M revenues: €918m (up 6% QoQ).

  • Net interest income: €962m (down 2% YoY, up 1% QoQ); fee income: €478m (down 13% YoY, up 6% QoQ).

  • Cost/income ratio: 46% (up 3pp YoY), reflecting higher retention and administrative costs.

  • Cost of risk: 53bps (up 3bps YoY), with overlays stock at €164m.

  • Loans to customers: €55.9bn (up 4% YoY); funding: €70.8bn (up 10% YoY).

Outlook and guidance

  • Wealth Management reorganization underway, with retention measures prioritized and focus on leveraging the brand.

  • Sound trends in Consumer Finance expected to continue, with robust CIB pipeline.

  • Strategic Plan 2025-28 estimates to be updated as part of the MPS Group strategic review.

Quantify property revaluation impact on CET1
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CIB 2026 pipeline strength vs 2024 record
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Frequently asked questions

Mediobanca Banca di Credito Finanziario S.p.A. is an Italian financial services group specializing in corporate and investment banking, wealth management, and consumer banking. The company offers services such as mergers and acquisitions advisory, capital markets, asset management, private banking, and retail lending through its subsidiaries. Mediobanca serves a wide range of clients, including corporations, financial institutions, and high-net-worth individuals, focusing on providing tailored financial solutions and strategic advisory services. The company is headquartered in Milan, Italy, and its shares are listed on Borsa Italiana.

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