Mediobanca (MB) investor relations material

Executive summary

• Revenues reached €1,948m in 6M26, up 6.1% YoY, marking the best-ever performance for consolidated, CIB, and Consumer Finance segments.

• Net profit rose to €711m, up 5.9% 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.

• Wealth Management in transition with lower profitability.

Financial highlights

• Total income up 6% YoY to €1,948m; 2Q revenues up 8% QoQ to €1,010m.

• Net interest income €982.4m (down 1.4% YoY), supported by 7% YoY growth in commercial loans.

• Fee income up 2.8% YoY to €479.2m, driven by CIB (+17% YoY), offsetting softer WM.

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

• Costs down 1.7% YoY to €775.3m, with G&A expenses down 7% and staff costs up 1%.

• Cost of risk increased to 54bps (from 33bps YoY), mainly due to Consumer Finance.

• Gross NPL ratio stable at 1.8%, coverage at ~60%.

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

Outlook and guidance

• Positive industrial trends expected across all businesses for the next 6 months.

• Mid/high single-digit revenue growth and strict cost control targeted.

• Normalization in cost of risk and mid-teens earnings growth anticipated, despite restructuring costs and higher tax rate.

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

• Cautious stance due to macroeconomic and sector governance uncertainties.