Mediobanca (MB) Transition period summary

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.