Mediobanca - Banca di Credito Finanziario S.p.A. · MIL:MB
Mediobanca - Banca di Credito Finanziario — Mediobanca — 9M 2026 Earnings Presentation
45 slides from Mediobanca - Banca di Credito Finanziario's earnings presentation, Nov 5, 2026
Slide 1: Mediobanca 9M Results as at 30 September 2026
MEDIOBANCA 9M RESULTS AS AT 30 SEPTEMBER 2026 Milan, 5 November 2026
Slide 2: Agenda
Agenda Section 1. Executive summary Section 2. 9M consolidated results Section 3. 9M divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 3: Mediobanca confirms the strength of its brand & franchise
MEDIOBANCA CONFIRMS THE STRENGTH OF ITS BRAND & FRANCHISE DOUBLE DIGIT GROWTH, ROTE 15% - GOP +16% TO €1.8BN, NET PROFIT +13% TO €1.1BN Executive summary Section 1 9M26 RESULTS: GROWTH SUPPORTED BY DIVERSIFICATION Growth in revenues to €2,926m (up 9% YoY1) supported by all businesses and reaching th
Slide 4: Mediobanca: consolidated results summary
MEDIOBANCA: CONSOLIDATED RESULTS SUMMARY Executive summary Section 1 Financial results Highlights 9M 9M 3M 3M 3M €m 9M consolidated revenues up 9% YoY to €2,926m, with a sound Sept26 Sept25 YoY1 Sept26 June26 Sept25 third quarter notwithstanding summer seasonality (at €977m, up Total revenues 2,92
Slide 5: 3Q26: ~€980m revenues, ~€380m net profit
3Q26: ~€980M REVENUES, ~€380M NET PROFIT Executive summary Section 1 MEDIOBANCA: sound quarter MB – 3Q results as at Sept26 Revenues €977m (up 15% YoY and down 3% QoQ also due to Revenues Fees CoR Net profit summer seasonality), with growth in NII, sound AG contribution and normalizing fees after re
Slide 6: Agenda
Agenda Section 1. Executive summary Section 2. 9M consolidated results Section 3. 9M divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 7: Commercial flows: growth in lending and TFAs
COMMERCIAL FLOWS: GROWTH IN LENDING AND TFAs POSITIVE NNM IN 3Q 9M Sept26 - Consolidated results Section 2 Loans up to €58bn TFAs up to €117bn, with positive NNM in 3Q (Commercial loan book1, €bn) (3M NNM, €bn) +9% YoY 115.9 115.3 116.9 117.2 112.1 113.1 TFAs +2% QoQ 108.3 3.8 57.9 56.6 0.8 2.5 53.2
Slide 8: Revenues up 9% YoY, effective diversification
REVENUES UP 9% YoY, EFFECTIVE DIVERSIFICATION 9M Sept26 - Consolidated results Section 2 Revenues by division (YoY, €m, 9M) +9% YoY CIB revenues (3M, €m) 271 -27% 96 24 2,926 197 168 85 (5) 40 2,686 -1%1 +4%1 +23%1 Sept25 June26 Sept26 +14%1 WM revenues (3M, €m) 228 +2% 233 217 Sept25 June26 Sept26
Slide 9: Fee income flat, double digit growth in CIB
FEE INCOME FLAT, DOUBLE DIGIT GROWTH IN CIB 9M Sept26 - Consolidated results Section 2 Fee income trend by division (€m, 9M) CIB fees (€m, 3M) +1% 122 14 5 Specialty Fin. 256 75 69 677 223 198 Lending 669 12 3 102 8 1 19 CapMkt 1Q26 2Q26 3Q26 59 41 Advisory 260 +10% 285 Sept25 June26 Sept26 WM fees
Slide 10: NII supported by loans growth
NII SUPPORTED BY LOANS GROWTH 9M Sept26 - Consolidated results Section 2 NII trend by division (€m, 9M) Loan yield, CoF and loan-funding spread (3M)1 +2% 5.09% 5.20% 5.35% 1,502 495 520 Loan 1,473 477 5.20% yield 4.20% 272 +3% 280 1Q26 2Q26 3Q263.20% 2.20% 2.14% 2.17% Cost of 2.20% funding 291 -5% 2
Slide 11: Funding position
FUNDING POSITION €8.6BN RAISED IN 9M AT ~69BPS 9M Sept26 - Consolidated results Section 2 Funding stock1 up to >€72bn… with cost trend improving YoY… (€bn) 70.8 72.0 72.1 8.0 9.8 12.0 3M avg Dec25 June26 Sept26 32.5 33.0 31.6 WM deposits cost3 1.37% 1.29% 1.31% Bond stock spread4 113bps 109bps 106bp
Slide 12: Costs stable YoY
COSTS STABLE YoY 9M Sept26 - Consolidated results Section 2 Costs trend by sources (€m, 9M) Costs trend by division (€m, %, 9M) Flat YoY 1,148 1,143 1,148 43% 1,143 39% staff 116 109 5,551 5,436 272 28% 270 27% 635 +2% 646 299 49% 314 46% 83 86 429 411 461 67% 450 66% -4% 9M Sept25 9M Sept26 9M Sept
Slide 13: Cost of risk normalizing at 53bps
COST OF RISK NORMALIZING AT 53BPS 9M Sept26 - Consolidated results Section 2 Consolidated, CF and CIB CoR trend1 (bps, 3M) Total overlays trend (€m) 9M Sept25 9M Sept26 Cons. 37bps 53bps CF 168bps 186bps 164 CIB (11bps) 5bps 10 132 196 32 150 7 114 187 187 130 32 5 175 30 171 110 169 90 167 50 53 54
Slide 14: Prudent staging, high coverage
PRUDENT STAGING, HIGH COVERAGE 9M Sept26 - Consolidated results Section 2 Gross NPL ratio flat QoQ at 1.8% (0.8% net), coverage at ~60% 5.00% Gross NPL ratio 5% Net NPL ratio 150.00% NPL coverage ratio 130.00% 4.00% 4% 110.00% 59.9% 59.1% 58.7% 90.00% 3.00% 3% 2.0% 1.8% 1.8% 70.00% 2.00% 2% 50.00% 1
Slide 15: Asset quality by divisions
ASSET QUALITY BY DIVISIONS CF GROSS NPL RATIO <5% 9M Sept26 - Consolidated results Section 2 Net NPLs (€m) of which bad loans (€m) NPL coverage NPLs as % of loans (“deteriorate”) (“sofferenze”) +5% Gross 2.0% 1.8% 1.8% Mediobanca 60% 59% 59% 480 472 495 0.8% 0.8% 0.8% Net consolidated 37 34 35 Sept2
Slide 16: CET1 ratio and RWAs
CET1 RATIO AND RWAs 9M Sept26 - Consolidated results Section 2 CET11 3M trend (%, bps) RWAs by division (€bn) +80bps 48.6 48.0 45.2 3.3 3.3 (80bps) 2.9 8.4 8.0 (30bps) 7.9 (45bps) 7.1 (15bps) 7.1 7.0 15.0 15.3 15.9% 14.5 15.0% 12.9 14.2 14.9 June26 Earnings/ RWAs AG FVOCI Sept26 Sept25 June26 Sept26
Slide 17: ESG profile
ESG PROFILE 9M Sept26 - Consolidated results Section 2 ENVIRONMENT SOCIAL GOVERNANCE Morningstar Sustainalytics improved “Conta sul Futuro!”, the financial Mediobanca October 29 GM: Mediobanca’s ESG Risk Rating to education and career guidance Ordinary business: the shareholders 10.5 in September, c
Slide 18: Agenda
Agenda Section 1. Executive summary Section 2. 9M consolidated results Section 3. 9M divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 19: Divisional snapshot
DIVISIONAL SNAPSHOT 9M Sept26 - Divisional results Section 3 Revenues GOP Net profit (€m, 9M) (€m, 9M) (€m, 9M) +9% +16% +13% Mediobanca 2,686 2,926 1,783 1,090 Consolidated 1,538 962 Sept25 Sept26 Sept25 Sept26 Sept25 Sept26 +14% Corporate & +23% +27% Investment Banking 604 689 375 305 183 233 (CIB
Slide 20: CIB: leadership confirmed – sound growth
CIB: LEADERSHIP CONFIRMED – SOUND GROWTH REVENUES ~€690m (up 14% YoY) and NET PROFIT >€230m (up 27% YoY) 9M Sept26 - Divisional results - CIB Section 3 Financial results Highlights 9M 9M ∆ 3M 3M 3M 9M revenues up 14% YoY to €689m (~€200m in 3Q, down €m Sept26 Sept25 YoY1 Sept26 June26 Sept25 27% QoQ
Slide 21: Revenues of ~€690m, up 14% YoY
REVENUES OF ~€690M, UP 14% YOY 9M Sept26 - Divisional results - CIB Section 3 Revenues by product (3M, €m) Highlights 9M26: €689m Revenues totalled €689m, up 14% YoY, with sound contribution from all products: 9M25: €604m 271 Advisory: €197m (up 3% YoY), with continued positive trend in both domesti
Slide 22: Strong performance in M&A…
STRONG PERFORMANCE IN M&A… 9M Sept26 - Divisional results - CIB Section 3 European M&A activity remained strong in 9M 2026, despite a slowdown in 3Q Selected M&A Italian Large and Mid-Cap Transactions amid continued macroeconomic and geopolitical uncertainty, supported by Announced Announced Announc
Slide 23: …and in ECM and debt
…AND IN ECM AND DEBT 9M Sept26 - Divisional results - CIB Section 3 Selected ECM Transactions Mediobanca’s ECM team delivered a strong performance in 3Q 2026, further consolidating its July 2026 July 2026 July 2026 May 2026 February 2026 domestic and international franchise. During the first 9 month
Slide 24: WM: stabilization in last Q
WM: STABILIZATION IN LAST Q REVENUES €680m (down 1% YoY) –GOP €230m (up 2% YoY) 9M Sept26 - Divisional results - WM Section 3 Financial results Highlights 9M 9M 3M 3M 3M Commercial results impacted by corporate transition, but €m Sept26 Sept25 YoY1 Sept26 June26 Sept25 stabilizing in 3Q: Total rev
Slide 25: TFAs at €117bn and fees at €382m
TFAs AT €117BN AND FEES AT €382M 9M Sept26 - Divisional results - WM Section 3 WM TFAs trend (€bn) WM fees by source (9M, €m) +1% YoY -3% YoY 115.9 115.3 2.6 117.2 (1.4) +0.7 395 600.0 382 7 1 32.0 500.0 31.6 31.1 (0.7) 64 70 57 59 400.0 9M NNM breakdown 300.0 91 62 AUM +1.3 200.0 53.3 53.9 AUA -0.2
Slide 26: TFAs, NNM and franchise by segment
TFAs, NNM AND FRANCHISE BY SEGMENT 9M Sept26 - Divisional results - WM Section 3 TFAs by segment (€bn, end period) NNM by segment (9M, €bn) Franchise by segment (#salespeople) +1% 8.7 117.2 1,399 1,365 1,324 1,325 115.9 1.7 146 140 111 113 15.9 18.0 2.9 (0.7) 1Q26 2Q26 3Q26 548 521 509 508 50.4 47.7
Slide 27: CF: highly profitable business, record ~€8bn new loans in 9M
CF: HIGHLY PROFITABLE BUSINESS RECORD ~€8BN NEW LOANS IN 9M 9M Sept26 - Divisional results - CF Section 3 Financial results Highlights 9M 9M 3M 3M 3M €m Record commercial activity in 9M Sept26: Sept26 Sept25 YoY1 Sept26 June26 Sept25 Total revenues 1,001 960 +4% 336 330 329 New business: €7.9bn up
Slide 28: Growth in new business and loan book
GROWTH IN NEW BUSINESS AND LOAN BOOK 9M Sept26 - Divisional results – CF Section 3 New loans by product (3M, €bn) Loan book net profitability1 (3M, %) +12% 8.00% 8.00% 7.29% 7.34% 7.20% 6.97% 7.02% 7.00% 7.00% 2.6 2.7 2.6 2.3 2.5 6.00% 6.00% 5.00% 1.2 1.3 1.3 1.3 5.00% 1.1 4.00% 5.56% 4.00% 0.4 0.4
Slide 29: Asset quality confirmed as excellent
ASSET QUALITY CONFIRMED AS EXCELLENT 9M Sept26 - Divisional results – CF Section 3 Proactive NPL management ongoing … net NPL stock reflecting higher NPL quality1 (CF Net NPLs composition, %) (Net NPLs stock, €m; net NPL incidence to loans, %) 500 3.0% 2.5% 22% 13% 14% 15% 2.1% 2.0% 2.1% 2.5% 34% 40
Slide 30: Insurance & principal investing: growing contribution
INSURANCE & PRINCIPAL INVESTING: GROWING CONTRIBUTION TOTAL INCOME UP 23% YOY AND NET PROFIT UP 18% YOY 9M Sept26 - Divisional results – INS Section 3 Financial results Highlights 9M 9M ∆ 3M 3M 3M 9M26 net profit at €475m, up 18% YoY mainly reflecting AG €m Sept26 Sept25 YoY1 Sept26 June26 Sept25 co
Slide 31: Holding functions: results snapshot
HOLDING FUNCTIONS: RESULTS SNAPSHOT 9M Sept26 - Divisional results – HF Section 3 Financial results Highlights 9M 9M ∆ 3M 3M 3M 9M26 net loss of €42m (down 39% YoY) reflecting mainly: €m Sept26 Sept25 YoY1 Sept26 June26 Sept25 Revenues up 71% YoY, reflecting higher trading and Total revenues 51 30 +
Slide 32: Agenda
Agenda Section 1. Executive summary Section 2. 9M consolidated results Section 3. 9M divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 33: What's next: 2026 guidance confirmed
WHAT’S NEXT Closing remarks Section 4 2026 Guidance Confirmed Mediobanca is focused on delivering the BP25-30 actions Industrial trends are expected positive in all businesses, with geographical and product diversifications contributing effectively to deliver sustainable growth Caution is required d
Slide 34: Mediobanca 9M Results as at September 2026
MEDIOBANCA 9M RESULTS AS AT 30 SEPTEMBER 2026 Milan, 5 November 2026
Slide 35: Agenda
Agenda Section 1. Executive summary Section 2. 9M consolidated results Section 3. 9M divisional results Section 4. Closing remarks Annexes 1. Divisional tables
Slide 36: Mediobanca consolidated P&L
MEDIOBANCA CONSOLIDATED P&L Divisional tables Annex 1 9M26 9M25 3Q26 2Q26 1Q26 4Q25 3Q25 €m Sept26 Sept25 YoY1 Sept26 June26 Mar26 Dec25 Sept25 Net interest income 1,502 1,473 +2% 520 495 488 473 477 Fee income 677 669 +1% 198 256 223 212 203 Income from banking activities 2,179 2,142 +2% 718 751
Slide 37: Mediobanca – balance sheet
MEDIOBANCA – BALANCE SHEET Divisional tables Annex 1 Funding €bn Sept26 June26 Dec25 Sept25 QoQ1 YoY1 Stable Funding 72.1 72.0 70.8 71.3 - +1% WM deposits 28.5 29.2 30.3 31.1 -2% -8% Securities 31.6 33.0 32.5 32.6 -4% -3% Financing from banks 10.7 8.5 6.4 6.0 +26% +80% Other 1.3 1.3 1.6 1.6 -1%
Slide 38: Corporate & Investment Banking results
CORPORATE & INVESTMENT BANKING RESULTS Divisional tables Annex 1 9M26 9M25 3Q26 2Q26 1Q26 4Q25 3Q25 €m Sept26 Sept25 YoY1 Sept26 June26 Mar26 Dec25 Sept25 Net interest income 280 272 +3% 98 94 88 86 85 Fee income 285 260 +10% 69 122 94 70 75 Financial revenues2 122 73 +67% 28 54 39 32 11 Other inc
Slide 39: Wealth Management results
WEALTH MANAGEMENT RESULTS Divisional tables Annex 1 9M26 9M25 3Q26 2Q26 1Q26 4Q25 3Q25 €m Sept26 Sept25 YoY1 Sept26 June26 Mar26 Dec25 Sept25 Net interest income 277 291 -5% 95 92 90 95 93 Fee income 382 395 -3% 126 130 126 142 122 Other income 22 (1) n.m. 12 6 3 6 2 Total income 680 686 -1% 233 2
Slide 40: Consumer Finance results
CONSUMER FINANCE RESULTS Divisional tables Annex 1 9M26 9M25 3Q26 2Q26 1Q26 4Q25 3Q25 €m Sept26 Sept25 YoY1 Sept26 June26 Mar26 Dec25 Sept25 Net interest income 917 874 +5% 311 302 304 304 296 Fee income 50 53 -4% 15 17 18 15 18 Other income 33 34 -2% 10 11 12 12 14 Total income 1,001 960 +4% 336
Slide 41: Insurance & principal investing results
INSURANCE & PRINCIPAL INVESTING RESULTS Divisional tables Annex 1 9M26 9M25 3Q26 2Q26 1Q26 4Q25 3Q25 €m Sept26 Sept25 YoY1 Sept26 June26 Mar26 Dec25 Sept25 Net interest income (24) (12) n.m. (8) (8) (8) (8) (8) Fee income (1) (1) - (0) (0) (0) (0) (0) Profit (loss) of equity accounted investments
Slide 42: Holding functions results
HOLDING FUNCTIONS RESULTS Divisional tables Annex 1 9M26 9M25 3Q26 2Q26 1Q26 4Q25 3Q25 €m Sept26 Sept25 YoY1 Sept26 June26 Mar26 Dec25 Sept25 Net interest income 25 27 -6% 15 9 1 (16) 2 Fee income (5) (4) +42% (1) (2) (2) (2) (1) Financial revenues2 26 (8) n.m. 1 1 25 11 5 Other income 5 15 -68% 2
Slide 43: Glossary
GLOSSARY MEDIOBANCA BUSINESS SEGMENT PROFIT & LOSS (P&L) and BALANCE SHEET CIB Corporate and Investment Banking ESG Environmental, Social, Governance WB Wholesale Banking FAs Financial Advisors SF Specialty Finance FVOCI Fair Value through Other Comprehensive Income CF Consumer Finance GOP Pre-provi
Slide 44: Disclaimer & declaration of head of financial reporting
DISCLAIMER & DECLARATION OF HEAD OF FINANCIAL REPORTING Disclaimer This document includes certain projections, estimates, forecasts and consequent targets which reflect the current views of Mediobanca – Banca di Credito Finanziario S.p.A. (the “Company”) with regard to future events (“forward-lookin
Slide 45: Investor contact details
INVESTOR CONTACT DETAILS Mediobanca Investor Relations Jessica Spina (0039) 02-8829.860 Luisa Demaria (0039) 02-8829.647 Matteo Carotta (0039) 02-8829.290 Marcella Malpangotto (0039) 02-8829.428 Piazzetta Cuccia 1, 20121 Milan, Italy Email: [email protected] http://www.mediobanca.com