MEDIOBANCA
6M RESULTS
AS AT 30 JUNE 2026
Milan, 6 August 2026
Agenda
Section 1. Executive summary Section 2. 6M consolidated results Section 3. 6M divisional results Section 4. Closing remarks
Annexes
1.Divisional tables
3GROWTH IN REVENUES (+6%), GOP (+12%) & NET PROFIT (>€710M)
ROTE ~15%
6M26 RESULTS: BEST EVER PERFORMANCE FOR MB CONSOLIDATED, CIB AND CF
Growth in revenues to €1,948m (up 6% YoY1) CIB up 13%1(to €493m) , CF up 5%1(to €664m) and INS up 10%1(to €316m); WM down 5%1(to €447m) showing higher management fees (up 10%1), offset by lower upfront/perf. fees and reduced NII Reduction in costs (down 2% YoY), labour costs up 1% 3, G&A down 7% YoY Growth in GOP to €1,173m (up 12% YoY) Growth in net profit to €711m (up 6% YoY) despite higher tax rate and CoR (as expected) ROTE at 14.9%, CET1 ratio at 15.9 %4(down ~60bps in 6M due to RWA growth and 100% dividend payout)
2Q26: HIGHER MOMENTUM
CIB: record results , solid pipeline WM: TFAs €117bn (up 4% YoY1, up 3% QoQ2), with AUM at €56bn (up 11% YoY, up 5% QoQ) CF: €2.7bn new loans (up 14% YoY) with stock up 8% YoY Revenues up to €1bn (up 8% QoQ, up 9% YoY) driven by fees Net profit up to €388m (up 20% QoQ, up 15% YoY) 1) YoY: June26 / June25 2) QoQ : 3M June26/ 3M Mar26 3) Excluding WM retention costs and restructuring costs 4) The fully loaded CET1 ratio is ~15.6%, including fully loaded impacts of CRR3 and excluding impact related to FRTBExecutive summary Section 1
4MEDIOBANCA: CONSOLIDATED RESULTS SUMMARY
Highlights
6M consolidated revenues up 6% YoY to €1,948m, with an acceleration in 2Q (up 8% QoQ to €1,010m). Sound contribution in CIB, CF and INS, backed by healthy commercial business NII resilient (down 1% YoY), backed by loan volume growth, with positive trend in last two quarters Fees up 3% YoY due to double -digit CIB performance (up 17% YoY) offsetting softer WM (upfront and perf. fees) .
Stronger momentum in 2Q (fees up 15% QoQ) Other income up 30% YoY, driven by strong trading (€167m) and sound PI contribution (up 9% YoY to €291m) C/I ratio at 40%, down 3pp YoY, reflecting 2% YoY cost reduction, mainly related to G&A (down 7%) and control of staff costs (up 1% YoY) Gross op. income (GOP) at €1,173m, up 12% YoY with 2Q
>€600m
CoR at 54bps, reflecting ongoing CoR normalization in CF (vs 33bps in 1H25, which benefited from positive one-offs on models) . Overlays stock at €132m (down €32m in 6M) Net profit at €711m (up 6% YoY) with 2Q ~€390m, including a higher tax rate (after Budget Law) and €15m of negative non-
recurring items
Sound asset business : commercial loans up 7% YoY (to €57bn) with stable funding up 2% YoY (to €72bn); TFAs up 4% YoY (to
€117bn)
ROTE at 14.9% with solid capital position : CET1 ratio at 15.85% 1) YoY: 6M June26 / 6M June25; QoQ: 3M June26 / 3M Mar26. Data restated due to transfer of leasing business from HF to CIB 2) The fully loaded CET1 ratio is ~15.6%, including fully loaded impacts of CRR3 and excluding impact related to FRTBFinancial results
€m 6M
June266M
June25
YoY13M
June263M
Mar263M
June25
Total income 1,948 1,837 +6% 1,010 939 927 Net interest income 982 996 -1% 495 488 503 Feeincome 479 466 +3% 256 223 223 Other income 487 374 +30% 259 228 201
CIB 493 436 +13% 271 222 210
WM 447 468 -5% 228 219 229
CF 664 632 +5% 330 334 314
INS 316 287 +10% 178 138 172
HF 34 13 n.m. 10 24 0 Total costs (775) (789) -2% (389) (387) (411) Gross op. income (GOP) 1,173 1,048 +12% 621 552 515 LLPs & asset writedown (168) (99) +70% (85) (83) (46) Other (15) (23) -35% 8 (23) (11)
PBT 991 927 +7% 544 447 458
Net result 711 671 +6% 388 323 337 TFA -€bn 116.9 112.1 +4% 116.9 113.1 112.1 Commercial loans -€bn 56.6 53.1 +7% 56.6 55.4 53.1 Stable funding -€bn 72.0 70.6 +2% 72.0 71.6 70.6 RWA -€bn 48.0 46.1 +4% 48.0 46.6 46.1 Cost/ income ratio (%) 40 43 -3pp 39 41 44 Cost of risk (bps) 54 33 +21bps 54 53 30 Gross NPLs /Ls (%) 1.8% 1.9% 1.8% 1.8% 1.9% NPL coverage (%) 59.1% 60.1% 59.1% 59.9% 60.1%
EPS (€) 0.87 0.83 +6% 0.48 0.40 0.41
ROTE adj. 14.9% 14.3% +0.6pp 15.6% 13.5% 14.4% CET1 ratio 15.85% 15.1% +80bps 15.85% 15.7% 15.1%Executive summary Section 1
52Q26: €1BN REVENUES, ~€390M NET PROFIT
Wealth Management – 2Q results as at June26 Revenues Fees TFA Net profit
€228m
-1% YoY
+4% QoQ€130m
-4% YoY
+3% QoQ€117bn
+4% YoY
+3% QoQ€44m
-31% YoY
+16% QoQ
Consumer Finance – 2Q results as at June26 Revenues New loans CoR Net profit
€330m
+5% YoY
-1% QoQ€2.7bn
+14% YoY
+5% QoQ187bps
+18bps YoY
Flat QoQ€105m
+4% YoY
+4% QoQCorporate & Inv.Banking – 2Q results as at June26 Revenues Fees CoR Net profit
€271m
+29% YoY
+22% QoQ€122m
+44% YoY
+31% QoQ7bps
+10bps YoY
+2bps QoQ€100m
+2x YoY
+38% QoQExecutive summary Section 1 CF: highly profitable New loans €2.7bn (up 5% QoQ and 14% YoY) Revenue up 5% YoY driven by volumes, down 1% QoQ as fixed rate loans have not yet repriced to higher rates Resilient net profit at €105m, with expected CoR normalization (187bps with €25m overlays used in 3M)CIB: leadership confirmed Strong revenues and fees (up 31% QoQ and 44% YoY) Record highs in Advisory & Markets business and sound activity across the board Loan book reporting solid growth Asset quality confirmed WM: transition phase TFAs up 3% QoQ to €117bn, with €0.3bn outflows in 2Q concentrated in domestic PB; positive NNM in Premier and AM Results mildly growing vs 1Q, while YoY trend impacted by lower upfront, lack of positive one -offs in CoR and higher tax rate Retention measures further implementedMB – 2Q results as at June26 Revenues Fees CoR Net profit
€1,010m
+9% YoY
+8% QoQ€256m
+15% YoY
+15% QoQ54bps
+24bps YoY
+1bps QoQ€388m
+15% YoY
+20% QoQMEDIOBANCA: best ever results High single -digit growth in revenues to €1bn, with all sources increasing and double -digit growth in fees following record CIB
advisory results
C/I ratio down to ~40%, CoR under control at 54bps Net profit at €388m, up 15% YoY despite higher tax rate YoY: 3M June26 / 3M June25; QoQ : 3M June26 / 3M Mar26
Agenda
Section 1. Executive summary Section 2. 6M consolidated results Section 3. 6M divisional results Section 4. Closing remarks
Annexes
1.Divisional tables
70.71.50.7
(0.8) (0.7)(0.4)1.81.5
2.0 0.5
(0.3)0.7
(0.1)0.8
(0.3)
(0.8) (0.1)(0.6)
Mar25 June25 Sept25 Dec25 Mar26 June26
Deposits AUM AUA108.3112.1115.9 115.3113.1116.9COMMERCIAL FLOWS: GROWTH IN LENDING AND TFA s
TFAs up to €117bn
(3M NNM, €bn)
(1.1)2.53.8
2.36M June26 - Consolidated results Section 2 TFAs up 4% YoY and 3% QoQ to €117bn, with AUM up 11% YoY and 5% QoQ to €56bn, backed by higher market valuation (€3bn in 6M) €0.3bn negative NNM in 3M: outflows in domestic PB offset inflows in Premier and AM; conversion in AUM (€0.7bn of AUM inflows in 2Q)(1.1)(Commercial loan book1, €bn)
56.6
19.3 20.3 21.117.6 17.8 17.816.117.0 17.4 June25 Mar26 June26
CIB WM CF HF53.1
+2%
+4%55.4+7% YoY
+2% QoQ
-Loans up to €56.6bn Loans up to €56.6bn reflecting :
CIB: up 4% QoQ, driven by growing corporate lending and the purchase (€0.5bn) of part of MPS leasing
portfolio
CF: up 2% QoQ, with sound new loans (€2.7bn in 3M) WM: stable in 2Q26 1) Excluding repos(0.3)TFA
8REVENUES UP 6% YoY, EFFECTIVE DIVERSIFICATION
Revenues by division (YoY, €m, 6M) 6M revenues totalling €1,948m, up 6% YoY, with positive trend confirmed also in 2Q (up 8% QoQ) :
CIB: €493m (up 13% YoY), with sound contribution from all business products ;
quarterly performance (up 22% QoQ) also driven by strong MA performance more than offsetting lower Arma contribution WM: €447m (down 5% YoY), on lower fees and NII; positive QoQ trend (up 4%) CF: €664m (up 5% YoY), in line with NII and volume growth INS: €316m (up 10% YoY), reflecting higher AG contribution HF: €34m (up ~3x YoY), driven by positive NII and higher treasury income 1) YoY % change6M June26 - Consolidated results Section 2
1,8371,948
56 (21)322915
6M June25 CIB WM CF INS HF & other 6M June26+5%1+10%1
+13%1+6% YoY
-5%1
229 219 228 June25 Mar26 June26WM revenues (3M, €m)
314334 330
June25 Mar26 June26CF revenues (3M, €m)
172138178
June25 Mar26 June26Insurance revenues (3M, €m) -1%+4% +29%210 222 271 June25 Mar26 June26CIB revenues (3M, €m)
+22%
9 6M consolidated fees up 3% YoY to €479m, with double -digit growth in last Q (up 15% QoQ) :
CIB: €216m, up 17% YoY driven by Advisory, with sound business across the board ; momentum positive in 2Q (up 31% QoQ), deriving from international franchise (record performance of MA more than offsetting lower Arma contribution) WM: €255m, down 6% YoY, with growth in management fees (up 10% YoY) and banking fees offset by lower upfront (down 39% YoY) and performance fees; positive quarterly trend (up 3% QoQ) backed by management fees CF: €35m, up 2% YoY
1) CapMkt fees include ECM, DCM, CMS, SalesFEE INCOME UP 3% YOY DRIVEN BY CIB
Fee income trend by division (€m, 3M) 19 15 18 15 18 17137 136 122142 126 13010085
7570 94122
Mar25 June25 Sept25 Dec25 Mar26 June26
CF WM CIB HF&Other243
223 223
2036M June26 - Consolidated results Section 2
212+15%
(28) (31) (31)140 134 13520 22 25 June25 Mar26 June26Performance
Banking
Mngt & Upfront PassiveWM fees (€m, 3M) 136 126 130256466
414479
65541024 225
151614
June25 Mar26 June26Specialty Fin.
Lending
CapMkt
AdvisoryCIB fees (€m, 3M)
18594122
10288 290 296 304 304 302100 99 93 95 90 9291 95 8586 88 94 Mar25 June25 Sept25 Dec25 Mar26 June26
CF WM CIB HF&OtherNII BACKED BY LOANS GROWTH
6M NII totalled €982m, down 1% YoY reflecting :
Higher commercial loan book (up 7% YoY) and higher loan/funding spread (up 6bps YoY) : loan yield 7bps lower YoY vs CoF down 13bps YoY (driven by lower deposit CoF and secured institutional funding) Lower yield on banking book/treasury assets, slightly recovering in 2Q 3M trend (up 2% QoQ to €495m) showed slightly reducing customer spread in rising interest rates environment , with slower repricing in CF offset by CIB and HF performance6M June26 - Consolidated results Section 2 NII trend by division (€m, 3M) 488493 503477 473 1) Annualized yield of commercial loans / excluding hedging 2) Including allfunding sources ( deposits , bonds, banks, other ) / excluding hedgingLoan yield, CoF and loan -funding spread (3M)1 3.00% 3.09% 3.06%
2.0%2.2%2.4%2.6%2.8%3.0%3.2%
June25 Mar26 June26 Loan/Funding spread5.27% 5.19% 5.20% 2.27% 2.10% 2.14%
1.20%2.20%3.20%4.20%5.20%Loan yield
Cost of funding+2% 495996
950982
11FUNDING POSITION
€ 5.8BN RAISED IN 6M AT ~66BPS
1) Stable funding sources, excluding repos and treasury activities 2) Including Certificates at FVO, CD and CP 3) Avg. 3M client rate 4) Avg. 3M spread vs Eur3M6M June26 - Consolidated results Section 2 30.3 29.6 29.232.5 33.0 33.08.0 9.0 9.8 Dec25 Mar26 June26 WM deposits MB securities Banks & other71.6 2Funding stock1 up to ~€72bn… with cost trend improving YoY and QoQ… 3M avg Dec25 Mar26 June26 WM deposits cost31.37% 1.28% 1.29% Bond stock spread4113bps 111bps 109bps(€bn) (Bonds, €bn; CoF, bps)70.8
3.26.3
3.9
Residual
maturities to
Dec26Maturities to
Dec27Maturities to
Dec28~107~109 Senior
Preferred
0.8
ABS/SRT
0.9 Banks and others
3.7 Covered
0.5 ~€3bn bond maturities ahead in FY26 with overall €5.8bn funding >12M raised in 6M
(€bn)
~13472.0
12 Costs down 2% YoY to €775m reflecting:
Administrative expenses down 7% YoY for efficiency process Labour costs up 1% YoY, with operating growth (CIB up 5% driven by perfomance /talent remuneration , CF up 4% on higher headcount/business) offset by staff and WM reduction (down 4%1), the full effect of which will be evident in the coming
quarters
Cost/income ratio down 3pp YoY to 40% at consolidated level, with C/I ratio 44% in CIB and <30% in CF and HF lower cost baseCOSTS DOWN 2% YoY 6M June26 - Consolidated results Section 2 310 304209 216186 18184 74
June25 June26
WM CIB CF HF&otherCosts trend by division (€m, %, 6M) Costs trend by sources (€m, 6M)
775 789
48% 44%29% 27%
66% 68%
Cost/ income43% 40% 300 2805457435 438
June25 June26
General&Admin exp. Depreciation&Amortiz Labour775 789-2% YoY +1% -7% 1) Excluding retention costsstaff
5,533 5,447
13COST OF RISK NORMALIZING AT 54BPS
6M June26 consolidated CoR at 54bps, up 21bps YoY (in Mar25 and June25 there were positive one -offs from model recalibrations), and broadly stable at 54bps in 2Q26, with overlays stock down by €32m vs Dec25 and €25m vs Mar26 , driven by:
CF: CoR at 185bps in 1H26 (up 18bps YoY) and at 187bps in 2Q26 , with €29m overlays used in last 6M (o/w €25m in 2Q, mainly to absorb the update of the macroeconomic scenario) and residual stock of €94m. Growth in line with expected normalization and change in mix towards personal loans CIB: CoR at 6bps in 6M and 7bps in 2Q26 , reflecting portfolio quality; overlays stock unchanged at €32m WM: CoR negligible6M June26 - Consolidated results Section 2 Consolidated, CF and CIB CoR trend1 (bps, 3M)
123 119
943232
32107
7 Dec25 Mar26 June26
CF CIB WM164158
132Total overlays trend (€m) (25)(3) (4)5 5 7373046 50 53 54167169175171187 187
-30-101030507090110130150
Mar25 June25 Sept25 Dec25 Mar26 June26 CIB CoR Consolidated CoR CF CoR 1) March 25 and June 25 data benefited from one -offs from models in CIB and WM respectively11
16M June25
33bps
167bps
-14bps6M Dec25
48bps
171bps
1bps6m June26
54bps
185bps
6bpsCons.
CF CIB
14PRUDENT STAGING, HIGH COVERAGE
94.0% 93.9% 93.6%0.5% 0.5% 0.5%
-1.5%-1.0%-0.5%0.0%0.5%1.0%
50.00%60.00%70.00%80.00%90.00%100.00%110.00%120.00%
June25 Mar26 June26 Gross Exposure/Loans Coverage4.1% 4.2% 4.6%12.2% 11.4% 11.3%
-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%
0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%
June25 Mar26 June26 Gross Exposure/Loans CoverageStage 2 performing loans0.8% 0.8% 0.8%
0%1%2%3%4%5%
June25 Mar26 June26 Stage 1 performing loans Performing loan coverage 1.0% 1.0% 1.0%3.2% 3.1% 3.1% June25 Mar26 June26 Consolidated Consumer FinanceGross NPL ratio flat QoQ at 1.8% (0.8% net), coverage at ~60% 1.9% 1.8% 1.8%
0.00%1.00%2.00%3.00%4.00%5.00%
June25 Mar26 June26Gross NPL ratio Net NPL ratio 60.1% 59.9% 59.1%
-10.00%10.00%30.00%50.00%70.00%90.00%110.00%130.00%150.00%
June25 Mar26 June26NPL coverage ratio Performing loan indicators Stage 2 loans <5% of gross loans with high coverage (~11%) – Performing loans coverage ratio at ~1.0%6M June26 - Consolidated results Section 2 Note: data restated including repos in the customer loans scope, mainly referring to HF
15ASSET QUALITY BY DIVISIONS
CF GROSS NPL RATIO <5%
Net NPLs (€m)
(“deteriorate” )
Consumer Finance
(CF)Corporate &
Investment Banking
(CIB)Wealth
Management
(WM)of which bad loans (€m) (“sofferenze ”) NPL coverage NPLs as % of loans
Mediobanca
consolidated469 472 472 June25 Mar26 June26 19 17 16 June25 Mar26 June26 345 348 351 June25 Mar26 June26104 108 105 June25 Mar26 June2636 35 34 June25 Mar26 June26 0 0 0 June25 Mar26 June26 5 6 5 June25 Mar26 June2630 29 28 June25 Mar26 June2660% 60% 59% June25 Mar26 June26
79% 79%79%
June25 Mar26 Jun26 62% 62% 61% June25 Mar26 June2644% 42% 42% June25 Mar26 June261.9% 1.8% 1.8% 0.8% 0.8% 0.8% June25 Mar26 June26
0.4% 0.4%
0.3%
0.1% 0.1% 0.1% June25 Mar26 June26 5.2% 5.0% 4.8% 2.1% 2.0% 2.0% June25 Mar26 June261.1%1.0% 1.0%
0.6%0.6% 0.6%
June25 Mar26 June26NetGross
+1%-3%
-1% Note: data restated including repos in the customer loans scope6M June26 - Consolidated results Section 2 -6%
166M June26 - Consolidated results Section 2 1) The fully loaded CET1 ratio is ~15.6%, including fully loaded impacts of CRR3 and excluding impact related to FRTB16.4%15.85%(155bps)
(75bps)+15bps+155bps
Dec25 Earnings/
100% Pay-outRWAs AG deduction & OtherJune26CET116M trend (%, bps) RWAs by division (€bn) 13.9 12.7 14.214.4 15.415.06.9 7.1 7.17.8 8.1 8.4 3.2 3.3 3.3 June25 Mar26 June26
CIB CF WM INS HF46.1 46.648.0CET1 RATIO AND RWAs
CET1 ratio 15.85%, down approx . 60bps vs Dec25 (up approx . 15bps Mar26) reflecting :
No benefits from retained earnings (100% payout) -75bps from RWA increase in 6M, driven by CF lending growth and the new leasing portfolio from MPS (approx . -10bps) .
Impact from the adoption of the new corporate PD masterscale (approx . -15bps) offset by SRT in CF (approx . +15bps) in 2Q +15bps net positive impact from AG deduction in 6M, after AG dividend payment in 2Q, and other minor items
17ESG PROFILE
ENVIRONMENT SOCIAL
Through the Orizzonti project , developed with Fondazione Francesca Rava , Mediobanca supports the inclusion and reintegration of young inmates
through educational,
vocational and artistic initiatives. The project’s second year culminated in the presentation of the artwork (Seeking) Raphael in Prison at the Quirinale Palace ESG/green credit product footprint now material, with stock of ~€8,1bn o/w: 55% corporate, 35% mortgages, 10% consumer
finance
Stable share of ESG funds in client portfolios (% of ESG qualified funds
@49%)1
Significant Mediobanca DCM activity in the ESG space with 8 Green bond transactions, 3 Sustainability -inked bond, 2 Social bonds and 1 Blue bond, for a total issued amount of more than €8bn since Jan -26 1) % of ESG qualified funds (SFDR Articles 8&9 funds) out of total funds in Affluent Clients’ portfolioGOVERNANCE On 22 June 2026, the BoD of BMPS, MBPremier and Widiba have unanimously approved the plan for the demerger by way of spin -off of BMPS in favour of MB Premier and the plan for the partial demerger of MB Premier in favour of Banca Widiba .
The resolutions are consistent with the reorganization project of the MPS Group, which, in addition to the merger by incorporation of MB into BMPS, provides for the following transactions:
the assignment of the CIB and PB activities serving high -end clients, including MB’s foreign branches, to an unlisted company wholly owned by BMPS, which will be named “Mediobanca S.p.A.”, to which the shareholding in AG will also be
transferred; and
the integration of the networks of FA of MB Premier and Banca Widiba .6M June26 - Consolidated results Section 2
Agenda
Section 1. Executive summary Section 2. 6M consolidated results Section 3. 6M divisional results Section 4. Closing remarks
Annexes
1.Divisional tables
19671512711
June25 Dec25 June26Revenues
(€m, 6M)GOP
(€m, 6M)Net profit
(€m, 6M)
Mediobanca
Consolidated1,837 1,7441,948
June25 Dec25 June261,048 9731,173 June25 Dec25 June26+6% +12%
Consumer Finance
(CF) 632659 664
June25 Dec25 June26446479 484 June25 Dec25 June26206 221 206 June25 Dec25 June26+5%+8% FlatWealth
Management
(WM)468 460 447
June25 Dec25 June26158 142 143 June25 Dec25 June2612193 81 June25 Dec25 June26-5% -9% -33%
Insurance
(INS) 287 273 316
June25 Dec25 June26284 270 313 June25 Dec25 June26276 267 286 June25 Dec25 June26+10% +10% +4%+6%
Corporate &
Investment Banking
(CIB)436355493
June25 Dec25 June26227155276 June25 Dec25 June2613394172 June25 Dec25 June26+13%6M June26 - Divisional results Section 3
+29%DIVISIONAL SNAPSHOT
+22%
% YoY change
20CIB: LEADERSHIP CONFIRMED - BEST SEMESTER EVER
REVENUES >€490m (up 13% YoY) and NET PROFIT >€170m (up 29% YoY)
Financial results Highlights 6M revenues up 13% YoY to €493m (2Q: €271m, up 22% QoQ) with all business products performing soundly in 6M:
NII down 3% YoY, with growing corporate loans offset by pressures on margins Fees up 17% YoY (in 1Q up 31% QoQ), with sound contribution from Advisory , best first semester ever, ECM
and DCM
Other income (including trading) up 48% YoY, driven by strong markets activity especially on the equity side and
certificates business
Cost/Income ratio at 44%, down 4pp YoY on strong revenues trend and despite higher HR costs (up 5%), resulting in GOP at €276m up 22% YoY CoR low at 6bps, confirming strong portfolio quality . Last year CoR included positive one-offs from the review of PD
model
Commercial loans steadily growing (up 10% YoY and 4% QoQ), driven by sound growth in corporate loans and the purchase (€0.5bn) of part of MPS leasing portfolio 1) YoY: 6M June26 / 6M June25. Data restated due to transfer of leasing business from HF to CIB 6M June26 - Divisional results - CIB Section 3
€m 6M
June266M
June25∆
YoY13M
June263M
Mar263M
June25
Total income 493 436 +13% 271 222 210 Net interest income 181 187 -3% 94 88 95 Feeincome 216 185 +17% 122 94 85 Other income 95 65 +48% 55 40 30 Total costs (216) (209) +3% (110) (106) (113) Gross op. Income (GOP) 276 227 +22% 161 115 97 LLPs & asset writedown (7) 14 n.m. (4) (3) 1 Other 3 1 n.m. 3 0 1
PBT 272 241 +13% 160 113 99
Net result 172 133 +29% 100 72 49 Commercial loans -€bn 21.1 19.3 +10% 21.1 20.3 19.3 RWAs -€bn 14.2 13.9 +2% 14.2 12.7 13.9 Gross NPLs /Ls (%) 0.3% 0.4% 0.3% 0.4% 0.4% Cost/ income ratio (%) 44 48 -4pp 41 48 54 Cost of risk (bps) 6 (14) +20bps 7 5 (3)
21REVENUES OF >€490M, DIVERSIFIED AND GROWING
Revenues by product (3M, €m) Highlights Revenues totalled €493m, up 13% YoY, with sound contribution of all products :
Advisory : €157m (up 20% YoY), with ongoing positive trend of domestic and EU franchise . 2Q almost doubled QoQ boosted by exceptional MA performance (€81m in 1H26 vs €1m in 1H25) more than offsetting lower Arma contribution (€21m in 1H26 vs €82m in 1H25). Advisory excl. AP and MA showed strong growth (up 15% YoY) Lending : €107m (down 6% YoY), with growth in volumes offset by tightness of spreads and lower fees Markets & other : €142m (up 30% YoY) with strong contribution of equity desk, some bespoke deals and sound fixed income business . Certificates distribution on MPS franchise commenced in 1Q and ongoing ECM & DCM : €28m, with solid trend in DCM and a significant recovery in ECM (€8m in 1H26 vs €1m in 1H25) Specialty Finance : €46m (up 9% YoY) 6M June26 - Divisional results - CIB Section 3 65 65 6150 551027 1054171060 49
3249697215
8
59311
20 22
19192422
59 55
48575453
Mar25 June25 Sept25 Dec25 Mar26 June26 Advisory ECM&DCM Markets & other Prop. Trading Specialty Fin. Lending226 210
168187222271
355493
436
22STRONG PERFORMANCE IN M&A…
M&A activity strengthened in 6M 2026 , posting it best first semester ever, supported by a broad -based market rebound, robust megadeal activity and pickup in strategic activity, while financial sponsors activity remained more coscious and selective on both exits and new deployments MB announced 32 deals1 during the period MB was involved in the largest and most visible deals in the Italian market,
including :
Poste Italiane voluntary total public tender and exchange offer for TIM; CVC voluntary public tender offer on Recordati ; reorganization of Plenitude's shareholding structure by Eni with Ares Management and Energy Infrastructure Partners ; CDP stake increase in Nexi Mediobanca conflicted on large FIG transactions announced in 6M 2026 , with its volumes and rankings being affected The Mid-Cap segment recorded a good level of activity, with an acceleration in the second quarter, supported by MB’s leading position in Italy, the consolidated partnership between CIB and WM, and growing international momentum, particularly in Germany Activity in the Energy Transition space has proved solid with two transactions announced in the period Continued engagement with financial sponsors, with ~84% of deals1 in the period executed with private capital providers, both advising them or with them as counterparties, consistent with SP objective to expand private capital coverage as sponsors selectively re-engage in transactions amid more constructive financing markets and growing pressure to deploy liquidity and execute exits Increasing presence in Europe, with ~50% of deals in the period with international clients, reflecting the established presence in Spain, the leading advisory franchises of Messier & Associés and Arma Partners and the growing activity in Germany , as demonstrated by recently announced deals :
The joint venture between CMA CGM and Stonepeak for the creation of
UNITED PORTS (MA)
The disposal by American Industrial Partners of Aluminium Dunkerque to Aluminium Bahrain (MA) The sale by Finastra of its Universal Banking division to Pollen Street Capital
(AP)
The disposal of Beedigital by Metric Capital to GPG Partners (MB) The acquisition by EMZ Partners of STUV (MB)Selected M&A Italian Large and Mid -Cap Transactions Selected M&A International TransactionsSelected M&A Financial Sponsors Transactions 1) Including Messier & Associés and Arma Partners deals6M June26 - Divisional results - CIB Section 3
Totalitarian purchase
and exchange offer onEV €24bnAnnounced Financial Advisor to
the Buyer
Valorization by Graded Holding of a majority stake of Grastim to White Summit CapitalFebruary 2026 Financial Advisor to
the Seller
Disposal by the majority shareholders of Mecc Alte of their interest in the GroupMay 2026 Financial Advisor to
the Seller
Financial Advisor to the Sellergrowth investment byAnnounced
Announced
Financial Advisor to the Seller€1.5bn capital increaseEqV €10.75bn (>€13bn EV)
Announced
Disposal by AIP of
Aluminium
Dunkerque to
Aluminium Bahrain
(Alba)Financial Advisor to
the Seller
€100m
Acquisition by Ardian of an 80% stake in Casaforte Self-StorageMarch 2026 Financial Advisor to
the Buyer
Voluntary public
tender offer on Financial Advisor to
the Buyer
AnnouncedStake increase of up to
29.9% in
Financial Advisor to
the Buyer
Announced
Advisory to Club del Sole in the disposal of
some campsites
through a sale -and-
leaseback to Swiss Life
Asset Managers
FranceMarch 2026
Financial Advisor to
the Seller
Advisor to Lefay Resorts in the spin -off of its brand into a JV with Marriott
InternationalJune 2026
Financial Advisor to
the Seller
Acquisition of Mecaer by PAI Partners and FIII Financial Advisor to
the buyer
AnnouncedDisposal of a majority stake in Reway Group, followed by the launch of a mandatory tender offer for the shares listed on the
EGMAnnounced
Financial Advisor to
the seller
June 2026
Financial Advisor to the SellersDisposal of
Undisclosed amount
April 2026
Financial Advisor to the SellerDisposal of a majority stake in MSA Mizar to Towerbrook Financial Advisor to the buyerAcquisition and financing of STUV by EMZ PartnersJuly 2026
Announced
Financial Advisor to the SellerJV between CMA CGM and Stonepeak to launch UNITED
PORTS
$2.4bn
23…AND IN ECM AND DEBT
Selected ECM Transactions Selected DCM Transactions ECM Mediobanca delivered solid H1 2026 ECM results , further strengthening its ECM franchise both in Italy and internationally and confirming its consistent ability to execute successfully complex transactions . During the first 6 months of 2026 , Mediobanca acted as Joint Global Coordinator in the €500m Fincantieri primary ABB and the €169m Carel secondary ABB. At the international level, Mediobanca also participated as Joint Bookrunner in the €89m Cirsa secondary ABB in Spain and in the €4.5bn PPC Fully Marketed Offering in Greece and as co-bookrunner in the €768m primary ABB of Merlin Properties in SpainDCM Mediobanca delivered record DCM results in 2Q26, capping in 1H26 the best semester in its history while further strengthening its leading position in Italy alongside its well-established European footprint . In the Italian FIG space , Mediobanca acted as Joint Bookrunner in landmark transactions such as the Tier 2 and the Senior Non-Preferred issuances for UniCredit and Generali’s new 11-year Tier 2, as well as BMPS ’ and Credit Agricole Italia ’s covered bond issuances . In the Senior Preferred segment, Mediobanca was involved in 4 transactions for Banca Sella , Fineco , CCB and BMPS .
Finally, Mediobanca was involved as Joint Bookrunner for the covered bonds of Commerzbank and BBVA , Erste’s Senior Preferred bond and Millenium BCP’s Tier 2 issuance, further consolidating its position as a trusted partner for financial institutions across Europe and for different asset classes In the Italian corporate market , Mediobanca confirmed its leadership position in the IG segment , being actively involved in several high-profile public transactions in 1H26. Specifically, in 2Q26, Mediobanca led Acea’s inaugural blue bond as well as dual -tranche transactions for Snam , Enel, Stellantis . In addition, Mediobanca acted as Joint Bookrunner on senior bond issuances by Italgas , Hera and Mundys . On the international corporate stage , Mediobanca continued to expand its franchise across its core European markets , taking leading roles in Redeia’s inaugural EU Green hybrid bond , UMG’s dual -tranche senior bond and senior bond offerings by Telefónica and AbertisLending The European Loan market remains open supported by favourable market conditions and significant demand from banks which are enabling corporates to address and refinance well in advance their maturity walls at competitive margins . Against this backdrop, Mediobanca confirmed its leading role in the domestic acquisition financings , while enhancing its activity on relationship -driven facilities and specialized debt advisory mandates Notable transactions in 1H26 include the underwriting of (i) the acquisition financing and the cash confirmation backing CVC and GBL VPTO on Recordati , (ii) the debt package supporting Ariston ’s purchase of Riello and (iii) the financing put in place for the take -private of US-based TreeHouse by Investindustrial , alongisde the role as Global Coordinator and Cash Confirmation Issuing Bank in the take -private of Digital Value by One Equity Partners , the coordination of (i) the RCF amend -and-
increase exercise carried out by Snam and (ii) the new financing package of Nice , as well as the participation in the debt financings signed by Ista and Italo (MSC/GIP) . On top of this, the debt advisory mandates to (i) Ardian for the acquisition of Casaforte and (ii) to Hofi (sponsor -backed by Antin) for the refinancing of its existing indebtedness6M June26 - Divisional results - CIB Section 3
March 2026
Co - bookrunner€768m
Primary ABB
March 2026
Joint bookrunner€89m
Secondary ABB
February 2026
Joint Global
Coordinator€500m
Primary ABB
May 2026
Joint bookrunner€4.5bn
Fully Marketed
Offering
May 2026
Joint Global
Coordinator€169m
Secondary ABB
June 2026
Joint BookrunnerDual -Tranche
€ 750,000,000
4.500% January 2033
€ 500,000,000
5.125% January 2037
June 2026
Joint BookrunnerDual -Tranche
€ 500,000,000
3.375% June 2030
€ 500,000,000
4.125% June 2036
May 2026
Joint BookrunnerDual -tranche
€ 1,250,000,000
3.500% May 2030
€ 1,250,000,000
3.875% May 2033
April 2026
Joint Active BookrunnerEU Green Hybrid Bond
€500,000,000
4.375% Perpetual NC6
June 2026
Dual -Tranche
SLB € 750,000,000
3.125% June 2030
EU GB € 750,000,000
3.875% June 2036
Joint Bookrunner
June 2026
Joint Lead Manager€ 500m
4.125%
12NC7 Tier 2 due June 2038
May 2026
Joint Bookrunner€ 1,250m
4.231%
10NC5
Tier 2
June 2026
Joint Lead Managers Covered bond
€ 1,250m
2.875%
Jun-29€ 1,000m
3.125%
Jun-33
April 2026
Joint BookrunnerCovered bond –
dual tranche
€ 500m Oepfe 2.875% due April 2029 € 1bn Hypfe 3.125% due January 2033
May 2026
€ 750m
3.375%
5NC4
Senior Preferred
Joint Bookrunner
Selected Lending Transactions
Acquisition
Financing &
Cash ConfiMay 2026 Underwriter & Bookrunner
June 2026
€370m
Financing
Package
GloCo & MLA
June 2026
€1,550m
Financing
Package
Bookrunner & MLA
April 2026
€5,100m
ESG-linked RCF
A&I GloCo , Doc and Facility
AgentJune 2026
€1,500m
Financing
Package
MLA
March 2026
Acquisition
Financing
Underwriter, GloCo &
Facility Agent
$2,200m Take -
Private
FinancingFebruary 2026
Underwriter, Joint LA &
Bookrunner
Take -Private
FinancingMarch 2026
GloCo & Cash Confi Issuing
Bank
March 2026
€200m
Refinancing
Sole Debt AdvisorJune 2026
Acquisition
Debt Advisor
24WM: TRANSITION UNDERGOING
REVENUES >440m (down 5% YoY) – NET PROFIT >€80m (down 33% YoY) Commercial results still impacted by corporate transition, with TFAs recovering in 2Q:
TFAs:€117bn,up4%YoY and up3%QoQ due to€3bn positive market effect .€1.4bnoutflows in6M(o/w only €0.3bnin2Q):inflows inPremier and AMoffset byoutflows indomestic PBdue to departures of senior bankers mainly occurred within February 2026 (6M NNM MBPB :-€3.6mld despite liquidity events of€1.1bn) Franchise : 1,324 bankers, down 69 YoY and 17 QoQ, with retention actions undertaken . Some new entries in Private Banking both in Monaco and Milan in June Offering : cash conversion into AUM, development of advanced advisory and private markets, certificate business gathering pace although lower than last year Revenues of €447m down 5% YoY:
Fees down 6% YoY, with management fees up 10% and banking fees up 13% offset by lower upfront (down 39%) and performance fees NIIdown 8%YoY due tolower balances, tighter lombard loan margins and client retention measures affecting CoF Cost/income ratio 68% (up 2pp), with costs down 2% YoY, reflecting labour costs down 4% YoY and higher other costs linked to previous investments in IT systems and platforms GOP at €143m, down 9% YoY, with net profit at €81m, down 33% YoY due to the absence of loan writebacks credited last year due to model calibration, €18m of negative one-offs2 and higher tax rateHighlights Financial results 1) YoY: 6M June26 / 6M June25 2) Mainly related to retention costs€m 6M
June266M
June25
YoY13M
June263M
Mar263M
June25
Total income 447 468 -5% 228 219 229 Net interest income 182 198 -8% 92 90 99 Fee income 255 273 -6% 130 126 136 Other income 10 (3) n.m. 6 3 (5) Total costs (304) (310) -2% (152) (152) (160) Gross op. income 143 158 -9% 76 67 69 LLPs&asset writedown 1 22 n.m. 1 0 20 Other (18) (3) n.m. (11) (7) (1)
PBT 126 177 -29% 66 60 89
Net profit 81 121 -33% 44 38 63 TFA - €bn 116.9 112.1 +4% 116.9 113.1 112.1
AUM/AUA 87.7 81.7 +7% 87.7 83.5 81.7
Deposits 29.2 30.4 -4% 29.2 29.6 30.4 NNM - €bn (1.4) 6.2 n.m. (0.3) (1.1) 3.8 Loans - €bn 17.8 17.6 +1% 17.8 17.8 17.6 RWA - €bn 7.1 6.9 +3% 7.1 7.1 6.9 Gross NPLs/Ls (%) 1.0% 1.1% 1.0% 1.0% 1.1% Cost/income ratio (%) 68 66 +2pp 67 69 70 Cost of risk (bps) (1) (25) +24bps (2) (0) (46) Salesforce 1,324 1,393 -69 1,324 1,341 1,393 6M June26 - Divisional results - WM Section 3
2530.4 30.3 29.250.5 53.9(1.1) (0.3)3.0
55.931.331.1 31.8
June25 Dec25 1Q NNM 2Q NNM Mkt effect June26
Deposits AUM AUATFA s UP TO €117BN
TFAs: up 4% YoY to €117bn with AUM up to €56bn (up 11% YoY) , reflecting conversion into AUM and market appreciation (€3bn), partly offset by NNM outflows (€1.4bn in 6M o/w €0.3bn in 2Q). WM fees down 6% YoY, with growth in franchise management fees (up 11% YoY) and banking fees (up 13% YoY) offset by lower upfront fees (down 39% YoY due to solid albeit lower structured product and Private Markets placement in Private Banking, with ongoing sound flows of evergreen initiatives) . Negligible
performance fees
6M franchise ROA1 basically stable at 97bps, as well as AM ROA at 49bpsWM fees by source (6M, €m) WM TFAs trend (€bn) 6M NNM breakdown
AUM +0.4
AUA
Deposits-0.6
-1.1115.3 116.9
(52) (62)166 18473 45384042 47
-100.0-50.00.050.0100.0150.0200.0250.0300.0350.0
June25 June26
Passive Mngt Franchise Upfront/Advisory Mngt AM Banking & other Performance255273 +11%112.16M June26 - Divisional results - WM Section 3 1) ROA franchise: gross management fees from franchise (Private & Premier)/ Avg. AUM from franchise-6% YoY+4% YoY
26TFA s, NNM AND FRANCHISE BY SEGMENT
Premier Banking : TFAs up 8% YoY to €52bn, with 6M NNM of €0.7bn (vs 3.0bn in 1H25) also reflecting reduction in franchise and difficult recruitment (30 entries vs 47 exits, o/w FAs 18 new hirings vs 18 exits), balanced by promo campaign Private Banking : TFAs down 2% YoY to €48bn with 6M net outflows of €3.3bn, concentrated in MBPB (€3.6bn outflows, after including €1.1bn liquidity events) . Network down by 37 bankers YoY and by 9 in 2Q. Recruitment restarted in June, before the new “risiko wave” Asset management : TFAs up 14% to €17bn, with 6M NNM up to €1.1bn (including the launch of two new CLOs at Polus Capital and ~€0.4bn MB SGR products sold to MPS network and €0.2bn to third parties)TFAs by segment (€bn, end period) NNM by segment (6M, TFA, €bn) Franchise by segment (#salespeople) 693 704 701 704552 521 520 509148 140 120 111 June25 Dec25 Mar26 June26 Premier FA Premier RM Private Bankers1,3931,3416M June26 - Divisional results - WM Section 3 48.0 51.9 49.248.015.017.1
June25 June26
Premier Private Asset Management112.1+4%116.91,365 1,324 3.0
0.72.3
(3.3)0.9
1.1 6M June25 6M June26 Premier Private Asset Management6.2
(1.4)
(1.1)(0.3)1Q26 2Q26
27CF: HIGHLY PROFITABLE BUSINESS
RECORD COMMERCIAL ACTIVITY (€5.3BN NEW LOANS IN 6M)
Record commercial activity in6MJune 26:
New business :€5.3bnup12%YoY (o/w €2.7bnin2Q,up5% QoQ) ,driving solid loan book growth, up8%YoY to€17.4bn Channels :direct representing ~70%ofnew PLsin6M,with digital ~40%;bank channel ~€500min6M,up27%YoY BNPL2:new business close to€500minlast6M(up32%YoY) 6MPBTat€322m(up3%YoY), driven by:
Revenues up5%YoY, reflecting NIIsolid growth (up5%YoY) onhigher volumes, fees broadly stable notwithstanding higher rappel fees driven byhigher volumes .NIIdown QoQ due to higher cost offunding Costs down 3%YoY with savings mainly inadministrative expenses .Cost/income ratio down 2ppto27% LLPs up20%YoY,along with volume growth and normalizing CoR (185bps in6M).€94mofoverlays stillavailable asatend-
June 2026 , after €25m used in 2Q.
Underlying 3Mcost ofrisk3at211bps(up11bpsYoY) Netprofit flatat€206mdespite expected cost ofrisknormalization and growth intaxrate Asset quality confirmed, with gross NPLs/Ls at4.8%and sound coverage (NPLs at61%and performing at3.1%)Financial results Highlights 1) YoY: 6M June26 / 6M June25 2) Buy-Now -Pay-Later 3) Underlying CoR: incurred CoR excluding overlay release, except for those due to IFRS 9 model update (PD/LGD parameters unchanged) €m 6M
June266M
June25∆
YoY13M
June263M
Mar263M
June25
Total income 664 632 +5% 330 334 314 Net interest income 606 578 +5% 302 304 290 Fees 35 34 +2% 17 18 15 Other income 23 20 +17% 11 12 10 Total costs (181) (186) -3% (89) (91) (93) Gross op. Income (GOP) 484 446 +8% 241 243 221
LLPs (162) (135) +20% (82) (80) (68)
Other (0) (0) n.m. 1 (1) (0)
PBT 322 311 +3% 160 161 153
Net profit 206 206 - 105 101 101 New loans -€bn 5.3 4.7 +12% 2.7 2.6 2.4 Commercial loans -€bn 17.4 16.1 +8% 17.4 17.0 16.1 RWAs -€bn 15.0 14.4 +5% 15.0 15.4 14.4 Gross NPLs/Ls (%) 4.8% 5.2% 4.8% 5.0% 5.2% Cost/Income ratio (%) 27 29 -2pp 27 27 30 Cost of Risk (bps) 185 167 +18bps 187 187 169 6M June26 - Divisional results - CF Section 3
280.5 0.5 0.6 0.5 0.60.4 0.40.4 0.4 0.41.2 1.11.2 1.31.3 June25 Sept25 Dec25 Mar26 June26 Credit cards SP loans Car loans Personal loans Salary loans5.23% 5.26%5.58%5.22%4.87%7.23% 7.29% 7.34%7.20%6.97%
2.00%3.00%4.00%5.00%6.00%7.00%8.00%
1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%
June25 Sept25 Dec25 Mar26 June26 (NII-underlaying CoR)/avg. loans NII/avg. LoansGROWTH IN NEW BUSINESS AND LOAN BOOK 2Q26 new loans up 14% YoY (up 5% QoQ) confirming the distribution strength, with record €2.7bn of new loans in 3M mainly driven by new personal loans (up 12% YoY), car loans (up 19% YoY) and BNPL (up 37% YoY) . Bank channel steadily growing boosted also by MPS NII rose further with:
Volumes : loan book growth up to €17.4bn (up 8% YoY and 2% QoQ) fuelled by solid new loans Loan profitability (NII/avg . loans) reduced (down 26bps YoY and 23bps QoQ) due to higher cost of fundingLoan book net profitability1(3M, %) New loans by product (3M, €bn)
2.62.7+14%
2.4 1) Underlying CoR: incurred CoR excluding overlay release, except for those due to IFRS 9 model update (PD/LGD parameters unchanged) 2.36M June26 - Divisional results – CF Section 3 2.5
29ASSET QUALITY CONFIRMED EXCELLENT
…as well as high coverage ratios1 PLs coverage at 3.1%, NPLs at 60.7% Note: June20 and June24 data have not been restated, but differences would be negligible 1) Increase of NPLs and reduction of coverage is driven by the writeoff of ~€260m of NPLs (with ~100% coverage) in 3Q25 and by ~€110m loans ( forborne and UTP with less than 90 days past due, consequently among the highest -quality NPLs) reclassified as NPLs due to a new definition of default… net NPL stock reflecting higher NPL quality1 (Net NPLs stock, €m; net NPL incidence to loans, %) Proactive NPL management ongoing
68.1%75.3%
61.6%1 61.8% 60.7%
3.17%3.67%
3.23% 3.10% 3.10%
2.00%3.00%4.00%5.00%6.00%
30.0%40.0%50.0%60.0%70.0%80.0%90.0%
June20 June24 June25 Dec25 June26324
2413451339 3512.5%
1.6%2.1%2.0% 2.0%
0.0%0.5%1.0%1.5%2.0%2.5%3.0%
100200300400500
June20 June24 June25 Dec25 June26 NPL Performing(Coverage ratios, %)66%78%87% 87% 86%34%22%13% 13% 14% June20 June24 June25 Dec25 June26 Net NPL with overdue >90days Net NPL with overdue <90days(CF Net NPLs composition, %) CoR normalizing and reflecting different mix 67 68 72 7180 82167169175 171187 187
50100150200
020406080100120
Mar25 June25 Sept25 Dec25 Mar26 June26(Quarterly LLPs, €m; cost of risk, bps) 6M June26 - Divisional results – CF Section 3
30INSURANCE & PRINCIPAL INVESTING : GROWING CONTRIBUTION
TOTAL INCOME UP 10% YOY AND NET PROFIT UP 4% YOY
Financial results Highlights 1H26 net profit at €286m, up 4% YoY mainly reflecting AG solid contribution (up 9% YoY to €291m) and positive impact from FV valuation of funds AG book value : €4.1bn, up 4% YoY and down 5% QoQ after dividend payments AG market valuation : €8.7bn (or €42.6ps) up 41% YoY and
23% QoQ
Gradual disposal of minor investments started 1) YoY: 6M June26 / 6M June256M June26 - Divisional results – INS Section 3
€m 6M
June266M
June25∆
YoY13M
June263M
Mar263M
June25
Total income 316 287 +10% 178 138 172 o/w equity acc investments291 267 +9% 160 131 162 Total costs (3) (3) -3% (2) (2) (2)
PBT 314 284 +11% 177 137 171
Net result 286 276 +4% 155 131 166 Book value -€bn 5.0 4.8 +4% 5.0 5.2 4.8 Ass. Generali (13%) 4.1 3.9 +4% 4.1 4.3 3.9 Other investments 0.9 0.9 +1% 0.9 0.9 0.9 Market value -€bn 9.6 7.1 +36% 9.6 7.9 7.1 Ass. Generali 8.7 6.2 +41% 8.7 7.1 6.2 RWA -€bn 8.4 7.8 +8% 8.4 8.1 7.8
31HOLDING FUNCTIONS: RESULTS SNAPSHOT
Financial results Highlights 1H26 net loss of €29m (halved YoY) reflecting mainly :
Revenues up ~3x YoY, reflecting higher trading and positive contribution from NII Cost down 13%YoY €16m in one-off costs related to merger and restructuring, offset by €20m of RED3 revaluation Funding :2 stock up 2% YoY and up 1% QoQ to €72bn:
Bonds : up flat YoY and QoQ at €33bn, after €2.1bn in issues in 6M (including €0.9bn ABS, €0.5bn covered bond and €0.8bn senior preferred) at low spreads Deposits : €29.2bn, down 4% YoY and 1% QoQ ; cost gradually decreasing (1.29% June 26 vs 1.37% Dec25 and 1.64% June 25) Banking book broadly stable at €12.6bn, with yield down ~30bps YoY and up 15bps QoQ Stable regulatory indicators :
LCR 158%,CBC €16.5bn,NSFR 116%
MREL liabilities at40.15%ofRWAs asatJune 26,o/w 21.1% covered byown funds and subordinated liabilities,
above requirements
1) YoY: 6M June26 / 6M June25. Data restated due to transfer of leasing business from HF to CIB 2) Stable funding sources, excluding repos and treasury activities 3) RED: Real Estate Development Monaco6M June26 - Divisional results – HF Section 3
€m 6M
June266M
June25∆
YoY13M
June263M
Mar263M
June25
Total income 34 13 n.m. 10 24 0 Total costs (74) (85) -13% (37) (37) (47) Gross op. income (GOP) (41) (72) -44% (28) (13) (47) LLPs & asset writedown 1 0 n.m. 0 0 1 Other 3 (7) n.m. 13 (11) (7)
PBT (38) (79) -53% (14) (24) (53)
Net result (29) (61) -53% (10) (19) (40) Stable funding2-€bn 72.0 70.6 +2% 72.0 71.6 70.6 MB securities 33.0 32.8 - 33.0 33.0 32.8 WM Deposits 29.2 30.4 -4% 29.2 29.6 30.4 Banks&other 9.8 7.4 +33% 9.8 9.0 7.4
Agenda
Section 1. Executive summary Section 2. 6M consolidated results Section 3. 6M divisional results Section 4. Closing remarks
Annexes
1.Divisional tables
33WHAT’S NEXT
Closing remarks Section 4
2026 Guidance
Mediobanca is focused on delivering the BP25 -30 actions For next 6m the industrial trend are expected positive in all businesses, with geographical and product diversifications working effectively in delivering sustainable growth Caution as required by macro scenario and by the new “Risiko M&A wave” Mid/high single -digit growth in revenues coupled with absolute costs control (actions taken will redeploy full effects in coming Qs) and expected normalization in cost of risk will assure mid -teens growth in earnings despite restructuring costs and higher tax rate
MEDIOBANCA
6M RESULTS
AS AT 30 JUNE 2026
Milan, 6 August 2026
Agenda
Section 1. Executive summary Section 2. 6M consolidated results Section 3. 6M divisional results Section 4. Closing remarks
Annexes
1.Divisional tables
36MEDIOBANCA CONSOLIDATED P&L
Note: t otals may differ from the sum of the individual items due to rounding 1) YoY= 6M June26 / 6M June25 2) Including : dividends , net profit (loss) from trading, the fair value measurement of assets/liabilities, net gains (losses) on disposals/repurchases, net profit (loss) from hedging 3) Including: net gains ( losses) on equity investments, PPE and intangibles at FV and disposal of investmentsDivisional tables Annex 1
€m 1H26
June262H25
Dec251H25
June25
YoY12Q26
June261Q26
Mar264Q25
Dec253Q25
Sept252Q25
June25
Net interest income 982 950 996 -1% 495 488 473 477 503 Feeincome 479 414 466 +3% 256 223 212 203 223 Income from banking activities 1,462 1,364 1,462 - 751 711 684 680 726 Profit (loss) of equity accounted investments 291 270 266 +9% 160 131 141 130 161 Financial revenues2168 82 79 n.m. 85 83 55 27 23 Other operating income (loss) 28 28 29 -4% 14 14 15 13 16 Total income 1,948 1,744 1,837 +6% 1,010 939 895 849 927 Personnel expenses (438) (440) (435) +1% (222) (216) (240) (200) (225) Other admistrative expenses (280) (273) (300) -7% (139) (142) (143) (130) (159) Depreciation/amortization and net value adjustments on PPE(57) (59) (54) +7% (28) (29) (29) (30) (28) Operating expenses (775) (771) (789) -2% (389) (387) (412) (359) (411) Pre-Provision Operating Profit 1,173 973 1,048 +12% 621 552 483 490 515 Cost of customer credit (168) (144) (98) +71% (85) (83) (75) (69) (46) Net impairment (losses)/reversals for other financial assets0 (3) (0) n.m. 0 0 (3) (0) (0) Net operating income 1,005 826 949 +6% 536 470 405 421 469 Net provisions for risks and charges (11) (14) 2 n.m. (7) (4) (4) (10) 3 Net gains ( losses) on assets324 (1) (13) n.m. 27 (2) 0 (1) (4) Restructuring costs / One -off costs (26) 0 0 n.m. (11) (15) 0 0 0 Extraordinary transaction costs 0 (70) (11) n.m. 0 0 (24) (45) (11) Systemic funds contribution (2) (2) (1) n.m. (1) (1) (2) 0 0 Profit (Loss) for the period before tax 991 740 927 +7% 544 447 375 364 458 Income tax for the period (275) (150) (213) +29% (150) (125) (85) (65) (97) Profit (Loss) after tax 715 589 713 - 393 322 291 299 361 Net profit (loss) attributable to non -controlling interests (4) (14) (38) -89% (5) 1 (6) (8) (19) Impairment of goodwill and intangibles 0 (64) (4) n.m. 0 0 (64) 0 (4) Net profit (loss) for the period 711 512 671 +6% 388 323 221 291 337
37MEDIOBANCA – BALANCE SHEET
Note: t otals may differ from the sum of the individual items due to rounding 1) YoY= 6M June26 / 6M June25; QoQ = 3M June26 / 3M Mar26 2) The fully loaded CET1 ratio is ~15.6%, including fully loaded impacts of CRR3 and excluding impact related to FRTB 3) Sum of: due to customer, securities and due to banksDivisional tables Annex 1 Funding €bn June26 Mar26 Dec25 June25
QoQ1
YoY1
Stable Funding 72.0 71.6 70.8 70.6 +1% +2% WM deposits 29.2 29.6 30.3 30.4 -1% -4% Securities 33.0 33.0 32.5 32.8 - -
Financing from banks 8.5 7.3 6.4 5.8 +17% +46% Other 1.3 1.7 1.6 1.5 -24% -16% S/T Funding 13.7 13.0 12.5 9.7 +6% +42% Repos 10.9 11.8 10.3 9.1 -7% +21% Treasury activity 2.8 1.2 2.2 0.6 n.m. n.m.
Total funding385.7 84.5 83.2 80.2 +1% +7% Loans and securities €bn June26 Mar26 Dec25 June25
QoQ1
YoY1
Net commercial loans to customers 56.6 55.4 54.7 53.1 +2% +7%
CIB 21.1 20.3 19.9 19.3 +4% +10%
Consumer Finance 17.4 17.0 16.7 16.1 +2% +8%
WM 17.8 17.8 17.8 17.6 - +1%
HF/Leasing 0.2 0.2 0.2 0.1 -3% +58% Repos & other 6.0 7.0 5.0 7.3 -15% -18% Total net customer loans 62.6 62.4 59.6 60.4 - +4%
RWAs 48.0 46.6 45.9 46.1 +3% +4%
CET1 ratio (%)215.85% 15.7% 16.4% 15.1% TC ratio (%)2 17.9% 17.9% 18.7% 17.9%
38CORPORATE & INVESTMENT BANKING RESULTS
Divisional tables Annex 1
€m 1H26
June262H25
Dec251H25
June25
YoY12Q26
June261Q26
Mar264Q25
Dec253Q25
Sept252Q25
June25
Net interest income 181 172 187 -3% 94 88 86 85 95 Feeincome 216 145 185 +17% 122 94 70 75 85 Financial revenues294 43 62 +52% 54 39 32 11 28 Other income 2 (5) 3 -47% 1 1 (1) (4) 1 Total income 493 355 436 +13% 271 222 187 168 210 Personnel expenses (128) (117) (121) +5% (65) (63) (68) (49) (65) Other administrative expenses (83) (78) (82) +2% (43) (41) (41) (37) (44) Net value adjustments to PP&E and intangibles (5) (5) (6) -15% (3) (3) (2) (3) (3) Operating expenses (216) (200) (209) +3% (110) (106) (111) (89) (113) Pre-Provision Operating Profit 276 155 227 +22% 161 115 77 78 97 Cost of customer credit (7) (1) 14 n.m. (4) (3) (3) 2 2 Net impairment (losses)/reversals for other financial assets(0) (3) (1) -86% (0) 0 (3) 0 (1) Net operating income 269 152 240 +12% 157 113 71 81 98 Net provisions for risks and charges 0 (1) 1 n.m. 0 0 (1) 0 1 Other non-recurring items 3 1 0 n.m. 3 0 0 0 0 Pre-tax profit 272 152 241 +13% 160 113 71 81 99 Income tax for the period (98) (46) (72) +37% (56) (42) (22) (24) (31) Net profit (loss) attributable to non -controlling interests (3) (12) (36) -91% (4) 1 (5) (7) (19) Net profit 172 94 133 +29% 100 72 44 50 49 Commercial loans (€bn) 21.1 19.9 19.3 +10% 21.1 20.3 19.9 18.9 19.3 RWA (€bn) 14.2 12.5 13.9 +2% 14.2 12.7 12.5 12.9 13.9 Note: t otals may differ from the sum of the individual items due to rounding 1) YoY= 6M June26 / 6M June25. Data restated due to transfer of leasing business from HF to CIB 2) Including : dividends , net profit (loss) from trading, the fair value measurement of assets/liabilities, net gains (losses) on disposals/repurchases, net profit (loss) from hedging
39WEALTH MANAGEMENT RESULTS
Note: t otals may differ from the sum of the individual items due to rounding 1) YoY= 6M June26 / 6M June25Divisional tables Annex 1
€m 1H26
June262H25
Dec251H25
June25
YoY12Q26
June261Q26
Mar264Q25
Dec253Q25
Sept252Q25
June25
Net interest income 182 188 198 -8% 92 90 95 93 99 Feeincome 255 264 273 -6% 130 126 142 122 136 Other income 10 8 (3) n.m. 6 3 6 2 (5) Total income 447 460 468 -5% 228 219 243 217 229 Personnel expenses (164) (182) (171) -4% (83) (81) (97) (85) (88) Other administrative expenses (109) (105) (109) - (54) (55) (55) (50) (57) Net value adjustments to PP&E and intangibles (31) (32) (31) +2% (15) (16) (16) (16) (16) Operating expenses (304) (319) (310) -2% (152) (152) (168) (151) (160) Pre-Provision Operating Profit 143 142 158 -9% 76 67 75 67 69 Cost of customer credit 1 (1) 22 -96% 1 0 (1) 0 20 Net operating income 144 141 180 -20% 77 67 74 67 90 Net provisions for risks and charges (10) (4) (3) n.m. (6) (3) (2) (2) (1) Other non-recurring items (8) 0 0 n.m. (4) (4) 0 0 0 Profit (Loss) for the period before tax 126 137 177 -29% 66 60 72 65 89 Income tax for the period (44) (42) (55) -20% (22) (22) (21) (21) (26) Net profit (loss) attributable to non -controlling interests (1) (2) (1) -18% (1) (0) (1) (0) (1) Net profit 81 93 121 -33% 44 38 49 44 63 Commercial loans (€bn) 17.8 17.8 17.6 +1% 17.8 17.8 17.8 17.8 17.6 TFA (€bn) 116.9 115.3 112.1 +4% 116.9 113.1 115.3 115.9 112.1
AUM/AUA (€bn) 87.7 85.0 81.7 +7% 87.7 83.5 85.0 84.8 81.7
Deposits (€bn) 29.2 30.3 30.4 -4% 29.2 29.6 30.3 31.1 30.4 NNM (€bn) (1.4) 1.4 6.2 n.m. (0.3) (1.1) (1.1) 2.5 3.8 AUM/AUA (€bn) (0.3) 1.5 4.0 n.m. 0.1 (0.4) (0.3) 1.8 2.3 Deposits (€bn) (1.1) (0.1) 2.2 n.m. (0.4) (0.7) (0.8) 0.7 1.5 RWA (€bn) 7.1 7.1 6.9 +3% 7.1 7.1 7.1 7.0 6.9
40CONSUMER FINANCE RESULTS
Divisional tables Annex 1
€m 1H26
June262H25
Dec251H25
June25
YoY12Q26
June261Q26
Mar264Q25
Dec253Q25
Sept252Q25
June25
Net interest income 606 600 578 +5% 302 304 304 296 290 Feeincome 35 33 34 +2% 17 18 15 18 15 Other income 23 27 20 +17% 11 12 12 14 10 Total income 664 659 632 +5% 330 334 331 329 314 Personnel expenses (76) (74) (73) +4% (39) (37) (38) (36) (38) Other administrative expenses (96) (98) (105) -9% (46) (50) (51) (47) (52) Net value adjustments to PP&E and intangibles (8) (8) (7) +12% (4) (4) (5) (4) (4) Operating expenses (181) (180) (186) -3% (89) (91) (94) (86) (93) Pre-Provision Operating Profit 484 479 446 +8% 241 243 237 242 221 Cost of customer credit (162) (143) (135) +20% (82) (80) (71) (72) (68) Net operating income 322 336 312 +3% 159 163 166 171 153 Net provisions for risks and charges (2) (9) (0) n.m. (1) (0) (1) (8) (0) Other non-recurring items 1 0 0 n.m. 2 (1) 0 0 0 Pre-tax profit 322 327 311 +3% 160 161 165 162 153 Income tax for the period (116) (106) (105) +10% (55) (60) (53) (54) (52) Net profit 206 221 206 - 105 101 112 109 101 New loans (€bn) 5.3 4.9 4.7 +12% 2.7 2.6 2.5 2.3 2.4 Commercial loans (€bn) 17.4 16.7 16.1 +8% 17.4 17.0 16.7 16.3 16.1 RWA (€bn) 15.0 15.0 14.4 +5% 15.0 15.4 15.0 14.5 14.4 Note: t otals may differ from the sum of the individual items due to rounding 1) YoY= 6M June26 / 6M June25
41INSURANCE & PRINCIPAL INVESTING RESULTS
Divisional tables Annex 1
€m 1H26
June262H25
Dec251H25
June25
YoY12Q26
June261Q26
Mar264Q25
Dec253Q25
Sept252Q25
June25
Net interest income (16) (16) (4) n.m. (8) (8) (8) (8) (2) Profit (loss) of equity accounted investments 291 276 267 +9% 160 131 146 130 162 Financial revenues241 13 24 +72% 26 15 5 9 13 Total income 316 273 287 +10% 178 138 143 130 172 Operating expenses (3) (3) (3) -3% (2) (2) (2) (1) (2) Net operating income 313 270 284 +10% 176 137 141 129 171 Pre-tax profit 314 270 284 +11% 177 137 141 129 171 Income tax for the period (28) (4) (8) n.m. (23) (5) (2) (2) (4) Net profit 286 267 276 +4% 155 131 139 127 166 Book value (€bn) 5.0 5.0 4.8 +4% 5.0 5.2 5.0 4.9 4.8 Ass. Generali (13%) 4.1 4.2 3.9 +4% 4.1 4.3 4.2 4.0 3.9 Other investments 0.9 0.9 0.9 +1% 0.9 0.9 0.9 0.9 0.9 Market value (€bn) 9.6 8.2 7.1 +36% 9.6 7.9 8.2 7.7 7.1 Ass. Generali 8.7 7.3 6.2 +41% 8.7 7.1 7.3 6.8 6.2 RWA (€bn) 8.4 8.2 7.8 +8% 8.4 8.1 8.2 7.9 7.8 Note: t otals may differ from the sum of the individual items due to rounding 1) YoY= 6M June26 / 6M June25 2) Including : dividends , net profit (loss) from trading, the fair value measurement of assets/liabilities, net gains (losses) on disposals/repurchases, net profit (loss) from hedging
42HOLDING FUNCTIONS RESULTS
Divisional tables Annex 1
€m 1H26
June262H25
Dec251H25
June25
YoY12Q26
June261Q26
Mar264Q25
Dec253Q25
Sept252Q25
June25
Net interest income 10 (14) 25 -58% 9 1 (16) 2 20 Feeincome (4) (2) (3) +40% (2) (2) (2) (1) (2) Financial revenues225 15 (13) n.m. 1 25 11 5 (21) Other income 2 11 4 -41% 2 1 0 11 4 Total income 34 11 13 n.m. 10 24 (6) 17 0 Labour costs (68) (64) (69) -2% (34) (34) (35) (30) (36) Other administrative expenses (1) (3) (11) -91% (0) (1) (2) (1) (9) Net value adjustments to PP&E and intangibles (5) (7) (5) +6% (3) (2) (3) (4) (3) Operating expenses (74) (74) (85) -13% (37) (37) (40) (34) (47) Pre-Provision Operating Profit (41) (63) (72) -44% (28) (13) (46) (18) (47) Cost of customer credit 0 0 (0) n.m. 0 0 0 0 (0) Net impairment (losses)/reversals for other financial assets0 0 0 +33% 0 0 0 0 1 Net operating income (40) (63) (72) -44% (27) (13) (46) (17) (46) Net provisions for risks and charges 0 0 4 n.m. 0 0 0 0 4 Other non-operating items 3 (1) (11) n.m. 13 (11) (1) 0 (11) Pre-tax profit (38) (64) (79) -53% (14) (24) (47) (17) (53) Income tax for the period 9 10 18 -52% 4 4 2 9 13 Net profit (loss) attributable to non -controlling interests 0 0 0 n.m. 0 0 0 0 0 Net profit (29) (53) (61) -53% (10) (19) (45) (8) (40) RWA (€bn) 3.3 3.1 3.2 +5% 3.3 3.3 3.1 2.9 3.2 Note: t otals may differ from the sum of the individual items due to rounding 1) YoY= 6M June26 / 6M June25. Data restated due to transfer of leasing business from HF to CIB 2) Including : dividends , net profit (loss) from trading, the fair value measurement of assets/liabilities, net gains (losses) on disposals/repurchases, net profit (loss) from hedging
43GLOSSARY
MEDIOBANCA BUSINESS SEGMENT
CIB Corporate and Investment Banking WB Wholesale Banking SF Specialty Finance CF Consumer Finance WM Wealth Management
INS Insurance
AG Assicurazioni Generali HF Holding Functions
PROFIT & LOSS (P&L) and BALANCE SHEET
AIRB Advanced Internal Rating -Based ALM Asset and Liability Management AUA Assets under Administration AUM Assets under Management BVPS Book Value Per Share C/I Cost /Income CBC Counter Balancing Capacity CET1 Phased -inCalculation including the Danish Compromise benefit for AG ( ~100bps) CET1 Fully LoadedIncluding the Danish Compromise benefit (for AG), FL impact from equity exposure (different from AG),
excluding FRTB
CoF Cost of Funding Commercial loans Loans net of repos and treasury assets CoR Cost of Risk: LLPs/ end of period loans DPS Dividend Per Share EPS Earnings Per Share EPS adj. Earnings Per Share adjusted1PROFIT & LOSS (P&L) and BALANCE SHEET ESG Environmental, Social, Governance FAs Financial Advisors FVOCI Fair Value through Other Comprehensive Income GOP Pre-provision Operating Profit Leverage ratio CET1 / Total Assets (FINREP definition)
Ls Loans
LLPs Loan Loss Provisions M&A Merger and Acquisitions NAV Net Asset Value Net profit adjustedGOP net of LLPs, minorities and taxes, with actual tax rate for ROTE calculation NII Net Interest Income NNM Net New Money (AUM/AUA/Deposits) NP Net Profit NPLs Non-Performing loans PBT Profit Before Tax RM Relationship Managers ROTE Adjusted Return on Tangible Equity (book value)1 RWA Risk Weighted Asset SRF Single Resolution Fund TBVShareholders’ equity net of intangibles, dividend accrual for the period and minorities TBVPS TBV Per Share TC Total Capital TFA AUM+ AUA+ Deposits
Notes
1) Based on net profit adjusted (see above) 2) INS RWA include K absorption for concentration limitComparison periods have been recast, with negligible impacts, after the eighth update of Bank of Italy circular 262/2005 came into force, incorporating the introduction of the new IFRS 17 – Insurance Contracts.
44DISCLAIMER & 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 -looking statements”) .
These forward -looking statements include, but are not limited to, all statements other than actual data, historical or current, including those regarding Mediobanca’s future financial position and operating results, strategy, plans, objectives and future developments in the markets where Mediobanca operates or is intending to operate .
All forward -looking statements, based on information available to the Company as of the date hereof, rely on scenarios, assumptions, expectations and projections regarding future events which are subject to uncertainties because they are dependent on factors most of which are beyond the Company’s control . Such uncertainties may cause actual results and performances that differ, including materially, from those projected in or implied by the data present ; therefore the forward -looking statements are not a reliable indicator of future performances .
The information and opinions included in this document refer to the date hereof and accordingly may change without notice . The Company, however, assumes no obligation to publicly update or revise any forward -looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Due to the risks and uncertainties described above, readers are advised not to place undue reliance on such forward -looking statements as a prediction of actual results . No decision as to whether to execute a contract or subscribe to an investment should be based or rely on this document, or any part thereof, or the fact of its having been distributed .
Declaration by Head of Company Financial Reporting As required by Article 154-bis, paragraph 2 of Italian Legislative Decree 58/98, the undersigned hereby declares that the stated accounting information contained in this report conforms to the documents, account ledgers and book entries of the company .
Head of Company Financial Reporting
Emanuele Flappini
45INVESTOR 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