Consolidated Results atJune 30, 2026 August 5, 2026 Copyright © 2023 by Mediocredito Centrale S.p.A -All rights reserved.
Disclaimer
This document hasbeen prepared byMediocredito Centrale -Banca delMezzogiorno S.p.A.-forinformational purposes only and solely topresent themain financial data, which correspond tothe documentary evidence, books, and accounting records, and possibly itsown forecasts, objectives, and estimates that reflect the current opinions ofthe management .
Itshould benoted that forecasts, objectives, and estimates aregenerally identified byexpressions such as“itispossible,” “should,” “isexpected,” “isanticipated,” “isestimated,” “isbelieved,” “intends,” “plans,” “objective” orbythenegative useofthese expressions orother variations ofsuch expressions orbytheuseofcomparable terminology .These forecasts, objectives, and estimates include, butarenot limited to,allinformation other than factual data, including, without limitation, those relating tothefuture financial position ofthe company, operating results, strategy, plans, objectives, and future developments inthe markets inwhich the company operates orintends tooperate .
Consequently, anystatement contained inthisdocument that isnotahistorical fact isaforward -looking statement .Forward -looking statements arebased oncurrent assumptions and expectations and involve anumber ofknown and unknown risks, uncertainties, and other factors that could cause actual results, levels ofactivity, performance, or achievements todiffer materially from those expressed orimplied insuch forward -looking statements .Consequently, theactual events orresults ofthecompany could differ significantly, positively ornegatively, from those reflected orcontemplated insuch forward -looking statements contained inthis document .The Bank expressly disclaims any obligation topublicly update orrelease anyrevisions toanyinformation, opinion, orforward -looking statement contained inthisdocument toreflect anyevents orcircumstances subsequent tothedate ofitspublication .Nopart ofthisdocument may beconsidered asabasis foranycontract oragreement, and none oftheinformation contained herein may bereproduced orpublished, inwhole orinpart, forany purpose, normay such information bedisseminated .The distribution ofthis document incertain jurisdictions may be subject tolegal restrictions .Recipients ofthispresentation should inform themselves and comply with such restrictions .The Bank disclaims anyliability forthedistribution ofthis Presentation byanyrecipient .Byreceiving oraccessing thisPresentation, you agree tobebound bytheabove terms, conditions, and restrictions .Any violation ofsuch restrictions may constitute aviolation ofapplicable regulations and laws .
*** The manager responsible forpreparing thecompany's financial reports, Elena DeGennaro, declares, pursuant toArticle 154-bis,para .2,oftheConsolidated Law onFinance (Legislative Decree No.58/1998 ),that theaccounting information contained inthisdocument corresponds tothedocumentary evidence, books and accounting records .
2▪The data reported inthis document hasbeen extracted from theConsolidated Half-Year Report at30.06.2026 ,theConsolidated Financial Statements at31.12.2025 ,and the Consolidated Half-Year Report at30.06.2025 ,unless specified otherwise .
▪The “aggregate” data refers tothesum oftheStandalone Half-Year Report at30.06.2026 ,theStandalone Financial Statements at31.12.2025 ,and theStandalone Half-Year Report at30.06.2025 oftheindividual legal entities oftheGroup ;they donottherefore include theeffects oftheconsolidation .
▪The loans tocustomers used forcredit quality arenetofcommercial loans, postal current accounts, and other operating credits .
▪On25June 2026 ,theagreement forthesale toBanca delFucino ofMCC's equity interest intheshare capital ofCassa diRisparmio diOrvieto became ineffective .Accordingly, theincome and expenses, assets and liabilities attributable toCRO arerecognised under therelevant line items inthefinancial statements and arenolonger classified as assets held forsale.Asrequired byIFRS 5,thecomparative figures have also been reclassified onaconsistent basis .Methodological Notes
1 Executive summary 2 Key results Copyright © 2023 by Mediocredito Centrale S.p.A -All rights reserved.74Agenda 316 3 Annexes
Executive Summary
1 4
Growing commercial performance, capital strengthening continues
5T1 RatioNet
commissions
Gross NPE
ratio1
Solid capital position, well above regulatory requirements+6.6%growth intheloan portfolio ,supported bynew loans tofamilies and businesses .
+2.0%growth innetfees amounting to107.6million, driven bytheincrease incommercial activities inthe credit and savings businesses .Growth would stand at4.0%excluding therappel collected bycommercial banks in2025 .Loans to
customers1
(1) Excluding commercial loans, securities and CC&G; ; (2) +3.3% system data. Source: ABI –Studies and Regulations -Economic analysis of Bankit data March 2026; (2) Without Securities; The continuous reduction intheNPE stock isconfirmed, remaining broadly in line with thelevel reported asof31December 2025 ,inboth gross terms 3.6% (vs3.7%)and netterms 2.2%flat.
Net profitThe Group continued todeliver strong earnings growth ,with net profit up 33.1%year -on-year, supported bythe recognition of€50.2million innew deferred taxassets (DTAs) byBdM .
Deferred taxassets were recognised following thecompletion oftheprobability test inaccordance with IAS12,based onthe 2026 –2030 financial projections approved bytheBoard ofDirectors ofBdM on29July 2026 .Consistent with theapproach adopted inprevious reporting periods and with therecommendations oftheSupervisory Authorities, which require aprudent assessment ofuncertainties and ofthelikelihood offuture business plans being achieved, thecash flows underlying the2026 – 2030 financial projections, together with therelated expected taxable income, were reassessed byapplying prudent haircuts .105.5107.6
I H 2026 I H 2025
3.7% 3.6%-10 bps 30.06.2026 31.12.2025-35 bps10,937.011,660.1
30.06.2026 31.12.2025+6.6%
+2.0%
15.61% 15.96%30.06.2026 31.12.2025
55.273.4
I H 2026 I H 2025+33.1%€ mln
€ mln
€ mln%
% (1) Excluding securities
Credit support for families (+16%) and businesses (+5%) is confirmed and strengthened, with EUR 1.4 billion in half -year disbursements characterized by high credit quality and adequate collateralization.
6•€1,4billion disbursed inthe quarter, based onavirtuous approach oncapital
absorption
•Good ofcollateralization level above
64%€ million
Private
customersBusinesses€ million
0,0%% share of
guaranteed
exposures on total
performing loansCollateral
State GuaranteeShare 64.1% 94% of real
collateral consists
of mortgages
91% FDG
6%SACE
3% Other
30.06.2026Share 54.5% Share 92.2% 83% of real
collateral consists
of mortgages
91% FDG
6%SACE
3% Other100%of the
real collateral
consists of
mortgages, of
which 59% also
have CONSAP
guarantees
30.06.2026 30.06.2026New disbursements Net loans to customers New disbursements in 2026: levels of collateralisation Share of secured positions on loans to businesses Share of secured positions on loans to Private customers
28.2%35.9%
37.9%16.6%
92.2%11,660.1
10,937.0+6.6%
30.06.2026 31.12.20251,4231,322
30.06.2026 30.06.20251,065
3581,015
308+5%
+16%+7,6%
Key results
2 7
▪Higher operating expenses :increased by€4.7million, as2025 benefited from a€3.5million positive non-recurring item related toaliability action against former directors ofex-Tercas .Income Statement
I H 2026 I H 2025 Δ Δ%
Interest income 249.2 258.2 (9.0) -3.5% Interest expenses (92.1) (90.4) (1.7) 1.9% Net Interest margin 157.1 167.8 (10.7) -6.4% Commission income 111.6 109.5 2.1 1.9% Commission expenses (4.0) (4.0) 0.0 -0.4% Net commissions 107.6 105.5 2.1 2.0% Other financial income/expense 4.8 29.1 (24.3) -83.7% Revenues 269.5 302.3 (32.9) -10.9% Net value adjustments on loans and advances1 (23.6) (49.0) 25.4 -51.8% Net result of financial management 245.8 253.3 (7.5) -3.0% Administrative Expenses (177.4) (173.9) (3.6) 2.1% of which Personnel Expenses (118.0) (111.5) (6.5) 5.8% of which Other Administrative Expenses (59.4) (62.3) 2.9 -4.7% Other Operating Income and Expenses (15.5) (10.9) (4.7) 43.0% Operating costs (193.0) (184.7) (8.3) 4.5% Pre-tax profit (loss) 53.0 68.6 (15.6) -22.7% Taxes 20.4 (13.4) 33.8 n.s.
Profit (Loss) from current operations 73.4 55.2 18.3 33.1%1 2 3 4 (1) It includes gains/losses from contractual modifications without cancellations.Loan loss provisions halved amounted to€23.6million vs.€49,0million, with aCore cost ofriskof42bps, improving by18bpscompared with 30.06.2025 .
Gross NPE ratio :stood at3.6%,broadly stable compared with December 2025 .Net NPE ratio 2.2%stable .▪Other financial income :decreased by€24.3million year -on-year, mainly due tothereduction ingains from thedisposal offinancial assets (-€19.9million) resulting from market dynamics, aswell asthelower contribution from the valuation oftheGroup’s UCITS funds (-€3.8million) .▪Net fees :increased (+2.0%),driven bycommercial activity .Onalike-for-like basis, excluding rappel payments, net fees rose by4.0%,with Q12025 positively impacted bynon-recurring items 3 42▪Net interest income :stood at€157.1million ,asaresult oflower asset yields, partly offset bytheexpansion oftheloan portfolio above €1,4million 5 ▪Other administrative expenses down (-4.7%)thanks topolicy tocontain costs1€million 86▪Personnel expenses (+5.8%)due tothe increase inprovisions for the incentive system and the rise inthe health insurance policy for all employees .
7 6 75 On25June 2026 ,theagreement forthesale toBanca delFucino ofMCC’s equity interest intheshare capital ofCassa diRisparmio diOrvieto became ineffective .Therefore, while theintention toproceed with the disposal oftheinvestment remains confirmed, intheabsence ofabinding contractual commitment, theincome and expenses, assets and liabilities attributable toCRO arerecognised under therelevant line items inthe financial statements and arenolonger classified asassets held forsale.Asrequired byIFRS 5,thecomparative figures have also been reclassified onthesame basis .8 8 Positive taximpact :amounted to€20.4million, mainly due tothe recognition ofnew deferred taxassets (DTAs) atBdM Banca .
In a context of falling rates, interest margin remains resilient thanks to
volume growth
Volume
Effect167.8+16.2
157.1
I H 2026-26.9Change in Interest Margin1
I H 2025 I H 2026
(1) Operating data ;
(2) Operating data, net of non -commercial postings; Net interest margin on customer business calculated by comparing interest in come to total interest -bearing assets and interest expense to total interest -bearing liabilities, with respect to customers.
(3) Include the latest ECB review for June 2026Interest Margin
I H 2025
9Interest
Rate Effect
NIM customers2
4.00%
-1.01%
I H 2025
2.34%3.67%
-0.86%3.00% 2.81%
3.67%
-0.87%
II H 2025
2.03%2.80%
I H 2026
2.15%3Rate on Loans SpreadRate on Deposits€million
Average
Euribor 3M€million
157.1167.8-6.4% The overall contraction (-20 bps) ofthe client spread isin line with the contraction of
theEuribor (-19bps)
Net fee and commission income +2.0%: growth driven by commercial activity, strengthening its share of total income •Growth in commissions for commercial activities BdM and CRO (+6% fees on loan
disbursements ,+38%consumer
finance ,+18% Bancassurance, +6%investment services) and to theFactoring fees +55% 10Impact of net commissions/net income from banking
39.9%
I H 202611.1%28.8%34.9%
9.9%25.0%Net quarterly commission constantly growing
Average
I H 202452.853.8
44.7
I H 202511.0%36.6%
25.6%
2025 I H 2026+2.0%
30.0
I H 202529.9+2.9%
-0.1%4.12.2
Average
I H 2025Average I H 2026Net commissions
€million Commercial
activities
Subsidized financeOf which: Rappel
commissions
€millionCommercial activities/
Intermediation services
Subsidized/
Intermediation services107.6105.5
77.7
29.975.5
30.02.24.1
+4.0%
net of
extraordinary
rappel
Operating Cost s+4.5%: +5.8% growth in personnel costs, mitigated by cost containment actions ( -4.7%) in Other Administrative Expenses Administrative expenses +2.1%due to:
•+€6.5million :driven mainly bypersonnel costs, anincrease inprovisions forthe incentive system, and higher costs forthe employees health insurance policy •-€2.9million :lower other administrative expenses, demonstrating the Group's ongoing focus oncost containment
11118.0111.5+5.8%€million
I H 2025184.7193.0+4.5%
I H 202659.462.3-4.7%10.9
173.915.5
177.4+43.0%
+2.1%Other Operating Income and ExpensesI H 2025 I H 20262,698.5 2,688.8 FTE I Sem 2026 I Sem 202510.9 15.5+43.0
I H2025 I H2026-4.19.88.90.9
-8.59.98.70.7Adjustments on
fixed assets.
Adjustments on
material
activities.
Net provisions
for risks and
charges
Other Operating
Income and
ExpensesOperating Costs Personnel expenses
Other administrative
expenses
Personnel expenses€million
€millionOther Administrative Expenses
I H 2026% NPE Coverage Bad loansUTP + PD Bad loansUTP + PDGross NPE Ratio30.06.2026 2025 Bad loans 62.6% 70.7%
UTP 38.4% 39.0%
PD 19.1% 21.9%
TOTAL NPEs 41.2% 42.3%403.5
66.8336.7
30.06.2026
237.3
487.5
0.5%3.7%
3.2%
2.2%
5.8%
4.4%2025396.1
340.0
56.1
228.7
496.4
3.6%
0.6%3.0%
2.2%
6.2%
4.6%2025 30.06.2026
12Loan loss provisions halved, while the cost of risk declined. Gross¹ and net¹ NPE ratios remained stable 30.06.2025 30.06.2026Cost of Risk and Net Credit Loss Provisions
bps €million
Core
De-Risking and BdM Legacy4196
6035
42 -1
(1) Excluding securitiesI H 202549.0
30.918.1
23.6
24.2
-0,6Gross NPEs
€million
Net NPEs
€million
Net NPEs with securities
€million
Net NPE ratio Gros NPE ratio with securities Net NPE ratio with securities
1,051 1,22611,736 11,2342,033
1,534
30.06.2026 31.12.2025Customer Deposits Trend Customer funding ▪Customer funding up+4.5% ▪Institutional funding +32.6%Driven bythe completion ofa€125 million private placement and themarket placement ofthe2025 RMBS securitisation .
▪Interbank funding down 14.3%,reflecting thereduction inECB funding reliance .
13,994
Interbank funding
13Strong growth in direct funding, with institutional funding further
consolidated
€ million
14,819
+4.5%+32.6%
-14.3%+5.9%
Institutional funding (securities) MCC’s role as an issuer is further
strengthened
30.06.2026 31.12.2025
LCR 172% 162%
NFSR > 100% 123%Solid liquidity profile
One year after the second issuance, the Group reported the full allocation ofthe proceeds from the Social Bonds issued in September 2024 and February 2025 ,foratotal amount of€900 million, asconfirmed bythe limited assurance reports issued by Deloitte on24June 2026 .The Social Bond Report confirms theissuer ’sstrong social DNA, with abroad coverage ofeligible categories, particularly supporting small and medium -sized enterprises located incohesion areas 14The reporting on the Social Bonds issued in 2024 and 2025 confirms the MCC Group’s DNA as a social issuer Impegno ES integrato, misurabile e orientato al valore sociale:
Allocation by Eligible CategoriesNumber of LoansAmount% of Total
Amount
SMEs located in deprived areas 10.397 719.722.688 79,27% SMEs with investment in deprived areas 19 10.338.453 1,14% SMEs - Rest of the country 490 68.703.538 7,57% Acces to essentian services - Company in the Healthcare sector 86 37.754.102 4,16% Acces to essentian services - Company in the Educational sector 5 796.568 0,09% Acces to essentian services - Financing and financial services 48 13.095.297 1,44% Companies in the Affordable Basic Infrastructure sector 79 21.855.813 2,41% Food Security and Sustainable Food Systems 186 35.633.836 3,92% Total 11.310 907.900.295 100,00%
Capital position and buffers: well above regulatory requirements 15TIER 1 Ratio :trend
%millionCapital Ratios
15.96%
17.04%
6,521.0TIER1
TCR
RWA(mln)31.12.2025%, bps
30.06.2026
(SREP+SyRB )
12.87%
15.37%15.96% CET 1 10.97%Δ30.06.2026
vs SREP+
SYRB (bps)30.06.2026
15.61%
16.71%
6,780.515.61% + 464
+ 274
+ 134▪The OCI reserve was impacted bythelack ofsterilisation of gains and losses ongovernment bonds and bythe high market volatility inthecurrent geopolitical environment .
▪The deduction ofDTAs arising from taxlosses, which arenot eligible forinclusion inown funds, reflects therecognition of new netDTAs during thesemester based onBdM’s updated business and capital projections .
▪RWA increased byapproximately 4%,compared with a6.6% growth innominal loans .12.87% SREP + SYRB15.96% 15.61%+111 bps-26 bps-59 bps -61 bps+ 274 bps 31.12.2025 Utile OCI DTA RWA 30.06.2026equivalent to
approximately €39
million of DTAs on tax
lossesequivalent to
+250m of RWA
Annexes
3 16
Balance Sheet
30.06.2026 2025Δ Cons ‘26 vs ‘25 Δ % Cons ‘26
vs ‘25
Cash and cash equivalents 1,234.7 960.2 274.5 28.6% Fin. assets measured at fair value through profit and loss 97.7 94.1 3.6 3.8% Fin. assets measured at fair value through other comprehensive income 2,962.6 3,020.4 (57.7) -1.9% Assets measured at AC 11,813.8 11,079.4 734.4 6.6% Loans and advances to banks 153.7 142.4 11.3 7.9% Loans and advances to customers 11,660.1 10,937.0 723.1 6.6% Intangible and tangible assets 165.7 163.9 1.9 1.1% Non -current assets and groups of assets held for disposal 3.4 36.3 (32.9) -90.7% Other assets 607.8 634.8 (27.0) -4.3%
TOTAL ASSETS 16,885.6 15,988.9 896.8 5.6%
30.06.2026 2025Δ Cons ‘26 vs ‘25 Δ % Cons ‘26
vs ‘25
Banking Direct Funding 14,819.0 13,993.5 825.5 5.9% Due from customers 11,735.6 11,234.4 501.2 4.5% Securities 2,032.8 1,533.6 499.2 32.6% Due to banks 1,050.6 1,225.5 (174.9) -14.3% Liabilities associated with assets held for disposal 0.0 0.0 0.0 0.0% Liabilities for risks and charges 136.2 164.7 (28.4) -17.3% Other liabilities 743.1 706.1 36.9 5.2% Equity11,115.9 1,044.9 71.0 6.8% Net income for the period271.4 79.6 (8.2) -10.3%
TOTAL LIABILITIES and SHAREHOLDERS’ EQUITY 16,885.6 15,988.9 896.8 5.6%
(1) Includes equity attributable to non -controlling interests; (2) Profit for the period attributable to the Parent Company17