PRESS RELEASE
Mediocredito Centrale approves the consolidated half ‑year report as of June 30 ,
2026
Net profit of € 73.4 million ( €55.2 million to June 30, 202 5) €1.4 billion in loans disbursed to households and businesses
• +33.1% Consolidated net profit, amounting to €73.4 million • +6.6% Growth in net customer loans, reaching €11,660 million, up from €10,937 million as of December 31, 2025 • +7.6% New lending to households and businesses, tota lling €1,423 million (compared to €1,322 million in the first half of 2025) • +4.5% Direct customer deposits, amounting to €11,735.5 million vs. €11,234.4 million in
December 2025
• +32.6% Institutional funding through debt securities, reaching €2,032.8 million vs. €1,533.6 million as of December 31, 2025 • Gross NPE ratio down to 3.6% (from 3.7% as of December 31, 2025), with the net NPE ratio holding stable at 2.2% • Contained growth in capital absorption in the first half of 2026, with an RWA increase of 4% compared to a 6. 6% growth in loans .
Rome, 5 August 202 6 – The Board of Directors of Mediocredito Centrale has approved the Group’s consolidated Half ‑Year Financial Report as of 30 June 202 6.
The MCC Group closed the first six months of the 2026 financial year with a consolidated net profit of EUR 73.4 million (compared to EUR 55.2 million as of June 30, 2025). In detail: the Parent Company MCC achieved a profit of EUR 20.4 million (EUR 17.9 mi llion as of June 30, 2025), BdM Banca
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generated a profit of EUR 46.9 million (EUR 24.4 million as of June 30, 2025), and Cassa di Risparmio di Orvieto recorded a net profit of EUR 4.7 million (EUR 6.2 million as of June 30, 2025);
Artigiancassa, which continues its start -up phase, closed the h alf-year with a loss of EUR 1.2 million.
The aggregate result of the legal entities stands at EUR 70.8 million (EUR 48.5 million as of June 30, 2025), supplemented by a positive impact of consolidation entries amounting to EUR 2.6 million (EUR 6.7 million as of June 30, 2025), down due to the standard reduction process associated with the passage of time.
On June 25, 2026, the agreement for the sale of the share capital stake in Cassa di Risparmio di Orvieto held by MCC to Banca del Fucino became ineffective. Therefore, while the intention to proceed with the divestment of the stake remains confirmed, in th e absence of a binding contractual commitment, the costs, revenues, assets, and liabilities attributable to CRO are recognized under their respective standard line items and are no longer as assets held for sale. As required by the international accounting standard IFRS 5, the comparative data has also been reclassified accordingly.
*** In particular, the financial results highlight:
a) Net interest income at EUR 157.1 million (compared to EUR 167.8 million as of June 30, 2025); interest income decreased by EUR 9.0 million (EUR 249.2 million vs. EUR 258.2 million as of June 30, 2025) due to market rate trends, despite an increase in the loan portfolio of over EUR 1.4 billion (EUR 11, 660 million as of June 30, 2026 vs. EUR 10,234 million as of June 30, 2025); interest expense increased by EUR 1.7 million (EUR 92.1 million as of June 30, 2026 vs. EUR 90.4 million as of June 30, 2025) as a result of the growth in direct customer funding of approximately EUR 1.7 billion (EUR 14,819 million as of June 30, 2026 vs. EUR 13,099 million as of June 30, 2025).
b) Net fee and commission income amounted to EUR 107.6 million vs. EUR 105.5 million as of June 30, 2025, representing a 2% growth:
- +2.9% in banking activity fees, which rises to +4% net of extraordinary year -end bonuses ( rappel ) from the first half of 2025
- Fees from subsidized and developmental activities remained stable at approximately EUR 30 million.
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In detail, the commercial banks recorded a +6% increase in loan disbursement fees, +38% from consumer finance, +18% from bancassurance, and +6% from investment services. MCC Factor reported a +55% increase in factoring fees.
c) Net income from banking activities as of June 30, 2026, stood at EUR 269.5 million vs. EUR 302.3 million as of June 30, 2025, driven by other net financial income of EUR 4.8 million (vs.
EUR 29.1 million as of June 30, 2025), which includes :
- EUR 2.2 million in gains from the disposal of financial assets (vs. EUR 22 million as of June 30, 2025), reflecting a different financial market environment characterized by high volatility due to ongoing geopolitical tensions;
- Group UCITS (OICR) valuation of EUR -0.75 million as of June 30, 2026 (compared to EUR 3 million as of June 30, 2025);
- EUR 2.6 million in dividends (vs. EUR 1.7 million as of June 30, 2025).
d) Net loan impairment losses were more than halved, falling to EUR 23.6 million vs. EUR 49 million as of June 30, 2025.
The cost of risk , calculated as the ratio of impairment losses to customer loans, stood at 0.41% (compared to 0. 96% in June 2025 ).
e) Operating expenses , amounting to EUR 193 million, recorded a 4.5% increase vs. EUR 184.7 million as of June 30, 2025, with +5.8% in personnel expenses (EUR 118.0 million vs. EUR 111.5 million as of June 30, 2025); -4.7% in other administrative expenses (EUR 59.4 million vs. EUR 62.3 million as of June 30, 2025); -0.4% in net provisions for risks and charges (EUR 9.8 million vs. EUR 9.9 million as of June 30, 2025); -52.1% in other operating income (EUR 4.1 million vs. EUR 8.5 million as of June 30, 2025, due to the non -recurrence of extraordinary income). The cost income ratio (calculated as the ratio of operating expenses, net of provisions for risks and charges, to net income from banking activities ) stood at 68% as of June 30, 2026 (57.8% as of June 30, 2025), primarily driven by the decline in net income from banking activities , which was impacted by the absence of capital gains on securities.
f) Income taxes showed a positive value of EUR 20.4 million (compared to a negative value of EUR 13.4 million as of June 30, 2025) as a result of BdM Banca recognizing non -qualified DTAs (Deferred Tax Assets) for EUR 50.2 million and the reversal of DTAs for EUR 12.4 mill ion.
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Deferred taxation was recognized following the execution of the probability test in accordance with IAS 12, utilizing the new Financial and Capital Projections for the 2026 –2030 period.
From a balance sheet perspective, the HTCS (Held to Collect and Sell) securities portfolio, consisting almost entirely of Italian Government Bonds, amounted to EUR 2,962.6 million (compared to EUR 3,020.4 million as of December 31, 2025).
Total net loans stood at EUR 11,660 million vs. EUR 10,937 million as of December 31, 2025 (+6. 6%), including loans to customers of EUR 10,961.9 million vs. EUR 10,342.9 million as of December 31, 2025, and HTC (Held to Collect) debt securities measured at amortized cost of EUR 698.2 million vs.
EUR 594.1 million as of December 31, 2025. At an aggregate level, before consolidation entries, net non-performing loans (NPLs) to customers recorded a net book value of EUR 237.3 million (compared to EUR 228.7 million as of December 31, 2025), with a coverage ratio of impairment provisions at 41.2%, down slightly from 42.3% in December 2025. The gross NPE ratio decreased slightly to 3.6% vs. 3.7% in December 2025, while the net NPE ratio held stable at 2.2%.
Direct customer deposits grew by 4.5%, reaching EUR 11,735.5 million vs. EUR 11,234.4 million in December 2025, while institutional funding, raised through debt securities issuance on the market, increased by 32.6% to EUR 2,032.8 million vs. EUR 1,533.6 mi llion as of December 31, 2025.
The CET1 capital ratio (which is equal to the Tier 1 capital ratio) and the Total capital ratio, both incorporating the profit for the period, stood at 15.6 1% (15.87% as of December 31, 20251) and 16.71% (16.96% as of December 31, 20252), respectively.
Liquidity ratios remained strong, with the LCR at 172% (162% as of December 31, 2025) and the NSFR above 100% (compared to 123% as of December 31, 2025).
1 The phased -in ratio as of December 31, 2025, stood at 15.96%, due to the transitional regime in force at the time.
2 The phased -in ratio as of December 31, 2025, stood at 17.04%, due to the transitional regime in force at the time.
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In addition to the information provided in this press release, the " Consolidated Results as of June 30, 2026 " presentation will be published on the Bank's website ( www.mcc.it/documenti -
informativi) .
For further information :
CF&PO – Finanza e Comunicazione Finanziaria – Gruppo Mediocredito Centrale Dott.ssa Elena De Gennaro
e-mail: investor.relations@mcc.it
Media Relations – Gruppo Mediocredito Centrale
e-mail: ufficiostampagruppo@mcc.it
phone +39 06 47912769 Giulia Palocci, giulia.palocci@mcc.it | +39 340 84 36 158
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Representation of Manager responsible for preparing the company’s financial reports
The undersigned Elena De Gennaro, in her capacity as Manager responsible for preparing the company’s financial reports of Mediocredito Centrale S.p.A.
ATTESTS
In compliance with the provisions of article 154 -bis, paragraphs 2, of Italian Legislative Decree no. 58 of 24 February 1998, that the financial information included in this press release corresponds with the entries in the accounting ledgers and documents .
Signed by
Manager responsible for preparing the company’s
financial reports
Rom e, August 5, 2026
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The consolidated balance sheet and consolidated income statement are attached, with the note that the limited review by the auditing firm has not yet been completed.
CONSOLIDATED BALANCE SHEET (thousands of Euros)
Assets 30/06/202 6 30/06/202 5 10. Cash and cash equivalents 1,234,704 960,181 20. Financial assets measured at fair value through profit and loss 97,688 94,083 a) financial assets held for trading 6,104 5,085 c) other financial assets mandatorily measured at fair value 91,584 88,998 30. Financial assets measured at fair value through other comprehensive income 2,962,635 3,020,368 40. Financial assets measured at amortised cost 11,813,762 11,079,359 a) to banks 153,683 142,408 b) to customers 11,660,079 10,936,951 50. Hedging derivatives 38,867 49,094 60. Fair value change of financial assets in hedged portfolios (+/ -) (17,630) (23,348) 70. Equity investments 833 614 90. Property, plant and equipment 159,419 157,875 100. Intangible assets 6,292 5,971 Of which :
- goodwill 1,656 1,656 110. Tax assets 321,263 277,331 a) current 97,046 88,652 b) deferred 224,217 188,679 120. Non -current assets and disposal groups held for sale 3,357 36,260 130. Other assets 264,450 331,079 Total assets 16,885,640 15,988,867
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cont.: CONSOLIDATED BALANCE SHEET
Liabilities and shareholders’ equity 30/06/202 6 30/06/202 5 10. Financial liabilities measured at amortised cost 14,819,019 13,993,540 a) due to banks 1,050,617 1,225,537 b) due to customers 11,735,583 11,234,416 c) securities issued 2,032,819 1,533,587 20. Financial liabilities held for trading 269 20 40. Hedging derivatives 11,279 2,818 50. Fair value adjustments of financial liabilities hedged on a macro basis (+/ -) (10) -
60. Tax liabilities 16,867 19,062 a) current 9,796 11,483 b) deferred 7,071 7,579 80. Other liabilities 694,999 664,283 90. Provision for employee severance pay 19,657 19,934 100. Provisions for risks and charges 136,246 164,668 a) commitments and guarantees given 4,222 7,023 b) pensions and similar obligations 3,358 3,484 c) other provisions for risks and charges 128,666 154,161 120. Valuation reserves (26,068) (14,786) 150. Reserves 902,361 821,486 170. Share capital 204,509 204,509 180. Treasury shares - -
190. Minority interests (+/ -) 35,072 33,633 200. Net income (loss) for the period (+/ -) 71,441 79,701 Total liabilities and shareholders’ equity 16,885,640 15,988,867
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CONSOLIDATED INCOME STATEMENT
Item 30/06/202 6 30/06/202 5 10. Interest and similar income 249,226 258,200 20. Interest and similar expenses (92,144) (90,436) 30. Net interest margin 157,082 167,764 40. Fee and commission income 111,637 109,536 50. Fee and commission expense (4,014) (4,030) 60. Net fee and commission income 107,623 105,506 70. Dividends and similar income 2,569 1,743 80. Net gains/(losses) on trading activities 1,579 2,311 90. Net gains/(losses) on hedging activities (797) (17) 100. Gains/(losses) on disposal or repurchase of: 2,151 22,008 a) financial assets measured at amortised cost (23) (44) b) financial assets measured at fair value through other comprehensive income 2,174 22,052 110. Net gains/(losses) of other financial assets and liabilities measured at fair value through profit and loss (754) 3,013 b) other financial assets mandatorily measured at fair value (754) 3,013 120. Net income from banking activities 269,453 302,328 130. Net value adjustments for credit risk for: (23,614) (49,029) a) financial assets measured at amortised cost (23,765) (49,193) b) financial assets measured at fair value through other comprehensive income 151 164 140. Gains/losses from contractual changes without derecognition (26) (16) 150. Net gains/(losses) on financial operations 245,813 253,283 180. Net gains/(losses) on financial and insurance operations 245,813 253,283 190. Administrative expenses: (177 ,429) (173 ,853) a) personnel expenses (118 ,040) (111 ,543) b) other administrative expenses (59,389) (62,310) 200. Net provisions for risks and charges (9,829) (9,866) a) commitments and guarantees given 2,802 (990) b) net other provisions (12,631) (8,876) 210. Net value adjustments on property, plant and equipment (8,867) (8,749) 220. Net value adjustments on intangible assets (904) (737) 230. Other operating income/expenses 4,062 8,488 240. Operating expenses (192 ,967) (184 ,717)
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250. Gains(losses) from equity investments - 1 280. Gains/(losses) on disposal of investments 153 3 290. Profit (Loss) from continuing operations before tax 52,998 68,570 300. Income taxes for the period on continuing operations 20,424 (13,389) 310. Profit (Loss) from continuing operations after tax 73,422 55,181 320. Profit (Loss) from discontinued operations after tax 18 2 330. Net income (loss) for the period 73,439 55,183 340. Non -controlling interests 1,998 1,960 350. Profit (loss) for the year attributable to the parent company 71,441 53,223