H1 2026 Results & Business Update
Table of content and colour key H12026 Group Results H12026 Domestic Market Results H12026 Spain Results
Business Update
Mediolanum Facts3
21 29
31 41
3 H1 2026 Group Results
4 € mn H1 2026 H1 2025 Change Net Commission Income 705.7 644.4 +10% Net Interest Income 478.5 366.8 +30% Contribution Margin 1,162.4 1,020.5 +14% Operating Margin 683.8 570.6 +20% Non-recurring Items 76.0 66.8 +14% Net Income 555.5 477.3 +16% Key ratios H1 2026 FY 2025 H1 2025 Cost/ Income Ratio* 36.1% 37.6% 39.1%
Acquisition costs/Gross
commission income Ratio35.8% 34.8% 34.3% Cost of risk (bps –12M-rolling) 19 16 0 Average Recurring Fee (bps) 198 202 204Economic & Financial HighlightsH1 2026
Group
Recurring fees up supported by positive net inflows and favourable market performance. Strong volumes of certificates in H1 Slight increase mainly driven by contest -related costs, with the associated commission income expected to materialise in the coming months CoR contained at 19 bps, in line with expectationsGrowth driven by higher deposit volumes and lower customer and treasury funding costs. FY target points to 15% -18% growth versus 2025Delivering profitable growth at scale *G&A expenses & Contribution to banking & insurance industries / Contribution marginStrong H1 core profitability, with revenue growth outpacing cost growth Quality growth with positive operating leverage and a well -diversified revenue model continued to support H1 resultsIncrease largely driven by higher performance fees Efficiency gains supported by cost discipline & increase in revenues
5 € bn H1 2026 H1 2025 Change FY 2025 Change Total Net Inflows 6.37 6.10 +4% Net Inflows into Managed Assets4.20 4.54 -7% Total AUA/AUM 168.23 144.42 +16% 155.80 +8% Loans Granted 2.08 1.86 +12% Credit Book 19.69 18.14 +9% 18.98 +4%
General Insurance
Gross Premiums (€ mn)129.06 114.42 +13%Business Results HighlightsH1 2026
Group
Sustained customer engagement driving resilient results despite volatility Robust net inflows reflecting the attractiveness of our business model, driven by both new customer acquisition and increasing share of wallet from existing customers.
Closing the gap vs. record 2025 confirming high -quality inflows directed into our investment solutions Total financial assets reached a record €168 bn, supported by positive net inflows and favourable market performance Credit products showing strong volumes, further fostering long -term
customer relationships
Credit book growth accompanied by excellent asset quality, reflecting our prudent approach to lending Premiums up 13% , reflecting our strategic commitment to protecting customers’ wealth & earning capacity
6Growth & Resilience DriversH1 2026
Group
Top-Tier Bankers: Family Bankers w/ €>50mn portfolio IIS -Intelligent Investment Strategy shifts from money market to equity over 3 -5 yrs.
Double Chance shifts from deposit accounts to managed assets over 3 -24 months Instalment plans shifts from liquidity to managed assets on a monthly basis30/06/2026 31/12/2025 Change Bank Customers 2,089,500 2,032,100 +3% Bank Customer Acquisition 109,900 199,500 Family Bankers 7,164 6,798 +5% o/w Top -Tier Bankers 826 697 +19% Top-Tier Bankers -Total Assets € 66.56 bn € 55.57 bn +20% IIS – Money market AUM € 5.93 bn € 5.05 bn +18% Double Chance – Assets in deposit accounts € 1.26 bn € 0.84 bn +50% Instalment Plans –Yearly flows € 2.82 bn € 2.50 bn +13%Continued customer base & network expansion Automatic investment services: disciplined investing + future flow visibility Growth driven by the attractiveness of our business model and the quality of our advisory services, with a strong contribution from new customer acquisition Almost 400 new Family Bankers recruited primarily from traditional banking, insurance & other sectors, attracted by the advisory model.
Existing network continues to improve productivity Automatic investment services remain the key entry point into equity solutions. Double Chance back in the spotlight offering a gradual entry into investment solutions perfectly suited to current environment.
7H1 2026
Group Capital Adequacy & Balance Sheet Highlights Temporary reduction driven by the front -loading of HTC book purchases, while remaining at very strong levelsStrong CET1 Ratio with no recognition of H1 net income in the regulatory capitalRobust capital position & ample liquidity capacity
H1 2026 0 FY 2025
CET1 Ratio 22.7% 23.0%
MREL TREA 25.7% 24.9%
Risk-weighted assets (€ bn) 16.97 16.68 Leverage Ratio 8.6% 9.5% Loan /Deposit Ratio 61.6% 62.2%
NSFR 185%*179%
LCR 406% 372%Lower ratio reflects strong deposit gathering, further enhancing a stable and cost -efficient funding profile RWA growth broadly aligned with the expansion of the underlying businessMREL ratio strengthened following the €500m senior preferred bond issuance completed in January, maintaining a comfortable buffer above the 22% requirement NSFR and LCR remain well above regulatory requirements, highlighting the Group's strong structural liquidity position Total Capital Ratio : 22.7% . SREP Req. on Total Capital Ratio: 13.2% for 2026 including P2G & CBR. Leverage Ratio = CET1 / Banking Group Assets. * NSFR available as at March 31, 2026 Preliminary data subject to change
8Income Statement
€ mnH1 2026
Group
H1 2026 H1 2025 Change Entry fees 30.3 32.0 -5% Management fees 762.5 681.1 +12% Investment Management fees 143.1 130.7 +9% Net insurance result 112.1 110.8 +1% Banking service fees 157.8 122.7 +29% Other fees 28.9 27.6 +5% Gross Commission Income 1,234.7 1,104.7 +12% Acquisition costs (442.0) (379.3) +17% Other commission expenses (87.1) (81.0) +8% Net Commission Income 705.7 644.4 +10% Net interest income 478.5 366.8 +30% Net income on other investments (0.8) 23.4 n.s.
LLP (Impairment on loans ) (20.4) (14.0) +45% Other revenues & expenses (0.6) (0.1) n.s.
Contribution Margin 1,162.4 1,020.5 +14% G&A expenses (410.1) (389.9) +5% Contributions to banking & insurance industries (9.5) (8.9) +7% Depreciation & Amortization (20.9) (16.9) +24% Provisions for risk & charges (38.1) (34.2) +11% Operating Margin 683.8 570.6 +20% Performance fees 73.7 48.8 +51% Net income on investments at fair value 10.4 19.1 -45% Extraordinary items (8.2) (1.1) n.s.
Non-recurring items 76.0 66.8 +14%
PROFIT BEFORE TAX 759.8 637.3 +19%
Income tax (204.3) (160.0) +28%
NET INCOME 555.5 477.3 +16%
9Income Statement by Quarter € mnH1 2026
Group
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
Entry fees 16.9 15.1 14.3 17.3 15.3 15.1 Management fees 343.6 337.4 360.5 372.8 375.2 387.3 Investment Management fees 66.9 63.8 68.1 70.4 71.1 72.1 Net insurance result 56.4 54.4 53.6 59.1 57.4 54.7 Banking service fees 48.5 74.1 59.5 76.5 80.5 77.4 Other fees 13.8 13.8 13.4 15.2 14.3 14.6 Gross Commission Income 546.1 558.6 569.3 611.3 613.8 620.9 Acquisition costs (186.9) (192.4) (195.3) (221.0) (216.0) (226.0) Other commission expenses (42.9) (38.0) (49.9) (45.8) (44.3) (42.8) Net Commission Income 316.2 328.2 324.2 344.4 353.5 352.2 Net interest income 180.0 186.8 214.9 230.4 236.3 242.2 Net income on other investments (0.3) 23.7 0.0 (1.4) (0.1) (0.7) LLP (Impairment on loans) (1.4) (12.7) (6.6) (11.0) (6.6) (13.8) Other revenues & expenses 0.6 (0.7) 0.7 (3.9) (1.2) 0.6 Contribution Margin 495.1 525.4 533.2 558.6 581.9 580.5 G&A expenses (185.4) (204.5) (174.8) (205.9) (197.9) (212.2) Contributions to banking & insurance industries (4.6) (4.3) (4.3) (9.4) (4.8) (4.7) Depreciation & Amortization (7.7) (9.1) (9.6) (9.9) (10.8) (10.1) Provisions for risk & charges (18.2) (16.1) (23.6) (25.8) (18.3) (19.8) Operating Margin 279.1 291.4 320.8 307.6 350.1 333.7 Performance fees 39.2 9.6 14.6 193.2 35.2 38.5 Net income on investments at fair value 12.8 6.3 4.3 4.7 (4.7) 15.1 Extraordinary items (1.1) 0 (4.6) 97.3 (1.1) (7.1) Non-recurring items 50.9 15.9 14.2 295.2 29.4 46.6
PROFIT BEFORE TAX 330.0 307.3 335.1 602.8 379.5 380.3
Income tax (86.7) (73.3) (86.3) (90.9) (103.3) (101.0)
NET INCOME 243.3 234.0 248.8 511.9 276.2 279.4
10 180 187215230 236 242
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26163141231313274235253229178192239248270407752811812
479
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1
2026Net Interest Income
€ mn
YoY Trend QoQ TrendH1 2026
Group
11 Acquisition Costs in detail € mnH1 2026
Group
H1 2026 H1 2025 Change Total commissions 345.5 300.5 +15% One -time commissions 49.0 42.0 +17% Ongoing commissions 296.4 258.5 +15% Total incentives & bonuses 72.6 60.3 +20% Incentives on individual net inflows 39.6 38.8 +2% Contest & bonuses 30.9 19.1 +62% Reimbursement of costs for customers events 2.1 2.4 -12% Costs related to the agency agreement 21.9 16.9 +30% Prexta agent commissions 2.0 1.6 +25%
TOTAL ACQUISITION COSTS 442.0 379.3 +17%
12€ mnH1 2026 Net Inflows H1 2026
Group
H1 2026 H1 2025
GROUP TOTAL NET INFLOWS +6,374 +6,105
Managed Assets +4,205 +4,543 -o/w Mutual Funds, U/L & Managed Accounts +3,652 +4,771 Administered Assets +2,169 +1,562 Italy -Banca Mediolanum Total Net Inlows +5,290 +4,866 Managed Assets +3,374 +3,675 -o/w Mutual Funds, U/L & Managed Accounts +2,988 +3,913 Administered Assets +1,915 +1,191 Spain - Banco Mediolanum Total Net Inflows +1,099 +1,248 Managed Assets +845 +877 -o/w Mutual Funds & U/L +679 +868 Administered Assets +254 +371 Germany -15 -9 Managed Assets -15 -9 -o/w Mutual Funds & U/L -15 -9
13 0.10.60.91.31.62.02.63.14.75.35.56.17.29.513.017.920.419.922.023.627.729.830.125.634.839.539.844.750.256.562.168.875.774.184.793.3108.4
103.7118.1138.5155.8168.2
8586878889909192939495969798990001020304050607080910111213141516171819202122232425 H1
26AUA/AUM Trend
€ mn
10y CAGRH1 2026
Group
9.6%Managed Assets (H1 26: € 125.1 bn)Administered Assets (H1 26: € 43.2 bn)
14 Assets under Administration/Management € mnH1 2026
Group
30/06/2026 31/12/2025 Change 30/06/2025 Change Italy - Banca Mediolanum 150,705 139,957 +8% 129,866 +16% Mutual Funds & U -L Policies 105,021 96,420 +9% 88,410 +19% Other Life Insurance Reserves 2,153 2,099 +3% 2,045 +5% Banking 43,531 41,438 +5% 39,411 +10% Spain - Banco Mediolanum 17,158 15,487 +11% 14,203 +21% Mutual Funds & U -L Policies 13,155 11,799 +11% 10,246 +28% Other Life Insurance Reserves 294 131 +124% 129 +127% Banking 3,710 3,557 +4% 3,828 -3% Germany 365 356 +2% 353 +3% Mutual Funds & U -L Policies 365 356 +2% 353 +3%
TOTAL AUA/AUM 168,228 155,800 +8% 144,422 +16%
15 Mutual Funds & Unit -linked policies look -through H1 2026 Groupas at 30/06/2026
Equity
56%Fixed
Income
43% Cash & Other 1% Certificates not included. Cash : liquidity not invested. Other :may include hedging derivatives (shown as negative).Money market funds (incl. ‘Intelligent Investment
Strategy’)
8%
16 Loans Granted € mnH1 2026
Group
1. Includes Prexta unsecured loansH1 2026 H1 2025 Change Mortgages 1,103 1,008 +9% Personal Loans 619 529 +17% Prexta1 358 323 +11%
TOTAL 2,080 1,860 +12%
3rd-party Loans 13 11 +24%
17
4.054.775.616.497.087.778.8910.3512.1414.3816.4417.0317.6218.9819.69
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026Credit Book Trend
€ mn
Personal Loans
MortgagesPrexta
Lines of CreditH1 2026
Group
10y CAGR 11%
18 Banca Mediolanum Italian Banks Gross NPE 1.51% 2.4%
Net NPE 0.75% 1.4%
Cost of Risk (12m -rolling ) 0.19%Credit Book & Quality € mnH1 2026
Group
1 Includes Prexta unsecured loans 2 32 3 Bank of Italy –‘Banks and Financial Institutions: Credit Conditions and Risk by Sector and Geographical Area –Q1 2026’ Bank of Italy -'‘Financial Stability Report No. 1 2026’30/06/2026 31/12/2025 Change 30/06/2025 Change Mortgages 13,760 13,343 +3% 12,856 +7% Personal Loans 2,925 2,728 +7% 2,554 +14% Lines of Credit 632 621 +2% 541 +17% Prexta12,375 2,290 +4% 2,186 +9%
TOTAL 19,691 18,983 +4% 18,137 +9%
19 General Insurance Gross Premiums € mnH1 2026
Group
H1 2026 H1 2025 Change Stand -alone policies 105.7 92.2 +15% New business 18.4 15.7 +17% In-force business 87.3 76.6 +14% Loan protection policies 23.3 22.2 +5%
GROSS PREMIUMS 129.1 114.4 +13%
20 Balance Sheet Structure –Banking Group H1 2026
Group
Straight -forward & solid balance sheet structure 4,032 19,518 232 217 19,691 192 Cash
Financial
AssetsECB
Due from BanksLoans to
customers
Other AssetsDeposits
Repo
Other liabilities
Equity€ mn
•Short duration (2 .9yr) •No sensitivity to ITA spread: all assets in HTC portfolio•High quality book: CoR at 19 bps •Mainly retail & collateralised 4,579 5052,196 4,5266032,016 43,881
Total
AssetsTotal
LiabilitiesSP Bondas at 30/06/2026 •Current account mandatory for all
customers
•Stable source of credit book funding & flows into managed assets •Flexible c ostof funding as main costs are linked to deposit account initiatives w/ short duration (Double Chance & Time Deposits) •Treasury dpt. carry -trade positions •Short duration (<1 week on avg.)Other deposits43,881
21 H1 2026 Domestic Market Results
22 Mutual Funds -AUM Trend € bn – including U-L assetsH1 2026
Italy
0.10.60.91.11.31.51.92.23.74.03.83.84.35.07.48.79.68.410.011.014.115.515.2
11.715.819.620.023.729.235.339.844.250.047.655.359.169.7
63.171.285.296.4105.0
8586878889909192939495969798990001020304050607080910111213141516171819202122232425 H1
26
23 Mutual Funds -Assets under Management € mnH1 2026
Italy
30/06/2026 31/12/2025 Change 'Best Brands' funds on funds (IRL) 31,500 30,651 +3% 'Challenge' mutual funds (IRL) 36,879 33,116 +11% Funds of Hedge Funds (IRL) 33 30 +10% 'Fondi Italia' mutual funds (ITA) 11,041 10,174 +9% 'Real estate' fund (ITA) 114 147 -23% 3rd-party stand -alone funds 7,977 7,032 +13% Other 4,667 4,244 +10% Adj. for own mutual funds in FoFs & Managed accts (550) (585) -6% MyLife ' U-L policy 22,393 20,347 +10% Other U-L policies 28,242 25,437 +11% Adj. for own mutual funds in U -L policies (37,273) (34,174) +9%
ASSETS IN MUTUAL FUNDS & U -L 105,021 96,420 +9%
24
Mediolanum
International
Funds (Ireland)
72.5%Mediolanum
Gestione Fondi
(Italy)
11.0%
other A.M.
companies
16.5%Mutual Funds -Assets by A.M. Company as at -including U -L assets 30/06/2026H1 2026
Italy
25 Banking -Assets under Administration € mnH1 2026
Italy
30/06/2026 31/12/2025 Change 30/06/2025 Change Cash deposits 28,064 26,770 +5% 26,033 +8% Repurchase agreements 7 8 -18% 6 +15% 3rd-party structured bonds 4,073 3,661 +11% 3,639 +12% Other securities 11,387 10,999 +4% 9,733 +17%
BANKING ADMINISTERED ASSETS 43,531 41,438 +5% 39,411 +10%
26 Banking -Interest SpreadH1 2026
Italy
2.95%3.10% 3.13% 3.14%
2.25%2.45% 2.44%2.31%
0.70%0.64% 0.69%0.84%
0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%
Q3 25 Q4 25 Q1 26 Q2 26Total Book Interest Income Interest Spread Cost of Funding3.20%3.36% 3.35% 3.36%
2.71%2.93%2.84%2.72%
0.48% 0.43%0.51%0.64%
0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%4.00%
Q3 25 Q4 25 Q1 26 Q2 26Customer Book Customer Interest Income Customer Interest Spread Customer Cost of Funding
27 Bank Balance Sheet Highlights € mn–as at 30/06/2026
Liabilities Assets
Customers 28,191 17,770 Treasury 5,042 17,673 Interbank / intra -group deposits & repos 1,001 389 ECB refinancing 0 499 MTS refinancing 3,541 0 Securities (bonds) 500 16,786 Other liabilities / assets 6,303 4,092
TOTAL 39,535 39,535
12,907 Operating Liquidity (24hr):H1 2026
Italy
28 4,558 4,720590-56 -13394753 01/01 Resigned Retired Recruited 30/06Family Banker Network - Italy
Portfolio size
(€ mn)Family
BankersAssetsAvg. Assets/FB
(€ mn)
> 100 3% 14% 151.8 50 – 100 14% 30% 66.5 30-50 23% 28% 38.8 15-30 31% 22% 22.1 <15 29% 6% 6.8 Total 100% 100% 31.7Turnover rate (last 12m )3.1%Portfolio size per cluster Headcount changeH1 2026
Italy
Banker Consultants Family Bankers Turnover rate excluding Retired Family Bankers: 2. 2% 5,1485,473
29 H12026 Spain Results
30 Spain HighlightsH1 2026
Spain€ mn
H1 2026 H1 2025 Change vs. FY Operating Margin 31.3 27.8 +12% Net Income 30.8 24.5 +26% -0.4 Total Assets 17,158 14,203 +21% +11% Managed Assets 13,454 10,375 +30% +13% Administered Assets 3,705 3,828 -3% +4% Total Net Inflows 1,099 1,248 -12% Net Inflows into Managed Assets 845 877 -4% +195440% Net Inflows into Administered Assets 254 371 -32% +195401% Credit Book 1,921 1,616 +19% +10% Family Bankers 1,691 1,629 +4% +2% Customers 296,415 270,750 +9% +4%
31
Business Update
32 Italian FA Networks -Ranking by Net Inflows Business
Update
H1 2026
Source: AssoretiManaged AssetsManaged Assets & Admin. Assets w/ Advisory feeTotal Net Inflows Allianz Bank 3,916 3,934 4,876 Gruppo Fideuram/Intesa 3,470 3,504 5,746 Banca Mediolanum 2,998 3,079 5,178 Banca Generali 1,631 2,187 4,457 Finecobank 1,491 2,502 6,388 Credem 922 1,464 1,688 Mediobanca Premier 728 1,045 1,445 BNL - BNP Paribas 326 339 544 Zurich Italy Bank 285 408 1,112 Banca Widiba 125 263 374 Banca Finint -55 108 270€ mn – totals by Group
33 Italian FA Networks -Market Share Source: Assoreti16%Total Net Inflows 19%Net Inflows into
Managed Assets
64%Mortgages Granted
99%General Insurance Gross
Premiums
60%Personal Loans
Granted16%Managed Assets & Admin.
Assets w/ Advisory feeBusiness
UpdateH1 2026
BMED Other FA networks
34 Time deposits Promo Offers Business
Update2023 -2026
EditionAnnual Interest
Rate (6 months )Inflows # Customerso/w New
customersTime deposits
transformed into
managed assets
(Target: 70%)
Q1 2023 4% € 1.9 bn 32,000 23% Q3 2023 4% € 0.5 bn 13,700 14% Q1 2024 5% € 2.2 bn 44,300 21% Q3 2024 5% € 1.9 bn 36,600 21% Q1 2025 4% € 1.8 bn 37,400 21% Q3 2025 3% € 1.5 bn 31,700 13% Q1 2026 3% € 1.7 bn 35,900 15% 47% as at July 20 •Promotions on time deposits have been extremely effective in acquiring new liquidity from both new and existing customers •Proven track -record of transforming deposits into managed assets thanks to the advice of Family Bankers in implementing the correct asset allocation •Short duration (6M) & full flexibility to adjust cost of funding with each edition according to rate environment
35 Creating the NEXT Generation of the Network Pairing high potential new graduates to work as junior assistants (‘Banker Consultant’) with our Top-Tier Bankers & Wealth Advisors ●‘Banker Consultants ’ initially receive dedicated training programme (Executive Master’s ) provided by Mediolanum Corporate University & supported with a scholarship ●Once fully licensed , the ‘ BCs’ work alongside their senior banker with extensive on-the-job training , managing day-to-day duties & operations as well as smaller customers ●The ‘ BCs’ free up time for the senior bankers to focus on larger customers & new business development ●As remuneration they receive a percentage of the senior banker’s commission , with a 3 -year minimum
monthly compensation
●This project supports higher Network productivity, organic growth and generational renewal across both the Advisory Network and the customer base , while accelerating the adoption of the latest technologies ●It also prepares the Network for the upcoming intergenerational wealth transfer, helping us engage the next generation of customers with a more digital and contemporary advisory approach ●783 ‘ BCs’ are already working with their senior banker as licensed FA as at July 28 ●164 ‘ BCs’ currently trainingBusiness
Update
36 Automatic Investment ServicesBusiness
Update
Investment services featuring automatic gradual switch into equity funds allowing customers to take advantage of dollar -cost averaging ●Big Chance (2001) •Capital is initially invested in money market fund•A portion of the assets is switched twice monthly into equity funds, investing the entire amount over 3/12 -month period ●Double Chance (2008) •Capital is initially parked in a highly -remunerated deposit account •Allows customer gradual entry into equity & fixed -income funds, investing the entire amount over 3/24 -month period ●Intelligent Investment Strategy (2016) •Capital is initially invested in money market fund•A portion of the assets is switched once or twice monthly into equity funds or U -L policy, investing the entire amount over 3/5 -
year period•Instalment amount automatically increases if equity fund value drops. Capital gains on equity >10% are switched back into money market fund to be reinvested over time ●Intelligent Accumulation Plan (2020) •Long -term instalment plan that shifts small amount of savings from current account to mutual funds monthly•Allows customers to gradually enter BMED equity & fixed -income funds •Instalment amount automatically doubled each month the fund unit price is 5% below the avg unit price of a customer
37 The ‘Double Chance’ Service ●A long -term investment strategy /service that allows the retail investor to gradually enter the global financial markets via Mediolanum investment products, while mitigating the effects of volatility & taking advantage of
dollar -cost-averaging
●Capital is initially parked in a highly -remunerated deposit account (rates currently offered : up to 2.50% annual according to selected duration & asset class) ●Allows customer gradual investment into equity or high -
yield funds over 3/24 -month period , automatically transferring the established amount 2 or 4 times a month ●Interests of the deposit account automatically credited to the customer's checking accountDouble Chance
Deposit Account
(Adm Assets)Equity Investment Product of choice
(Mngd Assets)
Instalment Plan Duration :
3 to 24 Months 2 or 4 Automatic Transfers per MonthLaunched June 2008Business
Update
38Business
Update
* versus each customer’s average purchase price Launched June 2016The ‘Intelligent Investment Strategy’ Service (IIS) ●A long -term investment strategy /service (10+ yrs, € 30k+) that allows our customers to gradually enter the equity markets in order to take advantage of the overall growth of the world economy ●Designed to remove emotional barriers associated with equity investments by making rational choices at the beginning of the plan rather than during crises or volatile
markets
●The amount invested is first put into a money market fund , and then fully converted into Mediolanum equity funds or MyLife U-L wrap account over 3-4-5 years , through automatic transfers 1 -2 times per month ●Thanks to the Automatic Step -In/Step -Out feature, when the unit price of equity funds has a strong decrease* the transferred amount is multiplied accordingly .
Vice versa, in case of an extraordinary increase (+10% or 20%), the capital gains are shifted back into the money market fundEquity Fund
Unit PriceInstallment
amount
5% to 10% decrease X2 10% to 15% decrease X3 15% to 20% decrease X4 20% or more decrease X5
39Business
UpdateLaunched June 2016The ‘IIS’ service at work ‘Market crises are buying opportunities’: not just a slogan Step ins & step outs reduce avg unit price on investments, allowing customers to benefit from market volatility.
€ 5.9 bn of money market managed assets are bound to be transferred from monetary funds into equity through planned instalments & step -ins over the next 3 -5 years, supporting av erage recurring revenues .
-80-302070120170220270320370
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 planned instalments € - LHS step-ins € (x2 x3 x4 x5) -LHS step-outs € - LHS MSCI WORLD E - NR - RHS€ mn
40 Group Customer Base
1,793
296Banca
Mediolanum (ITA)
Banco
Mediolanum (SPA)Total Customers
2,090k
End Goal:
to be the Customer's Primary BankBusiness Updateas at 30/06/2026 1,493k hold a bank account •69% use BMED as Primary Bank (internal data analytics) •38% use BMED as the Only Bank
(2025 survey)(‘000)
41
Mediolanum Facts
42 Banca Mediolanum at a Glance •Mediolanum International Funds (AM) •Mediolanum International Life (INS) •Banca Mediolanum (BANK & DISTRIB) •Mediolanum Gestione Fondi (AM) •Mediolanum Vita (INS) •Mediolanum Assicurazioni (INS)
•Prexta (CONS.CRED)
•Banco Mediolanum (BANK &
DISTRIB)
•Mediolanum Gestion (AM) •Mediolanum Pensiones (AM)Licensed Financial Advisors
(Family Bankers)
>7,100
Total Assets (AUA/AUM) > € 168 bn
Credit Book
€ 19.7 bn●Aleading Italian asset gatherer focused on the Italian and Spanish retail markets ●A vertically integrated model with full control over the value chain , from manufacturing to distribution ●A comprehensive financial services offering across banking, investing and insurance ●A multi -channel platform with no traditional physical branch network Net NPE Ratio
0.75%CET1 Ratio
22.7%ROE
10-yr avg: 21.8% 2025: 29.1%Bank Customers > 2.1 mnEmployees
> 4,100Mediolanum
FactsData as at 30.06.26
43
Doris
Group
FininvestFree
FloatMediolanum
Facts
Banco
MediolanumMediolanum
Fiduciaria
Mediolanum VitaMediolanum
International LifeMediolanum
AssicurazioniMediolanum
Gestione FondiMediolanum
International
FundsMediolanum
Gestion S.A.
100% Banca
Mediolanum93% Banca Mediolanum 7% Banco Mediolanum100% Banco
Mediolanum100%
100%
100% Flowe100%
(direct & indirect
ownership )BANKING
ASSET
MANAGEMENT
INSURANCE
OTHER40.2%
30.0% 29.8%
All companies
Italy-based unless
otherwise indicatedPrexta Mediolanum Comunicazioneas at 30/06/2026BMED Shareholders & Group Structure
44Mediolanum
Facts
Insurance
BankMutual
FundsBanca Mediolanum’s Integrated Business Model ●We and our Family Bankers operate as one single integrated platform , delivering the solution that best fits each customer’s needs across banking, protection and investments ●The Bank (established in 1997) plays a distinctive role as the natural entry point for building customer savings ●It is also the area where service quality is most tangible and most easily appreciated by
customers
●As such, it is the primary gateway for new
customer acquisition
45Mediolanum
Facts
CUSTOMER
V A L
U E A
D D E
D
Customer
Banking Center
600 Reps
>7,100
Family
BankersTMAutomated
Telephone
Services
(VRU / SMS)
Almost 9,000
3rd-party branches/
smart ATMs
(Intesa, Unicredit , Euronet) + 40,000 Mooney POS
Entire
ATM networkWebsiteMobile apps (all platforms ) Real -time sharing of customer information C A S H L O G I S T I C S I N F O R M A T I O N T R A N S A C T I O N S A D V I C EBanca Mediolanum’s Multi -channel Model
46 Customers: freedom in bankingMediolanum FactsWhere personal advice meets direct banking convenience Family Bankers: the human touch •Entrepreneurial exclusive Family Bankers remunerated on commissions and with a strong advisory mindset Advice and support anytime, anywhere •Trained to address the full spectrum of household financial needs A single point of contact across banking, investments and protection •Aligned with Mediolanum’s view of banking as a powerful acquisition and long -term
relationship anchor
Support extending beyond investments to everyday banking needs •Direct channels seen as a source of synergy, not
competition
The convenience of direct banking, with the reassurance of a trusted advisor
47 Italian Household Financial AssetsMediolanum
Facts
2.704.0914%14.8%
9%21.1%
4%4.7%
-30%-10%10%30%50%70%
0.002.004.006.008.0010.0012.0014.0016.0018.0020.00
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Italian HH fin. assets* (€ trn) Traditional banks (%) Post office (%) Asset gatherers (%)
Insurance agents73%
59.4%Over the last few years, asset gatherers have outgrown traditional banks and steadily gained market share (*) Includes deposits , administered & managed assets. Does not include real estate, shares of unlisted companies, TFR (end -of-service pay)& cash, as these assets are a non -
addressable market for financial institutions. Total wealth of Italian households – all items included - is equal to € 6.27 trn in 2025 . Source: BMED & PrometeiaAsset gatherers have been gaining ground mainly thanks to:
●A meaningfully stronger service model ●More specialised and personalised
advice
●Solutions built around customer needs ●A more relevant product offering ●Strong appeal for experienced professionals from traditional banksBMED 3.4%HH addressable Assets as at Sept . ‘25: € 4.09 trillion
48 Net Income Trend
€ mn
2008 & 2010: adjusted net income excluding effects of ‘Lehman Brothers’ operationMediolanum
Facts
38 49 54 607588115 10382129 141233 224 212
131217 224
67351337321439
394380
256565
434713
5078221,1201,238
556
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 H1
26
49 Dividend Payout Mediolanum
Facts
27 34 41 50 69 73 73 80102 146 146 146 110 110 114 81132184 199 222294 294 293 308323339 369519 553 5919588184333 27 26 34 38 46 30 950 3988 78 6621107 110 -14219 153 122217 100 86
-37162
111286
153303382314
54607588115103 82129141233224212
131217224
67351337321439394380
256565
434713
52282211201238
969798990001020304050607080910111213141516171819202122232425Retained Earnings
Base DividendsNet Income 0.04 0.05 0.06 0.07 0.10 0.10 0.10 0.11 0.140.20 0.20 0.20 0.15 0.15 0.16 0.110.180.25 0.27 0.300.40 0.40 0.400.550.440.580.500.701.001.25 DPS (€)###€ mn
Special Dividends
All dividends are ordinary in nature.
2019 dividend balance & 2020 dividend paid in Oct. 2021 due to Covid -19 ECB ban.42 base + 13 special 46 base + 12 special 75 base + 25 special 80 base + 45
special
50Mediolanum
Facts
Total Net Inflows Net Inflows into Managed Assets2.43 2.433.754.615.266.04
5.38
4.12 4.067.729.18
8.30
7.1310.4411.64
6.37
0.851.673.224.22 4.05
3.545.38
3.04 2.954.116.66
5.95
4.017.649.06
4.21
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 26Net Inflows Trend
€ bn
51
High Inflation
BTP Competition
Mediolanum
Facts
Source: Assoreti
BMED: 25 Years of Consistent Net Inflows Anti-cyclical flows mean better performance for customers thanks to dollar -cost-averaging
Twin Towers
AttackSubprime
MortgagesSovereign
Debt10y BTP Yield stable above 4%Decreasing
YieldsITA Banks
CrisisPopulism
RiseCovid -19
Lockdown
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net Inflows into Managed Assets
52 4,720 1,691 753 1,581 1,659 2,046 1,915 1,828 1,885 2,200 2,513 3,018 3,842 4,114 4,427 4,501 4,397 4,535 5,633 5,525 5,352 5,211 5,012 4,866 5,059 5,098 5,142 5,161 5,154 5,184 5,155 5,417 5,762 6,054 6,216 6,415 6,798 7,164
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 H1
26Family Banker Network Group Licensed Financial AdvisorsMediolanum
Facts
Italy
Spain
Banker Consultants (ITA only)
53Italy – Avg. Portfolio Size & Family Banker Distribution by Portfolio Size
8.59.910.912.213.314.816.3 16.218.720.422.921.324.22830.431.7
11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 H1
26Mediolanum
Facts€ mn
29%31%23%14%3%
Avg.
Portfolio40%48%11%1%
Avg.
Portfolio€15-30 mn€>30 mn
€5-15 mn
€15-30 mn€30-50 mn €<15 mn€50-100 mn Banker Consultants not includedFB Distribution by Portfolio Size in 2011FB Distribution by Portfolio Size in 2026Average Portfolio Size
>€100 mn
€<5 mn
54 Top-Tier Bankers: Productivity continues to rise Italian Network Average Total Portfolio -€ mnper advisorMediolanum
Facts
25.127.926.229.533.236.0 35.5
20.422.921.324.228.030.4 29.575.6 76.778.8 78.8 78.680.1 79.3 2020 2021 2022 2023 2024 2025 Q1 26Italian FAs Market
Assoreti
Family Banker
Network - ItalyTop-Tier Bankers - Italy Top-Tier Bankers: Family Banker w/ portfolios > €50mn. * H1 2026 Top -Tier Bankers average portfolio: €80.9 mnN°Advisors : 188 Total Assets: €14.2 bnN°Advisors : 678 Total Assets: €53.8 bn *
55 Total Customers Mediolanum
Facts
746854972 985 9891,0101,0681,137 1,163 1,176 1,151 1,124 1,119 1,1271,1781,2311,2901,3331,3761,4131,4861,5871,6861.7991.9192,0322,090
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 H1
26Italy
Spain(‘000)
56 Primary Bank Account Holders 58.366.470.1 72.7 74.877.8 79.273.480.884.190.0
80.684.491.896.4100.2
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 26Mediolanum Facts€ thousandsItaly - Average Assets per Customer
57 Spain - Net Income
€ mn
Impairment of CGU ‘ Spain ’Mediolanum
Facts
1.3-1.10.01.53.46.8 7.1
-6.3-0.1 0.63.927.426.3
21.0 20.028.8
17.615.034.2
31.545.1
35.661.981.1
57.7
30.8
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 H1
26
58 0.95 0.98 1.13 1.180.76 0.93 0.99 0.99 1.18 1.461.89 2.222.653.34 3.424.275.146.526.097.289.7111.9313.45 1.07 1.191.36 1.17 0.64 0.65 0.63 0.590.620.911.101.321.231.33 1.421.652.052.412.783.263.363.553.70 2.02 2.172.49 2.35 1.40 1.58 1.62 1.581.802.382.983.553.884.66 4.845.927.198.94 8.8710.5413.0815.4917.16 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 H1 26Spain - Assets under Administration 10y CAGR€ bnMediolanum
Facts
16%Administered Assets (H1 26: € 3.7 bn) Managed Assets (H1 26: € 13.5 bn)
59 Spain - Net Inflows Trend
€ mnMediolanum
Facts
Managed Asset InflowsTotal Net Inflows
79435
-223-2916 3595 114451522599
3276195596071,1071,259
1,018
8651,5031,954
1,099
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 H1 26
34 79 76 52 -10873 4398 88238364 343422613
440 418688935
690
5291,4511,954
845
60 157 163 169 1872283334515627451,0261,1701,3491,4941,7441,921 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026Spain - Credit Book
€ mn
10y CAGRMediolanum
Facts
Personal Loans
MortgagesLines of Credit 25%
61 Spain – Family Banker NetworkMediolanum
Facts
375453 419524593
448407 439 505 551 652 712 755 835 900 996 1,029 1,318 1,504 1,620 1,640 1,614 1,650 1,691
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 H1 26
62 Banking Book Composition Mediolanum
Facts
Banking Book: € 17.8 bn ( nom . values )€ bn – nominal value – as at 30/06/2026
68.1% 31.9%Fixed
FloatingRate TypePortfolio
No sensitivity to ITA spread as the entire book is measured at amortised cost (HTC)Sector %
Government 97.5%
Financial 2.5%
Govies %
Italy 68.5%
Spain 7.3%
Other EU Countries 24.2%
2.95.1
Avg. Duration Avg. Maturity Prudent & very flexible approach thanks to short duration & very low risk appetitePortfolio
63 Our investment strategy explains the consistency of our inflows & transfers ‘technical performance’ into ‘customer performance’Mediolanum Facts Investment Advisory Strategy ●We advise our customers proposing products & services that correspond to each of their specific needs ●Investor needs remain fundamentally the same, they are not influenced by market
crises
●We do not engage in stock -picking, tactical asset allocation decisions, or market -timing ●We recommend a series of diversification criteria , the most important being time horizon (5D Strategy) ●Equity investments are only considered for the long term (>10 yrs) and are diversified across the global economy to further reduce risk ●We strongly advise investors who have a long -term outlook to view market crises as
buying opportunities
64 Contractual Service Margin
3,107267276
-1263,524
CSM
01/01/26New business
CSMCash flow
updateUnwinding
through P&LCSM
30/06/26Revenues in the
Net Insurance
ResultEffects of new
production on
CSMUpdate on
reserves , fair value , free -risk yield curve & otherGreater visibility on future earnings from insurance businessCSM is the new key metric showing size and stability of revenues ready to be recognised in future yearsMediolanum
Facts€ bn
65
Mediolanum
Facts
●Inaugurated March 2009 ●Centralises our training know -how, in coordination with top universities, professors and individuals who are experts in the field ●Provides our Family Bankers & employees with a resource for life -long education ●Develops financial education programs dedicated to our customers & the communityTraining & Communication Mediolanum Corporate University
66 A proprietary state -of-the-art tool established in 1989 Online programs to train , motivate & communicate with our Family Bankers Daily specials dedicated to crisis -related topics were added to the ongoing programming in 2008/2009, 2011, 2018, 2020, 2022 & 2026Mediolanum
Facts
Training & Communication Corporate TV Channel ●Financial news commented by top company executives ●Company news & product information ●Online training course support ●Inspirational thoughts for personal motivation & sales techniques
67Mediolanum
Facts Marketing Events Results are measur able:
●13 nation -wide in -person events , with over 2,000 attendees & 1 million digital viewers in 2025 ●Over 3,000 digital/in -person events organised by Family Bankers:
over 200,000 attendees ●Net inflows into managed assets of invited customers in the 3 months post -events ●Expenses are reimbursed to Family Bankers only if set commercial target is met ●Average commercial value of media coverage is also regularly tracked
68 Top Performer in Customer Experience Mediolanum
Facts
Solid customer relationship is built on best -in-class service delivery both human & digital
Customer
Satisfaction
95% Market Avg: 93% Net Promoter Score
63.1
1st Bank in Italy Market Avg: 21.9
Customer
Retention
96%Overall
Satisfaction
92% Market Avg: 63%
Availability
In 202 5 Family Bankers had 9 contacts on average with their customersOverall
SatisfactionDigital
PlatformFinancial Advisor
Interaction
Mobile App
Satisfaction
82% Market Avg: 71% App Store Rating 4.7
4.5Perceived
Value
Comprehensiveness of
Offer
84.1
Market Avg: 76.9 Value for Money 77 Market Avg: 70.9
Focus on
Sustainability
83.4
Market Avg: 70.2Source: BMED; Ipsos Doxa Survey Customer Satisfaction 2025; Play Store & Apple StoreIpsos Doxa Survey – Customer Satisfaction 2025
69 70%
56% 46%
28%
26%24%
19% 18%
15% 14%
source: GfK – an NIQ company
Mediolanum
FactsThe 3rd best known bank brand in Italy Spontaneous brand awareness –Italian banks –June 2026
70
35.7
26.5
19.8
18.5
10.7
10.0
5.7 5.2
4.0 3.8
3.2 2.2
1.8 1.5
source: GfK – an NIQ companyMediolanum FactsSpontaneous recall of advertisement –Italian banks –H1 2026The most memorable adv in the banking industry
71 Grandi patrimoni – Delivering Excellence •An ecosystem of high -end services for the customer with more complex needs & portfolios above €2 mn •Opt-in contract that our Top -Tier B ankers may offer to customers at their discretion •Strong service differentiation and involvement of HQ teams to deliver best-in-class expertise
Main features:
•Advanced advisory (Fee on top) including a selection of ETFs &
Securities
•Dedicated products (Credit, Managed Accounts, Certificates,
Private Markets)
•Wealth Management (Wealth & Financial Planning, Family Holding Management, Family Governance) •Investment Banking (Company Check -up, IPOs, Bond issuances, M&A, Company Sale) •Fiduciary Services & Trusts
Mediolanum
Facts
72 The development of the digital customer:
A totally digital Bank account addressing the needs of ‘digital young adults’ ●For those who require a full -service account, but aren’t in the market for advice like the typical BMED customer ●Not only an account but a comprehensive offer of
banking services
●Credit, managed assets & general insurance
products available
●Able to be managed on a ‘do -it-yourself' basis, ‘à la carte’ ●135,100 digital customers as at 30/06/2026. Another 42,900 already upgraded to the Family Banker
model
●Cross -selling activity growing according to
expectationsBusiness
UpdateLaunched January 2021
73Mediolanum
Facts
Source: BMED based on Bloomberg data€ bn –as at 24/07/2026Ranking of Italian Banking Groups by Market Cap
121.3
113.8
35.4
29.0
23.7
22.6
17.0
14.5
7.6 6.5
1.9 0.9
0.1Unicredit
Intesa-SanPaolo
MPS
BPER
Banco-BPM
Mediobanca
Banca Mediolanum
FinecoBank
Banca Generali
CREDEM
Banca Desio
Banca IFIS
Banca Sistema
74
* Total Return Index includes dividend reinvestments , June 3, 1996 – July 20, 2026 Source: Datastream0%500%1000%1500%2000%2500%3000%3500%4000%4500%
Price Return
Reinvested Total ReturnMediolanum
FactsMED.MI / BMED.MI
Price Return & Total Return Index*
75 Disclaimer
This document has been prepared by Banca Mediolanum S.p.A. for the sole purpose of providing information and presenting the Group’s strategies.
The information, opinions, valuations and forecasts it contains have not been audited by any independent body; they may be al tered at any time without notice.
No guarantee, express or implicit, is given by Banca Mediolanum S.p.A. or by any of the Mediolanum Group companies as to the reliability, completeness or accuracy of the information or opinions in the present document.
Publication, communication to others, and reproduction of all or any of this document’s contents are forbidden, except with t he express written consent of Banca Mediolanum S.p.A.
Neither Banca Mediolanum S.p.A., nor the companies belonging to the Mediolanum Group, nor their representatives, managers or employees accept liability for any losses directly or indirectly resulting in any manner whatsoever from use of the present d ocument or of information in any way attributable thereto.
Forecasts in this document has been prepared with the greatest care, but is nevertheless based on assumptions which could pro ve wrong because of risk factors outside the control of Banca Mediolanum S.p.A. and the Mediolanum Group companies. There is no guarantee that present forecasts will match future performance.
This document is not a recommendation to invest in any financial instrument, nor an invitation to subscribe or purchase share s, nor is any part thereof intended to serve as a basis or reference source for any contract or undertaking whatsoever on the part of Banca Mediolanum S.p.A. or any of the companies belonging to the Mediolanum Group.
Receipt of this document implies acceptance of its limitations as described above.
DECLARATION BY THE SENIOR MANAGER IN CHARGE OF DRAWING UP COMPANY ACCOUNTS
The undersigned, Mr. Angelo Lietti, declares, pursuant to Section 154 bis(2) of Legislative Decree 58/98 “ Testo Unico della Finanza ”, that the accounting data set out in this presentation agree with the documentary records, books and accounting entries.
The senior manager in charge of drawing up Company Accounts
Angelo Lietti
Figures contained in this document are rounded for presentation purposes.
76
Banca Mediolanum
S.p.A.
Via Ennio Doris 20080 Basiglio MI – Italy http://www.bancamediolanum.itInvestor Relations Contacts