Mediobanca S p A : 9M RESULTS AS AT 31 MARCH 2025

MEDIOBANCA 9M/3Q RESULTS AS AT 31 MARCH 2025

Milan, 9 May 2025

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Agenda

Section 1. Executive summary

Section 2. 3M/9M25 Group results Section 3. 3M/9M25 Divisional results Section 4. OPS on Banca Generali

Annexes

1. Divisional tables

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9M RESULTS: MEDIOBANCA CONFIRMS GROWTH TRAJECTORY REVENUES UP 5% TO €2.8BN, NET PROFIT UP 5% TO €1BN, ROTE 14%

Executive summary Section 1

Ongoing strong commercial activity in all businesses
WM CIB CF €7bn NNM Avg. loan up by >€1bn €6.7bn new loans (9M, +42% YoY) (+8% YoY) (9M, +9% YoY)
Revenues up mid single-digit, low C/I		Double-digit growing fees
€2,768m up 5% YoY 43% 9M25 driven by all divisions C/I ratio		€819m up 24% YoY Fees 9M25 driven by CIB & WM

Net profit up 5%, EPS up 7%

EPS up 7% YoY

€1.19

9M25

Net profit up 5% YoY

€993m

9M25

Lower COR
47bps	50bps	-3bps YoY
9M25	9M24	driven by CIB

High K generation
15.6% CET14	15.2%	+55bps for Basel IV
3Q25	2Q25	driven by CIB & CF
70% payout

High remuneration
€0.56 Interim DPS	+	€385m SBB
70% of 6M Net profit		~70% already
ex date: 19 May 25		completed

1) Including ~75bps of 9M profit net of dividend (payout at 70%). The Corep CET1 ratio, excluding 9M retained earnings, is 14.8%, in

line with the ECB guidance for banks with ongoing buybacks that are not fully defined in the amounts. The fully loaded CET1 ratio

3 is ~ 15.3%bps, including the fully loaded impacts of CRR3 and excluding the impact related to FRTB.

SOLID PROGRESSION IN 3Q AFTER RECORD RESULTS IN 2Q, IN CIB ESPECIALLY

Executive summary Section 1

3Q Group revenues: >€0.9bn stable YoY, on diversified activity across divisions
WM	CIB	CF	INS
€247m	€226m	€326m	€106m
up 6% YoY	up 17% YoY	up 7% YoY	down 16% YoY
stable QoQ ex perf. fees	down 16% from record 2Q25	up 2% QoQ	down 17% QoQ

NII ongoing growth

Confirming resilient FY25 guidance

flat YoY

up 1% QoQ driven by CF & CIB

€497m €494m

3Q25 2Q25

Solid result in fees

up 15% YoY

down 14% QoQ

after record fees in CIB in 2Q

€273m €316m

3Q25 2Q25

Net profit/EPS at high levels

€0.40

2Q25

EPS

€0.40

3Q25

€330m

2Q25

Net profit resilient

€334m

3Q25

Decreasing COR driven by CIB and CF
39bps	50bps	CIB: €11m writebacks for
Group COR	2Q25	new PD model
3Q25		CF: down at 169bps, with
		€10m overlays used

WM - POSITIVE TRAJECTORY STRONG UNDERLYING TREND DESPITE UNCERTAINTIES

Executive summary Section 1

Solid NNM (TFA)

TFA NNM up 42% YoY AUM NNM up >3x YoY

€5.1bn

9M24

€7.2bn

9M25

Material TFA growth

up €12bn YoY up €1.4bn QoQ

€108bn €97bn

9M25 9M24

Ongoing recruitment due to healthy pipeline

54

3Q25

117 o.w.

9M25

New hires (FA+RM):

Deposits up €0.7bn with CoF down 10bps

CoF: 1.7% from 1.8%

3Q25 vs 2Q25

€28.9bn €28.2bn

3Q25 2Q25

Solid revenue trend

€102m €87m

3Q25 3Q24

Management fees up 17% YoY

€727m €690m

9M25 9M24

Revenues up 5% YoY

o.w. fees up 14% YoY

Net profit near to highest level
€169m €153m	up 10% YoY
9M25 9M24
€58m €53m	up 10% YoY
3Q25 3Q25	resilient QoQ