Mediobanca S p A : Financial statements for 9m to 31/03/25 approved

OUTSTANDING 9M RESULTS: Revenues €2.8bn, net profit approx. €1bn, ROTE 14% Interim dividend €0.56 per share payable in May; balance to be paid in November 2025 Mediobanca and Banca Generali THE COMBINATION1 CREATES A EUROPEAN LEADER IN WEALTH MANAGEMENT TFAS >€210BN, NNM >€15BN REVENUES €4.4BN, 45% FROM WM NET PROFIT €1.5BN, 50% FROM WM ROTE 20% Distribution: confirmed at €4bn for FY 2023- 26* Mediobanca Board of Directors' Meeting Milan, 8 May 2025

‌1 Public exchange offer presented on 28 April 2025, Mediobanca data pro forma (as at 31/12/24, annualized)+ BG (data as at 31/12/24).

(*) FY 2023-24, FY 2024-25, and FY 2025-26.

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9M: RESULTS CONFIRM GROWTH TRAJECTORY

Group revenues of €2,768m in 9M (up 5%2), with significant growth in all businesses:

WM up 5%2 (to €727m), CIB up 26%2 (to €677m), CF up 7%2 (to €954m), INS stable2 (at €349m)

Cost/income ratio < 43%

Cost of risk declining to 47 bps (down 3 bps2)

Net profit for 9M: €993m (up 5%2); EPS 9M €1.19 (up 7%2); ROTE 14% (up 60 bps2)

3M: SOLID TREND

Group revenues totalled €920m in 3Q (up 3% YoY2), driven by all banking divisions

WM up 6%2 (to €247m), CIB up 17%2 (to €226m), CF up 7%2 (to €326m), INS down 16%2 (to €106m)

Net interest income resilient (€497m in 3Q, stable YoY, up 1% QoQ3)

driven by recovery in volumes and resilience of asset yields

High fee income of €273m in 3Q (up 15% YoY, down 14% QoQ)

following record results in IB advisory business in 2Q

Cost of risk declining to 39 bps (down 11 bps QoQ)

writebacks in CIB due to portfolio quality, CoR reducing in CF (to 169 bps)

Net profit €334m (stable)

HIGH CAPITAL GENERATION AND SHAREHOLDER REMUNERATION

CET1 15.6%4, following Basel IV benefits of 55 bps

Interim dividend of €0.56 p.s, shares ex-rights on 19 May 2025, balance payable in November

€385m share buyback5 in progress (71% already completed)

FY 2024- 25 GUIDANCE CONFIRMED

Growth in TFAs: NNM of €9-10bn Net interest income resilient

Growth in fee income: low double-digit

Growth in Earnings Per Share (EPS): 6-8%6 YoY

High distribution with low execution risk: cash payout 70% + share buyback7

‌2 YoY chg: 9M end-March 2025 vs 9M end-March 2024; or 3M end-March 2025 vs 3M end-March 2024.

‌3 QoQ: 3M end-March 2025 vs 3M end-March 2024.‌

4 Including approx. 75 bps in earnings for 9M net of the dividend (payout ratio 70%). The Corep CET1 ratio, net of retained earnings for 9M, is 14.8%, in line with the ECB guidance for banks with buybacks in progress for which the final amounts have not been fully defined. The CET1 ratio fully loaded is equal to approx. 15.3%, including the impacts of CRR III fully operative, but not including the impact of the FRTB regulations.

‌5 Approved by ECB and by shareholders at the October 2024 AGM for a maximum amount of €385m, launched on 12

November 2024.

‌6 Includes cancellation of shares acquired as part of the €385m buyback being implemented in FY 2024-25.

‌7 Amount established at the end of the financial year in accordance with the regulations in force and subject to authorization by the ECB: cumulative distributions for FY 2023-24, FY 2024-25, and FY 2025-26.

WM: EFFECTIVENESS OF PRIVATE & INVESTMENT BANKING MODEL AND STRENGTH OF MEDIOBANCA BRAND IN MB PREMIER REPOSITIONING DRIVE GROWTH

The development of MBWB is facilitated by Mediobanca's distinctive positioning in Italy as a Private & Investment Bank, able to seize market opportunities in an uncertain macro and geopolitical scenario. The division's growth is outperforming the system, on the back of an enhanced product offering within the Mediobanca ecosystem, plus the continued strengthening of the network which already ranks first in Italy by productivity ratios. These features will be bolstered by the industrial and financial rationale of the combination with Banca Generali, which will generate approx. €300m in synergies at the level of GOP.

In 9M:

Development of PIB model (€0.9bn from liquidity events); Private Markets platform continues

to expand

Franchise strengthened: in 9M 117 new bankers/FAs added, 54 of whom in 3Q, with high-end clients increasing

TFAs up €12bn in 12M to €108bn, with NNM of €7.2bn in 9M

(11% of TFAs on an annualized basis)

Revenues up 5%2 to €727m, with €247m generated in 3Q (up 6% YoY)

Fee income €413m (up 14%2), €143m of which in 3Q (up 16% YoY) Net profit €169m (up 10%2), €58m of which in 2Q (up 10% YoY) RORWA up 20 bps2 to 3.8%

CIB: CAPITAL-LIGHT PLATFORM INCREASINGLY SYNERGISTIC WITH WM, INTERNATIONAL PRESENCE ENHANCED, AND HIGH ASSET QUALITY

Growth in CIB has been helped by the interest rates dynamics, and by the expectation that corporate activity will remain robust even in the current uncertain market scenario. Mediobanca has a competitive advantage in this macro scenario, deriving from its traditional leadership position in Italy and Southern Europe, with areas of excellence in specialist segments, its strong roots in the mid-corporate space, and the growing synergies with WM. The new initiatives unveiled in the 2023-26 Strategic Plan gradually coming to life have helped the business increase in profitability, with RORWA now up to 2.1%.

In 9M:

Robust IB activity: 72 deals announced, up 29% YoY8

Record results posted in tech/digital advisory services (Arma Partners), strong Energy Transition business, mid-cap presence launched in Frankfurt, and BTP Specialist operations

Revenues up 26%2 to €677m, with fee income up 52%2 to €341m (advisory component up 86% to €243m) and NII up 2%2 to €238m, due to recovery in volumes

High fee income levels in 3Q (€107m), following the record 2Q results due to the execution of

several major deals both in Italy and internationally

Loan writebacks (€11m) due to adoption of new IFRS9 PD model

RWAs down 16% YoY (€14.1bn), despite a resumption in volumes in last 6M;

€1.4bn reduction in 3Q due to Basel IV benefits (€1.3bn)

‌8 Including Arma Partners and Messier et Associés deals.

Net profit up 33%2 to €225m, €84m of which in 3Q

RORWA up 90 bps2 to 2.1%

CF: RECORD RESULTS DUE TO VOLUMES AND MARGINS GROWTH, COST OF RISK REDUCING

Mediobanca, through Compass, is one of the leaders in consumer credit in Italy, a business which has appealing growth rates due to the demographical and behavioural changes being shown by Italians. In a decreasing interest rate scenario, the fixed rate loan book turnover coupled with strong risk governance have produced growing average yields. Against this backdrop, Compass has confirmed its position as the main driver of growth in net interest income for the Group, with a competitive advantage given its leadership position in digital/BNPL channels, the fact that 80% of its new business in personal loans is generated through its proprietary network, and having developed a sophisticated pricing and scoring systems in over 60 years of business, across all economic cycles.

In 9M:

New loans totalled €6.7bn in 9M, accelerating in 3Q with almost €2.4bn in new business,

focused on the most profitable segments (personal loans and direct distribution)

NII continues to grow, up 9%2 to €845m (3Q €288m, up 2% QoQ), with profitability growing in a declining interest rate scenario

CoR 174 bps (169 bps in 3Q, with €10m in overlays used)

Net profit at record high levels: €308m (up 6%2), €105m of which in 3Q RoRWA up 20 bps2 to 2.9%

INSURANCE

High contribution decorrelated from other businesses

The contribution of the Group's investment in Assicurazioni Generali is positive, because of the stability and visibility of the company's earnings; the high return on the investment is also boosted by the favourable regulatory treatment introduced by the Danish Compromise.

In 9M:

Revenues stable2 at €350m, €106m of which in 3Q Net profit down 1%, to €350m

RORWA down 20 bps2 to 3.2%

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With Renato PAGLIARO in the Chair, the Directors of Mediobanca approved the individual and consolidated financial statements for the period ended 31 March 2025, as illustrated by Chief Executive Officer Alberto NAGEL and Group General Manager Francesco Saverio VINCI.

Alberto Nagel, CEO of Mediobanca, said: "Mediobanca has delivered growth in all its divisions for the nine months, despite the uncertain scenario, consolidating the main initiatives provided in the 2023-26 Strategic Plan. All the physical and digital platforms have been enhanced by attracting the best talents: the service offering has been expanded and repositioned to increasingly reflect the Private and Investment Banking model, which has been welcomed enthusiastically by both

clients and Financial Advisors. The combination between Banca Generali and Mediobanca we announced on 28 April 2025, which we will ask our shareholders to approve at the general meeting called to take place on 16 June 2025, completes the Mediobanca Group's transformation process to become a diversified player focused on high growth and low capital absorption businesses which excels for the value it creates for its stakeholders. With over 50% of the top line generated by Wealth Management, and TFAs of more than €210bn, Mediobanca will become a leader in the wealth management industry and a benchmark in the Italian and European financial panorama".

Consolidated results

The Group delivered outstanding results in the first nine months of the financial year: posting a net profit of €993.2m, on revenues of €2,767.9m (up 5.3%2), with the cost/income ratio falling to 42.5% and the cost of risk low at 47 bps (down 3 bps2). ROTE stood at 14% (up 60 bps2), and RORWA at 2.9% (up 20 bps2).

These results are underpinned by a healthy performance in 3Q with a net profit of €333.5m (up 1.2%

QoQ, down 0.4% YoY) and revenues of €920m.

Highlights of the nine months' performance were as follows:

The commercial performance was robust by all divisions:

TFAs were up 12%,2 with €12bn added, reaching €108.3bn (up €1.5bn QoQ), driven by NNM (€7.2bn in 9M, €2.3bn of which in 3Q) and AUM/AUA which totalled €79.4bn (up 13.3% YoY, up 1% QoQ), with deposits up 2% QoQ (up 9.3% YoY) to €28.9bn. During the nine months there were inflows of approx. €0.9bn generated by liquidity events, and the mix reflects a share for AUM of 70%.

New loans in consumer credit reached €6.7bn (€2.4bn in 3Q), 80% of which were personal loans generated from direct new business, with higher spreads on lendings.

Investment banking activity was again buoyant (the number of deals announced was up 29%), following a solid performance in 3Q albeit below the outstanding results posted in the final quarter of 2024, with strong corporate finance activity levels (investment banking and debt divisions), and an increase in the number of non-domestic transactions (Arma Partners in particular). The recovery in corporate lending volumes recorded in the last six months has also continued. The Frankfurt branch office, which is focused on increasing Mediobanca's mid-corporate presence outside the domestic market, is now fully operative.

Risk-Weighted Assets (RWAs) reduced by approx. 5% YoY and 3% QoQ (to €46.3bn), due to the scrupulous lending policy adopted and to the positive effects of Basel IV in 3Q which reduced RWAs by around €1.6bn (due in particular to the introduction of the LGD floor at 40% and the removal of the scaling factor for the advanced models for the Large Corporate and Retail portfolios).

Consolidated revenues rose by 5.3%, from €2,628.2m to €2,767.9m, with €920.2m posted in 3Q and all the banking businesses delivered year-on-year growth: WM up 5.3%2 (to €726.8m), CIB up 26.4%2 (to €677.3m), and CF up 7.4%2 (to €954.4m), with INS stable2 (at €349.4m); the main income items performed as follows:

Net interest income matched last year's levels, at €1.476m (31/3/24: €1,492.4m), while increasing slightly quarter-on-quarter (€497.1m, vs €493.9m); this is the result of the significant reduction in market interest rates (Euribor 3M average: down 95 bps), which has