Mediobanca S p A : RESULTS AS AT 31 DECEMBER 2021

MEDIOBANCA

6M/2Q RESULTS

AS AT 31 DECEMBER 2021

Milan, 9 February 2022

Agenda

Section 1. Executive summary

Section 2. 1H/2Q Group results Section 3. Divisional results Section 4. Closing remarks

Annexes

1. Asset quality by division
2. Divisional results by quarter
3. Glossary

RECORD HALF-YEAR RESULTS

CHARACTERIZED BY GROWTH, QUALITY AND SUSTAINABILITY

Executive summary

Section 1

€1.5bn revenues (up 12%¹), record fees (up 16%1), NII back to growth (up 2%1)

Best-ever asset quality indicators €526m net profit (up 28%1), 11% ROTE

Accelerating performance in 2Q despite Omicron

Robust growth and capital management² materially increased per share values

6m EPS adj. at €0.59 (up 17%1), TBVPS at €11.3 (up 7%1)

CET13 optimizing (at 15.4%), with 70% cash payout and new 3% buyback2 accrued

Revenues and profit generating capacity definitively increased

also due to digital enhancement with new state of the art investment App in Premier

and launch of Pagolight/BNPL in Consumer Finance

Significant non-financial ESG achievements

Mediobanca has joined the Net-Zero Banking Alliance

1. % changes related to YoY trend (6MDec21 vs 6MDec20)

2) n. 22.6 millions of treasury shares from old buyback programme deleted in Dec21. Oct21AGM approved a new buyback

3programme relative to max n. 25.9 millions shares (3% capital) to be bought within 12 months for staff performance shares schemes, M&A and cancellation

3) CET1 Phase-in. CET1 FL @14.1% (without Danish Compromise ~120 bps and with IFRS 9 fully phased ~10 bps)

STRONG 6M RESULTS

€1.5BN REVENUES, €526M NET PROFIT, 11% ROTE

Executive summary

Financial results

MEDIOBANCA GROUP - 6m as at Dec21

EPSadj - 6m	BVPS	TBVPS	n. share
€0.59	€12.3	€11.3	864.7m
+31% HoH	+4% HoH	+3% HoH	-3% HoH
+17% YoY	+7% YoY	+7% YoY	-3% YoY

Revenues	LLPs	GOP	Net profit
risk adj
€1,459m	€137m	€689m	€526m
+10% HoH	+5% HoH	+25% HoH	+32% HoH
+12% YoY	+17% YoY	+16% YoY	+28% YoY

Cost/income	CoR	RORWA	ROTE adj
43%	55bps	221bps	11%
-6pp HoH	+1bps HoH	+56bps HoH	+3pp HoH
-2pp YoY	+5bps YoY	+52bps YoY	+1pp YoY

Gross NPL/Ls	CET1 Ph.in ratio	CET1 FL ratio	DPS&BB
2.8%	15.4%1	14.1%	70% payout
-0.4pp HoH	-90bps HoH	-100bps HoH	3% buyback
-0.5pp YoY	-80bps YoY	-40bps YoY	accrued

Section 1

Highlights

Strong commercial activity, earnings growth and shares deletion (no. of shares -3%)pushed up 6m EPS to €0.59ps (+17% YoY, +31% HoH) and TBVPS at €11.3 (+7% YoY, 3% HoH)

Double-digit growth in capital-light activities and rebound in

profitable loans delivered sound growth in revenues (+12% YoY, +10% HoH). GOP increased materially (+16% YoY, +25% HoH) despite conservative approach to loan loss provisioning

Total costs up 7% YoY on higher business volumes and ongoing investments, organizational efficiency unchanged (C/I ratio down 2pp YoY, down 6pp HoH)

Asset quality remains excellent with NPLs and COR at their lowest-everlevels. Conservative approach to provisioning with ~€300m overlays untouched, better macro not included, extra-provisioningon non-coreassets

Capital financing profitable organic growth (RORWA up to 221bps) and shareholders' remuneration (total payout accrued >100%, 70% cash payout and 3% BB). High buffer on SREP (7.9%)

4 YoY: 6m Dec21 / 6m Dec20; HoH: 6m Dec21 / 6m June21

6M RESULTS: DIVISIONAL SNAPSHOT

Executive summary

WM: ROAC@30%

New highs achieved in terms of commercial and financial results, with

double-digit growth in TFAs and revenues, net profit growth >50%

Ongoing investment in physical and digital distribution in Premier,

driving growth and productivity among the best in the sector

Focus on specialized/niche offering in Private Banking and AM

Synergies achievement ongoing among all segments, with increasing penetration of inhouse products and effective dual coverage IB-PB

Section 1

Wealth Management - 6M results as at Dec21

Revenues	Net profit	TFAs	ROAC
€364m	€72m	€79bn	30%
+12% HoH	+36% HoH	+11% HoH	+8pp HoH
+20% YoY	+54% YoY	+19% YoY	+9pp YoY

CF: ROAC@35%

Best ever half-year results in Consumer Finance deliver a record

ROAC@35% definitely overtaking Covid detour

Ongoing investments in multichannel distribution & innovation:

strong push on digital (BNPL growing), physical light distribution enhanced by new agency openings and launch of Compass Link

Asset quality at the best-ever level - CoR at record lows

Consumer Finance - 6M results as at Dec21

Revenues	Net profit	CoR	ROAC
€525m	€190m	146bps	35%
+8% HoH	+35% HoH	-31bps HoH	+8pp HoH
+2% YoY	+38% YoY	+76bps YoY	+7pp YoY

CIB: ROAC@15%

Revenues above historical averages,

with sound performance in all business segments

Increasing international footprint, with France generating >€40m fees

Higher penetration in mid-cap segment and Sponsor business

Asset quality confirmed as superior,

with extra provisions to accelerate deleverage of non core portfolios

5

Corporate & Inv.Banking - 6M results as at Dec21

Revenues	Net profit	CoR	ROAC
€391m	€132m	18bps	15%
+17% HoH	+15% HoH	+14bps HoH	+3pp HoH
+7% YoY	-23% YoY	+64bps YoY	-4pp YoY