Mediobanca S p A : 9M RESULTS AS AT 31 MARCH 2021

MEDIOBANCA

9M/3Q RESULTS

AS AT 31 MARCH 2021

Milan, 11 May 2021

Agenda

Section 1. Executive summary

Section 2. 9M/3Q Group results Section 3. 9M/3Q Divisional results Section 4. Closing remarks

Annexes

1. Details on one-offs
2. Corporate lending portfolio
3. Divisional tables

	9M RESULTS: GROWTH CONFIRMED
	IN REVENUES, PROFIT AND CAPITAL
Executive summary	Section 1

Strong business results by all divisions across 9M

Revenues growth (up 3% to €2.0bn) driven by record fees (€571m, up 17%) and resilient NII (€1.1bn)

Fees representing almost 1/3 of total revenues, driven by WM (€247m, up 5%) and CIB (€249m, up 43%)

Cost of risk stayed low (51bps) with NPLs coverage ratios increasing (up 10 pp to 65%)

Cost/income ratio 46% despite ongoing upgrade in distribution

Net profit up 9% to €604m

ROTE at 9%

Core Tier 1 up to 16.3%1, with 70% dividend payout2 accrued

3Q acceleration in all businesses

NNM almost doubled YoY (€1.1 total, €1.4bn in Affluent/Private), TFAs up 4% to €69bn

3Q retail new loans at the highest in 12M (€2.2bn), with €1.6bn in Consumer Banking @85% pre-Covid level

robust activity in CIB across the different business segments

Revenues at high levels (€663m, down 2% QoQ but up 14% YoY)

Cost of risk stayed low (@53bps) despite normalized writebacks and no reversal of overlays set aside in Dec20/June20

Net profit at €193m, doubled YoY, down 8% QoQ due only to non-recurring items

1. CET1 Phase-in. Managerial calculation that differs from the one used in the COREP Common Reporting exercise due to the

retained earnings generated in the period (not subject to authorization under Article 26 of the CRR) and based on a dividend

3 payout of 70% subject to the ECB ban currently in place until 30 September 2021 being removed. Retained earnings impact on CET1 as to approx. 15bps. CET1 FL @14.6% (without Danish Compromise 152 bps and with IFRS 9 fully phased 13bps).

2) Final decision postponed beyond ECB ban expiry (30 September 2021) and/or whenever further clarification is provided.

9M RESULTS: SNAPSHOT

Executive summary

Mediobanca Group - 9M results as at Mar21

Revenues	Cost/income	CoR	Net profit
€1,964m	46%	51 bps	€604m
+3% YoY	-1pp YoY	-10bps YoY	+9% YoY

WM: ROAC@22%

Steady growth confirmed in revenues, net profit and profitability,

especially in more valuable/recurrent components

Brand positioning/product offering/ distribution upgrade ongoing

Positioning in alternative AM reinforced with ByBrook deal

CB: ROAC@28%

Loan book stabilized but with less profitable mix

CoR down back to pre-Covid level, moratoria ended

Asset quality indicators further enhanced

				Section 1
Mediobanca Group - 9M results as at Mar21
Gross NPL/Ls		ROTE adj	CET1 ratio	DPS
3.4%	9.4%	16.3%1	70% payout
Dec20: 3.3%	6M Dec.20: 9.8%	+10bps QoQ
accrual2
Mar20: 3.8%	9M Mar.20: 9.7%	+240 bps YoY
Wealth Management - 9M results as at Mar21
Revenues		Net profit	TFAs	ROAC
€464m		€74m	€69bn	22%
+5% YoY		+11% YoY	+15% YoY	+1pp YoY
Consumer Banking - 9M results as at Mar21
Revenues		Net profit	CoR	ROAC
€764m		€216m	206 bps	28%
-5% YoY		-13% YoY	+4bps YoY	-1pp YoY

CIB: ROAC@17%

Record core revenues driven by large-mid size deals in M&A/ECM

and strong origination in midcap/sponsor

Asset quality confirmed as superior

Corporate & Inv.Banking - 9M results as at Mar21

Revenues	Net profit	CoR	ROAC
€537m	€232m	(30 bps)	17%
+23% YoY	+49% YoY	-21bps YoY	+6pp YoY

1. CET1 Phase-in. Managerial calculation that differs from the one used in the COREP Common Reporting exercise due to the

retained earnings generated in the period (not subject to authorization under Article 26 of the CRR) and based on a dividend

4 payout of 70% subject to the ECB ban currently in place until 30 September 2021 being removed. Retained earnings impact on CET1 as to approx. 15bps. CET1 FL @14.6% (without Danish Compromise 152 bps and with IFRS 9 fully phased 13bps).

1. Final decision postponed beyond ECB ban expiry (30 September 2021) and/or whenever further clarification is provided.

3M TAKEAWAYS

Executive summary

Mediobanca Group - 3M results as at Mar21

Revenues	Cost/income	CoR	Net profit
€663m	47%	53 bps	€193m
-2% QoQ	+2pp QoQ	+14bps QoQ	-8% QoQ
+14% YoY	-5pp YoY	-32bps YoY	2X YoY

Wealth Management

NNM acceleration (€1.4bn raised in Affluent/Private), AUM/AUA up 5%

to €44bn, TFAs up 4% to over €69bn

Recruitment revamped with 30 new salespeople at CheBanca! and

selective hirings in Private Banking

Offer upgrade initiatives and clients segmentation ongoing

Consumer Banking

Business recovering: €1.6bn new loans, up 11% Q/Q

Superior asset quality: CoR down to 174bps, coupled with highest-ever

coverage ratios (NPL 74.4%, Performing: 3.43%)

Direct distribution empowerment with 4 new openings in Q3

Corporate & Investment Banking

Strong revenues trend confirmed across different products

Asset quality confirmed healthy: CoR@3bps mirroring rating portfolio

improvement, no reversal of overlays

H. Preschez recently appointed as new partner of MA

							Section 1
Mediobanca Group - 3M results as at Mar21
Moratoria		Net NPL/Ls			Coverage		Coverage
			NPLs		Performing
€0.9bn	1.2%	65%	1.34%
1.2bn Dec.20		1.3% Dec.20			63% Dec.20		1.31% Dec.20
Wealth Management - 3M results as at Mar21
Revenues		Net profit			TFAs		NNM
€162m		€27m			€69bn		€1.1bn
+4% QoQ		+8% QoQ			+4% QoQ		-8% QoQ
+12% YoY		+48% YoY			+15% YoY		+79% YoY
Consumer Banking - 3M results as at Mar21
Revenues		Net profit			CoR		Loan book
€249m		€78m			174 bps		€12.8bn
-3% QoQ		+19% QoQ			-22bps QoQ		Flat QoQ
-9% YoY		-3% YoY			-49bps YoY		-7% YoY
Corporate & Inv.Banking - 3M results as at Mar21
Revenues		Net profit			CoR		Fee income
€173m		€61m			3bps		€77m
-5% QoQ		-29% QoQ			+57bps QoQ		-9% QoQ
+66% YoY		5X YoY			-34bps YoY		+48%YoY

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