Banca Monte dei Paschi di Siena (BMPS) Q3 2025 earnings summary

Executive summary

• Net profit for the first nine months of 2025 reached €1,366 million, up 17.5% year-over-year, with Q3 net profit at €474 million, up 16.5% year-over-year, driven by strong fee growth and commercial performance.

• The acquisition of Mediobanca was completed with 86.3% shareholder acceptance, consolidating its subsidiaries as of 30 September 2025 and creating the third largest player in the Italian banking market.

• Integration process is structured and progressing smoothly, with a new group business plan to be presented in Q1 2026.

• Strong commercial momentum and disciplined cost management led to another solid quarter, with teams maintaining focus despite the transaction.

Financial highlights

• Net operating profit for 9M 2025 was €1,389 million, up 3.7% year-over-year; Q3 net operating profit was €453 million.

• Gross operating profit for 9M 2025 was €1,643 million, stable year-over-year; cost/income ratio at 46%.

• Net interest income for 9M 2025 was €1,638 million, down 7.4% year-over-year; net fees and commissions rose 8.5% to €1,185 million.

• Operating costs for 9M 2025 were €1,411 million, up 1.4% year-over-year, mainly due to HR costs.

• Total commercial savings rose by over €7 billion since Dec 2024 (+4.3%), reaching €174.3 billion.

Outlook and guidance

• Full-year 2025 pre-tax profit guidance raised to well above €1.6 billion.

• Capital position expected to remain above 16% at year-end, supporting a 100% payout policy for coming years.

• Combined group targets €8 billion in revenues and around €3 billion in adjusted net profit, with return on tangible equity expected around 14%.

• New business plan for the combined group to be presented in Q1 2026.