Banca Monte dei Paschi di Siena (BMPS) Q4 2025 earnings summary

Executive summary

• FY25 combined group net profit reached €3.0bn before PPA impacts, with standalone net profit at €2,750m, up 17.7% year-over-year, driven by strong fee income and operating performance, excluding positive net tax effects.

• Q4 2025 standalone net profit was €1,384m, up 18.5% from Q4 2024, excluding tax effects.

• Integration with Mediobanca is progressing rapidly, targeting €700m in annual synergies and establishing a leading, diversified banking platform in Italy.

• A new business plan for the combined group will be presented on February 27th, focusing on value creation and maximizing synergies.

• Dividend of over €2.6bn (€0.86/share) proposed, yielding 10%, among the highest in the sector.

Financial highlights

• FY25 combined net profit reached €3bn before PPA, with standalone net profit at €2.75bn, up 17.7% y/y, and Q4 standalone net profit at €1,384m, up 18.5% y/y, excluding tax effects.

• Net operating profit for FY25 was €1.86bn, up 6.4% y/y; Q4 net operating profit was €472m, up 15.3% y/y.

• Gross operating profit for FY25 was €2.189bn (+1.1% y/y); cost/income ratio stable at 46%.

• Net interest income for FY25 was €2.182bn, down 7.4% y/y due to lower rates, but stabilized in Q4.

• Fees and commission income for FY25 was €1.586bn, up 8.2% y/y, with wealth management and advisory fees up 13.3%.

Outlook and guidance

• Commercial momentum and fee growth expected to accelerate in 2026, supporting further profit before tax growth.

• Net interest income is expected to stabilize and slightly increase in 2026.

• The business plan, including updated targets and integration details, will be presented on February 27th.