Mediobanca (MB) Q1 2026 earnings summary

Executive summary

• Net profit before extraordinary OPS costs was €322m (down 2% YoY); after OPS costs, net profit was €291m (down 12% YoY), with revenues stable at €868m.

• Wealth Management saw €2.5bn NNM (flat YoY), with Premier up 7% and Private & AM down 10%.

• Consumer Finance new loans rose 12% YoY to €2.3bn, with ongoing stock repricing.

• Board confirmed a €0.59 dividend balance payable in Nov. 2025, totaling €1.15 for FY25, and proposed a 100% cash payout ratio.

• Board and committee appointments completed, with new leadership for 2026–28.

Financial highlights

• Total income stable YoY at €868m; NII down 1% YoY to €479m; fee income flat at €232m; net treasury income €27.2m (down 30.6% YoY).

• Cost/income ratio at 44%; cost of risk at 51bps, overlays at €177m.

• TFAs up 12% YoY to €116bn; customer loans up 5% YoY to €54.4bn; funding up 15% YoY to €71.3bn.

• CET1 ratio (phase-in) at 15.8%, total capital ratio at 18.7%.

• RWA down 5% YoY to €45.2bn; ROTE at 12.8%; RORWA at 2.7%.

Outlook and guidance

• FY to end Dec. 2025; guidance for high single-digit revenue growth QoQ, stable net profit/EPS, CET1 in 15.0–15.5% range, and 100% cash payout ratio.

• Cost of risk projected to stay in the 50–55bps range, leveraging overlays.

• Fee income in CIB and WM expected to improve, while NNM should remain solid but below the previous quarter.