Banca Mediolanum

Investor Presentation • Nov 6, 2025

44

Table of content and colour key

Mediolanum Facts

9M 2025 Group Results 9M 2025 Domestic Market Results 9M 2025 Spain Results Business Update 3 21 31 33

9M 2025 Group Results

Economic & Financial Highlights 9M 2025

Another strong year taking shape

€ mn	9M 2025	9M 2024	Change
Net Commission Income	968.6	874.8	+11%	Material fee growth driven by robust inflows into managed assets
Net Interest Income	581.7	613.4	-5%	NII closing the gap vs. 2024 due to funding costs decline; 2025 expected to end up slightly below 2024 & to grow in 2026.
Contribution Margin	1,553.6	1,481.8	+5%
Operating Margin	891.4	847.9	+5%	Sustained profitability across all areas drove operating-margin growth
Market Effects	86.7	61.2	+42%	Overall positive mark-to-market impact with a steady contribution of performance fees
Net Income	726.0	674.3	+8%	Execution effectiveness reflected directly in the bottom line
Key ratios	9M 2025	FY 2024	9M 2024
Cost/Income Ratio*	37.2%	39.0%	38.3%	Notable improvement in C/I ratio & stable payout ratio demonstrate BMED operating leverage
Acquisition costs/Gross commission income Ratio	34.3%	34.1%	33.4%	Payout to Family Bankers substantially stable across quarters
Cost of risk (bps –12M-rolling)	15	18	21	CoR in line with historical average and well below market average

^*G&A expenses & Contribution to banking & insurance industries / Contribution margin

5 Business Results Highlights 9M 2025

All key business metrics up sharply

€ bn	9M 2025	9M 2024	Change	FY 2024	Change
Total Net Inflows	8.16	7.16	+14%			Higher total net inflows driven by customer base expansion & greater share of wallet from existing customers. Added boost from promotional initiatives
Net Inflows into Managed Assets	6.58	5.44	+21%			On track to reach the € 8 - 8.5 billion managed asset inflows guidance, exceeding the record € 7.6 billion in 2024
Total AUA/AUM	150.40	132.99	+13%	138.49	+9%	Total financial assets fueled by net inflows into managed assets & growth of deposits. Positive market effects YTD more than offset weak USD performance
Loans Granted	2.79	2.03	+37%			Strong pick-up in mortgage volumes supported by easier rate environment and residential RE market normalisation
Credit Book	18.44	17.18	+7%	17.62	+5%	Credit book expanding, w/ extremely high quality thanks to prudent approach to the business
General Insurance Gross Premiums (€ mn)	174.73	142.89	+22%			Premiums up notably, driven mainly by stand-alone policies safeguarding customers' wealth and income-generating capacity

6 Growth & Resilience Drivers

Sustained customer growth driven by attractive business model Automatic investment services foster AUM resilience

	30/09/2025	31/12/2024	Change
Bank Customers	2,004,000	1,918,700	+4%	Customer base continues to expand at a healthy
Bank Customer Acquisition	147,700	197,900		pace, also thanks to promotional initiative
Family Bankers	6,682	6,415	+4%	FB network growing through acquisition of cross sector talent, bank professionals, new grads('Next'
o/w Private Bankers & Wealth Advisors	978	906	+8%	programme); 529 Banker Consultants actively
AUM - Private Bankers & Wealth Advisors	€ 48.75 bn	€ 43.05 bn	+13%	supporting the Network at end-September
IIS – Money market AUM	€ 4.36 bn	€ 2.87 bn	+43%	Automatic investment services explain consistency of
Double Chance – Assets in deposit accounts	€ 0.81 bn	€ 1.02 bn	-21%	net inflows into managed assets & support the increase in recurring fees over time.
Instalment Plans – Annualised yearly flows	€ 2.07 bn	€ 1.69 bn	+22%	IIS currently the main gateway to equity investments

9M 2025 Capital Adequacy & Balance Sheet Highlights Group

Simple & solid balance sheet structure, strong capital generation

	9M 2025 0	FY 2024
CET1 Ratio	23.2%	23.7%	CET1 Ratio remained extremely robust after implementation of final terms of Basel III. Sale of Mediobanca stake now fully factored in
MREL TREA	25.3%	25.9%	Well above the 21.4% requirement
Risk-weighted assets (€ bn)	15.24	14.11	RWAs increased due to regulatory change: main impact on operational risks, also due to record-breaking revenues from commissions in 2024
Leverage Ratio	8.6%	7.8%	Leverage Ratio stable & well above regulatory requirements
Retail Loan/Deposit Ratio	63.2%	62.1%	Growth in deposits driven by customer acquisition & success of promo offers focused on increasing share of wallet of existing customers
NSFR	185%	180%	Easily surpassing requirements for long & short-term liquidity obligations
LCR	400%	387%
Interim dividend	€ 0.60		Interim dividend of € 0.60 per share payable Nov. 26, 2025 (ex-div. date Nov. 24; record date Nov. 25)

Total Capital Ratio: 23.2%. SREP Req. on Total Capital Ratio: 13.2% for 2025 including P2G. Leverage Ratio = CET1 / Banking Group Assets. Preliminary data subject to change

Income Statement € mn

	9M 2025	9M 2024	Change
Entry fees	46.3	42.3	+9%
Management fees	1,041.5	943.7	+10%
Investment Management fees	198.8	186.1	+7%
Net insurance result	164.4	149.5	+10%
Banking service fees	182.1	141.0	+29%
Other fees	40.9	37.7	+9%
Gross Commission Income	1,674.0	1,500.3	+12%
Acquisition costs	(574.6)	(500.4)	+15%
Other commission expenses	(130.8)	(125.0)	+5%
Net Commission Income	968.6	874.8	+11%
Net interest income	581.7	613.4	-5%
Net income on other investments	23.5	18.2	+29%
LLP (Impairment on loans )	(20.7)	(23.3)	-11%
Other revenues & expenses	0.6	(1.3)	n.s.
Contribution Margin	1,553.6	1,481.8	+5%
G&A expenses	(564.7)	(535.6)	+5%
Contributions to banking & insurance industries	(13.2)	(31.9)	-59%
Depreciation & Amortization	(26.5)	(27.9)	-5%
Provisions for risk & charges	(57.8)	(38.6)	+50%
Operating Margin	891.4	847.9	+5%
Market effects	86.7	61.2	+42%
- o/w Performance fees	63.3	50.9	+24%
- o/w Net income on investments at fair value	23.4	10.3	+128%
Extraordinary items	(5.7)	(11.1)	-48%
PROFIT BEFORE TAX	972.4	897.9	+8%
Income tax	(246.4)	(223.6)	+10%
NET INCOME	726.0	674.3	+8%

Income Statement by Quarter

€ mn

	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25
Entry fees	13.0	15.6	13.8	18.2	16.9	15.1	14.3
Management fees	303.3	316.9	323.5	340.2	343.6	337.4	360.5
Investment Management fees	60.1	62.4	63.6	66.8	66.9	63.8	68.1
Net insurance result	48.0	48.9	52.6	49.9	56.4	54.4	53.6
Banking service fees	51.2	46.8	43.1	45.9	48.5	74.1	59.5
Other fees	12.5	12.8	12.4	14.0	13.8	13.8	13.4
Gross Commission Income	488.0	503.3	509.0	535.0	546.1	558.6	569.3
Acquisition costs	(158.9)	(165.2)	(176.3)	(192.8)	(186.9)	(192.4)	(195.3)
Other commission expenses	(38.6)	(40.4)	(46.0)	(48.9)	(42.9)	(38.0)	(49.9)
Net Commission Income	290.5	297.6	286.8	293.2	316.2	328.2	324.2
Net interest income	220.0	198.0	195.4	197.7	180.0	186.8	214.9
Net income on other investments	2.1	16.4	(0.3)	15.6	(0.3)	24.5	(0.7)
LLP (Impairment on loans)	(8.8)	(9.6)	(4.9)	(9.3)	(1.4)	(12.7)	(6.6)
Other revenues & expenses	0.3	(1.5)	0.0	(2.5)	0.6	(0.7)	0.7
Contribution Margin	504.0	500.9	477.0	494.7	495.1	526.1	532.4
G&A expenses	(176.1)	(190.0)	(169.6)	(200.6)	(185.4)	(205.2)	(174.1)
Contributions to banking & insurance industries	(22.1)	(5.6)	(4.3)	(3.6)	(4.6)	(4.3)	(4.3)
Depreciation & Amortization	(9.0)	(9.4)	(9.5)	(14.0)	(7.7)	(9.1)	(9.6)
Provisions for risk & charges	(13.7)	(12.9)	(11.9)	(30.7)	(18.2)	(16.1)	(23.6)
Operating Margin	283.1	283.0	281.8	245.7	279.1	291.4	320.8
Market effects	25.3	15.7	20.1	332.2	52.0	15.9	18.8
- o/w Performance fees	29.6	11.7	9.6	325.8	39.2	9.6	14.6
- o/w Net income on investments at fair value	(4.3)	4.0	10.6	6.4	12.8	6.3	4.3
Extraordinary items	(10.8)	(0.8)	0.4	(20.9)	(1.1)	0	(4.6)
PROFIT BEFORE TAX	297.5	298.0	302.3	557.0	330.0	307.3	335.1
Income tax	(77.0)	(68.6)	(77.9)	(111.7)	(86.7)	(73.3)	(86.3)
NET INCOME	220.5	229.4	224.4	445.3	243.3	234.0	248.8

QoQ Trend

11 Acquisition Costs in detail € mn

	9M 2025	9M 2024	Change
Total commissions	458.7	402.2	+14%
One-time commissions	62.3	51.7	+20%
Ongoing commissions	396.4	350.4	+13%
Total incentives & bonuses	92.1	73.2	+26%
Incentives on individual net inflows	59.6	48.6	+23%
Contest & bonuses	29.2	21.1	+39%
Reimbursement of costs for customers events	3.3	3.6	-8%
Costs related to the agency agreement	21.6	22.7	-5%
Prexta agent commissions	2.3	2.3	-2%
TOTAL ACQUISITION COSTS	574.6	500.4	+15%

€ mn

	9M 2025	9M 2024
GROUP TOTAL NET INFLOWS	+8,155	+7,157
Managed Assets	+6,582	+5,443
- o/w Mutual Funds, U/L & Managed Accounts	+6,799	+5,111
Administered Assets	+1,573	+1,714

Italy - Banca Mediolanum Total Net Inlows	+6,632	+6,268
Managed Assets	+5,231	+4,542
- o/w Mutual Funds, U/L & Managed Accounts	+5,474	+4,170
Administered Assets	+1,401	+1,726

Spain - Banco Mediolanum Total Net Inflows	+1,539	+918
Managed Assets	+1,367	+930
- o/w Mutual Funds & U/L	+1,342	+969
Administered Assets	+172	-12

Germany	-17	-29
Managed Assets	-17	-29
- o/w Mutual Funds & U/L	-17	-29

14 Assets under Administration/Management € mn

	30/09/2025	31/12/2024	Change	30/09/2024	Change
Italy - Banca Mediolanum	135,223	125,092	+8%	120,466	+12%
Mutual Funds & U-L Policies	93,054	85,243	+9%	81,644	+14%
Other Life Insurance Reserves	2,077	2,010	+3%	2,058	+1%
Banking	40,093	37,839	+6%	36,764	+9%
Spain - Banco Mediolanum	14,811	13,026	+14%	12,155	+22%
Mutual Funds & U-L Policies	11,011	9,549	+15%	8,746	+26%
Other Life Insurance Reserves	145	114	+27%	117	+24%
Banking	3,656	3,363	+9%	3,292	+11%
Germany	360	374	-4%	367	-2%
Mutual Funds & U-L Policies	360	374	-4%	367	-2%
TOTAL AUA/AUM	150,395	138,493	+9%	132,987	+13%

Mutual Funds & Unit-linked policies look-through

as at 30/09/2025

	9M 2025	9M 2024	Change
Mortgages	1,521	1,028	+48%
Personal Loans	765	543	+41%
Salary-backed Loans (Prexta) 1	503	464	+8%
TOTAL	2,789	2,034	+37%
3rd-party Loans	15	15	+2%

	30/09/2025	31/12/2024	Change	30/09/2024	Change
Mortgages	13,068	12,512	+4%	12,226	+7%
Personal Loans	2,586	2,437	+6%	2,352	+10%
Lines of Credit	547	557	-2%	545	+0%
Salary-backed loans (Prexta)1	2,241	2,112	+6%	2,057	+9%
TOTAL	18,441	17,618	+5%	17,180	+7%

	Banca Mediolanum	Italian Banks
Gross NPE	1.49%	2 2.8%
Net NPE	0.78%	3 1.5%
Cost of Risk (12m-rolling )	0.15%

• 1 Includes Prexta unsecured loans
• 2 Bank of Italy – 'Banks and Financial Institutions: Credit Conditions and Risk by Sector and Geographical Area – Q2 2025'
• 3 Bank of Italy - ''Financial Stability Report No. 1 2025'

€ mn

19 General Insurance Gross Premiums

9M 2025 Group

	9M 2025	9M 2024	Change
Stand-alone policies	140.0	119.6	+17%
New business	24.2	23.0	+5%
In-force business	115.9	96.6	+20%
Loan protection policies	34.5	23.1	+50%
Group health policies	0.2	0.2	-1%
GROSS PREMIUMS	174.7	142.9	+22%

Balance Sheet Structure - Banking Group

as at 30/09/2025

Financial Assets

Due from Banks

Other Assets

16,596

3,775

Total

Assets

296

870

3.917

1.812

4.434

Total

Liabilities

300

Repo

Other liabilities SP Bond

Short duration (<1 week on avg.)

initiatives w/ short duration (Double

Treasury dpt. carry-trade positions

Chance & Time Deposits)

Eauity

9M 2025 Domestic Market Results

22 Mutual Funds - AUM Trend € bn – including U-L assets

€ mn

23 Mutual Funds - Assets under Management

	30/09/2025	31/12/2024	Change	30/09/2024	Change
'Best Brands' funds on funds (IRL)	30,591	30,086	+2%	29,685	+3%
'Challenge' mutual funds (IRL)	31,517	28,231	+12%	26,443	+19%
Funds of Hedge Funds (IRL)	29	36	-20%	35	-18%
'Fondi Italia' mutual funds (ITA)	9,728	8,292	+17%	8,017	+21%
'Real estate' fund (ITA)	147	155	-5%	155	-5%
3rd-party stand-alone funds	6,497	5,511	+18%	5,170	+26%
Other	4,114	3,738	+10%	3,614	+14%
Adj. for own mutual funds in FoFs & Managed accts	(613)	(554)	+11%	(610)	+1%
MyLife' U-L policy	19,569	17,650	+11%	16,764	+17%
Other U-L policies	24,315	22,833	+6%	21,791	+12%
Adj. for own mutual funds in U-L policies	(32,840)	(30,736)	+7%	(29,420)	+12%
ASSETS IN MUTUAL FUNDS & U-L	93,054	85,243	+9%	81,644	+14%

Mutual Funds - Assets by A.M. Company

as at 30/09/2025 - including U-L assets

€ mn

25 Banking - Assets under Administration

	30/09/2025	31/12/2024	Change	30/09/2024	Change
Cash deposits	25,851	25,211	+3%	24,147	+7%
Repurchase agreements	5	4	+13%	2	+108%
3rd-party structured bonds	3,693	3,520	+5%	3,586	+3%
Other securities	10,545	9,104	+16%	9,028	+17%
BANKING ADMINISTERED ASSETS	40,093	37,839	+6%	36,764	+9%

26 Banking - Interest Spread 9M 2025

27 Bank Balance Sheet Highlights

€ mn – as at 30/09/2025

	Liabilities	Assets
Customers	25,919	16,778
Treasury	4,759	15,876
Interbank / intra-group deposits & repos	875	623
ECB refinancing	0	497
MTS refinancing	3,584	0
Securities (bonds)	300	14,756
Other liabilities / assets	5,965	3,990
TOTAL	36,643	36,643

Operating Liquidity (24hr): 12,428

Change in headcount & Split by Average Portfolio Year 2025

Average portfolio calculated on Family Bankers only

as at 30/09/2025

^{* &#}x27;Private Bankers' & 'Wealth Advisors' are a subset of Family Bankers who mainly deal with affluent & HNW customers

Italian Network Average Total Portfolio - € mn per advisor

^* Assoreti avg. portfolio as at June 2025

9M 2025 Spain Results

32 Spain Highlights 9M 2025 Spain € mn

	9M 2025	9M 2024	Change	vs. FY
Operating Margin	44.5	65.3	-32%
Net Income	38.9	54.4	-28%	-0.4
Total Assets	14,814	12,155	+22%	+14%
Managed Assets	11,159	8,863	+26%	+15%
Administered Assets	3,656	3,292	+11%	+9%
Total Net Inflows	1,539	918	+68%
Net Inflows into Managed Assets	1,367	930	+47%	+150335%
Net Inflows into Administered Assets	172	(12)	n.s.	+145052%
Credit Book	1,664	1,423	+17%	+11%
Family Bankers	1,636	1,610	+2%	+1%
Customers	276,736	247,986	+12%	+9%

Business Update

Italian FA Networks - Ranking by Net Inflows

€ mn – totals by Group

	January -September 2025
	Managed Assets	Managed Assets & Admin. Assets w/ Advisory fee	Total Net Inflows
Banca Mediolanum	5,491	5,506	6,555
Gruppo Fideuram/Intesa	4,988	6,042	7,039
Allianz Bank	3,828	3,842	4,951
Finecobank	2,644	3,473	7,046
Mediobanca Premier	2,344	2,417	3,825
Banca Generali	1,848	2,097	4,343
Credem	1,629	1,791	2,607
Zurich Italy Bank	760	965	1,481
BNL - BNP Paribas	569	771	1,292
Banca Widiba	197	360	512

^* including Unit-Linked policies & Managed Accounts

Total Net Inflows

Mortgages Granted

Net Inflows into Managed Assets

Personal Loans Granted

Net Inflows into Mutual Funds*

General Insurance Gross Premiums

€mn

emarket dir storage ERTIFIED

	Oct 2025	YTD 2025	YTD 2024
GROUP TOTAL NET INFLOWS	1,086	9,241	8,524
Managed Assets	734	7,317	6,145
- o/w Mutual Funds, U-L & Managed Accounts	697	7,496	5,794
Administered Assets	351	1,924	2,379
GROUP LOANS GRANTED	392	3,182	2,392
GENERAL INSURANCE PREMIUMS	23	198	163

37 Time deposits Promo Offers Business Update 2023-2025

• Promotions on time deposits have been extremely effective in acquiring new liquidity from both new and existing customers
• Proven track-record of transforming deposits into managed assets thanks to the advice of Family Bankers in implementing the correct asset allocation
• Short duration (6M) & full flexibility to adjust cost of funding with each edition according to rate environment

Edition	Annual Interest Rate (6 months)	Inflows	# Customers	o/w New customers	Time deposits transformed into managed assets (Target: 70%)
Q1 2023	4%	€ 1.9 bn	32,000	23%
Q3 2023	4%	€ 0.5 bn	13,700	14%
Q1 2024	5%	€ 2.2 bn	44,300	21%
Q3 2024	5%	€ 1.9 bn	36,600	21%
Q1 2025	4%	€ 1.8 bn	37,400	21%	64% as at Oct. 31
Q3 2025	3%	In progress (new liquidity only - available from Sept. to Nov. 2025)

38 Creating the NEXT Generation of the Network

Pairing high potential new graduates to work as junior assistants ('Banker Consultant') with senior Private Bankers & Wealth Advisors

• 'Banker Consultants' initially receive dedicated training programme (Executive Master's) provided by Mediolanum Corporate University & supported with a scholarship
• Once fully licensed, the 'BCs' work alongside their senior PB/WA with extensive on-the-job training, managing day-to-day duties & operations as well as smaller customers
• The 'BCs' free up time for the senior PBs/WAs to focus on larger customers & new business development
• As remuneration they receive a percentage of the senior PBs/WAs commission, with a 3-year minimum monthly compensation
• This project assures an increase in productivity in the Network, organic growth and generational renewal
• 556 'BCs' are already working with their senior PB/WA as licensed FA as at end of October ²⁰²⁵
• 207 'BCs' currently training

Automatic Investment Services

Investment services featuring automatic gradual switch into equity funds allowing customers to take advantage of dollar-cost averaging

Big Chance (2001)

• Capital is initially invested in money market fund
• A portion of the assets is switched twice monthly into equity funds, investing the entire amount over 3/12-month period

Double Chance (2008)

• Capital is initially parked in a highly-remunerated deposit account
• Allows customer gradual entry into equity & fixed-income funds, investing the entire amount over 3/24-month period

Intelligent Investment Strategy (2016)

• Capital is initially invested in money market fund
• A portion of the assets is switched once or twice monthly into equity funds or U-L policy, investing the entire amount over 3/5-year period
• Instalment amount automatically increases if equity fund value drops. Capital gains on equity >10% are switched back into
  money market fund to be reinvested over time

Intelligent Accumulation Plan (2020)

• Long-term instalment plan that shifts small amount of savings from current account to mutual funds monthly
• Allows customers to gradually enter BMED equity & fixed-income funds
• Instalment amount automatically doubled each month the fund unit price is 5% below the avg unit price of a customer

• A long-term investment strategy/service that allows the retail investor to gradually enter the global financial markets via Mediolanum investment products, while mitigating the effects of volatility & taking advantage of dollar-cost-averaging
• Capital is initially parked in a highly-remunerated deposit account (rates currently offered: up to 2.50% annual according to selected duration & asset class)
• Allows customer gradual investment into equity or highyield funds over 3/24-month period, automatically transferring the established amount 2 or 4 times a month
• Interests of the deposit account automatically credited to the customer's checking account

X5

A long-term investment strategy/service (10+ yrs, € 30k+) that allows our customers to gradually enter the equity markets in order to take advantage of the overall growth of the world economy

Launched June 2016

• Designed to remove emotional barriers associated with equity investments by making rational choices at the beginning of the plan rather than during crises or volatile markets
• The amount invested is first put into a money market fund, and then fully converted into Mediolanum equity funds or MyLife U-L wrap account over 3-4-5 years, through automatic transfers 1-2 times per month

• Thanks to the Automatic Step-In/Step-Out feature, when the unit price of equity funds has a strong decrease* the transferred amount is multiplied accordingly.

  Vice versa, in case of an extraordinary increase (+10% or

20%), the capital gains are shifted back into the money market fund

* versus each customer's average purchase price

Equity Fund Unit Price	Installment amount
5% to 10% decrease	X2
10% to 15% decrease	Х3
15% to 20% decrease	X4

20% or more decrease

CERTIFIED

Launched June 2016

'Market crises are buying opportunities': not just a slogan

Step ins & step outs reduce avaiunit price on investments, allowing customers to benefit from market volatility. € 4 bn of money market managed assets are bound to be transferred from monetary funds into equity through planned instalments & step-ins over the next 3-5 years, supporting avgerage recurring revenues.

as at 30/09/2025

Total Customers 2,004k

End Goal: to be the Customer's Primary Bank

• 1,417k hold a bank account
• 69% use BMED as Primary Bank (internal data analytics)
• 39% use BMED as the Only Bank (2024 survey)

Mediolanum Facts

45 Banca Mediolanum at a Glance

Facts Data as at 30.09.25

• Italian Asset Gatherer addressing Italian & Spanish retail markets
• Vertically integrated to fully control the value chain (manufacturer & distributor)

● Offering the entire range of financial services to customers (banking, investing, insurance)

● Multi-channel platform & no physical branches

Bank Customers >2 mn

Licensed Financial Advisors (Family Bankers) 6,682

Total Assets (AUA/AUM) > € 150 bn

Credit Book € 18.4 bn

Employees ~ 4,000

ROE 10-yr avg: 21.2% 2024: 29.9%

CET1 Ratio 23.2%

Net NPE Ratio 0.78%

BMED Shareholders & Group Structure Med

as at 30/09/2025

Banca Mediolanum's Integrated Business Model

• We and our Family Bankers view the company as a single entity, providing solutions that best fit the needs of the customer, whether it be in the form of a mutual fund, an insurance policy or a bank product
• The Bank (est. 1997) has a special role as the place where customer savings are naturally built
• It is also where service quality is more readily appreciated & compared
• Therefore, it represents the mandatory point of entry for all new customers

CUSTOMER

Combining the advantages of traditional and direct banks

Family Bankers: the human touch

Medi

Self-employed tied agents with entrepreneurial approach

Extensively trained to tackle every household financial need

Share Mediolanum's view that banking services are an effective acquisition & retention tool

Compensated even for operations performed by customers through direct channels

• Willing to provide advice anytime, anywhere
• Equally competent across all product lines
• Unlike the typical FA, offer assistance also with everyday banking needs
• Synergy, not competition, between human and direct channels

Customers: freedom in banking

Top-quality and valuable direct banking services associated with a human relationship

50

Italian Household Financial Assets

Over the last few years asset gatherers have increased market share to the detriment of traditional banks

Asset gatherers growing mainly thanks to:

• Demand for specialised advice
• Products & services tailored on customer needs
• Better product performance
• Recruiting of traditional bank professionals

(*) Includes deposits, administered & managed assets. Does not include real estate, shares of unlisted companies, TFR (end-of-service pay)& cash, as these assets are a non-addressable market for financial institutions. Total wealth of Italian households – all items included - is equal to € 5.98 trn in 2024. Source: BMED & Prometeia

€ mn

2008 & 2010: adjusted net income excluding effects of 'Lehman Brothers' operation

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

BMED: 25 Years of Consistent Net Inflows

Anti-cyclical flows mean better performance for customers thanks to dollar-cost-averaging

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Source: Assoreti Net Inflows into Managed Assets

Family Banker Network

Group Licensed Financial Advisors

Teleborsa: distribution and commercial use strictly

Italy - Average Assets per Family Banker Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medical Medi

. Medical

€ thousands

Italy - Average Assets per Customer

Medical

Primary Bank Account Holders

€bn

Spain - Assets under Administration

Medio

Medi

€ bn – nominal value – as at 30/09/2025

Banking Book: € 15.4 bn (nom. values)

Sector	%
Government	97.7
Financial	2.3
Govies	%
Italy	71.0
Spain	14.1
Other EU Countries	14.9

Our investment strategy explains the consistency of our inflows & transfers 'technical performance' into 'customer performance'

• We advise our customers proposing products & services that correspond to each of their specific needs
• Investor needs remain fundamentally the same, they are not influenced by market crises
• We do not engage in stock-picking, tactical asset allocation decisions, or market-timing
• We recommend a series of diversification criteria, the most important being time horizon (5D Strategy)
• Equity investments are only considered for the long term (>10 yrs) and are diversified across the global economy to further reduce risk
• We strongly advise investors who have a long-term outlook to view market crises as buying opportunities

66 Contractual Service Margin

CSM is the new key metric showing size and stability of revenues ready to be recognised in future years

Greater visibility on future earnings from insurance business

Training & Communication Mediolanum Corporate University

CERTIFIED

• Inaugurated March 2009
• Centralises our training know-how, in coordination with top universities, professors and individuals who are experts in the field

• Provides our Family Bankers & employees with a resource for life-long education
• Develops financial education programs dedicated to our customers & the community

A proprietary state-of-the-art tool established in 1989

Online programs to train, motivate & communicate with our Family Bankers

● Financial news commented by top company executives

• Company news & product information
• Online training course support
• Inspirational thoughts for personal motivation & sales techniques

Daily specials dedicated to crisis-related topics were added to the ongoing programming in 2008, 2009, 2011, 2020 & 2022

⁶⁹ Mediolanum Marketing Events Facts

• 9 nation-wide in-person events, with over 60,000 between attendees & digital viewers in 2024
• Over 2,000 digital/in-person events organised by Family Bankers: over 145,000 attendees

Results are measurable:

• Net inflows into managed assets of invited customers in the 3 months post-events
• Expenses are reimbursed to Family Bankers only if set commercial target is met
• Average commercial value of media coverage is also regularly tracked

Medic Top Performer in Customer Experience

BVA Doxa Survey – Customer Satisfaction 2024

Solid customer relationship is built on best-in-class service delivery

both human & digital
Overall Satisfaction	Perceived Value	Digital Platform	Financial Adv Interaction
Satisfaction	Value	Value Platform

Satisfaction 95%

Customer

Market Avg: 90% Net Promoter Score

66.2 1st Bank in Italy

Market Avg: 11.2

Customer Retention 96%

Comprehensiveness of

Offer 85.7

Market Ava: 74.2

Value for Money

76.8

Market Avg: 68

Mobile App

Satisfaction 83%

Market Avg: 66%

App Store Rating

visor

Overall

Satisfaction 89%

Market Avg: 60%

Availability

In 2024 Family Bankers had 9 contacts on average with their customers

Focus on Sustainability

83.8

Market Avg: 67.8

Source: BMED; BVA Doxa Survey Customer Satisfaction 2024; Play Store & Apple Store

The 3rd best known bank brand in Italy

Spontaneous brand awareness – Italian banks – September 2025

Medi

BancoPosta 30%

source: GfK - an NIQ company

The most memorable adv in the banking industry

Spontaneous recall of advertisement – Italian banks – 9M 2025

The development of the digital customer: Teleborsa: distribution and commercial use strictly

Launched January 2021

A totally digital Bank account addressing the needs of 'digital young adults'

• For those who require a full-service account, but aren't in the market for advice like the typical BMED customer
• Not only an account but a comprehensive offer of banking services
• Credit, managed assets & general insurance products available
• Able to be managed on a 'do-it-yourself' basis, 'à la carte'
• 139,000 digital customers as at 30/09/2025. Another 39,300 already upgraded to the Family Banker model
• Cross-selling activity growing according to expectations

Principali Operazioni Bancarie aratuite

Canone zero il primo anno

relievi aratuiti in Area Euro Canone zero fino a 30 anni

Pagamenti digitali

Carta di debito

✓ Trading

UN'OFFERTA COMPLETA DI PRODOTTI E SERVIZI

Un Banking Center per supportarti

Ranking of Italian Banking Groups by Market Cap

€ bn – as at 31/10/2025

* Total Return Index includes dividend reinvestments, June 3, 1996 – October 31, 2025 Source: Datastream

Disclaimer

This document has been prepared by Banca Mediolanum S.p.A. for the sole purpose of providing information and presenting the Group's strategies.

The information, opinions, valuations and forecasts it contains have not been audited by any independent body; they may be altered at any time without notice.

No guarantee, express or implicit, is given by Banca Mediolanum S.p.A. or by any of the Mediolanum Group companies as to the reliability, completeness or accuracy of the information or opinions in the present document.

Publication, communication to others, and reproduction of all or any of this document's contents are forbidden, except with the express written consent of Banca Mediolanum S.p.A.

Neither Banca Mediolanum S.p.A., nor the companies belonging to the Mediolanum Group, nor their representatives, managers or employees accept liability for any losses directly or indirectly resulting in any manner whatsoever from use of the present document or of information in any way attributable thereto.

Forecasts in this document has been prepared with the greatest care, but is nevertheless based on assumptions which could prove wrong because of risk factors outside the control of Banca Mediolanum S.p.A. and the Mediolanum Group companies. There is no guarantee that present forecasts will match future performance.

This document is not a recommendation to invest in any financial instrument, nor an invitation to subscribe or purchase shares, nor is any part thereof intended to serve as a basis or reference source for any contract or undertaking whatsoever on the part of Banca Mediolanum S.p.A. or any of the companies belonging to the Mediolanum Group.

Receipt of this document implies acceptance of its limitations as described above.

DECLARATION BY THE SENIOR MANAGER IN CHARGE OF DRAWING UP COMPANY ACCOUNTS

The undersigned, Mr. Angelo Lietti, declares, pursuant to Section 154 bis (2) of Legislative Decree 58/98 "Testo Unico della Finanza", that the accounting data set out in this presentation agree with the documentary records, books and accounting entries.

The senior manager in charge of drawing up Company Accounts

Angelo Lietti

Figures contained in this document are rounded for presentation purposes.

● Alessandra Lanzone

+39-02-9049.2039 alessandra.lanzone@mediolanum.it

● Lisa Maxon

+39-02-9049.2997 lisa.maxon@mediolanum.it

● Luca Pugliese

+39-02-9049.2721 luca.pugliese@mediolanum.it

Banca Mediolanum S.p.A.

Via Ennio Doris 20080 Basiglio MI – Italy

http://www.bancamediolanum.it