Banca Mediolanum

Earnings Release • Jul 31, 2025

Informazione Regolamentata n. 1795-54-2025		Data/Ora Inizio Diffusione 31 Luglio 2025 11:11:42	Euronext Milan
Societa'	:	BANCA MEDIOLANUM
Identificativo Informazione Regolamentata	:	208599
Utenza - referente	:	BCAMEDIOLANUMN07 - Lietti Angelo - 7LVZJ6XRIE7VNZ4UBX81
Tipologia	:	REGEM; 1.2
Data/Ora Ricezione	:	31 Luglio 2025 11:11:42
Data/Ora Inizio Diffusione	:	31 Luglio 2025 11:11:42
Oggetto	:	Risultati definitivi 1° semestre 2025 (Versione Inglese)
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PRESS RELEASE

THE MEDIOLANUM BANKING GROUP

First Half 2025 Results

Net income for the first half: € 477 million, up 6% compared to 2024

• NET INCOME: € 477.3 million
• ASSETS UNDER ADMINISTRATION: € 144.4 billion
• CREDIT BOOK: € 18.1 billion
• COMMON EQUITY TIER 1 RATIO: 22.4%

The Board of Directors of Banca Mediolanum S.p.A., which met today, approved the Consolidated Financial Statements of the Mediolanum Group as of June 30, 2025.

Massimo Doris, CEO of Banca Mediolanum, comments: "We closed the first half of 2025 with very solid results, fully in line with our growth path. Net income continues its positive trend, rising by 6% to over 477 million euro. But the figure that best represents us is the increase in our customers' assets, which now exceed 144 billion euro - a new all-time high. This growth was driven almost entirely by net inflows this year, confirming our ability to generate trust and value for savers even in complex market environments. Our credit book has also crossed a new threshold, reaching over 18 billion euro, while continuing to stand out for its quality with one of the lowest NPL ratios in the sector. The number of our Family Bankers is also increasing, and we are now nearing two million customers.

All in all, these results once again demonstrate the strength of our model - solid, consistent, and distinctive - and the soundness of our decision to grow organically while staying true to our identity. We remain firmly on course, guided by a long-term vision that continues to shape our every decision".

FINANCIAL & ECONOMIC RESULTS AS AT JUNE 30, 2025

• Net Commission Income came to € 644.4 million, an increase of 10% compared to the first half of 2024, supported by strong net inflows into managed assets products, which drove a substantial increase in average assets.
• Net Interest Income, amounting to € 366.8 million, a decrease of 12%, is affected on one hand by the different interest rate environment compared to the first part of 2024, and on the other by the effects on funding costs due to the success of commercial initiatives.
• The Operating Margin amounted to € 570.6 million, 1% higher with respect to the first half in 2024.
• Therefore, Net Income stood at € 477.3 million, an increase of 6% compared to the same period last year.
• Total Assets under Management and Administration amounted to € 144.42 billion, resulting in an increase of 12% compared to June 30 of last year and 4% from the end of 2024.
• The retail Credit Book of the Group amounted to € 18.14 billion, showing an increase of 7% with respect to June 30, 2024, and 3% with respect to December 31, 2024.

The ratio of Net non-performing loans to total Group loans remains extremely low, and is in fact equal to 0.82%

The Common Equity Tier 1 Ratio as of June 30, 2025, confirmed the absolute soundness of Banca Mediolanum, standing at 22.4%.

BUSINESS RESULTS AS AT JUNE 30, 2025

Commercial volumes amounted to € 8.08 billion, up from €7.01 billion in the previous year. In particular:

• Total Net Inflows were extremely positive at €6.11 billion, up 8% year-on-year, while Net Inflows into Managed Assets reached €4.54 billion, marking an increase of 47%.
• Loans Granted during the period amounted to € 1.86 billion, a growth of 48%, reflecting the recovery of the real estate market in a more favorable interest rate environment.
• General Insurance Premiums, moreover, registered an increase of 23%, reaching € 114 million.
• As of June 30, 2025, the number of Family Bankers stands at 6,604, an increase of 3% since the end of last year, partly driven by the contribution of the 'Next' project; the total number of customers stands at 1,983,800, an increase of 3% with respect to the end of 2024.

2025 GUIDANCE

Below are the guidelines for the Group's key business, financial, and capital indicators for the year 2025:

• Net inflows into Managed Assets at 8-8.5 billion euro.
• 2025 Net Interest Income to decrease by some 3% compared to the previous year.
• Cost/Income Ratio below 40%.
• Cost of Risk at around 20 bps.
• 2025 dividend expected to increase from the base dividend of €0.75 per share paid in 2024.

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It should be noted that the limited audit procedures on the Condensed Consolidated Half-Year Financial Statements are still ongoing, and the Independent Auditors have not yet issued their report.

In an effort to provide more comprehensive disclosure of the results as at June 30, 2025, the segment report detailing economic and financial data has been prepared according to a format that reflects the internal reporting criteria of the Mediolanum Group. This reclassified segment report is not subject to audit by the independent auditors.

An English-language presentation of the data contained in this document will be made available on the Spafid Connect S.p.A. storage platform at and on the website www.bancamediolanum.it in the Investor Relations section.

The Consolidated Half-Year Financial Report as of June 30, 2025, will be made available, within the timeframe established by law, at the Company's registered office in Basiglio - Milano 3, Palazzo Meuccivia Ennio Doris, on the website www.bancamediolanum.it, and on the storage platform operated by Spafid Connect S.p.A. at .

The Officer responsible for preparing Banca Mediolanum S.p.A financial reports, Angelo Lietti, declares, in compliance with the requirements of paragraph 2 of article 154 bis of the Consolidated Finance Act, the accounting information contained herein corresponds to the accounting entries, records and books.

_____________________________

Attachments:

• Balance Sheet as at June 30, 2025
• Reclassified Income Statement as at June 30, 2025
• Segment Report as at June 30, 2025

Basiglio - Milano 3 City, July 31, 2025

Contacts: Media & Public Relations Investor Relations Roberto De Agostini Alessandra Lanzone Tel +39 02 9049 2100 Tel +39 02 9049 2039 Mob +39 348 8100 802 Mob +39 335 5684 808

e-mail: roberto.deagostini@mediolanum.it e-mail: alessandra.lanzone@mediolanum.it

STATEMENT OF FINANCIAL POSITION

Assets

€/000	June 30, 2025	December 31, 2024
10. Cash and cash equivalents	408,747	684,440
20. Financial assets at FVPL	44,703,500	42,531,431
a) held for trading	1,211,989	416,218
b) designated at fair value	43,292,097	41,904,095
c) mandatorily measured at fair value	199,414	211,118
30. Financial assets measured at fair value through other comprehensive income	2,224,347	2,305,833
40. Financial Assets measured at amortised cost	36,299,760	37,863,887
a) due from banks	979,155	811,382
b) loans to customers	35,320,605	37,052,505
80. Insurance contract assets	75,428	70,997
90. Property and equipment	212,383	209,693
100. Intangible assets	213,868	212,914
of which:
- goodwill	125,625	125,625
110. Tax assets	711,441	834,297
a) current	538,673	664,392
b) deferred	172,768	169,905
120. Non-current assets held for sale and discontinued operations	-	823
130. Other assets	1,125,233	1,439,957
TOTAL ASSETS	85,974,707	86,154,272

Liabilities and Shareholders' Equity

€/000	June 30, 2025	December 31, 2024
10. Financial liabilities measured at amortised cost	33,788,382	35,528,900
a) due to banks	368,739	717,433
b) due to customers	33,113,458	34,497,838
c) debt certificates including bonds	306,185	313,629
20. Financial liabilities held for trading	471	3
30. Financial liabilities designated at fair value	19,815,441	18,740,436
60. Tax liabilities	317,430	410,923
a) current	207,506	307,087
b) deferred	109,924	103,836
80. Other liabilities	1,532,026	1,289,681
90. Employee termination indemnities	12,698	12,228
100. Allowances for risks and charges	355,147	342,336
a) commitments and guarantees given	1,543	930
b) post-employment benefits	105	105
c) other allowances for risks and charges	353,499	341,301
110. Insurance contract liabilities	25,975,988	25,804,045
120. Valuation reserves	249,625	119,833
150. Reserves	2,900,879	2,526,734
155. Interim dividends	-	(272,832)
160. Share premium reserve	9,253	9,082
170. Share capital	600,698	600,688
180. Treasury shares (-)	(60,623)	(77,414)
200. Net Profit (Loss) for the period (+/-)	477,292	1,119,629
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	85,974,707	86,154,272

Reclassified Income Statement

€/000	June 30, 2025	June 30, 2024
Entry fees	31,954	28,542
Management fees	681,060	620,159
Investment Management fees	130,712	122,513
Net insurance result	110,774	96,851
Banking services fees	122,650	97,924
Other fees	27,573	25,275
Total commission income	1,104,723	991,264
Acquisition costs	(379,325)	(324,158)
Other commission expenses	(80,964)	(79,034)
Total commission expenses	(460,289)	(403,192)
Net commission income	644,434	588,072
Net interest income	366,753	418,013
Net income (loss) on other investments	24,168	18,543
Impairment on loans	(14,048)	(18,482)
Other revenues & expenses	(89)	(1,257)
CONTRIBUTION MARGIN	1,021,218	1,004,889
G & A expenses	(390,662)	(366,049)
Regular Contributions to Banking Industry	(8,898)	(27,640)
Amortisation & depreciation	(16,864)	(18,402)
Provisions for risk & charges	(34,224)	(26,689)
TOTAL COSTS	(450,648)	(438,780)
OPERATING MARGIN	570,570	566,109
Performance fees	48,770	41,321
Net income on investments at fair value	19,115	(297)
MARKET EFFECTS	67,885	41,024
Extraordinary Contributions to Banking Industry	(1,131)	(11,556)
EXTRAORDINARY ITEMS	(1,131)	(11,556)
PROFIT BEFORE TAX	637,324	595,577
Income tax	(160,032)	(145,663)
NET PROFIT (LOSS) FOR THE PERIOD	477,292	449,914

PROFIT & LOSS FIGURES DATA BY DIVISION AS AT JUNE 30, 2025

MEDIOLANUM GROUP	ITALY					FOREIGN
Euro thousands	BANKING	ASSET MANAGEMENT	INSURANCE	OTHER	TOTAL	SPAIN	GERMANY	TOTAL
Entry fees	-	17,889	-	-	17,889	14,065	-	31,954
Management fees	-	360,367	254,376	-	614,743	63,786	2,531	681,060
Investment Management fees	-	69,149	50,541	-	119,690	10,490	532	130,712
Net Insurance result	-	-	103,891	-	103,891	6,503	380	110,774
Banking services fees	116,894	-	-	-	116,894	5,756	-	122,650
Other fees Total commission income	391 117,285	15,132 462,537	8,103 416,911	1,769 1,769	25,395 998,502	2,075 102,675	103 3,546	27,573 1,104,723
Acquisition costs	(50,787)	(168,259)	(117,264)	1,200	(335,111)	(43,217)	(998)	(379,325)
Other commission expenses	(35,891)	(18,235)	(17,236)	-	(71,362)	(9,349)	(253)	(80,964)
Total commission expenses	(86,678)	(186,494)	(134,500)	1,200	(406,473)	(52,566)	(1,251)	(460,289)
Net commission income	30,607	276,043	282,411	2,969	592,030	50,109	2,295	644,434
Net interest income	310,866	489	28,946	37	340,338	25,957	458	366,753
Net income (loss) on other investments	6,090	27	3,664	14,057	23,839	329	-	24,168
Impairment on loans	(13,758)	-	-	-	(13,758)	(290)	-	(14,048)
Other revenues & expenses	(2,839)	381	(542)	2,296	(704)	613	2	(89)
CONTRIBUTION MARGIN I	330,966	276,941	314,479	19,359	941,745	76,718	2,755	1,021,218
Allocated Direct and Indirect Costs	(118,339)	(58,572)	(61,681)	(3,657)	(242,248)	(41,308)	(213)	(283,769)
Contributions to Banking & Insurance Industry	(647)	-	(8,251)	-	(8,898)	-	-	(8,898)
CONTRIBUTION MARGIN II	211,981	218,369	244,546	15,703	690,598	35,410	2,542	728,551
Unallocated Costs	-	-	-	-	(106,893)	-	-	(106,893)
Amortisation & depreciation	-	-	-	-	(11,695)	(5,160)	(9)	(16,864)
Provisions for risk & charges	-	-	-	-	(31,815)	(2,409)	-	(34,224)
OPERATING MARGIN	211,981	218,369	244,546	15,703	540,196	27,841	2,533	570,570
Performance fees	-	37,406	9,772	-	47,178	1,479	113	48,770
Net income on investments at fair value	18,735	(197)	(33)	-	18,505	574	36	19,115
MARKET EFFECTS	18,735	37,209	9,739	-	65,683	2,053	149	67,885
Extraordinary Contributions to Banking & Insurance Industry	(1,131)	-	-	-	(1,131)	-	-	(1,131)
Other	-	-	-	-	-	-	-	-
EXTRAORDINARY ITEMS	(1,131)	-	-	-	(1,131)	-	-	(1,131)
PROFIT BEFORE TAX	229,585	255,578	254,284	15,703	604,748	29,894	2,682	637,324
Income tax	-	-	-	-	(154,283)	(5,392)	(357)	(160,032)
NET PROFIT (LOSS)	229,585	255,578	254,284	15,703	450,465	24,502	2,325	477,292

PROFIT & LOSS FIGURES DATA BY DIVISION AS AT JUNE 30, 2024

MEDIOLANUM GROUP	ITALY					FOREIGN
Euro thousands	BANKING	ASSET MANAGEMENT	INSURANCE	OTHER	TOTAL	SPAIN	GERMANY	TOTAL
Entry fees	-	18,844	-	-	18,844	9,698	-	28,542
Management fees	-	336,683	224,823	-	561,506	55,542	3,111	620,159
Investment Management fees	-	65,486	46,594	-	112,080	9,749	684	122,513
Net Insurance result	-	-	90,697	-	90,697	5,719	435	96,851
Banking services fees	92,964	-	-	-	92,964	4,960	-	97,924
Other fees	212	14,236	6,813	2,163	23,424	1,730	121	25,275
Total commission income	93,176	435,249	368,926	2,163	899,515	87,398	4,351	991,264
Acquisition costs	(46,589)	(147,878)	(97,376)	1,255	(290,587)	(32,600)	(970)	(324,158)
Other commission expenses	(38,830)	(18,367)	(14,154)	-	(71,352)	(7,378)	(304)	(79,034)
Total commission expenses	(85,419)	(166,245)	(111,530)	1,255	(361,939)	(39,978)	(1,274)	(403,192)
Net commission income	7,757	269,004	257,396	3,419	537,575	47,420	3,077	588,072
Net interest income	348,770	4,099	29,445	53	382,367	34,869	777	418,013
Net income (loss) on other investments	1,427	1	3,311	13,685	18,423	120	-	18,543
Impairment on loans	(18,164)	-	-	-	(18,164)	(318)	-	(18,482)
Other revenues & expenses	(4,234)	302	(453)	2,766	(1,619)	360	2	(1,257)
CONTRIBUTION MARGIN I	335,556	273,405	289,699	19,922	918,582	82,451	3,856	1,004,889
Allocated Direct and Indirect Costs	(121,966)	(56,156)	(56,876)	(3,427)	(238,425)	(34,097)	(228)	(272,750)
Contributions to Banking & Insurance Industry	(19,125)	-	(8,515)	-	(27,640)	-	-	(27,640)
CONTRIBUTION MARGIN II	194,465	217,249	224,308	16,495	652,517	48,354	3,628	704,499
Unallocated Costs	-	-	-	-	(93,299)	-	-	(93,299)
Amortisation & depreciation	-	-	-	-	(14,450)	(3,942)	(10)	(18,402)
Provisions for risk & charges	-	-	-	-	(25,485)	(1,204)	-	(26,689)
OPERATING MARGIN	194,465	217,249	224,308	16,495	519,283	43,208	3,618	566,109
Performance fees	-	26,159	13,769	-	39,928	1,276	117	41,321
Net income on investments at fair value	(1,372)	32	205	-	(1,135)	777	61	(297)
MARKET EFFECTS	(1,372)	26,190	13,974	-	38,793	2,053	178	41,024
Extraordinary Contributions to Banking & Insurance Industry	(11,556)	-	-	-	(11,556)	-	-	(11,556)
Other	-	-	-	-	-	-	-	-
EXTRAORDINARY ITEMS	(11,556)	-	-	-	(11,556)	-	-	(11,556)
PROFIT BEFORE TAX	181,537	243,440	238,282	16,495	546,520	45,261	3,796	595,577
Income tax	-	-	-	-	(135,914)	(9,275)	(474)	(145,663)
NET PROFIT (LOSS)	181,537	243,440	238,282	16,495	410,607	35,986	3,321	449,914

Numero di Pagine: 10