In the first quarter, which ended at the end of September, Mediobanca posted revenues of 867,6 million, stable compared to the previous financial year. TheNet income if they are not considered the costs of the takeover bid at MPS and Banca Generali, equal to 321,7 million (-2,5%) while it drops to 291,2 million after extraordinary costs related to the exchange offers as well as the impact on the income statement of the early termination of the long-term incentive plans for top managers. The Mediobanca board of directors also confirms the shareholder remuneration with the balance of 0,59 € per share which will be paid by the November 26, 2025 and proposes “the distribution of a 100% cash payout in December 2025.”
Mediobanca: revenues of €867 million
Therefore, quarterly revenues are stable compared to the previous financial year, benefiting from the diversification of activities and sources of income: Wealth management -1,8% to 224,3 million, Corporate investment banking -6% to 171,2 million, Consumer credit (Compass) +6,9% to 335,3 million, Insurance (Generali) +12,7% to 129,6 million.
Il interest margin proves resilient, equal to 478,5 million (-1,3%), to the reduction in market rates, net commissions are almost unchanged at 232,3 million, while Assicurazioni Generali's contribution is growing (from €105,4 million to €128,7 million). Operating profit amounted to €417,1 million (-2,6%), with a cost/income ratio remaining low at 43,9% and a stable cost of risk at 51 basis points. Compared to the last quarter, revenues decreased by 8,9%, reflecting a lower contribution from Generali (-20,3%) and trading activities (from €40,9 million to €27,2 million), as well as a decline in commissions (-8,7%), also linked to the summer season. These factors were partially offset by the lower variable component of personnel costs.
Mediobanca: extraordinary expenses of €45,3 million in three months
In the Mediobanca quarter, the following were recorded: extraordinary expenses for 45,3 million (30,5 million net of taxes) relating on the one hand to the reporting of direct expenses incurred for the activities related to theOops from MPS and of that launched for the acquisition of Banca Generali (taking into account that almost all the mandates envisaged the joint management of both operations) and, on the other hand, the costs arising from the change of control connected to the finalization of the payment plans in Mediobanca shares as well as to the extension of the directors' liability insurance.
With regard to the early closure of the performance share plans, Mediobanca underlines in the press release on the accounts that following the communication of the final results of the public exchange offer of Banca Monte dei Paschi di Siena (11 September 2025) which sanctioned the change of control, the Amendments to the 2023-2026 Long-Term Incentive Plan and to the Performance Share Plans, as approved by the Mediobanca Board of Directors in the meeting of 26 June 2025. Consequently, all the plans were closed early and 6.122.932 shares were converted into a cash amount of 122 million corresponding to a value of the Mediobanca share equal to the average value of the share calculated during the subscription period to the MPS public tender offer (19,9216 euros). Conversely Mediobanca has released itself from its commitment to deliver 6,1 million shares to employees. already present in the bank's balance sheet among its own shares.
Mediobanca expects stable recurring profit and growing revenues
in this next few months Mediobanca confirms a recurring result at the levels of the quarter just ended, with high single-digit revenue growth compared to the previous quarter. The cost of risk did not present any unexpected elements, remaining within the 50-55 basis point range. In addition to confirming the consumer performance, this quarter is expected to see an improvement in fee income from Corporate Investment Banking (due to the intensification of closings at the end of the year) and Wealth Management (due to the growing offering of placements), despite solid net inflows, though lower than the previous quarter. In its note on the accounts, the bank notes that the financial year-end closure is expected to be moved from June 30th to December 31st, with adjustments to the accounting policies of the parent company MPS.
The new Mediobanca board of directors has appointed the internal committees
Il new board of directors of Mediobanca chaired by Victor Grilli in addition to approving the first quarter accounts, he appointed the internal board committees, all made up of independent directors on the basis of the declarations they have made, with the exception of the CEO Alessandro Melzi d'Eril. The Risk and Sustainability Committee is composed of Sandro Panizza (president), Ines Gandini, Massimo Lapucci, Giuseppe Matteo Masoni and Tiziana Togna; Related Parties Committee from Togna (president), Gandini and Panizza; the Appointments Committee, by Paolo Gallo (president), Lapucci and Federica Minozzi; the Remuneration Committee, by Andrea Zappia (president), Gallo and Minozzi. The Committee pursuant to art. 18, paragraph 4, the statute is finally composed of Melzi d'Eril (president), Lapucci, Minozzi, Panizza and Togna.
