Banca Mediolanum S.p.A.

Reported H1 2026 net income was EUR 555.5 million, up 16% year on year. Contribution margin reached EUR 1.16 billion, up 14%, and operating margin was EUR 683 million, up 20%. Net commission income rose 10% to nearly EUR 706 million, net interest income increased 30% to EUR 478.5 million, and banking service fees were nearly EUR 158 million, up 29%. Net inflows totaled EUR 6.37 billion, managed-assets inflows were EUR 4.2 billion, assets under management reached EUR 168.23 billion, and the credit book was EUR 19.69 billion, up 9% year on year. The cost-income ratio fell to 36.1%, and 12-month rolling cost of risk was 19 basis points. For 2026, management guided to managed-assets inflows of around EUR 9 billion, NII up 15%-18% vs 2025, cost-income ratio around 38%, cost of risk around 20 bps, and dividend per share higher than the EUR 0.80 base dividend. For 2027, management said it expects NII to increase 5% with average Euribor of 2.6%.

Massimo Doris emphasized that uncertainty in markets reinforces the value of advice, arguing that customers continued investing because they relied on Family Bankers rather than reacting to volatility. He framed Mediolanum’s integrated model as the reason it can adapt across market regimes while continuing to broaden growth sources. He also highlighted strategic initiatives such as Grandi Patrimoni, AI, and longevity as long-term growth drivers, saying the first half confirms the business is becoming more diversified and higher quality.

Angelo Lietti highlighted the main financial drivers behind the half year: stronger recurring fees, higher net interest income, and improved efficiency. He noted performance fees crystallized to date of EUR 74 million, with about EUR 220 million not yet recognized through P&L, and said the year-over-year comparison in funding costs was favorable because H1 2025 included time-deposit campaigns at 5% and 4% versus 3% this year. He also pointed to a very strong CET1 ratio of 22.7% without including H1 net income in capital, an MREL TREA ratio above the 22% requirement, and said AI is already reducing outsourcing costs in mortgage processing.

Analysts asked about the sustainability of the EUR 1.2 billion of certificate sales, July inflows, Grandi Patrimoni growth, recruitment, and AI. Management said the certificates were plain vanilla and expected a slight drop in H2 because H1 benefited from many auto-callable redemptions, while July inflows were running very well and were all in managed assets. On Grandi Patrimoni, Doris said growth was coming from both existing clients moving above the EUR 2 million threshold and new client acquisition, helped by stronger brand recognition and targeted investment. On recruitment, management said the hiring machine has gained momentum after process and compensation changes, and on AI it gave concrete examples in advisor tools and mortgage document review, saying some benefits are immediate.