<link:linkbase
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   <link:roleRef xlink:type="simple" xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#id_8" roleURI="https://www.mediobanca.com/xbrl/role/all/ias_1_role-310000"/>
   <link:roleRef xlink:type="simple" xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#id_161" roleURI="https://www.mediobanca.com/xbrl/role/all/ias_1_role-410000"/>
   <link:roleRef xlink:type="simple" xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#id_10" roleURI="https://www.mediobanca.com/xbrl/role/all/ias_1_role-610000"/>
   <link:roleRef xlink:type="simple" xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#id_180" roleURI="https://www.mediobanca.com/xbrl/role/all/ias_7_role-510000"/>
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      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:type="locator"/>
      <link:calculationArc
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                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod"
                            weight="1.0"
                            order="168.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#ext_AttivitaFiscali" xlink:label="ext_AttivitaFiscali" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_AttivitaFiscali"
                            weight="1.0"
                            order="169.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_CashAndCashEquivalents"
                            order="170.0"
                            weight="1.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:label="ifrs-full_FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome"
                            weight="1.0"
                            order="171.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialAssetsAtAmortisedCost" xlink:label="ifrs-full_FinancialAssetsAtAmortisedCost" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_FinancialAssetsAtAmortisedCost"
                            weight="1.0"
                            order="172.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:label="ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_DerivativeFinancialAssetsHeldForHedging"
                            weight="1.0"
                            order="173.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_IntangibleAssetsAndGoodwill"
                            weight="1.0"
                            order="174.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:label="ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale"
                            weight="1.0"
                            order="175.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherAssets" xlink:label="ifrs-full_OtherAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_OtherAssets"
                            weight="1.0"
                            order="176.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss"
                            weight="1.0"
                            order="177.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#ext_AdeguamentoDiValoreDelleAttivitaFinanziarieOggettoDiCoperturaGenerica" xlink:label="ext_AdeguamentoDiValoreDelleAttivitaFinanziarieOggettoDiCoperturaGenerica" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_AdeguamentoDiValoreDelleAttivitaFinanziarieOggettoDiCoperturaGenerica"
                            weight="1.0"
                            order="178.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#ext_RiserveTecnicheACaricoDeiRiassicuratori" xlink:label="ext_RiserveTecnicheACaricoDeiRiassicuratori" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_RiserveTecnicheACaricoDeiRiassicuratori"
                            weight="1.0"
                            order="179.0"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#ext_AttivitaMateriali" xlink:label="ext_AttivitaMateriali" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_AttivitaMateriali"
                            weight="1.0"
                            order="180.0"
                          xlink:type="arc"/>
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   <link:calculationLink xlink:role="https://www.mediobanca.com/xbrl/role/all/ias_1_role-220000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" xlink:type="locator"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_IssuedCapital"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_SharePremium" xlink:label="ifrs-full_SharePremium" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_SharePremium"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TreasuryShares" xlink:label="ifrs-full_TreasuryShares" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_TreasuryShares"
                            weight="-1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#ext_RiserveDaValutazione" xlink:label="ext_RiserveDaValutazione" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_RiserveDaValutazione"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#ext_AzioniRimborsabili" xlink:label="ext_AzioniRimborsabili" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_AzioniRimborsabili"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#ext_StrumentiDiCapitale" xlink:label="ext_StrumentiDiCapitale" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_StrumentiDiCapitale"
                            weight="1.0"
                            order="6"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#ext_AltreRiserve" xlink:label="ext_AltreRiserve" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_AltreRiserve"
                            weight="1.0"
                            order="7"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#ext_UtilePerditaDiPertinenzaDellaCapogruppo" xlink:label="ext_UtilePerditaDiPertinenzaDellaCapogruppo" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_UtilePerditaDiPertinenzaDellaCapogruppo"
                            weight="1.0"
                            order="8"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncontrollingInterests" xlink:label="ifrs-full_NoncontrollingInterests" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_NoncontrollingInterests"
                            weight="1.0"
                            order="9"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Provisions" xlink:label="ifrs-full_Provisions" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_Provisions"
                            weight="1.0"
                            order="10"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialLiabilitiesAtAmortisedCost" xlink:label="ifrs-full_FinancialLiabilitiesAtAmortisedCost" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_FinancialLiabilitiesAtAmortisedCost"
                            weight="1.0"
                            order="11"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading"
                            weight="1.0"
                            order="12"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedAsUponInitialRecognition" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedAsUponInitialRecognition" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedAsUponInitialRecognition"
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                            order="13"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DerivativeFinancialLiabilitiesHeldForHedging" xlink:label="ifrs-full_DerivativeFinancialLiabilitiesHeldForHedging" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_DerivativeFinancialLiabilitiesHeldForHedging"
                            weight="1.0"
                            order="14"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#ext_AdeguamentoDiValoreDellePassivitaFinanziarieOggettoDiCoperturaGenerica" xlink:label="ext_AdeguamentoDiValoreDellePassivitaFinanziarieOggettoDiCoperturaGenerica" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_AdeguamentoDiValoreDellePassivitaFinanziarieOggettoDiCoperturaGenerica"
                            weight="1.0"
                            order="15"
                          xlink:type="arc"/>
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherLiabilities" xlink:label="ifrs-full_OtherLiabilities" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_OtherLiabilities"
                            weight="1.0"
                            order="16"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#ext_TrattamentoDiFineRapportoDelPersonale" xlink:label="ext_TrattamentoDiFineRapportoDelPersonale" xlink:type="locator"/>
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                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_TrattamentoDiFineRapportoDelPersonale"
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                            order="17"
                          xlink:type="arc"/>
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                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_RiserveTecnicheDaContrattiAssicurativi"
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                            order="18"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2022-06-30.xsd#ext_PassivitaFiscali" xlink:label="ext_PassivitaFiscali" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_PassivitaFiscali"
                            weight="1.0"
                            order="19"
                          xlink:type="arc"/>
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                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale"
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                          xlink:type="arc"/>
   </link:calculationLink>
   <link:calculationLink xlink:role="https://www.mediobanca.com/xbrl/role/all/ias_1_role-220000" xlink:type="extended">
      <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Provisions" xlink:label="ifrs-full_Provisions" xlink:type="locator"/>
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                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Provisions"
                          xlink:to="ext_QuiescenzaEObblighiSimili"
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                          xlink:from="ifrs-full_Provisions"
                          xlink:to="ext_AltriFondiPerRischiEOneri"
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      <link:calculationArc
                          xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item"
                          xlink:from="ifrs-full_Provisions"
                          xlink:to="ext_ImpegniEGaranzieRilasciate"
                            weight="1.0"
                            order="3"
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