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"v1-page330-cflshid_117310-tag470198": {
"value": "Part A - Accounting PoliciesA.1 - General Part
With the completion of the acquisition of control of Mediobanca S.p.A. on the part of Banca Monte dei Paschi di Siena S.p.A. on 15 September 2025, Mediobanca no longer met the conditions for qualification as a Parent Company under current supervisory provisions. Consequently, effective 15 September 2025, the Mediobanca Group was removed from the Register of Banking Groups, Mediobanca became subject to the management and coordination of Banca Monte dei Paschi di Siena, and, along with all its subsidiaries, became a member of the Banca Monte dei Paschi di Siena Banking Group. As an issuer of listed securities admitted to trading on regulated markets in Italy or the European Union, Mediobanca prepared these Financial Statements on a consolidated basis, corresponding to the scope of the former Mediobanca Group. It should be emphasized that Banca Monte dei Paschi di Siena publishes Consolidated Financial Statements as at 31 December 2025, presenting a consolidated financial report that includes balance sheet data as at 31 December 2025 and the economic figures of Mediobanca and its subsidiaries from 1 October 2025.
Taking into account the amendment to Article 31 of the Articles of Association, approved by the Extraordinary Shareholders' Meeting on 1 December 2025, these financial statements constitute the first report closing on 31 December and present the economic results for the period 1 July \u2013 31 December 2025. All tables present the data as at 31 December 2025 and are compared with the balance sheet and profit and loss data of the last approved financial statements (report as at 30 June 2025).
Following the completion of the acquisition process and in order to provide timely, more up-to-date and accurate information regarding the valuations of properties held by the Mediobanca Group, as required by paragraph 14 of IAS8 \"Accounting Policies, Changes in Accounting Estimates and Errors\", as well as with a view to aligning the valuation criteria for its real estate assets with those previously in use by the MPS Group, effective 31 December 2025, the corporate bodies of Mediobanca, on an optional basis, decided to adopt:
\u2014the revaluation model for core operating real properties in accordance with the provisions established by the accounting principle IAS16 \u201cProperty, Plant and Equipment\u201d, in place of the previous valuation at cost;
\u2014the fair value method for the valuation of properties held for investment purposes in accordance with the provisions established by the accounting principle IAS40 \u201cInvestment Property\u201d, in place of the previous valuation at cost.The aforementioned changes apply to Mediobanca and its subsidiaries in accordance with the procedure set out in IAS8. For further details, please refer to Section 5 in this Part.
SECTION 1
Statement of Compliance with IAS/IFRS The consolidated financial statements of Mediobanca and its subsidiaries as at 30 June 2025, as required by Italian Legislative Decree No. 38 of 28 February 2005, were drawn up in compliance with the IFRS accounting standards issued by the International Accounting Standards Board, and related interpretations of the International Financial Reporting Interpretations Committee (IFRIC), and adopted by the European Commission in accordance with the procedure laid down in Article 6 of Regulation (EC) 1606/2002 issued by the European Parliament and Council on 19 July 2002. In particular, account was taken of the \u201cInstructions on preparing statutory and consolidated financial statements for banks and financial companies which control banking groups\u201d issued by the Bank of Italy under Circular No. 262 of 22 December 2005 - eighth update of 17 November 2022,69 which define the structure to be used in compiling and preparing the financial statements and the contents of the notes to the accounts. The international accounting standards were adopted by also referring to the \u201cFramework for the Preparation and Presentation of Financial Statements\u201d (Conceptual Framework), the documents entitled Implementation Guidance and Basis for Conclusions, and any other documents prepared by the IASB or IFRIC to complement the accounting standards issued.
For an overview of the accounting standards and related interpretations approved by the European Commission expected to be applied for this financial year (from 1 July 2025 to 31 December 2025) or future financial years, please refer to \"Section 2 \u2013 General Basis of Preparation\u201d below, which also illustrates the main impacts for Mediobanca and its subsidiaries.
The communications from the Supervisory Bodies (Bank of Italy, ECB, Consob,
69 The eighth update published on 17 November 2022 transposed the regulatory changes of IFRS 17 \u201cInsurance Contracts\u201d.
and ESMA) and the interpretative documents on the adoption of IAS/IFRS prepared by the Italian Accounting Standards Board (OIC) and the Italian Banking Association (ABI) were also considered, where applicable. These documents provide recommendations on the disclosures to be included in the Financial Report, on certain aspects of greater relevance in the accounting field, on the accounting treatment of specific transactions, on the uncertainties of the macroeconomic context, and on the impacts related to climate risks.
",
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"v1-page333-cflshid_118072-tag470077": {
"value": "SECTION 2General Basis of Preparation These consolidated financial statements comprise: \u2015consolidated balance sheet;
\u2015consolidated income statement;
\u2015consolidated statement of other comprehensive income;
\u2015statement of changes to consolidated net equity;
\u2015consolidated cash flow statement, drawn up using the direct method;
\u2015notes to the accounts.
All the statements were drawn up in compliance with the general principles provided for under IAS and the accounting policies illustrated in part A.2, and show data for the period under review compared with data stated in the previous financial statements approved (30 June 2025) in the case of balance-sheet figures and profit-and-loss data. Please note that the comparative figures at 30 June 2025 were restated in accordance with IAS 8 to reflect the new measurement criteria adopted, i.e. from cost method to fair value measurement for IAS 40 investment properties. Such new value measurement method resulted in the inclusion of a third column for asset and liability statements only, as required by IAS 1, reporting data at 1 July 2024, restated to reflect the retrospective adoption of the new value measurement method for IAS 40 properties.
In accordance with the provisions of Article 5 of Legislative Decree No. 38 of 28 February 2005, the financial statements were prepared using the euro as the reporting currency: the financial statements and the notes to the accounts are in euro thousand.
The financial statements were prepared on a going concern basis, in accordance with the accruals basis of accounting, in compliance with the principles of relevance and materiality of information, the prevalence of substance over form, and with a view to promoting consistency with future presentations.
The consolidated financial statements are drawn up with clarity and provide a true
and fair view of the financial position and results of operations of Mediobanca and its subsidiaries, as detailed in Section 3, \"Area and methods of consolidation,\" below.If the information required by international accounting principles and the provisions contained in the aforementioned circular were deemed insufficient to provide a true and fair view, additional information necessary for this purpose was provided in the notes to the accounts.
* * *
On 1 July 2025, Regulation (EU) 2024/2862 of 12 November 2024 (published in the Official Journal of the European Union on 13 November 2024), amending IAS21, entered into force. These amendments introduce requirements for determining when a currency is convertible into another currency and when it is not. These amendments require an entity to estimate the spot exchange rate when it determines that a currency is not convertible into another currency. These amendments are effective for annual periods beginning on or after 1 January 2025 (for Mediobanca and its subsidiaries, as of 1 July 2025). There is no impact on the Group.
During the year under review, the European Commission approved the following regulation, transposing certain changes to accounting standards already in force. There were no impacts for Mediobanca and its subsidiaries:
\u2014Commission Regulation (EU) 2025/1331 of 9 July 2025 (published in the Official Journal of the European Union on 10 July 2025), approved the Annual Improvements Volume 11 issued by the IASB on 18 July 2024, which contains some improvements to the principles with clarifications, simplifications, corrections and minor amendments to the IFRS accounting principles aimed at improving their consistency. The following accounting standards were affected: IFRS1 \u201cFirst-time Adoption of International Financial Reporting Standards\u201d, IFRS7 \u201cFinancial Instruments: Disclosures\u201d and the related Guidance on implementing IFRS7, IFRS9 \u201cFinancial Instruments,\u201d IFRS10 \u201cConsolidated Financial Statements,\u201d and IAS7 \u201cStatement of Cash Flows.\u201d These amendments are effective for annual periods beginning on or after 1 January 2026.
It should also be noted that on 13 November 2025, the IASB published the amendment to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency\u201d. The document clarifies how to convert from a non-hyperinflationary currency to a hyperinflationary currency; the amendment
is effective from 1 January 2027 and early adoption is permitted. No impact on the financial statements of Mediobanca and its subsidiaries is expected; on 28 November 2025 the IASB published the amendment to the illustrative examples of IFRS7, IFRS18, IAS1, IAS8, IAS36 and IAS37 \u201cDisclosures about Uncertainties in the Financial Statements,\" which is the final version of the document published last July. The document contains a number of examples relating to the representation of uncertainties in financial reporting, including the effects of climate change. The amendment is not subject to transposition and has no effective date, but, as specified by the IASB, it should be applied promptly in the preparation of Financial Statements.
* * *The measures and statements published by regulatory and supervisory authorities in the past six months regarding the most suitable way to apply accounting standards that supplement the measures contained in the latest financial statements at 30 June 2025 are shown below. Please refer to the above financial statements for more details.
On 14 October 2025, ESMA published the annual statement \u201cEuropean Common Enforcement Priorities for 2025 Corporate Reporting\u201d outlining the priorities on which listed companies must focus when preparing the financial statements at 31 December 2025. ESMA divides the recommendations into three sections, respectively on financial reporting, sustainability reporting, and ESEF reporting. A fourth section addresses the connection between financial reporting and sustainability reporting. Regarding financial reporting, ESMA, in particular, recommends taking into account geopolitical risks and related uncertainties and their impact on the valuation of financial instruments and non-financial assets, as well as on revenue recognition and the measurement of DTAs, providing adequate and specific disclosures. Furthermore, regarding the segment reporting required by IFRS8, it calls for consistency with the internal reporting prepared for corporate bodies and for adequate disclosure of the segment identification methods and any implications due to geopolitical uncertainty and climate change. Regarding Sustainability Reporting, while emphasizing the expected streamlining of disclosure requirements, ESMA highlights the importance of providing complete and clear information regarding dual materiality and topics identified as material. Finally, regarding ESEF reporting, it identifies some errors found in previous reporting in order to prevent their recurrence in the future. In the final section, it provides some more general guidance on the connection between financial and sustainability reporting and the importance of publishing Alternative Performance Measures (APMs).
Following the changes introduced by Law No. 199/2025 (the \"2026 Budget Law\") regarding the regulation of the \"extraordinary contribution on net interest income\" (so-called extra profits), it was decided to exempt the reserves by paying the extraordinary contribution of 27.5% in lieu of the higher tax due upon distribution of the reserves. Based on this decision, the contribution was recorded under \"Other liabilities\" against a net equity reserve.
Going-concern statementWith reference to the requirements of the Bank of Italy, CONSOB and ISVAP under Joint Document No. 4 of 3 March 2010, these consolidated financial statements at 31 December 2025 were prepared on a going-concern basis: the Directors believe that no risks and uncertainties have arisen such as to raise doubts on the Group\u2019s going-concern assumption. The Directors consider that Mediobanca and its subsidiaries have a reasonable expectation of continuing to operate in the foreseeable future.
For information on the risks and related safeguards for Mediobanca and its subsidiaries, please refer to the contents of \u201cPart E - Information on risks and related hedging policies\u201d in these Notes to the Accounts and in the Consolidated Review of Operations.
Discretionary assessments, risks and uncertainties linked to the use of significant accounting estimates
In compliance with IFRS, senior management are required to formulate assessments, estimates and assumptions that may influence the adoption of the accounting standards and the amounts of assets, liabilities, costs and revenues recognized in the financial statements, as well as the disclosure relating to contingent assets and liabilities.
The assumptions underlying such estimates take into account all the information available at the date of preparation of the financial statements, as well as assumptions considered reasonable, including in light of past experience.
In this regard, it should be noted that financial estimates may, due to their very nature and insofar as reasonable, need to be revised as a result of changes in the circumstances on which they have been based, of the availability of new information or of greater experience accrued.
The main cases requiring the use of subjective assessments and opinions on the part of senior management are as follows:
a)quantification of losses due to the impairment of receivables, including the effects of climate-related and environmental and geopolitical risks, and, in general, of other financial assets;
b)assessment of the fair value of equity investments and other non-financial assets (goodwill, tangible assets, including the value in use of assets acquired under lease, and intangible assets);c)use of valuation models to measure the fair value of financial instruments not listed on active markets and investment properties;
d)quantification of fair value of instrumental properties according to the revaluation model;
e)estimates of liabilities deriving from company defined benefit retirement plans;
f)quantification of legal and fiscal provisions for risks and charges.
The above list of valuation processes is provided for the sole purpose of allowing the reader to better understand the main areas of uncertainty, but it should not be understood in any way to suggest that alternative assumptions may, at present, be more appropriate. For the most relevant items being estimated, information on the main hypotheses and assumptions used in the estimate is provided in the specific sections of the Notes to the Accounts, including a sensitivity analysis with respect to alternative hypotheses. ",
"dimensions": {
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"value": "SECTION 2General Basis of Preparation These consolidated financial statements comprise: \u2015consolidated balance sheet;
\u2015consolidated income statement;
\u2015consolidated statement of other comprehensive income;
\u2015statement of changes to consolidated net equity;
\u2015consolidated cash flow statement, drawn up using the direct method;
\u2015notes to the accounts.
All the statements were drawn up in compliance with the general principles provided for under IAS and the accounting policies illustrated in part A.2, and show data for the period under review compared with data stated in the previous financial statements approved (30 June 2025) in the case of balance-sheet figures and profit-and-loss data. Please note that the comparative figures at 30 June 2025 were restated in accordance with IAS 8 to reflect the new measurement criteria adopted, i.e. from cost method to fair value measurement for IAS 40 investment properties. Such new value measurement method resulted in the inclusion of a third column for asset and liability statements only, as required by IAS 1, reporting data at 1 July 2024, restated to reflect the retrospective adoption of the new value measurement method for IAS 40 properties.
In accordance with the provisions of Article 5 of Legislative Decree No. 38 of 28 February 2005, the financial statements were prepared using the euro as the reporting currency: the financial statements and the notes to the accounts are in euro thousand.
The financial statements were prepared on a going concern basis, in accordance with the accruals basis of accounting, in compliance with the principles of relevance and materiality of information, the prevalence of substance over form, and with a view to promoting consistency with future presentations.
The consolidated financial statements are drawn up with clarity and provide a true
and fair view of the financial position and results of operations of Mediobanca and its subsidiaries, as detailed in Section 3, \"Area and methods of consolidation,\" below.If the information required by international accounting principles and the provisions contained in the aforementioned circular were deemed insufficient to provide a true and fair view, additional information necessary for this purpose was provided in the notes to the accounts.
* * *
On 1 July 2025, Regulation (EU) 2024/2862 of 12 November 2024 (published in the Official Journal of the European Union on 13 November 2024), amending IAS21, entered into force. These amendments introduce requirements for determining when a currency is convertible into another currency and when it is not. These amendments require an entity to estimate the spot exchange rate when it determines that a currency is not convertible into another currency. These amendments are effective for annual periods beginning on or after 1 January 2025 (for Mediobanca and its subsidiaries, as of 1 July 2025). There is no impact on the Group.
During the year under review, the European Commission approved the following regulation, transposing certain changes to accounting standards already in force. There were no impacts for Mediobanca and its subsidiaries:
\u2014Commission Regulation (EU) 2025/1331 of 9 July 2025 (published in the Official Journal of the European Union on 10 July 2025), approved the Annual Improvements Volume 11 issued by the IASB on 18 July 2024, which contains some improvements to the principles with clarifications, simplifications, corrections and minor amendments to the IFRS accounting principles aimed at improving their consistency. The following accounting standards were affected: IFRS1 \u201cFirst-time Adoption of International Financial Reporting Standards\u201d, IFRS7 \u201cFinancial Instruments: Disclosures\u201d and the related Guidance on implementing IFRS7, IFRS9 \u201cFinancial Instruments,\u201d IFRS10 \u201cConsolidated Financial Statements,\u201d and IAS7 \u201cStatement of Cash Flows.\u201d These amendments are effective for annual periods beginning on or after 1 January 2026.
It should also be noted that on 13 November 2025, the IASB published the amendment to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency\u201d. The document clarifies how to convert from a non-hyperinflationary currency to a hyperinflationary currency; the amendment
is effective from 1 January 2027 and early adoption is permitted. No impact on the financial statements of Mediobanca and its subsidiaries is expected; on 28 November 2025 the IASB published the amendment to the illustrative examples of IFRS7, IFRS18, IAS1, IAS8, IAS36 and IAS37 \u201cDisclosures about Uncertainties in the Financial Statements,\" which is the final version of the document published last July. The document contains a number of examples relating to the representation of uncertainties in financial reporting, including the effects of climate change. The amendment is not subject to transposition and has no effective date, but, as specified by the IASB, it should be applied promptly in the preparation of Financial Statements.
* * *The measures and statements published by regulatory and supervisory authorities in the past six months regarding the most suitable way to apply accounting standards that supplement the measures contained in the latest financial statements at 30 June 2025 are shown below. Please refer to the above financial statements for more details.
On 14 October 2025, ESMA published the annual statement \u201cEuropean Common Enforcement Priorities for 2025 Corporate Reporting\u201d outlining the priorities on which listed companies must focus when preparing the financial statements at 31 December 2025. ESMA divides the recommendations into three sections, respectively on financial reporting, sustainability reporting, and ESEF reporting. A fourth section addresses the connection between financial reporting and sustainability reporting. Regarding financial reporting, ESMA, in particular, recommends taking into account geopolitical risks and related uncertainties and their impact on the valuation of financial instruments and non-financial assets, as well as on revenue recognition and the measurement of DTAs, providing adequate and specific disclosures. Furthermore, regarding the segment reporting required by IFRS8, it calls for consistency with the internal reporting prepared for corporate bodies and for adequate disclosure of the segment identification methods and any implications due to geopolitical uncertainty and climate change. Regarding Sustainability Reporting, while emphasizing the expected streamlining of disclosure requirements, ESMA highlights the importance of providing complete and clear information regarding dual materiality and topics identified as material. Finally, regarding ESEF reporting, it identifies some errors found in previous reporting in order to prevent their recurrence in the future. In the final section, it provides some more general guidance on the connection between financial and sustainability reporting and the importance of publishing Alternative Performance Measures (APMs).
Following the changes introduced by Law No. 199/2025 (the \"2026 Budget Law\") regarding the regulation of the \"extraordinary contribution on net interest income\" (so-called extra profits), it was decided to exempt the reserves by paying the extraordinary contribution of 27.5% in lieu of the higher tax due upon distribution of the reserves. Based on this decision, the contribution was recorded under \"Other liabilities\" against a net equity reserve.
Going-concern statementWith reference to the requirements of the Bank of Italy, CONSOB and ISVAP under Joint Document No. 4 of 3 March 2010, these consolidated financial statements at 31 December 2025 were prepared on a going-concern basis: the Directors believe that no risks and uncertainties have arisen such as to raise doubts on the Group\u2019s going-concern assumption. The Directors consider that Mediobanca and its subsidiaries have a reasonable expectation of continuing to operate in the foreseeable future.
For information on the risks and related safeguards for Mediobanca and its subsidiaries, please refer to the contents of \u201cPart E - Information on risks and related hedging policies\u201d in these Notes to the Accounts and in the Consolidated Review of Operations.
Discretionary assessments, risks and uncertainties linked to the use of significant accounting estimates
In compliance with IFRS, senior management are required to formulate assessments, estimates and assumptions that may influence the adoption of the accounting standards and the amounts of assets, liabilities, costs and revenues recognized in the financial statements, as well as the disclosure relating to contingent assets and liabilities.
The assumptions underlying such estimates take into account all the information available at the date of preparation of the financial statements, as well as assumptions considered reasonable, including in light of past experience.
In this regard, it should be noted that financial estimates may, due to their very nature and insofar as reasonable, need to be revised as a result of changes in the circumstances on which they have been based, of the availability of new information or of greater experience accrued.
The main cases requiring the use of subjective assessments and opinions on the part of senior management are as follows:
a)quantification of losses due to the impairment of receivables, including the effects of climate-related and environmental and geopolitical risks, and, in general, of other financial assets;
b)assessment of the fair value of equity investments and other non-financial assets (goodwill, tangible assets, including the value in use of assets acquired under lease, and intangible assets);c)use of valuation models to measure the fair value of financial instruments not listed on active markets and investment properties;
d)quantification of fair value of instrumental properties according to the revaluation model;
e)estimates of liabilities deriving from company defined benefit retirement plans;
f)quantification of legal and fiscal provisions for risks and charges.
The above list of valuation processes is provided for the sole purpose of allowing the reader to better understand the main areas of uncertainty, but it should not be understood in any way to suggest that alternative assumptions may, at present, be more appropriate. For the most relevant items being estimated, information on the main hypotheses and assumptions used in the estimate is provided in the specific sections of the Notes to the Accounts, including a sensitivity analysis with respect to alternative hypotheses",
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"v1-page333-cflshid_118072-tag470075": {
"value": "SECTION 2General Basis of Preparation These consolidated financial statements comprise: \u2015consolidated balance sheet;
\u2015consolidated income statement;
\u2015consolidated statement of other comprehensive income;
\u2015statement of changes to consolidated net equity;
\u2015consolidated cash flow statement, drawn up using the direct method;
\u2015notes to the accounts.
All the statements were drawn up in compliance with the general principles provided for under IAS and the accounting policies illustrated in part A.2, and show data for the period under review compared with data stated in the previous financial statements approved (30 June 2025) in the case of balance-sheet figures and profit-and-loss data. Please note that the comparative figures at 30 June 2025 were restated in accordance with IAS 8 to reflect the new measurement criteria adopted, i.e. from cost method to fair value measurement for IAS 40 investment properties. Such new value measurement method resulted in the inclusion of a third column for asset and liability statements only, as required by IAS 1, reporting data at 1 July 2024, restated to reflect the retrospective adoption of the new value measurement method for IAS 40 properties.
In accordance with the provisions of Article 5 of Legislative Decree No. 38 of 28 February 2005, the financial statements were prepared using the euro as the reporting currency: the financial statements and the notes to the accounts are in euro thousand.
The financial statements were prepared on a going concern basis, in accordance with the accruals basis of accounting, in compliance with the principles of relevance and materiality of information, the prevalence of substance over form, and with a view to promoting consistency with future presentations.
The consolidated financial statements are drawn up with clarity and provide a true
and fair view of the financial position and results of operations of Mediobanca and its subsidiaries, as detailed in Section 3, \"Area and methods of consolidation,\" below.If the information required by international accounting principles and the provisions contained in the aforementioned circular were deemed insufficient to provide a true and fair view, additional information necessary for this purpose was provided in the notes to the accounts.
* * *
On 1 July 2025, Regulation (EU) 2024/2862 of 12 November 2024 (published in the Official Journal of the European Union on 13 November 2024), amending IAS21, entered into force. These amendments introduce requirements for determining when a currency is convertible into another currency and when it is not. These amendments require an entity to estimate the spot exchange rate when it determines that a currency is not convertible into another currency. These amendments are effective for annual periods beginning on or after 1 January 2025 (for Mediobanca and its subsidiaries, as of 1 July 2025). There is no impact on the Group.
During the year under review, the European Commission approved the following regulation, transposing certain changes to accounting standards already in force. There were no impacts for Mediobanca and its subsidiaries:
\u2014Commission Regulation (EU) 2025/1331 of 9 July 2025 (published in the Official Journal of the European Union on 10 July 2025), approved the Annual Improvements Volume 11 issued by the IASB on 18 July 2024, which contains some improvements to the principles with clarifications, simplifications, corrections and minor amendments to the IFRS accounting principles aimed at improving their consistency. The following accounting standards were affected: IFRS1 \u201cFirst-time Adoption of International Financial Reporting Standards\u201d, IFRS7 \u201cFinancial Instruments: Disclosures\u201d and the related Guidance on implementing IFRS7, IFRS9 \u201cFinancial Instruments,\u201d IFRS10 \u201cConsolidated Financial Statements,\u201d and IAS7 \u201cStatement of Cash Flows.\u201d These amendments are effective for annual periods beginning on or after 1 January 2026.
It should also be noted that on 13 November 2025, the IASB published the amendment to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency\u201d. The document clarifies how to convert from a non-hyperinflationary currency to a hyperinflationary currency; the amendment
is effective from 1 January 2027 and early adoption is permitted. No impact on the financial statements of Mediobanca and its subsidiaries is expected; on 28 November 2025 the IASB published the amendment to the illustrative examples of IFRS7, IFRS18, IAS1, IAS8, IAS36 and IAS37 \u201cDisclosures about Uncertainties in the Financial Statements,\" which is the final version of the document published last July. The document contains a number of examples relating to the representation of uncertainties in financial reporting, including the effects of climate change. The amendment is not subject to transposition and has no effective date, but, as specified by the IASB, it should be applied promptly in the preparation of Financial Statements.
* * *The measures and statements published by regulatory and supervisory authorities in the past six months regarding the most suitable way to apply accounting standards that supplement the measures contained in the latest financial statements at 30 June 2025 are shown below. Please refer to the above financial statements for more details.
On 14 October 2025, ESMA published the annual statement \u201cEuropean Common Enforcement Priorities for 2025 Corporate Reporting\u201d outlining the priorities on which listed companies must focus when preparing the financial statements at 31 December 2025. ESMA divides the recommendations into three sections, respectively on financial reporting, sustainability reporting, and ESEF reporting. A fourth section addresses the connection between financial reporting and sustainability reporting. Regarding financial reporting, ESMA, in particular, recommends taking into account geopolitical risks and related uncertainties and their impact on the valuation of financial instruments and non-financial assets, as well as on revenue recognition and the measurement of DTAs, providing adequate and specific disclosures. Furthermore, regarding the segment reporting required by IFRS8, it calls for consistency with the internal reporting prepared for corporate bodies and for adequate disclosure of the segment identification methods and any implications due to geopolitical uncertainty and climate change. Regarding Sustainability Reporting, while emphasizing the expected streamlining of disclosure requirements, ESMA highlights the importance of providing complete and clear information regarding dual materiality and topics identified as material. Finally, regarding ESEF reporting, it identifies some errors found in previous reporting in order to prevent their recurrence in the future. In the final section, it provides some more general guidance on the connection between financial and sustainability reporting and the importance of publishing Alternative Performance Measures (APMs).
Following the changes introduced by Law No. 199/2025 (the \"2026 Budget Law\") regarding the regulation of the \"extraordinary contribution on net interest income\" (so-called extra profits), it was decided to exempt the reserves by paying the extraordinary contribution of 27.5% in lieu of the higher tax due upon distribution of the reserves. Based on this decision, the contribution was recorded under \"Other liabilities\" against a net equity reserve.
Going-concern statementWith reference to the requirements of the Bank of Italy, CONSOB and ISVAP under Joint Document No. 4 of 3 March 2010, these consolidated financial statements at 31 December 2025 were prepared on a going-concern basis: the Directors believe that no risks and uncertainties have arisen such as to raise doubts on the Group\u2019s going-concern assumption. The Directors consider that Mediobanca and its subsidiaries have a reasonable expectation of continuing to operate in the foreseeable future.
For information on the risks and related safeguards for Mediobanca and its subsidiaries, please refer to the contents of \u201cPart E - Information on risks and related hedging policies\u201d in these Notes to the Accounts and in the Consolidated Review of Operations.
Discretionary assessments, risks and uncertainties linked to the use of significant accounting estimates
In compliance with IFRS, senior management are required to formulate assessments, estimates and assumptions that may influence the adoption of the accounting standards and the amounts of assets, liabilities, costs and revenues recognized in the financial statements, as well as the disclosure relating to contingent assets and liabilities.
The assumptions underlying such estimates take into account all the information available at the date of preparation of the financial statements, as well as assumptions considered reasonable, including in light of past experience.
In this regard, it should be noted that financial estimates may, due to their very nature and insofar as reasonable, need to be revised as a result of changes in the circumstances on which they have been based, of the availability of new information or of greater experience accrued.
The main cases requiring the use of subjective assessments and opinions on the part of senior management are as follows:
a)quantification of losses due to the impairment of receivables, including the effects of climate-related and environmental and geopolitical risks, and, in general, of other financial assets;
b)assessment of the fair value of equity investments and other non-financial assets (goodwill, tangible assets, including the value in use of assets acquired under lease, and intangible assets);c)use of valuation models to measure the fair value of financial instruments not listed on active markets and investment properties;
d)quantification of fair value of instrumental properties according to the revaluation model;
e)estimates of liabilities deriving from company defined benefit retirement plans;
f)quantification of legal and fiscal provisions for risks and charges.
The above list of valuation processes is provided for the sole purpose of allowing the reader to better understand the main areas of uncertainty, but it should not be understood in any way to suggest that alternative assumptions may, at present, be more appropriate. For the most relevant items being estimated, information on the main hypotheses and assumptions used in the estimate is provided in the specific sections of the Notes to the Accounts, including a sensitivity analysis with respect to alternative hypotheses. Heading 300: Income tax for the year on ordinary activities
21.1 Income tax for the year on ordinary activity: breakdown
| Income components/Sectors | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1. Current taxes (-) | (139,370) | (327,062) |
| 2. Changes in current taxes for previous years (+/-) | (54) | 17,831 |
| 3. Reduction in current taxes for the year (+) | \u2014 | \u2014 |
| 3.bis Reduction in current taxes for the year due to tax credits pursuant to Law No. 214/2011 (+) | \u2014 | \u2014 |
| 4. Changes in prepaid taxes (+/-) | 4,846 | (127,192) |
| 5. Changes in deferred taxes (+/-) | (15,720) | (8,023) |
| 6. Taxes on income for the year (-) (-1+/-2+3+3bis+/-4+/-5) | (150,298) | (444,446) |
In general, for IRES (corporate income tax) purposes, the tax loss generated by a company not participating in a tax consolidation may be calculated as a decrease in the income earned in subsequent years, in an amount not exceeding 80% of the taxable income for each period. In other words, the loss incurred in a financial year will generate future tax savings which, under certain conditions, may be presented for accounting purposes through the entry of credits for deferred tax assets. Within a tax consolidation, on the other hand, the share of tax losses incurred by a member company which is covered by the income earned by the other participating companies generates an immediate tax saving, which is recognized as income by the company that contributed the loss. ",
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"v1-page337-cflshid_119143-tag470083": {
"value": "Going-concern statementWith reference to the requirements of the Bank of Italy, CONSOB and ISVAP under Joint Document No. 4 of 3 March 2010, these consolidated financial statements at 31 December 2025 were prepared on a going-concern basis: the Directors believe that no risks and uncertainties have arisen such as to raise doubts on the Group\u2019s going-concern assumption. The Directors consider that Mediobanca and its subsidiaries have a reasonable expectation of continuing to operate in the foreseeable future.
For information on the risks and related safeguards for Mediobanca and its subsidiaries, please refer to the contents of \u201cPart E - Information on risks and related hedging policies\u201d in these Notes to the Accounts and in the Consolidated Review of Operations.
Discretionary assessments, risks and uncertainties linked to the use of significant accounting estimates
In compliance with IFRS, senior management are required to formulate assessments, estimates and assumptions that may influence the adoption of the accounting standards and the amounts of assets, liabilities, costs and revenues recognized in the financial statements, as well as the disclosure relating to contingent assets and liabilities.
The assumptions underlying such estimates take into account all the information available at the date of preparation of the financial statements, as well as assumptions considered reasonable, including in light of past experience.
In this regard, it should be noted that financial estimates may, due to their very nature and insofar as reasonable, need to be revised as a result of changes in the circumstances on which they have been based, of the availability of new information or of greater experience accrued.
The main cases requiring the use of subjective assessments and opinions on the part of senior management are as follows:
a)quantification of losses due to the impairment of receivables, including the effects of climate-related and environmental and geopolitical risks, and, in general, of other financial assets;
b)assessment of the fair value of equity investments and other non-financial assets (goodwill, tangible assets, including the value in use of assets acquired under lease, and intangible assets);c)use of valuation models to measure the fair value of financial instruments not listed on active markets and investment properties;
d)quantification of fair value of instrumental properties according to the revaluation model;
e)estimates of liabilities deriving from company defined benefit retirement plans;
f)quantification of legal and fiscal provisions for risks and charges.
The above list of valuation processes is provided for the sole purpose of allowing the reader to better understand the main areas of uncertainty, but it should not be understood in any way to suggest that alternative assumptions may, at present, be more appropriate. For the most relevant items being estimated, information on the main hypotheses and assumptions used in the estimate is provided in the specific sections of the Notes to the Accounts, including a sensitivity analysis with respect to alternative hypotheses. ",
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"v1-page337-cflshid_119143-tag470082": {
"value": "Going-concern statementWith reference to the requirements of the Bank of Italy, CONSOB and ISVAP under Joint Document No. 4 of 3 March 2010, these consolidated financial statements at 31 December 2025 were prepared on a going-concern basis: the Directors believe that no risks and uncertainties have arisen such as to raise doubts on the Group\u2019s going-concern assumption. The Directors consider that Mediobanca and its subsidiaries have a reasonable expectation of continuing to operate in the foreseeable future.
For information on the risks and related safeguards for Mediobanca and its subsidiaries, please refer to the contents of \u201cPart E - Information on risks and related hedging policies\u201d in these Notes to the Accounts and in the Consolidated Review of Operations.
Discretionary assessments, risks and uncertainties linked to the use of significant accounting estimates
In compliance with IFRS, senior management are required to formulate assessments, estimates and assumptions that may influence the adoption of the accounting standards and the amounts of assets, liabilities, costs and revenues recognized in the financial statements, as well as the disclosure relating to contingent assets and liabilities.
The assumptions underlying such estimates take into account all the information available at the date of preparation of the financial statements, as well as assumptions considered reasonable, including in light of past experience.
In this regard, it should be noted that financial estimates may, due to their very nature and insofar as reasonable, need to be revised as a result of changes in the circumstances on which they have been based, of the availability of new information or of greater experience accrued.
The main cases requiring the use of subjective assessments and opinions on the part of senior management are as follows:
a)quantification of losses due to the impairment of receivables, including the effects of climate-related and environmental and geopolitical risks, and, in general, of other financial assets;
b)assessment of the fair value of equity investments and other non-financial assets (goodwill, tangible assets, including the value in use of assets acquired under lease, and intangible assets);c)use of valuation models to measure the fair value of financial instruments not listed on active markets and investment properties;
d)quantification of fair value of instrumental properties according to the revaluation model;
e)estimates of liabilities deriving from company defined benefit retirement plans;
f)quantification of legal and fiscal provisions for risks and charges.
The above list of valuation processes is provided for the sole purpose of allowing the reader to better understand the main areas of uncertainty, but it should not be understood in any way to suggest that alternative assumptions may, at present, be more appropriate. For the most relevant items being estimated, information on the main hypotheses and assumptions used in the estimate is provided in the specific sections of the Notes to the Accounts, including a sensitivity analysis with respect to alternative hypotheses. ",
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"v1-page337-cflshid_119143-tag470081": {
"value": "Going-concern statementWith reference to the requirements of the Bank of Italy, CONSOB and ISVAP under Joint Document No. 4 of 3 March 2010, these consolidated financial statements at 31 December 2025 were prepared on a going-concern basis: the Directors believe that no risks and uncertainties have arisen such as to raise doubts on the Group\u2019s going-concern assumption. The Directors consider that Mediobanca and its subsidiaries have a reasonable expectation of continuing to operate in the foreseeable future.
For information on the risks and related safeguards for Mediobanca and its subsidiaries, please refer to the contents of \u201cPart E - Information on risks and related hedging policies\u201d in these Notes to the Accounts and in the Consolidated Review of Operations.
Discretionary assessments, risks and uncertainties linked to the use of significant accounting estimates
In compliance with IFRS, senior management are required to formulate assessments, estimates and assumptions that may influence the adoption of the accounting standards and the amounts of assets, liabilities, costs and revenues recognized in the financial statements, as well as the disclosure relating to contingent assets and liabilities.
The assumptions underlying such estimates take into account all the information available at the date of preparation of the financial statements, as well as assumptions considered reasonable, including in light of past experience.
In this regard, it should be noted that financial estimates may, due to their very nature and insofar as reasonable, need to be revised as a result of changes in the circumstances on which they have been based, of the availability of new information or of greater experience accrued.
The main cases requiring the use of subjective assessments and opinions on the part of senior management are as follows:
a)quantification of losses due to the impairment of receivables, including the effects of climate-related and environmental and geopolitical risks, and, in general, of other financial assets;
b)assessment of the fair value of equity investments and other non-financial assets (goodwill, tangible assets, including the value in use of assets acquired under lease, and intangible assets);c)use of valuation models to measure the fair value of financial instruments not listed on active markets and investment properties;
d)quantification of fair value of instrumental properties according to the revaluation model;
e)estimates of liabilities deriving from company defined benefit retirement plans;
f)quantification of legal and fiscal provisions for risks and charges.
The above list of valuation processes is provided for the sole purpose of allowing the reader to better understand the main areas of uncertainty, but it should not be understood in any way to suggest that alternative assumptions may, at present, be more appropriate. For the most relevant items being estimated, information on the main hypotheses and assumptions used in the estimate is provided in the specific sections of the Notes to the Accounts, including a sensitivity analysis with respect to alternative hypotheses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page337-cflshid_119149-tag470084": {
"value": "Going-concern statementWith reference to the requirements of the Bank of Italy, CONSOB and ISVAP under Joint Document No. 4 of 3 March 2010, these consolidated financial statements at 31 December 2025 were prepared on a going-concern basis: the Directors believe that no risks and uncertainties have arisen such as to raise doubts on the Group\u2019s going-concern assumption. The Directors consider that Mediobanca and its subsidiaries have a reasonable expectation of continuing to operate in the foreseeable future.For information on the risks and related safeguards for Mediobanca and its subsidiaries, please refer to the contents of \u201cPart E - Information on risks and related hedging policies\u201d in these Notes to the Accounts and in the Consolidated Review of Operations.Discretionary assessments, risks and uncertainties linked to the use of significant accounting estimatesIn compliance with IFRS, senior management are required to formulate assessments, estimates and assumptions that may influence the adoption of the accounting standards and the amounts of assets, liabilities, costs and revenues recognized in the financial statements, as well as the disclosure relating to contingent assets and liabilities.The assumptions underlying such estimates take into account all the information available at the date of preparation of the financial statements, as well as assumptions considered reasonable, including in light of past experience.In this regard, it should be noted that financial estimates may, due to their very nature and insofar as reasonable, need to be revised as a result of changes in the circumstances on which they have been based, of the availability of new information or of greater experience accrued.The main cases requiring the use of subjective assessments and opinions on the part of senior management are as follows:a)quantification of losses due to the impairment of receivables, including the effects of climate-related and environmental and geopolitical risks, and, in general, of other financial assets;b)assessment of the fair value of equity investments and other non-financial assets (goodwill, tangible assets, including the value in use of assets acquired under lease, and intangible assets);c)use of valuation models to measure the fair value of financial instruments not listed on active markets and investment properties;d)quantification of fair value of instrumental properties according to the revaluation model;e)estimates of liabilities deriving from company defined benefit retirement plans;f)quantification of legal and fiscal provisions for risks and charges.The above list of valuation processes is provided for the sole purpose of allowing the reader to better understand the main areas of uncertainty, but it should not be understood in any way to suggest that alternative assumptions may, at present, be more appropriate. For the most relevant items being estimated, information on the main hypotheses and assumptions used in the estimate is provided in the specific sections of the Notes to the Accounts, including a sensitivity analysis with respect to alternative hypotheses.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page337-cflshid_119149-tag470079": {
"value": "Going-concern statementWith reference to the requirements of the Bank of Italy, CONSOB and ISVAP under Joint Document No. 4 of 3 March 2010, these consolidated financial statements at 31 December 2025 were prepared on a going-concern basis: the Directors believe that no risks and uncertainties have arisen such as to raise doubts on the Group\u2019s going-concern assumption. The Directors consider that Mediobanca and its subsidiaries have a reasonable expectation of continuing to operate in the foreseeable future.
For information on the risks and related safeguards for Mediobanca and its subsidiaries, please refer to the contents of \u201cPart E - Information on risks and related hedging policies\u201d in these Notes to the Accounts and in the Consolidated Review of Operations.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page337-cflshid_119149-tag470078": {
"value": "Going-concern statementWith reference to the requirements of the Bank of Italy, CONSOB and ISVAP under Joint Document No. 4 of 3 March 2010, these consolidated financial statements at 31 December 2025 were prepared on a going-concern basis: the Directors believe that no risks and uncertainties have arisen such as to raise doubts on the Group\u2019s going-concern assumption. The Directors consider that Mediobanca and its subsidiaries have a reasonable expectation of continuing to operate in the foreseeable future.
For information on the risks and related safeguards for Mediobanca and its subsidiaries, please refer to the contents of \u201cPart E - Information on risks and related hedging policies\u201d in these Notes to the Accounts and in the Consolidated Review of Operations.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page337-cflshid_119149-tag470080": {
"value": "Discretionary assessments, risks and uncertainties linked to the use of significant accounting estimates
In compliance with IFRS, senior management are required to formulate assessments, estimates and assumptions that may influence the adoption of the accounting standards and the amounts of assets, liabilities, costs and revenues recognized in the financial statements, as well as the disclosure relating to contingent assets and liabilities.
The assumptions underlying such estimates take into account all the information available at the date of preparation of the financial statements, as well as assumptions considered reasonable, including in light of past experience.
In this regard, it should be noted that financial estimates may, due to their very nature and insofar as reasonable, need to be revised as a result of changes in the circumstances on which they have been based, of the availability of new information or of greater experience accrued.
The main cases requiring the use of subjective assessments and opinions on the part of senior management are as follows:
a)quantification of losses due to the impairment of receivables, including the effects of climate-related and environmental and geopolitical risks, and, in general, of other financial assets;
b)assessment of the fair value of equity investments and other non-financial assets (goodwill, tangible assets, including the value in use of assets acquired under lease, and intangible assets);c)use of valuation models to measure the fair value of financial instruments not listed on active markets and investment properties;
d)quantification of fair value of instrumental properties according to the revaluation model;
e)estimates of liabilities deriving from company defined benefit retirement plans;
f)quantification of legal and fiscal provisions for risks and charges.
The above list of valuation processes is provided for the sole purpose of allowing the reader to better understand the main areas of uncertainty, but it should not be understood in any way to suggest that alternative assumptions may, at present, be more appropriate. For the most relevant items being estimated, information on the main hypotheses and assumptions used in the estimate is provided in the specific sections of the Notes to the Accounts, including a sensitivity analysis with respect to alternative hypotheses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page341-cflshid_120224-tag470200": {
"value": "SECTION 3Area and methods of consolidation
The consolidated financial statements comprise the financial position and the results of the Group Legal Entities and companies directly or indirectly controlled by them, including those operating in sectors other than the one in which the Parent Company Mediobanca operates.
Based on the combined provisions of IFRS10 \u201cConsolidated Financial Statements\u201d, IFRS11 \u201cJoint Arrangements\u201d and IFRS12 \u201cDisclosure of Interests in Other Entities\u201d, Mediobanca has proceeded to consolidate its subsidiaries on a line-by-line basis, and its associates and joint arrangements using the net equity method.
There were no new transactions during the financial year, the only change being that of RAM AI UK (already in liquidation), a wholly-owned subsidiary of RAM AI Switzerland, which was cancelled from the Companies Register on 2 August 2025.
1.Equity Investments in Group Legal Entities| \u00a0 | Company name | Registered address | Type of relationship (1) | Ownership | Voting rights in % (2) |
| \u00a0 | Controlling entity | % shareholding |
| A. | COMPANIES INCLUDED IN AREA OF CONSOLIDATION | | | | | |
| A.1 | Line-by-line method | | | | | |
| 1. | MEDIOBANCA - Banca di Credito Finanziario S.p.A. | Milan | 1 | \u2014 | \u2014 | \u2014 |
| 2. | SPAFID S.P.A | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 3. | MEDIOBANCA INNOVATION SERVICES- S.C.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 4. | CMB MONACO S.A.M. | Monte Carlo | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 5. | CMG MONACO S.A.M. | Monte Carlo | 1 | A.1.4 | 100.\u2013 | 100.\u2013 |
| 6. | MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. | Luxembourg | 1 | A.1.1 | 99.\u2013 | 99.\u2013 |
| | | 1 | A.1.7 | 1.\u2013 | 1.\u2013 |
| 7. | COMPASS BANCA S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 8. | MEDIOBANCA PREMIER S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 9. | MBCREDIT SOLUTIONS S.P.A. | Milan | 1 | A.1.7 | 100.\u2013 | 100.\u2013 |
| 10. | SELMABIPIEMME LEASING S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 11. | MB FUNDING LUXEMBOURG S.A. | Luxembourg | 1 | A.1.1 | 100. \u2013 | 100. \u2013 |
| 12. | MEDIOBANCA SECURITIES USA LLC | New York | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 13. | MB FACTA S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 14. | QUARZO S.R.L. | Milan | 1 | A.1.7 | 90.\u2013 | 90.\u2013 |
| 15. | MEDIOBANCA COVERED BOND S.R.L. | Milan | 1 | A.1.8 | 90.\u2013 | 90.\u2013 |
| 16. | COMPASS RE(LUXEMBOURG) S.A. | Luxembourg | 1 | A.1.7 | 100.\u2013 | 100.\u2013 |
| 17. | MEDIOBANCA INTERNATIONAL IMMOBILIERE S. A R.L. | Luxembourg | 1 | A.1.6 | 100.\u2013 | 100.\u2013 |
| 18. | POLUS CAPITAL MANAGEMENT GROUP LIMITED | London | 1 | A.1.1 | 89.07 (*) | 65.78 |
| 19. | POLUS CAPITAL MANAGEMENT LIMITED | London | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 20. | POLUS CAPITAL MANAGEMENT (US) INC. | Wilmington (USA) | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 21. | POLUS CAPITAL MANAGEMENT INVESTMENTS LIMITED (non operativa) | London | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 22. | POLUS INVESTMENT MANAGERS LIMITED (non operativa) | London | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 23. | Bybrook Capital Burton Partnership (GP) Limited | Grand Cayman | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 24. | SPAFID TRUST S.R.L. | Milan | 1 | A.1.2 | 100. \u2013 | 100. \u2013 |
| 25. | MEDIOBANCA MANAGEMENT COMPANY S.A. | Luxembourg | 1 | A.1.1 | 100. \u2013 | 100. \u2013 |
| 26. | MEDIOBANCA SGR S.P.A. | Milan | 1 | A.1.1 | 100. \u2013 | 100. \u2013 |
| 27. | RAM ACTIVE INVESTMENTS S.A. | Geneva | 1 | A.1.1 | 98.3 (**) | 93.50 |
| 28. | MESSIER ET ASSOCIESS.A.S. | Paris | 1 | A.1.1 | 100.\u2013(***) | 88.40 |
| 29. | MESSIER ET ASSOCIESL.L.C. | New York | 1 | A.1.28 | 100.\u2013(***) | 50. \u2013 |
| 30. | MBCONTACT SOLUTIONS S.R.L. | Milan | 1 | A.1.9 | 100. \u2013 | 100. \u2013 |
| 31. | COMPASS RENT S.R.L. | Milan | 1 | A.1.7 | 100. \u2013 | 100. \u2013 |
| 32. | COMPASS LINK S.R.L. | Milan | 1 | A.1.7 | 100. \u2013 | 100. \u2013 |
| 33. | CMB REAL ESTATE DEVELOPMENT S.A.M. | Monte Carlo | 1 | A.1.4 | 60. \u2013 | 60. \u2013 |
| \u00a0 | \u00a0 | \u00a0 | 1 | A.1.1 | 40. \u2013 | 40. \u2013 |
| 34. | ARMA PARTNERS LLP | London | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 35. | ARMA PARTNERS CORPORATE FINANCE LTD | London | 1 | A.1.34 | 100.\u2013 | 100.\u2013 |
| 36. | ARMA DEUTSCHLAND GmbH | Monaco | 1 | A.1.34 | 100.\u2013 | 100.\u2013 |
| 37. | HEYLIGHT SA | Ginevra | 1 | A.1.7 | 100.\u2013 | 100.\u2013 |
| 38. | SPV PROJECT 2224 S.R.L. (1) | Milan | 4 | Other | \u2013 | \u2013 |
| 39. | HEIDI PAY AG | Ginevra | 1 | A.1.7 | 100.\u2013(****) | 80.90 |
| 40. | HEIDI PAY LTD | London | 1 | A.1.39 | 100.\u2013(****) | 99.96 |
| 41. | HOLIPAY S.R.L. | Cervia | 1 | A.1.40 | 100.\u2013(****) | 100.\u2013 |
(*) Taking into account the recently renegotiated put & call option exercisable during the next 3 years; excluding investment plans for employees and strategic partners.
(**)Taking into account the put and call options exercisable from the third to the tenth anniversary of the closing date of the transaction.
(***) Taking into account the put & call option exercisable by the end of the next financial year;
(****) Taking into account the put & call option renegotiated during the year under review, which can be exercised by October 2030.
(1) This is the special purpose vehicle established for the new securitization of MB Facta, in which no percentage of the share capital is held.
Legend
(1) Type of relationship:1 = Majority of voting rights in ordinary AGMs.
4 = Other forms of control
(2) Effective and potential voting rights in ordinary AGMs.
2.Considerations and significant assumptions used to determine consolidation area
The area of consolidation is defined on the basis of IFRS10, \u201cConsolidated Financial Statements\u201d, which provides that control occurs when the following three conditions apply:
\u2015when the investor has power over the investee, defined as having substantive rights over the investee\u2019s relevant activities;
\u2015when the investor has exposure, or rights, to variable returns from its involvement with the investee; and
\u2015when the investor has the ability to exert power over the investee to affect the amount of the variable returns.
Group Legal Entities are consolidated on a line-by-line basis, which means that the carrying amount of the parent\u2019s investment and its share of the Group Legal Entity\u2019s equity after minority interests are eliminated against the addition of that company\u2019s assets and liabilities, income and expenses to the Parent Company\u2019s totals. Any surplus arising following allocation of asset and liability items to the Group Legal Entity is recorded as goodwill. Any assets and liabilities, income and expenses from transactions between consolidated companies are eliminated upon consolidation.
Investments in associates and joint arrangements are consolidated using the equity method. Associates are companies that are subject to significant influence, a concept defined as the power to participate in activities which are significant for the company without having control of it. Significant influence is assumed to exist in cases where one company holds at least 20% of the voting rights of another. When establishing whether or not significant influence exists, account is also taken of potential rights, rights exercisable under options, warrants or conversion rights embedded in financial instruments; the ownership structure is also considered, as well as voting rights owned by other investors.
The definition of joint arrangement used is that provided in IFRS11, which involves the twofold requirement of the existence of a contractual arrangement and that such an arrangement must provide joint control to two or more parties. In this case too, the valuation method used was the equity-based method.
Under the equity method of accounting, any changes in the net equity of the investee company (including gains and losses) since the acquisition date should be included in the book value of the investment (originally recognised at cost). This value
is reduced in the event that the investment distributes dividends. The gain or loss generated by the investment is recorded pro rata in the consolidated income statement, including any value impairment or write-ups; while all other changes are recognized directly in net equity.The financial statements of the consolidated companies represented in currencies other than the Euro are converted by applying the exchange rate prevailing at the end of the accounting period to the balance sheet items, and the average exchange rates for the same period to the income statement items. All exchange rate differences arising as a result of the translation are recorded in a specific net equity valuation reserve which, as and when the investment is sold, is eliminated and the relevant amount is debited from or credited to the income statement as the case may be. The following Table summarizes the conversion rates into Euros used in the statement as at 31 December 2025:
| CURRENCY | ITEM CHANGES IN BALANCE SHEET | ITEM CHANGES IN PROFIT AND LOSS ACCOUNT |
| (CHF) SWISS FRANC | 0.9314 | 0.9329 |
| US DOLLAR (USD) | 1.1750 | 1.1657 |
| BRITISH POUND (GBP) | 0.8726 | 0.8709 |
With regard to the determination of the stake used for equity-based consolidation, it should be noted that it was determined as the ratio of the shares owned excluding those held for trading and/or through securities lending transactions (which transfer ownership, but not risks and benefits) and voting capital, represented by share capital after deducting treasury shares.
As required by paragraph 5-A of IFRS12, the companies included within the area of consolidation, which must be disclosed in this paragraph, also include the equity investments of entities classified as held for sale (or included in a disposal group which is classified as held for sale).
3.Investments in Group Legal Entities with significant minority interestsThis section has not been completed, since as at 31 December 2025, in line with the previous financial year, there were no third-party interests in subsidiaries considered significant, either individually or as a whole, as also specified in the table in \u201cSection 14 \u2013 Minority Interests\u201d contained in Part B of the liabilities of these notes to the accounts.
Significant restrictions
Mediobanca considers that no restrictions currently in force, under the terms of its Articles of Association, shareholders\u2019 agreements or external regulations, would prevent it or otherwise limit its ability to access its assets or settle its liabilities.
Mediobanca also considers that no rights are in force to protect the interest of minority or third parties.
4.Other Information
The reporting date for the consolidated financial statements is the date on which Mediobanca\u2019s financial year ends. In cases where Mediobanca Legal Entities have reporting periods ending on different dates, these companies are consolidated based on financial and earnings situations prepared as at the reporting date for the consolidated financial statements.
The financial statements of all Mediobanca Legal Entities were drawn up according to criteria comporting with the consolidated principles.
Associates which have reporting periods ending on different dates compared to Mediobanca prepare a pro-forma accounting statement as at the consolidated reporting date, or alternatively send a statement referring to a previous date as long as it is not more than three months previously. This eventuality is expressly provided for by IAS28 (paras. 33-34) provided that due account is taken of any material transactions or events that occur between said date and the reporting date for the financial statements.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page341-cflshid_120224-tag470199": {
"value": "SECTION 3Area and methods of consolidation
The consolidated financial statements comprise the financial position and the results of the Group Legal Entities and companies directly or indirectly controlled by them, including those operating in sectors other than the one in which the Parent Company Mediobanca operates.
Based on the combined provisions of IFRS10 \u201cConsolidated Financial Statements\u201d, IFRS11 \u201cJoint Arrangements\u201d and IFRS12 \u201cDisclosure of Interests in Other Entities\u201d, Mediobanca has proceeded to consolidate its subsidiaries on a line-by-line basis, and its associates and joint arrangements using the net equity method.
There were no new transactions during the financial year, the only change being that of RAM AI UK (already in liquidation), a wholly-owned subsidiary of RAM AI Switzerland, which was cancelled from the Companies Register on 2 August 2025.
1.Equity Investments in Group Legal Entities| \u00a0 | Company name | Registered address | Type of relationship (1) | Ownership | Voting rights in % (2) |
| \u00a0 | Controlling entity | % shareholding |
| A. | COMPANIES INCLUDED IN AREA OF CONSOLIDATION | | | | | |
| A.1 | Line-by-line method | | | | | |
| 1. | MEDIOBANCA - Banca di Credito Finanziario S.p.A. | Milan | 1 | \u2014 | \u2014 | \u2014 |
| 2. | SPAFID S.P.A | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 3. | MEDIOBANCA INNOVATION SERVICES- S.C.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 4. | CMB MONACO S.A.M. | Monte Carlo | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 5. | CMG MONACO S.A.M. | Monte Carlo | 1 | A.1.4 | 100.\u2013 | 100.\u2013 |
| 6. | MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. | Luxembourg | 1 | A.1.1 | 99.\u2013 | 99.\u2013 |
| | | 1 | A.1.7 | 1.\u2013 | 1.\u2013 |
| 7. | COMPASS BANCA S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 8. | MEDIOBANCA PREMIER S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 9. | MBCREDIT SOLUTIONS S.P.A. | Milan | 1 | A.1.7 | 100.\u2013 | 100.\u2013 |
| 10. | SELMABIPIEMME LEASING S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 11. | MB FUNDING LUXEMBOURG S.A. | Luxembourg | 1 | A.1.1 | 100. \u2013 | 100. \u2013 |
| 12. | MEDIOBANCA SECURITIES USA LLC | New York | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 13. | MB FACTA S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 14. | QUARZO S.R.L. | Milan | 1 | A.1.7 | 90.\u2013 | 90.\u2013 |
| 15. | MEDIOBANCA COVERED BOND S.R.L. | Milan | 1 | A.1.8 | 90.\u2013 | 90.\u2013 |
| 16. | COMPASS RE(LUXEMBOURG) S.A. | Luxembourg | 1 | A.1.7 | 100.\u2013 | 100.\u2013 |
| 17. | MEDIOBANCA INTERNATIONAL IMMOBILIERE S. A R.L. | Luxembourg | 1 | A.1.6 | 100.\u2013 | 100.\u2013 |
| 18. | POLUS CAPITAL MANAGEMENT GROUP LIMITED | London | 1 | A.1.1 | 89.07 (*) | 65.78 |
| 19. | POLUS CAPITAL MANAGEMENT LIMITED | London | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 20. | POLUS CAPITAL MANAGEMENT (US) INC. | Wilmington (USA) | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 21. | POLUS CAPITAL MANAGEMENT INVESTMENTS LIMITED (non operativa) | London | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 22. | POLUS INVESTMENT MANAGERS LIMITED (non operativa) | London | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 23. | Bybrook Capital Burton Partnership (GP) Limited | Grand Cayman | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 24. | SPAFID TRUST S.R.L. | Milan | 1 | A.1.2 | 100. \u2013 | 100. \u2013 |
| 25. | MEDIOBANCA MANAGEMENT COMPANY S.A. | Luxembourg | 1 | A.1.1 | 100. \u2013 | 100. \u2013 |
| 26. | MEDIOBANCA SGR S.P.A. | Milan | 1 | A.1.1 | 100. \u2013 | 100. \u2013 |
| 27. | RAM ACTIVE INVESTMENTS S.A. | Geneva | 1 | A.1.1 | 98.3 (**) | 93.50 |
| 28. | MESSIER ET ASSOCIESS.A.S. | Paris | 1 | A.1.1 | 100.\u2013(***) | 88.40 |
| 29. | MESSIER ET ASSOCIESL.L.C. | New York | 1 | A.1.28 | 100.\u2013(***) | 50. \u2013 |
| 30. | MBCONTACT SOLUTIONS S.R.L. | Milan | 1 | A.1.9 | 100. \u2013 | 100. \u2013 |
| 31. | COMPASS RENT S.R.L. | Milan | 1 | A.1.7 | 100. \u2013 | 100. \u2013 |
| 32. | COMPASS LINK S.R.L. | Milan | 1 | A.1.7 | 100. \u2013 | 100. \u2013 |
| 33. | CMB REAL ESTATE DEVELOPMENT S.A.M. | Monte Carlo | 1 | A.1.4 | 60. \u2013 | 60. \u2013 |
| \u00a0 | \u00a0 | \u00a0 | 1 | A.1.1 | 40. \u2013 | 40. \u2013 |
| 34. | ARMA PARTNERS LLP | London | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 35. | ARMA PARTNERS CORPORATE FINANCE LTD | London | 1 | A.1.34 | 100.\u2013 | 100.\u2013 |
| 36. | ARMA DEUTSCHLAND GmbH | Monaco | 1 | A.1.34 | 100.\u2013 | 100.\u2013 |
| 37. | HEYLIGHT SA | Ginevra | 1 | A.1.7 | 100.\u2013 | 100.\u2013 |
| 38. | SPV PROJECT 2224 S.R.L. (1) | Milan | 4 | Other | \u2013 | \u2013 |
| 39. | HEIDI PAY AG | Ginevra | 1 | A.1.7 | 100.\u2013(****) | 80.90 |
| 40. | HEIDI PAY LTD | London | 1 | A.1.39 | 100.\u2013(****) | 99.96 |
| 41. | HOLIPAY S.R.L. | Cervia | 1 | A.1.40 | 100.\u2013(****) | 100.\u2013 |
(*) Taking into account the recently renegotiated put & call option exercisable during the next 3 years; excluding investment plans for employees and strategic partners.
(**)Taking into account the put and call options exercisable from the third to the tenth anniversary of the closing date of the transaction.
(***) Taking into account the put & call option exercisable by the end of the next financial year;
(****) Taking into account the put & call option renegotiated during the year under review, which can be exercised by October 2030.
(1) This is the special purpose vehicle established for the new securitization of MB Facta, in which no percentage of the share capital is held.
Legend
(1) Type of relationship:1 = Majority of voting rights in ordinary AGMs.
4 = Other forms of control
(2) Effective and potential voting rights in ordinary AGMs.
2.Considerations and significant assumptions used to determine consolidation area
The area of consolidation is defined on the basis of IFRS10, \u201cConsolidated Financial Statements\u201d, which provides that control occurs when the following three conditions apply:
\u2015when the investor has power over the investee, defined as having substantive rights over the investee\u2019s relevant activities;
\u2015when the investor has exposure, or rights, to variable returns from its involvement with the investee; and
\u2015when the investor has the ability to exert power over the investee to affect the amount of the variable returns.
Group Legal Entities are consolidated on a line-by-line basis, which means that the carrying amount of the parent\u2019s investment and its share of the Group Legal Entity\u2019s equity after minority interests are eliminated against the addition of that company\u2019s assets and liabilities, income and expenses to the Parent Company\u2019s totals. Any surplus arising following allocation of asset and liability items to the Group Legal Entity is recorded as goodwill. Any assets and liabilities, income and expenses from transactions between consolidated companies are eliminated upon consolidation.
Investments in associates and joint arrangements are consolidated using the equity method. Associates are companies that are subject to significant influence, a concept defined as the power to participate in activities which are significant for the company without having control of it. Significant influence is assumed to exist in cases where one company holds at least 20% of the voting rights of another. When establishing whether or not significant influence exists, account is also taken of potential rights, rights exercisable under options, warrants or conversion rights embedded in financial instruments; the ownership structure is also considered, as well as voting rights owned by other investors.
The definition of joint arrangement used is that provided in IFRS11, which involves the twofold requirement of the existence of a contractual arrangement and that such an arrangement must provide joint control to two or more parties. In this case too, the valuation method used was the equity-based method.
Under the equity method of accounting, any changes in the net equity of the investee company (including gains and losses) since the acquisition date should be included in the book value of the investment (originally recognised at cost). This value
is reduced in the event that the investment distributes dividends. The gain or loss generated by the investment is recorded pro rata in the consolidated income statement, including any value impairment or write-ups; while all other changes are recognized directly in net equity.The financial statements of the consolidated companies represented in currencies other than the Euro are converted by applying the exchange rate prevailing at the end of the accounting period to the balance sheet items, and the average exchange rates for the same period to the income statement items. All exchange rate differences arising as a result of the translation are recorded in a specific net equity valuation reserve which, as and when the investment is sold, is eliminated and the relevant amount is debited from or credited to the income statement as the case may be. The following Table summarizes the conversion rates into Euros used in the statement as at 31 December 2025:
| CURRENCY | ITEM CHANGES IN BALANCE SHEET | ITEM CHANGES IN PROFIT AND LOSS ACCOUNT |
| (CHF) SWISS FRANC | 0.9314 | 0.9329 |
| US DOLLAR (USD) | 1.1750 | 1.1657 |
| BRITISH POUND (GBP) | 0.8726 | 0.8709 |
With regard to the determination of the stake used for equity-based consolidation, it should be noted that it was determined as the ratio of the shares owned excluding those held for trading and/or through securities lending transactions (which transfer ownership, but not risks and benefits) and voting capital, represented by share capital after deducting treasury shares.
As required by paragraph 5-A of IFRS12, the companies included within the area of consolidation, which must be disclosed in this paragraph, also include the equity investments of entities classified as held for sale (or included in a disposal group which is classified as held for sale).
3.Investments in Group Legal Entities with significant minority interestsThis section has not been completed, since as at 31 December 2025, in line with the previous financial year, there were no third-party interests in subsidiaries considered significant, either individually or as a whole, as also specified in the table in \u201cSection 14 \u2013 Minority Interests\u201d contained in Part B of the liabilities of these notes to the accounts.
Significant restrictions
Mediobanca considers that no restrictions currently in force, under the terms of its Articles of Association, shareholders\u2019 agreements or external regulations, would prevent it or otherwise limit its ability to access its assets or settle its liabilities.
Mediobanca also considers that no rights are in force to protect the interest of minority or third parties.
4.Other Information
The reporting date for the consolidated financial statements is the date on which Mediobanca\u2019s financial year ends. In cases where Mediobanca Legal Entities have reporting periods ending on different dates, these companies are consolidated based on financial and earnings situations prepared as at the reporting date for the consolidated financial statements.
The financial statements of all Mediobanca Legal Entities were drawn up according to criteria comporting with the consolidated principles.
Associates which have reporting periods ending on different dates compared to Mediobanca prepare a pro-forma accounting statement as at the consolidated reporting date, or alternatively send a statement referring to a previous date as long as it is not more than three months previously. This eventuality is expressly provided for by IAS28 (paras. 33-34) provided that due account is taken of any material transactions or events that occur between said date and the reporting date for the financial statements.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page341-cflshid_120224-tag470086": {
"value": "SECTION 3Area and methods of consolidation
The consolidated financial statements comprise the financial position and the results of the Group Legal Entities and companies directly or indirectly controlled by them, including those operating in sectors other than the one in which the Parent Company Mediobanca operates.
Based on the combined provisions of IFRS10 \u201cConsolidated Financial Statements\u201d, IFRS11 \u201cJoint Arrangements\u201d and IFRS12 \u201cDisclosure of Interests in Other Entities\u201d, Mediobanca has proceeded to consolidate its subsidiaries on a line-by-line basis, and its associates and joint arrangements using the net equity method.
There were no new transactions during the financial year, the only change being that of RAM AI UK (already in liquidation), a wholly-owned subsidiary of RAM AI Switzerland, which was cancelled from the Companies Register on 2 August 2025.
1.Equity Investments in Group Legal Entities| \u00a0 | Company name | Registered address | Type of relationship (1) | Ownership | Voting rights in % (2) |
| \u00a0 | Controlling entity | % shareholding |
| A. | COMPANIES INCLUDED IN AREA OF CONSOLIDATION | | | | | |
| A.1 | Line-by-line method | | | | | |
| 1. | MEDIOBANCA - Banca di Credito Finanziario S.p.A. | Milan | 1 | \u2014 | \u2014 | \u2014 |
| 2. | SPAFID S.P.A | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 3. | MEDIOBANCA INNOVATION SERVICES- S.C.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 4. | CMB MONACO S.A.M. | Monte Carlo | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 5. | CMG MONACO S.A.M. | Monte Carlo | 1 | A.1.4 | 100.\u2013 | 100.\u2013 |
| 6. | MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. | Luxembourg | 1 | A.1.1 | 99.\u2013 | 99.\u2013 |
| | | 1 | A.1.7 | 1.\u2013 | 1.\u2013 |
| 7. | COMPASS BANCA S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 8. | MEDIOBANCA PREMIER S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 9. | MBCREDIT SOLUTIONS S.P.A. | Milan | 1 | A.1.7 | 100.\u2013 | 100.\u2013 |
| 10. | SELMABIPIEMME LEASING S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 11. | MB FUNDING LUXEMBOURG S.A. | Luxembourg | 1 | A.1.1 | 100. \u2013 | 100. \u2013 |
| 12. | MEDIOBANCA SECURITIES USA LLC | New York | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 13. | MB FACTA S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 14. | QUARZO S.R.L. | Milan | 1 | A.1.7 | 90.\u2013 | 90.\u2013 |
| 15. | MEDIOBANCA COVERED BOND S.R.L. | Milan | 1 | A.1.8 | 90.\u2013 | 90.\u2013 |
| 16. | COMPASS RE(LUXEMBOURG) S.A. | Luxembourg | 1 | A.1.7 | 100.\u2013 | 100.\u2013 |
| 17. | MEDIOBANCA INTERNATIONAL IMMOBILIERE S. A R.L. | Luxembourg | 1 | A.1.6 | 100.\u2013 | 100.\u2013 |
| 18. | POLUS CAPITAL MANAGEMENT GROUP LIMITED | London | 1 | A.1.1 | 89.07 (*) | 65.78 |
| 19. | POLUS CAPITAL MANAGEMENT LIMITED | London | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 20. | POLUS CAPITAL MANAGEMENT (US) INC. | Wilmington (USA) | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 21. | POLUS CAPITAL MANAGEMENT INVESTMENTS LIMITED (non operativa) | London | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 22. | POLUS INVESTMENT MANAGERS LIMITED (non operativa) | London | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 23. | Bybrook Capital Burton Partnership (GP) Limited | Grand Cayman | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 24. | SPAFID TRUST S.R.L. | Milan | 1 | A.1.2 | 100. \u2013 | 100. \u2013 |
| 25. | MEDIOBANCA MANAGEMENT COMPANY S.A. | Luxembourg | 1 | A.1.1 | 100. \u2013 | 100. \u2013 |
| 26. | MEDIOBANCA SGR S.P.A. | Milan | 1 | A.1.1 | 100. \u2013 | 100. \u2013 |
| 27. | RAM ACTIVE INVESTMENTS S.A. | Geneva | 1 | A.1.1 | 98.3 (**) | 93.50 |
| 28. | MESSIER ET ASSOCIESS.A.S. | Paris | 1 | A.1.1 | 100.\u2013(***) | 88.40 |
| 29. | MESSIER ET ASSOCIESL.L.C. | New York | 1 | A.1.28 | 100.\u2013(***) | 50. \u2013 |
| 30. | MBCONTACT SOLUTIONS S.R.L. | Milan | 1 | A.1.9 | 100. \u2013 | 100. \u2013 |
| 31. | COMPASS RENT S.R.L. | Milan | 1 | A.1.7 | 100. \u2013 | 100. \u2013 |
| 32. | COMPASS LINK S.R.L. | Milan | 1 | A.1.7 | 100. \u2013 | 100. \u2013 |
| 33. | CMB REAL ESTATE DEVELOPMENT S.A.M. | Monte Carlo | 1 | A.1.4 | 60. \u2013 | 60. \u2013 |
| \u00a0 | \u00a0 | \u00a0 | 1 | A.1.1 | 40. \u2013 | 40. \u2013 |
| 34. | ARMA PARTNERS LLP | London | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 35. | ARMA PARTNERS CORPORATE FINANCE LTD | London | 1 | A.1.34 | 100.\u2013 | 100.\u2013 |
| 36. | ARMA DEUTSCHLAND GmbH | Monaco | 1 | A.1.34 | 100.\u2013 | 100.\u2013 |
| 37. | HEYLIGHT SA | Ginevra | 1 | A.1.7 | 100.\u2013 | 100.\u2013 |
| 38. | SPV PROJECT 2224 S.R.L. (1) | Milan | 4 | Other | \u2013 | \u2013 |
| 39. | HEIDI PAY AG | Ginevra | 1 | A.1.7 | 100.\u2013(****) | 80.90 |
| 40. | HEIDI PAY LTD | London | 1 | A.1.39 | 100.\u2013(****) | 99.96 |
| 41. | HOLIPAY S.R.L. | Cervia | 1 | A.1.40 | 100.\u2013(****) | 100.\u2013 |
(*) Taking into account the recently renegotiated put & call option exercisable during the next 3 years; excluding investment plans for employees and strategic partners.
(**)Taking into account the put and call options exercisable from the third to the tenth anniversary of the closing date of the transaction.
(***) Taking into account the put & call option exercisable by the end of the next financial year;
(****) Taking into account the put & call option renegotiated during the year under review, which can be exercised by October 2030.
(1) This is the special purpose vehicle established for the new securitization of MB Facta, in which no percentage of the share capital is held.
Legend
(1) Type of relationship:1 = Majority of voting rights in ordinary AGMs.
4 = Other forms of control
(2) Effective and potential voting rights in ordinary AGMs.
2.Considerations and significant assumptions used to determine consolidation area
The area of consolidation is defined on the basis of IFRS10, \u201cConsolidated Financial Statements\u201d, which provides that control occurs when the following three conditions apply:
\u2015when the investor has power over the investee, defined as having substantive rights over the investee\u2019s relevant activities;
\u2015when the investor has exposure, or rights, to variable returns from its involvement with the investee; and
\u2015when the investor has the ability to exert power over the investee to affect the amount of the variable returns.
Group Legal Entities are consolidated on a line-by-line basis, which means that the carrying amount of the parent\u2019s investment and its share of the Group Legal Entity\u2019s equity after minority interests are eliminated against the addition of that company\u2019s assets and liabilities, income and expenses to the Parent Company\u2019s totals. Any surplus arising following allocation of asset and liability items to the Group Legal Entity is recorded as goodwill. Any assets and liabilities, income and expenses from transactions between consolidated companies are eliminated upon consolidation.
Investments in associates and joint arrangements are consolidated using the equity method. Associates are companies that are subject to significant influence, a concept defined as the power to participate in activities which are significant for the company without having control of it. Significant influence is assumed to exist in cases where one company holds at least 20% of the voting rights of another. When establishing whether or not significant influence exists, account is also taken of potential rights, rights exercisable under options, warrants or conversion rights embedded in financial instruments; the ownership structure is also considered, as well as voting rights owned by other investors.
The definition of joint arrangement used is that provided in IFRS11, which involves the twofold requirement of the existence of a contractual arrangement and that such an arrangement must provide joint control to two or more parties. In this case too, the valuation method used was the equity-based method.
Under the equity method of accounting, any changes in the net equity of the investee company (including gains and losses) since the acquisition date should be included in the book value of the investment (originally recognised at cost). This value
is reduced in the event that the investment distributes dividends. The gain or loss generated by the investment is recorded pro rata in the consolidated income statement, including any value impairment or write-ups; while all other changes are recognized directly in net equity.The financial statements of the consolidated companies represented in currencies other than the Euro are converted by applying the exchange rate prevailing at the end of the accounting period to the balance sheet items, and the average exchange rates for the same period to the income statement items. All exchange rate differences arising as a result of the translation are recorded in a specific net equity valuation reserve which, as and when the investment is sold, is eliminated and the relevant amount is debited from or credited to the income statement as the case may be. The following Table summarizes the conversion rates into Euros used in the statement as at 31 December 2025:
| CURRENCY | ITEM CHANGES IN BALANCE SHEET | ITEM CHANGES IN PROFIT AND LOSS ACCOUNT |
| (CHF) SWISS FRANC | 0.9314 | 0.9329 |
| US DOLLAR (USD) | 1.1750 | 1.1657 |
| BRITISH POUND (GBP) | 0.8726 | 0.8709 |
With regard to the determination of the stake used for equity-based consolidation, it should be noted that it was determined as the ratio of the shares owned excluding those held for trading and/or through securities lending transactions (which transfer ownership, but not risks and benefits) and voting capital, represented by share capital after deducting treasury shares.
As required by paragraph 5-A of IFRS12, the companies included within the area of consolidation, which must be disclosed in this paragraph, also include the equity investments of entities classified as held for sale (or included in a disposal group which is classified as held for sale).
3.Investments in Group Legal Entities with significant minority interestsThis section has not been completed, since as at 31 December 2025, in line with the previous financial year, there were no third-party interests in subsidiaries considered significant, either individually or as a whole, as also specified in the table in \u201cSection 14 \u2013 Minority Interests\u201d contained in Part B of the liabilities of these notes to the accounts.
Significant restrictions
Mediobanca considers that no restrictions currently in force, under the terms of its Articles of Association, shareholders\u2019 agreements or external regulations, would prevent it or otherwise limit its ability to access its assets or settle its liabilities.
Mediobanca also considers that no rights are in force to protect the interest of minority or third parties.
4.Other Information
The reporting date for the consolidated financial statements is the date on which Mediobanca\u2019s financial year ends. In cases where Mediobanca Legal Entities have reporting periods ending on different dates, these companies are consolidated based on financial and earnings situations prepared as at the reporting date for the consolidated financial statements.
The financial statements of all Mediobanca Legal Entities were drawn up according to criteria comporting with the consolidated principles.
Associates which have reporting periods ending on different dates compared to Mediobanca prepare a pro-forma accounting statement as at the consolidated reporting date, or alternatively send a statement referring to a previous date as long as it is not more than three months previously. This eventuality is expressly provided for by IAS28 (paras. 33-34) provided that due account is taken of any material transactions or events that occur between said date and the reporting date for the financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page341-cflshid_120224-tag470085": {
"value": "SECTION 3Area and methods of consolidation
The consolidated financial statements comprise the financial position and the results of the Group Legal Entities and companies directly or indirectly controlled by them, including those operating in sectors other than the one in which the Parent Company Mediobanca operates.
Based on the combined provisions of IFRS10 \u201cConsolidated Financial Statements\u201d, IFRS11 \u201cJoint Arrangements\u201d and IFRS12 \u201cDisclosure of Interests in Other Entities\u201d, Mediobanca has proceeded to consolidate its subsidiaries on a line-by-line basis, and its associates and joint arrangements using the net equity method.
There were no new transactions during the financial year, the only change being that of RAM AI UK (already in liquidation), a wholly-owned subsidiary of RAM AI Switzerland, which was cancelled from the Companies Register on 2 August 2025.
1.Equity Investments in Group Legal Entities| \u00a0 | Company name | Registered address | Type of relationship (1) | Ownership | Voting rights in % (2) |
| \u00a0 | Controlling entity | % shareholding |
| A. | COMPANIES INCLUDED IN AREA OF CONSOLIDATION | | | | | |
| A.1 | Line-by-line method | | | | | |
| 1. | MEDIOBANCA - Banca di Credito Finanziario S.p.A. | Milan | 1 | \u2014 | \u2014 | \u2014 |
| 2. | SPAFID S.P.A | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 3. | MEDIOBANCA INNOVATION SERVICES- S.C.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 4. | CMB MONACO S.A.M. | Monte Carlo | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 5. | CMG MONACO S.A.M. | Monte Carlo | 1 | A.1.4 | 100.\u2013 | 100.\u2013 |
| 6. | MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. | Luxembourg | 1 | A.1.1 | 99.\u2013 | 99.\u2013 |
| | | 1 | A.1.7 | 1.\u2013 | 1.\u2013 |
| 7. | COMPASS BANCA S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 8. | MEDIOBANCA PREMIER S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 9. | MBCREDIT SOLUTIONS S.P.A. | Milan | 1 | A.1.7 | 100.\u2013 | 100.\u2013 |
| 10. | SELMABIPIEMME LEASING S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 11. | MB FUNDING LUXEMBOURG S.A. | Luxembourg | 1 | A.1.1 | 100. \u2013 | 100. \u2013 |
| 12. | MEDIOBANCA SECURITIES USA LLC | New York | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 13. | MB FACTA S.P.A. | Milan | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 14. | QUARZO S.R.L. | Milan | 1 | A.1.7 | 90.\u2013 | 90.\u2013 |
| 15. | MEDIOBANCA COVERED BOND S.R.L. | Milan | 1 | A.1.8 | 90.\u2013 | 90.\u2013 |
| 16. | COMPASS RE(LUXEMBOURG) S.A. | Luxembourg | 1 | A.1.7 | 100.\u2013 | 100.\u2013 |
| 17. | MEDIOBANCA INTERNATIONAL IMMOBILIERE S. A R.L. | Luxembourg | 1 | A.1.6 | 100.\u2013 | 100.\u2013 |
| 18. | POLUS CAPITAL MANAGEMENT GROUP LIMITED | London | 1 | A.1.1 | 89.07 (*) | 65.78 |
| 19. | POLUS CAPITAL MANAGEMENT LIMITED | London | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 20. | POLUS CAPITAL MANAGEMENT (US) INC. | Wilmington (USA) | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 21. | POLUS CAPITAL MANAGEMENT INVESTMENTS LIMITED (non operativa) | London | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 22. | POLUS INVESTMENT MANAGERS LIMITED (non operativa) | London | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 23. | Bybrook Capital Burton Partnership (GP) Limited | Grand Cayman | 1 | A.1.18 | 100.\u2013 | 100.\u2013 |
| 24. | SPAFID TRUST S.R.L. | Milan | 1 | A.1.2 | 100. \u2013 | 100. \u2013 |
| 25. | MEDIOBANCA MANAGEMENT COMPANY S.A. | Luxembourg | 1 | A.1.1 | 100. \u2013 | 100. \u2013 |
| 26. | MEDIOBANCA SGR S.P.A. | Milan | 1 | A.1.1 | 100. \u2013 | 100. \u2013 |
| 27. | RAM ACTIVE INVESTMENTS S.A. | Geneva | 1 | A.1.1 | 98.3 (**) | 93.50 |
| 28. | MESSIER ET ASSOCIESS.A.S. | Paris | 1 | A.1.1 | 100.\u2013(***) | 88.40 |
| 29. | MESSIER ET ASSOCIESL.L.C. | New York | 1 | A.1.28 | 100.\u2013(***) | 50. \u2013 |
| 30. | MBCONTACT SOLUTIONS S.R.L. | Milan | 1 | A.1.9 | 100. \u2013 | 100. \u2013 |
| 31. | COMPASS RENT S.R.L. | Milan | 1 | A.1.7 | 100. \u2013 | 100. \u2013 |
| 32. | COMPASS LINK S.R.L. | Milan | 1 | A.1.7 | 100. \u2013 | 100. \u2013 |
| 33. | CMB REAL ESTATE DEVELOPMENT S.A.M. | Monte Carlo | 1 | A.1.4 | 60. \u2013 | 60. \u2013 |
| \u00a0 | \u00a0 | \u00a0 | 1 | A.1.1 | 40. \u2013 | 40. \u2013 |
| 34. | ARMA PARTNERS LLP | London | 1 | A.1.1 | 100.\u2013 | 100.\u2013 |
| 35. | ARMA PARTNERS CORPORATE FINANCE LTD | London | 1 | A.1.34 | 100.\u2013 | 100.\u2013 |
| 36. | ARMA DEUTSCHLAND GmbH | Monaco | 1 | A.1.34 | 100.\u2013 | 100.\u2013 |
| 37. | HEYLIGHT SA | Ginevra | 1 | A.1.7 | 100.\u2013 | 100.\u2013 |
| 38. | SPV PROJECT 2224 S.R.L. (1) | Milan | 4 | Other | \u2013 | \u2013 |
| 39. | HEIDI PAY AG | Ginevra | 1 | A.1.7 | 100.\u2013(****) | 80.90 |
| 40. | HEIDI PAY LTD | London | 1 | A.1.39 | 100.\u2013(****) | 99.96 |
| 41. | HOLIPAY S.R.L. | Cervia | 1 | A.1.40 | 100.\u2013(****) | 100.\u2013 |
(*) Taking into account the recently renegotiated put & call option exercisable during the next 3 years; excluding investment plans for employees and strategic partners.
(**)Taking into account the put and call options exercisable from the third to the tenth anniversary of the closing date of the transaction.
(***) Taking into account the put & call option exercisable by the end of the next financial year;
(****) Taking into account the put & call option renegotiated during the year under review, which can be exercised by October 2030.
(1) This is the special purpose vehicle established for the new securitization of MB Facta, in which no percentage of the share capital is held.
Legend
(1) Type of relationship:1 = Majority of voting rights in ordinary AGMs.
4 = Other forms of control
(2) Effective and potential voting rights in ordinary AGMs.
2.Considerations and significant assumptions used to determine consolidation area
The area of consolidation is defined on the basis of IFRS10, \u201cConsolidated Financial Statements\u201d, which provides that control occurs when the following three conditions apply:
\u2015when the investor has power over the investee, defined as having substantive rights over the investee\u2019s relevant activities;
\u2015when the investor has exposure, or rights, to variable returns from its involvement with the investee; and
\u2015when the investor has the ability to exert power over the investee to affect the amount of the variable returns.
Group Legal Entities are consolidated on a line-by-line basis, which means that the carrying amount of the parent\u2019s investment and its share of the Group Legal Entity\u2019s equity after minority interests are eliminated against the addition of that company\u2019s assets and liabilities, income and expenses to the Parent Company\u2019s totals. Any surplus arising following allocation of asset and liability items to the Group Legal Entity is recorded as goodwill. Any assets and liabilities, income and expenses from transactions between consolidated companies are eliminated upon consolidation.
Investments in associates and joint arrangements are consolidated using the equity method. Associates are companies that are subject to significant influence, a concept defined as the power to participate in activities which are significant for the company without having control of it. Significant influence is assumed to exist in cases where one company holds at least 20% of the voting rights of another. When establishing whether or not significant influence exists, account is also taken of potential rights, rights exercisable under options, warrants or conversion rights embedded in financial instruments; the ownership structure is also considered, as well as voting rights owned by other investors.
The definition of joint arrangement used is that provided in IFRS11, which involves the twofold requirement of the existence of a contractual arrangement and that such an arrangement must provide joint control to two or more parties. In this case too, the valuation method used was the equity-based method.
Under the equity method of accounting, any changes in the net equity of the investee company (including gains and losses) since the acquisition date should be included in the book value of the investment (originally recognised at cost). This value
is reduced in the event that the investment distributes dividends. The gain or loss generated by the investment is recorded pro rata in the consolidated income statement, including any value impairment or write-ups; while all other changes are recognized directly in net equity.The financial statements of the consolidated companies represented in currencies other than the Euro are converted by applying the exchange rate prevailing at the end of the accounting period to the balance sheet items, and the average exchange rates for the same period to the income statement items. All exchange rate differences arising as a result of the translation are recorded in a specific net equity valuation reserve which, as and when the investment is sold, is eliminated and the relevant amount is debited from or credited to the income statement as the case may be. The following Table summarizes the conversion rates into Euros used in the statement as at 31 December 2025:
| CURRENCY | ITEM CHANGES IN BALANCE SHEET | ITEM CHANGES IN PROFIT AND LOSS ACCOUNT |
| (CHF) SWISS FRANC | 0.9314 | 0.9329 |
| US DOLLAR (USD) | 1.1750 | 1.1657 |
| BRITISH POUND (GBP) | 0.8726 | 0.8709 |
With regard to the determination of the stake used for equity-based consolidation, it should be noted that it was determined as the ratio of the shares owned excluding those held for trading and/or through securities lending transactions (which transfer ownership, but not risks and benefits) and voting capital, represented by share capital after deducting treasury shares.
As required by paragraph 5-A of IFRS12, the companies included within the area of consolidation, which must be disclosed in this paragraph, also include the equity investments of entities classified as held for sale (or included in a disposal group which is classified as held for sale).
3.Investments in Group Legal Entities with significant minority interestsThis section has not been completed, since as at 31 December 2025, in line with the previous financial year, there were no third-party interests in subsidiaries considered significant, either individually or as a whole, as also specified in the table in \u201cSection 14 \u2013 Minority Interests\u201d contained in Part B of the liabilities of these notes to the accounts.
Significant restrictions
Mediobanca considers that no restrictions currently in force, under the terms of its Articles of Association, shareholders\u2019 agreements or external regulations, would prevent it or otherwise limit its ability to access its assets or settle its liabilities.
Mediobanca also considers that no rights are in force to protect the interest of minority or third parties.
4.Other Information
The reporting date for the consolidated financial statements is the date on which Mediobanca\u2019s financial year ends. In cases where Mediobanca Legal Entities have reporting periods ending on different dates, these companies are consolidated based on financial and earnings situations prepared as at the reporting date for the consolidated financial statements.
The financial statements of all Mediobanca Legal Entities were drawn up according to criteria comporting with the consolidated principles.
Associates which have reporting periods ending on different dates compared to Mediobanca prepare a pro-forma accounting statement as at the consolidated reporting date, or alternatively send a statement referring to a previous date as long as it is not more than three months previously. This eventuality is expressly provided for by IAS28 (paras. 33-34) provided that due account is taken of any material transactions or events that occur between said date and the reporting date for the financial statements.
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"value": "3.Investments in Group Legal Entities with significant minority interestsThis section has not been completed, since as at 31 December 2025, in line with the previous financial year, there were no third-party interests in subsidiaries considered significant, either individually or as a whole, as also specified in the table in \u201cSection 14 \u2013 Minority Interests\u201d contained in Part B of the liabilities of these notes to the accounts.
",
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"value": "Significant restrictions
Mediobanca considers that no restrictions currently in force, under the terms of its Articles of Association, shareholders\u2019 agreements or external regulations, would prevent it or otherwise limit its ability to access its assets or settle its liabilities.
Mediobanca also considers that no rights are in force to protect the interest of minority or third parties.
SECTION 1
Heading 10: Cash and cash equivalents
1.1 Cash and cash equivalents: breakdown
| Total | Total |
| 31 December 2025 | 30 June 2025 |
| a) Cash | 113,967 | 121,703 |
| b) Current accounts and demand deposits with Central Banks | 740,174 | 180,506 |
| b) Current accounts and demand deposits with banks | 819,473 | 731,526 |
| Total | 1,673,614 | 1,033,735 |
Events subsequent to the reporting date On 17 February 2025, Mediobanca's Board of Directors acknowledged the decisions taken by Banca MPS's Board of Directors and resolved to initiate work aimed at the integration with BMPS through a merger by incorporation and the consequent delisting of Mediobanca, in compliance with the regulations on related party transactions and legal obligations.
No critical issues are identified with regard to the existence of the going-concern assumption pursuant to Article 2423-bis, paragraph 1, number 1 of the Italian Civil Code, also in consideration of the industrial plans presented by BMPS, with reference to the available financial resources and the synergies expected from the integration of activities, from which no elements emerge that would raise doubts about the ability to continue operating for a foreseeable future.
No events under IAS10 occurring after 31 December 2025 are reported that would require adjustments to the results presented in the Consolidated Review of Operations as at 31 December 2025.
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"value": "SECTION 5
Other Aspects
In compliance with Directive (EC) 2004/109 (the \u201cTransparency Directive\u201d) and Delegated Regulation (EU) 2019/815 (the \u201cESEF Regulation\u201d), this document was drawn up in XHTML and the consolidated financial statements were \u201cmarked up\u201d using the integrated computer language iXBRL, approved by ESMA.73
The entire document was lodged at the company offices and with the competent institutions as pursuant to the law.
In preparing this document, account has been taken of the guidelines set out in the \u201cEuropean common enforcement priorities for 2025 corporate reporting\u201d published by ESMA last October, as further detailed in Part A1 \u2013 Section 2 above.
73 However, issuers may still continue to publish their Financial Statements in other formats (i.e. PDF).
The consolidated financial statements are accompanied by the Declaration by the Financial Reporting Officer pursuant to Article 154-bis of the Italian Consolidated Law on Finance and are subject to an audit by the independent auditing firm PwC S.p.A., according to the provisions of Legislative Decree No. 39 of 27 January 2010.
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"v1-page354-cflshid_125509-tag470092": {
"value": "A.2 - Significant Accounting Policies
1 - Financial assets measured at fair value through profit or loss
These include financial assets held for trading and other financial assets mandatorily measured at fair value, and assets for which the Fair Value Option was modified.
Financial assets held for trading are assets which have been acquired principally for the purpose of being traded. This category comprises debt securities, equities, loans held for trading purposes, and the positive value of derivatives held for trading, including those embedded in complex instruments (such as structured bonds), which are recorded separately. This category also includes syndicated loan underwriting commitments in the event of a positive value.
Assets mandatorily measured at fair value include financial assets that are not held for trading but are mandatorily measured at fair value through profit or loss given the fact that they do not meet the requirements to be measured at amortized cost or at fair value through other comprehensive income. In particular, as clarified by the IFRS Interpretation Committee, this category includes units in mutual investment funds.74
With regard to financial assets mandatorily measured at fair value, during the financial year the organizational model, the monitoring process and the methodology that the Bank applies in order to classify, measure and verify the value of OICs as instruments accounted for at Fair Value were defined in compliance with Community Regulations.
Initial recognition occurs at the settlement date for securities and loans and at the subscription date for derivatives. At initial recognition, such financial assets are booked at fair value not including any transaction expenses or income directly attributable to the asset concerned, which are taken through the profit and loss account. Following their initial recognition, they will continue to be measured at fair value, and any changes in fair value will be recognized in the profit and loss account. Interest on instruments mandatorily measured at fair value will be recognized according to the interest rate stipulated contractually. Dividends paid on equity
74 The IFRS Interpretation Committee\u2019s clarification rules out any possibility of such instruments being treated as equities.
Equities and linked derivatives whose fair value may not be reliably measured using the methods described above are stated at cost (these too qualify as Level 3 assets). If the assets suffer impairment, they are written down to their current value.
Gains and losses upon disposal or redemption and the positive and negative effects of changes in fair value over time are recognized in the profit and loss account under the respective headings.
Assets held for trading mandatorily to be measured at fair value also include loans which do not guarantee full repayment of principal in the event of the counterparty\u2019s financial difficulties and which have therefore failed the SPPI test. The process followed to write down these positions is aligned with that used for other loans, on the grounds that the exposure is basically attributable to credit risk, with both the gross exposure and related provisioning stated.
This item also includes financial assets designated at fair value upon initial recognition with the aim of eliminating or significantly reducing a valuation inconsistency. This case in particular concerns the related portfolio of assets and liabilities required by applying the business model for managing equity-linked certificates where changes in own credit risk and realizations are recognized through profit or loss to eliminate the accounting mismatch.12 - Trading liabilities
This item includes the negative value of trading derivatives and any derivatives embedded in complex instruments. Liabilities for technical overdrafts connected to securities trading activities as well as the negative value of syndicated loan underwriting commitments are also included. All trading liabilities are measured at fair value and changes are taken through the profit and loss account.
13 - Financial liabilities designated at fair value
These include the value of financial liabilities designated at fair value through profit or loss, on the basis of the option granted to companies (referred to as \u201cfair value option\u201d) by IFRS9 and in compliance with the cases provided for by such legislation.
Such liabilities are measured at fair value, accounting for earnings according to the following rules laid down in IFRS9:
\u2015 changes in fair value attributable to changes in one\u2019s credit quality must be recognized in the Statement of Other Comprehensive Income (Net Equity);
\u2015 other changes in fair value must be recognized through Profit or Loss;
\u2015 amounts stated in Other Comprehensive Income will not flow through profit or loss.
This method cannot be adopted, however, if the recognition of the effects of the issuer\u2019s own credit quality in Net Equity generates or accentuates an accounting mismatch in profit and loss. In such cases, the profits or losses related to the liability, including those caused as the effect of the change in the issuer\u2019s credit quality, must be measured through profit or loss.79
In compliance with the provisions of IFRS9, the correlation between assets and liabilities is monitored on an ongoing basis.
14 - Foreign currency transactions
Transactions in foreign currencies are recorded by applying the exchange rates as at the date of the transaction to the amount in the foreign currency concerned.
Assets and liabilities denominated in currencies other than the Euro are translated into Euros using exchange rates prevailing at the reference dates. Differences on cash items due to translation are recorded through the profit and loss account, whereas those on non-cash items are recorded according to the valuation criteria used in respect of the category they belong to (i.e. at cost, through profit or loss or on an equity basis).
The assets and liabilities of non-Italian entities consolidated on a line-by-line basis have been converted at the exchange rate prevailing at the reporting date, whereas the profit-and-loss items have been converted using the average of the average monthly exchange rate readings for the period; any differences emerging after the conversion are recognized among the Net Equity valuation reserves.
79 This case in particular concerns the related portfolio of assets and liabilities concerning the business model for managing the funding of equity-linked certificates aiming to eliminate the accounting mismatch",
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"v1-page354-cflshid_125509-tag470091": {
"value": "A.2 - Significant Accounting Policies
1 - Financial assets measured at fair value through profit or loss
These include financial assets held for trading and other financial assets mandatorily measured at fair value, and assets for which the Fair Value Option was modified.
Financial assets held for trading are assets which have been acquired principally for the purpose of being traded. This category comprises debt securities, equities, loans held for trading purposes, and the positive value of derivatives held for trading, including those embedded in complex instruments (such as structured bonds), which are recorded separately. This category also includes syndicated loan underwriting commitments in the event of a positive value.
Assets mandatorily measured at fair value include financial assets that are not held for trading but are mandatorily measured at fair value through profit or loss given the fact that they do not meet the requirements to be measured at amortized cost or at fair value through other comprehensive income. In particular, as clarified by the IFRS Interpretation Committee, this category includes units in mutual investment funds.74
With regard to financial assets mandatorily measured at fair value, during the financial year the organizational model, the monitoring process and the methodology that the Bank applies in order to classify, measure and verify the value of OICs as instruments accounted for at Fair Value were defined in compliance with Community Regulations.
Initial recognition occurs at the settlement date for securities and loans and at the subscription date for derivatives. At initial recognition, such financial assets are booked at fair value not including any transaction expenses or income directly attributable to the asset concerned, which are taken through the profit and loss account. Following their initial recognition, they will continue to be measured at fair value, and any changes in fair value will be recognized in the profit and loss account. Interest on instruments mandatorily measured at fair value will be recognized according to the interest rate stipulated contractually. Dividends paid on equity
74 The IFRS Interpretation Committee\u2019s clarification rules out any possibility of such instruments being treated as equities.
instruments will be measured through profit or loss when the right to collect them becomes effective.Equities and linked derivatives whose fair value may not be reliably measured using the methods described above are stated at cost (these too qualify as Level 3 assets). If the assets suffer impairment, they are written down to their current value.
Gains and losses upon disposal or redemption and the positive and negative effects of changes in fair value over time are recognized in the profit and loss account under the respective headings.
Assets held for trading mandatorily to be measured at fair value also include loans which do not guarantee full repayment of principal in the event of the counterparty\u2019s financial difficulties and which have therefore failed the SPPI test. The process followed to write down these positions is aligned with that used for other loans, on the grounds that the exposure is basically attributable to credit risk, with both the gross exposure and related provisioning stated.
This item also includes financial assets designated at fair value upon initial recognition with the aim of eliminating or significantly reducing a valuation inconsistency. This case in particular concerns the related portfolio of assets and liabilities required by applying the business model for managing equity-linked certificates where changes in own credit risk and realizations are recognized through profit or loss to eliminate the accounting mismatch. For further details on the accounting operation and methods in regard of the aforementioned instruments, please refer to section \"A.4 \u2013 Information on Fair Value\" of these Notes to the Accounts.
2 - Financial assets measured at fair value through other comprehensive income
These are financial instruments, mostly debt securities, which meet both the following conditions:
\u2014the instruments are held on the basis of a business model whose objective is the collection of contractual cash flows and of proceeds deriving from the sale of such instruments;
\u2014the contractual terms have passed the SPPI test.
Financial assets measured at fair value through other comprehensive income (FVOCI) are recognized at fair value, including transaction costs and income directly attributable to them. Thereafter, they will continue to be measured at fair value. Changes in fair value are measured through other comprehensive income, while interest and currency exchange gains/losses are recorded in the profit and loss account (in the same way as financial instruments measured at amortized cost).
Expected losses of financial assets measured at fair value through other comprehensive income (debt securities and loans and advances to customers) are calculated (as per the impairment process) in the same way as those of financial assets measured at amortized cost, with the resulting value adjustment recorded in the profit and loss account.
Retained earnings and accumulated losses recorded in other comprehensive income will be measured through profit or loss when the instrument is removed from the balance sheet.
The category also includes equities not held for trading which meet the definition provided by IAS32, and which the Group decided to classify irrevocably in this category at the initial recognition stage. As the instruments in question are equities, they are not subject to impairment and no gains/losses on equities will be measured through profit or loss, including following the sale of the instrument. Conversely, dividends on the instruments will be measured through profit or loss when the right of collection takes effect.
3 - Financial assets measured at amortized cost
These include loans and advances to customers and banks, debt securities and repo transactions which meet the following conditions:
\u2014the financial instrument is held and managed according to the hold-to-collect business model, i.e. with the objective of holding it in order to collect the cash flows governed by the contract;
\u2014such contractual cash flows consist entirely of payment of principal amount and interest (and therefore meet the requirements set by the SPPI test).
This heading also includes receivables originated from finance leases, the valuation and classification rules for which are governed by IFRS16 (see below), even though the impairment rules introduced by IFRS9 apply for valuation purposes.
The Group\u2019s business model should reflect the ways in which financial assets are managed at a portfolio level and not at the instrument level, on the basis of factors observable at the portfolio level and not at the instrument level, such as the following:
\u2014 operating procedure adopted by management in the performance evaluation process;
\u2014 risk type and procedure for managing risks taken, including indicators for portfolio rotation;
\u2014 means for determining remuneration mechanisms for risk-takers.
The business model is based on expected reasonable scenarios (without considering \u201cworst case\u201d and \u201cstress case\u201d scenarios). In the event of cash flows differing from those estimated at initial recognition, the Group is not bound to change the classification of financial instruments forming part of the portfolio, but uses the information for deciding the classification of new financial instruments.75
At initial recognition, the Group analyses contractual terms for the instruments to check whether the instrument, product or sub-product has passed the SPPI test. In this
75 These considerations are stated in the internal management policies, which reiterate the link between business model and accounting treatment and introduce frequency and materiality thresholds for changes in portfolios of assets measured at amortized cost.
connection, the Group has developed a standardized testing process which involves analysing loans by using a specific tool, developed internally, which is structured in decision-making trees, at the level of the individual financial instrument or product based on their different degrees of customisation. If the test is not passed, the tool will show that the assets should be measured at fair value through profit or loss (FVTPL). The method by which loans are tested differs according to whether or not the asset is a retail or corporate loan: at product level for retail loans, individually for corporate loans. An external info-provider is used to test debt securities; if, however, no test results are available, the instrument is analysed using the SPPI tool. When contractual cash flows for the instrument do not represent solely payments of principal and interest on the outstanding amount, the Group mandatorily classifies the instrument at fair value through profit or loss.At the initial recognition date, financial assets are measured at fair value, including any costs or income directly attributable to individual transactions that can be established from the outset even if they are actually settled at later stages. The recognition value does not, however, factor in costs with the above characteristics which are repaid separately by the borrower, or may be classified as ordinary internal administrative expenses.
The instrument is measured at amortized cost, i.e. the initial value less/plus the repayments of principal made, write-downs/write-ups, and amortization \u2013 calculated using the effective interest rate method \u2013 of the difference between the amount disbursed and the amount repayable at maturity, adjusted to reflect expected losses.
The amortized cost method is not used for short-term receivables, as the discounting effect is negligible; for this reason, such receivables are recognized at historical cost. The original effective interest rate is defined as the rate of interest which renders the discounted value of future cash flows deriving from the loan or receivable by way of principal and interest equal to the initial recognition value of the loan or receivable.
The original effective interest rate for each loan will remain unchanged in subsequent years, even if new terms are negotiated leading to a reduction to below market rates, including non-interest-bearing loans. The relevant value adjustment is recognized in the profit and loss account.
Following initial recognition, all financial assets measured at amortized cost were subject to the impairment model based on the expected loss, i.e. performing as well as non-performing exposures.
In accordance with the provisions of IFRS9, the impairment model involves financial assets being classified at one of three different risk stages (Stage 1, Stage 2 and Stage 3), depending on developments in the borrower\u2019s credit quality, to which different criteria for measuring expected losses apply. Accordingly, financial assets are split into the following categories:
\u2014Stage 1: this includes exposures at their initial recognition date for as long as there is no significant impairment to their credit quality; for such instruments, the expected loss should be calculated depending on default events which may occur within twelve months of the reporting date;
\u2014Stage 2: this includes exposures which, while not classified as non-performing as such, have nonetheless experienced significant impairment to their credit quality since the initial recognition date; in the transition from Stage 1 to Stage 2, the expected loss will be calculated for the outstanding life of the instrument;
\u2014Stage 3: this category consists of non-performing (impaired) exposures according to the definition provided in the regulations. In the transition to Stage 3, exposures are valued individually, that is, the value adjustment is calculated as the difference between the carrying value at the reference date (amortized cost) and the discounted value of the expected cash flows, calculated by applying the original effective interest rate. The expected cash flows consider the anticipated collection times, the probable net realizable value of any guarantees, and the costs which are likely to be incurred for the recovery of the credit exposure from a forward-looking perspective which factors in alternative recovery scenarios and developments in the economic cycle.
Purchased or originated credit impaired items (POCIs) are receivables that are already impaired at the point in time when they are acquired or disbursed, which does not preclude their being subsequently classified as performing. Write-downs are in any case calculated on a lifetime horizon.
In the model for calculating expected losses applied by the Group, forward-looking information was taken into consideration by referring to three possible macroeconomic scenarios (baseline, mild-positive and mild-negative) that may have an impact on PD and LGD, including any sales scenarios where the Group\u2019s NPL strategy considers that such assets should be recovered through sale on the market.
The Group\u2019s policy to establish a significant increase in credit risk is based on qualitative and quantitative criteria and uses the 30-day past due loans or their classification as forborne as conditions to be otherwise included in Stage 2 (referred to as backstop indicators). Cases of low-risk instruments at the recording date are identified, compatible with classification as Stage 1 (low credit risk exemption), where there is a BBB- rating on the Standard & Poor\u2019s scale, or a corresponding internal PD estimate.Impairment regards losses which are expected to materialize in the twelve months following the reporting date, or losses which are expected to materialize throughout the rest of the instrument\u2019s lifetime in the event of a significant increase in credit risk. Both the twelve-month and lifetime expected losses can be calculated on an individual or collective basis according to the nature of the underlying portfolio.
Expected credit losses are recorded and released only to the extent that changes have occurred. For financial instruments considered to be in default, the Group records an expected loss on the residual lifetime of the instrument (similar to Stage 2 above); value adjustments are determined for all the exposures of the different categories considering forecast information reflecting macro-economic factors (forward-looking approach).
The types of hedges used by Mediobanca are the following:
\u2013fair value hedges, which aim to offset the exposure to changes in the fair value of a financial item or homogeneous group of assets in terms of risk profile;
\u2013cash flow hedges, which are intended to offset the exposure of recognized assets and liabilities to changes in future cash flows attributable to specific risks relating to the items concerned;
\u2013hedges of foreign investments in currencies other than the Euro: these refer to the hedging of risks in an investment in a non-Italian company denominated in a foreign currency.
For the process to be effective, the item must be hedged with a counterparty from outside Mediobanca and its subsidiaries.
Hedge derivatives are measured at fair value as follows:
\u2013for fair value hedges, a change in the fair value of the hedged item is offset by the change in fair value of the hedging instrument, both of which recognized in the
profit and loss account, should a difference emerge as a result of the partial ineffectiveness of the hedge;
\u2013for cash flow hedges, a change in fair value is recognized in net equity for the effective portion of the hedge and in the profit and loss account only when, with reference to the hedged item, the change in the cash flows to be offset actually occurs.
Hedge accounting is permitted for derivatives where the hedging relationship is formally designated and documented and provided that the hedge is effective at its inception and is expected to be so for its entire life.
At inception, Mediobanca formally designates and documents the hedging relationship, with an indication of the risk management objectives and strategy for the hedge. The documentation includes identification of the hedging instrument, the item hedged, the nature of the risk hedged and how the entity intends to assess if the hedging relationship meets the requisites for the hedge to be considered effective (including analysis of the sources of any ineffectiveness and how this affects the hedging relationship). The hedging relationship meets the eligibility criteria for accounting treatment reserved for hedges if, and only if, the following conditions are met:
\u2013the effect of the credit risk does not prevail over the changes in value resulting from the economic relationship;
\u2013the coverage provided by the hedging relationship is the same as the coverage which results from the quantity of the item hedged which the entity effectively hedges, and the quantity of the hedge instrument which Mediobanca and its subsidiaries actually use to hedge the same quantity of the item hedged.
Fair value hedges
As long as the fair value hedge meets the qualifying criteria, the gain or loss on the hedging instrument must be recognized in the profit and loss account or under one of the other comprehensive income headings if the hedging instrument hedges another equity instrument for which the Group has chosen to measure changes in fair value through OCI. The profit or loss on the hedged item is recorded as an adjustment to the book value of the hedged item with a matching entry through profit or loss, even in cases where the item hedged is a financial asset (or one of its components) measured
If the hedged item is an unrecognized irrevocable commitment (or a component thereof), the cumulative change in fair value of the hedged item resulting from its designation is recognized as an asset or liability with a corresponding gain or loss recorded in the profit (loss) for the period.
Cash flow hedges
As long as the cash flow hedge meets the qualifying criteria, it is accounted for as follows:
\u2014the gain or loss on the hedging instrument in relation to the effective portion of the hedge is measured through OCI in the cash flow reserve, whereas the ineffective part is measured through profit or loss.
\u2014the cash flow reserve is adjusted to the lower of:
\u2014 the cumulative gain or loss on the hedge instrument since the hedge\u2019s inception; and
\u2014 the cumulative change in fair value (at the present value) of the hedged item (i.e. the present value of the cumulative change in the estimated future cash flows hedged) since the hedge\u2019s inception.
The cumulative amount in the cash flow hedge reserve will be reclassified from the cash flow hedge reserve to profit (loss) for the period as a reclassification adjustment in the same period or periods in which the estimated future cash flows being hedged have an impact on the profit (loss) for the period (e.g. in periods when interest receivable or payable are recorded, or when the planned sale takes place). However, if the amount constitutes a loss and the entity does not expect to recover the whole loss or part of it in one or more future periods, the entity must classify the amount it does not expect to recover in the profit (loss) for the period (as an adjustment due to reclassification) immediately.15 - Insurance assets and liabilities
Insurance assets and liabilities that fall within the scope of IFRS17 \"Insurance Contracts\" are classified in this category.
In particular, the asset item \u201c80. Insurance assets\u201d or the liability item \u201c110. Insurance liabilities\" include insurance contracts, reinsurance contracts, and investment contracts with issued discretionary profit-sharing features, as defined and regulated by IFRS17, belonging to portfolios of insurance contracts, based on the net balance of the portfolio to which they belong. Generally, insurance contracts have a negative balance (insurance liabilities), while reinsurance contracts have a positive balance (insurance assets).
At the time of signing the insurance contract80 with the insured party, a liability is recognized whose amount is given by the algebraic sum of the present value of the expected contractual cash flows (Present value of future cash flow \u2013 \u201cPVFCF\u201d) which include the so-called Contractual Service Margin \u2013 \u201cCSM\u201d, i.e. the present value of expected future profits and the Risk adjustment (\u201cRA\u201d) to cover non-financial risks. All contracts are grouped together to identify \"portfolios\" that have similar risks and which can be managed in a unified manner.
There are two measurement models: General Model - applicable in principle to all contracts, and Variable Fee Approach (\u201cVFA\u201d) - applicable in particular to direct profit-sharing contracts. An optional simplified model (Premium Allocation Approach - \"PAA\"), adopted by the subsidiary Compass RE, is also provided for the purpose of measuring the residual coverage liability for contracts with a coverage period lasting one year or shorter and for all contracts in the event that the measurement is not materially different from the one resulting from applying the General Model.
The insurance liability should be updated at each reporting period to verify the consistency of the estimates made with respect to market conditions. The effects of any updates detected will be recognized in the profit and loss account if the changes refer to current or previous events or to a reduction in the Contractual Service Margin if the changes are due to future events.
With regard to financial assumptions, the principle provides for the option of
80 An insurance contract is defined as a contract under which one party (the issuer) underwrites a \"significant insurance risk\" from another party (the insured), agreeing to indemnify the insured in the event that the same suffers damage resulting from a specific uncertain future event (the insured event).
372 Consolidated Financial Statements as at 31 December 2025
representing the effects of changes in the profit and loss account or in net equity (referred to as Other Comprehensive Income Option - OCI).Lastly, IFRS17 provides that the insurance contract should be derecognized when, and only when, the contract is extinguished, i.e. when the obligation specified in the insurance contract expires or is discharged or cancelled.
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"v1-page354-cflshid_125509-tag470090": {
"value": "A.2 - Significant Accounting Policies
1 - Financial assets measured at fair value through profit or loss
These include financial assets held for trading and other financial assets mandatorily measured at fair value, and assets for which the Fair Value Option was modified.
Financial assets held for trading are assets which have been acquired principally for the purpose of being traded. This category comprises debt securities, equities, loans held for trading purposes, and the positive value of derivatives held for trading, including those embedded in complex instruments (such as structured bonds), which are recorded separately. This category also includes syndicated loan underwriting commitments in the event of a positive value.
Assets mandatorily measured at fair value include financial assets that are not held for trading but are mandatorily measured at fair value through profit or loss given the fact that they do not meet the requirements to be measured at amortized cost or at fair value through other comprehensive income. In particular, as clarified by the IFRS Interpretation Committee, this category includes units in mutual investment funds.74
With regard to financial assets mandatorily measured at fair value, during the financial year the organizational model, the monitoring process and the methodology that the Bank applies in order to classify, measure and verify the value of OICs as instruments accounted for at Fair Value were defined in compliance with Community Regulations.
Initial recognition occurs at the settlement date for securities and loans and at the subscription date for derivatives. At initial recognition, such financial assets are booked at fair value not including any transaction expenses or income directly attributable to the asset concerned, which are taken through the profit and loss account. Following their initial recognition, they will continue to be measured at fair value, and any changes in fair value will be recognized in the profit and loss account. Interest on instruments mandatorily measured at fair value will be recognized according to the interest rate stipulated contractually. Dividends paid on equity
74 The IFRS Interpretation Committee\u2019s clarification rules out any possibility of such instruments being treated as equities.
instruments will be measured through profit or loss when the right to collect them becomes effective.Equities and linked derivatives whose fair value may not be reliably measured using the methods described above are stated at cost (these too qualify as Level 3 assets). If the assets suffer impairment, they are written down to their current value.
Gains and losses upon disposal or redemption and the positive and negative effects of changes in fair value over time are recognized in the profit and loss account under the respective headings.
Assets held for trading mandatorily to be measured at fair value also include loans which do not guarantee full repayment of principal in the event of the counterparty\u2019s financial difficulties and which have therefore failed the SPPI test. The process followed to write down these positions is aligned with that used for other loans, on the grounds that the exposure is basically attributable to credit risk, with both the gross exposure and related provisioning stated.
This item also includes financial assets designated at fair value upon initial recognition with the aim of eliminating or significantly reducing a valuation inconsistency. This case in particular concerns the related portfolio of assets and liabilities required by applying the business model for managing equity-linked certificates where changes in own credit risk and realizations are recognized through profit or loss to eliminate the accounting mismatch. For further details on the accounting operation and methods in regard of the aforementioned instruments, please refer to section \"A.4 \u2013 Information on Fair Value\" of these Notes to the Accounts.
2 - Financial assets measured at fair value through other comprehensive income
These are financial instruments, mostly debt securities, which meet both the following conditions:
\u2014the instruments are held on the basis of a business model whose objective is the collection of contractual cash flows and of proceeds deriving from the sale of such instruments;
\u2014the contractual terms have passed the SPPI test.
Financial assets measured at fair value through other comprehensive income (FVOCI) are recognized at fair value, including transaction costs and income directly attributable to them. Thereafter, they will continue to be measured at fair value. Changes in fair value are measured through other comprehensive income, while interest and currency exchange gains/losses are recorded in the profit and loss account (in the same way as financial instruments measured at amortized cost).
Expected losses of financial assets measured at fair value through other comprehensive income (debt securities and loans and advances to customers) are calculated (as per the impairment process) in the same way as those of financial assets measured at amortized cost, with the resulting value adjustment recorded in the profit and loss account.
Retained earnings and accumulated losses recorded in other comprehensive income will be measured through profit or loss when the instrument is removed from the balance sheet.
The category also includes equities not held for trading which meet the definition provided by IAS32, and which the Group decided to classify irrevocably in this category at the initial recognition stage. As the instruments in question are equities, they are not subject to impairment and no gains/losses on equities will be measured through profit or loss, including following the sale of the instrument. Conversely, dividends on the instruments will be measured through profit or loss when the right of collection takes effect.
3 - Financial assets measured at amortized cost
These include loans and advances to customers and banks, debt securities and repo transactions which meet the following conditions:
\u2014the financial instrument is held and managed according to the hold-to-collect business model, i.e. with the objective of holding it in order to collect the cash flows governed by the contract;
\u2014such contractual cash flows consist entirely of payment of principal amount and interest (and therefore meet the requirements set by the SPPI test).
This heading also includes receivables originated from finance leases, the valuation and classification rules for which are governed by IFRS16 (see below), even though the impairment rules introduced by IFRS9 apply for valuation purposes.
The Group\u2019s business model should reflect the ways in which financial assets are managed at a portfolio level and not at the instrument level, on the basis of factors observable at the portfolio level and not at the instrument level, such as the following:
\u2014 operating procedure adopted by management in the performance evaluation process;
\u2014 risk type and procedure for managing risks taken, including indicators for portfolio rotation;
\u2014 means for determining remuneration mechanisms for risk-takers.
The business model is based on expected reasonable scenarios (without considering \u201cworst case\u201d and \u201cstress case\u201d scenarios). In the event of cash flows differing from those estimated at initial recognition, the Group is not bound to change the classification of financial instruments forming part of the portfolio, but uses the information for deciding the classification of new financial instruments.75
At initial recognition, the Group analyses contractual terms for the instruments to check whether the instrument, product or sub-product has passed the SPPI test. In this
75 These considerations are stated in the internal management policies, which reiterate the link between business model and accounting treatment and introduce frequency and materiality thresholds for changes in portfolios of assets measured at amortized cost.
connection, the Group has developed a standardized testing process which involves analysing loans by using a specific tool, developed internally, which is structured in decision-making trees, at the level of the individual financial instrument or product based on their different degrees of customisation. If the test is not passed, the tool will show that the assets should be measured at fair value through profit or loss (FVTPL). The method by which loans are tested differs according to whether or not the asset is a retail or corporate loan: at product level for retail loans, individually for corporate loans. An external info-provider is used to test debt securities; if, however, no test results are available, the instrument is analysed using the SPPI tool. When contractual cash flows for the instrument do not represent solely payments of principal and interest on the outstanding amount, the Group mandatorily classifies the instrument at fair value through profit or loss.At the initial recognition date, financial assets are measured at fair value, including any costs or income directly attributable to individual transactions that can be established from the outset even if they are actually settled at later stages. The recognition value does not, however, factor in costs with the above characteristics which are repaid separately by the borrower, or may be classified as ordinary internal administrative expenses.
The instrument is measured at amortized cost, i.e. the initial value less/plus the repayments of principal made, write-downs/write-ups, and amortization \u2013 calculated using the effective interest rate method \u2013 of the difference between the amount disbursed and the amount repayable at maturity, adjusted to reflect expected losses.
The amortized cost method is not used for short-term receivables, as the discounting effect is negligible; for this reason, such receivables are recognized at historical cost. The original effective interest rate is defined as the rate of interest which renders the discounted value of future cash flows deriving from the loan or receivable by way of principal and interest equal to the initial recognition value of the loan or receivable.
The original effective interest rate for each loan will remain unchanged in subsequent years, even if new terms are negotiated leading to a reduction to below market rates, including non-interest-bearing loans. The relevant value adjustment is recognized in the profit and loss account.
Following initial recognition, all financial assets measured at amortized cost were subject to the impairment model based on the expected loss, i.e. performing as well as non-performing exposures.
In accordance with the provisions of IFRS9, the impairment model involves financial assets being classified at one of three different risk stages (Stage 1, Stage 2 and Stage 3), depending on developments in the borrower\u2019s credit quality, to which different criteria for measuring expected losses apply. Accordingly, financial assets are split into the following categories:
\u2014Stage 1: this includes exposures at their initial recognition date for as long as there is no significant impairment to their credit quality; for such instruments, the expected loss should be calculated depending on default events which may occur within twelve months of the reporting date;
\u2014Stage 2: this includes exposures which, while not classified as non-performing as such, have nonetheless experienced significant impairment to their credit quality since the initial recognition date; in the transition from Stage 1 to Stage 2, the expected loss will be calculated for the outstanding life of the instrument;
\u2014Stage 3: this category consists of non-performing (impaired) exposures according to the definition provided in the regulations. In the transition to Stage 3, exposures are valued individually, that is, the value adjustment is calculated as the difference between the carrying value at the reference date (amortized cost) and the discounted value of the expected cash flows, calculated by applying the original effective interest rate. The expected cash flows consider the anticipated collection times, the probable net realizable value of any guarantees, and the costs which are likely to be incurred for the recovery of the credit exposure from a forward-looking perspective which factors in alternative recovery scenarios and developments in the economic cycle.
Purchased or originated credit impaired items (POCIs) are receivables that are already impaired at the point in time when they are acquired or disbursed, which does not preclude their being subsequently classified as performing. Write-downs are in any case calculated on a lifetime horizon.
In the model for calculating expected losses applied by the Group, forward-looking information was taken into consideration by referring to three possible macroeconomic scenarios (baseline, mild-positive and mild-negative) that may have an impact on PD and LGD, including any sales scenarios where the Group\u2019s NPL strategy considers that such assets should be recovered through sale on the market.
The Group\u2019s policy to establish a significant increase in credit risk is based on qualitative and quantitative criteria and uses the 30-day past due loans or their classification as forborne as conditions to be otherwise included in Stage 2 (referred to as backstop indicators). Cases of low-risk instruments at the recording date are identified, compatible with classification as Stage 1 (low credit risk exemption), where there is a BBB- rating on the Standard & Poor\u2019s scale, or a corresponding internal PD estimate.Impairment regards losses which are expected to materialize in the twelve months following the reporting date, or losses which are expected to materialize throughout the rest of the instrument\u2019s lifetime in the event of a significant increase in credit risk. Both the twelve-month and lifetime expected losses can be calculated on an individual or collective basis according to the nature of the underlying portfolio.
Expected credit losses are recorded and released only to the extent that changes have occurred. For financial instruments considered to be in default, the Group records an expected loss on the residual lifetime of the instrument (similar to Stage 2 above); value adjustments are determined for all the exposures of the different categories considering forecast information reflecting macro-economic factors (forward-looking approach).
The types of hedges used by Mediobanca are the following:
\u2013fair value hedges, which aim to offset the exposure to changes in the fair value of a financial item or homogeneous group of assets in terms of risk profile;
\u2013cash flow hedges, which are intended to offset the exposure of recognized assets and liabilities to changes in future cash flows attributable to specific risks relating to the items concerned;
\u2013hedges of foreign investments in currencies other than the Euro: these refer to the hedging of risks in an investment in a non-Italian company denominated in a foreign currency.
For the process to be effective, the item must be hedged with a counterparty from outside Mediobanca and its subsidiaries.
Hedge derivatives are measured at fair value as follows:
\u2013for fair value hedges, a change in the fair value of the hedged item is offset by the change in fair value of the hedging instrument, both of which recognized in the
profit and loss account, should a difference emerge as a result of the partial ineffectiveness of the hedge;
\u2013for cash flow hedges, a change in fair value is recognized in net equity for the effective portion of the hedge and in the profit and loss account only when, with reference to the hedged item, the change in the cash flows to be offset actually occurs.
Hedge accounting is permitted for derivatives where the hedging relationship is formally designated and documented and provided that the hedge is effective at its inception and is expected to be so for its entire life.
At inception, Mediobanca formally designates and documents the hedging relationship, with an indication of the risk management objectives and strategy for the hedge. The documentation includes identification of the hedging instrument, the item hedged, the nature of the risk hedged and how the entity intends to assess if the hedging relationship meets the requisites for the hedge to be considered effective (including analysis of the sources of any ineffectiveness and how this affects the hedging relationship). The hedging relationship meets the eligibility criteria for accounting treatment reserved for hedges if, and only if, the following conditions are met:
\u2013the effect of the credit risk does not prevail over the changes in value resulting from the economic relationship;
\u2013the coverage provided by the hedging relationship is the same as the coverage which results from the quantity of the item hedged which the entity effectively hedges, and the quantity of the hedge instrument which Mediobanca and its subsidiaries actually use to hedge the same quantity of the item hedged.
Fair value hedges
As long as the fair value hedge meets the qualifying criteria, the gain or loss on the hedging instrument must be recognized in the profit and loss account or under one of the other comprehensive income headings if the hedging instrument hedges another equity instrument for which the Group has chosen to measure changes in fair value through OCI. The profit or loss on the hedged item is recorded as an adjustment to the book value of the hedged item with a matching entry through profit or loss, even in cases where the item hedged is a financial asset (or one of its components) measured
If the hedged item is an unrecognized irrevocable commitment (or a component thereof), the cumulative change in fair value of the hedged item resulting from its designation is recognized as an asset or liability with a corresponding gain or loss recorded in the profit (loss) for the period.
Cash flow hedges
As long as the cash flow hedge meets the qualifying criteria, it is accounted for as follows:
\u2014the gain or loss on the hedging instrument in relation to the effective portion of the hedge is measured through OCI in the cash flow reserve, whereas the ineffective part is measured through profit or loss.
\u2014the cash flow reserve is adjusted to the lower of:
\u2014 the cumulative gain or loss on the hedge instrument since the hedge\u2019s inception; and
\u2014 the cumulative change in fair value (at the present value) of the hedged item (i.e. the present value of the cumulative change in the estimated future cash flows hedged) since the hedge\u2019s inception.
The cumulative amount in the cash flow hedge reserve will be reclassified from the cash flow hedge reserve to profit (loss) for the period as a reclassification adjustment in the same period or periods in which the estimated future cash flows being hedged have an impact on the profit (loss) for the period (e.g. in periods when interest receivable or payable are recorded, or when the planned sale takes place). However, if the amount constitutes a loss and the entity does not expect to recover the whole loss or part of it in one or more future periods, the entity must classify the amount it does not expect to recover in the profit (loss) for the period (as an adjustment due to reclassification) immediately.11 - Financial liabilities measured at amortized cost
These include the items Due to banks, Due to customers and Debt securities in issue less any amounts bought back. The heading also includes payables in respect of
finance lease transactions, whose valuation and classification rules are governed by IFRS16 and which are subject to the impairment rules under IFRS9. For a description of the rules for valuing and classifying lease receivables, see the relevant section.Initial recognition takes place when funds raised are collected or debt securities are issued, and occurs at fair value, which is equal to the amount collected after transaction costs incurred directly in connection with the liability concerned. After initial recognition, liabilities are measured at amortized cost on the basis of the original effective interest rate, with the exception of short-term liabilities which will continue to be stated at the original amount collected.
Derivatives embedded in structured debt instruments are stripped out from the underlying contract and recognized at fair value when they are not closely correlated to the host instrument. Subsequent changes in fair value are recognized through the profit and loss account.
Financial liabilities are derecognized upon expiry or repayment, even if buybacks of previously issued bonds are involved. The difference between the liabilities\u2019 carrying value and the amount paid to repurchase them is recognized through the profit and loss account.
The sale of treasury shares over the market following a buyback (even in the form of repos and securities lending transactions) is treated as a new issue. The new sale price is recorded as a liability without passing through the profit and loss account.
12 - Trading liabilities
This item includes the negative value of trading derivatives and any derivatives embedded in complex instruments. Liabilities for technical overdrafts connected to securities trading activities as well as the negative value of syndicated loan underwriting commitments are also included. All trading liabilities are measured at fair value and changes are taken through the profit and loss account.
13 - Financial liabilities designated at fair value
These include the value of financial liabilities designated at fair value through profit or loss, on the basis of the option granted to companies (referred to as \u201cfair value option\u201d) by IFRS9 and in compliance with the cases provided for by such legislation.
Such liabilities are measured at fair value, accounting for earnings according to the following rules laid down in IFRS9:
\u2015 changes in fair value attributable to changes in one\u2019s credit quality must be recognized in the Statement of Other Comprehensive Income (Net Equity);
\u2015 other changes in fair value must be recognized through Profit or Loss;
\u2015 amounts stated in Other Comprehensive Income will not flow through profit or loss.
This method cannot be adopted, however, if the recognition of the effects of the issuer\u2019s own credit quality in Net Equity generates or accentuates an accounting mismatch in profit and loss. In such cases, the profits or losses related to the liability, including those caused as the effect of the change in the issuer\u2019s credit quality, must be measured through profit or loss.79
In compliance with the provisions of IFRS9, the correlation between assets and liabilities is monitored on an ongoing basis.
14 - Foreign currency transactions
Transactions in foreign currencies are recorded by applying the exchange rates as at the date of the transaction to the amount in the foreign currency concerned.
Assets and liabilities denominated in currencies other than the Euro are translated into Euros using exchange rates prevailing at the reference dates. Differences on cash items due to translation are recorded through the profit and loss account, whereas those on non-cash items are recorded according to the valuation criteria used in respect of the category they belong to (i.e. at cost, through profit or loss or on an equity basis).
The assets and liabilities of non-Italian entities consolidated on a line-by-line basis have been converted at the exchange rate prevailing at the reporting date, whereas the profit-and-loss items have been converted using the average of the average monthly exchange rate readings for the period; any differences emerging after the conversion are recognized among the Net Equity valuation reserves.
79 This case in particular concerns the related portfolio of assets and liabilities concerning the business model for managing the funding of equity-linked certificates aiming to eliminate the accounting mismatch.
15 - Insurance assets and liabilities
Insurance assets and liabilities that fall within the scope of IFRS17 \"Insurance Contracts\" are classified in this category.
In particular, the asset item \u201c80. Insurance assets\u201d or the liability item \u201c110. Insurance liabilities\" include insurance contracts, reinsurance contracts, and investment contracts with issued discretionary profit-sharing features, as defined and regulated by IFRS17, belonging to portfolios of insurance contracts, based on the net balance of the portfolio to which they belong. Generally, insurance contracts have a negative balance (insurance liabilities), while reinsurance contracts have a positive balance (insurance assets).
At the time of signing the insurance contract80 with the insured party, a liability is recognized whose amount is given by the algebraic sum of the present value of the expected contractual cash flows (Present value of future cash flow \u2013 \u201cPVFCF\u201d) which include the so-called Contractual Service Margin \u2013 \u201cCSM\u201d, i.e. the present value of expected future profits and the Risk adjustment (\u201cRA\u201d) to cover non-financial risks. All contracts are grouped together to identify \"portfolios\" that have similar risks and which can be managed in a unified manner.
There are two measurement models: General Model - applicable in principle to all contracts, and Variable Fee Approach (\u201cVFA\u201d) - applicable in particular to direct profit-sharing contracts. An optional simplified model (Premium Allocation Approach - \"PAA\"), adopted by the subsidiary Compass RE, is also provided for the purpose of measuring the residual coverage liability for contracts with a coverage period lasting one year or shorter and for all contracts in the event that the measurement is not materially different from the one resulting from applying the General Model.
The insurance liability should be updated at each reporting period to verify the consistency of the estimates made with respect to market conditions. The effects of any updates detected will be recognized in the profit and loss account if the changes refer to current or previous events or to a reduction in the Contractual Service Margin if the changes are due to future events.
With regard to financial assumptions, the principle provides for the option of
80 An insurance contract is defined as a contract under which one party (the issuer) underwrites a \"significant insurance risk\" from another party (the insured), agreeing to indemnify the insured in the event that the same suffers damage resulting from a specific uncertain future event (the insured event).
372 Consolidated Financial Statements as at 31 December 2025
representing the effects of changes in the profit and loss account or in net equity (referred to as Other Comprehensive Income Option - OCI).Lastly, IFRS17 provides that the insurance contract should be derecognized when, and only when, the contract is extinguished, i.e. when the obligation specified in the insurance contract expires or is discharged or cancelled.
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"v1-page354-cflshid_125509-tag470087": {
"value": "A.2 - Significant Accounting Policies
1 - Financial assets measured at fair value through profit or loss
These include financial assets held for trading and other financial assets mandatorily measured at fair value, and assets for which the Fair Value Option was modified.
Financial assets held for trading are assets which have been acquired principally for the purpose of being traded. This category comprises debt securities, equities, loans held for trading purposes, and the positive value of derivatives held for trading, including those embedded in complex instruments (such as structured bonds), which are recorded separately. This category also includes syndicated loan underwriting commitments in the event of a positive value.
Assets mandatorily measured at fair value include financial assets that are not held for trading but are mandatorily measured at fair value through profit or loss given the fact that they do not meet the requirements to be measured at amortized cost or at fair value through other comprehensive income. In particular, as clarified by the IFRS Interpretation Committee, this category includes units in mutual investment funds.74
With regard to financial assets mandatorily measured at fair value, during the financial year the organizational model, the monitoring process and the methodology that the Bank applies in order to classify, measure and verify the value of OICs as instruments accounted for at Fair Value were defined in compliance with Community Regulations.
Initial recognition occurs at the settlement date for securities and loans and at the subscription date for derivatives. At initial recognition, such financial assets are booked at fair value not including any transaction expenses or income directly attributable to the asset concerned, which are taken through the profit and loss account. Following their initial recognition, they will continue to be measured at fair value, and any changes in fair value will be recognized in the profit and loss account. Interest on instruments mandatorily measured at fair value will be recognized according to the interest rate stipulated contractually. Dividends paid on equity
74 The IFRS Interpretation Committee\u2019s clarification rules out any possibility of such instruments being treated as equities.
Equities and linked derivatives whose fair value may not be reliably measured using the methods described above are stated at cost (these too qualify as Level 3 assets). If the assets suffer impairment, they are written down to their current value.
Gains and losses upon disposal or redemption and the positive and negative effects of changes in fair value over time are recognized in the profit and loss account under the respective headings.
Assets held for trading mandatorily to be measured at fair value also include loans which do not guarantee full repayment of principal in the event of the counterparty\u2019s financial difficulties and which have therefore failed the SPPI test. The process followed to write down these positions is aligned with that used for other loans, on the grounds that the exposure is basically attributable to credit risk, with both the gross exposure and related provisioning stated.
This item also includes financial assets designated at fair value upon initial recognition with the aim of eliminating or significantly reducing a valuation inconsistency. This case in particular concerns the related portfolio of assets and liabilities required by applying the business model for managing equity-linked certificates where changes in own credit risk and realizations are recognized through profit or loss to eliminate the accounting mismatch.Cost recognition
Costs are measured through profit or loss in accordance with the revenues to which they refer, except in case their capitalization requirements apply and where provided in order to determine amortized cost. Any other costs which cannot be associated with revenues are accounted for immediately in the profit and loss account.
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"v1-page354-cflshid_125513-tag470093": {
"value": "1 - Financial assets measured at fair value through profit or loss
These include financial assets held for trading and other financial assets mandatorily measured at fair value, and assets for which the Fair Value Option was modified.
Financial assets held for trading are assets which have been acquired principally for the purpose of being traded. This category comprises debt securities, equities, loans held for trading purposes, and the positive value of derivatives held for trading, including those embedded in complex instruments (such as structured bonds), which are recorded separately. This category also includes syndicated loan underwriting commitments in the event of a positive value.
Assets mandatorily measured at fair value include financial assets that are not held for trading but are mandatorily measured at fair value through profit or loss given the fact that they do not meet the requirements to be measured at amortized cost or at fair value through other comprehensive income. In particular, as clarified by the IFRS Interpretation Committee, this category includes units in mutual investment funds.74
With regard to financial assets mandatorily measured at fair value, during the financial year the organizational model, the monitoring process and the methodology that the Bank applies in order to classify, measure and verify the value of OICs as instruments accounted for at Fair Value were defined in compliance with Community Regulations.
Initial recognition occurs at the settlement date for securities and loans and at the subscription date for derivatives. At initial recognition, such financial assets are booked at fair value not including any transaction expenses or income directly attributable to the asset concerned, which are taken through the profit and loss account. Following their initial recognition, they will continue to be measured at fair value, and any changes in fair value will be recognized in the profit and loss account. Interest on instruments mandatorily measured at fair value will be recognized according to the interest rate stipulated contractually. Dividends paid on equity
74 The IFRS Interpretation Committee\u2019s clarification rules out any possibility of such instruments being treated as equities.
Impairment regards losses which are expected to materialize in the twelve months following the reporting date, or losses which are expected to materialize throughout the rest of the instrument\u2019s lifetime in the event of a significant increase in credit risk. Both the twelve-month and lifetime expected losses can be calculated on an individual or collective basis according to the nature of the underlying portfolio.
Expected credit losses are recorded and released only to the extent that changes have occurred. For financial instruments considered to be in default, the Group records an expected loss on the residual lifetime of the instrument (similar to Stage 2 above); value adjustments are determined for all the exposures of the different categories considering forecast information reflecting macro-economic factors (forward-looking approach).
11 - Financial liabilities measured at amortized cost
These include the items Due to banks, Due to customers and Debt securities in issue less any amounts bought back. The heading also includes payables in respect of
finance lease transactions, whose valuation and classification rules are governed by IFRS16 and which are subject to the impairment rules under IFRS9. For a description of the rules for valuing and classifying lease receivables, see the relevant section.Initial recognition takes place when funds raised are collected or debt securities are issued, and occurs at fair value, which is equal to the amount collected after transaction costs incurred directly in connection with the liability concerned. After initial recognition, liabilities are measured at amortized cost on the basis of the original effective interest rate, with the exception of short-term liabilities which will continue to be stated at the original amount collected.
Derivatives embedded in structured debt instruments are stripped out from the underlying contract and recognized at fair value when they are not closely correlated to the host instrument. Subsequent changes in fair value are recognized through the profit and loss account.
Financial liabilities are derecognized upon expiry or repayment, even if buybacks of previously issued bonds are involved. The difference between the liabilities\u2019 carrying value and the amount paid to repurchase them is recognized through the profit and loss account.
The sale of treasury shares over the market following a buyback (even in the form of repos and securities lending transactions) is treated as a new issue. The new sale price is recorded as a liability without passing through the profit and loss account.
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"v1-page354-cflshid_125513-tag470089": {
"value": "1 - Financial assets measured at fair value through profit or loss
These include financial assets held for trading and other financial assets mandatorily measured at fair value, and assets for which the Fair Value Option was modified.
Financial assets held for trading are assets which have been acquired principally for the purpose of being traded. This category comprises debt securities, equities, loans held for trading purposes, and the positive value of derivatives held for trading, including those embedded in complex instruments (such as structured bonds), which are recorded separately. This category also includes syndicated loan underwriting commitments in the event of a positive value.
Assets mandatorily measured at fair value include financial assets that are not held for trading but are mandatorily measured at fair value through profit or loss given the fact that they do not meet the requirements to be measured at amortized cost or at fair value through other comprehensive income. In particular, as clarified by the IFRS Interpretation Committee, this category includes units in mutual investment funds.74
With regard to financial assets mandatorily measured at fair value, during the financial year the organizational model, the monitoring process and the methodology that the Bank applies in order to classify, measure and verify the value of OICs as instruments accounted for at Fair Value were defined in compliance with Community Regulations.
Initial recognition occurs at the settlement date for securities and loans and at the subscription date for derivatives. At initial recognition, such financial assets are booked at fair value not including any transaction expenses or income directly attributable to the asset concerned, which are taken through the profit and loss account. Following their initial recognition, they will continue to be measured at fair value, and any changes in fair value will be recognized in the profit and loss account. Interest on instruments mandatorily measured at fair value will be recognized according to the interest rate stipulated contractually. Dividends paid on equity
74 The IFRS Interpretation Committee\u2019s clarification rules out any possibility of such instruments being treated as equities.
instruments will be measured through profit or loss when the right to collect them becomes effective.Equities and linked derivatives whose fair value may not be reliably measured using the methods described above are stated at cost (these too qualify as Level 3 assets). If the assets suffer impairment, they are written down to their current value.
Gains and losses upon disposal or redemption and the positive and negative effects of changes in fair value over time are recognized in the profit and loss account under the respective headings.
Assets held for trading mandatorily to be measured at fair value also include loans which do not guarantee full repayment of principal in the event of the counterparty\u2019s financial difficulties and which have therefore failed the SPPI test. The process followed to write down these positions is aligned with that used for other loans, on the grounds that the exposure is basically attributable to credit risk, with both the gross exposure and related provisioning stated.
This item also includes financial assets designated at fair value upon initial recognition with the aim of eliminating or significantly reducing a valuation inconsistency. This case in particular concerns the related portfolio of assets and liabilities required by applying the business model for managing equity-linked certificates where changes in own credit risk and realizations are recognized through profit or loss to eliminate the accounting mismatch. For further details on the accounting operation and methods in regard of the aforementioned instruments, please refer to section \"A.4 \u2013 Information on Fair Value\" of these Notes to the Accounts.
The types of hedges used by Mediobanca are the following:
\u2013fair value hedges, which aim to offset the exposure to changes in the fair value of a financial item or homogeneous group of assets in terms of risk profile;
\u2013cash flow hedges, which are intended to offset the exposure of recognized assets and liabilities to changes in future cash flows attributable to specific risks relating to the items concerned;
\u2013hedges of foreign investments in currencies other than the Euro: these refer to the hedging of risks in an investment in a non-Italian company denominated in a foreign currency.
For the process to be effective, the item must be hedged with a counterparty from outside Mediobanca and its subsidiaries.
Hedge derivatives are measured at fair value as follows:
\u2013for fair value hedges, a change in the fair value of the hedged item is offset by the change in fair value of the hedging instrument, both of which recognized in the
profit and loss account, should a difference emerge as a result of the partial ineffectiveness of the hedge;
\u2013for cash flow hedges, a change in fair value is recognized in net equity for the effective portion of the hedge and in the profit and loss account only when, with reference to the hedged item, the change in the cash flows to be offset actually occurs.
Hedge accounting is permitted for derivatives where the hedging relationship is formally designated and documented and provided that the hedge is effective at its inception and is expected to be so for its entire life.
At inception, Mediobanca formally designates and documents the hedging relationship, with an indication of the risk management objectives and strategy for the hedge. The documentation includes identification of the hedging instrument, the item hedged, the nature of the risk hedged and how the entity intends to assess if the hedging relationship meets the requisites for the hedge to be considered effective (including analysis of the sources of any ineffectiveness and how this affects the hedging relationship). The hedging relationship meets the eligibility criteria for accounting treatment reserved for hedges if, and only if, the following conditions are met:
\u2013the effect of the credit risk does not prevail over the changes in value resulting from the economic relationship;
\u2013the coverage provided by the hedging relationship is the same as the coverage which results from the quantity of the item hedged which the entity effectively hedges, and the quantity of the hedge instrument which Mediobanca and its subsidiaries actually use to hedge the same quantity of the item hedged.
Fair value hedges
As long as the fair value hedge meets the qualifying criteria, the gain or loss on the hedging instrument must be recognized in the profit and loss account or under one of the other comprehensive income headings if the hedging instrument hedges another equity instrument for which the Group has chosen to measure changes in fair value through OCI. The profit or loss on the hedged item is recorded as an adjustment to the book value of the hedged item with a matching entry through profit or loss, even in cases where the item hedged is a financial asset (or one of its components) measured
at fair value with changes taken through OCI. However, if the hedged item is an equity instrument for which the entity has opted to measure changes in fair value through OCI, the amounts remain in the statement of other comprehensive income.If the hedged item is an unrecognized irrevocable commitment (or a component thereof), the cumulative change in fair value of the hedged item resulting from its designation is recognized as an asset or liability with a corresponding gain or loss recorded in the profit (loss) for the period.
Cash flow hedges
As long as the cash flow hedge meets the qualifying criteria, it is accounted for as follows:
\u2014the gain or loss on the hedging instrument in relation to the effective portion of the hedge is measured through OCI in the cash flow reserve, whereas the ineffective part is measured through profit or loss.
\u2014the cash flow reserve is adjusted to the lower of:
\u2014 the cumulative gain or loss on the hedge instrument since the hedge\u2019s inception; and
\u2014 the cumulative change in fair value (at the present value) of the hedged item (i.e. the present value of the cumulative change in the estimated future cash flows hedged) since the hedge\u2019s inception.
The cumulative amount in the cash flow hedge reserve will be reclassified from the cash flow hedge reserve to profit (loss) for the period as a reclassification adjustment in the same period or periods in which the estimated future cash flows being hedged have an impact on the profit (loss) for the period (e.g. in periods when interest receivable or payable are recorded, or when the planned sale takes place). However, if the amount constitutes a loss and the entity does not expect to recover the whole loss or part of it in one or more future periods, the entity must classify the amount it does not expect to recover in the profit (loss) for the period (as an adjustment due to reclassification) immediately.
12 - Trading liabilities
This item includes the negative value of trading derivatives and any derivatives embedded in complex instruments. Liabilities for technical overdrafts connected to securities trading activities as well as the negative value of syndicated loan underwriting commitments are also included. All trading liabilities are measured at fair value and changes are taken through the profit and loss account.
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"value": "1 - Financial assets measured at fair value through profit or loss
These include financial assets held for trading and other financial assets mandatorily measured at fair value, and assets for which the Fair Value Option was modified.
Financial assets held for trading are assets which have been acquired principally for the purpose of being traded. This category comprises debt securities, equities, loans held for trading purposes, and the positive value of derivatives held for trading, including those embedded in complex instruments (such as structured bonds), which are recorded separately. This category also includes syndicated loan underwriting commitments in the event of a positive value.
Assets mandatorily measured at fair value include financial assets that are not held for trading but are mandatorily measured at fair value through profit or loss given the fact that they do not meet the requirements to be measured at amortized cost or at fair value through other comprehensive income. In particular, as clarified by the IFRS Interpretation Committee, this category includes units in mutual investment funds.74
With regard to financial assets mandatorily measured at fair value, during the financial year the organizational model, the monitoring process and the methodology that the Bank applies in order to classify, measure and verify the value of OICs as instruments accounted for at Fair Value were defined in compliance with Community Regulations.
Initial recognition occurs at the settlement date for securities and loans and at the subscription date for derivatives. At initial recognition, such financial assets are booked at fair value not including any transaction expenses or income directly attributable to the asset concerned, which are taken through the profit and loss account. Following their initial recognition, they will continue to be measured at fair value, and any changes in fair value will be recognized in the profit and loss account. Interest on instruments mandatorily measured at fair value will be recognized according to the interest rate stipulated contractually. Dividends paid on equity
74 The IFRS Interpretation Committee\u2019s clarification rules out any possibility of such instruments being treated as equities.
instruments will be measured through profit or loss when the right to collect them becomes effective.Equities and linked derivatives whose fair value may not be reliably measured using the methods described above are stated at cost (these too qualify as Level 3 assets). If the assets suffer impairment, they are written down to their current value.
Gains and losses upon disposal or redemption and the positive and negative effects of changes in fair value over time are recognized in the profit and loss account under the respective headings.
Assets held for trading mandatorily to be measured at fair value also include loans which do not guarantee full repayment of principal in the event of the counterparty\u2019s financial difficulties and which have therefore failed the SPPI test. The process followed to write down these positions is aligned with that used for other loans, on the grounds that the exposure is basically attributable to credit risk, with both the gross exposure and related provisioning stated.
This item also includes financial assets designated at fair value upon initial recognition with the aim of eliminating or significantly reducing a valuation inconsistency. This case in particular concerns the related portfolio of assets and liabilities required by applying the business model for managing equity-linked certificates where changes in own credit risk and realizations are recognized through profit or loss to eliminate the accounting mismatch. For further details on the accounting operation and methods in regard of the aforementioned instruments, please refer to section \"A.4 \u2013 Information on Fair Value\" of these Notes to the Accounts.
The types of hedges used by Mediobanca are the following:
\u2013fair value hedges, which aim to offset the exposure to changes in the fair value of a financial item or homogeneous group of assets in terms of risk profile;
\u2013cash flow hedges, which are intended to offset the exposure of recognized assets and liabilities to changes in future cash flows attributable to specific risks relating to the items concerned;
\u2013hedges of foreign investments in currencies other than the Euro: these refer to the hedging of risks in an investment in a non-Italian company denominated in a foreign currency.
For the process to be effective, the item must be hedged with a counterparty from outside Mediobanca and its subsidiaries.
Hedge derivatives are measured at fair value as follows:
\u2013for fair value hedges, a change in the fair value of the hedged item is offset by the change in fair value of the hedging instrument, both of which recognized in the
profit and loss account, should a difference emerge as a result of the partial ineffectiveness of the hedge;
\u2013for cash flow hedges, a change in fair value is recognized in net equity for the effective portion of the hedge and in the profit and loss account only when, with reference to the hedged item, the change in the cash flows to be offset actually occurs.
Hedge accounting is permitted for derivatives where the hedging relationship is formally designated and documented and provided that the hedge is effective at its inception and is expected to be so for its entire life.
At inception, Mediobanca formally designates and documents the hedging relationship, with an indication of the risk management objectives and strategy for the hedge. The documentation includes identification of the hedging instrument, the item hedged, the nature of the risk hedged and how the entity intends to assess if the hedging relationship meets the requisites for the hedge to be considered effective (including analysis of the sources of any ineffectiveness and how this affects the hedging relationship). The hedging relationship meets the eligibility criteria for accounting treatment reserved for hedges if, and only if, the following conditions are met:
\u2013the effect of the credit risk does not prevail over the changes in value resulting from the economic relationship;
\u2013the coverage provided by the hedging relationship is the same as the coverage which results from the quantity of the item hedged which the entity effectively hedges, and the quantity of the hedge instrument which Mediobanca and its subsidiaries actually use to hedge the same quantity of the item hedged.
Fair value hedges
As long as the fair value hedge meets the qualifying criteria, the gain or loss on the hedging instrument must be recognized in the profit and loss account or under one of the other comprehensive income headings if the hedging instrument hedges another equity instrument for which the Group has chosen to measure changes in fair value through OCI. The profit or loss on the hedged item is recorded as an adjustment to the book value of the hedged item with a matching entry through profit or loss, even in cases where the item hedged is a financial asset (or one of its components) measured
at fair value with changes taken through OCI. However, if the hedged item is an equity instrument for which the entity has opted to measure changes in fair value through OCI, the amounts remain in the statement of other comprehensive income.If the hedged item is an unrecognized irrevocable commitment (or a component thereof), the cumulative change in fair value of the hedged item resulting from its designation is recognized as an asset or liability with a corresponding gain or loss recorded in the profit (loss) for the period.
Cash flow hedges
As long as the cash flow hedge meets the qualifying criteria, it is accounted for as follows:
\u2014the gain or loss on the hedging instrument in relation to the effective portion of the hedge is measured through OCI in the cash flow reserve, whereas the ineffective part is measured through profit or loss.
\u2014the cash flow reserve is adjusted to the lower of:
\u2014 the cumulative gain or loss on the hedge instrument since the hedge\u2019s inception; and
\u2014 the cumulative change in fair value (at the present value) of the hedged item (i.e. the present value of the cumulative change in the estimated future cash flows hedged) since the hedge\u2019s inception.
The cumulative amount in the cash flow hedge reserve will be reclassified from the cash flow hedge reserve to profit (loss) for the period as a reclassification adjustment in the same period or periods in which the estimated future cash flows being hedged have an impact on the profit (loss) for the period (e.g. in periods when interest receivable or payable are recorded, or when the planned sale takes place). However, if the amount constitutes a loss and the entity does not expect to recover the whole loss or part of it in one or more future periods, the entity must classify the amount it does not expect to recover in the profit (loss) for the period (as an adjustment due to reclassification) immediately.
12 - Trading liabilities
This item includes the negative value of trading derivatives and any derivatives embedded in complex instruments. Liabilities for technical overdrafts connected to securities trading activities as well as the negative value of syndicated loan underwriting commitments are also included. All trading liabilities are measured at fair value and changes are taken through the profit and loss account.
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"v1-page356-cflshid_126078-tag470095": {
"value": "2 - Financial assets measured at fair value through other comprehensive income
These are financial instruments, mostly debt securities, which meet both the following conditions:
\u2014the instruments are held on the basis of a business model whose objective is the collection of contractual cash flows and of proceeds deriving from the sale of such instruments;
\u2014the contractual terms have passed the SPPI test.
Financial assets measured at fair value through other comprehensive income (FVOCI) are recognized at fair value, including transaction costs and income directly attributable to them. Thereafter, they will continue to be measured at fair value. Changes in fair value are measured through other comprehensive income, while interest and currency exchange gains/losses are recorded in the profit and loss account (in the same way as financial instruments measured at amortized cost).
Expected losses of financial assets measured at fair value through other comprehensive income (debt securities and loans and advances to customers) are calculated (as per the impairment process) in the same way as those of financial assets measured at amortized cost, with the resulting value adjustment recorded in the profit and loss account.
Retained earnings and accumulated losses recorded in other comprehensive income will be measured through profit or loss when the instrument is removed from the balance sheet.
The category also includes equities not held for trading which meet the definition provided by IAS32, and which the Group decided to classify irrevocably in this category at the initial recognition stage. As the instruments in question are equities, they are not subject to impairment and no gains/losses on equities will be measured through profit or loss, including following the sale of the instrument. Conversely, dividends on the instruments will be measured through profit or loss when the right of collection takes effect.
Retained earnings and accumulated losses recorded in other comprehensive income will be measured through profit or loss when the instrument is removed from the balance sheet.
The category also includes equities not held for trading which meet the definition provided by IAS32, and which the Group decided to classify irrevocably in this category at the initial recognition stage. As the instruments in question are equities, they are not subject to impairment and no gains/losses on equities will be measured through profit or loss, including following the sale of the instrument. Conversely, dividends on the instruments will be measured through profit or loss when the right of collection takes effect.
3 - Financial assets measured at amortized cost
These include loans and advances to customers and banks, debt securities and repo transactions which meet the following conditions:
\u2014the financial instrument is held and managed according to the hold-to-collect business model, i.e. with the objective of holding it in order to collect the cash flows governed by the contract;
\u2014such contractual cash flows consist entirely of payment of principal amount and interest (and therefore meet the requirements set by the SPPI test).
This heading also includes receivables originated from finance leases, the valuation and classification rules for which are governed by IFRS16 (see below), even though the impairment rules introduced by IFRS9 apply for valuation purposes.
The Group\u2019s business model should reflect the ways in which financial assets are managed at a portfolio level and not at the instrument level, on the basis of factors observable at the portfolio level and not at the instrument level, such as the following:
\u2014 operating procedure adopted by management in the performance evaluation process;
\u2014 risk type and procedure for managing risks taken, including indicators for portfolio rotation;
\u2014 means for determining remuneration mechanisms for risk-takers.
The business model is based on expected reasonable scenarios (without considering \u201cworst case\u201d and \u201cstress case\u201d scenarios). In the event of cash flows differing from those estimated at initial recognition, the Group is not bound to change the classification of financial instruments forming part of the portfolio, but uses the information for deciding the classification of new financial instruments.75
At initial recognition, the Group analyses contractual terms for the instruments to check whether the instrument, product or sub-product has passed the SPPI test. In this
75 These considerations are stated in the internal management policies, which reiterate the link between business model and accounting treatment and introduce frequency and materiality thresholds for changes in portfolios of assets measured at amortized cost.
connection, the Group has developed a standardized testing process which involves analysing loans by using a specific tool, developed internally, which is structured in decision-making trees, at the level of the individual financial instrument or product based on their different degrees of customisation. If the test is not passed, the tool will show that the assets should be measured at fair value through profit or loss (FVTPL). The method by which loans are tested differs according to whether or not the asset is a retail or corporate loan: at product level for retail loans, individually for corporate loans. An external info-provider is used to test debt securities; if, however, no test results are available, the instrument is analysed using the SPPI tool. When contractual cash flows for the instrument do not represent solely payments of principal and interest on the outstanding amount, the Group mandatorily classifies the instrument at fair value through profit or loss.At the initial recognition date, financial assets are measured at fair value, including any costs or income directly attributable to individual transactions that can be established from the outset even if they are actually settled at later stages. The recognition value does not, however, factor in costs with the above characteristics which are repaid separately by the borrower, or may be classified as ordinary internal administrative expenses.
The instrument is measured at amortized cost, i.e. the initial value less/plus the repayments of principal made, write-downs/write-ups, and amortization \u2013 calculated using the effective interest rate method \u2013 of the difference between the amount disbursed and the amount repayable at maturity, adjusted to reflect expected losses.
The amortized cost method is not used for short-term receivables, as the discounting effect is negligible; for this reason, such receivables are recognized at historical cost. The original effective interest rate is defined as the rate of interest which renders the discounted value of future cash flows deriving from the loan or receivable by way of principal and interest equal to the initial recognition value of the loan or receivable.
The original effective interest rate for each loan will remain unchanged in subsequent years, even if new terms are negotiated leading to a reduction to below market rates, including non-interest-bearing loans. The relevant value adjustment is recognized in the profit and loss account.
Following initial recognition, all financial assets measured at amortized cost were subject to the impairment model based on the expected loss, i.e. performing as well as non-performing exposures.
In accordance with the provisions of IFRS9, the impairment model involves financial assets being classified at one of three different risk stages (Stage 1, Stage 2 and Stage 3), depending on developments in the borrower\u2019s credit quality, to which different criteria for measuring expected losses apply. Accordingly, financial assets are split into the following categories:
\u2014Stage 1: this includes exposures at their initial recognition date for as long as there is no significant impairment to their credit quality; for such instruments, the expected loss should be calculated depending on default events which may occur within twelve months of the reporting date;
\u2014Stage 2: this includes exposures which, while not classified as non-performing as such, have nonetheless experienced significant impairment to their credit quality since the initial recognition date; in the transition from Stage 1 to Stage 2, the expected loss will be calculated for the outstanding life of the instrument;
\u2014Stage 3: this category consists of non-performing (impaired) exposures according to the definition provided in the regulations. In the transition to Stage 3, exposures are valued individually, that is, the value adjustment is calculated as the difference between the carrying value at the reference date (amortized cost) and the discounted value of the expected cash flows, calculated by applying the original effective interest rate. The expected cash flows consider the anticipated collection times, the probable net realizable value of any guarantees, and the costs which are likely to be incurred for the recovery of the credit exposure from a forward-looking perspective which factors in alternative recovery scenarios and developments in the economic cycle.
Purchased or originated credit impaired items (POCIs) are receivables that are already impaired at the point in time when they are acquired or disbursed, which does not preclude their being subsequently classified as performing. Write-downs are in any case calculated on a lifetime horizon.
In the model for calculating expected losses applied by the Group, forward-looking information was taken into consideration by referring to three possible macroeconomic scenarios (baseline, mild-positive and mild-negative) that may have an impact on PD and LGD, including any sales scenarios where the Group\u2019s NPL strategy considers that such assets should be recovered through sale on the market.
The Group\u2019s policy to establish a significant increase in credit risk is based on qualitative and quantitative criteria and uses the 30-day past due loans or their classification as forborne as conditions to be otherwise included in Stage 2 (referred Impairment regards losses which are expected to materialize in the twelve months following the reporting date, or losses which are expected to materialize throughout the rest of the instrument\u2019s lifetime in the event of a significant increase in credit risk. Both the twelve-month and lifetime expected losses can be calculated on an individual or collective basis according to the nature of the underlying portfolio.
Expected credit losses are recorded and released only to the extent that changes have occurred. For financial instruments considered to be in default, the Group records an expected loss on the residual lifetime of the instrument (similar to Stage 2 above); value adjustments are determined for all the exposures of the different categories considering forecast information reflecting macro-economic factors (forward-looking approach).
5 - InvestmentsThis heading consists of interests76 held in jointly-controlled entities and associates. Companies subject to joint control, otherwise known as joint ventures, are defined as entities whose control is contractually stipulated as being shared between the Group and one or more other parties, or when the unanimous consent of all parties which share control of the entity is required for decisions regarding relevant activities.
Companies subject to significant influence, otherwise known as associates, are defined as entities in which the Group holds at least 20% of the voting rights (including \u201cpotential\u201d voting rights) or for which \u2013 despite holding a lower share of the voting rights \u2013 it is entitled to participate in deciding the financial and management policies of the investee company by virtue of its being represented in that company\u2019s management bodies, without actually having control over it.
The Group uses the net equity method to account for these investments; hence they are initially recognized at cost and subsequently adjusted to reflect changes in the net assets attributable to the Group since the acquisition date.
Following the application of the equity method, if there is evidence that the value of an investment may have been impaired, the recoverable amount of the investment is estimated, being the higher of its fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows that the investment is expected to generate, including the final disposal value of the investment.
If the recoverable value is lower than the book value, the difference is measured through profit or loss.
If, in a period following the year in which an impairment loss has been recorded, a change occurs in the estimates used to determine the recoverable value, the book value of the investment will be revised to reflect the recoverable value and the adjustment will give rise to a write-back.
In cases where significant influence or joint control are lost, the Group recognizes and values any residual share still held at fair value. Any difference between the book value at the date on which the loss of significant influence or joint control occurs, plus the fair value of the share still held and the consideration received on disposal, will be
76 As specified in IAS28, the stake in an associated company is the book value of the investment in the affiliated company calculated using the net equity method together with any other long-term stake which, in substance, represents the entity\u2019s additional net investment in the affiliated company. Any short-term transactions (trading and securities lending) are not relevant for the computation of the stake for equity-based consolidation purposes.
recognized in the profit and loss account.6 - Tangible assets
This heading comprises land, core and investment properties, plant, furniture, fittings and equipment of all kinds. It also includes the R-o-U assets acquired under leases and related use of tangible assets (for lessees) and assets used under the terms of finance leases (for lessors), despite the fact that such assets remain the legal property of the lessor rather than the lessee.
Assets held for investment purposes refer to investments in real estate, if any (whether owned or acquired under leases), which are not core to the Group\u2019s main activities and/or are chiefly leased out to third parties.
The heading also includes tangible assets classified pursuant to IAS2 \u2013 Inventories, namely assets deriving from guarantees being enforced or acquired at an auction which the firm has the intention of selling in the near future, without carrying out any major refurbishment work and which do not fall into any of the previous categories.
Upon first recognition, all tangible assets are recognized at cost, which, in addition to the purchase price, includes any ancillary charges directly attributable to the purchase and/or commissioning of the asset. Extraordinary maintenance charges are accounted for by increasing the asset\u2019s value, while ordinary maintenance charges are recorded in the profit and loss account.
The subsequent measurements for each type of asset are shown below.
Tangible assets were valued at cost, less any depreciation and impairment losses, with the exception of core operating properties, which were measured using the revaluation method, and those held for investment purposes, which were measured using the fair value method.
The revaluation method requires assets to be recognized at a revalued amount, i.e. their fair value at the revaluation date, after any accumulated depreciation and any impairment losses. If the carrying amount increases as a result of revaluation, the increase will be recognized with a contra-entry in liability item \"120 - Valuation reserves,\" except for reversals of impairment losses from previous impairment recognized through profit or loss. In this case, the increase will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of
Derecognition of assets
A financial asset must be derecognized from the balance sheet if, and only if, the contractual rights to the cash flows deriving from it have expired, or if the asset has been transferred in accordance with the circumstances permitted under IFRS9. In such cases Mediobanca checks if the contractual rights to receive the cash flows in respect of the asset have been transferred, or if they have been maintained while a contractual obligation to pay the cash flows to one or more beneficiaries exists. It is necessary to check that all risks and benefits have been substantially transferred, and any right or obligation originated or maintained as a result of the transfer is recorded separately as an asset or liability where appropriate. If Mediobanca retains virtually all risks and benefits, the financial asset must continue to be recorded.
If Mediobanca has neither transferred nor maintained all risks and benefits, but at the same time has retained control of the financial asset, this continues to be recognized up to the residual interest retained in that asset.
The main forms of activity currently carried out by Mediobanca and its subsidiaries which do not require underlying assets to be derecognized are the securitization of receivables, repo trading and securities lending. Conversely, items received as part of deposit bank activity, the return on which is collected in the form of a commission, are not recorded, as the related risks and benefits accrue entirely to the end-investor.
When a financial asset measured at amortized cost is renegotiated, Mediobanca derecognize it only if the renegotiation entails a change of such magnitude that the initial instrument effectively becomes a new one. In such cases, the difference between the original instrument\u2019s carrying value and the fair value of the new instrument is measured through profit or loss, taking due account of any previous write-downs. The new instrument is classified as Stage 1 for the purpose of calculating the expected loss
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"value": "3 - Financial assets measured at amortized cost
These include loans and advances to customers and banks, debt securities and repo transactions which meet the following conditions:
\u2014the financial instrument is held and managed according to the hold-to-collect business model, i.e. with the objective of holding it in order to collect the cash flows governed by the contract;
\u2014such contractual cash flows consist entirely of payment of principal amount and interest (and therefore meet the requirements set by the SPPI test).
This heading also includes receivables originated from finance leases, the valuation and classification rules for which are governed by IFRS16 (see below), even though the impairment rules introduced by IFRS9 apply for valuation purposes.
The Group\u2019s business model should reflect the ways in which financial assets are managed at a portfolio level and not at the instrument level, on the basis of factors observable at the portfolio level and not at the instrument level, such as the following:
\u2014 operating procedure adopted by management in the performance evaluation process;
\u2014 risk type and procedure for managing risks taken, including indicators for portfolio rotation;
\u2014 means for determining remuneration mechanisms for risk-takers.
The business model is based on expected reasonable scenarios (without considering \u201cworst case\u201d and \u201cstress case\u201d scenarios). In the event of cash flows differing from those estimated at initial recognition, the Group is not bound to change the classification of financial instruments forming part of the portfolio, but uses the information for deciding the classification of new financial instruments.75
At initial recognition, the Group analyses contractual terms for the instruments to check whether the instrument, product or sub-product has passed the SPPI test. In this
75 These considerations are stated in the internal management policies, which reiterate the link between business model and accounting treatment and introduce frequency and materiality thresholds for changes in portfolios of assets measured at amortized cost.
connection, the Group has developed a standardized testing process which involves analysing loans by using a specific tool, developed internally, which is structured in decision-making trees, at the level of the individual financial instrument or product based on their different degrees of customisation. If the test is not passed, the tool will show that the assets should be measured at fair value through profit or loss (FVTPL). The method by which loans are tested differs according to whether or not the asset is a retail or corporate loan: at product level for retail loans, individually for corporate loans. An external info-provider is used to test debt securities; if, however, no test results are available, the instrument is analysed using the SPPI tool. When contractual cash flows for the instrument do not represent solely payments of principal and interest on the outstanding amount, the Group mandatorily classifies the instrument at fair value through profit or loss.At the initial recognition date, financial assets are measured at fair value, including any costs or income directly attributable to individual transactions that can be established from the outset even if they are actually settled at later stages. The recognition value does not, however, factor in costs with the above characteristics which are repaid separately by the borrower, or may be classified as ordinary internal administrative expenses.
The instrument is measured at amortized cost, i.e. the initial value less/plus the repayments of principal made, write-downs/write-ups, and amortization \u2013 calculated using the effective interest rate method \u2013 of the difference between the amount disbursed and the amount repayable at maturity, adjusted to reflect expected losses.
The amortized cost method is not used for short-term receivables, as the discounting effect is negligible; for this reason, such receivables are recognized at historical cost. The original effective interest rate is defined as the rate of interest which renders the discounted value of future cash flows deriving from the loan or receivable by way of principal and interest equal to the initial recognition value of the loan or receivable.
The original effective interest rate for each loan will remain unchanged in subsequent years, even if new terms are negotiated leading to a reduction to below market rates, including non-interest-bearing loans. The relevant value adjustment is recognized in the profit and loss account.
Following initial recognition, all financial assets measured at amortized cost were subject to the impairment model based on the expected loss, i.e. performing as well as non-performing exposures.
In accordance with the provisions of IFRS9, the impairment model involves financial assets being classified at one of three different risk stages (Stage 1, Stage 2 and Stage 3), depending on developments in the borrower\u2019s credit quality, to which different criteria for measuring expected losses apply. Accordingly, financial assets are split into the following categories:
\u2014Stage 1: this includes exposures at their initial recognition date for as long as there is no significant impairment to their credit quality; for such instruments, the expected loss should be calculated depending on default events which may occur within twelve months of the reporting date;
\u2014Stage 2: this includes exposures which, while not classified as non-performing as such, have nonetheless experienced significant impairment to their credit quality since the initial recognition date; in the transition from Stage 1 to Stage 2, the expected loss will be calculated for the outstanding life of the instrument;
\u2014Stage 3: this category consists of non-performing (impaired) exposures according to the definition provided in the regulations. In the transition to Stage 3, exposures are valued individually, that is, the value adjustment is calculated as the difference between the carrying value at the reference date (amortized cost) and the discounted value of the expected cash flows, calculated by applying the original effective interest rate. The expected cash flows consider the anticipated collection times, the probable net realizable value of any guarantees, and the costs which are likely to be incurred for the recovery of the credit exposure from a forward-looking perspective which factors in alternative recovery scenarios and developments in the economic cycle.
Purchased or originated credit impaired items (POCIs) are receivables that are already impaired at the point in time when they are acquired or disbursed, which does not preclude their being subsequently classified as performing. Write-downs are in any case calculated on a lifetime horizon.
In the model for calculating expected losses applied by the Group, forward-looking information was taken into consideration by referring to three possible macroeconomic scenarios (baseline, mild-positive and mild-negative) that may have an impact on PD and LGD, including any sales scenarios where the Group\u2019s NPL strategy considers that such assets should be recovered through sale on the market.
The Group\u2019s policy to establish a significant increase in credit risk is based on qualitative and quantitative criteria and uses the 30-day past due loans or their classification as forborne as conditions to be otherwise included in Stage 2 (referred Impairment regards losses which are expected to materialize in the twelve months following the reporting date, or losses which are expected to materialize throughout the rest of the instrument\u2019s lifetime in the event of a significant increase in credit risk. Both the twelve-month and lifetime expected losses can be calculated on an individual or collective basis according to the nature of the underlying portfolio.
Expected credit losses are recorded and released only to the extent that changes have occurred. For financial instruments considered to be in default, the Group records an expected loss on the residual lifetime of the instrument (similar to Stage 2 above); value adjustments are determined for all the exposures of the different categories considering forecast information reflecting macro-economic factors (forward-looking approach).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page357-cflshid_126353-tag470097": {
"value": "3 - Financial assets measured at amortized cost
These include loans and advances to customers and banks, debt securities and repo transactions which meet the following conditions:
\u2014the financial instrument is held and managed according to the hold-to-collect business model, i.e. with the objective of holding it in order to collect the cash flows governed by the contract;
\u2014such contractual cash flows consist entirely of payment of principal amount and interest (and therefore meet the requirements set by the SPPI test).
This heading also includes receivables originated from finance leases, the valuation and classification rules for which are governed by IFRS16 (see below), even though the impairment rules introduced by IFRS9 apply for valuation purposes.
The Group\u2019s business model should reflect the ways in which financial assets are managed at a portfolio level and not at the instrument level, on the basis of factors observable at the portfolio level and not at the instrument level, such as the following:
\u2014 operating procedure adopted by management in the performance evaluation process;
\u2014 risk type and procedure for managing risks taken, including indicators for portfolio rotation;
\u2014 means for determining remuneration mechanisms for risk-takers.
The business model is based on expected reasonable scenarios (without considering \u201cworst case\u201d and \u201cstress case\u201d scenarios). In the event of cash flows differing from those estimated at initial recognition, the Group is not bound to change the classification of financial instruments forming part of the portfolio, but uses the information for deciding the classification of new financial instruments.75
At initial recognition, the Group analyses contractual terms for the instruments to check whether the instrument, product or sub-product has passed the SPPI test. In this
75 These considerations are stated in the internal management policies, which reiterate the link between business model and accounting treatment and introduce frequency and materiality thresholds for changes in portfolios of assets measured at amortized cost.
connection, the Group has developed a standardized testing process which involves analysing loans by using a specific tool, developed internally, which is structured in decision-making trees, at the level of the individual financial instrument or product based on their different degrees of customisation. If the test is not passed, the tool will show that the assets should be measured at fair value through profit or loss (FVTPL). The method by which loans are tested differs according to whether or not the asset is a retail or corporate loan: at product level for retail loans, individually for corporate loans. An external info-provider is used to test debt securities; if, however, no test results are available, the instrument is analysed using the SPPI tool. When contractual cash flows for the instrument do not represent solely payments of principal and interest on the outstanding amount, the Group mandatorily classifies the instrument at fair value through profit or loss.At the initial recognition date, financial assets are measured at fair value, including any costs or income directly attributable to individual transactions that can be established from the outset even if they are actually settled at later stages. The recognition value does not, however, factor in costs with the above characteristics which are repaid separately by the borrower, or may be classified as ordinary internal administrative expenses.
The instrument is measured at amortized cost, i.e. the initial value less/plus the repayments of principal made, write-downs/write-ups, and amortization \u2013 calculated using the effective interest rate method \u2013 of the difference between the amount disbursed and the amount repayable at maturity, adjusted to reflect expected losses.
The amortized cost method is not used for short-term receivables, as the discounting effect is negligible; for this reason, such receivables are recognized at historical cost. The original effective interest rate is defined as the rate of interest which renders the discounted value of future cash flows deriving from the loan or receivable by way of principal and interest equal to the initial recognition value of the loan or receivable.
The original effective interest rate for each loan will remain unchanged in subsequent years, even if new terms are negotiated leading to a reduction to below market rates, including non-interest-bearing loans. The relevant value adjustment is recognized in the profit and loss account.
Following initial recognition, all financial assets measured at amortized cost were subject to the impairment model based on the expected loss, i.e. performing as well as non-performing exposures.
In accordance with the provisions of IFRS9, the impairment model involves financial assets being classified at one of three different risk stages (Stage 1, Stage 2 and Stage 3), depending on developments in the borrower\u2019s credit quality, to which different criteria for measuring expected losses apply. Accordingly, financial assets are split into the following categories:
\u2014Stage 1: this includes exposures at their initial recognition date for as long as there is no significant impairment to their credit quality; for such instruments, the expected loss should be calculated depending on default events which may occur within twelve months of the reporting date;
\u2014Stage 2: this includes exposures which, while not classified as non-performing as such, have nonetheless experienced significant impairment to their credit quality since the initial recognition date; in the transition from Stage 1 to Stage 2, the expected loss will be calculated for the outstanding life of the instrument;
\u2014Stage 3: this category consists of non-performing (impaired) exposures according to the definition provided in the regulations. In the transition to Stage 3, exposures are valued individually, that is, the value adjustment is calculated as the difference between the carrying value at the reference date (amortized cost) and the discounted value of the expected cash flows, calculated by applying the original effective interest rate. The expected cash flows consider the anticipated collection times, the probable net realizable value of any guarantees, and the costs which are likely to be incurred for the recovery of the credit exposure from a forward-looking perspective which factors in alternative recovery scenarios and developments in the economic cycle.
Purchased or originated credit impaired items (POCIs) are receivables that are already impaired at the point in time when they are acquired or disbursed, which does not preclude their being subsequently classified as performing. Write-downs are in any case calculated on a lifetime horizon.
In the model for calculating expected losses applied by the Group, forward-looking information was taken into consideration by referring to three possible macroeconomic scenarios (baseline, mild-positive and mild-negative) that may have an impact on PD and LGD, including any sales scenarios where the Group\u2019s NPL strategy considers that such assets should be recovered through sale on the market.
The Group\u2019s policy to establish a significant increase in credit risk is based on qualitative and quantitative criteria and uses the 30-day past due loans or their classification as forborne as conditions to be otherwise included in Stage 2 (referred Impairment regards losses which are expected to materialize in the twelve months following the reporting date, or losses which are expected to materialize throughout the rest of the instrument\u2019s lifetime in the event of a significant increase in credit risk. Both the twelve-month and lifetime expected losses can be calculated on an individual or collective basis according to the nature of the underlying portfolio.
Expected credit losses are recorded and released only to the extent that changes have occurred. For financial instruments considered to be in default, the Group records an expected loss on the residual lifetime of the instrument (similar to Stage 2 above); value adjustments are determined for all the exposures of the different categories considering forecast information reflecting macro-economic factors (forward-looking approach).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page357-cflshid_126353-tag470094": {
"value": "3 - Financial assets measured at amortized cost
These include loans and advances to customers and banks, debt securities and repo transactions which meet the following conditions:
\u2014the financial instrument is held and managed according to the hold-to-collect business model, i.e. with the objective of holding it in order to collect the cash flows governed by the contract;
\u2014such contractual cash flows consist entirely of payment of principal amount and interest (and therefore meet the requirements set by the SPPI test).
This heading also includes receivables originated from finance leases, the valuation and classification rules for which are governed by IFRS16 (see below), even though the impairment rules introduced by IFRS9 apply for valuation purposes.
The Group\u2019s business model should reflect the ways in which financial assets are managed at a portfolio level and not at the instrument level, on the basis of factors observable at the portfolio level and not at the instrument level, such as the following:
\u2014 operating procedure adopted by management in the performance evaluation process;
\u2014 risk type and procedure for managing risks taken, including indicators for portfolio rotation;
\u2014 means for determining remuneration mechanisms for risk-takers.
The business model is based on expected reasonable scenarios (without considering \u201cworst case\u201d and \u201cstress case\u201d scenarios). In the event of cash flows differing from those estimated at initial recognition, the Group is not bound to change the classification of financial instruments forming part of the portfolio, but uses the information for deciding the classification of new financial instruments.75
At initial recognition, the Group analyses contractual terms for the instruments to check whether the instrument, product or sub-product has passed the SPPI test. In this
75 These considerations are stated in the internal management policies, which reiterate the link between business model and accounting treatment and introduce frequency and materiality thresholds for changes in portfolios of assets measured at amortized cost.
connection, the Group has developed a standardized testing process which involves analysing loans by using a specific tool, developed internally, which is structured in decision-making trees, at the level of the individual financial instrument or product based on their different degrees of customisation. If the test is not passed, the tool will show that the assets should be measured at fair value through profit or loss (FVTPL). The method by which loans are tested differs according to whether or not the asset is a retail or corporate loan: at product level for retail loans, individually for corporate loans. An external info-provider is used to test debt securities; if, however, no test results are available, the instrument is analysed using the SPPI tool. When contractual cash flows for the instrument do not represent solely payments of principal and interest on the outstanding amount, the Group mandatorily classifies the instrument at fair value through profit or loss.At the initial recognition date, financial assets are measured at fair value, including any costs or income directly attributable to individual transactions that can be established from the outset even if they are actually settled at later stages. The recognition value does not, however, factor in costs with the above characteristics which are repaid separately by the borrower, or may be classified as ordinary internal administrative expenses.
The instrument is measured at amortized cost, i.e. the initial value less/plus the repayments of principal made, write-downs/write-ups, and amortization \u2013 calculated using the effective interest rate method \u2013 of the difference between the amount disbursed and the amount repayable at maturity, adjusted to reflect expected losses.
The amortized cost method is not used for short-term receivables, as the discounting effect is negligible; for this reason, such receivables are recognized at historical cost. The original effective interest rate is defined as the rate of interest which renders the discounted value of future cash flows deriving from the loan or receivable by way of principal and interest equal to the initial recognition value of the loan or receivable.
The original effective interest rate for each loan will remain unchanged in subsequent years, even if new terms are negotiated leading to a reduction to below market rates, including non-interest-bearing loans. The relevant value adjustment is recognized in the profit and loss account.
Following initial recognition, all financial assets measured at amortized cost were subject to the impairment model based on the expected loss, i.e. performing as well as non-performing exposures.
In accordance with the provisions of IFRS9, the impairment model involves financial assets being classified at one of three different risk stages (Stage 1, Stage 2 and Stage 3), depending on developments in the borrower\u2019s credit quality, to which different criteria for measuring expected losses apply. Accordingly, financial assets are split into the following categories:
\u2014Stage 1: this includes exposures at their initial recognition date for as long as there is no significant impairment to their credit quality; for such instruments, the expected loss should be calculated depending on default events which may occur within twelve months of the reporting date;
\u2014Stage 2: this includes exposures which, while not classified as non-performing as such, have nonetheless experienced significant impairment to their credit quality since the initial recognition date; in the transition from Stage 1 to Stage 2, the expected loss will be calculated for the outstanding life of the instrument;
\u2014Stage 3: this category consists of non-performing (impaired) exposures according to the definition provided in the regulations. In the transition to Stage 3, exposures are valued individually, that is, the value adjustment is calculated as the difference between the carrying value at the reference date (amortized cost) and the discounted value of the expected cash flows, calculated by applying the original effective interest rate. The expected cash flows consider the anticipated collection times, the probable net realizable value of any guarantees, and the costs which are likely to be incurred for the recovery of the credit exposure from a forward-looking perspective which factors in alternative recovery scenarios and developments in the economic cycle.
Purchased or originated credit impaired items (POCIs) are receivables that are already impaired at the point in time when they are acquired or disbursed, which does not preclude their being subsequently classified as performing. Write-downs are in any case calculated on a lifetime horizon.
In the model for calculating expected losses applied by the Group, forward-looking information was taken into consideration by referring to three possible macroeconomic scenarios (baseline, mild-positive and mild-negative) that may have an impact on PD and LGD, including any sales scenarios where the Group\u2019s NPL strategy considers that such assets should be recovered through sale on the market.
The Group\u2019s policy to establish a significant increase in credit risk is based on qualitative and quantitative criteria and uses the 30-day past due loans or their classification as forborne as conditions to be otherwise included in Stage 2 (referred Impairment regards losses which are expected to materialize in the twelve months following the reporting date, or losses which are expected to materialize throughout the rest of the instrument\u2019s lifetime in the event of a significant increase in credit risk. Both the twelve-month and lifetime expected losses can be calculated on an individual or collective basis according to the nature of the underlying portfolio.
Expected credit losses are recorded and released only to the extent that changes have occurred. For financial instruments considered to be in default, the Group records an expected loss on the residual lifetime of the instrument (similar to Stage 2 above); value adjustments are determined for all the exposures of the different categories considering forecast information reflecting macro-economic factors (forward-looking approach).
5 - InvestmentsThis heading consists of interests76 held in jointly-controlled entities and associates. Companies subject to joint control, otherwise known as joint ventures, are defined as entities whose control is contractually stipulated as being shared between the Group and one or more other parties, or when the unanimous consent of all parties which share control of the entity is required for decisions regarding relevant activities.
Companies subject to significant influence, otherwise known as associates, are defined as entities in which the Group holds at least 20% of the voting rights (including \u201cpotential\u201d voting rights) or for which \u2013 despite holding a lower share of the voting rights \u2013 it is entitled to participate in deciding the financial and management policies of the investee company by virtue of its being represented in that company\u2019s management bodies, without actually having control over it.
The Group uses the net equity method to account for these investments; hence they are initially recognized at cost and subsequently adjusted to reflect changes in the net assets attributable to the Group since the acquisition date.
Following the application of the equity method, if there is evidence that the value of an investment may have been impaired, the recoverable amount of the investment is estimated, being the higher of its fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows that the investment is expected to generate, including the final disposal value of the investment.
If the recoverable value is lower than the book value, the difference is measured through profit or loss.
If, in a period following the year in which an impairment loss has been recorded, a change occurs in the estimates used to determine the recoverable value, the book value of the investment will be revised to reflect the recoverable value and the adjustment will give rise to a write-back.
In cases where significant influence or joint control are lost, the Group recognizes and values any residual share still held at fair value. Any difference between the book value at the date on which the loss of significant influence or joint control occurs, plus the fair value of the share still held and the consideration received on disposal, will be
76 As specified in IAS28, the stake in an associated company is the book value of the investment in the affiliated company calculated using the net equity method together with any other long-term stake which, in substance, represents the entity\u2019s additional net investment in the affiliated company. Any short-term transactions (trading and securities lending) are not relevant for the computation of the stake for equity-based consolidation purposes.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page362-cflshid_128083-tag470099": {
"value": "is an equity instrument for which the entity has opted to measure changes in fair value through OCI, the amounts remain in the statement of other comprehensive income.If the hedged item is an unrecognized irrevocable commitment (or a component thereof), the cumulative change in fair value of the hedged item resulting from its designation is recognized as an asset or liability with a corresponding gain or loss recorded in the profit (loss) for the period.
Cash flow hedges
As long as the cash flow hedge meets the qualifying criteria, it is accounted for as follows:
\u2014the gain or loss on the hedging instrument in relation to the effective portion of the hedge is measured through OCI in the cash flow reserve, whereas the ineffective part is measured through profit or loss.
\u2014the cash flow reserve is adjusted to the lower of:
\u2014 the cumulative gain or loss on the hedge instrument since the hedge\u2019s inception; and
\u2014 the cumulative change in fair value (at the present value) of the hedged item (i.e. the present value of the cumulative change in the estimated future cash flows hedged) since the hedge\u2019s inception.
The cumulative amount in the cash flow hedge reserve will be reclassified from the cash flow hedge reserve to profit (loss) for the period as a reclassification adjustment in the same period or periods in which the estimated future cash flows being hedged have an impact on the profit (loss) for the period (e.g. in periods when interest receivable or payable are recorded, or when the planned sale takes place). However, if the amount constitutes a loss and the entity does not expect to recover the whole loss or part of it in one or more future periods, the entity must classify the amount it does not expect to recover in the profit (loss) for the period (as an adjustment due to reclassification) immediately.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page363-cflshid_128381-tag470102": {
"value": "5 - InvestmentsThis heading consists of interests76 held in jointly-controlled entities and associates. Companies subject to joint control, otherwise known as joint ventures, are defined as entities whose control is contractually stipulated as being shared between the Group and one or more other parties, or when the unanimous consent of all parties which share control of the entity is required for decisions regarding relevant activities.
Companies subject to significant influence, otherwise known as associates, are defined as entities in which the Group holds at least 20% of the voting rights (including \u201cpotential\u201d voting rights) or for which \u2013 despite holding a lower share of the voting rights \u2013 it is entitled to participate in deciding the financial and management policies of the investee company by virtue of its being represented in that company\u2019s management bodies, without actually having control over it.
The Group uses the net equity method to account for these investments; hence they are initially recognized at cost and subsequently adjusted to reflect changes in the net assets attributable to the Group since the acquisition date.
Following the application of the equity method, if there is evidence that the value of an investment may have been impaired, the recoverable amount of the investment is estimated, being the higher of its fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows that the investment is expected to generate, including the final disposal value of the investment.
If the recoverable value is lower than the book value, the difference is measured through profit or loss.
If, in a period following the year in which an impairment loss has been recorded, a change occurs in the estimates used to determine the recoverable value, the book value of the investment will be revised to reflect the recoverable value and the adjustment will give rise to a write-back.
In cases where significant influence or joint control are lost, the Group recognizes and values any residual share still held at fair value. Any difference between the book value at the date on which the loss of significant influence or joint control occurs, plus the fair value of the share still held and the consideration received on disposal, will be
76 As specified in IAS28, the stake in an associated company is the book value of the investment in the affiliated company calculated using the net equity method together with any other long-term stake which, in substance, represents the entity\u2019s additional net investment in the affiliated company. Any short-term transactions (trading and securities lending) are not relevant for the computation of the stake for equity-based consolidation purposes.
recognized in the profit and loss account.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page363-cflshid_128381-tag470101": {
"value": "5 - InvestmentsThis heading consists of interests76 held in jointly-controlled entities and associates. Companies subject to joint control, otherwise known as joint ventures, are defined as entities whose control is contractually stipulated as being shared between the Group and one or more other parties, or when the unanimous consent of all parties which share control of the entity is required for decisions regarding relevant activities.
Companies subject to significant influence, otherwise known as associates, are defined as entities in which the Group holds at least 20% of the voting rights (including \u201cpotential\u201d voting rights) or for which \u2013 despite holding a lower share of the voting rights \u2013 it is entitled to participate in deciding the financial and management policies of the investee company by virtue of its being represented in that company\u2019s management bodies, without actually having control over it.
The Group uses the net equity method to account for these investments; hence they are initially recognized at cost and subsequently adjusted to reflect changes in the net assets attributable to the Group since the acquisition date.
Following the application of the equity method, if there is evidence that the value of an investment may have been impaired, the recoverable amount of the investment is estimated, being the higher of its fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows that the investment is expected to generate, including the final disposal value of the investment.
If the recoverable value is lower than the book value, the difference is measured through profit or loss.
If, in a period following the year in which an impairment loss has been recorded, a change occurs in the estimates used to determine the recoverable value, the book value of the investment will be revised to reflect the recoverable value and the adjustment will give rise to a write-back.
In cases where significant influence or joint control are lost, the Group recognizes and values any residual share still held at fair value. Any difference between the book value at the date on which the loss of significant influence or joint control occurs, plus the fair value of the share still held and the consideration received on disposal, will be
76 As specified in IAS28, the stake in an associated company is the book value of the investment in the affiliated company calculated using the net equity method together with any other long-term stake which, in substance, represents the entity\u2019s additional net investment in the affiliated company. Any short-term transactions (trading and securities lending) are not relevant for the computation of the stake for equity-based consolidation purposes.
recognized in the profit and loss account.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page363-cflshid_128381-tag470100": {
"value": "5 - InvestmentsThis heading consists of interests76 held in jointly-controlled entities and associates. Companies subject to joint control, otherwise known as joint ventures, are defined as entities whose control is contractually stipulated as being shared between the Group and one or more other parties, or when the unanimous consent of all parties which share control of the entity is required for decisions regarding relevant activities.
Companies subject to significant influence, otherwise known as associates, are defined as entities in which the Group holds at least 20% of the voting rights (including \u201cpotential\u201d voting rights) or for which \u2013 despite holding a lower share of the voting rights \u2013 it is entitled to participate in deciding the financial and management policies of the investee company by virtue of its being represented in that company\u2019s management bodies, without actually having control over it.
The Group uses the net equity method to account for these investments; hence they are initially recognized at cost and subsequently adjusted to reflect changes in the net assets attributable to the Group since the acquisition date.
Following the application of the equity method, if there is evidence that the value of an investment may have been impaired, the recoverable amount of the investment is estimated, being the higher of its fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows that the investment is expected to generate, including the final disposal value of the investment.
If the recoverable value is lower than the book value, the difference is measured through profit or loss.
If, in a period following the year in which an impairment loss has been recorded, a change occurs in the estimates used to determine the recoverable value, the book value of the investment will be revised to reflect the recoverable value and the adjustment will give rise to a write-back.
In cases where significant influence or joint control are lost, the Group recognizes and values any residual share still held at fair value. Any difference between the book value at the date on which the loss of significant influence or joint control occurs, plus the fair value of the share still held and the consideration received on disposal, will be
76 As specified in IAS28, the stake in an associated company is the book value of the investment in the affiliated company calculated using the net equity method together with any other long-term stake which, in substance, represents the entity\u2019s additional net investment in the affiliated company. Any short-term transactions (trading and securities lending) are not relevant for the computation of the stake for equity-based consolidation purposes.
recognized in the profit and loss account.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page364-cflshid_128801-tag470211": {
"value": "6 - Tangible assets
This heading comprises land, core and investment properties, plant, furniture, fittings and equipment of all kinds. It also includes the R-o-U assets acquired under leases and related use of tangible assets (for lessees) and assets used under the terms of finance leases (for lessors), despite the fact that such assets remain the legal property of the lessor rather than the lessee.
Assets held for investment purposes refer to investments in real estate, if any (whether owned or acquired under leases), which are not core to the Group\u2019s main activities and/or are chiefly leased out to third parties.
The heading also includes tangible assets classified pursuant to IAS2 \u2013 Inventories, namely assets deriving from guarantees being enforced or acquired at an auction which the firm has the intention of selling in the near future, without carrying out any major refurbishment work and which do not fall into any of the previous categories.
Upon first recognition, all tangible assets are recognized at cost, which, in addition to the purchase price, includes any ancillary charges directly attributable to the purchase and/or commissioning of the asset. Extraordinary maintenance charges are accounted for by increasing the asset\u2019s value, while ordinary maintenance charges are recorded in the profit and loss account.
The subsequent measurements for each type of asset are shown below.
Tangible assets were valued at cost, less any depreciation and impairment losses, with the exception of core operating properties, which were measured using the revaluation method, and those held for investment purposes, which were measured using the fair value method.
The revaluation method requires assets to be recognized at a revalued amount, i.e. their fair value at the revaluation date, after any accumulated depreciation and any impairment losses. If the carrying amount increases as a result of revaluation, the increase will be recognized with a contra-entry in liability item \"120 - Valuation reserves,\" except for reversals of impairment losses from previous impairment recognized through profit or loss. In this case, the increase will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of
tangible and intangible assets\" within the limits of the aforementioned impairment loss. If the carrying amount of an asset decreases as a result of revaluation, the decrease will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of tangible and intangible assets,\" unless the asset has been previously revalued, in which case the decrease in value will be recognized as a reduction in liability item \"120 - Valuation reserves\" until the reserve is exhausted. Fixed assets are depreciated over the length of their useful life on a straight-line basis, with the exception of land, which is not depreciated on the grounds that it has unlimited useful life.Investment properties are not subject to depreciation, as required by IAS40, if measured at fair value through profit or loss.
With regard to properties classified according to IAS2 \u2013 Inventories \u2013 they are accounted for: at the lower of cost and market value without being depreciated.
At annual and interim reporting dates, where there is objective evidence that the value of an asset may be impaired, its carrying amount is compared to its current value, which is the higher of its fair value after any costs to sell and its related value in use. Adjustments, if any, are recognized in the profit and loss account. If the reasons for recognizing a loss in value no longer apply, the adjustment will be written back, with the proviso that the amount credited may not exceed the value which the asset would have had after depreciation, which is calculated assuming no impairment took place.
For further information on right-of-use assets acquired through leases, please refer to the section on IFRS16 Leases and Part M - Disclosure on Leases below.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page364-cflshid_128801-tag470210": {
"value": "6 - Tangible assets
This heading comprises land, core and investment properties, plant, furniture, fittings and equipment of all kinds. It also includes the R-o-U assets acquired under leases and related use of tangible assets (for lessees) and assets used under the terms of finance leases (for lessors), despite the fact that such assets remain the legal property of the lessor rather than the lessee.
Assets held for investment purposes refer to investments in real estate, if any (whether owned or acquired under leases), which are not core to the Group\u2019s main activities and/or are chiefly leased out to third parties.
The heading also includes tangible assets classified pursuant to IAS2 \u2013 Inventories, namely assets deriving from guarantees being enforced or acquired at an auction which the firm has the intention of selling in the near future, without carrying out any major refurbishment work and which do not fall into any of the previous categories.
Upon first recognition, all tangible assets are recognized at cost, which, in addition to the purchase price, includes any ancillary charges directly attributable to the purchase and/or commissioning of the asset. Extraordinary maintenance charges are accounted for by increasing the asset\u2019s value, while ordinary maintenance charges are recorded in the profit and loss account.
The subsequent measurements for each type of asset are shown below.
Tangible assets were valued at cost, less any depreciation and impairment losses, with the exception of core operating properties, which were measured using the revaluation method, and those held for investment purposes, which were measured using the fair value method.
The revaluation method requires assets to be recognized at a revalued amount, i.e. their fair value at the revaluation date, after any accumulated depreciation and any impairment losses. If the carrying amount increases as a result of revaluation, the increase will be recognized with a contra-entry in liability item \"120 - Valuation reserves,\" except for reversals of impairment losses from previous impairment recognized through profit or loss. In this case, the increase will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of
tangible and intangible assets\" within the limits of the aforementioned impairment loss. If the carrying amount of an asset decreases as a result of revaluation, the decrease will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of tangible and intangible assets,\" unless the asset has been previously revalued, in which case the decrease in value will be recognized as a reduction in liability item \"120 - Valuation reserves\" until the reserve is exhausted. Fixed assets are depreciated over the length of their useful life on a straight-line basis, with the exception of land, which is not depreciated on the grounds that it has unlimited useful life.Investment properties are not subject to depreciation, as required by IAS40, if measured at fair value through profit or loss.
With regard to properties classified according to IAS2 \u2013 Inventories \u2013 they are accounted for: at the lower of cost and market value without being depreciated.
At annual and interim reporting dates, where there is objective evidence that the value of an asset may be impaired, its carrying amount is compared to its current value, which is the higher of its fair value after any costs to sell and its related value in use. Adjustments, if any, are recognized in the profit and loss account. If the reasons for recognizing a loss in value no longer apply, the adjustment will be written back, with the proviso that the amount credited may not exceed the value which the asset would have had after depreciation, which is calculated assuming no impairment took place.
For further information on right-of-use assets acquired through leases, please refer to the section on IFRS16 Leases and Part M - Disclosure on Leases below.
7 - Intangible assets
These chiefly comprise goodwill, long-term computer software applications and other intangible assets deriving from business combinations subject to IFRS3.
Goodwill may be recognized where this is representative of the investee company\u2019s ability to generate future income. At each reporting date, goodwill recorded as an asset is tested for impairment.77 Any reduction in value due to impairment is calculated as
77 Mediobanca and its subsidiaries have adopted a policy for the impairment testing process in line with the provisions of Organismo Italiano di Valutazione (OIV), Impairment test dell\u2019avviamento in contesti di crisi finanziaria the difference between the initial recognition value of goodwill and its realizable value, the latter being equal to the higher of the fair value of the related cash-generating unit after any costs to sell and its value in use, if any. Any adjustments will be recognized in the profit and loss account.Other intangible assets are measured at cost, adjusted to reflect ancillary charges only where it is likely that future earnings will derive from the asset and the cost of the asset itself may be reliably determined, after any accumulated impairment losses. Otherwise, the cost of the intangible asset is booked through the profit and loss account in the year in which the expense was incurred.
The cost of intangible assets is amortized on a straight-line basis over the useful life of the related asset, verified on an annual basis if necessary. If its useful life is indefinite the cost of the asset is not amortized, but the value at which it is initially recognized is tested for impairment on a regular basis.
At annual and interim reporting dates, the recoverable value of the asset is estimated if there is evidence of impairment.78 The impairment is recognized in the profit and loss account as the difference between the carrying amount and the recoverable value of the asset concerned.
For further details, please refer to the information provided in Section 10 \u2013 Intangible assets \u2013 Item 100.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page364-cflshid_128801-tag470209": {
"value": "6 - Tangible assets
This heading comprises land, core and investment properties, plant, furniture, fittings and equipment of all kinds. It also includes the R-o-U assets acquired under leases and related use of tangible assets (for lessees) and assets used under the terms of finance leases (for lessors), despite the fact that such assets remain the legal property of the lessor rather than the lessee.
Assets held for investment purposes refer to investments in real estate, if any (whether owned or acquired under leases), which are not core to the Group\u2019s main activities and/or are chiefly leased out to third parties.
The heading also includes tangible assets classified pursuant to IAS2 \u2013 Inventories, namely assets deriving from guarantees being enforced or acquired at an auction which the firm has the intention of selling in the near future, without carrying out any major refurbishment work and which do not fall into any of the previous categories.
Upon first recognition, all tangible assets are recognized at cost, which, in addition to the purchase price, includes any ancillary charges directly attributable to the purchase and/or commissioning of the asset. Extraordinary maintenance charges are accounted for by increasing the asset\u2019s value, while ordinary maintenance charges are recorded in the profit and loss account.
The subsequent measurements for each type of asset are shown below.
Tangible assets were valued at cost, less any depreciation and impairment losses, with the exception of core operating properties, which were measured using the revaluation method, and those held for investment purposes, which were measured using the fair value method.
The revaluation method requires assets to be recognized at a revalued amount, i.e. their fair value at the revaluation date, after any accumulated depreciation and any impairment losses. If the carrying amount increases as a result of revaluation, the increase will be recognized with a contra-entry in liability item \"120 - Valuation reserves,\" except for reversals of impairment losses from previous impairment recognized through profit or loss. In this case, the increase will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of
tangible and intangible assets\" within the limits of the aforementioned impairment loss. If the carrying amount of an asset decreases as a result of revaluation, the decrease will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of tangible and intangible assets,\" unless the asset has been previously revalued, in which case the decrease in value will be recognized as a reduction in liability item \"120 - Valuation reserves\" until the reserve is exhausted. Fixed assets are depreciated over the length of their useful life on a straight-line basis, with the exception of land, which is not depreciated on the grounds that it has unlimited useful life.Investment properties are not subject to depreciation, as required by IAS40, if measured at fair value through profit or loss.
With regard to properties classified according to IAS2 \u2013 Inventories \u2013 they are accounted for: at the lower of cost and market value without being depreciated.
At annual and interim reporting dates, where there is objective evidence that the value of an asset may be impaired, its carrying amount is compared to its current value, which is the higher of its fair value after any costs to sell and its related value in use. Adjustments, if any, are recognized in the profit and loss account. If the reasons for recognizing a loss in value no longer apply, the adjustment will be written back, with the proviso that the amount credited may not exceed the value which the asset would have had after depreciation, which is calculated assuming no impairment took place.
For further information on right-of-use assets acquired through leases, please refer to the section on IFRS16 Leases and Part M - Disclosure on Leases below.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page364-cflshid_128801-tag470207": {
"value": "6 - Tangible assets
This heading comprises land, core and investment properties, plant, furniture, fittings and equipment of all kinds. It also includes the R-o-U assets acquired under leases and related use of tangible assets (for lessees) and assets used under the terms of finance leases (for lessors), despite the fact that such assets remain the legal property of the lessor rather than the lessee.
Assets held for investment purposes refer to investments in real estate, if any (whether owned or acquired under leases), which are not core to the Group\u2019s main activities and/or are chiefly leased out to third parties.
The heading also includes tangible assets classified pursuant to IAS2 \u2013 Inventories, namely assets deriving from guarantees being enforced or acquired at an auction which the firm has the intention of selling in the near future, without carrying out any major refurbishment work and which do not fall into any of the previous categories.
Upon first recognition, all tangible assets are recognized at cost, which, in addition to the purchase price, includes any ancillary charges directly attributable to the purchase and/or commissioning of the asset. Extraordinary maintenance charges are accounted for by increasing the asset\u2019s value, while ordinary maintenance charges are recorded in the profit and loss account.
The subsequent measurements for each type of asset are shown below.
Tangible assets were valued at cost, less any depreciation and impairment losses, with the exception of core operating properties, which were measured using the revaluation method, and those held for investment purposes, which were measured using the fair value method.
The revaluation method requires assets to be recognized at a revalued amount, i.e. their fair value at the revaluation date, after any accumulated depreciation and any impairment losses. If the carrying amount increases as a result of revaluation, the increase will be recognized with a contra-entry in liability item \"120 - Valuation reserves,\" except for reversals of impairment losses from previous impairment recognized through profit or loss. In this case, the increase will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of
tangible and intangible assets\" within the limits of the aforementioned impairment loss. If the carrying amount of an asset decreases as a result of revaluation, the decrease will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of tangible and intangible assets,\" unless the asset has been previously revalued, in which case the decrease in value will be recognized as a reduction in liability item \"120 - Valuation reserves\" until the reserve is exhausted. Fixed assets are depreciated over the length of their useful life on a straight-line basis, with the exception of land, which is not depreciated on the grounds that it has unlimited useful life.Investment properties are not subject to depreciation, as required by IAS40, if measured at fair value through profit or loss.
With regard to properties classified according to IAS2 \u2013 Inventories \u2013 they are accounted for: at the lower of cost and market value without being depreciated.
At annual and interim reporting dates, where there is objective evidence that the value of an asset may be impaired, its carrying amount is compared to its current value, which is the higher of its fair value after any costs to sell and its related value in use. Adjustments, if any, are recognized in the profit and loss account. If the reasons for recognizing a loss in value no longer apply, the adjustment will be written back, with the proviso that the amount credited may not exceed the value which the asset would have had after depreciation, which is calculated assuming no impairment took place.
For further information on right-of-use assets acquired through leases, please refer to the section on IFRS16 Leases and Part M - Disclosure on Leases below",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page364-cflshid_128801-tag470206": {
"value": "6 - Tangible assets
This heading comprises land, core and investment properties, plant, furniture, fittings and equipment of all kinds. It also includes the R-o-U assets acquired under leases and related use of tangible assets (for lessees) and assets used under the terms of finance leases (for lessors), despite the fact that such assets remain the legal property of the lessor rather than the lessee.
Assets held for investment purposes refer to investments in real estate, if any (whether owned or acquired under leases), which are not core to the Group\u2019s main activities and/or are chiefly leased out to third parties.
The heading also includes tangible assets classified pursuant to IAS2 \u2013 Inventories, namely assets deriving from guarantees being enforced or acquired at an auction which the firm has the intention of selling in the near future, without carrying out any major refurbishment work and which do not fall into any of the previous categories.
Upon first recognition, all tangible assets are recognized at cost, which, in addition to the purchase price, includes any ancillary charges directly attributable to the purchase and/or commissioning of the asset. Extraordinary maintenance charges are accounted for by increasing the asset\u2019s value, while ordinary maintenance charges are recorded in the profit and loss account.
The subsequent measurements for each type of asset are shown below.
Tangible assets were valued at cost, less any depreciation and impairment losses, with the exception of core operating properties, which were measured using the revaluation method, and those held for investment purposes, which were measured using the fair value method.
The revaluation method requires assets to be recognized at a revalued amount, i.e. their fair value at the revaluation date, after any accumulated depreciation and any impairment losses. If the carrying amount increases as a result of revaluation, the increase will be recognized with a contra-entry in liability item \"120 - Valuation reserves,\" except for reversals of impairment losses from previous impairment recognized through profit or loss. In this case, the increase will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of
tangible and intangible assets\" within the limits of the aforementioned impairment loss. If the carrying amount of an asset decreases as a result of revaluation, the decrease will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of tangible and intangible assets,\" unless the asset has been previously revalued, in which case the decrease in value will be recognized as a reduction in liability item \"120 - Valuation reserves\" until the reserve is exhausted. Fixed assets are depreciated over the length of their useful life on a straight-line basis, with the exception of land, which is not depreciated on the grounds that it has unlimited useful life.Investment properties are not subject to depreciation, as required by IAS40, if measured at fair value through profit or loss.
With regard to properties classified according to IAS2 \u2013 Inventories \u2013 they are accounted for: at the lower of cost and market value without being depreciated.
At annual and interim reporting dates, where there is objective evidence that the value of an asset may be impaired, its carrying amount is compared to its current value, which is the higher of its fair value after any costs to sell and its related value in use. Adjustments, if any, are recognized in the profit and loss account. If the reasons for recognizing a loss in value no longer apply, the adjustment will be written back, with the proviso that the amount credited may not exceed the value which the asset would have had after depreciation, which is calculated assuming no impairment took place.
For further information on right-of-use assets acquired through leases, please refer to the section on IFRS16 Leases and Part M - Disclosure on Leases below.
Leases (IFRS16)An agreement is classified as a lease81 (or contains a lease) based on the substance of the agreement at the execution date. An agreement is, or contains, a lease if its performance depends on the use of a specific good (or goods) and confers the right to use such good (goods) \u2013 the \u201cRight of Use\u201d (RoU) \u2013 for an agreed period of time and in return for payment of a fee (Lease liabilities). This definition of leasing therefore also includes long-term rentals or hires.
Right-of-use assets are recognized among \u201cTangible assets\u201d, and calculated as the sum of the current value of future payments (which corresponds to the current value of the recognized liability), the initial direct costs, any instalments received in advance or on the effective date of the lease (down payment), any incentives received from the lessor, and estimates of any costs for removing or restoring the asset underlying the lease.
The lease liability, which is booked under \u201cFinancial liabilities measured at amortized cost\u201d, is equal to the discounted value of payments due in respect of the lease discounted, as required by the standard, to the marginal financing rate, equal for the Group to the Funds Transfer Pricing rate (FTP) as at the date concerned.
The duration of the lease agreement must not only consider the non-cancellable period established by contract, but also the extension options if their use is considered reasonably certain; in particular, the counterparty\u2019s past behaviour, the existence of corporate plans for the disposal of the leased business and any other circumstances indicative of the reasonable certainty of renewal must be considered when providing for automatic renewal.
After initial recognition, right-of-use assets are amortized over the lease duration and written down as appropriate. The liability will be increased by the interest expense accrued and progressively reduced as a result of the payment of fees; in the event of a change in payments, the liability will be recalculated against the right-of-use asset.
For sub-leases, i.e. when an original lease has been replicated with a counterparty, and there are grounds for classifying it as a finance lease, the liability in respect of the original lease is matched by an amount receivable from the sub-lessee rather than the
81 Leases in which Mediobanca (or its subsidiaries) is a lessor may be divided into finance leases and operating leases. A lease is defined as a finance lease if all risks and benefits typically associated with ownership are transferred to the lessee. Such leases are accounted for by using the financial method, which involves a receivable being booked as an asset for an amount equal to the amount of the lease, after any expired instalments on principal paid by the lessee, and the interest receivable being taken through the income statement.
value in use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page364-cflshid_128801-tag470104": {
"value": "6 - Tangible assets
This heading comprises land, core and investment properties, plant, furniture, fittings and equipment of all kinds. It also includes the R-o-U assets acquired under leases and related use of tangible assets (for lessees) and assets used under the terms of finance leases (for lessors), despite the fact that such assets remain the legal property of the lessor rather than the lessee.
Assets held for investment purposes refer to investments in real estate, if any (whether owned or acquired under leases), which are not core to the Group\u2019s main activities and/or are chiefly leased out to third parties.
The heading also includes tangible assets classified pursuant to IAS2 \u2013 Inventories, namely assets deriving from guarantees being enforced or acquired at an auction which the firm has the intention of selling in the near future, without carrying out any major refurbishment work and which do not fall into any of the previous categories.
Upon first recognition, all tangible assets are recognized at cost, which, in addition to the purchase price, includes any ancillary charges directly attributable to the purchase and/or commissioning of the asset. Extraordinary maintenance charges are accounted for by increasing the asset\u2019s value, while ordinary maintenance charges are recorded in the profit and loss account.
The subsequent measurements for each type of asset are shown below.
Tangible assets were valued at cost, less any depreciation and impairment losses, with the exception of core operating properties, which were measured using the revaluation method, and those held for investment purposes, which were measured using the fair value method.
The revaluation method requires assets to be recognized at a revalued amount, i.e. their fair value at the revaluation date, after any accumulated depreciation and any impairment losses. If the carrying amount increases as a result of revaluation, the increase will be recognized with a contra-entry in liability item \"120 - Valuation reserves,\" except for reversals of impairment losses from previous impairment recognized through profit or loss. In this case, the increase will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page364-cflshid_128801-tag470103": {
"value": "6 - Tangible assets
This heading comprises land, core and investment properties, plant, furniture, fittings and equipment of all kinds. It also includes the R-o-U assets acquired under leases and related use of tangible assets (for lessees) and assets used under the terms of finance leases (for lessors), despite the fact that such assets remain the legal property of the lessor rather than the lessee.
Assets held for investment purposes refer to investments in real estate, if any (whether owned or acquired under leases), which are not core to the Group\u2019s main activities and/or are chiefly leased out to third parties.
The heading also includes tangible assets classified pursuant to IAS2 \u2013 Inventories, namely assets deriving from guarantees being enforced or acquired at an auction which the firm has the intention of selling in the near future, without carrying out any major refurbishment work and which do not fall into any of the previous categories.
Upon first recognition, all tangible assets are recognized at cost, which, in addition to the purchase price, includes any ancillary charges directly attributable to the purchase and/or commissioning of the asset. Extraordinary maintenance charges are accounted for by increasing the asset\u2019s value, while ordinary maintenance charges are recorded in the profit and loss account.
The subsequent measurements for each type of asset are shown below.
Tangible assets were valued at cost, less any depreciation and impairment losses, with the exception of core operating properties, which were measured using the revaluation method, and those held for investment purposes, which were measured using the fair value method.
The revaluation method requires assets to be recognized at a revalued amount, i.e. their fair value at the revaluation date, after any accumulated depreciation and any impairment losses. If the carrying amount increases as a result of revaluation, the increase will be recognized with a contra-entry in liability item \"120 - Valuation reserves,\" except for reversals of impairment losses from previous impairment recognized through profit or loss. In this case, the increase will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of
tangible and intangible assets\" within the limits of the aforementioned impairment loss. If the carrying amount of an asset decreases as a result of revaluation, the decrease will be recognized through profit or loss under item \"260 - Net gain (loss) on the fair value measurement of tangible and intangible assets,\" unless the asset has been previously revalued, in which case the decrease in value will be recognized as a reduction in liability item \"120 - Valuation reserves\" until the reserve is exhausted. Fixed assets are depreciated over the length of their useful life on a straight-line basis, with the exception of land, which is not depreciated on the grounds that it has unlimited useful life.Investment properties are not subject to depreciation, as required by IAS40, if measured at fair value through profit or loss.
With regard to properties classified according to IAS2 \u2013 Inventories \u2013 they are accounted for: at the lower of cost and market value without being depreciated.
At annual and interim reporting dates, where there is objective evidence that the value of an asset may be impaired, its carrying amount is compared to its current value, which is the higher of its fair value after any costs to sell and its related value in use. Adjustments, if any, are recognized in the profit and loss account. If the reasons for recognizing a loss in value no longer apply, the adjustment will be written back, with the proviso that the amount credited may not exceed the value which the asset would have had after depreciation, which is calculated assuming no impairment took place.
For further information on right-of-use assets acquired through leases, please refer to the section on IFRS16 Leases and Part M - Disclosure on Leases below.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page365-cflshid_129119-tag470216": {
"value": "7 - Intangible assets
These chiefly comprise goodwill, long-term computer software applications and other intangible assets deriving from business combinations subject to IFRS3.
Goodwill may be recognized where this is representative of the investee company\u2019s ability to generate future income. At each reporting date, goodwill recorded as an asset is tested for impairment.77 Any reduction in value due to impairment is calculated as
77 Mediobanca and its subsidiaries have adopted a policy for the impairment testing process in line with the provisions of Organismo Italiano di Valutazione (OIV), Impairment test dell\u2019avviamento in contesti di crisi finanziaria Other intangible assets are measured at cost, adjusted to reflect ancillary charges only where it is likely that future earnings will derive from the asset and the cost of the asset itself may be reliably determined, after any accumulated impairment losses. Otherwise, the cost of the intangible asset is booked through the profit and loss account in the year in which the expense was incurred.
The cost of intangible assets is amortized on a straight-line basis over the useful life of the related asset, verified on an annual basis if necessary. If its useful life is indefinite the cost of the asset is not amortized, but the value at which it is initially recognized is tested for impairment on a regular basis.
At annual and interim reporting dates, the recoverable value of the asset is estimated if there is evidence of impairment.78 The impairment is recognized in the profit and loss account as the difference between the carrying amount and the recoverable value of the asset concerned.
For further details, please refer to the information provided in Section 10 \u2013 Intangible assets \u2013 Item 100.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page365-cflshid_129119-tag470215": {
"value": "7 - Intangible assets
These chiefly comprise goodwill, long-term computer software applications and other intangible assets deriving from business combinations subject to IFRS3.
Goodwill may be recognized where this is representative of the investee company\u2019s ability to generate future income. At each reporting date, goodwill recorded as an asset is tested for impairment.77 Any reduction in value due to impairment is calculated as
77 Mediobanca and its subsidiaries have adopted a policy for the impairment testing process in line with the provisions of Organismo Italiano di Valutazione (OIV), Impairment test dell\u2019avviamento in contesti di crisi finanziaria Other intangible assets are measured at cost, adjusted to reflect ancillary charges only where it is likely that future earnings will derive from the asset and the cost of the asset itself may be reliably determined, after any accumulated impairment losses. Otherwise, the cost of the intangible asset is booked through the profit and loss account in the year in which the expense was incurred.
The cost of intangible assets is amortized on a straight-line basis over the useful life of the related asset, verified on an annual basis if necessary. If its useful life is indefinite the cost of the asset is not amortized, but the value at which it is initially recognized is tested for impairment on a regular basis.
At annual and interim reporting dates, the recoverable value of the asset is estimated if there is evidence of impairment.78 The impairment is recognized in the profit and loss account as the difference between the carrying amount and the recoverable value of the asset concerned.
For further details, please refer to the information provided in Section 10 \u2013 Intangible assets \u2013 Item 100.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page365-cflshid_129119-tag470214": {
"value": "7 - Intangible assets
These chiefly comprise goodwill, long-term computer software applications and other intangible assets deriving from business combinations subject to IFRS3.
Goodwill may be recognized where this is representative of the investee company\u2019s ability to generate future income. At each reporting date, goodwill recorded as an asset is tested for impairment.77 Any reduction in value due to impairment is calculated as
77 Mediobanca and its subsidiaries have adopted a policy for the impairment testing process in line with the provisions of Organismo Italiano di Valutazione (OIV), Impairment test dell\u2019avviamento in contesti di crisi finanziaria Other intangible assets are measured at cost, adjusted to reflect ancillary charges only where it is likely that future earnings will derive from the asset and the cost of the asset itself may be reliably determined, after any accumulated impairment losses. Otherwise, the cost of the intangible asset is booked through the profit and loss account in the year in which the expense was incurred.
The cost of intangible assets is amortized on a straight-line basis over the useful life of the related asset, verified on an annual basis if necessary. If its useful life is indefinite the cost of the asset is not amortized, but the value at which it is initially recognized is tested for impairment on a regular basis.
At annual and interim reporting dates, the recoverable value of the asset is estimated if there is evidence of impairment.78 The impairment is recognized in the profit and loss account as the difference between the carrying amount and the recoverable value of the asset concerned.
For further details, please refer to the information provided in Section 10 \u2013 Intangible assets \u2013 Item 100.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page365-cflshid_129119-tag470213": {
"value": "7 - Intangible assets
These chiefly comprise goodwill, long-term computer software applications and other intangible assets deriving from business combinations subject to IFRS3.
Goodwill may be recognized where this is representative of the investee company\u2019s ability to generate future income. At each reporting date, goodwill recorded as an asset is tested for impairment.77 Any reduction in value due to impairment is calculated as
77 Mediobanca and its subsidiaries have adopted a policy for the impairment testing process in line with the provisions of Organismo Italiano di Valutazione (OIV), Impairment test dell\u2019avviamento in contesti di crisi finanziaria Other intangible assets are measured at cost, adjusted to reflect ancillary charges only where it is likely that future earnings will derive from the asset and the cost of the asset itself may be reliably determined, after any accumulated impairment losses. Otherwise, the cost of the intangible asset is booked through the profit and loss account in the year in which the expense was incurred.
The cost of intangible assets is amortized on a straight-line basis over the useful life of the related asset, verified on an annual basis if necessary. If its useful life is indefinite the cost of the asset is not amortized, but the value at which it is initially recognized is tested for impairment on a regular basis.
At annual and interim reporting dates, the recoverable value of the asset is estimated if there is evidence of impairment.78 The impairment is recognized in the profit and loss account as the difference between the carrying amount and the recoverable value of the asset concerned.
For further details, please refer to the information provided in Section 10 \u2013 Intangible assets \u2013 Item 100.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page365-cflshid_129119-tag470212": {
"value": "7 - Intangible assets
These chiefly comprise goodwill, long-term computer software applications and other intangible assets deriving from business combinations subject to IFRS3.
Goodwill may be recognized where this is representative of the investee company\u2019s ability to generate future income. At each reporting date, goodwill recorded as an asset is tested for impairment.77 Any reduction in value due to impairment is calculated as
77 Mediobanca and its subsidiaries have adopted a policy for the impairment testing process in line with the provisions of Organismo Italiano di Valutazione (OIV), Impairment test dell\u2019avviamento in contesti di crisi finanziaria Other intangible assets are measured at cost, adjusted to reflect ancillary charges only where it is likely that future earnings will derive from the asset and the cost of the asset itself may be reliably determined, after any accumulated impairment losses. Otherwise, the cost of the intangible asset is booked through the profit and loss account in the year in which the expense was incurred.
The cost of intangible assets is amortized on a straight-line basis over the useful life of the related asset, verified on an annual basis if necessary. If its useful life is indefinite the cost of the asset is not amortized, but the value at which it is initially recognized is tested for impairment on a regular basis.
At annual and interim reporting dates, the recoverable value of the asset is estimated if there is evidence of impairment.78 The impairment is recognized in the profit and loss account as the difference between the carrying amount and the recoverable value of the asset concerned.
For further details, please refer to the information provided in Section 10 \u2013 Intangible assets \u2013 Item 100.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page366-cflshid_129467-tag470183": {
"value": "8 - Non-current assets and asset groups as held for sale (IFRS5)
Under assets heading \u201cNon-current assets and asset groups as held for sale\u201d and under liability heading \u201cLiabilities associated with assets held for sale\u201d the Group classifies non-current assets or groups of assets/liabilities whose booking value will be
presumably recovered by mean of a sale process. To be classified in this heading, assets or liabilities (or disposal groups) should be readily available for sale and selling plans should be identified, which are active and realistic in a way that their completion is considered highly probable. After the classification in the identified heading, these assets are valued at the lower of the booking value and the fair value after costs to sell, with the exception of some categories of assets (i.e. assets falling under the scope of standard IFRS9) for which IFRS5 requires specifically that the valuation provisions of the applicable standard should be used. In case of held-for-sale assets to be still depreciated, this process ends when assets are classified in the mentioned heading.In case of discontinued operations, i.e. the sale of operating assets relating to an important business sector or geographical area, the standard requires gains and losses related thereto to be grouped together, after any tax effect, in the profit and loss heading \u201c320. Gains (losses) of discontinued operating assets, after tax\u201d.
If the fair value of assets and liabilities held for sale, after costs to sell, is lower than their book value, a write-off will be calculated and booked through profit or loss.
Non-current assets held for sale and disposal groups are derecognized from the balance sheet when the sale occurs.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page366-cflshid_129467-tag470182": {
"value": "8 - Non-current assets and asset groups as held for sale (IFRS5)
Under assets heading \u201cNon-current assets and asset groups as held for sale\u201d and under liability heading \u201cLiabilities associated with assets held for sale\u201d the Group classifies non-current assets or groups of assets/liabilities whose booking value will be
presumably recovered by mean of a sale process. To be classified in this heading, assets or liabilities (or disposal groups) should be readily available for sale and selling plans should be identified, which are active and realistic in a way that their completion is considered highly probable. After the classification in the identified heading, these assets are valued at the lower of the booking value and the fair value after costs to sell, with the exception of some categories of assets (i.e. assets falling under the scope of standard IFRS9) for which IFRS5 requires specifically that the valuation provisions of the applicable standard should be used. In case of held-for-sale assets to be still depreciated, this process ends when assets are classified in the mentioned heading.In case of discontinued operations, i.e. the sale of operating assets relating to an important business sector or geographical area, the standard requires gains and losses related thereto to be grouped together, after any tax effect, in the profit and loss heading \u201c320. Gains (losses) of discontinued operating assets, after tax\u201d.
If the fair value of assets and liabilities held for sale, after costs to sell, is lower than their book value, a write-off will be calculated and booked through profit or loss.
Non-current assets held for sale and disposal groups are derecognized from the balance sheet when the sale occurs.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page366-cflshid_129467-tag470181": {
"value": "8 - Non-current assets and asset groups as held for sale (IFRS5)
Under assets heading \u201cNon-current assets and asset groups as held for sale\u201d and under liability heading \u201cLiabilities associated with assets held for sale\u201d the Group classifies non-current assets or groups of assets/liabilities whose booking value will be
presumably recovered by mean of a sale process. To be classified in this heading, assets or liabilities (or disposal groups) should be readily available for sale and selling plans should be identified, which are active and realistic in a way that their completion is considered highly probable. After the classification in the identified heading, these assets are valued at the lower of the booking value and the fair value after costs to sell, with the exception of some categories of assets (i.e. assets falling under the scope of standard IFRS9) for which IFRS5 requires specifically that the valuation provisions of the applicable standard should be used. In case of held-for-sale assets to be still depreciated, this process ends when assets are classified in the mentioned heading.In case of discontinued operations, i.e. the sale of operating assets relating to an important business sector or geographical area, the standard requires gains and losses related thereto to be grouped together, after any tax effect, in the profit and loss heading \u201c320. Gains (losses) of discontinued operating assets, after tax\u201d.
If the fair value of assets and liabilities held for sale, after costs to sell, is lower than their book value, a write-off will be calculated and booked through profit or loss.
Non-current assets held for sale and disposal groups are derecognized from the balance sheet when the sale occurs.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page367-cflshid_129945-tag470220": {
"value": "9 - Tax assets and liabilities
Income taxes are recorded through the profit and loss account, with the exception of tax payable on items debited or credited directly to net equity. Provisions for income tax are calculated on the basis of current, advance and deferred obligations. In particular, prepaid and deferred taxes are calculated on the basis of temporary differences \u2013 without time limits \u2013 between the value attributed to an asset or liability according to (Italian) statutory regulations and the corresponding values used for tax purposes.
Advance tax assets are recognized in the balance sheet based on the likelihood of their being recovered.
Deferred tax liabilities are recognized with the exception of tax-suspended reserves, if the size of available reserves previously subjected to taxation is such that it may be reasonably assumed that no transactions will be carried out on the Group\u2019s own initiative that might lead to their being taxed.
Deferred taxes arising upon business combinations are recognized when this is likely to result in an actual charge for one of the consolidated companies.
Tax assets and liabilities are adjusted as and when changes occur in the regulatory framework or in applicable tax rates, inter alia to cover charges that might arise in connection with inspections by or disputes with the tax revenue authorities.
Contributions to Deposits Guarantee Schemes and resolution funds are accounted for according to IFRIC21.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page367-cflshid_129945-tag470219": {
"value": "9 - Tax assets and liabilities
Income taxes are recorded through the profit and loss account, with the exception of tax payable on items debited or credited directly to net equity. Provisions for income tax are calculated on the basis of current, advance and deferred obligations. In particular, prepaid and deferred taxes are calculated on the basis of temporary differences \u2013 without time limits \u2013 between the value attributed to an asset or liability according to (Italian) statutory regulations and the corresponding values used for tax purposes.
Advance tax assets are recognized in the balance sheet based on the likelihood of their being recovered.
Deferred tax liabilities are recognized with the exception of tax-suspended reserves, if the size of available reserves previously subjected to taxation is such that it may be reasonably assumed that no transactions will be carried out on the Group\u2019s own initiative that might lead to their being taxedDeferred taxes arising upon business combinations are recognized when this is likely to result in an actual charge for one of the consolidated companies.
Tax assets and liabilities are adjusted as and when changes occur in the regulatory framework or in applicable tax rates, inter alia to cover charges that might arise in connection with inspections by or disputes with the tax revenue authorities.
Contributions to Deposits Guarantee Schemes and resolution funds are accounted for according to IFRIC21.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page368-cflshid_130296-tag470109": {
"value": "10 - Provisions for risks and charges
These regard risks linked to loan commitments and guarantees issued, and to Mediobanca and its subsiriaries\u2019 operations which could lead to expenses in the future as well as post-retirement plan provisions (see below).
In the first case (provisions for risks and charges to cover commitments and guarantees issued), the amounts set aside are quantified in accordance with the rules on impairment of financial assets measured at amortized cost.
In the other cases the rules of IAS37 apply, i.e. the potential charge must be estimated reliably; if the time effect is material, provisions are discounted using current market rates; and the provision is recognized in the profit and loss account.
Provisions are reviewed on a regular basis, and where the charges that gave rise to them are deemed unlikely to crystallize, the amounts involved are written back to the profit and loss account in part or in full.
Withdrawals are only made from provisions to cover the expenses for which the provision was originally set aside.
As set forth in para. 92 of IAS37, no precise indication has been given of any contingent liabilities where this could compromise the company in any way.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page368-cflshid_130296-tag470108": {
"value": "10 - Provisions for risks and charges
These regard risks linked to loan commitments and guarantees issued, and to Mediobanca and its subsiriaries\u2019 operations which could lead to expenses in the future as well as post-retirement plan provisions (see below).
In the first case (provisions for risks and charges to cover commitments and guarantees issued), the amounts set aside are quantified in accordance with the rules on impairment of financial assets measured at amortized cost.
In the other cases the rules of IAS37 apply, i.e. the potential charge must be estimated reliably; if the time effect is material, provisions are discounted using current market rates; and the provision is recognized in the profit and loss account.
Provisions are reviewed on a regular basis, and where the charges that gave rise to them are deemed unlikely to crystallize, the amounts involved are written back to the profit and loss account in part or in full.
Withdrawals are only made from provisions to cover the expenses for which the provision was originally set aside.
As set forth in para. 92 of IAS37, no precise indication has been given of any contingent liabilities where this could compromise the company in any way.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page368-cflshid_130296-tag470107": {
"value": "10 - Provisions for risks and charges
These regard risks linked to loan commitments and guarantees issued, and to Mediobanca and its subsiriaries\u2019 operations which could lead to expenses in the future as well as post-retirement plan provisions (see below).
In the first case (provisions for risks and charges to cover commitments and guarantees issued), the amounts set aside are quantified in accordance with the rules on impairment of financial assets measured at amortized cost.
In the other cases the rules of IAS37 apply, i.e. the potential charge must be estimated reliably; if the time effect is material, provisions are discounted using current market rates; and the provision is recognized in the profit and loss account.
Provisions are reviewed on a regular basis, and where the charges that gave rise to them are deemed unlikely to crystallize, the amounts involved are written back to the profit and loss account in part or in full.
Withdrawals are only made from provisions to cover the expenses for which the provision was originally set aside.
As set forth in para. 92 of IAS37, no precise indication has been given of any contingent liabilities where this could compromise the company in any way.
SECTION 2Prudential consolidation risk105
1.1 CREDIT RISK
QUALITATIVE INFORMATION
Although risk management is the responsibility of each individual business unit, the Risk Management Unit presides over the functioning of the Group\u2019s risk system, defining the appropriate global methodologies for measuring risks, current and future, in conformity with the regulatory requirements and the Group\u2019s own operating choices identified as part of the Risk Appetite Framework (RAF), monitoring risks, and ascertaining that the various limits established for the various business lines are complied with.
Risk Management is organized through local units at the premises of various subsidiaries respecting the principle of proportionality. Such local units are actively coordinated by Mediobanca's Risk Management unit. The Group Risk Management unit, which reports directly to the CEO under the supervision of the Group Chief Risk Officer, is comprised of the following organizational units: i) Risk Integration, responsible for overseeing the Group\u2019s capital and liquidity adequacy, coordinating the cross-divisional ICAAP and ILAAP processes and implementing an ongoing management system within the risk management framework, particularly the RAF. The unit also monitors IRRBB and CSRBB risks and oversees the Resolution Plan; ii) Credit Risk Management, responsible for the general orientation and governance of credit risk, ensures the development and supervision of credit risk measurement methodologies, defines management frameworks and processes (granting, monitoring, classification and evaluation) and monitors the performance of the credit portfolio; iii) Credit Analysis, which is responsible for carrying out credit risk analysis, assigning internal ratings to counterparties and measuring the loss given default parameter; iv) Market Risk Management, which is responsible for monitoring market and counterparty risks and validating fair value methodologies; v) Non-Financial Risk Management, responsible for managing operational and fraud risks, risks related to the distribution of investment products and services to customers, IT and cyber security risks, as well as outsourcing risks; vi) Internal Validation & Control, which defines the methodologies, processes, tools, and reports used in internal validation activities, validates the Group\u2019s risk measurement systems, and defines and carries
105 Compass RE, Compass Rent, MBContact Solutions, CMG Monaco SAM, Quarzo S.r.l., MBUSA, MB Immobiliere, Spafid Trust, Compass Link, Arma Deutschland Gmbh, and SPV Project 2224 S.r.l. were excluded from the scope of prudential consolidation. Please see Section 1 - Consolidated Accounting Risks in this Part E.
out control activities on the Parent Company\u2019s main credit processes; vii) Risk Coordination, which supports the Chief Risk Officer and the Risk unit in their relationships with Senior Management and corporate bodies, as well as with the risk management units of Group companies; plans and monitors risk management projects and issues involving various specialized units and defines the framework for managing ESG impacts across various risk verticals.With regard to the authorization process for the use of internal models for the calculation of regulatory capital requirements due to credit risk, please refer to paragraph \u201cE. Prudential consolidation \u2013 credit risk measurement models\u201d.
2. Credit risk management policies2.1 Organizational aspects
Mediobanca has put in place a risk governance and control system which is structured across a variety of organizational units involved in the process, with a view to ensuring that all relevant risks to which the Group is or might be exposed are managed effectively, and at the same time guarantee that all forms of operations are consistent with their own risk appetite.
The Board of Directors, in view of its role of strategic supervision within the framework of management and coordination activities to be performed by the holding company Banca Monte dei Paschi di Siena, is responsible for approving strategic guidelines and directions of the risk appetite framework (RAF), the adoption of Internal Rating Systems (IRB), business and financial plans, budgets, and risk management and internal control policies.
The Risk and Sustainability Committee assists the Board of Directors in performing monitoring and investigation duties in respect of internal controls, risk management (including climate-related and environmental risks), accounting IT infrastructure, and sustainability topics. The Statutory Audit Committee supervises the risk management and control system as defined by the RAF and the internal controls system, assessing the effectiveness of the structures and units involved in the process and coordinating them.
As part of Mediobanca\u2019s risk governance system, the following managerial committees have specific responsibilities in the processes of taking, managing, measuring and controlling risks: Group Risk Management Committee, responsible for issuing guidance in respect of all risks (not including the risk of conduct); Credit and Market Committee, with decision-making powers over credit, counterparty and market risks; New Operations Committee, for the preventive evaluation of new activities and approval of the entry into new sectors, new products and related pricing models.
2.2 Management, measurement and control systemsIn the process of defining its Risk Appetite Framework (\u201cRAF\u201d), Mediobanca has determined the level of risk (overall and by individual type) which it intends to assume in order to pursue its own strategic objectives, and has identified the metrics to monitor and the relevant tolerance thresholds and risk limits. The RAF is the framework which links risks to the company\u2019s strategy (translating mission and strategy into qualitative and quantitative risk variables) and risk objectives for the company\u2019s operations (translating risk objectives into limits and incentives for each area).
As required by the prudential regulations, the formalization of risk objectives, through definition of the RAF, which are consistent with the maximum risk that can be taken, the business model and strategic guidance is a key factor in establishing a risk governance policy and internal controls system with the objective of enhancing the bank\u2019s capability in terms of governing its own company risks, and also ensuring sustainable growth over the medium and long term. In this connection, the Group has developed a Risk Appetite Framework governance model which identifies the roles and responsibilities of the Corporate Bodies and units involved, with co-ordination mechanisms instituted to ensure the risk appetite is suitably incorporated into the management processes.
In the process of defining its Risk Appetite, the Parent Company:
\u23afidentifies the risks which it is willing to assume;
\u23afdefines, for each risk, the objectives and limits in normal and stressed conditions;
\u23afidentifies the action necessary to bring the risk back within the set objective.
To define the RAF, based on the strategic positioning and risk profile set by the Group as its objective, the Risk Appetite statement is structured into metrics and risk thresholds, to be identified with reference to the following framework risk pillars, in line with best international practice: capital adequacy, liquidity profile adequacy, profitability, credit risk and asset quality, market risks, interest rate risk on the banking book and non-financial risks. The Board of Directors has a proactive role in defining the RAF, guaranteeing that the expected risk profile is consistent with the Strategic Plan, budget, ICAAP and Recovery Plan, and structured into adequate and effective metrics and limits. For each pillar analysed, the risk assumed is set against a system of objectives and limits representative of the regulatory restrictions and the Group\u2019s general attitude towards risk, as defined in accordance with the strategic
planning, the internal capital adequacy assessment process (ICAAP), the internal liquidity adequacy assessment (ILAAP) and risk management processes.In addition to identifying and setting the risk appetite parameters, the Bank also governs the mechanisms regulating the governance and processes for establishing and implementing the RAF, in terms of updating/reviewing, monitoring, and reporting to the Committees and Corporate Bodies. Based on its operations and the markets in which it operates, the Group has identified the relevant risks to be submitted to specific assessment in the course of the reporting for the ICAAP (Internal Capital Adequacy Assessment Process),106 appraising its own capital adequacy from both a present and future perspective which takes into account the strategies and development of the reference scenario. As required by the provisions of the Capital Requirements Directive IV (\u201cCRD IV\u201d), the Group prepares an Internal Liquidity Adequacy Assessment Process document (ILAAP), describing the set of policies, processes and instruments put in place to govern liquidity and funding risks. The Group\u2019s objective is to maintain a level of liquidity that enables it to meet ordinary and extraordinary payment obligations, while minimizing costs at the same time. The Group\u2019s liquidity management strategy is based on the desire to maintain an appropriate balance between potential inflows and potential outflows, in the short and the medium/long term, by monitoring both regulatory and management metrics, in accordance with the risk profile defined as part of the RAF.
2.4 Credit risk mitigation techniquesMediobanca and its subsidiaries have put in place a system for managing credit risk mitigation techniques, which covers the entire process of obtaining, assessing, supervising and implementing the mitigation instruments in use. The requirements for eligibility of collateral and guarantees are set out in Regulation (EU) 575/2013 of the European Parliament and of the Council as amended (the \u201cCRR\u201d). The Group has also compiled specific criteria by which collateral not recognized for regulatory purposes may in any case be recognized at the operating level as effective to mitigate credit risk.
The use of financial instruments or of moveable and immoveable assets as collateral and of personal guarantees is widespread in lending activity. Specifically:
\u23afmortgage guarantees: when mortgages are taken out, valuations are required from independent experts; specific procedures are also in place to calculate the fair value of the asset and monitor it at regular intervals, based on market indicators furnished by external information providers; further valuations are also required in cases where significant departures are noted from the most recent valuation available;
\u23afpledges: pledges are valued according to the market value for listed financial instruments, or on the basis of their expected realizable value; prudential haircuts are then applied to the values thus calculated which differ according to the financial instruments over which the pledge has been made.
Risk mitigation policies have been adopted by entering into netting and collateral agreements, verifying whether the agreements are legally valid and meet the regulatory criteria to be recognized for prudential purposes.
Credit Risk Mitigation activities are governed by specific Directives issued by Mediobanca and its subsidiary companies concerned. The specific nature of the products originated by the individual businesses and the forms of collateral securing them, as well as the different organizational models necessarily adopted by the various Group Legal Entities, means that different CRM processes must coexist. In particular, the phases of obtaining the collateral, checking, reporting and assessing its eligibility may be performed by different units. However, the role of Risk Management unit in setting eligibility criteria for regulatory and management purposes remains central, and the Mediobanca Risk Management unit is responsible for supervising overall consistency in this area. Controls of the mitigation instruments are included in the general risk control and management framework.
particular, the situations most at risk have been identified, and for \u201cLombard\u201d credit in particular work has begun quickly on restoring the collateral margins typically associated with this form of credit. The overall exposure reflects portfolio diversification to provide guarantee and the haircuts applied when measuring the value ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory",
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}
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"v1-page368-cflshid_130296-tag470106": {
"value": "10 - Provisions for risks and charges
These regard risks linked to loan commitments and guarantees issued, and to Mediobanca and its subsiriaries\u2019 operations which could lead to expenses in the future as well as post-retirement plan provisions (see below).
In the first case (provisions for risks and charges to cover commitments and guarantees issued), the amounts set aside are quantified in accordance with the rules on impairment of financial assets measured at amortized cost.
In the other cases the rules of IAS37 apply, i.e. the potential charge must be estimated reliably; if the time effect is material, provisions are discounted using current market rates; and the provision is recognized in the profit and loss account.
Provisions are reviewed on a regular basis, and where the charges that gave rise to them are deemed unlikely to crystallize, the amounts involved are written back to the profit and loss account in part or in full.
Withdrawals are only made from provisions to cover the expenses for which the provision was originally set aside.
As set forth in para. 92 of IAS37, no precise indication has been given of any contingent liabilities where this could compromise the company in any way.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
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},
"v1-page368-cflshid_130296-tag470105": {
"value": "10 - Provisions for risks and charges
These regard risks linked to loan commitments and guarantees issued, and to Mediobanca and its subsiriaries\u2019 operations which could lead to expenses in the future as well as post-retirement plan provisions (see below).
In the first case (provisions for risks and charges to cover commitments and guarantees issued), the amounts set aside are quantified in accordance with the rules on impairment of financial assets measured at amortized cost.
In the other cases the rules of IAS37 apply, i.e. the potential charge must be estimated reliably; if the time effect is material, provisions are discounted using current market rates; and the provision is recognized in the profit and loss account.
Provisions are reviewed on a regular basis, and where the charges that gave rise to them are deemed unlikely to crystallize, the amounts involved are written back to the profit and loss account in part or in full.
Withdrawals are only made from provisions to cover the expenses for which the provision was originally set aside.
As set forth in para. 92 of IAS37, no precise indication has been given of any contingent liabilities where this could compromise the company in any way.
10.1 Provisions for risks and charges: breakdown
| Items/Components | 31 December 2025 | 30 June 2025 |
| 1. | Provisions for credit risk related to commitments and financial guarantees issued | 20,188 | 19,171 |
| 2. | Provisions for other commitments and other guarantees issued | \u2014 | 583 |
| 3. | Company retirement plans (1) | 182 | 241 |
| 4. | Other provisions for risks and charges | 99,999 | 94,602 |
| 4.1 | legal and tax disputes | 49,304 | 19,511 |
| 4.2 | personnel expenses | 11,012 | 6,818 |
| 4.3 | other | 39,683 | 68,273 |
| Total | 120,369 | 114.597 |
| Provisions for other commitments and other guarantees issued | Retirement plans | Other provisions for risks and charges: Personnel expenses | Other provisions for risks and charges:Other | Total |
| A. Balance at start of period | 583 | 241 | 6,818 | 87,784 | 95,426 |
| B. Increases | \u2014 | 553 | 5,446 | 18,492 | 24,491 |
| B.1 Provisions for the year | \u2014 | 431 | 4,976 | 14,684 | 20,091 |
| B.2 Changes due to the passage of time | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.3 Changes due to discount rate differences | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Other changes | \u2014 | 122 | 470 | 3,808 | 4,400 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Decreases | 583 | 612 | 1,252 | 17,289 | 19,736 |
| C.1 Uses for the year | 583 | \u2014 | 1,252 | 14,437 | 16,272 |
| C.2 Changes due to discount rate differences | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.3 Other changes | \u2014 | 612 | \u2014 | 2,852 | 3,464 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| D. Balance at end of period | \u2014 | 182 | 11,012 | 88,987 | 100,181 |
1.5 OPERATIONAL RISKDefinition
Operational risk is the risk of incurring losses as a result of the inadequacy or malfunctioning of procedures and IT systems, human error or external events.
Capital requirement
Starting in March 2025, Mediobanca adopted the new approach to the capital requirement to hedge against operational risks as set forth in CRR3 (EU Regulation 2024/1623). The Standardized Approach (SA), mandatory for all banks, requires the capital requirement to be based on a Business Indicator Component (BIC), calculated as the product of the Business Indicator (BI) and a progressive beta coefficient according to the BI amount. Specifically, Business Indicator (BI) is the sum of interest, including leasing income, and dividends (ILDC), service component (SC), and financial component (FC). Based on this method of calculation, the capital requirement as at 31 December 2025 was equal to \u20ac458.1m (\u20ac443.4m as at 30 June 2025). Risk mitigation
The Group\u2019s Non-Financial Risks Committee, with the task of guiding, monitoring and mitigating non-financial risks (including IT & security risk, fraud risk, third-party/outsourcing risk, reputation risk) and the Conduct Committee, with the task of guiding, supervising and making decisions on the Group\u2019s conduct risks, operate within the scope of risk management.
Operational risks are supervised, at the level of Parent Company and main subsidiary companies, by the Non-Financial Risk Management unit.
The start of the Non-Financial Risk Management framework made it possible to develop and strengthen specific safeguards for each risk class (such as IT & Cyber risk, third-party risk, fraud risk and reputation risk), while providing an overview of the risks themselves. Risk identification processes have been defined and implemented, including through the collection and analysis of loss data, their evaluation and estimation through targeted assessments, constant monitoring through
Key Risk Indicators, as well as the definition and assignment of risk mitigation actions and/or transfers to the relevant units through insurance coverage.The operating losses recorded during the second half of 2025 impacted the total revenues by approximately 0.41% (steady with respect to the previous year).
With regard to the different classes of operational risk, Mediobanca and its subsidiaries\u2019 percentage composition of the various Basel II event types is shown below.
| | % of Total Loss |
| Event Type | 31 December 2025 | 30 June 2025 |
| Clients, products and business practices | 52% | 44% |
| Execution, delivery and process management | 15% | 39% |
| External fraud | 15% | 13% |
| Employment practices and workplace safety | 14% | 4% |
| Other | 3% | 1% |
Most of the Group\u2019s operating losses arose from the Event Type \u201cClients, products and business practices\u201d, which includes costs arising from disputes or litigation with individual customers (Consumer Finance and Wealth Management Business Lines). The second category of losses in terms of amount, \u201cExecution, delivery and process management\u201d, includes litigation provisions and expenses of the CIB Business Line. The \u201cEmployment practices and workplace safety\u201d category includes disputes with current and former employees. The \u201cExternal Fraud\u201d category includes losses resulting from fraud on personal and finalized loans (Consumer Finance).
Losses from operational risks were greater in Consumer Finance and Wealth Management. In terms of potential risks, despite an adequate system of controls, businesses characterized by non-standard and large-scale transactions, such as Corporate and Investment Banking and partly Wealth Management, were subject to \u2018low frequency and high severity\u2019 events.
ICT and Security RiskICT and Security risks, characterized by rapidly evolving components, are potentially relevant for the Group\u2019s financial position and business model in the medium term.
As part of the Non-Financial Risk Management unit, the ICT and Security Risk Unit is responsible for monitoring and controlling ICT and security risks, as well as verifying compliance of IT operations with the IT and security risk management system. During the financial year under review, compliance with the DORA regulation entailed a review of the internal regulatory framework regarding ICT and Third Parties and strengthening/developing numerous processes, as well as developing a broad set of risk indicators for monitoring and reporting purposes to corporate bodies.
Security risk (including cyber risk) is understood as the risk of incurring financial, reputation and market share losses due to:
\u2015any unauthorized access or attempted access to Mediobanca and its subsidiaries\u2019 IT system or to the data and digital information contained therein;
\u2015any (malicious or involuntary) event fostered or caused by the use of, or connected to, technology that has or could have an adverse impact on the integrity, availability, confidentiality and/or authenticity of company data and information, or on the continuity of corporate processes;
\u2015improper use and/or dissemination of data and information, including if not directly produced and managed by Mediobanca and its subsidiaries.
IT or technological risk is understood as the risk of incurring financial loss, reputation damage and market share loss in relation to the incorrect use of ICT processes supporting maintenance and management of the company\u2019s information system or in connection with malfunctions in the hardware, software or technical components.
These risks, which did not generate significant phenomena for the Mediobanca and its subsidiaries during the financial year under review, are affected, in terms of exposure, by increases in:
\u2015dependence on IT systems;
",
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"value": "11 - Financial liabilities measured at amortized cost
These include the items Due to banks, Due to customers and Debt securities in issue less any amounts bought back. The heading also includes payables in respect of
finance lease transactions, whose valuation and classification rules are governed by IFRS16 and which are subject to the impairment rules under IFRS9. For a description of the rules for valuing and classifying lease receivables, see the relevant section.Initial recognition takes place when funds raised are collected or debt securities are issued, and occurs at fair value, which is equal to the amount collected after transaction costs incurred directly in connection with the liability concerned. After initial recognition, liabilities are measured at amortized cost on the basis of the original effective interest rate, with the exception of short-term liabilities which will continue to be stated at the original amount collected.
Derivatives embedded in structured debt instruments are stripped out from the underlying contract and recognized at fair value when they are not closely correlated to the host instrument. Subsequent changes in fair value are recognized through the profit and loss account.
Financial liabilities are derecognized upon expiry or repayment, even if buybacks of previously issued bonds are involved. The difference between the liabilities\u2019 carrying value and the amount paid to repurchase them is recognized through the profit and loss account.
The sale of treasury shares over the market following a buyback (even in the form of repos and securities lending transactions) is treated as a new issue. The new sale price is recorded as a liability without passing through the profit and loss account.
",
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},
"v1-page368-cflshid_130296-tag470110": {
"value": "11 - Financial liabilities measured at amortized cost
These include the items Due to banks, Due to customers and Debt securities in issue less any amounts bought back. The heading also includes payables in respect of
finance lease transactions, whose valuation and classification rules are governed by IFRS16 and which are subject to the impairment rules under IFRS9. For a description of the rules for valuing and classifying lease receivables, see the relevant section.Initial recognition takes place when funds raised are collected or debt securities are issued, and occurs at fair value, which is equal to the amount collected after transaction costs incurred directly in connection with the liability concerned. After initial recognition, liabilities are measured at amortized cost on the basis of the original effective interest rate, with the exception of short-term liabilities which will continue to be stated at the original amount collected.
Derivatives embedded in structured debt instruments are stripped out from the underlying contract and recognized at fair value when they are not closely correlated to the host instrument. Subsequent changes in fair value are recognized through the profit and loss account.
Financial liabilities are derecognized upon expiry or repayment, even if buybacks of previously issued bonds are involved. The difference between the liabilities\u2019 carrying value and the amount paid to repurchase them is recognized through the profit and loss account.
The sale of treasury shares over the market following a buyback (even in the form of repos and securities lending transactions) is treated as a new issue. The new sale price is recorded as a liability without passing through the profit and loss account.
12 - Trading liabilities
This item includes the negative value of trading derivatives and any derivatives embedded in complex instruments. Liabilities for technical overdrafts connected to securities trading activities as well as the negative value of syndicated loan underwriting commitments are also included. All trading liabilities are measured at fair value and changes are taken through the profit and loss account.
13 - Financial liabilities designated at fair value
These include the value of financial liabilities designated at fair value through profit or loss, on the basis of the option granted to companies (referred to as \u201cfair value option\u201d) by IFRS9 and in compliance with the cases provided for by such legislation.
Such liabilities are measured at fair value, accounting for earnings according to the following rules laid down in IFRS9:
\u2015 changes in fair value attributable to changes in one\u2019s credit quality must be recognized in the Statement of Other Comprehensive Income (Net Equity);
\u2015 other changes in fair value must be recognized through Profit or Loss;
\u2015 amounts stated in Other Comprehensive Income will not flow through profit or loss.
This method cannot be adopted, however, if the recognition of the effects of the issuer\u2019s own credit quality in Net Equity generates or accentuates an accounting mismatch in profit and loss. In such cases, the profits or losses related to the liability, including those caused as the effect of the change in the issuer\u2019s credit quality, must be measured through profit or loss.79
In compliance with the provisions of IFRS9, the correlation between assets and liabilities is monitored on an ongoing basis.
16 - Other Information
Financial liabilities measured at present value of redemption amount
These consist of financial liabilities originating from agreements to buy out minorities in connection with acquisitions of controlling interests. These items, accounted for in heading \u201c80. Other liabilities\u201d of balance sheet, must be recognized at the present value of the redemption amount.
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"v1-page370-cflshid_130828-tag470111": {
"value": "14 - Foreign currency transactions
Transactions in foreign currencies are recorded by applying the exchange rates as at the date of the transaction to the amount in the foreign currency concerned.
Assets and liabilities denominated in currencies other than the Euro are translated into Euros using exchange rates prevailing at the reference dates. Differences on cash items due to translation are recorded through the profit and loss account, whereas those on non-cash items are recorded according to the valuation criteria used in respect of the category they belong to (i.e. at cost, through profit or loss or on an equity basis).
The assets and liabilities of non-Italian entities consolidated on a line-by-line basis have been converted at the exchange rate prevailing at the reporting date, whereas the profit-and-loss items have been converted using the average of the average monthly exchange rate readings for the period; any differences emerging after the conversion are recognized among the Net Equity valuation reserves.
",
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"language": "en",
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},
"v1-page373-cflshid_131517-tag470112": {
"value": "Derecognition of assets
A financial asset must be derecognized from the balance sheet if, and only if, the contractual rights to the cash flows deriving from it have expired, or if the asset has been transferred in accordance with the circumstances permitted under IFRS9. In such cases Mediobanca checks if the contractual rights to receive the cash flows in respect of the asset have been transferred, or if they have been maintained while a contractual obligation to pay the cash flows to one or more beneficiaries exists. It is necessary to check that all risks and benefits have been substantially transferred, and any right or obligation originated or maintained as a result of the transfer is recorded separately as an asset or liability where appropriate. If Mediobanca retains virtually all risks and benefits, the financial asset must continue to be recorded.
If Mediobanca has neither transferred nor maintained all risks and benefits, but at the same time has retained control of the financial asset, this continues to be recognized up to the residual interest retained in that asset.
The main forms of activity currently carried out by Mediobanca and its subsidiaries which do not require underlying assets to be derecognized are the securitization of receivables, repo trading and securities lending. Conversely, items received as part of deposit bank activity, the return on which is collected in the form of a commission, are not recorded, as the related risks and benefits accrue entirely to the end-investor.
When a financial asset measured at amortized cost is renegotiated, Mediobanca derecognize it only if the renegotiation entails a change of such magnitude that the initial instrument effectively becomes a new one. In such cases, the difference between the original instrument\u2019s carrying value and the fair value of the new instrument is measured through profit or loss, taking due account of any previous write-downs. The new instrument is classified as Stage 1 for the purpose of calculating the expected loss
(save in cases where the new instrument is classified as a POCI).In cases where the renegotiation does not result in substantially different cash flows, Mediobanca does not derecognize the instrument, but the difference between the original carrying value and the estimated cash flows discounted using the original internal rate of return must be measured through profit or loss (taking due account of any provisions already set aside to cover it).
",
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},
"v1-page376-cflshid_132357-tag470114": {
"value": "Provisions for statutory end-of-service payments and post-retirement schemes
Provisions for statutory end-of-service payment qualify as a defined-contribution retirement plan for units accruing from 1 January 2007 (the date on which the reform of supplemental retirement plans came into force under Legislative Decree No. 252 of 5 December 2005), for cases where the employee opts into a supplemental retirement plan, and also for cases where contributions are paid into the treasury fund held with Istituto Nazionale di Previdenza Sociale (INPS, Italian national social security institution). For such payments, the amount accounted for under labour costs is determined on the basis of the contributions due without using actuarial calculation methods.
Provision for statutory end-of-service payment accrued up to 1 January 2007 qualify as defined benefit retirement plans, and as such will be recorded depending on the actuarial value calculated in line with the projected unit method. Therefore, future payments will be estimated based on past statistical analyses (for example turnover and retirements) and on the demographic curve; these flows will then be discounted according to a market interest rate that takes the market yield of bonds of leading companies as a benchmark taking into account the average residual duration of the liability weighted on the basis of the percentage of the amount paid or advanced for each maturity with respect to the total amount to be paid or advanced until the final settlement of the entire obligation.
Post-retirement plan provisions have been set aside under company agreements and also qualify as defined benefit plans. In this case, the current value of the liability is adjusted by the fair value of any assets to be used under the terms of such plan.
Actuarial gains and/or losses are recorded in the Other Comprehensive Income statement, while the interest component is recognized in the profit and loss account.
Stock Options, Performance Shares and Long-Term IncentivesStock option, performance share and long-term incentive (LTI) schemes operated on behalf of Group staff members and collaborators are treated as a component of labour costs.
Schemes which involve payment through the award of shares are measured through profit or loss, with a corresponding increase in net equity, based on the fair value of the financial instruments allocated at the award date, thus spreading the cost of the scheme throughout the period of time in which the requirements in terms of service have been met and the performance targets, if any, have been achieved.
The overall cost of the scheme is recorded in each financial year up to the date on which the plan vests, so as to reflect the best possible estimate of the number of shares that will actually vest. Requirements in terms of service and performance targets are not considered in determining the fair value of the instruments awarded, but the probability of such targets being reached is estimated by Mediobanca and this is factored into the decision as to the number of instruments that will vest. Conversely, market conditions will be included in establishing the fair value, whereas conditions unrelated to the requirements in terms of service are considered \u201cnon-vesting conditions\u201d and are reflected in the fair value established for the instruments, and result in the full cost of the scheme being recorded in the income statement immediately in the event that no service requirement and/or performance conditions have been met.
In the event of performance or service conditions not being met and the benefit failing to be allocated as a result, the cost of the scheme is written back. However, if any market conditions fail to be reached, the cost must be recorded in full if the other conditions have been met.
In the event of changes to the scheme, the minimum cost to be recorded is the fair value at the scheme award date prior to the change, if the original conditions for vesting have been met. An additional cost, established at the date on which the change is made to the scheme, must be recorded if the change has entailed an increase in the overall fair value of the scheme for the beneficiary.
For schemes which will involve payments in cash upon expiry, Mediobanca and its subsidiaries record an amount payable equal to the fair value of the scheme measured at the award date of the scheme and at every reporting date thereafter, up to and including the settlement date, with any changes recorded as labour costs.
",
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"v1-page376-cflshid_132357-tag470113": {
"value": "Provisions for statutory end-of-service payments and post-retirement schemes
Provisions for statutory end-of-service payment qualify as a defined-contribution retirement plan for units accruing from 1 January 2007 (the date on which the reform of supplemental retirement plans came into force under Legislative Decree No. 252 of 5 December 2005), for cases where the employee opts into a supplemental retirement plan, and also for cases where contributions are paid into the treasury fund held with Istituto Nazionale di Previdenza Sociale (INPS, Italian national social security institution). For such payments, the amount accounted for under labour costs is determined on the basis of the contributions due without using actuarial calculation methods.
Provision for statutory end-of-service payment accrued up to 1 January 2007 qualify as defined benefit retirement plans, and as such will be recorded depending on the actuarial value calculated in line with the projected unit method. Therefore, future payments will be estimated based on past statistical analyses (for example turnover and retirements) and on the demographic curve; these flows will then be discounted according to a market interest rate that takes the market yield of bonds of leading companies as a benchmark taking into account the average residual duration of the liability weighted on the basis of the percentage of the amount paid or advanced for each maturity with respect to the total amount to be paid or advanced until the final settlement of the entire obligation.
Post-retirement plan provisions have been set aside under company agreements and also qualify as defined benefit plans. In this case, the current value of the liability is adjusted by the fair value of any assets to be used under the terms of such plan.
Actuarial gains and/or losses are recorded in the Other Comprehensive Income statement, while the interest component is recognized in the profit and loss account.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
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},
"v1-page377-cflshid_132627-tag470115": {
"value": "Stock Options, Performance Shares and Long-Term IncentivesStock option, performance share and long-term incentive (LTI) schemes operated on behalf of Group staff members and collaborators are treated as a component of labour costs.
Schemes which involve payment through the award of shares are measured through profit or loss, with a corresponding increase in net equity, based on the fair value of the financial instruments allocated at the award date, thus spreading the cost of the scheme throughout the period of time in which the requirements in terms of service have been met and the performance targets, if any, have been achieved.
The overall cost of the scheme is recorded in each financial year up to the date on which the plan vests, so as to reflect the best possible estimate of the number of shares that will actually vest. Requirements in terms of service and performance targets are not considered in determining the fair value of the instruments awarded, but the probability of such targets being reached is estimated by Mediobanca and this is factored into the decision as to the number of instruments that will vest. Conversely, market conditions will be included in establishing the fair value, whereas conditions unrelated to the requirements in terms of service are considered \u201cnon-vesting conditions\u201d and are reflected in the fair value established for the instruments, and result in the full cost of the scheme being recorded in the income statement immediately in the event that no service requirement and/or performance conditions have been met.
In the event of performance or service conditions not being met and the benefit failing to be allocated as a result, the cost of the scheme is written back. However, if any market conditions fail to be reached, the cost must be recorded in full if the other conditions have been met.
In the event of changes to the scheme, the minimum cost to be recorded is the fair value at the scheme award date prior to the change, if the original conditions for vesting have been met. An additional cost, established at the date on which the change is made to the scheme, must be recorded if the change has entailed an increase in the overall fair value of the scheme for the beneficiary.
For schemes which will involve payments in cash upon expiry, Mediobanca and its subsidiaries record an amount payable equal to the fair value of the scheme measured at the award date of the scheme and at every reporting date thereafter, up to and including the settlement date, with any changes recorded as labour costs.
The incentive plans provide that, in case of extraordinary events with a significant impact on the consolidated financial/equity performance and/or in the event of a substantial change in the Group's shareholding structure (change of control), they may be reviewed and/or dismissed at the discretion of the Board of Directors, after consulting the Remuneration Committee and any relevant committees.
",
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"v1-page378-cflshid_133035-tag470222": {
"value": "Own shares
These are deducted from net equity. Any differences between the initial disbursement upon acquisition and the revenues on disposal are also recognized in net equity.
",
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"language": "en",
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},
"v1-page378-cflshid_133035-tag470224": {
"value": "Fees and commissions receivable in respect of services
This heading includes all revenues deriving from the provision of services to customers with the exception of those relating to financial instruments, leases and insurance contracts.
Revenues from contracts with customers are measured through profit or loss when control over the service is transferred to the customer, in an amount that reflects the fee to which Mediobanca and its subsidiaries consider to be entitled in return for the service rendered.
For revenue recognition purposes, Mediobanca analyses the contracts to establish whether they contain more than one obligation to provide services to which the price of the transaction should be allocated. The revenues are then recorded throughout the time horizon over which the service is rendered, using suitable methods to recognize the measurement in which the service is provided. Mediobanca and its subsidiaries also take into consideration the effects of any variable commissions, and whether or not a significant financial component is involved.
In the event of additional costs being incurred to perform or execute the contract, where such costs meet the requirements of IFRS15, Mediobanca and its subsidiaries will assess whether to capitalize them and then amortize them throughout the life of the contract, or to make use of the exemption provided by IFRS15 to expense the costs immediately in cases where their amortization period would be complete within twelve months.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
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},
"v1-page378-cflshid_133035-tag470223": {
"value": "Fees and commissions receivable in respect of services
This heading includes all revenues deriving from the provision of services to customers with the exception of those relating to financial instruments, leases and insurance contracts.
Revenues from contracts with customers are measured through profit or loss when control over the service is transferred to the customer, in an amount that reflects the fee to which Mediobanca and its subsidiaries consider to be entitled in return for the service rendered.
For revenue recognition purposes, Mediobanca analyses the contracts to establish whether they contain more than one obligation to provide services to which the price of the transaction should be allocated. The revenues are then recorded throughout the time horizon over which the service is rendered, using suitable methods to recognize the measurement in which the service is provided. Mediobanca and its subsidiaries also take into consideration the effects of any variable commissions, and whether or not a significant financial component is involved.
In the event of additional costs being incurred to perform or execute the contract, where such costs meet the requirements of IFRS15, Mediobanca and its subsidiaries will assess whether to capitalize them and then amortize them throughout the life of the contract, or to make use of the exemption provided by IFRS15 to expense the costs immediately in cases where their amortization period would be complete within twelve months",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
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"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page379-cflshid_133341-tag470225": {
"value": "Dividends
Dividends are recognized through profit or loss during the financial year in which their distribution is approved; they concern distributions from equity securities that are not part of affiliated investments and/or joint ventures measured according to the provisions of IAS28.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
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}
},
"v1-page379-cflshid_133341-tag470117": {
"value": "Cost recognition
Costs are measured through profit or loss in accordance with the revenues to which they refer, except in case their capitalization requirements apply and where provided in order to determine amortized cost. Any other costs which cannot be associated with revenues are accounted for immediately in the profit and loss account.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page379-cflshid_133341-tag470116": {
"value": "Cost recognition
Costs are measured through profit or loss in accordance with the revenues to which they refer, except in case their capitalization requirements apply and where provided in order to determine amortized cost. Any other costs which cannot be associated with revenues are accounted for immediately in the profit and loss account.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page381-cflshid_133593-tag470188": {
"value": "A.3 \u2013 Information on transfers between financial asset portfoliosA.3.1 Reclassification of financial assets: changes to the business model, book value and interest income
A.3.2 Reclassification of financial assets: changes to the business model, Fair Value and effects on other comprehensive income
A.3.3 Reclassification of financial assets: changes to the business model and effective interest rate
As at 31 December 2025, there were no data to be reported for any of the three sections above.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page381-cflshid_133593-tag470187": {
"value": "A.3 \u2013 Information on transfers between financial asset portfoliosA.3.1 Reclassification of financial assets: changes to the business model, book value and interest income
A.3.2 Reclassification of financial assets: changes to the business model, Fair Value and effects on other comprehensive income
A.3.3 Reclassification of financial assets: changes to the business model and effective interest rate
As at 31 December 2025, there were no data to be reported for any of the three sections above.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page382-cflshid_133664-tag470120": {
"value": "A.4 \u2013 Information on Fair ValueQUALITATIVE INFORMATION
Fair Value
In line with the international accounting standards, the Fair Value of financial instruments stated in the financial statements is the so-called exit price, i.e. the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions, regardless of whether such price is directly observable or estimated using another valuation technique (IFRS13, \u00a724).
Fair value, therefore, is \u201cthe price that would be received for the sale of an asset or that would be paid for the transfer of a liability in a regular transaction between market operators at the measurement date\u201d.
The Fair Value hierarchy of an instrument is a direct consequence of its value estimation approach: in principle, a financial instrument is considered to be listed on an active market if its price represents its current exchange value in normal, effective and regular market operations.
If the market is not active, the Fair Value of the instrument being estimated is measured by using market prices for similar instruments on active markets (comparable approach) or, in the absence of similar instruments, using a valuation technique that uses market and non-observable information (observable/unobservable inputs).
Mediobanca has laid down precise guidelines regarding three key aspects: independent calculation of Fair Value, conducted by the control units; the adoption of any Fair Value adjustments to consider aspects of uncertainty/liquidity; and classification of financial instruments according to a Fair Value hierarchy based on the level of uncertainty of the valuation. In addition to the book Fair Value, which affects both the balance sheet and the profit and loss account, prudent valuation adjustments should be made in order to calculate prudential requirements.
These guidelines, set out in Policies approved by the Board of Directors and related implementation Directives approved by the competent Committees, were defined in
compliance with the main international regulations (IFRS13,82 CRR art 10583 and related updates); the main activities for calculating the exit price of the financial instruments in the portfolio are shown below.84Fair Value measurement of real properties
Properties used in operations (IAS16) and properties held for investment purposes (IAS40) were measured according to the revalued amount and fair value approaches, respectively. Both of these values were updated in accordance with the requirements of IFRS13 and measured through the appropriate appraisal reports prepared by qualified independent experts. Depending on the value of the individual property, the appraisals were prepared in two different ways:
\u2014\"full\" appraisals: based on a physical inspection of the properties by the appraiser; or
\u2014\u201cdesk top\u201d appraisals based on measurement conducted without a physical inspection of the property and, therefore, based on reference market values.
The valuation methodologies used by the appraiser were in line with the international practice IVS (International Valuation Standards), with the requirements of the Royal Institute of Chartered Surveyors (RICS) of the United Kingdom and complied with IFRS13. The accounting standard, in particular, requires the owner's current use of non-financial assets to meet the highest and best use requirement, unless the market expects a different intended use for the property that would optimize its value. The valuation approach was therefore defined by the expert appraiser based on the current intended use of the properties, assuming it represented the highest and best use, and considering, in limited cases, any alternative uses of the properties where these met market expectations. To determine the value of each property, the appraiser identified the most appropriate method based on the property's characteristics and the relevant market conditions. The methodologies applied by the appraiser included:
82 IFRS13 establishes guidelines for identifying the exit price by using available prices, valuation models and any corrections (FVA) to consider elements of illiquidity/risk which, if not applied, would lead to overestimating the financial instrument, and the need to classify financial instruments according to the level of objectivity in the computation of fair value (FVH).
83 The guiding principles of the IPV and PVA processes are defined in the CRR Directive, Article 105.
84 It should be emphasized that the accuracy and consistency of these guidelines are subject to rigorous supervision by the Audit unit, which verifies the effectiveness and adequacy thereof. Furthermore, a specific internal validation unit has been established, within the Risk Management unit, which focuses on the validation of the quantitative methods used.
Discounted Cash Flow Method (DCF); Market Comparison Approach (MCA); and Transformation Method with DCF. In this context, lease payments, sales prices, discount rates, and capitalization rates were all estimated.Independent Price Verification (IPV)
The Independent Price Verification (IPV) process is preliminary and complementary to the calculation of the Prudent Valuation Adjustment (PVA), as it contributes to the validation of market data and parameters used in measuring fair value and, consequently, in quantifying Additional Valuation Adjustments (AVA). In accordance with the provisions of Regulation (EU) 575/2013, as amended (including CRR3), in particular Article 105 and the Regulatory Technical Standards (RTS) issued by the EBA implementing such Article 105, institutions should ensure that the input data used for the valuation are subject to independent verification and consistent with available market sources.
Specifically, the regulation requires financial institutions to conduct regular independent reviews of mark-to-market or mark-to-model valuations, and to establish and maintain adequate systems and controls to ensure the quality and robustness of their valuation estimates.
The primary objective of IPV is to verify the accuracy and reliability of input data used to measure financial instruments by:
\u2014formalizing control methodologies;
\u2014defining the validation approach of market parameters;
\u2014setting materiality thresholds and acceptability criteria;
\u2014implementing escalation and reporting procedures to control units and Senior Management.
The process applies to all positions measured at fair value in the trading and banking books.
Independent price verification is based on a comparison of market data used for valuation with alternative sources deemed reliable, such as:
\u2014external information providers (e.g., Bloomberg, Refinitiv);
\u2014indicative quotes provided by primary brokers;\u2014market consensus data;
\u2014implied parameters derived from comparable instruments.
For each exposure, a verification scope is defined and broken down by asset class and risk factors. Within it, materiality thresholds that trigger the IPV process are applied. In the event of significant discrepancies between prices used and prices verified, an escalation procedure is activated, which may result in revising the assigned fair value or reclassifying the instrument in the fair value hierarchy pursuant to IFRS13. For illiquid or complex financial instruments, the IPV process includes additional controls over input data used in the valuation models to ensure methodological consistency and process transparency.
The IPV process is structured on multiple levels and frequencies, depending on the nature and significance of the positions:
\u2014Daily reviews: on all positions, with reference to actual prices, yield curves, volatility surfaces, and other relevant market parameters;
\u2014Monthly reviews: on selected asset classes, for which market data is available less frequently or through consensus services;
\u2014Annual reviews: on alternative investment funds (Private Equity, Debt, Real Estate), performed through a leading independent third-party firm specializing in NAV valuation of UCITS funds.
The results of the IPV process may impact the accounting presentation of positions and the profit and loss reporting process for the affected portfolios. In particular, the decision to change the valuation source or verification method may result in a reclassification of the instrument in the fair value hierarchy (from Level 2 to Level 3, or vice versa), with implications for disclosure and prudential requirements.
The Independent Price Verification (IPV) process is preliminary and complementary to the calculation of the Prudent Valuation Adjustment (PVA), as it contributes to the validation of market data and parameters used in measuring fair value and, consequently, in quantifying Additional Valuation Adjustments (AVA). In accordance with the provisions of Delegated Regulation (EU) 2016/101, Article 3, and of the Regulatory Technical Standards (RTS) issued by the EBA implementing Article 105 of the CRR, institutions should ensure that the input data used for the valuation are subject to independent verification and consistent with available market sources.
The validation process focuses on the asset classes that have a direct impact on the consolidated financial statements, both for proprietary instruments and for guaranteed instruments. In this regard, before proceeding with the analysis of the market parameters, the scope of analysis where to perform the certification is divided into asset classes. However, materiality thresholds (at risk factor level) are established for each exposure above which to apply the calculation described below.
Fair Value Adjustment (FVA)
Fair Value Adjustment (FVA) plays a fundamental role in the valuation of financial instruments, as it ensures that the fair value reflects the price actually realizable in a practical market transaction. The guidelines defined in the Fair Value policy fully reflect the requirements defined by accounting standard IFRS13, according to which the valuation of financial instruments should use the exit price method and allow for corrections to be made to the valuations in specific circumstances.
This fair value approach ensures that the valuations made by Mediobanca and its subsidiaries are based on prices that are realistic and representative of current market conditions, guaranteeing adequate consideration to exit conditions and to the actual possibilities of selling or purchasing the financial instruments being valued. This ensures accurate and reliable financial information to be provided internally and to external stakeholders. Specifically:
\u2014Inputs based on Bid and Ask Prices - \u00a770: when measuring an asset or liability at fair value and having at one\u2019s disposal both a bid and an ask price (as in the case of inputs from a market of operators), the price within the bid-ask spread that best represents fair value in the specific circumstances should be chosen. Bid or ask prices are used in order to align with the closing price.
\u2014Inputs derived from Bid and Ask Prices - \u00a771: the standard does not prohibit the use of average market prices or other pricing conventions commonly used by market participants to measure fair value within the bid-ask spread. However, in the approach being adopted preference is given to bid and ask prices in order to obtain a more precise fair value measurement particularly aligned with a reliable closing price.
Fair value adjustments have an impact on profit or loss and take into account market liquidity, the uncertainties of parameters, the financing costs, and the complexity of the valuation models used in the absence of shared market practices.
The scope of fair value adjustments includes the following categories:
\u2014Market Price Uncertainty (MPU): this consists in uncertainties in valuations based on market quotations;85
\u2014Closed-Out Cost (COC): this indicates uncertainties regarding the liquidity cost that may be incurred in the event of a partial or total sale of an asset measured at fair value;
\u2014Model Risk (MR): adjustments aimed at mitigating the risk of discrepancy with respect to market practice in the valuation of a product in relation to the choice and implementation of the valuation model;
\u2014Concentrated Positions: this reflects uncertainties in the valuation of the exit price for positions classified as concentrated (i.e. positions whose disposal would significantly affect the market price);
\u2014additional investment and financing costs: investment and financing costs may be incurred for own bond issues with an early redemption clause or in the event of early closure of positions in derivative instruments. These costs may vary depending on fluctuations in financing costs.
Credit Value Adjustments (CVA) and Debt Value Adjustments (DVA) are incorporated into the valuation of derivatives to reflect the impact of the counterparty\u2019s credit risk and credit quality. CVA represents a negative amount that takes into account cases where the counterparty could go bankrupt before the Bank, with a positive market value against the counterparty. DVA represents an amount that takes into account the cases in which the Bank could go bankrupt before the counterparty, with an impact for the counterparty. These adjustments are calculated taking into account any risk mitigating arrangements, such as collateral and netting arrangements for each counterparty.
The method used to calculate CVA/DVA is based on the following inputs:
\u2014Expected Positive (EPE) and Expected Negative (ENE) Exposure, derived from simulations, which reflect the positive and negative valuation exposures of derivatives;
85 with regard to corrections to UCITS funds, the FVA process is structured by applying a \u201cPerformance Simulation Model\u201d, which uses the Monte-Carlo simulation method: the probability distribution of the discounted NAV of each fund and, consequently, the probability of having to record a discount, is found at maturity. This distribution is used to suggest a range of haircuts to apply to the NAV.
\u2014Probability of Default (PD), which may be derived from historical default probabilities or implied in the market prices of Credit Default Swaps or bonds;\u2014Loss Given Default (LGD) is based on the estimated value of expected recovery in the event of the counterparty\u2019s default, as defined by specific corporate analyses, or recovery rates conventionally used for Credit Default Swap quotations.
Furthermore, the fair value of non-collateralized derivatives may be affected by Mediobanca\u2019s funding costs (Funding Value Adjustment). Therefore, adjustments are made for the different funding costs using a discount curve that represents the average funding level of banks operating in the European corporate derivatives market.
Fair Value Hierarchy (FVH) \u2013 Observability and materiality of inputs
The Observability Levelling and Day-one Profit Directive, as specified in IFRS13, requires a hierarchy of levels reflecting the significance of inputs used in the valuations. These inputs, called \u201cvaluation inputs,\u201d are the market data used to estimate the fair value of financial instruments. The term \u201cvaluation input\u201d refers to the market data used to estimate the fair value of instruments. To estimate the fair value of instruments, valuation techniques that are adequate to the circumstances and for which sufficient data are available are used. Valuation techniques can be based on various approaches:
\u2014market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities;
\u2014cost approach (or current replacement method), which reflects the amount that would currently be required to replace an asset\u2019s service capacity;
\u2014income approach, which converts future amounts (e.g. cash flows or revenues and expenses) into a single discounted amount through, for example: present value methods and option pricing models.
These valuation methods may use different types of inputs, which may be observable or unobservable. Prices quoted in active markets are classified as \u201cobservable inputs\u201d. In other cases, the information is considered observable when the valuation is based on market information obtained from independent sources or from actual transactions. In accordance with IFRS13, para. B34, some examples of markets from which observable inputs can be derived include the following:
\u2014exchange markets: in an exchange market, closing prices are both readily available and generally representative of fair value (for example regulated stock markets);\u2014dealer markets: in a dealer market, dealers stand ready to trade (either buy or sell for their own account), thereby providing liquidity by using their capital to hold an inventory of the items for which they make a market. Typically bid and ask prices (representing the price at which a dealer is willing to buy and the price at which a dealer is willing to sell, respectively) are more readily available than closing prices. Over-the-counter markets (for which prices are publicly reported) are dealer markets. Dealer markets also exist for some other assets and liabilities, including some financial instruments, commodities and physical assets;
\u2014brokered markets: in a brokered market, brokers attempt to match buyers with sellers but do not stand ready to trade for their own account. Brokers do not use their own capital to hold an inventory of the items for which they make a market, but they know the prices bid and asked by the respective parties. Prices of completed transactions are sometimes available. Brokered markets include electronic communication networks, in which buy and sell orders are matched, and commercial and residential real estate markets;
\u2014principal-to-principal markets: in a principal-to-principal market, transactions, both originations and resales, are negotiated independently with no intermediary. Little information about those transactions may be made available publicly.
All cases in which it is not possible to demonstrate the observability of inputs are classified as \u201cunobservable inputs\u201d and, in particular, when the information on which the valuation techniques are based reflects Mediobanca\u2019s judgement formulated using the best information available in such circumstances.
In accordance with IFRS13, para. 67, valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
In more detail, based on their observability and considering additional criteria, inputs can be classified into three different levels.
Level 1 inputs:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A quoted price in an active market provides the most reliable evidence of Fair Value and it is the price to
be used preferentially to measure financial assets and liabilities held in the portfolio. If a quoted price recorded on an active market is available, alternative valuation techniques based on quotes for comparable instruments or quantitative models cannot be used and the instrument is classified as a \u201cLevel 1 instrument\u201d in its entirety. The objective is to reach a price at which a financial instrument would be traded at the reporting date (without altering the instrument) on an active market considered to be the main one or the most advantageous one for the Bank and to which it has immediate access.
Level 2 inputs:Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include the following:
\u2014quoted prices for similar assets or liabilities in active markets;
\u2014quoted prices for identical or similar assets or liabilities in markets that are not active.
Inputs other than quoted prices that are observable for the asset or liability, for example:
(i) interest rates and yield curves observable at commonly quoted intervals;
(ii) implied volatility;
(iii) credit spread.
Market-corroborated inputs.
Level 2 inputs may require adjustments for example relating to:
\u2014the condition or location of the asset;
\u2014the entity to which inputs refer and their comparability with the asset or liability;
\u2014the volume or level of activity in the markets within which the inputs are observed.
If there is no public quotation on an active market for the price of the financial instrument as a whole, but active markets exist for its components, Fair Value will be calculated by reference to the relevant market prices for those components. In this case, valuation will not be based on active market quotations for the financial instrument in question, but on observable market inputs or through the use of inputs that are not observable but are supported and confirmed by market data. The use of this approach does not exclude the use of a calculation method, or rather, of a pricing model, through which it is possible to establish the correct price of the transaction at the reference date, in an ideal and independent trading environment justified by normal market considerations.
Level 3 inputs:Level 3 inputs are not directly observable inputs that are used to measure the Fair Value in the event that relevant observable inputs are not available, making it possible to estimate a closing price even in situations of low market activity for the asset or liability as at the measurement date. Mediobanca estimates unobservable inputs using the best information available in the circumstances, which could include its own data, considering all information on the assumptions of market participants that is reasonably available. Unlike Level 2 inputs, in this case the inputs must be internally estimated according to quantitative methods, such as the use of historical series and comparable underlying instruments. Both Level 2 and Level 3 inputs may be used for a certain instrument. In this case, the final classification of the instrument is defined by applying the materiality assessment.
There are two stages in the process of setting the levels and observability of inputs. In the first stage, a level is assigned to each input used in the instrument valuation model. Thereafter, in the second stage, the relevance of the various inputs used to determine the materiality of unobservable inputs is verified, thus influencing the overall valuation of the instrument. It should be noted that for some categories of instruments, such as private equity or infrastructure alternative investment funds, a more rigorous classification (fair value level) is automatically applied, since the relevant underlying is not listed on the market. However, for some types of instruments there is an illiquidity discount in the NAV valuation in order to bring the valuation to the exit price.
Materiality is a crucial step in establishing whether unobservable inputs (Level 2 or 3) are meaningful to the entire measurement of the instrument. This materiality analysis also extends to inputs used to calculate any adjustments, such as the Fair Value Adjustment (FVA) or the Credit Value Adjustment (CVA).
In summary, the observability and materiality process ensures that the Fair Value of financial instruments is classified correctly based on the significance of the inputs used, ensuring an adequate valuation of financial assets and liabilities.
Prudent Valuation Adjustment (PVA)
The Prudent Valuation Policy and Directive meet the regulatory requirements of Regulation (EU) 575/2013, as subsequently amended (including CRR3). In particular, Article 34 and Article 105, paragraph 2, solely for prudential purposes and therefore without accounting impacts, require prudential valuation to be performed by applying adjusted inputs in order to capture stressed events.
The objective of prudential valuation is to measure a value that reflects an adequate degree of certainty, taking into account the uncertainty inherent in fair value measurement, particularly in stressed market conditions. The difference between book fair value (exit price) and prudent value is called Additional Valuation Adjustment (AVA). The aggregation of AVAs constitutes the Prudent Valuation Adjustment (PVA), which is deducted directly from the Common Equity Tier 1 (CET1) capital.
The final adjustment is defined by the Regulator by aggregating nine AVAs:
\u2014Market Price Uncertainty (MPU): this is the valuation uncertainty based on market prices, calculated at the level of the exposure being measured;86
\u2014Close-out Costs (CoC): these consist in the uncertainty of the exit price, calculated at the level of the exposure being measured;
\u2014Model Risk (MR): this refers to the valuation uncertainty arising from the uncertainty of the model used and/or from the calibration thereof used by various market participants;
\u2014Unearned Credit Spreads (UCS): these consist in uncertainty in the measurement necessary to include the present value of expected losses in the event of counterparty default on derivative positions;
\u2014Investing and Funding Costs (IFC): these represent the uncertainty of the valuation of funding costs used in the valuation of the exit price in accordance with the applicable accounting standards;
86 In line with the regulations governing Fair Value Adjustments to UCITS funds, where the median of the identified haircut range is used to find the fund correction amount, the maximum value of the identified haircut range is applied on the prudent side.
\u2014Concentrated Positions (CP): these refer to the uncertainty of the exit price for positions defined as concentrated;\u2014Future and Administrative Costs (FAC): these consider administrative costs and future hedging costs over the expected lifetime of the exposures being measured to which a direct exit price has not been applied for CoC AVAs;
\u2014Early Termination (ET): this considers contingent losses arising from non-contractual early terminations of the clients\u2019 trading positions;
\u2014Operational Risk (OR): this considers contingent losses that may be incurred as a result of the operational risks associated with the measurement processes.
This framework applies to all assets and liabilities measured at fair value in the Bank's trading and banking books, as required by IFRS and EBA RTS. However, some types of transactions are excluded or treated differently:
\u2014instruments measured at amortized cost: excluded as they are not subject to fair value;
\u2014instruments whose fair value is exclusively based on observable prices (Level 1): these do not require AVA, given the absence of valuation uncertainty;
\u2014perfectly hedged (back-to-back) transactions: in the presence of zero economic risk, AVA may be negligible;
\u2014non-significant positions: subject to materiality thresholds, particularly for banks adopting the simplified approach.
The corporate Prudent Valuation Policy and Directive, in line with regulatory requirements, ensures a consistent and documented adoption of the framework, also in light of the amendments proposed by the EBA in 2024 to further harmonize the approach among European institutions.
A.4.1 Valuation processes and sensitivity analysisAs required by IFRS13, quantitative information on the significant non-observable inputs used for the assessment of Level 3 instruments is provided below.
Uncertainties of inputs and impact on Fair Value
| Non-observable inputs | Quantifying input uncertainty (1 bps change in the associated risk input) | MtM +/- delta(\u20ac\u2019000)31/12/25 | MtM +/- delta(\u20ac\u2019000)30/6/2025 |
| Implied volatility | For each point on the volatility surface, this is defined as a standard deviation from consensus provided by the independent data provider. For non-contributed underlyings, a proxy is derived from the contributed underlyings. | (16.6) | (12.3) |
| Equity-equity correlation | For each expiry along the correlation curve, this is defined as a standard deviation from the consensus provided by the independent data provider. For non-contributed underlyings, a proxy is derived from the contributed underlyings. | (0.3) | (8.1) |
| Credit Spread | For financial guarantees with specific underlyings, credit spread curves are not observable. Proxy curves obtained from underlying prices are used for these instruments. | (0.4) | (0.4) |
Measurement techniques - Equity - receivables - interest rate - exchange rate products
| Product | Measurement technique | Non-observable inputs | Fair value (*) Assets31/12/2025(\u20acm) | Fair value (*)Liabilities 31/12/2025(\u20acm) | Fair value (*) Assets30/6/2025(\u20acm) | Fair value (*)Liabilities 30/6/2025(\u20acm) |
| OTC bond option | Black-Scholes model | Implied volatility1 | \u2014 | \u2014 | 0.63 | (0.57) |
| OTC equity single nameoptions, Variance swap | Black-Scholes model | Implied volatility1 | \u2014 | \u2014 | \u2014 | (0.41) |
| OTC equity basket options, best of/ worst of, equity autocallable multi-asset options | Black-Scholes model, local volatility model | Implied volatilityEquity-equity correlation2 | \u2014 | (15.08) | 0.29 | (16.43) |
| Fund Gap Option | Black-Scholes model | Implied volatility1 | 0.04 | \u2014 | 0.02 | \u2014 |
| CDS on Single Names with Recovery Rate 0 | Arbitrage Free Credit Spread Model | Recovery Rate | 0.50 | (3.45) | 1.05 | \u2014 |
| Put options securingthe financial yield of pension funds | Black-Scholes model | Projection of future premium flows and death rates of policy holders3 | 3.88 | (19.54) | 0.49 | (24.24) |
| Forex barrier option | Black-Scholes model | Uncertainty of valuation model4 | 0.03 | (0.03) | \u2014 | \u2014 |
| Financial Guarantee | Arbitrage Free Credit Spread Model | Credit Spread and Recovery Rate5 | 1.2 | (3.21) | \u2014 | (0.04) |
(*)The carrying amount shown above is equal to the full fair value of structures and includes fair value adjustments.
1Volatility in a financial context is a measurement of how much the price of an underlying instrument may vary over time. The higher the volatility of the underlying instrument, the greater the risk associated with it. In general, long positions in options benefit from increases in volatility, whereas short positions in options lose out from them. For equity derivatives, the implied volatility area may be obtained from the price of the call and put options, as they have regulated markets. The uncertainty of this input is attributable to one of the following scenarios: illiquidity of quoted prices (wide bid/ask spreads, typical of long maturities or moneyness far from the At-The-Money spot), concentration effects and non-observable market data (again when too long maturities or moneyness far from the At-The-Money spot are considered).
2Equity-equity correlation is a measurement of the correlation between two equity-based underlying instruments. Changes in the correlation levels may impact an instrument\u2019s fair value positively or negatively, depending on the correlation type.
Equity-equity correlations are less observable than volatility, because no correlation products are quoted on any regulated markets. For this reason, correlations are more subject to data uncertainties.
3The contractual form has been structured as a put option with an original term of between 10 and 30 years, the valuation of which is subject to uncertainty regarding both the estimate of future premiums and the NAV level of the underlying pension funds.
4 Model uncertainty is a measure of the relationship between two or more different valuation models for a derivative. Changes in the valuation models used may impact an instrument\u2019s fair value positively or negatively.
5 The contractual form is structured as a guarantee on specific underlying assets for which there are no observable input parameters
The main factors contributing to transitions between fair value levels include changes in market conditions and refinements in the measurement models and/or the non-observable inputs.
Fair value of an instrument may transition from Level 1 to Level 2 or vice versa mainly as a result of the loss (increase) in significance of the price expressed by the active market of the instrument.
Conversely, transfers from Level 2 to Level 3 or vice versa mainly arise as a result of the loss (increase) in significance of inputs, in particular the predominance of non-observable inputs over observable inputs.
A.4.4 Other information
Mediobanca uses the exception provided under IFRS13, para. 48 from measuring fair value of financial assets and liabilities on a net basis by offsetting market and counterparty credit risks.
Issue of Certificates
Certificates are structured debt financial instruments incorporating an embedded derivative instrument whose interest flows and/or principal repayment (i.e., \"payoff\") depend on the performance of financial market parameters, with or without leverage.87 The issue of Mediobanca certificates (whose payoff is linked to the performance of shares, stock indices, interest rates, and corporate creditworthiness) primarily met the investors' need for an investment product that offered a higher return than a simple product, typical of a derivative transaction. These products may provide protection for the subscribed amount or a portion thereof, against the performance of the financial inputs to which they are indexed.
Against the issue of a certificate, the bank collects funds, which, in the absence of unforeseeable financial events or the emergence of specific liquidity needs by the subscriber, remain available until the instrument's maturity.
Operations in certificates result in the emergence of a liability classified, consistent with the business model, in the accounting portfolio of \"Financial liabilities designated at fair value.\"88 The derivative embedded in the structure should, in the absence of the fair value option, be separated from the host instrument, given the significant change in the contract's cash flows, resulting in more costly accounting management. In
87 Leveraged certificates are instruments that amplify the gains or losses of an underlying asset (stocks, indices, commodities, etc.), making it possible to increase the payout with reduced capital. Certificates are traded both with fixed leverage, which provide a constant multiplication factor of the underlying's performance for a single trading session only and with a daily restrike, and with dynamic leverage with a barrier (autocallable).
88 Pursuant to IFRS9, paragraphs 4.3.5 and 4.2.2
addition, this classification ensures a \"natural hedge\" against operating hedging derivatives, which are entered into using a \"massive\" approach with the aim of hedging the overall exposure. A residual portion remained classified in the trading book for those issued before July 2023, which are gradually expiring.At the same time, for certain types of instruments, particularly products with unguaranteed capital and/or for which the repayment time may depend on the performance of a market input, in order to guarantee the return promised by the certificate, it is necessary to invest the capital raised over a time horizon consistent with the expected duration of the investment product, while minimizing the financial impact of the debt value adjustment applied to the value of the liabilities89 generated by the asset in question. In the event of early termination of the certificate due to a financial event, which is more likely for equity instruments than for instruments with underlying credit/debit instruments, repayment is guaranteed by the related investment without impacting funding, thanks, among other things, to the hedges implemented on the derivatives embedded in the instrument.
With reference to the recognition criteria for the equity and income statement components of the certificates reported under item \"30. Financial liabilities designated at fair value\" and related operating hedging instruments, it should be noted that:
\u2014the entire net income related to the issues in question is included in item \"110. Net gains (losses) of other financial assets and liabilities measured at fair value through profit or loss: a) financial assets and liabilities designated at fair value.\u201d This item also includes the valuation effects related to fair value measurement resulting from changes in the market inputs to which the certificate is indexed \u2013 with the exception of certain cases where it is not necessary to invest the capital in related investments \u2013 due to its creditworthiness, the effects of which populate a net equity reserve;
\u2014derivatives operationally linked to financial liabilities measured at fair value are classified under asset item \"20. Financial assets measured at fair value through profit or loss: a) Financial assets held for trading\" or under liability item \"20. Trading financial liabilities\u201d. Unrealized gains and losses, as well as realized effects, including any differences received and paid, are recognized through profit or loss under item \"80. Net income (expense) from trading activities.\"
89 IFRS9 Paragraphs B4.1.33 and B4.1.34 on the joint management of asset and liability portfolios under the Fair Value option and paragraph 5.7.8 on the accounting for the Debt Value Adjustment in order to eliminate accounting mismatches.
QUANTITATIVE INFORMATIONA.4.5Fair Value hierarchy
A.4.5.1Assets and liabilities measured at Fair Value on a recurring basis: breakdown by Fair Value hierarchy
| \u00a0 | | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20ac\u2019000) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets/liabilities measured at fair value | 31 december 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1, Financial assets measured at fair value through profit or loss | 13,334,197 | 3,863,943 | 956,438 | 14,106,071 | 3,307,411 | 827,524 |
| a) financial assets held for trading | 12,567,024 | 2,887,696 | 477,743 | 13,001,239 | 2,444,461 | 444,297 |
| b) financial assets designated at fair value | 539,368 | 967,040 | \u2014 | 882,836 | 776,612 | \u2014 |
| c) other financial assets mandatorily measured at fair value | 227,805 | 9,207 | 478,695 | 221,996 | 86,338 | 383,227 |
| 2, Financial assets measured at fair value through other comprehensive income | 4,909,813 | 109,985 | 109,917 | 5,124,260 | 102,838 | 165,926 |
| 3, Hedging derivatives | \u2014 | 161,471 | \u2014 | \u2014 | 329,708 | \u2014 |
| 4, Tangible assets | \u2014 | \u2014 | 872,535 | \u2014 | \u2014 | 245,131 |
| 5, Intangible assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 6, Other assets (1) | 1,375,603 | \u2014 | \u2014 | 995,642 | \u2014 | \u2014 |
| Total | 19,619,613 | 4,135,399 | 1,938,890 | 20,225,973 | 3,739,957 | 1,238,582 |
| 1, Financial liabilities held for trading | 5,651,684 | 2,682,752 | 38,518 | 6,033,269 | 2,920,064 | 34,425 |
| 2, Financial liabilities designated at fair value | \u2014 | 4,938,089 | 617,964 | \u2014 | 4,468,634 | 578,037 |
| 3, Hedging derivatives | \u2014 | 635,963 | \u2014 | \u2014 | 1,037,377 | \u2014 |
| Total | 5,651,684 | 8,256,804 | 656,482 | 6,033,269 | 8,426,075 | 612,462 |
(1) EUA listed Certificates - Commodities.
The trading book is mainly concentrated on liquid transactions with a low level of uncertainty. A more complex residual portion remained, but did not undergo significant changes.
Level 3 assets held for trading increased slightly from \u20ac444.3m to \u20ac477.7m.
As at 31 December 2025, Level 3 liabilities held for trading primarily concerned autocallable basket equity certificates (slight increase from \u20ac34.4m to \u20ac38.5m).
Financial assets mandatorily measured at fair value, consisting in investments in funds, increased from \u20ac383.2m to \u20ac478.7m, mainly due to transfers from other levels.
Level 3 financial liabilities measured at fair value increased from \u20ac578m to \u20ac618m due to net issues (up \u20ac103m) partially offset by transfers to other levels (down \u20ac70m) involving some multi-asset single-name equity certificates.
Financial assets measured at fair value through other comprehensive income (bonds, equities, and SFPs) decreased from \u20ac166m to \u20ac110m and included the full reimbursement of Equity-like Financial Instruments.
A.4.5.2 Annual changes in financial assets measured at Fair Value on a recurring basis (Level 3)
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20ac\u2019000) |
| \u00a0 | Financial assets measured at fair value through profit or loss | Financial assets measured at fair value through other comprehensive income | Hedging derivatives | Tangible assets | Intangible assets |
| Total | of which: a) financial assets held for trading | of which: b) financial assets designated at fair value | of which: c) other financial assets mandatorily measured at fair value |
| 1. Opening balance | 827,524 | 444,297 | \u2014 | 383,227 | 165,926 | \u2014 | 245,131 | \u2014 |
| 2. Increases | 306,374 | 180,038 | \u2014 | 126,337 | 7,733 | \u2014 | 627,404 | \u2014 |
| 2.1 Purchases | 191,633 | 172,464 | \u2014 | 19,168 | 2,780 | \u2014 | \u2014 | \u2014 |
| 2.2 Profits recognized in: | 31,037 | 4,366 | \u2014 | 26,671 | 4,895 | \u2014 | 329,571 | \u2014 |
| 2.2.1 Profit and loss account | 31,037 | 4,366 | \u2014 | 26,671 | 31 | \u2014 | 1,000 | \u2014 |
| - of which, capital gains | 19,265 | 4,121 | \u2014 | 15,144 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2.2 Net equity | \u2014 | \u2014 | \u2014 | \u2014 | 4,864 | \u2014 | 328,571 | \u2014 |
| 2.3 Transfers from other levels | 83,489 | 2,992 | \u2014 | 80,497 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.4 Other increases | 216 | 216 | \u2014 | \u2014 | 59 | \u2014 | 297,833 | \u2014 |
| 3. Decreases | (177,460) | (146,592) | \u2014 | (30,868) | (63,742) | \u2014 | \u2014 | \u2014 |
| 3.1 Disposals | (76,798) | (52,215) | \u2014 | (24,583) | (54,531) | \u2014 | \u2014 | \u2014 |
| 3.2 Redemptions | (14,327) | (14,327) | \u2014 | \u2014 | (9,197) | \u2014 | \u2014 | \u2014 |
| 3.3 Losses recognized in: | (38,326) | (32,139) | \u2014 | (6,187) | (14) | \u2014 | \u2014 | \u2014 |
| 3.3.1 Profit and loss account | (38,326) | (32,139) | \u2014 | (6,187) | \u2014 | \u2014 | \u2014 | \u2014 |
| - of which: capital losses | (31,252) | (31,252) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.3.2 Net equity | \u2014 | \u2014 | \u2014 | \u2014 | (14) | \u2014 | \u2014 | \u2014 |
| 3.4 Transfers to other levels | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.5 Other decreases | (48,009) | (47,912) | \u2014 | (98) | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. Closing balance | 956,438 | 477,743 | \u2014 | 478,695 | 109,917 | \u2014 | 872,535 | \u2014 |
A.4.5.3 Annual changes in liabilities measured at Fair Value on a recurring basis (Level 3)| \u00a0 | \u00a0\u00a0 | \u00a0 | (\u20ac\u2019000) |
| \u00a0 | Financial assets held for trading | Financial assets designated at fair value | Hedging derivatives |
| 1, Opening balance | (34,425) | (578,037) | \u2014 |
| 2, Increases | (33,774) | (296,777) | \u2014 |
| 2,1 Issues | (7,679) | (285,837) | \u2014 |
| 2,2 Losses recognized in: | (2,238) | \u2014 | \u2014 |
| 2,2,1 Profit and loss account | (2,238) | \u2014 | \u2014 |
| - of which, capital losses | (2,238) | \u2014 | \u2014 |
| 2,2,2 Net equity | \u2014 | \u2014 | \u2014 |
| 2,3 Transfers from other levels | (10,647) | (10,940) | \u2014 |
| 2,4 Other increases | (13,210) | \u2014 | \u2014 |
| 3, Decreases | 29,681 | 256,850 | \u2014 |
| 3,1 Redemptions | 18,716 | 183,254 | \u2014 |
| 3,2 Buybacks | \u2014 | \u2014 | \u2014 |
| 3,3 Profits recognized in: | 8,292 | 3,933 | \u2014 |
| 3,3,1 Profit and loss account | 8,292 | 3,933 | \u2014 |
| - of which: capital gains | 6,773 | \u2014 | \u2014 |
| 3,3,2 Net equity | \u2014 | \u2014 | \u2014 |
| 3,4 Transfers to other levels | 2,673 | 69,663 | \u2014 |
| 3,5 Other decreases | \u2014 | \u2014 | \u2014 |
| 4, Closing balance | (38,518) | (617,964) | \u2014 |
A.4.5.4Assets and liabilities not measured at Fair Value or measured at Fair Value on a non-recurring basis: breakdown by Fair Value hierarchy| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20ac\u2019000) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Assets/liabilities not measured at fair value or measured at fair value on a non-recurring basis | 31 december 2025 | 30 June2025 |
| Carrying amount | Level 1 | Level 2 | Level 3 | Carrying amount | Level 1 | Level 2 | Level 3 |
| 1. Financial assets measured at amortized cost | 71,154,524 | 4,046,219 | 23,295,377 | 44,514,985 | 70,315,458 | 3,508,196 | 24,981,995 | 43,768,067 |
| 2. Tangible assets held for investment purposes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Non-current assets and asset groups held for sale | 7,476 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 71,162,000 | 4,046,219 | 23,295,377 | 44,514,985 | 70,315,458 | 3,508,196 | 24,981,995 | 43,768,067 |
| 1. Financial liabilities measured at amortized cost | 77,683,997 | 1,345,735 | 76,179,651 | 121,207 | 75,183,290 | 1,638,674 | 73,658,516 | 79,036 |
| 2. Liabilities associated with assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 77,683,997 | 1,345,735 | 76,179,651 | 121,207 | 75,183,290 | 1,638,674 | 73,658,516 | 79,036 |
A.4 \u2013 Information on Fair ValueQUALITATIVE INFORMATION
Fair Value
In line with the international accounting standards, the Fair Value of financial instruments stated in the financial statements is the so-called exit price, i.e. the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions, regardless of whether such price is directly observable or estimated using another valuation technique (IFRS13, \u00a724).
Fair value, therefore, is \u201cthe price that would be received for the sale of an asset or that would be paid for the transfer of a liability in a regular transaction between market operators at the measurement date\u201d.
The Fair Value hierarchy of an instrument is a direct consequence of its value estimation approach: in principle, a financial instrument is considered to be listed on an active market if its price represents its current exchange value in normal, effective and regular market operations.
If the market is not active, the Fair Value of the instrument being estimated is measured by using market prices for similar instruments on active markets (comparable approach) or, in the absence of similar instruments, using a valuation technique that uses market and non-observable information (observable/unobservable inputs).
Mediobanca has laid down precise guidelines regarding three key aspects: independent calculation of Fair Value, conducted by the control units; the adoption of any Fair Value adjustments to consider aspects of uncertainty/liquidity; and classification of financial instruments according to a Fair Value hierarchy based on the level of uncertainty of the valuation. In addition to the book Fair Value, which affects both the balance sheet and the profit and loss account, prudent valuation adjustments should be made in order to calculate prudential requirements.
These guidelines, set out in Policies approved by the Board of Directors and related implementation Directives approved by the competent Committees, were defined in
compliance with the main international regulations (IFRS13,82 CRR art 10583 and related updates); the main activities for calculating the exit price of the financial instruments in the portfolio are shown below.84Fair Value measurement of real properties
Properties used in operations (IAS16) and properties held for investment purposes (IAS40) were measured according to the revalued amount and fair value approaches, respectively. Both of these values were updated in accordance with the requirements of IFRS13 and measured through the appropriate appraisal reports prepared by qualified independent experts. Depending on the value of the individual property, the appraisals were prepared in two different ways:
\u2014\"full\" appraisals: based on a physical inspection of the properties by the appraiser; or
\u2014\u201cdesk top\u201d appraisals based on measurement conducted without a physical inspection of the property and, therefore, based on reference market values.
The valuation methodologies used by the appraiser were in line with the international practice IVS (International Valuation Standards), with the requirements of the Royal Institute of Chartered Surveyors (RICS) of the United Kingdom and complied with IFRS13. The accounting standard, in particular, requires the owner's current use of non-financial assets to meet the highest and best use requirement, unless the market expects a different intended use for the property that would optimize its value. The valuation approach was therefore defined by the expert appraiser based on the current intended use of the properties, assuming it represented the highest and best use, and considering, in limited cases, any alternative uses of the properties where these met market expectations. To determine the value of each property, the appraiser identified the most appropriate method based on the property's characteristics and the relevant market conditions. The methodologies applied by the appraiser included:
82 IFRS13 establishes guidelines for identifying the exit price by using available prices, valuation models and any corrections (FVA) to consider elements of illiquidity/risk which, if not applied, would lead to overestimating the financial instrument, and the need to classify financial instruments according to the level of objectivity in the computation of fair value (FVH).
83 The guiding principles of the IPV and PVA processes are defined in the CRR Directive, Article 105.
84 It should be emphasized that the accuracy and consistency of these guidelines are subject to rigorous supervision by the Audit unit, which verifies the effectiveness and adequacy thereof. Furthermore, a specific internal validation unit has been established, within the Risk Management unit, which focuses on the validation of the quantitative methods used.
Discounted Cash Flow Method (DCF); Market Comparison Approach (MCA); and Transformation Method with DCF. In this context, lease payments, sales prices, discount rates, and capitalization rates were all estimated.Independent Price Verification (IPV)
The Independent Price Verification (IPV) process is preliminary and complementary to the calculation of the Prudent Valuation Adjustment (PVA), as it contributes to the validation of market data and parameters used in measuring fair value and, consequently, in quantifying Additional Valuation Adjustments (AVA). In accordance with the provisions of Regulation (EU) 575/2013, as amended (including CRR3), in particular Article 105 and the Regulatory Technical Standards (RTS) issued by the EBA implementing such Article 105, institutions should ensure that the input data used for the valuation are subject to independent verification and consistent with available market sources.
Specifically, the regulation requires financial institutions to conduct regular independent reviews of mark-to-market or mark-to-model valuations, and to establish and maintain adequate systems and controls to ensure the quality and robustness of their valuation estimates.
The primary objective of IPV is to verify the accuracy and reliability of input data used to measure financial instruments by:
\u2014formalizing control methodologies;
\u2014defining the validation approach of market parameters;
\u2014setting materiality thresholds and acceptability criteria;
\u2014implementing escalation and reporting procedures to control units and Senior Management.
The process applies to all positions measured at fair value in the trading and banking books.
Independent price verification is based on a comparison of market data used for valuation with alternative sources deemed reliable, such as:
\u2014external information providers (e.g., Bloomberg, Refinitiv);
\u2014indicative quotes provided by primary brokers;\u2014market consensus data;
\u2014implied parameters derived from comparable instruments.
For each exposure, a verification scope is defined and broken down by asset class and risk factors. Within it, materiality thresholds that trigger the IPV process are applied. In the event of significant discrepancies between prices used and prices verified, an escalation procedure is activated, which may result in revising the assigned fair value or reclassifying the instrument in the fair value hierarchy pursuant to IFRS13. For illiquid or complex financial instruments, the IPV process includes additional controls over input data used in the valuation models to ensure methodological consistency and process transparency.
The IPV process is structured on multiple levels and frequencies, depending on the nature and significance of the positions:
\u2014Daily reviews: on all positions, with reference to actual prices, yield curves, volatility surfaces, and other relevant market parameters;
\u2014Monthly reviews: on selected asset classes, for which market data is available less frequently or through consensus services;
\u2014Annual reviews: on alternative investment funds (Private Equity, Debt, Real Estate), performed through a leading independent third-party firm specializing in NAV valuation of UCITS funds.
The results of the IPV process may impact the accounting presentation of positions and the profit and loss reporting process for the affected portfolios. In particular, the decision to change the valuation source or verification method may result in a reclassification of the instrument in the fair value hierarchy (from Level 2 to Level 3, or vice versa), with implications for disclosure and prudential requirements.
The Independent Price Verification (IPV) process is preliminary and complementary to the calculation of the Prudent Valuation Adjustment (PVA), as it contributes to the validation of market data and parameters used in measuring fair value and, consequently, in quantifying Additional Valuation Adjustments (AVA). In accordance with the provisions of Delegated Regulation (EU) 2016/101, Article 3, and of the Regulatory Technical Standards (RTS) issued by the EBA implementing Article 105 of the CRR, institutions should ensure that the input data used for the valuation are subject to independent verification and consistent with available market sources.
The validation process focuses on the asset classes that have a direct impact on the consolidated financial statements, both for proprietary instruments and for guaranteed instruments. In this regard, before proceeding with the analysis of the market parameters, the scope of analysis where to perform the certification is divided into asset classes. However, materiality thresholds (at risk factor level) are established for each exposure above which to apply the calculation described below.
Fair Value Adjustment (FVA)
Fair Value Adjustment (FVA) plays a fundamental role in the valuation of financial instruments, as it ensures that the fair value reflects the price actually realizable in a practical market transaction. The guidelines defined in the Fair Value policy fully reflect the requirements defined by accounting standard IFRS13, according to which the valuation of financial instruments should use the exit price method and allow for corrections to be made to the valuations in specific circumstances.
This fair value approach ensures that the valuations made by Mediobanca and its subsidiaries are based on prices that are realistic and representative of current market conditions, guaranteeing adequate consideration to exit conditions and to the actual possibilities of selling or purchasing the financial instruments being valued. This ensures accurate and reliable financial information to be provided internally and to external stakeholders. Specifically:
\u2014Inputs based on Bid and Ask Prices - \u00a770: when measuring an asset or liability at fair value and having at one\u2019s disposal both a bid and an ask price (as in the case of inputs from a market of operators), the price within the bid-ask spread that best represents fair value in the specific circumstances should be chosen. Bid or ask prices are used in order to align with the closing price.
\u2014Inputs derived from Bid and Ask Prices - \u00a771: the standard does not prohibit the use of average market prices or other pricing conventions commonly used by market participants to measure fair value within the bid-ask spread. However, in the approach being adopted preference is given to bid and ask prices in order to obtain a more precise fair value measurement particularly aligned with a reliable closing price.
Fair value adjustments have an impact on profit or loss and take into account market liquidity, the uncertainties of parameters, the financing costs, and the complexity of the valuation models used in the absence of shared market practices.
The scope of fair value adjustments includes the following categories:
\u2014Market Price Uncertainty (MPU): this consists in uncertainties in valuations based on market quotations;85
\u2014Closed-Out Cost (COC): this indicates uncertainties regarding the liquidity cost that may be incurred in the event of a partial or total sale of an asset measured at fair value;
\u2014Model Risk (MR): adjustments aimed at mitigating the risk of discrepancy with respect to market practice in the valuation of a product in relation to the choice and implementation of the valuation model;
\u2014Concentrated Positions: this reflects uncertainties in the valuation of the exit price for positions classified as concentrated (i.e. positions whose disposal would significantly affect the market price);
\u2014additional investment and financing costs: investment and financing costs may be incurred for own bond issues with an early redemption clause or in the event of early closure of positions in derivative instruments. These costs may vary depending on fluctuations in financing costs.
Credit Value Adjustments (CVA) and Debt Value Adjustments (DVA) are incorporated into the valuation of derivatives to reflect the impact of the counterparty\u2019s credit risk and credit quality. CVA represents a negative amount that takes into account cases where the counterparty could go bankrupt before the Bank, with a positive market value against the counterparty. DVA represents an amount that takes into account the cases in which the Bank could go bankrupt before the counterparty, with an impact for the counterparty. These adjustments are calculated taking into account any risk mitigating arrangements, such as collateral and netting arrangements for each counterparty.
The method used to calculate CVA/DVA is based on the following inputs:
\u2014Expected Positive (EPE) and Expected Negative (ENE) Exposure, derived from simulations, which reflect the positive and negative valuation exposures of derivatives;
85 with regard to corrections to UCITS funds, the FVA process is structured by applying a \u201cPerformance Simulation Model\u201d, which uses the Monte-Carlo simulation method: the probability distribution of the discounted NAV of each fund and, consequently, the probability of having to record a discount, is found at maturity. This distribution is used to suggest a range of haircuts to apply to the NAV.
\u2014Probability of Default (PD), which may be derived from historical default probabilities or implied in the market prices of Credit Default Swaps or bonds;\u2014Loss Given Default (LGD) is based on the estimated value of expected recovery in the event of the counterparty\u2019s default, as defined by specific corporate analyses, or recovery rates conventionally used for Credit Default Swap quotations.
Furthermore, the fair value of non-collateralized derivatives may be affected by Mediobanca\u2019s funding costs (Funding Value Adjustment). Therefore, adjustments are made for the different funding costs using a discount curve that represents the average funding level of banks operating in the European corporate derivatives market.
Fair Value Hierarchy (FVH) \u2013 Observability and materiality of inputs
The Observability Levelling and Day-one Profit Directive, as specified in IFRS13, requires a hierarchy of levels reflecting the significance of inputs used in the valuations. These inputs, called \u201cvaluation inputs,\u201d are the market data used to estimate the fair value of financial instruments. The term \u201cvaluation input\u201d refers to the market data used to estimate the fair value of instruments. To estimate the fair value of instruments, valuation techniques that are adequate to the circumstances and for which sufficient data are available are used. Valuation techniques can be based on various approaches:
\u2014market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities;
\u2014cost approach (or current replacement method), which reflects the amount that would currently be required to replace an asset\u2019s service capacity;
\u2014income approach, which converts future amounts (e.g. cash flows or revenues and expenses) into a single discounted amount through, for example: present value methods and option pricing models.
These valuation methods may use different types of inputs, which may be observable or unobservable. Prices quoted in active markets are classified as \u201cobservable inputs\u201d. In other cases, the information is considered observable when the valuation is based on market information obtained from independent sources or from actual transactions. In accordance with IFRS13, para. B34, some examples of markets from which observable inputs can be derived include the following:
\u2014exchange markets: in an exchange market, closing prices are both readily available and generally representative of fair value (for example regulated stock markets);\u2014dealer markets: in a dealer market, dealers stand ready to trade (either buy or sell for their own account), thereby providing liquidity by using their capital to hold an inventory of the items for which they make a market. Typically bid and ask prices (representing the price at which a dealer is willing to buy and the price at which a dealer is willing to sell, respectively) are more readily available than closing prices. Over-the-counter markets (for which prices are publicly reported) are dealer markets. Dealer markets also exist for some other assets and liabilities, including some financial instruments, commodities and physical assets;
\u2014brokered markets: in a brokered market, brokers attempt to match buyers with sellers but do not stand ready to trade for their own account. Brokers do not use their own capital to hold an inventory of the items for which they make a market, but they know the prices bid and asked by the respective parties. Prices of completed transactions are sometimes available. Brokered markets include electronic communication networks, in which buy and sell orders are matched, and commercial and residential real estate markets;
\u2014principal-to-principal markets: in a principal-to-principal market, transactions, both originations and resales, are negotiated independently with no intermediary. Little information about those transactions may be made available publicly.
All cases in which it is not possible to demonstrate the observability of inputs are classified as \u201cunobservable inputs\u201d and, in particular, when the information on which the valuation techniques are based reflects Mediobanca\u2019s judgement formulated using the best information available in such circumstances.
In accordance with IFRS13, para. 67, valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
In more detail, based on their observability and considering additional criteria, inputs can be classified into three different levels.
Level 1 inputs:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A quoted price in an active market provides the most reliable evidence of Fair Value and it is the price to
be used preferentially to measure financial assets and liabilities held in the portfolio. If a quoted price recorded on an active market is available, alternative valuation techniques based on quotes for comparable instruments or quantitative models cannot be used and the instrument is classified as a \u201cLevel 1 instrument\u201d in its entirety. The objective is to reach a price at which a financial instrument would be traded at the reporting date (without altering the instrument) on an active market considered to be the main one or the most advantageous one for the Bank and to which it has immediate access.
Level 2 inputs:Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include the following:
\u2014quoted prices for similar assets or liabilities in active markets;
\u2014quoted prices for identical or similar assets or liabilities in markets that are not active.
Inputs other than quoted prices that are observable for the asset or liability, for example:
(i) interest rates and yield curves observable at commonly quoted intervals;
(ii) implied volatility;
(iii) credit spread.
Market-corroborated inputs.
Level 2 inputs may require adjustments for example relating to:
\u2014the condition or location of the asset;
\u2014the entity to which inputs refer and their comparability with the asset or liability;
\u2014the volume or level of activity in the markets within which the inputs are observed.
If there is no public quotation on an active market for the price of the financial instrument as a whole, but active markets exist for its components, Fair Value will be calculated by reference to the relevant market prices for those components. In this case, valuation will not be based on active market quotations for the financial instrument in question, but on observable market inputs or through the use of inputs that are not observable but are supported and confirmed by market data. The use of this approach does not exclude the use of a calculation method, or rather, of a pricing model, through which it is possible to establish the correct price of the transaction at the reference date, in an ideal and independent trading environment justified by normal market considerations.
Level 3 inputs:Level 3 inputs are not directly observable inputs that are used to measure the Fair Value in the event that relevant observable inputs are not available, making it possible to estimate a closing price even in situations of low market activity for the asset or liability as at the measurement date. Mediobanca estimates unobservable inputs using the best information available in the circumstances, which could include its own data, considering all information on the assumptions of market participants that is reasonably available. Unlike Level 2 inputs, in this case the inputs must be internally estimated according to quantitative methods, such as the use of historical series and comparable underlying instruments. Both Level 2 and Level 3 inputs may be used for a certain instrument. In this case, the final classification of the instrument is defined by applying the materiality assessment.
There are two stages in the process of setting the levels and observability of inputs. In the first stage, a level is assigned to each input used in the instrument valuation model. Thereafter, in the second stage, the relevance of the various inputs used to determine the materiality of unobservable inputs is verified, thus influencing the overall valuation of the instrument. It should be noted that for some categories of instruments, such as private equity or infrastructure alternative investment funds, a more rigorous classification (fair value level) is automatically applied, since the relevant underlying is not listed on the market. However, for some types of instruments there is an illiquidity discount in the NAV valuation in order to bring the valuation to the exit price.
Materiality is a crucial step in establishing whether unobservable inputs (Level 2 or 3) are meaningful to the entire measurement of the instrument. This materiality analysis also extends to inputs used to calculate any adjustments, such as the Fair Value Adjustment (FVA) or the Credit Value Adjustment (CVA).
In summary, the observability and materiality process ensures that the Fair Value of financial instruments is classified correctly based on the significance of the inputs used, ensuring an adequate valuation of financial assets and liabilities.
Prudent Valuation Adjustment (PVA)
The Prudent Valuation Policy and Directive meet the regulatory requirements of Regulation (EU) 575/2013, as subsequently amended (including CRR3). In particular, Article 34 and Article 105, paragraph 2, solely for prudential purposes and therefore without accounting impacts, require prudential valuation to be performed by applying adjusted inputs in order to capture stressed events.
The objective of prudential valuation is to measure a value that reflects an adequate degree of certainty, taking into account the uncertainty inherent in fair value measurement, particularly in stressed market conditions. The difference between book fair value (exit price) and prudent value is called Additional Valuation Adjustment (AVA). The aggregation of AVAs constitutes the Prudent Valuation Adjustment (PVA), which is deducted directly from the Common Equity Tier 1 (CET1) capital.
The final adjustment is defined by the Regulator by aggregating nine AVAs:
\u2014Market Price Uncertainty (MPU): this is the valuation uncertainty based on market prices, calculated at the level of the exposure being measured;86
\u2014Close-out Costs (CoC): these consist in the uncertainty of the exit price, calculated at the level of the exposure being measured;
\u2014Model Risk (MR): this refers to the valuation uncertainty arising from the uncertainty of the model used and/or from the calibration thereof used by various market participants;
\u2014Unearned Credit Spreads (UCS): these consist in uncertainty in the measurement necessary to include the present value of expected losses in the event of counterparty default on derivative positions;
\u2014Investing and Funding Costs (IFC): these represent the uncertainty of the valuation of funding costs used in the valuation of the exit price in accordance with the applicable accounting standards;
86 In line with the regulations governing Fair Value Adjustments to UCITS funds, where the median of the identified haircut range is used to find the fund correction amount, the maximum value of the identified haircut range is applied on the prudent side.
\u2014Concentrated Positions (CP): these refer to the uncertainty of the exit price for positions defined as concentrated;\u2014Future and Administrative Costs (FAC): these consider administrative costs and future hedging costs over the expected lifetime of the exposures being measured to which a direct exit price has not been applied for CoC AVAs;
\u2014Early Termination (ET): this considers contingent losses arising from non-contractual early terminations of the clients\u2019 trading positions;
\u2014Operational Risk (OR): this considers contingent losses that may be incurred as a result of the operational risks associated with the measurement processes.
This framework applies to all assets and liabilities measured at fair value in the Bank's trading and banking books, as required by IFRS and EBA RTS. However, some types of transactions are excluded or treated differently:
\u2014instruments measured at amortized cost: excluded as they are not subject to fair value;
\u2014instruments whose fair value is exclusively based on observable prices (Level 1): these do not require AVA, given the absence of valuation uncertainty;
\u2014perfectly hedged (back-to-back) transactions: in the presence of zero economic risk, AVA may be negligible;
\u2014non-significant positions: subject to materiality thresholds, particularly for banks adopting the simplified approach.
The corporate Prudent Valuation Policy and Directive, in line with regulatory requirements, ensures a consistent and documented adoption of the framework, also in light of the amendments proposed by the EBA in 2024 to further harmonize the approach among European institutions.
A.4.1 Valuation processes and sensitivity analysisAs required by IFRS13, quantitative information on the significant non-observable inputs used for the assessment of Level 3 instruments is provided below.
Uncertainties of inputs and impact on Fair Value
| Non-observable inputs | Quantifying input uncertainty (1 bps change in the associated risk input) | MtM +/- delta(\u20ac\u2019000)31/12/25 | MtM +/- delta(\u20ac\u2019000)30/6/2025 |
| Implied volatility | For each point on the volatility surface, this is defined as a standard deviation from consensus provided by the independent data provider. For non-contributed underlyings, a proxy is derived from the contributed underlyings. | (16.6) | (12.3) |
| Equity-equity correlation | For each expiry along the correlation curve, this is defined as a standard deviation from the consensus provided by the independent data provider. For non-contributed underlyings, a proxy is derived from the contributed underlyings. | (0.3) | (8.1) |
| Credit Spread | For financial guarantees with specific underlyings, credit spread curves are not observable. Proxy curves obtained from underlying prices are used for these instruments. | (0.4) | (0.4) |
Measurement techniques - Equity - receivables - interest rate - exchange rate products
| Product | Measurement technique | Non-observable inputs | Fair value (*) Assets31/12/2025(\u20acm) | Fair value (*)Liabilities 31/12/2025(\u20acm) | Fair value (*) Assets30/6/2025(\u20acm) | Fair value (*)Liabilities 30/6/2025(\u20acm) |
| OTC bond option | Black-Scholes model | Implied volatility1 | \u2014 | \u2014 | 0.63 | (0.57) |
| OTC equity single nameoptions, Variance swap | Black-Scholes model | Implied volatility1 | \u2014 | \u2014 | \u2014 | (0.41) |
| OTC equity basket options, best of/ worst of, equity autocallable multi-asset options | Black-Scholes model, local volatility model | Implied volatilityEquity-equity correlation2 | \u2014 | (15.08) | 0.29 | (16.43) |
| Fund Gap Option | Black-Scholes model | Implied volatility1 | 0.04 | \u2014 | 0.02 | \u2014 |
| CDS on Single Names with Recovery Rate 0 | Arbitrage Free Credit Spread Model | Recovery Rate | 0.50 | (3.45) | 1.05 | \u2014 |
| Put options securingthe financial yield of pension funds | Black-Scholes model | Projection of future premium flows and death rates of policy holders3 | 3.88 | (19.54) | 0.49 | (24.24) |
| Forex barrier option | Black-Scholes model | Uncertainty of valuation model4 | 0.03 | (0.03) | \u2014 | \u2014 |
| Financial Guarantee | Arbitrage Free Credit Spread Model | Credit Spread and Recovery Rate5 | 1.2 | (3.21) | \u2014 | (0.04) |
(*)The carrying amount shown above is equal to the full fair value of structures and includes fair value adjustments.
1Volatility in a financial context is a measurement of how much the price of an underlying instrument may vary over time. The higher the volatility of the underlying instrument, the greater the risk associated with it. In general, long positions in options benefit from increases in volatility, whereas short positions in options lose out from them. For equity derivatives, the implied volatility area may be obtained from the price of the call and put options, as they have regulated markets. The uncertainty of this input is attributable to one of the following scenarios: illiquidity of quoted prices (wide bid/ask spreads, typical of long maturities or moneyness far from the At-The-Money spot), concentration effects and non-observable market data (again when too long maturities or moneyness far from the At-The-Money spot are considered).
2Equity-equity correlation is a measurement of the correlation between two equity-based underlying instruments. Changes in the correlation levels may impact an instrument\u2019s fair value positively or negatively, depending on the correlation type.
Equity-equity correlations are less observable than volatility, because no correlation products are quoted on any regulated markets. For this reason, correlations are more subject to data uncertainties.
3The contractual form has been structured as a put option with an original term of between 10 and 30 years, the valuation of which is subject to uncertainty regarding both the estimate of future premiums and the NAV level of the underlying pension funds.
4 Model uncertainty is a measure of the relationship between two or more different valuation models for a derivative. Changes in the valuation models used may impact an instrument\u2019s fair value positively or negatively.
5 The contractual form is structured as a guarantee on specific underlying assets for which there are no observable input parameters
The main factors contributing to transitions between fair value levels include changes in market conditions and refinements in the measurement models and/or the non-observable inputs.
Fair value of an instrument may transition from Level 1 to Level 2 or vice versa mainly as a result of the loss (increase) in significance of the price expressed by the active market of the instrument.
Conversely, transfers from Level 2 to Level 3 or vice versa mainly arise as a result of the loss (increase) in significance of inputs, in particular the predominance of non-observable inputs over observable inputs.
A.4.4 Other information
Mediobanca uses the exception provided under IFRS13, para. 48 from measuring fair value of financial assets and liabilities on a net basis by offsetting market and counterparty credit risks.
Issue of Certificates
Certificates are structured debt financial instruments incorporating an embedded derivative instrument whose interest flows and/or principal repayment (i.e., \"payoff\") depend on the performance of financial market parameters, with or without leverage.87 The issue of Mediobanca certificates (whose payoff is linked to the performance of shares, stock indices, interest rates, and corporate creditworthiness) primarily met the investors' need for an investment product that offered a higher return than a simple product, typical of a derivative transaction. These products may provide protection for the subscribed amount or a portion thereof, against the performance of the financial inputs to which they are indexed.
Against the issue of a certificate, the bank collects funds, which, in the absence of unforeseeable financial events or the emergence of specific liquidity needs by the subscriber, remain available until the instrument's maturity.
Operations in certificates result in the emergence of a liability classified, consistent with the business model, in the accounting portfolio of \"Financial liabilities designated at fair value.\"88 The derivative embedded in the structure should, in the absence of the fair value option, be separated from the host instrument, given the significant change in the contract's cash flows, resulting in more costly accounting management. In
87 Leveraged certificates are instruments that amplify the gains or losses of an underlying asset (stocks, indices, commodities, etc.), making it possible to increase the payout with reduced capital. Certificates are traded both with fixed leverage, which provide a constant multiplication factor of the underlying's performance for a single trading session only and with a daily restrike, and with dynamic leverage with a barrier (autocallable).
88 Pursuant to IFRS9, paragraphs 4.3.5 and 4.2.2
addition, this classification ensures a \"natural hedge\" against operating hedging derivatives, which are entered into using a \"massive\" approach with the aim of hedging the overall exposure. A residual portion remained classified in the trading book for those issued before July 2023, which are gradually expiring.At the same time, for certain types of instruments, particularly products with unguaranteed capital and/or for which the repayment time may depend on the performance of a market input, in order to guarantee the return promised by the certificate, it is necessary to invest the capital raised over a time horizon consistent with the expected duration of the investment product, while minimizing the financial impact of the debt value adjustment applied to the value of the liabilities89 generated by the asset in question. In the event of early termination of the certificate due to a financial event, which is more likely for equity instruments than for instruments with underlying credit/debit instruments, repayment is guaranteed by the related investment without impacting funding, thanks, among other things, to the hedges implemented on the derivatives embedded in the instrument.
With reference to the recognition criteria for the equity and income statement components of the certificates reported under item \"30. Financial liabilities designated at fair value\" and related operating hedging instruments, it should be noted that:
\u2014the entire net income related to the issues in question is included in item \"110. Net gains (losses) of other financial assets and liabilities measured at fair value through profit or loss: a) financial assets and liabilities designated at fair value.\u201d This item also includes the valuation effects related to fair value measurement resulting from changes in the market inputs to which the certificate is indexed \u2013 with the exception of certain cases where it is not necessary to invest the capital in related investments \u2013 due to its creditworthiness, the effects of which populate a net equity reserve;
\u2014derivatives operationally linked to financial liabilities measured at fair value are classified under asset item \"20. Financial assets measured at fair value through profit or loss: a) Financial assets held for trading\" or under liability item \"20. Trading financial liabilities\u201d. Unrealized gains and losses, as well as realized effects, including any differences received and paid, are recognized through profit or loss under item \"80. Net income (expense) from trading activities.\"
89 IFRS9 Paragraphs B4.1.33 and B4.1.34 on the joint management of asset and liability portfolios under the Fair Value option and paragraph 5.7.8 on the accounting for the Debt Value Adjustment in order to eliminate accounting mismatches.
QUANTITATIVE INFORMATIONA.4.5Fair Value hierarchy
A.4.5.1Assets and liabilities measured at Fair Value on a recurring basis: breakdown by Fair Value hierarchy
| \u00a0 | | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20ac\u2019000) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets/liabilities measured at fair value | 31 december 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1, Financial assets measured at fair value through profit or loss | 13,334,197 | 3,863,943 | 956,438 | 14,106,071 | 3,307,411 | 827,524 |
| a) financial assets held for trading | 12,567,024 | 2,887,696 | 477,743 | 13,001,239 | 2,444,461 | 444,297 |
| b) financial assets designated at fair value | 539,368 | 967,040 | \u2014 | 882,836 | 776,612 | \u2014 |
| c) other financial assets mandatorily measured at fair value | 227,805 | 9,207 | 478,695 | 221,996 | 86,338 | 383,227 |
| 2, Financial assets measured at fair value through other comprehensive income | 4,909,813 | 109,985 | 109,917 | 5,124,260 | 102,838 | 165,926 |
| 3, Hedging derivatives | \u2014 | 161,471 | \u2014 | \u2014 | 329,708 | \u2014 |
| 4, Tangible assets | \u2014 | \u2014 | 872,535 | \u2014 | \u2014 | 245,131 |
| 5, Intangible assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 6, Other assets (1) | 1,375,603 | \u2014 | \u2014 | 995,642 | \u2014 | \u2014 |
| Total | 19,619,613 | 4,135,399 | 1,938,890 | 20,225,973 | 3,739,957 | 1,238,582 |
| 1, Financial liabilities held for trading | 5,651,684 | 2,682,752 | 38,518 | 6,033,269 | 2,920,064 | 34,425 |
| 2, Financial liabilities designated at fair value | \u2014 | 4,938,089 | 617,964 | \u2014 | 4,468,634 | 578,037 |
| 3, Hedging derivatives | \u2014 | 635,963 | \u2014 | \u2014 | 1,037,377 | \u2014 |
| Total | 5,651,684 | 8,256,804 | 656,482 | 6,033,269 | 8,426,075 | 612,462 |
(1) EUA listed Certificates - Commodities.
The trading book is mainly concentrated on liquid transactions with a low level of uncertainty. A more complex residual portion remained, but did not undergo significant changes.
Level 3 assets held for trading increased slightly from \u20ac444.3m to \u20ac477.7m.
As at 31 December 2025, Level 3 liabilities held for trading primarily concerned autocallable basket equity certificates (slight increase from \u20ac34.4m to \u20ac38.5m).
Financial assets mandatorily measured at fair value, consisting in investments in funds, increased from \u20ac383.2m to \u20ac478.7m, mainly due to transfers from other levels.
Level 3 financial liabilities measured at fair value increased from \u20ac578m to \u20ac618m due to net issues (up \u20ac103m) partially offset by transfers to other levels (down \u20ac70m) involving some multi-asset single-name equity certificates.
Financial assets measured at fair value through other comprehensive income (bonds, equities, and SFPs) decreased from \u20ac166m to \u20ac110m and included the full reimbursement of Equity-like Financial Instruments.
A.4.5.2 Annual changes in financial assets measured at Fair Value on a recurring basis (Level 3)
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20ac\u2019000) |
| \u00a0 | Financial assets measured at fair value through profit or loss | Financial assets measured at fair value through other comprehensive income | Hedging derivatives | Tangible assets | Intangible assets |
| Total | of which: a) financial assets held for trading | of which: b) financial assets designated at fair value | of which: c) other financial assets mandatorily measured at fair value |
| 1. Opening balance | 827,524 | 444,297 | \u2014 | 383,227 | 165,926 | \u2014 | 245,131 | \u2014 |
| 2. Increases | 306,374 | 180,038 | \u2014 | 126,337 | 7,733 | \u2014 | 627,404 | \u2014 |
| 2.1 Purchases | 191,633 | 172,464 | \u2014 | 19,168 | 2,780 | \u2014 | \u2014 | \u2014 |
| 2.2 Profits recognized in: | 31,037 | 4,366 | \u2014 | 26,671 | 4,895 | \u2014 | 329,571 | \u2014 |
| 2.2.1 Profit and loss account | 31,037 | 4,366 | \u2014 | 26,671 | 31 | \u2014 | 1,000 | \u2014 |
| - of which, capital gains | 19,265 | 4,121 | \u2014 | 15,144 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2.2 Net equity | \u2014 | \u2014 | \u2014 | \u2014 | 4,864 | \u2014 | 328,571 | \u2014 |
| 2.3 Transfers from other levels | 83,489 | 2,992 | \u2014 | 80,497 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.4 Other increases | 216 | 216 | \u2014 | \u2014 | 59 | \u2014 | 297,833 | \u2014 |
| 3. Decreases | (177,460) | (146,592) | \u2014 | (30,868) | (63,742) | \u2014 | \u2014 | \u2014 |
| 3.1 Disposals | (76,798) | (52,215) | \u2014 | (24,583) | (54,531) | \u2014 | \u2014 | \u2014 |
| 3.2 Redemptions | (14,327) | (14,327) | \u2014 | \u2014 | (9,197) | \u2014 | \u2014 | \u2014 |
| 3.3 Losses recognized in: | (38,326) | (32,139) | \u2014 | (6,187) | (14) | \u2014 | \u2014 | \u2014 |
| 3.3.1 Profit and loss account | (38,326) | (32,139) | \u2014 | (6,187) | \u2014 | \u2014 | \u2014 | \u2014 |
| - of which: capital losses | (31,252) | (31,252) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.3.2 Net equity | \u2014 | \u2014 | \u2014 | \u2014 | (14) | \u2014 | \u2014 | \u2014 |
| 3.4 Transfers to other levels | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.5 Other decreases | (48,009) | (47,912) | \u2014 | (98) | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. Closing balance | 956,438 | 477,743 | \u2014 | 478,695 | 109,917 | \u2014 | 872,535 | \u2014 |
A.4.5.3 Annual changes in liabilities measured at Fair Value on a recurring basis (Level 3)| \u00a0 | \u00a0\u00a0 | \u00a0 | (\u20ac\u2019000) |
| \u00a0 | Financial assets held for trading | Financial assets designated at fair value | Hedging derivatives |
| 1, Opening balance | (34,425) | (578,037) | \u2014 |
| 2, Increases | (33,774) | (296,777) | \u2014 |
| 2,1 Issues | (7,679) | (285,837) | \u2014 |
| 2,2 Losses recognized in: | (2,238) | \u2014 | \u2014 |
| 2,2,1 Profit and loss account | (2,238) | \u2014 | \u2014 |
| - of which, capital losses | (2,238) | \u2014 | \u2014 |
| 2,2,2 Net equity | \u2014 | \u2014 | \u2014 |
| 2,3 Transfers from other levels | (10,647) | (10,940) | \u2014 |
| 2,4 Other increases | (13,210) | \u2014 | \u2014 |
| 3, Decreases | 29,681 | 256,850 | \u2014 |
| 3,1 Redemptions | 18,716 | 183,254 | \u2014 |
| 3,2 Buybacks | \u2014 | \u2014 | \u2014 |
| 3,3 Profits recognized in: | 8,292 | 3,933 | \u2014 |
| 3,3,1 Profit and loss account | 8,292 | 3,933 | \u2014 |
| - of which: capital gains | 6,773 | \u2014 | \u2014 |
| 3,3,2 Net equity | \u2014 | \u2014 | \u2014 |
| 3,4 Transfers to other levels | 2,673 | 69,663 | \u2014 |
| 3,5 Other decreases | \u2014 | \u2014 | \u2014 |
| 4, Closing balance | (38,518) | (617,964) | \u2014 |
A.4.5.4Assets and liabilities not measured at Fair Value or measured at Fair Value on a non-recurring basis: breakdown by Fair Value hierarchy| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20ac\u2019000) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Assets/liabilities not measured at fair value or measured at fair value on a non-recurring basis | 31 december 2025 | 30 June2025 |
| Carrying amount | Level 1 | Level 2 | Level 3 | Carrying amount | Level 1 | Level 2 | Level 3 |
| 1. Financial assets measured at amortized cost | 71,154,524 | 4,046,219 | 23,295,377 | 44,514,985 | 70,315,458 | 3,508,196 | 24,981,995 | 43,768,067 |
| 2. Tangible assets held for investment purposes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Non-current assets and asset groups held for sale | 7,476 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 71,162,000 | 4,046,219 | 23,295,377 | 44,514,985 | 70,315,458 | 3,508,196 | 24,981,995 | 43,768,067 |
| 1. Financial liabilities measured at amortized cost | 77,683,997 | 1,345,735 | 76,179,651 | 121,207 | 75,183,290 | 1,638,674 | 73,658,516 | 79,036 |
| 2. Liabilities associated with assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 77,683,997 | 1,345,735 | 76,179,651 | 121,207 | 75,183,290 | 1,638,674 | 73,658,516 | 79,036 |
A.4 \u2013 Information on Fair ValueQUALITATIVE INFORMATION
Fair Value
In line with the international accounting standards, the Fair Value of financial instruments stated in the financial statements is the so-called exit price, i.e. the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions, regardless of whether such price is directly observable or estimated using another valuation technique (IFRS13, \u00a724).
Fair value, therefore, is \u201cthe price that would be received for the sale of an asset or that would be paid for the transfer of a liability in a regular transaction between market operators at the measurement date\u201d.
The Fair Value hierarchy of an instrument is a direct consequence of its value estimation approach: in principle, a financial instrument is considered to be listed on an active market if its price represents its current exchange value in normal, effective and regular market operations.
If the market is not active, the Fair Value of the instrument being estimated is measured by using market prices for similar instruments on active markets (comparable approach) or, in the absence of similar instruments, using a valuation technique that uses market and non-observable information (observable/unobservable inputs).
Mediobanca has laid down precise guidelines regarding three key aspects: independent calculation of Fair Value, conducted by the control units; the adoption of any Fair Value adjustments to consider aspects of uncertainty/liquidity; and classification of financial instruments according to a Fair Value hierarchy based on the level of uncertainty of the valuation. In addition to the book Fair Value, which affects both the balance sheet and the profit and loss account, prudent valuation adjustments should be made in order to calculate prudential requirements.
These guidelines, set out in Policies approved by the Board of Directors and related implementation Directives approved by the competent Committees, were defined in
compliance with the main international regulations (IFRS13,82 CRR art 10583 and related updates); the main activities for calculating the exit price of the financial instruments in the portfolio are shown below.84Fair Value measurement of real properties
Properties used in operations (IAS16) and properties held for investment purposes (IAS40) were measured according to the revalued amount and fair value approaches, respectively. Both of these values were updated in accordance with the requirements of IFRS13 and measured through the appropriate appraisal reports prepared by qualified independent experts. Depending on the value of the individual property, the appraisals were prepared in two different ways:
\u2014\"full\" appraisals: based on a physical inspection of the properties by the appraiser; or
\u2014\u201cdesk top\u201d appraisals based on measurement conducted without a physical inspection of the property and, therefore, based on reference market values.
The valuation methodologies used by the appraiser were in line with the international practice IVS (International Valuation Standards), with the requirements of the Royal Institute of Chartered Surveyors (RICS) of the United Kingdom and complied with IFRS13. The accounting standard, in particular, requires the owner's current use of non-financial assets to meet the highest and best use requirement, unless the market expects a different intended use for the property that would optimize its value. The valuation approach was therefore defined by the expert appraiser based on the current intended use of the properties, assuming it represented the highest and best use, and considering, in limited cases, any alternative uses of the properties where these met market expectations. To determine the value of each property, the appraiser identified the most appropriate method based on the property's characteristics and the relevant market conditions. The methodologies applied by the appraiser included:
82 IFRS13 establishes guidelines for identifying the exit price by using available prices, valuation models and any corrections (FVA) to consider elements of illiquidity/risk which, if not applied, would lead to overestimating the financial instrument, and the need to classify financial instruments according to the level of objectivity in the computation of fair value (FVH).
83 The guiding principles of the IPV and PVA processes are defined in the CRR Directive, Article 105.
84 It should be emphasized that the accuracy and consistency of these guidelines are subject to rigorous supervision by the Audit unit, which verifies the effectiveness and adequacy thereof. Furthermore, a specific internal validation unit has been established, within the Risk Management unit, which focuses on the validation of the quantitative methods used.
Discounted Cash Flow Method (DCF); Market Comparison Approach (MCA); and Transformation Method with DCF. In this context, lease payments, sales prices, discount rates, and capitalization rates were all estimated.Independent Price Verification (IPV)
The Independent Price Verification (IPV) process is preliminary and complementary to the calculation of the Prudent Valuation Adjustment (PVA), as it contributes to the validation of market data and parameters used in measuring fair value and, consequently, in quantifying Additional Valuation Adjustments (AVA). In accordance with the provisions of Regulation (EU) 575/2013, as amended (including CRR3), in particular Article 105 and the Regulatory Technical Standards (RTS) issued by the EBA implementing such Article 105, institutions should ensure that the input data used for the valuation are subject to independent verification and consistent with available market sources.
Specifically, the regulation requires financial institutions to conduct regular independent reviews of mark-to-market or mark-to-model valuations, and to establish and maintain adequate systems and controls to ensure the quality and robustness of their valuation estimates.
The primary objective of IPV is to verify the accuracy and reliability of input data used to measure financial instruments by:
\u2014formalizing control methodologies;
\u2014defining the validation approach of market parameters;
\u2014setting materiality thresholds and acceptability criteria;
\u2014implementing escalation and reporting procedures to control units and Senior Management.
The process applies to all positions measured at fair value in the trading and banking books.
Independent price verification is based on a comparison of market data used for valuation with alternative sources deemed reliable, such as:
\u2014external information providers (e.g., Bloomberg, Refinitiv);
\u2014indicative quotes provided by primary brokers;\u2014market consensus data;
\u2014implied parameters derived from comparable instruments.
For each exposure, a verification scope is defined and broken down by asset class and risk factors. Within it, materiality thresholds that trigger the IPV process are applied. In the event of significant discrepancies between prices used and prices verified, an escalation procedure is activated, which may result in revising the assigned fair value or reclassifying the instrument in the fair value hierarchy pursuant to IFRS13. For illiquid or complex financial instruments, the IPV process includes additional controls over input data used in the valuation models to ensure methodological consistency and process transparency.
The IPV process is structured on multiple levels and frequencies, depending on the nature and significance of the positions:
\u2014Daily reviews: on all positions, with reference to actual prices, yield curves, volatility surfaces, and other relevant market parameters;
\u2014Monthly reviews: on selected asset classes, for which market data is available less frequently or through consensus services;
\u2014Annual reviews: on alternative investment funds (Private Equity, Debt, Real Estate), performed through a leading independent third-party firm specializing in NAV valuation of UCITS funds.
The results of the IPV process may impact the accounting presentation of positions and the profit and loss reporting process for the affected portfolios. In particular, the decision to change the valuation source or verification method may result in a reclassification of the instrument in the fair value hierarchy (from Level 2 to Level 3, or vice versa), with implications for disclosure and prudential requirements.
The Independent Price Verification (IPV) process is preliminary and complementary to the calculation of the Prudent Valuation Adjustment (PVA), as it contributes to the validation of market data and parameters used in measuring fair value and, consequently, in quantifying Additional Valuation Adjustments (AVA). In accordance with the provisions of Delegated Regulation (EU) 2016/101, Article 3, and of the Regulatory Technical Standards (RTS) issued by the EBA implementing Article 105 of the CRR, institutions should ensure that the input data used for the valuation are subject to independent verification and consistent with available market sources.
The validation process focuses on the asset classes that have a direct impact on the consolidated financial statements, both for proprietary instruments and for guaranteed instruments. In this regard, before proceeding with the analysis of the market parameters, the scope of analysis where to perform the certification is divided into asset classes. However, materiality thresholds (at risk factor level) are established for each exposure above which to apply the calculation described below.
Fair Value Adjustment (FVA)
Fair Value Adjustment (FVA) plays a fundamental role in the valuation of financial instruments, as it ensures that the fair value reflects the price actually realizable in a practical market transaction. The guidelines defined in the Fair Value policy fully reflect the requirements defined by accounting standard IFRS13, according to which the valuation of financial instruments should use the exit price method and allow for corrections to be made to the valuations in specific circumstances.
This fair value approach ensures that the valuations made by Mediobanca and its subsidiaries are based on prices that are realistic and representative of current market conditions, guaranteeing adequate consideration to exit conditions and to the actual possibilities of selling or purchasing the financial instruments being valued. This ensures accurate and reliable financial information to be provided internally and to external stakeholders. Specifically:
\u2014Inputs based on Bid and Ask Prices - \u00a770: when measuring an asset or liability at fair value and having at one\u2019s disposal both a bid and an ask price (as in the case of inputs from a market of operators), the price within the bid-ask spread that best represents fair value in the specific circumstances should be chosen. Bid or ask prices are used in order to align with the closing price.
\u2014Inputs derived from Bid and Ask Prices - \u00a771: the standard does not prohibit the use of average market prices or other pricing conventions commonly used by market participants to measure fair value within the bid-ask spread. However, in the approach being adopted preference is given to bid and ask prices in order to obtain a more precise fair value measurement particularly aligned with a reliable closing price.
Fair value adjustments have an impact on profit or loss and take into account market liquidity, the uncertainties of parameters, the financing costs, and the complexity of the valuation models used in the absence of shared market practices.
The scope of fair value adjustments includes the following categories:
\u2014Market Price Uncertainty (MPU): this consists in uncertainties in valuations based on market quotations;85
\u2014Closed-Out Cost (COC): this indicates uncertainties regarding the liquidity cost that may be incurred in the event of a partial or total sale of an asset measured at fair value;
\u2014Model Risk (MR): adjustments aimed at mitigating the risk of discrepancy with respect to market practice in the valuation of a product in relation to the choice and implementation of the valuation model;
\u2014Concentrated Positions: this reflects uncertainties in the valuation of the exit price for positions classified as concentrated (i.e. positions whose disposal would significantly affect the market price);
\u2014additional investment and financing costs: investment and financing costs may be incurred for own bond issues with an early redemption clause or in the event of early closure of positions in derivative instruments. These costs may vary depending on fluctuations in financing costs.
Credit Value Adjustments (CVA) and Debt Value Adjustments (DVA) are incorporated into the valuation of derivatives to reflect the impact of the counterparty\u2019s credit risk and credit quality. CVA represents a negative amount that takes into account cases where the counterparty could go bankrupt before the Bank, with a positive market value against the counterparty. DVA represents an amount that takes into account the cases in which the Bank could go bankrupt before the counterparty, with an impact for the counterparty. These adjustments are calculated taking into account any risk mitigating arrangements, such as collateral and netting arrangements for each counterparty.
The method used to calculate CVA/DVA is based on the following inputs:
\u2014Expected Positive (EPE) and Expected Negative (ENE) Exposure, derived from simulations, which reflect the positive and negative valuation exposures of derivatives;
85 with regard to corrections to UCITS funds, the FVA process is structured by applying a \u201cPerformance Simulation Model\u201d, which uses the Monte-Carlo simulation method: the probability distribution of the discounted NAV of each fund and, consequently, the probability of having to record a discount, is found at maturity. This distribution is used to suggest a range of haircuts to apply to the NAV.
\u2014Probability of Default (PD), which may be derived from historical default probabilities or implied in the market prices of Credit Default Swaps or bonds;\u2014Loss Given Default (LGD) is based on the estimated value of expected recovery in the event of the counterparty\u2019s default, as defined by specific corporate analyses, or recovery rates conventionally used for Credit Default Swap quotations.
Furthermore, the fair value of non-collateralized derivatives may be affected by Mediobanca\u2019s funding costs (Funding Value Adjustment). Therefore, adjustments are made for the different funding costs using a discount curve that represents the average funding level of banks operating in the European corporate derivatives market.
Fair Value Hierarchy (FVH) \u2013 Observability and materiality of inputs
The Observability Levelling and Day-one Profit Directive, as specified in IFRS13, requires a hierarchy of levels reflecting the significance of inputs used in the valuations. These inputs, called \u201cvaluation inputs,\u201d are the market data used to estimate the fair value of financial instruments. The term \u201cvaluation input\u201d refers to the market data used to estimate the fair value of instruments. To estimate the fair value of instruments, valuation techniques that are adequate to the circumstances and for which sufficient data are available are used. Valuation techniques can be based on various approaches:
\u2014market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities;
\u2014cost approach (or current replacement method), which reflects the amount that would currently be required to replace an asset\u2019s service capacity;
\u2014income approach, which converts future amounts (e.g. cash flows or revenues and expenses) into a single discounted amount through, for example: present value methods and option pricing models.
These valuation methods may use different types of inputs, which may be observable or unobservable. Prices quoted in active markets are classified as \u201cobservable inputs\u201d. In other cases, the information is considered observable when the valuation is based on market information obtained from independent sources or from actual transactions. In accordance with IFRS13, para. B34, some examples of markets from which observable inputs can be derived include the following:
\u2014exchange markets: in an exchange market, closing prices are both readily available and generally representative of fair value (for example regulated stock markets);\u2014dealer markets: in a dealer market, dealers stand ready to trade (either buy or sell for their own account), thereby providing liquidity by using their capital to hold an inventory of the items for which they make a market. Typically bid and ask prices (representing the price at which a dealer is willing to buy and the price at which a dealer is willing to sell, respectively) are more readily available than closing prices. Over-the-counter markets (for which prices are publicly reported) are dealer markets. Dealer markets also exist for some other assets and liabilities, including some financial instruments, commodities and physical assets;
\u2014brokered markets: in a brokered market, brokers attempt to match buyers with sellers but do not stand ready to trade for their own account. Brokers do not use their own capital to hold an inventory of the items for which they make a market, but they know the prices bid and asked by the respective parties. Prices of completed transactions are sometimes available. Brokered markets include electronic communication networks, in which buy and sell orders are matched, and commercial and residential real estate markets;
\u2014principal-to-principal markets: in a principal-to-principal market, transactions, both originations and resales, are negotiated independently with no intermediary. Little information about those transactions may be made available publicly.
All cases in which it is not possible to demonstrate the observability of inputs are classified as \u201cunobservable inputs\u201d and, in particular, when the information on which the valuation techniques are based reflects Mediobanca\u2019s judgement formulated using the best information available in such circumstances.
In accordance with IFRS13, para. 67, valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
In more detail, based on their observability and considering additional criteria, inputs can be classified into three different levels.
Level 1 inputs:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A quoted price in an active market provides the most reliable evidence of Fair Value and it is the price to
be used preferentially to measure financial assets and liabilities held in the portfolio. If a quoted price recorded on an active market is available, alternative valuation techniques based on quotes for comparable instruments or quantitative models cannot be used and the instrument is classified as a \u201cLevel 1 instrument\u201d in its entirety. The objective is to reach a price at which a financial instrument would be traded at the reporting date (without altering the instrument) on an active market considered to be the main one or the most advantageous one for the Bank and to which it has immediate access.
Level 2 inputs:Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include the following:
\u2014quoted prices for similar assets or liabilities in active markets;
\u2014quoted prices for identical or similar assets or liabilities in markets that are not active.
Inputs other than quoted prices that are observable for the asset or liability, for example:
(i) interest rates and yield curves observable at commonly quoted intervals;
(ii) implied volatility;
(iii) credit spread.
Market-corroborated inputs.
Level 2 inputs may require adjustments for example relating to:
\u2014the condition or location of the asset;
\u2014the entity to which inputs refer and their comparability with the asset or liability;
\u2014the volume or level of activity in the markets within which the inputs are observed.
If there is no public quotation on an active market for the price of the financial instrument as a whole, but active markets exist for its components, Fair Value will be calculated by reference to the relevant market prices for those components. In this case, valuation will not be based on active market quotations for the financial instrument in question, but on observable market inputs or through the use of inputs that are not observable but are supported and confirmed by market data. The use of this approach does not exclude the use of a calculation method, or rather, of a pricing model, through which it is possible to establish the correct price of the transaction at the reference date, in an ideal and independent trading environment justified by normal market considerations.
Level 3 inputs:Level 3 inputs are not directly observable inputs that are used to measure the Fair Value in the event that relevant observable inputs are not available, making it possible to estimate a closing price even in situations of low market activity for the asset or liability as at the measurement date. Mediobanca estimates unobservable inputs using the best information available in the circumstances, which could include its own data, considering all information on the assumptions of market participants that is reasonably available. Unlike Level 2 inputs, in this case the inputs must be internally estimated according to quantitative methods, such as the use of historical series and comparable underlying instruments. Both Level 2 and Level 3 inputs may be used for a certain instrument. In this case, the final classification of the instrument is defined by applying the materiality assessment.
There are two stages in the process of setting the levels and observability of inputs. In the first stage, a level is assigned to each input used in the instrument valuation model. Thereafter, in the second stage, the relevance of the various inputs used to determine the materiality of unobservable inputs is verified, thus influencing the overall valuation of the instrument. It should be noted that for some categories of instruments, such as private equity or infrastructure alternative investment funds, a more rigorous classification (fair value level) is automatically applied, since the relevant underlying is not listed on the market. However, for some types of instruments there is an illiquidity discount in the NAV valuation in order to bring the valuation to the exit price.
Materiality is a crucial step in establishing whether unobservable inputs (Level 2 or 3) are meaningful to the entire measurement of the instrument. This materiality analysis also extends to inputs used to calculate any adjustments, such as the Fair Value Adjustment (FVA) or the Credit Value Adjustment (CVA).
In summary, the observability and materiality process ensures that the Fair Value of financial instruments is classified correctly based on the significance of the inputs used, ensuring an adequate valuation of financial assets and liabilities.
Prudent Valuation Adjustment (PVA)
The Prudent Valuation Policy and Directive meet the regulatory requirements of Regulation (EU) 575/2013, as subsequently amended (including CRR3). In particular, Article 34 and Article 105, paragraph 2, solely for prudential purposes and therefore without accounting impacts, require prudential valuation to be performed by applying adjusted inputs in order to capture stressed events.
The objective of prudential valuation is to measure a value that reflects an adequate degree of certainty, taking into account the uncertainty inherent in fair value measurement, particularly in stressed market conditions. The difference between book fair value (exit price) and prudent value is called Additional Valuation Adjustment (AVA). The aggregation of AVAs constitutes the Prudent Valuation Adjustment (PVA), which is deducted directly from the Common Equity Tier 1 (CET1) capital.
The final adjustment is defined by the Regulator by aggregating nine AVAs:
\u2014Market Price Uncertainty (MPU): this is the valuation uncertainty based on market prices, calculated at the level of the exposure being measured;86
\u2014Close-out Costs (CoC): these consist in the uncertainty of the exit price, calculated at the level of the exposure being measured;
\u2014Model Risk (MR): this refers to the valuation uncertainty arising from the uncertainty of the model used and/or from the calibration thereof used by various market participants;
\u2014Unearned Credit Spreads (UCS): these consist in uncertainty in the measurement necessary to include the present value of expected losses in the event of counterparty default on derivative positions;
\u2014Investing and Funding Costs (IFC): these represent the uncertainty of the valuation of funding costs used in the valuation of the exit price in accordance with the applicable accounting standards;
86 In line with the regulations governing Fair Value Adjustments to UCITS funds, where the median of the identified haircut range is used to find the fund correction amount, the maximum value of the identified haircut range is applied on the prudent side.
\u2014Concentrated Positions (CP): these refer to the uncertainty of the exit price for positions defined as concentrated;\u2014Future and Administrative Costs (FAC): these consider administrative costs and future hedging costs over the expected lifetime of the exposures being measured to which a direct exit price has not been applied for CoC AVAs;
\u2014Early Termination (ET): this considers contingent losses arising from non-contractual early terminations of the clients\u2019 trading positions;
\u2014Operational Risk (OR): this considers contingent losses that may be incurred as a result of the operational risks associated with the measurement processes.
This framework applies to all assets and liabilities measured at fair value in the Bank's trading and banking books, as required by IFRS and EBA RTS. However, some types of transactions are excluded or treated differently:
\u2014instruments measured at amortized cost: excluded as they are not subject to fair value;
\u2014instruments whose fair value is exclusively based on observable prices (Level 1): these do not require AVA, given the absence of valuation uncertainty;
\u2014perfectly hedged (back-to-back) transactions: in the presence of zero economic risk, AVA may be negligible;
\u2014non-significant positions: subject to materiality thresholds, particularly for banks adopting the simplified approach.
The corporate Prudent Valuation Policy and Directive, in line with regulatory requirements, ensures a consistent and documented adoption of the framework, also in light of the amendments proposed by the EBA in 2024 to further harmonize the approach among European institutions.
A.4.1 Valuation processes and sensitivity analysisAs required by IFRS13, quantitative information on the significant non-observable inputs used for the assessment of Level 3 instruments is provided below.
Uncertainties of inputs and impact on Fair Value
| Non-observable inputs | Quantifying input uncertainty (1 bps change in the associated risk input) | MtM +/- delta(\u20ac\u2019000)31/12/25 | MtM +/- delta(\u20ac\u2019000)30/6/2025 |
| Implied volatility | For each point on the volatility surface, this is defined as a standard deviation from consensus provided by the independent data provider. For non-contributed underlyings, a proxy is derived from the contributed underlyings. | (16.6) | (12.3) |
| Equity-equity correlation | For each expiry along the correlation curve, this is defined as a standard deviation from the consensus provided by the independent data provider. For non-contributed underlyings, a proxy is derived from the contributed underlyings. | (0.3) | (8.1) |
| Credit Spread | For financial guarantees with specific underlyings, credit spread curves are not observable. Proxy curves obtained from underlying prices are used for these instruments. | (0.4) | (0.4) |
Measurement techniques - Equity - receivables - interest rate - exchange rate products
| Product | Measurement technique | Non-observable inputs | Fair value (*) Assets31/12/2025(\u20acm) | Fair value (*)Liabilities 31/12/2025(\u20acm) | Fair value (*) Assets30/6/2025(\u20acm) | Fair value (*)Liabilities 30/6/2025(\u20acm) |
| OTC bond option | Black-Scholes model | Implied volatility1 | \u2014 | \u2014 | 0.63 | (0.57) |
| OTC equity single nameoptions, Variance swap | Black-Scholes model | Implied volatility1 | \u2014 | \u2014 | \u2014 | (0.41) |
| OTC equity basket options, best of/ worst of, equity autocallable multi-asset options | Black-Scholes model, local volatility model | Implied volatilityEquity-equity correlation2 | \u2014 | (15.08) | 0.29 | (16.43) |
| Fund Gap Option | Black-Scholes model | Implied volatility1 | 0.04 | \u2014 | 0.02 | \u2014 |
| CDS on Single Names with Recovery Rate 0 | Arbitrage Free Credit Spread Model | Recovery Rate | 0.50 | (3.45) | 1.05 | \u2014 |
| Put options securingthe financial yield of pension funds | Black-Scholes model | Projection of future premium flows and death rates of policy holders3 | 3.88 | (19.54) | 0.49 | (24.24) |
| Forex barrier option | Black-Scholes model | Uncertainty of valuation model4 | 0.03 | (0.03) | \u2014 | \u2014 |
| Financial Guarantee | Arbitrage Free Credit Spread Model | Credit Spread and Recovery Rate5 | 1.2 | (3.21) | \u2014 | (0.04) |
(*)The carrying amount shown above is equal to the full fair value of structures and includes fair value adjustments.
1Volatility in a financial context is a measurement of how much the price of an underlying instrument may vary over time. The higher the volatility of the underlying instrument, the greater the risk associated with it. In general, long positions in options benefit from increases in volatility, whereas short positions in options lose out from them. For equity derivatives, the implied volatility area may be obtained from the price of the call and put options, as they have regulated markets. The uncertainty of this input is attributable to one of the following scenarios: illiquidity of quoted prices (wide bid/ask spreads, typical of long maturities or moneyness far from the At-The-Money spot), concentration effects and non-observable market data (again when too long maturities or moneyness far from the At-The-Money spot are considered).
2Equity-equity correlation is a measurement of the correlation between two equity-based underlying instruments. Changes in the correlation levels may impact an instrument\u2019s fair value positively or negatively, depending on the correlation type.
Equity-equity correlations are less observable than volatility, because no correlation products are quoted on any regulated markets. For this reason, correlations are more subject to data uncertainties.
3The contractual form has been structured as a put option with an original term of between 10 and 30 years, the valuation of which is subject to uncertainty regarding both the estimate of future premiums and the NAV level of the underlying pension funds.
4 Model uncertainty is a measure of the relationship between two or more different valuation models for a derivative. Changes in the valuation models used may impact an instrument\u2019s fair value positively or negatively.
5 The contractual form is structured as a guarantee on specific underlying assets for which there are no observable input parameters
The main factors contributing to transitions between fair value levels include changes in market conditions and refinements in the measurement models and/or the non-observable inputs.
Fair value of an instrument may transition from Level 1 to Level 2 or vice versa mainly as a result of the loss (increase) in significance of the price expressed by the active market of the instrument.
Conversely, transfers from Level 2 to Level 3 or vice versa mainly arise as a result of the loss (increase) in significance of inputs, in particular the predominance of non-observable inputs over observable inputs.
A.4.4 Other information
Mediobanca uses the exception provided under IFRS13, para. 48 from measuring fair value of financial assets and liabilities on a net basis by offsetting market and counterparty credit risks.
Issue of Certificates
Certificates are structured debt financial instruments incorporating an embedded derivative instrument whose interest flows and/or principal repayment (i.e., \"payoff\") depend on the performance of financial market parameters, with or without leverage.87 The issue of Mediobanca certificates (whose payoff is linked to the performance of shares, stock indices, interest rates, and corporate creditworthiness) primarily met the investors' need for an investment product that offered a higher return than a simple product, typical of a derivative transaction. These products may provide protection for the subscribed amount or a portion thereof, against the performance of the financial inputs to which they are indexed.
Against the issue of a certificate, the bank collects funds, which, in the absence of unforeseeable financial events or the emergence of specific liquidity needs by the subscriber, remain available until the instrument's maturity.
Operations in certificates result in the emergence of a liability classified, consistent with the business model, in the accounting portfolio of \"Financial liabilities designated at fair value.\"88 The derivative embedded in the structure should, in the absence of the fair value option, be separated from the host instrument, given the significant change in the contract's cash flows, resulting in more costly accounting management. In
87 Leveraged certificates are instruments that amplify the gains or losses of an underlying asset (stocks, indices, commodities, etc.), making it possible to increase the payout with reduced capital. Certificates are traded both with fixed leverage, which provide a constant multiplication factor of the underlying's performance for a single trading session only and with a daily restrike, and with dynamic leverage with a barrier (autocallable).
88 Pursuant to IFRS9, paragraphs 4.3.5 and 4.2.2
addition, this classification ensures a \"natural hedge\" against operating hedging derivatives, which are entered into using a \"massive\" approach with the aim of hedging the overall exposure. A residual portion remained classified in the trading book for those issued before July 2023, which are gradually expiring.At the same time, for certain types of instruments, particularly products with unguaranteed capital and/or for which the repayment time may depend on the performance of a market input, in order to guarantee the return promised by the certificate, it is necessary to invest the capital raised over a time horizon consistent with the expected duration of the investment product, while minimizing the financial impact of the debt value adjustment applied to the value of the liabilities89 generated by the asset in question. In the event of early termination of the certificate due to a financial event, which is more likely for equity instruments than for instruments with underlying credit/debit instruments, repayment is guaranteed by the related investment without impacting funding, thanks, among other things, to the hedges implemented on the derivatives embedded in the instrument.
With reference to the recognition criteria for the equity and income statement components of the certificates reported under item \"30. Financial liabilities designated at fair value\" and related operating hedging instruments, it should be noted that:
\u2014the entire net income related to the issues in question is included in item \"110. Net gains (losses) of other financial assets and liabilities measured at fair value through profit or loss: a) financial assets and liabilities designated at fair value.\u201d This item also includes the valuation effects related to fair value measurement resulting from changes in the market inputs to which the certificate is indexed \u2013 with the exception of certain cases where it is not necessary to invest the capital in related investments \u2013 due to its creditworthiness, the effects of which populate a net equity reserve;
\u2014derivatives operationally linked to financial liabilities measured at fair value are classified under asset item \"20. Financial assets measured at fair value through profit or loss: a) Financial assets held for trading\" or under liability item \"20. Trading financial liabilities\u201d. Unrealized gains and losses, as well as realized effects, including any differences received and paid, are recognized through profit or loss under item \"80. Net income (expense) from trading activities.\"
89 IFRS9 Paragraphs B4.1.33 and B4.1.34 on the joint management of asset and liability portfolios under the Fair Value option and paragraph 5.7.8 on the accounting for the Debt Value Adjustment in order to eliminate accounting mismatches.
QUANTITATIVE INFORMATIONA.4.5Fair Value hierarchy
A.4.5.1Assets and liabilities measured at Fair Value on a recurring basis: breakdown by Fair Value hierarchy
| \u00a0 | | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20ac\u2019000) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets/liabilities measured at fair value | 31 december 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1, Financial assets measured at fair value through profit or loss | 13,334,197 | 3,863,943 | 956,438 | 14,106,071 | 3,307,411 | 827,524 |
| a) financial assets held for trading | 12,567,024 | 2,887,696 | 477,743 | 13,001,239 | 2,444,461 | 444,297 |
| b) financial assets designated at fair value | 539,368 | 967,040 | \u2014 | 882,836 | 776,612 | \u2014 |
| c) other financial assets mandatorily measured at fair value | 227,805 | 9,207 | 478,695 | 221,996 | 86,338 | 383,227 |
| 2, Financial assets measured at fair value through other comprehensive income | 4,909,813 | 109,985 | 109,917 | 5,124,260 | 102,838 | 165,926 |
| 3, Hedging derivatives | \u2014 | 161,471 | \u2014 | \u2014 | 329,708 | \u2014 |
| 4, Tangible assets | \u2014 | \u2014 | 872,535 | \u2014 | \u2014 | 245,131 |
| 5, Intangible assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 6, Other assets (1) | 1,375,603 | \u2014 | \u2014 | 995,642 | \u2014 | \u2014 |
| Total | 19,619,613 | 4,135,399 | 1,938,890 | 20,225,973 | 3,739,957 | 1,238,582 |
| 1, Financial liabilities held for trading | 5,651,684 | 2,682,752 | 38,518 | 6,033,269 | 2,920,064 | 34,425 |
| 2, Financial liabilities designated at fair value | \u2014 | 4,938,089 | 617,964 | \u2014 | 4,468,634 | 578,037 |
| 3, Hedging derivatives | \u2014 | 635,963 | \u2014 | \u2014 | 1,037,377 | \u2014 |
| Total | 5,651,684 | 8,256,804 | 656,482 | 6,033,269 | 8,426,075 | 612,462 |
(1) EUA listed Certificates - Commodities.
The trading book is mainly concentrated on liquid transactions with a low level of uncertainty. A more complex residual portion remained, but did not undergo significant changes.
Level 3 assets held for trading increased slightly from \u20ac444.3m to \u20ac477.7m.
As at 31 December 2025, Level 3 liabilities held for trading primarily concerned autocallable basket equity certificates (slight increase from \u20ac34.4m to \u20ac38.5m).
Financial assets mandatorily measured at fair value, consisting in investments in funds, increased from \u20ac383.2m to \u20ac478.7m, mainly due to transfers from other levels.
Level 3 financial liabilities measured at fair value increased from \u20ac578m to \u20ac618m due to net issues (up \u20ac103m) partially offset by transfers to other levels (down \u20ac70m) involving some multi-asset single-name equity certificates.
Financial assets measured at fair value through other comprehensive income (bonds, equities, and SFPs) decreased from \u20ac166m to \u20ac110m and included the full reimbursement of Equity-like Financial Instruments.
A.4.5.2 Annual changes in financial assets measured at Fair Value on a recurring basis (Level 3)
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20ac\u2019000) |
| \u00a0 | Financial assets measured at fair value through profit or loss | Financial assets measured at fair value through other comprehensive income | Hedging derivatives | Tangible assets | Intangible assets |
| Total | of which: a) financial assets held for trading | of which: b) financial assets designated at fair value | of which: c) other financial assets mandatorily measured at fair value |
| 1. Opening balance | 827,524 | 444,297 | \u2014 | 383,227 | 165,926 | \u2014 | 245,131 | \u2014 |
| 2. Increases | 306,374 | 180,038 | \u2014 | 126,337 | 7,733 | \u2014 | 627,404 | \u2014 |
| 2.1 Purchases | 191,633 | 172,464 | \u2014 | 19,168 | 2,780 | \u2014 | \u2014 | \u2014 |
| 2.2 Profits recognized in: | 31,037 | 4,366 | \u2014 | 26,671 | 4,895 | \u2014 | 329,571 | \u2014 |
| 2.2.1 Profit and loss account | 31,037 | 4,366 | \u2014 | 26,671 | 31 | \u2014 | 1,000 | \u2014 |
| - of which, capital gains | 19,265 | 4,121 | \u2014 | 15,144 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2.2 Net equity | \u2014 | \u2014 | \u2014 | \u2014 | 4,864 | \u2014 | 328,571 | \u2014 |
| 2.3 Transfers from other levels | 83,489 | 2,992 | \u2014 | 80,497 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.4 Other increases | 216 | 216 | \u2014 | \u2014 | 59 | \u2014 | 297,833 | \u2014 |
| 3. Decreases | (177,460) | (146,592) | \u2014 | (30,868) | (63,742) | \u2014 | \u2014 | \u2014 |
| 3.1 Disposals | (76,798) | (52,215) | \u2014 | (24,583) | (54,531) | \u2014 | \u2014 | \u2014 |
| 3.2 Redemptions | (14,327) | (14,327) | \u2014 | \u2014 | (9,197) | \u2014 | \u2014 | \u2014 |
| 3.3 Losses recognized in: | (38,326) | (32,139) | \u2014 | (6,187) | (14) | \u2014 | \u2014 | \u2014 |
| 3.3.1 Profit and loss account | (38,326) | (32,139) | \u2014 | (6,187) | \u2014 | \u2014 | \u2014 | \u2014 |
| - of which: capital losses | (31,252) | (31,252) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.3.2 Net equity | \u2014 | \u2014 | \u2014 | \u2014 | (14) | \u2014 | \u2014 | \u2014 |
| 3.4 Transfers to other levels | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.5 Other decreases | (48,009) | (47,912) | \u2014 | (98) | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. Closing balance | 956,438 | 477,743 | \u2014 | 478,695 | 109,917 | \u2014 | 872,535 | \u2014 |
A.4.5.3 Annual changes in liabilities measured at Fair Value on a recurring basis (Level 3)| \u00a0 | \u00a0\u00a0 | \u00a0 | (\u20ac\u2019000) |
| \u00a0 | Financial assets held for trading | Financial assets designated at fair value | Hedging derivatives |
| 1, Opening balance | (34,425) | (578,037) | \u2014 |
| 2, Increases | (33,774) | (296,777) | \u2014 |
| 2,1 Issues | (7,679) | (285,837) | \u2014 |
| 2,2 Losses recognized in: | (2,238) | \u2014 | \u2014 |
| 2,2,1 Profit and loss account | (2,238) | \u2014 | \u2014 |
| - of which, capital losses | (2,238) | \u2014 | \u2014 |
| 2,2,2 Net equity | \u2014 | \u2014 | \u2014 |
| 2,3 Transfers from other levels | (10,647) | (10,940) | \u2014 |
| 2,4 Other increases | (13,210) | \u2014 | \u2014 |
| 3, Decreases | 29,681 | 256,850 | \u2014 |
| 3,1 Redemptions | 18,716 | 183,254 | \u2014 |
| 3,2 Buybacks | \u2014 | \u2014 | \u2014 |
| 3,3 Profits recognized in: | 8,292 | 3,933 | \u2014 |
| 3,3,1 Profit and loss account | 8,292 | 3,933 | \u2014 |
| - of which: capital gains | 6,773 | \u2014 | \u2014 |
| 3,3,2 Net equity | \u2014 | \u2014 | \u2014 |
| 3,4 Transfers to other levels | 2,673 | 69,663 | \u2014 |
| 3,5 Other decreases | \u2014 | \u2014 | \u2014 |
| 4, Closing balance | (38,518) | (617,964) | \u2014 |
A.4.5.4Assets and liabilities not measured at Fair Value or measured at Fair Value on a non-recurring basis: breakdown by Fair Value hierarchy| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20ac\u2019000) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Assets/liabilities not measured at fair value or measured at fair value on a non-recurring basis | 31 december 2025 | 30 June2025 |
| Carrying amount | Level 1 | Level 2 | Level 3 | Carrying amount | Level 1 | Level 2 | Level 3 |
| 1. Financial assets measured at amortized cost | 71,154,524 | 4,046,219 | 23,295,377 | 44,514,985 | 70,315,458 | 3,508,196 | 24,981,995 | 43,768,067 |
| 2. Tangible assets held for investment purposes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Non-current assets and asset groups held for sale | 7,476 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 71,162,000 | 4,046,219 | 23,295,377 | 44,514,985 | 70,315,458 | 3,508,196 | 24,981,995 | 43,768,067 |
| 1. Financial liabilities measured at amortized cost | 77,683,997 | 1,345,735 | 76,179,651 | 121,207 | 75,183,290 | 1,638,674 | 73,658,516 | 79,036 |
| 2. Liabilities associated with assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 77,683,997 | 1,345,735 | 76,179,651 | 121,207 | 75,183,290 | 1,638,674 | 73,658,516 | 79,036 |
A.5 - Disclosure on \u201cday one profit\u201d
Pursuant to accounting standard IFRS7, paragraph 28, the \u201cDay-one Profit\u201d is understood as the difference between the fair value of a financial instrument at the initial recognition date (transaction price) and the amount estimated at that date using a valuation technique.
According to IFRS9, paragraph B5.1.2A, if the initial fair value is measured using unobservable inputs (level 3 of the fair value hierarchy), the day-one profit cannot be immediately recognized in profit or loss but should be deferred and released over time, depending on the progressive observability of inputs used or depending on the passage of time.
The day-one profit suspension rule applies to financial instruments classified as Level 3, i.e. instruments for which the impact of one or more non-observable inputs on the fair value is considered significant. The day-one profit, calculated after fair value adjustments, is amortized over the expected period for which the input data will remain
unobservable. The suspension will not apply if the risks generated by the transaction are hedged with a market counterparty (back-to-back), thus eliminating the economic effect of the unobservable parameter.During the year under review, Mediobanca applied the day-one profit principle to the following types of transaction:
\u2015CLO financial guarantees: transactions in which the Bank purchased specific hedges on CLOs in its portfolio to neutralize credit risk. In the absence of observable and liquid market inputs, profits of \u20ac6.2m were suspended to be released pro rata temporis (\u20ac5.6m as at 30 June 2025) after increases on new operations of \u20ac2.3m and releases of \u20ac1.7m, on a notional amount of approximately \u20ac326m (\u20ac258m as at 30 June 2025) due to the entry of 10 operations.
\u2015Certificates with underlying equity and credit strategies: approximately \u20ac5.2m in gains related to the issuance of former autocallable equity certificates with a nominal amount of \u20ac360.5m (respectively, \u20ac4.2m and \u20ac406m at 30 June 2025) and \u20ac1.9m in gains on callable credit-linked certificates with an issued notional amount of approximately \u20ac118.6m (respectively, \u20ac1.2m and \u20ac50m) were suspended.90
90 The DOP is released upon maturity of the issue or due to early repayment or due to a transition from level 3 to level 2 (in the latter case, the transition to level 2 should be confirmed in three consecutive monthly surveys).
",
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"v1-page404-cflshid_141339-tag470226": {
"value": "SECTION 1
Heading 10: Cash and cash equivalents
1.1 Cash and cash equivalents: breakdown
| Total | Total |
| 31 December 2025 | 30 June 2025 |
| a) Cash | 113,967 | 121,703 |
| b) Current accounts and demand deposits with Central Banks | 740,174 | 180,506 |
| b) Current accounts and demand deposits with banks | 819,473 | 731,526 |
| Total | 1,673,614 | 1,033,735 |
SECTION 1
Heading 10: Cash and cash equivalents
1.1 Cash and cash equivalents: breakdown
| Total | Total |
| 31 December 2025 | 30 June 2025 |
| a) Cash | 113,967 | 121,703 |
| b) Current accounts and demand deposits with Central Banks | 740,174 | 180,506 |
| b) Current accounts and demand deposits with banks | 819,473 | 731,526 |
| Total | 1,673,614 | 1,033,735 |
4.1 Financial assets measured at amortized cost: product breakdown of amounts due from banks
| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value (*) | Carrying amount | Fair value (*) |
| Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets | L1 | L2 | L3 | Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets | L1 | L2 | L3 |
| A. Due from Central Banks | 449,009 | \u2014 | \u2014 | \u2014 | 449,009 | \u2014 | 433,920 | \u2014 | \u2014 | \u2014 | 433,920 | \u2014 |
| 1. Term deposits | 100,000 | \u2014 | \u2014 | X | X | X | 99,989 | \u2014 | \u2014 | X | X | X |
| 2. Compulsory reserves | 349,009 | \u2014 | \u2014 | X | X | X | 333,931 | \u2014 | \u2014 | X | X | X |
| 3. Reverse Repos | \u2014 | \u2014 | \u2014 | X | X | X | \u2014 | \u2014 | \u2014 | X | X | X |
| 4. Other | \u2014 | \u2014 | \u2014 | X | X | X | \u2014 | \u2014 | \u2014 | X | X | X |
| B. Due from banks | 5,289,721 | \u2014 | \u2014 | 54,163 | 5,272,455 | 34,613 | 4,698,320 | \u2014 | \u2014 | 73,644 | 4,637,640 | 47,193 |
| 1. Loans | 5,235,851 | \u2014 | \u2014 | \u2014 | 5,272,423 | 34,612 | 4,624,492 | \u2014 | \u2014 | \u2014 | 4,637,640 | 47,193 |
| 1.1 Current accounts | \u2014 | \u2014 | \u2014 | X | X | X | \u2014 | \u2014 | \u2014 | X | X | X |
| 1.2. Term deposits | 109,984 | \u2014 | \u2014 | X | X | X | 153,774 | \u2014 | \u2014 | X | X | X |
| 1.3. Other loans: | 5,125,867 | \u2014 | \u2014 | X | X | X | 4,470,718 | \u2014 | \u2014 | X | X | X |
| - Reverse Repos | 2,849,193 | \u2014 | \u2014 | X | X | X | 2,205,077 | \u2014 | \u2014 | X | X | X |
| - Finance leases | 413 | \u2014 | \u2014 | X | X | X | 62 | \u2014 | \u2014 | X | X | X |
| - Other | 2,276,261 | \u2014 | \u2014 | X | X | X | 2,265,579 | \u2014 | \u2014 | X | X | X |
| 2. Debt securities | 53,870 | \u2014 | \u2014 | 54,163 | 32 | 1 | 73,828 | \u2014 | \u2014 | 73,644 | \u2014 | \u2014 |
| 2.1 Structured securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2 Other debt securities | 53,870 | \u2014 | \u2014 | 54,163 | 32 | 1 | 73,828 | \u2014 | \u2014 | 73,644 | \u2014 | \u2014 |
| Total | 5,738,730 | \u2014 | \u2014 | 54,163 | 5,721,464 | 34,613 | 5,132,240 | \u2014 | \u2014 | 73,644 | 5,071,560 | 47,193 |
(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
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"v1-page405-cflshid_141449-tag470195": {
"value": "SECTION 2Heading 20: Financial assets measured at fair value(**) through profit or loss
2.1 Financial assets held for trading: product breakdown
| Items/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| A. Cash assets | | | | | | |
| 1. Debt securities | 6,484,969 | 841,637 | 430,068 | 7,919,062 | 424,524 | 363,035 |
| 1.1 Structured securities | 10,474 | 17,853 | 229,493 | 30,108 | 5,845 | 155,883 |
| 1.2 Other debt securities | 6,474,495 | 823,784 | 200,575 | 7,888,954 | 418,679 | 207,152 |
| 2. Equity securities (1) | 5,504,783 | 42,441 | 308 | 4,217,223 | \u2014 | 73,005 |
| 3. UCIT units | 109,268 | \u2014 | 5,052 | 153,026 | \u2014 | 4,836 |
| 4. Loans | \u2014 | \u2014 | 36,839 | \u2014 | \u2014 | \u2014 |
| 4.1 Reverse Repos | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4.2 Other(2) | \u2014 | \u2014 | 36,839 | \u2014 | \u2014 | \u2014 |
| Total (A) | 12,099,020 | 884,078 | 472,267 | 12,289,311 | 424,524 | 440,876 |
| B. Derivative instruments | | | | | | |
| 1. Financial derivatives | 468,004 | 1,822,296 | 3,955 | 711,928 | 1,829,648 | 1,730 |
| 1.1 trading | 468,004 | 1,772,678 | 3,955 | 711,928 | 1,829,648 | 1,730 |
| 1.2 related to the fair value option | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.3 other | \u2014 | 49,618 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Credit derivatives | \u2014 | 181,322 | 1,521 | \u2014 | 190,289 | 1,691 |
| 2.1 trading | \u2014 | 181,322 | 1,521 | \u2014 | 190,289 | 1,691 |
| 2.2 related to the fair value option | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.3 other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total (B) | 468,004 | 2,003,618 | 5,476 | 711,928 | 2,019,937 | 3,421 |
| Total (A+B) | 12,567,024 | 2,887,696 | 477,743 | 13,001,239 | 2,444,461 | 444,297 |
(1) Equities include shares committed in securities lending transactions totalling \u20ac2,764,733 at 31 December 2025 and \u20ac2,398,018 at 30 June 2025. (2) As at 31 December 2025, there were underwriting positions in place intended for syndication.
(**) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
2.5 Other financial assets mandatorily measured at fair value(*): product breakdown| Items/Values | 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Debt securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.1 Structured securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.2 Other debt securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Equity securities | \u2014 | \u2014 | 5,411 | \u2014 | \u2014 | 9,632 |
| 3. UCIT units | 227,805 | 1,577 | 473,284 | 221,996 | 82,086 | 373,595 |
| 4. Loans | \u2014 | 7,630 | \u2014 | \u2014 | 4,252 | \u2014 |
| 4.1 Reverse Repos | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4.2 Other | \u2014 | 7,630 | \u2014 | \u2014 | 4,252 | \u2014 |
| Total | 227,805 | 9,207 | 478,695 | 221,996 | 86,338 | 383,227 |
(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
4.1 Financial assets measured at amortized cost: product breakdown of amounts due from banks
| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value (*) | Carrying amount | Fair value (*) |
| Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets | L1 | L2 | L3 | Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets | L1 | L2 | L3 |
| A. Due from Central Banks | 449,009 | \u2014 | \u2014 | \u2014 | 449,009 | \u2014 | 433,920 | \u2014 | \u2014 | \u2014 | 433,920 | \u2014 |
| 1. Term deposits | 100,000 | \u2014 | \u2014 | X | X | X | 99,989 | \u2014 | \u2014 | X | X | X |
| 2. Compulsory reserves | 349,009 | \u2014 | \u2014 | X | X | X | 333,931 | \u2014 | \u2014 | X | X | X |
| 3. Reverse Repos | \u2014 | \u2014 | \u2014 | X | X | X | \u2014 | \u2014 | \u2014 | X | X | X |
| 4. Other | \u2014 | \u2014 | \u2014 | X | X | X | \u2014 | \u2014 | \u2014 | X | X | X |
| B. Due from banks | 5,289,721 | \u2014 | \u2014 | 54,163 | 5,272,455 | 34,613 | 4,698,320 | \u2014 | \u2014 | 73,644 | 4,637,640 | 47,193 |
| 1. Loans | 5,235,851 | \u2014 | \u2014 | \u2014 | 5,272,423 | 34,612 | 4,624,492 | \u2014 | \u2014 | \u2014 | 4,637,640 | 47,193 |
| 1.1 Current accounts | \u2014 | \u2014 | \u2014 | X | X | X | \u2014 | \u2014 | \u2014 | X | X | X |
| 1.2. Term deposits | 109,984 | \u2014 | \u2014 | X | X | X | 153,774 | \u2014 | \u2014 | X | X | X |
| 1.3. Other loans: | 5,125,867 | \u2014 | \u2014 | X | X | X | 4,470,718 | \u2014 | \u2014 | X | X | X |
| - Reverse Repos | 2,849,193 | \u2014 | \u2014 | X | X | X | 2,205,077 | \u2014 | \u2014 | X | X | X |
| - Finance leases | 413 | \u2014 | \u2014 | X | X | X | 62 | \u2014 | \u2014 | X | X | X |
| - Other | 2,276,261 | \u2014 | \u2014 | X | X | X | 2,265,579 | \u2014 | \u2014 | X | X | X |
| 2. Debt securities | 53,870 | \u2014 | \u2014 | 54,163 | 32 | 1 | 73,828 | \u2014 | \u2014 | 73,644 | \u2014 | \u2014 |
| 2.1 Structured securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2 Other debt securities | 53,870 | \u2014 | \u2014 | 54,163 | 32 | 1 | 73,828 | \u2014 | \u2014 | 73,644 | \u2014 | \u2014 |
| Total | 5,738,730 | \u2014 | \u2014 | 54,163 | 5,721,464 | 34,613 | 5,132,240 | \u2014 | \u2014 | 73,644 | 5,071,560 | 47,193 |
(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
4.2 Financial assets measured at amortized cost: product breakdown of amounts due from customers| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value (*) | Carrying amount | Fair value (*) |
| Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets (1) | L1 | L2 | L3 | Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets (1) | L1 | L2 | L3 |
| 1. Loans | 58,424,397 | 387,389 | 190,072 | \u2014 | 16,129,397 | 43,366,336 | 59,198,494 | 384,464 | 189,624 | \u2014 | 18,576,290 | 43,002,595 |
| 1.1. Current accounts | 2,922,661 | 57 | \u2014 | X | X | X | 2,887,045 | 36 | \u2014 | X | X | X |
| 1.2. Reverse Repos | 4,101,103 | \u2014 | \u2014 | X | X | X | 6,427,908 | \u2014 | \u2014 | X | X | X |
| 1.3. Mortgages | 29,706,352 | 57,973 | \u2014 | X | X | X | 29,029,863 | 64,003 | \u2014 | X | X | X |
| 1.4. Credit cards, personal loans and salary-backed finance | 10,639,188 | 206,065 | 189,537 | X | X | X | 10,165,221 | 210,012 | 189,150 | X | X | X |
| 1.5 Finance leases | 1,055,676 | 11,259 | \u2014 | X | X | X | 1,048,257 | 12,003 | \u2014 | X | X | X |
| 1.6. Factoring | 2,799,141 | 7,956 | \u2014 | X | X | X | 2,507,566 | 5,636 | \u2014 | X | X | X |
| 1.7. Other loans | 7,200,276 | 104,079 | 535 | X | X | X | 7,132,634 | 92,774 | 474 | X | X | X |
| 2. Debt securities | 6,412,093 | 1,842 | \u2014 | 3,992,056 | 1,444,516 | 1,114,036 | 5,410,636 | \u2014 | \u2014 | 3,434,552 | 1,334,145 | 718,279 |
| 2.1. Structured securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2. Other debt securities | 6,412,093 | 1,842 | \u2014 | 3,992,056 | 1,444,516 | 1,114,036 | 5,410,636 | \u2014 | \u2014 | 3,434,552 | 1,334,145 | 718,279 |
| Total | 64,836,490 | 389,231 | 190,072 | 3,992,056 | 17,573,913 | 44,480,372 | 64,609,130 | 384,464 | 189,624 | 3,434,552 | 19,910,435 | 43,720,874 |
(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
(1) These concern forborne non-performing consumer credit, as further explained in Part E - Information on risks and related hedging policies - Section 1 Credit Quality.
SECTION 1
Heading 10: Financial liabilities measured at amortized cost
1.1 Financial liabilities measured at amortized cost: product breakdown of amounts due to banks
| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value | Carrying amount | Fair value |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Due to Central Banks | 1,020,086 | X | X | X | \u2014 | X | X | X |
| 2. Due to banks | 13,951,571 | X | X | X | 12,347,364 | X | X | X |
| 2.1 Current accounts and demand deposits | 244,997 | X | X | X | 245,193 | X | X | X |
| 2.2 Term deposits | 45,744 | X | X | X | 49,983 | X | X | X |
| 2.3 Loans | 13,656,674 | X | X | X | 11,985,932 | X | X | X |
| 2.3.1 Repos | 8,815,849 | X | X | X | 7,469,669 | X | X | X |
| 2.3.2 Other | 4,840,825 | X | X | X | 4,516,263 | X | X | X |
| 2.4 Liabilities in respect of commitments to repurchase own equity instruments | \u2014 | X | X | X | \u2014 | X | X | X |
| 2.5 Lease liabilities | 1,350 | X | X | X | 531 | X | X | X |
| 2.6 Other liabilities | 2,806 | X | X | X | 65,725 | X | X | X |
| Total | 14,971,657 | \u2014 | 14,971,657 | \u2014 | 12,347,364 | \u2014 | 12,347,364 | \u2014 |
| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value | Carrying amount | Fair value |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. 2.1 Current accounts and demand deposits | 21,650,466 | X | X | X | 20,539,664 | X | X | X |
| 2. Term deposits | 9,644,507 | X | X | X | 10,160,256 | X | X | X |
| 3. Loans | 3,188,855 | X | X | X | 3,113,491 | X | X | X |
| 3.1 Repos | 2,880,864 | X | X | X | 2,776,740 | X | X | X |
| 3.2 Other | 307,991 | X | X | X | 336,751 | X | X | X |
| 4. Liabilities in respect of commitments to repurchase own equity instruments | \u2014 | X | X | X | \u2014 | X | X | X |
| 5. Lease liabilities (1) | 252,352 | X | X | X | 251,673 | X | X | X |
| 6. Other payables | 32,101 | X | X | X | 26,641 | X | X | X |
| Total | 34,768,281 | \u2014 | 34,768,281 | \u2014 | 34,091,725 | \u2014 | 34,091,725 | \u2014 |
(1) The item included liabilities related to the purchase of MBFACTA\u2019s unfunded loans.
3. Assets established as collateral to secure own liabilities and commitments| Portfolio | Amount | Amount |
| 31 December 2025 | 30 June 2025 |
| 1. Financial assets measured at fair value through profit or loss | 8,370,210 | 8,063,048 |
| 2. Financial assets measured at fair value through other comprehensive income | 2,797,492 | 3,078,978 |
| 3. Financial assets measured at amortized cost | 18,020,064 | 15,413,464 |
| 4. Tangible assets | \u2014 | \u2014 |
| of which: tangible assets that constitute inventories | \u2014 | \u2014 |
| 5. Equity investments | 236,449 | \u2014 |
5. Assets managed on behalf of third parties
| Type of service | Amount | Amount |
| 31 December 2025 | 30 June 2025 |
| 1. Orders execution on behalf of customers | | |
| a) purchases | 30,567,689 | 67,353,107 |
| 1. settled | 30,469,448 | 67,266,881 |
| 2. not settled | 98,241 | 86,226 |
| b) sales | 25,543,462 | 48,218,135 |
| 1. settled | 25,445,221 | 48,131,909 |
| 2. not settled | 98,241 | 86,226 |
| 2. Portfolio management | | |
| a) individual | 8,548,152 | 8,714,893 |
| b) collective | 25,862,484 | 23,665,948 |
| 3. Custody and administration of securities | | |
| a) third-party securities deposited: relating to depositary banks activities (excluding portfolio management) | 8,506,087 | 8,071,490 |
| 1. securities issued by companies included in the area of consolidation | 90,738 | 124,937 |
| 2. other securities | 8,415,349 | 7,946,553 |
| b) third-party securities deposited (excluding portfolio management): other | 34,406,186 | 34,256,633 |
| 1. securities issued by companies included in the area of consolidation | \u2014 | \u2014 |
| 2. other securities | 34,406,186 | 34,256,633 |
| c) third-party securities deposited with third parties | 57,157,752 | 22,505,030 |
| d) own securities deposited with third parties | 13,885,698 | 14,704,415 |
| 4. Other transactions | 7,766,988 | 7,637,226 |
6. Financial assets subject to netting arrangements or master netting or similar agreements| Instrument type | Gross amount of financial assets (a) | Amount of financial liabilities offset (b) (1) | Net amount of financial assets stated (c=a-b) | Related amounts not offset | Net amount (f=c-d-e) | Net amount |
| Financial instruments (d) | Cash deposits received as guarantee (e) | 31 December 2025 | 30 June 2025 |
| 1. Derivatives | 519,248 | 233,099 | 286,149 | 63,525 | 83,585 | 139,039 | 440,074 |
| 2. Reverse Repos | 6,950,296 | \u2014 | 6,950,296 | 6,950,296 | \u2014 | \u2014 | \u2014 |
| 3. Securities lending | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total31 December 2025 | 7,469,544 | 233,099 | 7,236,445 | 7,013,821 | 83,585 | 139,039 | X |
| Total30 June 2025 | 9,291,947 | \u2014 | 9,291,947 | 8,760,957 | 90,916 | X | 440,074 |
7.Financial liabilities subject to netting arrangements or master netting or similar agreements| Instrument type | Gross amount of financial liabilities (a) | Amount of financial assets offset (b) (1) | Net amount of financial liabilities stated (c=a-b) | Related amounts not offset | Net amount (f=c-d-e) | Net amount (f=c-d-e) |
| Financial instruments (d) | Cash deposits established as guarantee (e) | 31 December 2025 | 30 June 2025 |
| 1. Derivatives | 1,780,745 | 233,099 | 1,547,646 | 544,737 | 913,112 | 89,797 | 108,043 |
| 2. Repos | 11,696,713 | \u2014 | 11,696,713 | 11,696,713 | \u2014 | \u2014 | \u2014 |
| 3. Securities lending | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. Other transactions | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total31 December 2025 | 13,477,458 | 233,099 | 13,244,359 | 12,241,450 | 913,112 | 89,797 | X |
| Total30 June 2025 | 12,170,713 | 256,089 | 11,914,624 | 10,762,344 | 1,044,237 | X | 108,043 |
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"v1-page405-cflshid_141449-tag470191": {
"value": "SECTION 2Heading 20: Financial assets measured at fair value(**) through profit or loss
2.1 Financial assets held for trading: product breakdown
| Items/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| A. Cash assets | | | | | | |
| 1. Debt securities | 6,484,969 | 841,637 | 430,068 | 7,919,062 | 424,524 | 363,035 |
| 1.1 Structured securities | 10,474 | 17,853 | 229,493 | 30,108 | 5,845 | 155,883 |
| 1.2 Other debt securities | 6,474,495 | 823,784 | 200,575 | 7,888,954 | 418,679 | 207,152 |
| 2. Equity securities (1) | 5,504,783 | 42,441 | 308 | 4,217,223 | \u2014 | 73,005 |
| 3. UCIT units | 109,268 | \u2014 | 5,052 | 153,026 | \u2014 | 4,836 |
| 4. Loans | \u2014 | \u2014 | 36,839 | \u2014 | \u2014 | \u2014 |
| 4.1 Reverse Repos | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4.2 Other(2) | \u2014 | \u2014 | 36,839 | \u2014 | \u2014 | \u2014 |
| Total (A) | 12,099,020 | 884,078 | 472,267 | 12,289,311 | 424,524 | 440,876 |
| B. Derivative instruments | | | | | | |
| 1. Financial derivatives | 468,004 | 1,822,296 | 3,955 | 711,928 | 1,829,648 | 1,730 |
| 1.1 trading | 468,004 | 1,772,678 | 3,955 | 711,928 | 1,829,648 | 1,730 |
| 1.2 related to the fair value option | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.3 other | \u2014 | 49,618 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Credit derivatives | \u2014 | 181,322 | 1,521 | \u2014 | 190,289 | 1,691 |
| 2.1 trading | \u2014 | 181,322 | 1,521 | \u2014 | 190,289 | 1,691 |
| 2.2 related to the fair value option | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.3 other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total (B) | 468,004 | 2,003,618 | 5,476 | 711,928 | 2,019,937 | 3,421 |
| Total (A+B) | 12,567,024 | 2,887,696 | 477,743 | 13,001,239 | 2,444,461 | 444,297 |
(1) Equities include shares committed in securities lending transactions totalling \u20ac2,764,733 at 31 December 2025 and \u20ac2,398,018 at 30 June 2025. (2) As at 31 December 2025, there were underwriting positions in place intended for syndication.
(**) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
2.2 Financial assets held for trading: by borrower/issuer| Items/Values | 31 December 2025 | 30 June 2025 |
| A. Cash assets | | |
| 1. Debt securities | 7,756,674 | 8,706,622 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | 6,203,817 | 7,125,458 |
| c) Banks | 785,253 | 985,496 |
| d) Other financial companies | 640,650 | 490,571 |
| of which: insurance companies | 14 | 15 |
| e) Non-financial companies | 126,954 | 105,097 |
| 2. Equity securities | 5,547,532 | 4,290,228 |
| a) Banks | 702,610 | 873,296 |
| b) Other financial companies | 1,571,503 | 1,078,847 |
| of which: insurance companies | 205,537 | 183,269 |
| c) Non-financial companies | 3,273,419 | 2,338,085 |
| d) Other issuers | \u2014 | \u2014 |
| 3. UCIT units | 114,320 | 157,862 |
| 4. Loans | 36,839 | \u2014 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 |
| c) Banks | \u2014 | \u2014 |
| d) Other financial companies (1) | 36,839 | \u2014 |
| of which: insurance companies | \u2014 | \u2014 |
| e) Non-financial companies | \u2014 | \u2014 |
| f) Households | \u2014 | \u2014 |
| Total (A) | 13,455,365 | 13,154,712 |
| B. Derivative instruments | | |
| a) Central Counterparties | 200,990 | 89,859 |
| b) Other | 2,276,108 | 2,645,426 |
| Total (B) | 2,477,098 | 2,735,285 |
| Total (A+B) | 15,932,463 | 15,889,997 |
(1) As at 31 December 2025, there were underwriting positions in place intended for syndication.
2.3 Financial assets designated at fair value: product breakdown (*)| Items/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Debt securities (1) | 539,368 | 365,588 | \u2014 | 882,836 | 166,134 | \u2014 |
| 1.1 Structured securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.2 Other debt securities | 539,368 | 365,588 | \u2014 | 882,836 | 166,134 | \u2014 |
| 2. Loans | \u2014 | 601,452 | \u2014 | \u2014 | 610,478 | \u2014 |
| 2.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2 Other | \u2014 | 601,452 | \u2014 | \u2014 | 610,478 | \u2014 |
| Total | 539,368 | 967,040 | \u2014 | 882,836 | 776,612 | \u2014 |
(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
(1) These offset Fair Value Option liabilities.
2.4 Financial assets designated at fair value: by borrower/issuer
| Items/Values | 31 December 2025 | 30 June 2025 |
| 1. Debt securities (1) | 904,956 | 1,048,970 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | 14,456 | 185,359 |
| c) Banks | 796,490 | 713,737 |
| d) Other financial companies | 94,010 | 132,019 |
| of which: insurance companies | 3,658 | \u2014 |
| e) Non-financial companies | \u2014 | 17,855 |
| 2. Loans | 601,452 | 610,478 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 |
| c) Banks | \u2014 | \u2014 |
| d) Other financial companies | 601,452 | 610,478 |
| of which: insurance companies | 601,452 | 610,478 |
| e) Non-financial companies | \u2014 | \u2014 |
| f) Households | \u2014 | \u2014 |
| Total | 1,506,408 | 1,659,448 |
(1) These offset Fair Value Option liabilities.
2.5 Other financial assets mandatorily measured at fair value(*): product breakdown| Items/Values | 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Debt securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.1 Structured securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.2 Other debt securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Equity securities | \u2014 | \u2014 | 5,411 | \u2014 | \u2014 | 9,632 |
| 3. UCIT units | 227,805 | 1,577 | 473,284 | 221,996 | 82,086 | 373,595 |
| 4. Loans | \u2014 | 7,630 | \u2014 | \u2014 | 4,252 | \u2014 |
| 4.1 Reverse Repos | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4.2 Other | \u2014 | 7,630 | \u2014 | \u2014 | 4,252 | \u2014 |
| Total | 227,805 | 9,207 | 478,695 | 221,996 | 86,338 | 383,227 |
(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
2.6 Other financial assets mandatorily measured at fair value: by borrower/issuer
| Items/Values | 31 December 2025 | 30 June 2025 |
| 1. Equity securities | 5,411 | 9,632 |
| of which: banks | \u2014 | \u2014 |
| of which: other financial companies | 5,411 | 9,632 |
| of which: non-financial companies | \u2014 | \u2014 |
| 2. Debt securities | \u2014 | \u2014 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 |
| c) Banks | \u2014 | \u2014 |
| d) Other financial companies | \u2014 | \u2014 |
| of which: insurance companies | \u2014 | \u2014 |
| e) Non-financial companies | \u2014 | \u2014 |
| 3. UCIT units | 702,666 | 677,677 |
| 4. Loans | 7,630 | 4,252 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 |
| c) Banks | \u2014 | \u2014 |
| d) Other financial companies | 7,630 | 4,252 |
| of which: insurance companies | 7,630 | 4,252 |
| e) Non-financial companies | \u2014 | \u2014 |
| f) Households | \u2014 | \u2014 |
| Total | 715,707 | 691,561 |
SECTION 5Heading 50: Hedging derivatives
5.1 Hedging derivatives: by hedge type and level
| Fair value | Notional value31 December 2025 | Fair value | Notional value30 June 2025 |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| A. Financial derivatives | | | | | | | | |
| 1. Fair value | \u2014 | 159,053 | \u2014 | 12,906,465 | \u2014 | 328,549 | \u2014 | 27,610,141 |
| 2. Cash flows | \u2014 | 2,418 | \u2014 | 4,510,000 | \u2014 | 1,159 | \u2014 | 50,000 |
| 3. Foreign investments | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B. Credit derivatives | | | | | | | | |
| 1. Fair value | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | 161,471 | \u2014 | 17,416,465 | \u2014 | 329,708 | \u2014 | 27,660,141 |
5.2 Hedging derivatives: by portfolio hedged and hedge type| Transaction / Type of hedge | Fair value | Cash flows | Foreign investments |
| Specific | Generic | Specific | Generic |
| debt securities and interest rates | equity securities and stock indexes | currencies and gold | credit | commodities | other |
| 1. Financial assets measured at fair value through other comprehensive income | 81,870 | \u2014 | \u2014 | \u2014 | X | X | X | 2,418 | X | X |
| 2. Financial assets measured at amortized cost | 25,719 | X | \u2014 | \u2014 | X | X | X | \u2014 | X | X |
| 3. Portfolio | X | X | X | X | X | X | \u2014 | X | \u2014 | X |
| 4. Other transactions | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | X | \u2014 |
| Total assets | 107,589 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2,418 | \u2014 | \u2014 |
| 1. Financial liabilities | 4,476 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | X | X |
| 2. Portfolio | X | X | X | X | X | X | \u2014 | X | \u2014 | X |
| Total liabilities | 4,476 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
| 1. Expected transactions | X | X | X | X | X | X | X | \u2014 | X | X |
| 2. Financial assets and liabilities portfolio | X | X | X | X | X | X | 46,988 | X | \u2014 | \u2014 |
SECTION 2Heading 20: Trading financial liabilities
2.1 Trading financial liabilities: product breakdown
| Transaction Type/Values | 31 December 2025 | 30 June 2025 |
| Nominal or notional value | Fair value | Fair value (*) | Nominal or notional value | Fair value | Fair value (*) |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| A. Cash liabilities | | | | | | | | | | |
| 1. Due to banks | 2,572,216 | 2,492,899 | 77,583 | \u2014 | 2,570,482 | 2,034,097 | 1,999,281 | 35,308 | \u2014 | 2,034,590 |
| 2. Due to customers | 2,198,249 | 2,170,499 | 24,864 | \u2014 | 2,195,363 | 3,126,809 | 3,153,293 | \u2014 | \u2014 | 3,153,293 |
| 3. Debt securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.1. Bonds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.1.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 3.1.2 Other bonds | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 3.2. Other securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.2.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 3.2.2 Other | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| Total (A) | 4,770,465 | 4,663,398 | 102,447 | \u2014 | 4,765,845 | 5,160,906 | 5,152,574 | 35,308 | \u2014 | 5,187,883 |
| B. Derivative instruments | | | | | | | | | | |
| 1. Financial derivatives | \u2014 | 988,286 | 2,259,463 | 31,874 | \u2014 | \u2014 | 880,695 | 2,545,655 | 32,474 | \u2014 |
| 1.1 Trading | X | 988,286 | 2,206,614 | 31,874 | X | X | 880,695 | 2,503,647 | 32,474 | X |
| 1.2 Related to the fair value option | X | \u2014 | \u2014 | \u2014 | X | X | \u2014 | \u2014 | \u2014 | X |
| 1.3 Other | X | \u2014 | 52,849 | \u2014 | X | X | \u2014 | 42,008 | \u2014 | X |
| 2. Credit derivatives | \u2014 | \u2014 | 320,842 | 6,644 | \u2014 | \u2014 | \u2014 | 339,101 | 1,951 | \u2014 |
| 2.1 Trading | X | \u2014 | 320,842 | 6,644 | X | X | \u2014 | 339,101 | 1,951 | X |
| 2.2 Related to the fair value option | X | \u2014 | \u2014 | \u2014 | X | X | \u2014 | \u2014 | \u2014 | X |
| 2.3 Other | X | \u2014 | \u2014 | \u2014 | X | X | \u2014 | \u2014 | \u2014 | X |
| Total (B) | X | 988,286 | 2,580,305 | 38,518 | X | X | 880,695 | 2,884,756 | 34,425 | X |
| Total (A+B) | X | 5,651,684 | 2,682,752 | 38,518 | X | X | 6,033,269 | 2,920,064 | 34,425 | X |
* Fair value computed by excluding variations due to changes in the issuer\u2019s credit score following the date of issue.
SECTION 3Heading 30: Financial liabilities designated at fair value
3.1 Financial liabilities designated at fair value: product breakdown
| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Nominal value | Fair value | Fair value (*) | Nominal value | Fair value | Fair value (*) |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Due to banks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 1.2 Other | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| which includes: | | | | | | | | | | |
| - loan commitments | \u2014 | X | X | X | X | \u2014 | X | X | X | X |
| - financial guarantees issued | \u2014 | X | X | X | X | \u2014 | X | X | X | X |
| 2. Due to customers | 1,155,725 | \u2014 | 1,006,737 | \u2014 | 1,006,737 | 1,070,606 | \u2014 | 982,056 | \u2014 | 982,056 |
| 2.1 Structured | 1,070,619 | \u2014 | 1,006,737 | \u2014 | X | 1,070,606 | \u2014 | 982,056 | \u2014 | X |
| 2.2 Other | 85,106 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| which includes: | | | | | | | | | | \u2014 |
| - loan commitments | 85,106 | X | X | X | X | \u2014 | X | X | X | X |
| - financial guarantees issued | \u2014 | X | X | X | X | \u2014 | X | X | X | X |
| 3. Debt securities | 4,505,807 | \u2014 | 3,931,352 | 617,964 | 4,549,316 | 3,911,290 | \u2014 | 3,486,578 | 578,037 | 4,064,615 |
| 3.1 Structured | 4,469,137 | \u2014 | 3,893,882 | 617,964 | X | 3,873,376 | \u2014 | 3,447,178 | 578,037 | X |
| 3.2 Other | 36,670 | \u2014 | 37,470 | \u2014 | X | 37,914 | \u2014 | 39,400 | \u2014 | X |
| Total | 5,661,532 | \u2014 | 4,938,089 | 617,964 | 5,556,053 | 4,981,896 | \u2014 | 4,468,634 | 578,037 | 5,046,671 |
(*) Fair value computed by excluding variations due to changes in the issuer\u2019s credit score following the date of issue.
The item financial liabilities designated at fair value increased from \u20ac5,046.7m to \u20ac5,556m due to new operations in certificates (155 new issues for a value of \u20ac876.7m, including \u20ac84.5m credit linked and \u20ac792.2m with underlying shares). As at 31 December, the total amount of certificates rose from \u20ac3,731.2m to \u20ac4,003.4m, which includes \u20ac1,566.1m credit-linked (\u20ac1,615.8m as at 30 June), \u20ac1,766.3m equity (\u20ac1,447.7 as at 30 June), and \u20ac670.9m delta-one, i.e., without Mediobanca risk. The positions classified at Level 3 amounted to \u20ac617.9m, which includes \u20ac422.7m in autocallable equity.
Finally, there were securitized issues for \u20ac199.7m, which includes \u20ac22.9m callable.
SECTION 4Heading 40: Hedging derivatives
4.1 Hedging derivatives: by hedge type and level
| 31 December 2025 | 30 June 2025 |
| Fair value | Nominal value | Fair value | Nominal value |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| A. Financial derivatives | \u2014 | 635,963 | \u2014 | 25,032,590 | \u2014 | 1,037,377 | \u2014 | 53,368,622 |
| 1) Fair value | \u2014 | 574,005 | \u2014 | 24,692,590 | \u2014 | 891,617 | \u2014 | 42,075,298 |
| 2) Cash flows | \u2014 | 61,958 | \u2014 | 340,000 | \u2014 | 145,760 | \u2014 | 11,293,324 |
| 3) Foreign investments | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B. Credit derivatives | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1) Fair value | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2) Cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | 635,963 | \u2014 | 25,032,590 | \u2014 | 1,037,377 | \u2014 | 53,368,622 |
4.2 Hedging derivatives: by portfolio hedged and hedge type| Transaction / Type of hedge | Fair value | Cash flows | Foreign investments |
| Specific | | Generic | Specific | Generic |
| debt securities and interest rates | equity securities and stock indexes | currencies and gold | credit | commodities | other |
| 1. | Financial assets measured at fair value through other comprehensive income | 141,432 | \u2014 | \u2014 | \u2014 | X | X | X | 13,869 | X | X |
| 2. | Financial assets measured at amortized cost | 2,421 | X | \u2014 | \u2014 | X | X | X | 7,245 | X | X |
| 3. | Portfolio | X | X | X | X | X | X | \u2014 | X | \u2014 | X |
| 4. | Other transactions | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | X | \u2014 |
| Total assets | 143,853 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 21,114 | \u2014 | \u2014 |
| 1. | Financial liabilities | 422,524 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | 40,843 | X | X |
| 2. | Portfolio | X | X | X | X | X | X | \u2014 | X | \u2014 | X |
| Total liabilities | 422,524 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 40,843 | \u2014 | \u2014 |
| 1. | Expected transactions | X | X | X | X | X | X | X | \u2014 | X | X |
| 2. | Financial assets and liabilities portfolio | X | X | X | X | X | X | 7,629 | X | \u2014 | \u2014 |
SECTION 2Heading 20: Financial assets measured at fair value(**) through profit or loss
2.1 Financial assets held for trading: product breakdown
| Items/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| A. Cash assets | | | | | | |
| 1. Debt securities | 6,484,969 | 841,637 | 430,068 | 7,919,062 | 424,524 | 363,035 |
| 1.1 Structured securities | 10,474 | 17,853 | 229,493 | 30,108 | 5,845 | 155,883 |
| 1.2 Other debt securities | 6,474,495 | 823,784 | 200,575 | 7,888,954 | 418,679 | 207,152 |
| 2. Equity securities (1) | 5,504,783 | 42,441 | 308 | 4,217,223 | \u2014 | 73,005 |
| 3. UCIT units | 109,268 | \u2014 | 5,052 | 153,026 | \u2014 | 4,836 |
| 4. Loans | \u2014 | \u2014 | 36,839 | \u2014 | \u2014 | \u2014 |
| 4.1 Reverse Repos | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4.2 Other(2) | \u2014 | \u2014 | 36,839 | \u2014 | \u2014 | \u2014 |
| Total (A) | 12,099,020 | 884,078 | 472,267 | 12,289,311 | 424,524 | 440,876 |
| B. Derivative instruments | | | | | | |
| 1. Financial derivatives | 468,004 | 1,822,296 | 3,955 | 711,928 | 1,829,648 | 1,730 |
| 1.1 trading | 468,004 | 1,772,678 | 3,955 | 711,928 | 1,829,648 | 1,730 |
| 1.2 related to the fair value option | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.3 other | \u2014 | 49,618 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Credit derivatives | \u2014 | 181,322 | 1,521 | \u2014 | 190,289 | 1,691 |
| 2.1 trading | \u2014 | 181,322 | 1,521 | \u2014 | 190,289 | 1,691 |
| 2.2 related to the fair value option | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.3 other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total (B) | 468,004 | 2,003,618 | 5,476 | 711,928 | 2,019,937 | 3,421 |
| Total (A+B) | 12,567,024 | 2,887,696 | 477,743 | 13,001,239 | 2,444,461 | 444,297 |
(1) Equities include shares committed in securities lending transactions totalling \u20ac2,764,733 at 31 December 2025 and \u20ac2,398,018 at 30 June 2025. (2) As at 31 December 2025, there were underwriting positions in place intended for syndication.
(**) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
2.2 Financial assets held for trading: by borrower/issuer| Items/Values | 31 December 2025 | 30 June 2025 |
| A. Cash assets | | |
| 1. Debt securities | 7,756,674 | 8,706,622 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | 6,203,817 | 7,125,458 |
| c) Banks | 785,253 | 985,496 |
| d) Other financial companies | 640,650 | 490,571 |
| of which: insurance companies | 14 | 15 |
| e) Non-financial companies | 126,954 | 105,097 |
| 2. Equity securities | 5,547,532 | 4,290,228 |
| a) Banks | 702,610 | 873,296 |
| b) Other financial companies | 1,571,503 | 1,078,847 |
| of which: insurance companies | 205,537 | 183,269 |
| c) Non-financial companies | 3,273,419 | 2,338,085 |
| d) Other issuers | \u2014 | \u2014 |
| 3. UCIT units | 114,320 | 157,862 |
| 4. Loans | 36,839 | \u2014 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 |
| c) Banks | \u2014 | \u2014 |
| d) Other financial companies (1) | 36,839 | \u2014 |
| of which: insurance companies | \u2014 | \u2014 |
| e) Non-financial companies | \u2014 | \u2014 |
| f) Households | \u2014 | \u2014 |
| Total (A) | 13,455,365 | 13,154,712 |
| B. Derivative instruments | | |
| a) Central Counterparties | 200,990 | 89,859 |
| b) Other | 2,276,108 | 2,645,426 |
| Total (B) | 2,477,098 | 2,735,285 |
| Total (A+B) | 15,932,463 | 15,889,997 |
(1) As at 31 December 2025, there were underwriting positions in place intended for syndication.
SECTION 5Heading 50: Hedging derivatives
5.1 Hedging derivatives: by hedge type and level
| Fair value | Notional value31 December 2025 | Fair value | Notional value30 June 2025 |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| A. Financial derivatives | | | | | | | | |
| 1. Fair value | \u2014 | 159,053 | \u2014 | 12,906,465 | \u2014 | 328,549 | \u2014 | 27,610,141 |
| 2. Cash flows | \u2014 | 2,418 | \u2014 | 4,510,000 | \u2014 | 1,159 | \u2014 | 50,000 |
| 3. Foreign investments | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B. Credit derivatives | | | | | | | | |
| 1. Fair value | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | 161,471 | \u2014 | 17,416,465 | \u2014 | 329,708 | \u2014 | 27,660,141 |
5.2 Hedging derivatives: by portfolio hedged and hedge type| Transaction / Type of hedge | Fair value | Cash flows | Foreign investments |
| Specific | Generic | Specific | Generic |
| debt securities and interest rates | equity securities and stock indexes | currencies and gold | credit | commodities | other |
| 1. Financial assets measured at fair value through other comprehensive income | 81,870 | \u2014 | \u2014 | \u2014 | X | X | X | 2,418 | X | X |
| 2. Financial assets measured at amortized cost | 25,719 | X | \u2014 | \u2014 | X | X | X | \u2014 | X | X |
| 3. Portfolio | X | X | X | X | X | X | \u2014 | X | \u2014 | X |
| 4. Other transactions | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | X | \u2014 |
| Total assets | 107,589 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2,418 | \u2014 | \u2014 |
| 1. Financial liabilities | 4,476 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | X | X |
| 2. Portfolio | X | X | X | X | X | X | \u2014 | X | \u2014 | X |
| Total liabilities | 4,476 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
| 1. Expected transactions | X | X | X | X | X | X | X | \u2014 | X | X |
| 2. Financial assets and liabilities portfolio | X | X | X | X | X | X | 46,988 | X | \u2014 | \u2014 |
SECTION 2Heading 20: Trading financial liabilities
2.1 Trading financial liabilities: product breakdown
| Transaction Type/Values | 31 December 2025 | 30 June 2025 |
| Nominal or notional value | Fair value | Fair value (*) | Nominal or notional value | Fair value | Fair value (*) |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| A. Cash liabilities | | | | | | | | | | |
| 1. Due to banks | 2,572,216 | 2,492,899 | 77,583 | \u2014 | 2,570,482 | 2,034,097 | 1,999,281 | 35,308 | \u2014 | 2,034,590 |
| 2. Due to customers | 2,198,249 | 2,170,499 | 24,864 | \u2014 | 2,195,363 | 3,126,809 | 3,153,293 | \u2014 | \u2014 | 3,153,293 |
| 3. Debt securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.1. Bonds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.1.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 3.1.2 Other bonds | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 3.2. Other securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.2.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 3.2.2 Other | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| Total (A) | 4,770,465 | 4,663,398 | 102,447 | \u2014 | 4,765,845 | 5,160,906 | 5,152,574 | 35,308 | \u2014 | 5,187,883 |
| B. Derivative instruments | | | | | | | | | | |
| 1. Financial derivatives | \u2014 | 988,286 | 2,259,463 | 31,874 | \u2014 | \u2014 | 880,695 | 2,545,655 | 32,474 | \u2014 |
| 1.1 Trading | X | 988,286 | 2,206,614 | 31,874 | X | X | 880,695 | 2,503,647 | 32,474 | X |
| 1.2 Related to the fair value option | X | \u2014 | \u2014 | \u2014 | X | X | \u2014 | \u2014 | \u2014 | X |
| 1.3 Other | X | \u2014 | 52,849 | \u2014 | X | X | \u2014 | 42,008 | \u2014 | X |
| 2. Credit derivatives | \u2014 | \u2014 | 320,842 | 6,644 | \u2014 | \u2014 | \u2014 | 339,101 | 1,951 | \u2014 |
| 2.1 Trading | X | \u2014 | 320,842 | 6,644 | X | X | \u2014 | 339,101 | 1,951 | X |
| 2.2 Related to the fair value option | X | \u2014 | \u2014 | \u2014 | X | X | \u2014 | \u2014 | \u2014 | X |
| 2.3 Other | X | \u2014 | \u2014 | \u2014 | X | X | \u2014 | \u2014 | \u2014 | X |
| Total (B) | X | 988,286 | 2,580,305 | 38,518 | X | X | 880,695 | 2,884,756 | 34,425 | X |
| Total (A+B) | X | 5,651,684 | 2,682,752 | 38,518 | X | X | 6,033,269 | 2,920,064 | 34,425 | X |
* Fair value computed by excluding variations due to changes in the issuer\u2019s credit score following the date of issue.
SECTION 4Heading 40: Hedging derivatives
4.1 Hedging derivatives: by hedge type and level
| 31 December 2025 | 30 June 2025 |
| Fair value | Nominal value | Fair value | Nominal value |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| A. Financial derivatives | \u2014 | 635,963 | \u2014 | 25,032,590 | \u2014 | 1,037,377 | \u2014 | 53,368,622 |
| 1) Fair value | \u2014 | 574,005 | \u2014 | 24,692,590 | \u2014 | 891,617 | \u2014 | 42,075,298 |
| 2) Cash flows | \u2014 | 61,958 | \u2014 | 340,000 | \u2014 | 145,760 | \u2014 | 11,293,324 |
| 3) Foreign investments | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B. Credit derivatives | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1) Fair value | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2) Cash flows | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | 635,963 | \u2014 | 25,032,590 | \u2014 | 1,037,377 | \u2014 | 53,368,622 |
4.2 Hedging derivatives: by portfolio hedged and hedge type| Transaction / Type of hedge | Fair value | Cash flows | Foreign investments |
| Specific | | Generic | Specific | Generic |
| debt securities and interest rates | equity securities and stock indexes | currencies and gold | credit | commodities | other |
| 1. | Financial assets measured at fair value through other comprehensive income | 141,432 | \u2014 | \u2014 | \u2014 | X | X | X | 13,869 | X | X |
| 2. | Financial assets measured at amortized cost | 2,421 | X | \u2014 | \u2014 | X | X | X | 7,245 | X | X |
| 3. | Portfolio | X | X | X | X | X | X | \u2014 | X | \u2014 | X |
| 4. | Other transactions | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | X | \u2014 |
| Total assets | 143,853 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 21,114 | \u2014 | \u2014 |
| 1. | Financial liabilities | 422,524 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | 40,843 | X | X |
| 2. | Portfolio | X | X | X | X | X | X | \u2014 | X | \u2014 | X |
| Total liabilities | 422,524 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 40,843 | \u2014 | \u2014 |
| 1. | Expected transactions | X | X | X | X | X | X | X | \u2014 | X | X |
| 2. | Financial assets and liabilities portfolio | X | X | X | X | X | X | 7,629 | X | \u2014 | \u2014 |
1.3DERIVATIVE INSTRUMENTS AND HEDGING POLICIES1.3.1TRADING DERIVATIVES
A.Financial derivatives
A.1 Trading financial derivatives: reporting-date notional values
| Underlying assets / Type of derivatives | 31 December 2025 | 30 June 2025 |
| Over the counter | Established markets | Over the counter | Established markets |
| Central counterparties | Without central counterparties | Central counterparties | Over the counter |
| With offsetting arrangements | Without offsetting arrangements | With offsetting arrangements | Without offsetting arrangements |
| 1. | Debt securities and interest rate | 130,535,067 | 49,699,248 | 2,316,234 | 2,604,343 | 129,300,168 | 38,202,754 | 1,869,440 | 2,930,360 |
| a) Options | \u2014 | 19,157,534 | 493,598 | 863,369 | \u2014 | 23,541,976 | 305,493 | 2,093,092 |
| b) Swaps | 130,535,067 | 28,105,635 | 1,822,636 | \u2014 | 129,300,168 | 12,141,401 | 1,563,947 | \u2014 |
| c) Forwards | \u2014 | 788,079 | \u2014 | \u2014 | \u2014 | 755,917 | \u2014 | \u2014 |
| d) Futures | \u2014 | \u2014 | \u2014 | 1,740,974 | \u2014 | \u2014 | \u2014 | 837,268 |
| e) Other | \u2014 | 1,648,000 | \u2014 | \u2014 | \u2014 | 1,763,460 | \u2014 | \u2014 |
| 2. | Equity securities and stock price indexes | \u2014 | 12,393,328 | 1,215,709 | 10,738,767 | \u2014 | 16,161,674 | 1,470,227 | 17,005,516 |
| a) Options | \u2014 | 8,506,791 | 856,391 | 9,957,751 | \u2014 | 13,552,271 | 623,244 | 16,079,598 |
| b) Swaps | \u2014 | 3,886,537 | \u2014 | \u2014 | \u2014 | 2,609,403 | \u2014 | \u2014 |
| c) Forwards | \u2014 | \u2014 | 772 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) Futures | \u2014 | \u2014 | \u2014 | 781,016 | \u2014 | \u2014 | \u2014 | 925,918 |
| e) Other | \u2014 | \u2014 | 358,546 | \u2014 | \u2014 | \u2014 | 846,983 | \u2014 |
| 3. | Currencies and gold | \u2014 | 11,498,507 | 350,150 | \u2014 | \u2014 | 12,878,582 | 349,281 | \u2014 |
| a) Options | \u2014 | 1,293,083 | \u2014 | \u2014 | \u2014 | 2,115,039 | \u2014 | \u2014 |
| b) Swaps | \u2014 | 5,997,815 | \u2014 | \u2014 | \u2014 | 5,921,715 | \u2014 | \u2014 |
| c) Forwards | \u2014 | 4,207,609 | 350,150 | \u2014 | \u2014 | 4,841,828 | 349,281 | \u2014 |
| d) Futures | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. | Commodities | \u2014 | 353,535 | 362,903 | 1,127,786 | \u2014 | 553,535 | 693,168 | 1,026,021 |
| 5. | Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 130,535,067 | 73,944,618 | 4,244,996 | 14,470,896 | 129,300,168 | 67,796,545 | 4,382,116 | 20,961,897 |
(1) This exclusively regards Certificates issued.
A.2 Trading financial derivatives: gross positive and negative fair values by product| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Types of derivatives | | Total31/12/2025 | | | Total30/06/2025 |
| Over the counter | Established markets | Over the counter | Established markets |
| Central counterparties | Without central counterparties | Central counterparties | Without central counterparties |
| With offsetting arrangements | Without offsetting arrangements | With offsetting arrangements | Without offsetting arrangements |
| 1. Positive fair value | | | | | | | | |
| a) Options | \u2014 | 370,761 | 617,281 | 456,636 | \u2014 | 453,176 | 585,480 | 692,563 |
| b) Interest rate swaps | 186,254 | 129,375 | 36,707 | \u2014 | 83,305 | 113,873 | 36,961 | \u2014 |
| c) Cross currency swaps | \u2014 | 94,691 | \u2014 | \u2014 | \u2014 | 143,945 | \u2014 | \u2014 |
| d) Equity swaps | \u2014 | 256,277 | \u2014 | \u2014 | \u2014 | 234,621 | \u2014 | \u2014 |
| e) Forwards | \u2014 | 82,019 | 35,378 | \u2014 | \u2014 | 119,314 | 44,929 | \u2014 |
| f) Futures | \u2014 | \u2014 | \u2014 | 10,019 | \u2014 | \u2014 | \u2014 | 15,383 |
| g) Other (1) | \u2014 | \u2014 | 18,858 | \u2014 | \u2014 | \u2014 | 19,754 | \u2014 |
| Total | 186,254 | 933,123 | 708,224 | 466,655 | 83,305 | 1,064,929 | 687,124 | 707,946 |
| 2. Negative fair value | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| a) Options | \u2014 | 579,155 | 715,730 | 706,583 | \u2014 | 539,261 | 649,330 | 812,638 |
| b) Interest rate swaps | 10,926 | 369,985 | 5,556 | \u2014 | 10,232 | 263,104 | 6,283 | \u2014 |
| c) Cross currency swaps | \u2014 | 90,728 | \u2014 | \u2014 | \u2014 | 103,075 | \u2014 | \u2014 |
| d) Equity swaps | \u2014 | 91,544 | \u2014 | \u2014 | \u2014 | 32,742 | \u2014 | \u2014 |
| e) Forwards | \u2014 | 17,094 | 2,533 | \u2014 | \u2014 | 50,225 | 10,578 | \u2014 |
| f) Futures | \u2014 | \u2014 | \u2014 | 283,283 | \u2014 | \u2014 | \u2014 | 64,863 |
| g) Other (1) | \u2014 | \u2014 | 406,511 | \u2014 | \u2014 | \u2014 | 916,495 | \u2014 |
| Total | 10,926 | 1,148,506 | 1,130,330 | 989,866 | 10,232 | 988,407 | 1,582,686 | 877,501 |
(1) This exclusively regards Certificates issued.
A.3 OTC trading financial derivatives: notional values, gross positive and negative fair values by counterparty| Underlying assets | Central counterparties | Banks | Other financial companies | Other entities |
| Contracts not included in offsetting arrangements | | | | |
| 1) Debt securities and interest rates | | | | |
| - notional value | X | 1,383,557 | 608,764 | 323,914 |
| - positive fair value | X | 11,332 | 28,839 | 1,000 |
| - negative fair value | X | 1 | 6,906 | 2,700 |
| 2) Equity securities and stock indexes (1) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | X | 1,002,641 | 213,043 | 24 |
| - positive fair value | X | 631,855 | 197 | 1,014 |
| - negative fair value | X | 1,099,704 | 19,656 | 36 |
| 3) Currencies and gold | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | X | 46,928 | 290,814 | 12,407 |
| - positive fair value | X | 41 | 13,731 | 6 |
| - negative fair value | X | 29 | 1,279 | 19 |
| 4) Commodities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | X | 362,903 | \u2014 | \u2014 |
| - positive fair value | X | 20,209 | \u2014 | \u2014 |
| - negative fair value | X | \u2014 | \u2014 | \u2014 |
| 5) Other | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | X | \u2014 | \u2014 | \u2014 |
| - positive fair value | X | \u2014 | \u2014 | \u2014 |
| - negative fair value | X | \u2014 | \u2014 | \u2014 |
| Contracts included in offsetting arrangements | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 1) Debt securities and interest rates | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | 130,535,067 | 37,105,518 | 9,547,489 | 3,046,241 |
| - positive fair value | 186,254 | 116,700 | 113,740 | 7,521 |
| - negative fair value | 10,926 | 145,250 | 226,929 | 65,972 |
| 2) Equity securities and stock indexes | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | \u2014 | 7,649,552 | 2,333,396 | 2,410,380 |
| - positive fair value | \u2014 | 93,114 | 335,803 | 128,554 |
| - negative fair value | \u2014 | 459,022 | 89,080 | 32,360 |
| 3) Currencies and gold | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | \u2014 | 6,813,535 | 2,818,124 | 1,866,847 |
| - positive fair value | \u2014 | 83,110 | 40,724 | 13,630 |
| - negative fair value | \u2014 | 66,983 | 49,791 | 12,288 |
| 4) Commodities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | \u2014 | 353,535 | \u2014 | \u2014 |
| - positive fair value | \u2014 | 225 | \u2014 | \u2014 |
| - negative fair value | \u2014 | 830 | \u2014 | \u2014 |
| 5) Other | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | \u2014 | \u2014 | \u2014 | \u2014 |
| - positive fair value | \u2014 | \u2014 | \u2014 | \u2014 |
| - negative fair value | \u2014 | \u2014 | \u2014 | \u2014 |
(1) Which includes Certificates with a nominal value of \u20ac846 983 and a fair value of \u20ac-896.741.
A.4 Outstanding life of OTC financial derivatives: notional amounts| Underlying / Outstanding life | Up to 1 year | From 1 year to 5 years | Over 5 years | Total |
| A.1 Financial derivative contracts on debt securities and interest rates | 55,871,720 | 75,477,337 | 51,201,492 | 182,550,549 |
| A.2 Financial derivative contracts on equity securities and stock indexes | 9,435,137 | 3,023,659 | 1,150,241 | 13,609,037 |
| A.3 Financial derivatives on currencies and gold | 7,671,628 | 3,430,199 | 746,830 | 11,848,657 |
| A.4 Financial derivatives on commodities | 492,806 | 223,632 | \u2014 | 716,438 |
| A.5 Other financial derivatives | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 31/12/2025 | 73,471,291 | 82,154,827 | 53,098,563 | 208,724,681 |
| Total | 30/06/2025 | 87,761,618 | 76,739,256 | 36,877,956 | 201,378,830 |
B. Credit derivatives
B.1 Trading credit derivatives: reporting-date notional values
| Type of transaction | Trading derivatives |
| with a single counterparty | With more than one counterparty (basket) |
| 1. Hedge purchases | | |
| a) Credit default products | 2,772,236 | 14,457,482 |
| b) Credit spread products | \u2014 | \u2014 |
| c) Total rate of return swap | \u2014 | \u2014 |
| d) Other (1) | 123,041 | \u2014 |
| Total 31/12/2025 | 2,895,277 | 14,457,482 |
| Total 30/06/2025 | 2,997,010 | 14,797,089 |
| 2. Hedging sales | | |
| a) Credit default products | 2,354,687 | 15,435,374 |
| b) Credit spread products | \u2014 | \u2014 |
| c) Total rate of return swap | \u2014 | \u2014 |
| d) Other | \u2014 | \u2014 |
| Total 31/12/2025 | 2,354,687 | 15,435,374 |
| Total 30/06/2025 | 2,517,724 | 15,796,730 |
(1) This exclusively regards Certificates issued.
The column headed \u201cBasket\u201d includes the positions in credit indexes matched by positions on single names which go to make up the same index for the skew issues.112 The arbitrage structures have a notional value of \u20ac10.4bn (\u20ac11.2bn in June 2025). The 112 Please see \u201cPart B - Liabilities - Liabilities at amortized cost\u201d of the present consolidated report.
embedded derivative of the issues consists in purchases of hedges of \u20ac1.5bn113 (\u20ac1.4bn as at 30 June 2025) on individual entities.B.2 Trading credit derivatives: gross positive and negative fair values by product
| Types of derivatives | 31 December 2025 | 30 June 2025 |
| 1. Positive fair value | | |
| a) Credit default products | 182,843 | 191,978 |
| b) Credit spread products | \u2014 | \u2014 |
| c) Total rate of return swap | \u2014 | \u2014 |
| d) Other | \u2014 | \u2014 |
| Total | 182,843 | 191,978 |
| 2. Negative fair value | \u00a0 | |
| a) Credit default products | 198,378 | 211,067 |
| b) Credit spread products | \u2014 | \u2014 |
| c) Total rate of return swap | \u2014 | \u2014 |
| d) Other (1) | 129,108 | 129,984 |
| Total | 327,486 | 341,051 |
(1) This exclusively regards Certificates issued.
113 Embedded items with underlying commodities (\u20ac363m) and related derivatives (\u20ac1,481m) are shown in Table A.1.
B.3 OTC trading credit derivatives: notional values and gross positive/negative fair value, by counterparty | Central counterparties | Banks | Other financial companies | Other entities |
| Contracts not included in offsetting arrangements | | | | |
| 1) Hedging purchases | | | | |
| \u2212 notional value (1) | X | 1,613,257 | 236,076 | \u2014 |
| \u2212 positive fair value | X | 1,414 | 1,024 | \u2014 |
| \u2212 negative fair value (1) | X | 129,155 | 3,210 | \u2014 |
| 2) Hedging sales | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u2212 notional value | X | 12,251 | \u2014 | \u2014 |
| \u2212 positive fair value | X | 8,150 | \u2014 | \u2014 |
| \u2212 negative fair value | X | \u2014 | \u2014 | \u2014 |
| Contracts included in offsetting arrangements | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 1) Hedging purchases | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u2212 notional value | 7,851,029 | 1,036,282 | 6,616,115 | \u2014 |
| \u2212 positive fair value | \u2014 | 971 | 13 | \u2014 |
| \u2212 negative fair value | \u2014 | 18,420 | 139,302 | \u2014 |
| 2) Hedging sales | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u2212 notional value | 7,518,108 | 1,996,473 | 8,263,230 | \u2014 |
| \u2212 positive fair value | \u2014 | 34,644 | 136,628 | \u2014 |
| \u2212 negative fair value | 14,800 | 15,040 | 7,558 | \u2014 |
(1) Which includes Certificates with a nominal value of \u20ac123,041 and a fair value of \u20ac-129,108.
B.4 Outstanding life of OTC trading credit derivatives: notional values
| Underlying / Outstanding life | Up to 1 year | From 1 year to 5 years | Over 5 years | Total |
| 1 Hedging sales | 721,023 | 16,336,985 | 732,054 | 17,790,062 |
| 2 Hedging purchases | 648,565 | 16,630,043 | 74,151 | 17,352,759 |
| Total 31/12/2025 | 1,369,588 | 32,967,028 | 806,205 | 35,142,821 |
| Total 30/06/2025 | 2,606,112 | 32,535,328 | 967,113 | 36,108,553 |
1.3.2ACCOUNTING HEDGES
QUANTITATIVE INFORMATION
A. Financial hedging derivatives
A.1 Financial hedging derivatives: reporting-date notional value.
| Underlying assets / Type of derivatives | 31 December 2025 | 30 June 2025 |
| Over the counter | Established markets | Over the counter | Established markets |
| Central counterparties | Without central counterparties | Central counterparties | Without central counterparties |
| With offsetting arrangements | Without offsetting arrangements | With offsetting arrangements | Without offsetting arrangements |
| 1.Debt securities and interest rate | 36,552,426 | 5,573,153 | 10,000 | \u2014 | 56,502,289 | 24,195,410 | 10,000 | \u2014 |
| a) Options | \u2014 | 1,082,186 | \u2014 | \u2014 | \u2014 | 1,118,724 | \u2014 | \u2014 |
| b) Swaps | 36,552,426 | 4,490,967 | 10,000 | \u2014 | 56,502,289 | 22,991,362 | 10,000 | \u2014 |
| c) Forwards | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 85,324 | \u2014 | \u2014 |
| d) Futures | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.Equity securities and stock price indexes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) Options | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Swaps | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| c) Forwards | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) Futures | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.Currencies and gold | \u2014 | 313,475 | \u2014 | \u2014 | \u2014 | 321,064 | \u2014 | \u2014 |
| a) Options | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Swaps | \u2014 | 313,475 | \u2014 | \u2014 | \u2014 | 321,064 | \u2014 | \u2014 |
| c) Forwards | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) Futures | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4.Commodities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 5.Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 36,552,426 | 5,886,628 | 10,000 | \u2014 | 56,502,289 | 24,516,474 | 10,000 | \u2014 |
A.2 Financial hedging derivatives: gross positive and negative fair values by product| Types of derivatives | Positive and negative fair value | Change in the value used to calculate the hedge effectiveness |
| 31/12/2025 | 30/06/2025 | 31/12/2025 | 30/06/2025 |
| Over the counter | Established markets i | Over the counter | Established markets |
| Central counterparties | Without central counterparties | Central counterparties | Without central counterparties |
| With offsetting arrangements | Without offsetting arrangements | With offsetting arrangements | Without offsetting arrangements |
| 1. Positive fair value | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| a) Options | \u2014 | 28,912 | \u2014 | \u2014 | \u2014 | 25,969 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Interest rate swaps | 87,921 | 43,061 | \u2014 | \u2014 | 258,890 | 43,597 | \u2014 | \u2014 | 1,908,093 | 1,073,652 |
| c) Cross currency swaps | \u2014 | 1,577 | \u2014 | \u2014 | \u2014 | 1,251 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) Equity swaps | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) Forwards | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| f) Futures | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| g) Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 87,921 | 73,550 | \u2014 | \u2014 | 258,890 | 70,817 | \u2014 | \u2014 | 1,908,093 | 1,073,652 |
| Negative fair value | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| a) Options | \u2014 | 4,711 | \u2014 | \u2014 | \u2014 | 1,343 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Interest rate swaps | 360,142 | 270,985 | 127 | \u2014 | 723,323 | 311,984 | 228 | \u2014 | 1,760,507 | 557,452 |
| c) Cross currency swaps | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 198 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) Equity swaps | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) Forwards | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 302 | \u2014 | \u2014 | \u2014 | \u2014 |
| f) Futures | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| g) Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 360,142 | 275,696 | 127 | \u2014 | 723,323 | 313,827 | 228 | \u2014 | 1,760,507 | 557,452 |
A.3OTC financial hedging derivatives: notional values, gross positive and negative fair values by counterparty
| Underlying assets | Central counterparties | Banks | Other financial companies | Other entities |
| Contracts not included in offsetting arrangements | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 1) Debt securities and interest rates | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | X | 10,000 | \u2014 | \u2014 |
| - positive fair value | X | \u2014 | \u2014 | \u2014 |
| - negative fair value | X | 127 | \u2014 | \u2014 |
| 2) Equity securities and stock indexes | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | X | \u2014 | \u2014 | \u2014 |
| - positive fair value | X | \u2014 | \u2014 | \u2014 |
| - negative fair value | X | \u2014 | \u2014 | \u2014 |
| 3) Currencies and gold | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | X | \u2014 | \u2014 | \u2014 |
| - positive fair value | X | \u2014 | \u2014 | \u2014 |
| - negative fair value | X | \u2014 | \u2014 | \u2014 |
| 4) Commodities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | X | \u2014 | \u2014 | \u2014 |
| - positive fair value | X | \u2014 | \u2014 | \u2014 |
| - negative fair value | X | \u2014 | \u2014 | \u2014 |
| 5) Other | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | X | \u2014 | \u2014 | \u2014 |
| - positive fair value | X | \u2014 | \u2014 | \u2014 |
| - negative fair value | X | \u2014 | \u2014 | \u2014 |
| Contracts included in offsetting arrangements | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 1) Debt securities and interest rates | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | 36,552,426 | 4,456,085 | 1,117,068 | \u2014 |
| - positive fair value | 87,921 | 61,897 | 10,076 | \u2014 |
| - negative fair value | 360,142 | 196,473 | 79,223 | \u2014 |
| 2) Equity securities and stock indexes | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | \u2014 | \u2014 | \u2014 | \u2014 |
| - positive fair value | \u2014 | \u2014 | \u2014 | \u2014 |
| - negative fair value | \u2014 | \u2014 | \u2014 | \u2014 |
| 3) Currencies and gold | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | \u2014 | 275,450 | 38,025 | \u2014 |
| - positive fair value | \u2014 | 1,317 | 260 | \u2014 |
| - negative fair value | \u2014 | \u2014 | \u2014 | \u2014 |
| 4) Commodities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | \u2014 | \u2014 | \u2014 | \u2014 |
| - positive fair value | \u2014 | \u2014 | \u2014 | \u2014 |
| - negative fair value | \u2014 | \u2014 | \u2014 | \u2014 |
| 5) Other | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | \u2014 | \u2014 | \u2014 | \u2014 |
| - positive fair value | \u2014 | \u2014 | \u2014 | \u2014 |
| - negative fair value | \u2014 | \u2014 | \u2014 | \u2014 |
A.4 Outstanding life of OTC financial hedging derivatives: notional values| Underlying / Outstanding life | Up to 1 year | From 1 year to 5 years | Over 5 years | Total |
| A.1 Financial derivative contracts on debt securities and interest rates | 7,878,150 | 20,780,810 | 13,476,619 | 42,135,579 |
| A.2 Financial derivative contracts on equity securities and stock indexes | \u2014 | \u2014 | \u2014 | \u2014 |
| A.3 Financial derivative contracts on currencies and gold | \u00a0 | 43,457 | 231,993 | 38,025 | 313.475 |
| A.4 Financial derivatives on commodities | \u00a0 | \u2014 | \u2014 | \u2014 | \u2014 |
| A.5 Other financial derivatives | \u00a0 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total31/12/2025 | 7,921,607 | 21,012,803 | 13,514,644 | 42,449,054 |
| Total30/06/2025 | 11,922,703 | 38,033,323 | 31,072,737 | 81,028,763 |
D.Hedged instrumentsD.1 Fair value hedges
| Specific hedges: book value | Specific hedges - net positions: balance sheet value of assets or liabilities (before offsetting) | Specific hedges | Generic hedges: Carrying amount |
| Accumulated changes in fair value of the hedged instrument | Ending of hedge: residual accumulated changes in fair value | Changes in value used to calculate the hedge ineffectiveness |
| A. Assets | | | | | | |
| 1. Financial assets measured at fair value through other comprehensive income - hedges of: | 1,118,298 | \u2014 | 9,826 | \u2014 | 19,136 | \u2014 |
| 1.1 Debt securities and interest rate | 1,118,298 | \u2014 | 9,826 | \u2014 | 19,136 | X |
| 1.2 Equity securities and stock indexes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 1.3 Currencies and gold | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 1.4 Receivables | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 1.5 Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 2. Financial assets measured at amortized cost - hedges of: | 2,857,394 | \u2014 | 52,434 | 135,203 | 98,778 | 9,464,842 |
| 2.1 Debt securities and interest rate | 2,857,394 | \u2014 | 52,434 | \u2014 | 98,778 | X |
| 2.2 Equity securities and stock indexes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 2.3 Currencies and gold | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 2.4 Receivables | \u2014 | \u2014 | \u2014 | 135,203 | \u2014 | X |
| 2.5 Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| Total31 December 2025 | 3,975,692 | \u2014 | 62,260 | 135,203 | 117,914 | 9.464.842 |
| Total30 June 2025 | 12,511,242 | \u2014 | 415,468 | \u2014 | 414,833 | \u2014 |
| B. Liabilities | | | | | | |
| 1. Financial liabilities measured at amortized cost - hedges of: | 23,540,029 | \u2014 | 7,171 | 288,812 | 72,632 | 1,211,500 |
| 1.1 Debt securities and interest rate | 23,540,029 | \u2014 | 7,171 | 288,812 | 72,632 | X |
| 1.2 Currencies and gold | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 1.3 Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| Total31 December 2025 | 23,540,029 | \u2014 | 7,171 | 288,812 | 72,632 | 1,211,500 |
| Total30 June 2025 | 27,511,188 | \u2014 | 183,229 | \u2014 | 665,501 | \u2014 |
D.2 Hedging of cash flows and foreign investments | Changes in the value used to calculate the hedge ineffectiveness | Hedge reserves | Ending of hedge: residual value of hedging reserves |
| A. Cash flow hedging | \u00a0 | \u00a0 | \u00a0 |
| 1. Assets | | (10,904) | (12,860) | \u2014 |
| 1.1 Debt securities and interest rate | (10,904) | (12,860) | \u2014 |
| 1.2 Equity securities and stock indexes | \u2014 | \u2014 | \u2014 |
| 1.3 Currencies and gold | \u2014 | \u2014 | \u2014 |
| 1.4 Receivables | | \u2014 | \u2014 | \u2014 |
| 1.5 Other | \u2014 | \u2014 | \u2014 |
| 2. Liabilities | (35,204) | (23,138) | \u2014 |
| 1.1 Debt securities and interest rate | (35,204) | (23,138) | \u2014 |
| 1.2 Currencies and gold | \u2014 | \u2014 | \u2014 |
| 1.3 Other | \u2014 | \u2014 | \u2014 |
| Total (A) | 31/12/2025 | (46,108) | (35,998) | \u2014 |
| Total (A) | 30/06/2025 | 268,346 | (65,936) | \u2014 |
| B. Hedging of foreign investments | X | \u00a0 | (15,947) |
| Total (A+B) | 31/12/2025 | (46,108) | (35,998) | (15,947) |
| Total (A+B) | 30/06/2025 | 268,346 | (65,936) | (15,947) |
E. Effects of hedging through equityE.1 Reconciliation of equity components
| Cash flow hedging reserve | Foreign investment hedging reserve |
| Debt securities and interest rate | Equity securities and stock price indexes | Currencies and gold | Receivables | Other | Debt securities and interest rate | Equity securities and stock price indexes | Currencies and gold | Receivables | Other |
| Opening balance | (65,936) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Changes in fair value (effective portion) | 29,938 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Transfers to P&L | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Of which: future transactions no longer expected | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X | X | X | X | X |
| Other changes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Of which: transfers of hedged instruments at book value | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X | X | X | X | X |
| Closing balance | (35,998) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
1.3.3 OTHER INFORMATION ON DERIVATIVE INSTRUMENTS (TRADING AND HEDGING)
A. Financial and credit derivatives
A.1 OTC financial and credit derivatives: net fair value by counterparty
| Central counterparties | Banks | Other financial companies | Other entities |
| A. Financial derivatives | | | | |
| 1) Debt securities and interest rates | | | | |
| - notional value | 167,087,493 | 42,955,160 | 11,273,321 | 3,370,155 |
| - net positive fair value | 233,099 | 189,929 | 152,655 | 8,521 |
| - net negative fair value | 329,992 | 341,851 | 313,058 | 68,672 |
| 2) Equity securities and stock indexes | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | \u2014 | 8,652,193 | 2,546,439 | 2,410,404 |
| - net positive fair value | \u2014 | 724,969 | 336,000 | 129,568 |
| - net negative fair value | \u2014 | 1,558,726 | 108,736 | 32,396 |
| 3) Currencies and gold | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | \u2014 | 7,135,913 | 3,146,963 | 1,879,254 |
| - net positive fair value | \u2014 | 84,468 | 54,715 | 13,636 |
| - net negative fair value | \u2014 | 67,012 | 51,070 | 12,307 |
| 4) Commodities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | \u2014 | 716,438 | \u2014 | \u2014 |
| - net positive fair value | \u2014 | 20,434 | \u2014 | \u2014 |
| - net negative fair value | \u2014 | 830 | \u2014 | \u2014 |
| 5) Other | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | \u2014 | \u2014 | \u2014 | \u2014 |
| - net positive fair value | \u2014 | \u2014 | \u2014 | \u2014 |
| - net negative fair value | \u2014 | \u2014 | \u2014 | \u2014 |
| B. Credit derivatives | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 1) Hedging purchases | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | 7,851,029 | 2,649,539 | 6,852,191 | \u2014 |
| - net positive fair value | \u2014 | 2,385 | 1,037 | \u2014 |
| - net negative fair value | \u2014 | 147,575 | 142,512 | \u2014 |
| 2) Hedging sales | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - notional value | 7,518,108 | 2,008,724 | 8,263,230 | \u2014 |
| - net positive fair value | \u2014 | 42,794 | 136,628 | \u2014 |
| - net negative fair value | 14,800 | 15,040 | 7,558 | \u2014 |
2.1 Financial assets held for trading: product breakdown
| Items/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| A. Cash assets | | | | | | |
| 1. Debt securities | 6,484,969 | 841,637 | 430,068 | 7,919,062 | 424,524 | 363,035 |
| 1.1 Structured securities | 10,474 | 17,853 | 229,493 | 30,108 | 5,845 | 155,883 |
| 1.2 Other debt securities | 6,474,495 | 823,784 | 200,575 | 7,888,954 | 418,679 | 207,152 |
| 2. Equity securities (1) | 5,504,783 | 42,441 | 308 | 4,217,223 | \u2014 | 73,005 |
| 3. UCIT units | 109,268 | \u2014 | 5,052 | 153,026 | \u2014 | 4,836 |
| 4. Loans | \u2014 | \u2014 | 36,839 | \u2014 | \u2014 | \u2014 |
| 4.1 Reverse Repos | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4.2 Other(2) | \u2014 | \u2014 | 36,839 | \u2014 | \u2014 | \u2014 |
| Total (A) | 12,099,020 | 884,078 | 472,267 | 12,289,311 | 424,524 | 440,876 |
| B. Derivative instruments | | | | | | |
| 1. Financial derivatives | 468,004 | 1,822,296 | 3,955 | 711,928 | 1,829,648 | 1,730 |
| 1.1 trading | 468,004 | 1,772,678 | 3,955 | 711,928 | 1,829,648 | 1,730 |
| 1.2 related to the fair value option | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.3 other | \u2014 | 49,618 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Credit derivatives | \u2014 | 181,322 | 1,521 | \u2014 | 190,289 | 1,691 |
| 2.1 trading | \u2014 | 181,322 | 1,521 | \u2014 | 190,289 | 1,691 |
| 2.2 related to the fair value option | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.3 other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total (B) | 468,004 | 2,003,618 | 5,476 | 711,928 | 2,019,937 | 3,421 |
| Total (A+B) | 12,567,024 | 2,887,696 | 477,743 | 13,001,239 | 2,444,461 | 444,297 |
(1) Equities include shares committed in securities lending transactions totalling \u20ac2,764,733 at 31 December 2025 and \u20ac2,398,018 at 30 June 2025. (2) As at 31 December 2025, there were underwriting positions in place intended for syndication.
(**) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
2.2 Financial assets held for trading: by borrower/issuer| Items/Values | 31 December 2025 | 30 June 2025 |
| A. Cash assets | | |
| 1. Debt securities | 7,756,674 | 8,706,622 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | 6,203,817 | 7,125,458 |
| c) Banks | 785,253 | 985,496 |
| d) Other financial companies | 640,650 | 490,571 |
| of which: insurance companies | 14 | 15 |
| e) Non-financial companies | 126,954 | 105,097 |
| 2. Equity securities | 5,547,532 | 4,290,228 |
| a) Banks | 702,610 | 873,296 |
| b) Other financial companies | 1,571,503 | 1,078,847 |
| of which: insurance companies | 205,537 | 183,269 |
| c) Non-financial companies | 3,273,419 | 2,338,085 |
| d) Other issuers | \u2014 | \u2014 |
| 3. UCIT units | 114,320 | 157,862 |
| 4. Loans | 36,839 | \u2014 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 |
| c) Banks | \u2014 | \u2014 |
| d) Other financial companies (1) | 36,839 | \u2014 |
| of which: insurance companies | \u2014 | \u2014 |
| e) Non-financial companies | \u2014 | \u2014 |
| f) Households | \u2014 | \u2014 |
| Total (A) | 13,455,365 | 13,154,712 |
| B. Derivative instruments | | |
| a) Central Counterparties | 200,990 | 89,859 |
| b) Other | 2,276,108 | 2,645,426 |
| Total (B) | 2,477,098 | 2,735,285 |
| Total (A+B) | 15,932,463 | 15,889,997 |
(1) As at 31 December 2025, there were underwriting positions in place intended for syndication.
SECTION 2Heading 20: Trading financial liabilities
2.1 Trading financial liabilities: product breakdown
| Transaction Type/Values | 31 December 2025 | 30 June 2025 |
| Nominal or notional value | Fair value | Fair value (*) | Nominal or notional value | Fair value | Fair value (*) |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| A. Cash liabilities | | | | | | | | | | |
| 1. Due to banks | 2,572,216 | 2,492,899 | 77,583 | \u2014 | 2,570,482 | 2,034,097 | 1,999,281 | 35,308 | \u2014 | 2,034,590 |
| 2. Due to customers | 2,198,249 | 2,170,499 | 24,864 | \u2014 | 2,195,363 | 3,126,809 | 3,153,293 | \u2014 | \u2014 | 3,153,293 |
| 3. Debt securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.1. Bonds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.1.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 3.1.2 Other bonds | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 3.2. Other securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.2.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 3.2.2 Other | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| Total (A) | 4,770,465 | 4,663,398 | 102,447 | \u2014 | 4,765,845 | 5,160,906 | 5,152,574 | 35,308 | \u2014 | 5,187,883 |
| B. Derivative instruments | | | | | | | | | | |
| 1. Financial derivatives | \u2014 | 988,286 | 2,259,463 | 31,874 | \u2014 | \u2014 | 880,695 | 2,545,655 | 32,474 | \u2014 |
| 1.1 Trading | X | 988,286 | 2,206,614 | 31,874 | X | X | 880,695 | 2,503,647 | 32,474 | X |
| 1.2 Related to the fair value option | X | \u2014 | \u2014 | \u2014 | X | X | \u2014 | \u2014 | \u2014 | X |
| 1.3 Other | X | \u2014 | 52,849 | \u2014 | X | X | \u2014 | 42,008 | \u2014 | X |
| 2. Credit derivatives | \u2014 | \u2014 | 320,842 | 6,644 | \u2014 | \u2014 | \u2014 | 339,101 | 1,951 | \u2014 |
| 2.1 Trading | X | \u2014 | 320,842 | 6,644 | X | X | \u2014 | 339,101 | 1,951 | X |
| 2.2 Related to the fair value option | X | \u2014 | \u2014 | \u2014 | X | X | \u2014 | \u2014 | \u2014 | X |
| 2.3 Other | X | \u2014 | \u2014 | \u2014 | X | X | \u2014 | \u2014 | \u2014 | X |
| Total (B) | X | 988,286 | 2,580,305 | 38,518 | X | X | 880,695 | 2,884,756 | 34,425 | X |
| Total (A+B) | X | 5,651,684 | 2,682,752 | 38,518 | X | X | 6,033,269 | 2,920,064 | 34,425 | X |
* Fair value computed by excluding variations due to changes in the issuer\u2019s credit score following the date of issue.
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"value": "2.1 Financial assets held for trading: product breakdown
| Items/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| A. Cash assets | | | | | | |
| 1. Debt securities | 6,484,969 | 841,637 | 430,068 | 7,919,062 | 424,524 | 363,035 |
| 1.1 Structured securities | 10,474 | 17,853 | 229,493 | 30,108 | 5,845 | 155,883 |
| 1.2 Other debt securities | 6,474,495 | 823,784 | 200,575 | 7,888,954 | 418,679 | 207,152 |
| 2. Equity securities (1) | 5,504,783 | 42,441 | 308 | 4,217,223 | \u2014 | 73,005 |
| 3. UCIT units | 109,268 | \u2014 | 5,052 | 153,026 | \u2014 | 4,836 |
| 4. Loans | \u2014 | \u2014 | 36,839 | \u2014 | \u2014 | \u2014 |
| 4.1 Reverse Repos | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4.2 Other(2) | \u2014 | \u2014 | 36,839 | \u2014 | \u2014 | \u2014 |
| Total (A) | 12,099,020 | 884,078 | 472,267 | 12,289,311 | 424,524 | 440,876 |
| B. Derivative instruments | | | | | | |
| 1. Financial derivatives | 468,004 | 1,822,296 | 3,955 | 711,928 | 1,829,648 | 1,730 |
| 1.1 trading | 468,004 | 1,772,678 | 3,955 | 711,928 | 1,829,648 | 1,730 |
| 1.2 related to the fair value option | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.3 other | \u2014 | 49,618 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Credit derivatives | \u2014 | 181,322 | 1,521 | \u2014 | 190,289 | 1,691 |
| 2.1 trading | \u2014 | 181,322 | 1,521 | \u2014 | 190,289 | 1,691 |
| 2.2 related to the fair value option | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.3 other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total (B) | 468,004 | 2,003,618 | 5,476 | 711,928 | 2,019,937 | 3,421 |
| Total (A+B) | 12,567,024 | 2,887,696 | 477,743 | 13,001,239 | 2,444,461 | 444,297 |
(1) Equities include shares committed in securities lending transactions totalling \u20ac2,764,733 at 31 December 2025 and \u20ac2,398,018 at 30 June 2025. (2) As at 31 December 2025, there were underwriting positions in place intended for syndication.
(**) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
2.2 Financial assets held for trading: by borrower/issuer| Items/Values | 31 December 2025 | 30 June 2025 |
| A. Cash assets | | |
| 1. Debt securities | 7,756,674 | 8,706,622 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | 6,203,817 | 7,125,458 |
| c) Banks | 785,253 | 985,496 |
| d) Other financial companies | 640,650 | 490,571 |
| of which: insurance companies | 14 | 15 |
| e) Non-financial companies | 126,954 | 105,097 |
| 2. Equity securities | 5,547,532 | 4,290,228 |
| a) Banks | 702,610 | 873,296 |
| b) Other financial companies | 1,571,503 | 1,078,847 |
| of which: insurance companies | 205,537 | 183,269 |
| c) Non-financial companies | 3,273,419 | 2,338,085 |
| d) Other issuers | \u2014 | \u2014 |
| 3. UCIT units | 114,320 | 157,862 |
| 4. Loans | 36,839 | \u2014 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 |
| c) Banks | \u2014 | \u2014 |
| d) Other financial companies (1) | 36,839 | \u2014 |
| of which: insurance companies | \u2014 | \u2014 |
| e) Non-financial companies | \u2014 | \u2014 |
| f) Households | \u2014 | \u2014 |
| Total (A) | 13,455,365 | 13,154,712 |
| B. Derivative instruments | | |
| a) Central Counterparties | 200,990 | 89,859 |
| b) Other | 2,276,108 | 2,645,426 |
| Total (B) | 2,477,098 | 2,735,285 |
| Total (A+B) | 15,932,463 | 15,889,997 |
(1) As at 31 December 2025, there were underwriting positions in place intended for syndication.
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"value": "2.3 Financial assets designated at fair value: product breakdown (*)| Items/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Debt securities (1) | 539,368 | 365,588 | \u2014 | 882,836 | 166,134 | \u2014 |
| 1.1 Structured securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.2 Other debt securities | 539,368 | 365,588 | \u2014 | 882,836 | 166,134 | \u2014 |
| 2. Loans | \u2014 | 601,452 | \u2014 | \u2014 | 610,478 | \u2014 |
| 2.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2 Other | \u2014 | 601,452 | \u2014 | \u2014 | 610,478 | \u2014 |
| Total | 539,368 | 967,040 | \u2014 | 882,836 | 776,612 | \u2014 |
(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
(1) These offset Fair Value Option liabilities.
2.4 Financial assets designated at fair value: by borrower/issuer
| Items/Values | 31 December 2025 | 30 June 2025 |
| 1. Debt securities (1) | 904,956 | 1,048,970 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | 14,456 | 185,359 |
| c) Banks | 796,490 | 713,737 |
| d) Other financial companies | 94,010 | 132,019 |
| of which: insurance companies | 3,658 | \u2014 |
| e) Non-financial companies | \u2014 | 17,855 |
| 2. Loans | 601,452 | 610,478 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 |
| c) Banks | \u2014 | \u2014 |
| d) Other financial companies | 601,452 | 610,478 |
| of which: insurance companies | 601,452 | 610,478 |
| e) Non-financial companies | \u2014 | \u2014 |
| f) Households | \u2014 | \u2014 |
| Total | 1,506,408 | 1,659,448 |
(1) These offset Fair Value Option liabilities.
SECTION 3Heading 30: Financial liabilities designated at fair value
3.1 Financial liabilities designated at fair value: product breakdown
| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Nominal value | Fair value | Fair value (*) | Nominal value | Fair value | Fair value (*) |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Due to banks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 1.2 Other | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| which includes: | | | | | | | | | | |
| - loan commitments | \u2014 | X | X | X | X | \u2014 | X | X | X | X |
| - financial guarantees issued | \u2014 | X | X | X | X | \u2014 | X | X | X | X |
| 2. Due to customers | 1,155,725 | \u2014 | 1,006,737 | \u2014 | 1,006,737 | 1,070,606 | \u2014 | 982,056 | \u2014 | 982,056 |
| 2.1 Structured | 1,070,619 | \u2014 | 1,006,737 | \u2014 | X | 1,070,606 | \u2014 | 982,056 | \u2014 | X |
| 2.2 Other | 85,106 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| which includes: | | | | | | | | | | \u2014 |
| - loan commitments | 85,106 | X | X | X | X | \u2014 | X | X | X | X |
| - financial guarantees issued | \u2014 | X | X | X | X | \u2014 | X | X | X | X |
| 3. Debt securities | 4,505,807 | \u2014 | 3,931,352 | 617,964 | 4,549,316 | 3,911,290 | \u2014 | 3,486,578 | 578,037 | 4,064,615 |
| 3.1 Structured | 4,469,137 | \u2014 | 3,893,882 | 617,964 | X | 3,873,376 | \u2014 | 3,447,178 | 578,037 | X |
| 3.2 Other | 36,670 | \u2014 | 37,470 | \u2014 | X | 37,914 | \u2014 | 39,400 | \u2014 | X |
| Total | 5,661,532 | \u2014 | 4,938,089 | 617,964 | 5,556,053 | 4,981,896 | \u2014 | 4,468,634 | 578,037 | 5,046,671 |
(*) Fair value computed by excluding variations due to changes in the issuer\u2019s credit score following the date of issue.
The item financial liabilities designated at fair value increased from \u20ac5,046.7m to \u20ac5,556m due to new operations in certificates (155 new issues for a value of \u20ac876.7m, including \u20ac84.5m credit linked and \u20ac792.2m with underlying shares). As at 31 December, the total amount of certificates rose from \u20ac3,731.2m to \u20ac4,003.4m, which includes \u20ac1,566.1m credit-linked (\u20ac1,615.8m as at 30 June), \u20ac1,766.3m equity (\u20ac1,447.7 as at 30 June), and \u20ac670.9m delta-one, i.e., without Mediobanca risk. The positions classified at Level 3 amounted to \u20ac617.9m, which includes \u20ac422.7m in autocallable equity.
Finally, there were securitized issues for \u20ac199.7m, which includes \u20ac22.9m callable.
4.1 Financial assets measured at amortized cost: product breakdown of amounts due from banks
| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value (*) | Carrying amount | Fair value (*) |
| Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets | L1 | L2 | L3 | Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets | L1 | L2 | L3 |
| A. Due from Central Banks | 449,009 | \u2014 | \u2014 | \u2014 | 449,009 | \u2014 | 433,920 | \u2014 | \u2014 | \u2014 | 433,920 | \u2014 |
| 1. Term deposits | 100,000 | \u2014 | \u2014 | X | X | X | 99,989 | \u2014 | \u2014 | X | X | X |
| 2. Compulsory reserves | 349,009 | \u2014 | \u2014 | X | X | X | 333,931 | \u2014 | \u2014 | X | X | X |
| 3. Reverse Repos | \u2014 | \u2014 | \u2014 | X | X | X | \u2014 | \u2014 | \u2014 | X | X | X |
| 4. Other | \u2014 | \u2014 | \u2014 | X | X | X | \u2014 | \u2014 | \u2014 | X | X | X |
| B. Due from banks | 5,289,721 | \u2014 | \u2014 | 54,163 | 5,272,455 | 34,613 | 4,698,320 | \u2014 | \u2014 | 73,644 | 4,637,640 | 47,193 |
| 1. Loans | 5,235,851 | \u2014 | \u2014 | \u2014 | 5,272,423 | 34,612 | 4,624,492 | \u2014 | \u2014 | \u2014 | 4,637,640 | 47,193 |
| 1.1 Current accounts | \u2014 | \u2014 | \u2014 | X | X | X | \u2014 | \u2014 | \u2014 | X | X | X |
| 1.2. Term deposits | 109,984 | \u2014 | \u2014 | X | X | X | 153,774 | \u2014 | \u2014 | X | X | X |
| 1.3. Other loans: | 5,125,867 | \u2014 | \u2014 | X | X | X | 4,470,718 | \u2014 | \u2014 | X | X | X |
| - Reverse Repos | 2,849,193 | \u2014 | \u2014 | X | X | X | 2,205,077 | \u2014 | \u2014 | X | X | X |
| - Finance leases | 413 | \u2014 | \u2014 | X | X | X | 62 | \u2014 | \u2014 | X | X | X |
| - Other | 2,276,261 | \u2014 | \u2014 | X | X | X | 2,265,579 | \u2014 | \u2014 | X | X | X |
| 2. Debt securities | 53,870 | \u2014 | \u2014 | 54,163 | 32 | 1 | 73,828 | \u2014 | \u2014 | 73,644 | \u2014 | \u2014 |
| 2.1 Structured securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2 Other debt securities | 53,870 | \u2014 | \u2014 | 54,163 | 32 | 1 | 73,828 | \u2014 | \u2014 | 73,644 | \u2014 | \u2014 |
| Total | 5,738,730 | \u2014 | \u2014 | 54,163 | 5,721,464 | 34,613 | 5,132,240 | \u2014 | \u2014 | 73,644 | 5,071,560 | 47,193 |
(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
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"value": "4.2 Financial assets measured at amortized cost: product breakdown of amounts due from customers| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value (*) | Carrying amount | Fair value (*) |
| Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets (1) | L1 | L2 | L3 | Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets (1) | L1 | L2 | L3 |
| 1. Loans | 58,424,397 | 387,389 | 190,072 | \u2014 | 16,129,397 | 43,366,336 | 59,198,494 | 384,464 | 189,624 | \u2014 | 18,576,290 | 43,002,595 |
| 1.1. Current accounts | 2,922,661 | 57 | \u2014 | X | X | X | 2,887,045 | 36 | \u2014 | X | X | X |
| 1.2. Reverse Repos | 4,101,103 | \u2014 | \u2014 | X | X | X | 6,427,908 | \u2014 | \u2014 | X | X | X |
| 1.3. Mortgages | 29,706,352 | 57,973 | \u2014 | X | X | X | 29,029,863 | 64,003 | \u2014 | X | X | X |
| 1.4. Credit cards, personal loans and salary-backed finance | 10,639,188 | 206,065 | 189,537 | X | X | X | 10,165,221 | 210,012 | 189,150 | X | X | X |
| 1.5 Finance leases | 1,055,676 | 11,259 | \u2014 | X | X | X | 1,048,257 | 12,003 | \u2014 | X | X | X |
| 1.6. Factoring | 2,799,141 | 7,956 | \u2014 | X | X | X | 2,507,566 | 5,636 | \u2014 | X | X | X |
| 1.7. Other loans | 7,200,276 | 104,079 | 535 | X | X | X | 7,132,634 | 92,774 | 474 | X | X | X |
| 2. Debt securities | 6,412,093 | 1,842 | \u2014 | 3,992,056 | 1,444,516 | 1,114,036 | 5,410,636 | \u2014 | \u2014 | 3,434,552 | 1,334,145 | 718,279 |
| 2.1. Structured securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2. Other debt securities | 6,412,093 | 1,842 | \u2014 | 3,992,056 | 1,444,516 | 1,114,036 | 5,410,636 | \u2014 | \u2014 | 3,434,552 | 1,334,145 | 718,279 |
| Total | 64,836,490 | 389,231 | 190,072 | 3,992,056 | 17,573,913 | 44,480,372 | 64,609,130 | 384,464 | 189,624 | 3,434,552 | 19,910,435 | 43,720,874 |
(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A \u2013 Accounting Policies.
(1) These concern forborne non-performing consumer credit, as further explained in Part E - Information on risks and related hedging policies - Section 1 Credit Quality.
4.3 Financial assets measured at amortized cost: by borrower/issuer of amounts due from customers| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets | Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets |
| 1. Debt securities | 6,412,093 | 1,842 | \u2014 | 5,410,636 | \u2014 | \u2014 |
| a) Public administrations | 4,135,930 | \u2014 | \u2014 | 3,620,297 | \u2014 | \u2014 |
| b) Other financial companies | 2,079,661 | 1,842 | \u2014 | 1,613,856 | \u2014 | \u2014 |
| of which: insurance companies | 198,409 | \u2014 | \u2014 | 193,977 | \u2014 | \u2014 |
| c) Non-financial companies | 196,502 | \u2014 | \u2014 | 176,483 | \u2014 | \u2014 |
| 2. Loans to: | 58,424,397 | 387,389 | 190,072 | 59,198,494 | 384,464 | 189,624 |
| a) Public administrations | 409,123 | 795 | 125 | 291,315 | 1,045 | 116 |
| b) Other financial companies | 9,687,139 | 61 | \u2014 | 12,284,446 | 58 | \u2014 |
| of which: insurance companies | 284,080 | \u2014 | \u2014 | 685,045 | \u2014 | \u2014 |
| c) Non-financial companies | 17,504,261 | 65,031 | 409 | 16,492,037 | 63,667 | 354 |
| d) Households | 30,823,874 | 321,502 | 189,538 | 30,130,696 | 319,694 | 189,154 |
| Total | 64,836,490 | 389,231 | 190,072 | 64,609,130 | 384,464 | 189,624 |
Heading 70: Equity investments
7.1 Equity investments: disclosure on relationships
| Company Name | Registered office | Operating office | Type of relationship | Ownership | Votes available in % |
| Controlling entity | % shareholding |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| A. Entities under significant influence | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 1. Assicurazioni Generali S.p.A. | Trieste | Trieste | 2 | Mediobanca S.p.A. | 13.19 | 13.55 |
| 2. Istituto Europeo di Oncologia S.r.l. | Milan | Milan | 2 | Mediobanca S.p.A. | 25.37 | 25.37 |
| 3. CLI Holdings II Ltd | London | London | 2 | Mediobanca S.p.A. | 18.95 | 18.95 |
| 4. Finanziaria Gruppo Bisazza S.r.l. | Montecchio Maggiore (VI) | Montecchio Maggiore (VI) | 2 | Mediobanca S.p.A. | 22.67 | 22.67 |
| 5. MB Speedup | London | London | 1 | Mediobanca S.p.A. | 50 | 50 |
Legend:
(1) Joint control.
(2) Subject to significant influence.
(3) Exclusively controlled and not consolidated.
Table 7.1 provides the following information for each affiliated company: business name; registered office; investment; shareholding calculated as a percentage of the share capital issued by the affiliate or joint venture; and availability of votes calculated as a percentage of the actual voting shares, i.e. not including the affiliate\u2019s treasury shares in the denominator. The latter is the percentage used for the purposes of consolidation by the Equity method.
It should be noted that any temporary transactions (such as securities lending transactions, repurchase agreements, etc.) involving shares in the affiliate are not considered for purposes of determining the consolidation percentage.
The criteria and methods for establishing the area of consolidation are illustrated in \u201cSection 3 \u2013 Part A \u2013 Accounting Policies\u201d, to which reference is made.
All the equity investments have been measured using the Equity method, as required by the reference accounting standard (IAS28 and IFRS11), which includes treasury shares owned in the calculation, plus the value of any shares in Mediobanca owned by the investee company. Dividends collected are not taken through the income statement but are deducted from the investee company\u2019s book value.
7.2 Significant investments: book values, fair values and dividends received
| Company Name\u00a0 | Carrying amount | Fair value (*) | Dividend received (**) |
| A. Entities under significant influence | | | |
| 1. Assicurazioni Generali S.p.A. | 4,157,934 | 7,305,214 | \u2014 |
| 2. Istituto Europeo di Oncologia S.r.l. | 38,599 | n.a. | n.a. |
| 3. CLI Holdings II Ltd | 28,819 | n.a. | 4,564 |
| 4. Finanziaria Gruppo Bisazza S.r.l. | 5,285 | n.a. | \u2014 |
| 5. MB SpeedUp Ltd | 4,414 | n.a. | n.a. |
| Total (1) | 4,235,051 | 0.0 | |
(1) The amount stated here differs from that represented in the balance sheet for other investments, which are minor in terms of both percentage share owned and amount (\u20ac163,000).(*) Available only for listed Companies.(**) Dividends collected in the course of the financial year have been deducted from the book value of the investment (as described in Part A \u2013 Accounting Policies of the Notes to the Accounts).
At 31 December, the book value of the item \u201cEquity investments\u201d amounted to \u20ac4,235m.
The stake in Assicurazioni Generali remained steady at 13.19%; when calculated on outstanding shares, the economic interest stood at 13.55% (13.52% as at 30 June last). As at 31 December 2025, the book value - calculated on the Company's figures as at 30 September 2025 - stood at \u20ac4,157.9m (\u20ac3,906.8m as at 30 June 2025) after profits of \u20ac272.7m and negative equity changes of \u20ac21.5m. Regarding other equity investments: IEO (25.37%) remained steady at \u20ac38.6m, recording a slight loss (\u20ac0.2m); Finanziaria Gruppo Bisazza S.r.l. (22.67%) stood at \u20ac5.3m (\u20ac5.7m); CLI Holdings II Limited decreases from \u20ac35.1m to \u20ac28.8m after the collection of dividends (\u20ac4.6m) and profits for the period (\u20ac0.6m); finally, MBSpeedUp stood at \u20ac4.4m.
Impairment test on equity investment
The value of equity investments has been tested for impairment as required by the accounting standards used (IAS28, IAS36, IFRS10 and IFRS11), in order to ascertain whether there is objective evidence to suggest that the initial recognition value of the investment might not be recovered in full.
The process involves ascertaining whether there are any indicators of impairment and quantifying the amount of the adjustment, if any. Impairment indicators may be split into two main types of category:
\u2014Quantitative indicators: market capitalisation lower than the company's book value of equity, in the case of securities listed on active markets;
\u2014Qualitative indicators: manifested financial difficulties, reporting negative earnings results or results which are significantly behind budget objectives or targets set in long-term business plans disclosed to the market, announcement and/or launch of composition procedures or restructuring plans, deterioration in ratings (especially if below investment grade).
IAS28, paragraph 41A, stipulates that:
\u23afimpairment losses are incurred for an asset if the book value is higher than the recoverable amount, defined under IAS36 as the higher between the asset\u2019s fair value (less costs of disposal) and its value in use;
\u23afto measure fair value (governed by IFRS13), reference must be made to:
\u2014stock market prices, if the investee company is listed on an active market;
\u2014valuation models generally recognized by the market, including market multiples for transactions, especially if deemed significant;
\u23afto measure value in use (as governed by IAS28paragraph 42), the methodologies are either:
\u2014the discounted value of cash flows generated by the investee company, both as cash flows generated from the company\u2019s assets and as income deriving from the disposal of the same assets; or
\u2014the discounted value of cash flows that may be assumed to derive from dividends and from the eventual sale of the investment.
For more information on the parameters used to calculate the value in use, refer to the considerations made on impairment testing for goodwill contained in the dedicated section of the Notes to the Consolidated Accounts.
* * *
Accounting data for the investee companies is shown below taken from the respective financial statements as at 31 December 2024, the most recent available.
7.3 Significant investments: accounting data
| \u00a0 | \u00a0 | \u00a0 | | (\u20acm) |
| Company Name | Entities under significant influence |
| Assicurazioni Generali S.p.A. | Istituto Europeo di Oncologia S.r.l. | CLI Holdings II Ltd |
| Cash and cash equivalents | X | X | X |
| Financial assets | 491,939 | 72 | 184 |
| Non-financial assets | 44,307 | 293 | 23 |
| Financial liabilities | 45,710 | 100 | 17 |
| Non-financial liabilities | 459,842 | 112 | 23 |
| Total revenues | 28,596 | 437 | 42 |
| Profit (loss) on ordinary operations before taxes | 6,041 | 8 | 1 |
| Profit (loss) on ordinary operations after taxes | 4,167 | 5 | 1 |
| Profit (loss) on held-for-sale assets after taxes | \u2014 | \u2014 | \u2014 |
| Profit (loss) for the period (1) | 4,167 | 5 | 1 |
| Other profit (loss) components after taxes (2) | (276) | \u2014 | \u2014 |
| Comprehensive income (3) = (1) + (2) | 3,891 | 5 | 1 |
7.4 Non-significant investments (*): accounting data| \u00a0 | \u00a0 | \u00a0 | (\u20ac\u2019000) |
| Company Name | Entities under significant influence |
| Finanziaria Gruppo Bisazza S.r.l. | MB Speed Up |
| Book value of investments | 5,285 | 4,414 |
| Total assets | 34,168 | 4,414 |
| Total liabilities | 6,961 | \u2014 |
| Total revenues | | |
| Profit (loss) on ordinary operations after taxes | (748) | \u2014 |
| Profit (loss) on operations after taxes | \u2014 | \u2014 |
| Profit (loss) for the period (1) | (748) | \u2014 |
| Other profit (loss) components after taxes (2) | \u2014 | \u2014 |
| Comprehensive income (3) = (1) + (2) | (748) | \u2014 |
(*) Investments with a book value of less than \u20ac10m at the reporting date were considered not significant.
As at 31 December 2025, there were no differences between the investee's pro-rata share of Equity and consolidated book value. The table below shows a reconciliation between the book value of the investments and the data used for valuation purposes.
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| Companies under significant influence | Aggregate equity | Pro rata equity | Differences arising upon consolidation | Consolidated carrying amount |
| Assicurazioni Generali S.p.A. | 30,693.6 | | 4,157.9 | | \u2014 | | 4,157.9 |
| Istituto Europeo di Oncologia S.r.l. | 152.1 | (1) | 38.6 | | \u2014 | | 38.6 |
| CLI Holdings II Ltd | 166.6 | | 28.8 | (2) | \u2014 | | 28.8 |
| Finanziaria Gruppo Bisazza S.r.l. | 23.3 | | 5.3 | | \u2014 | | 5.3 |
| MB Speed Up | 4.4 | | 4.4 | | \u2014 | | 4.4 |
(1) Equity as at 30 September 2025 of \u20ac147.1m (pro rata: \u20ac37.3m) was adjusted to reflect the property asset revaluations after depreciation and amortization charges accruing (pro rata: \u20ac2.2m).
(2) Total equity includes the dividends paid in October last year (\u20ac2.7m).
For the nature of the relationships, please refer to section 7.1 above. As at 31 December, the market value of the Assicurazioni Generali investment was \u20ac7,305.2m (\u20ac35.75 per share), higher than its book value (\u20ac4,157.9m, \u20ac20.35 per share). In line with previous financial years, the value in use of the investment was calculated in any case, resulting well above its carrying value, and aligned to the maximum target price estimated by analysts (\u20ac34.8 per share).Regarding Istituto Europeo di Oncologia, this investment has a book value in line with the entity\u2019s net asset value adjusted to reflect the property values being realigned to their market values at acquisition. As at 31 December 2025, there was no (internal or external) evidence that could lead to a review of such higher value.
The equity investments in CLI Holdings II and Finanziaria Gruppo Bisazza (whose book value is the pro-rata share of their Equity) do not show critical issues such as to require proceeding with an impairment test.
7.5 Equity investments: changes during the period| \u00a0 | 31 December 2025 | 30 June 2025 |
| A. Balance at start of period | 3,988,826 | 3,789,216 |
| B. Increases | 275,691 | 511,658 |
| B.1 Purchases | 2,400 | 2,400 |
| B.2 Writebacks | \u2014 | \u2014 |
| B.3 Write-ups | \u2014 | \u2014 |
| B.4 Other changes | 273,291 | 509,258 |
| C. Decreases | 29,303 | 312,048 |
| C.1 Sales | \u2014 | \u2014 |
| C.2 Writebacks | \u2014 | \u2014 |
| C.3 Write-downs | \u2014 | \u2014 |
| C.4 Other changes | 29,303 | 312,048 |
| D. Balance at end of period | 4,235,214 | 3,988,826 |
| E. Total revaluations | \u2014 | \u2014 |
| F. Total adjustments | 733,478 | 733,478 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page417-cflshid_148620-tag470227": {
"value": "Heading 70: Equity investments
7.1 Equity investments: disclosure on relationships
| Company Name | Registered office | Operating office | Type of relationship | Ownership | Votes available in % |
| Controlling entity | % shareholding |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| A. Entities under significant influence | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 1. Assicurazioni Generali S.p.A. | Trieste | Trieste | 2 | Mediobanca S.p.A. | 13.19 | 13.55 |
| 2. Istituto Europeo di Oncologia S.r.l. | Milan | Milan | 2 | Mediobanca S.p.A. | 25.37 | 25.37 |
| 3. CLI Holdings II Ltd | London | London | 2 | Mediobanca S.p.A. | 18.95 | 18.95 |
| 4. Finanziaria Gruppo Bisazza S.r.l. | Montecchio Maggiore (VI) | Montecchio Maggiore (VI) | 2 | Mediobanca S.p.A. | 22.67 | 22.67 |
| 5. MB Speedup | London | London | 1 | Mediobanca S.p.A. | 50 | 50 |
Legend:
(1) Joint control.
(2) Subject to significant influence.
(3) Exclusively controlled and not consolidated.
Table 7.1 provides the following information for each affiliated company: business name; registered office; investment; shareholding calculated as a percentage of the share capital issued by the affiliate or joint venture; and availability of votes calculated as a percentage of the actual voting shares, i.e. not including the affiliate\u2019s treasury shares in the denominator. The latter is the percentage used for the purposes of consolidation by the Equity method.
It should be noted that any temporary transactions (such as securities lending transactions, repurchase agreements, etc.) involving shares in the affiliate are not considered for purposes of determining the consolidation percentage.
The criteria and methods for establishing the area of consolidation are illustrated in \u201cSection 3 \u2013 Part A \u2013 Accounting Policies\u201d, to which reference is made.
All the equity investments have been measured using the Equity method, as required by the reference accounting standard (IAS28 and IFRS11), which includes treasury shares owned in the calculation, plus the value of any shares in Mediobanca owned by the investee company. Dividends collected are not taken through the income statement but are deducted from the investee company\u2019s book value.
7.2 Significant investments: book values, fair values and dividends received
| Company Name\u00a0 | Carrying amount | Fair value (*) | Dividend received (**) |
| A. Entities under significant influence | | | |
| 1. Assicurazioni Generali S.p.A. | 4,157,934 | 7,305,214 | \u2014 |
| 2. Istituto Europeo di Oncologia S.r.l. | 38,599 | n.a. | n.a. |
| 3. CLI Holdings II Ltd | 28,819 | n.a. | 4,564 |
| 4. Finanziaria Gruppo Bisazza S.r.l. | 5,285 | n.a. | \u2014 |
| 5. MB SpeedUp Ltd | 4,414 | n.a. | n.a. |
| Total (1) | 4,235,051 | 0.0 | |
(1) The amount stated here differs from that represented in the balance sheet for other investments, which are minor in terms of both percentage share owned and amount (\u20ac163,000).(*) Available only for listed Companies.(**) Dividends collected in the course of the financial year have been deducted from the book value of the investment (as described in Part A \u2013 Accounting Policies of the Notes to the Accounts).
At 31 December, the book value of the item \u201cEquity investments\u201d amounted to \u20ac4,235m.
The stake in Assicurazioni Generali remained steady at 13.19%; when calculated on outstanding shares, the economic interest stood at 13.55% (13.52% as at 30 June last). As at 31 December 2025, the book value - calculated on the Company's figures as at 30 September 2025 - stood at \u20ac4,157.9m (\u20ac3,906.8m as at 30 June 2025) after profits of \u20ac272.7m and negative equity changes of \u20ac21.5m. Regarding other equity investments: IEO (25.37%) remained steady at \u20ac38.6m, recording a slight loss (\u20ac0.2m); Finanziaria Gruppo Bisazza S.r.l. (22.67%) stood at \u20ac5.3m (\u20ac5.7m); CLI Holdings II Limited decreases from \u20ac35.1m to \u20ac28.8m after the collection of dividends (\u20ac4.6m) and profits for the period (\u20ac0.6m); finally, MBSpeedUp stood at \u20ac4.4m.
Impairment test on equity investment
The value of equity investments has been tested for impairment as required by the accounting standards used (IAS28, IAS36, IFRS10 and IFRS11), in order to ascertain whether there is objective evidence to suggest that the initial recognition value of the investment might not be recovered in full.
The process involves ascertaining whether there are any indicators of impairment and quantifying the amount of the adjustment, if any. Impairment indicators may be split into two main types of category:
\u2014Quantitative indicators: market capitalisation lower than the company's book value of equity, in the case of securities listed on active markets;
\u2014Qualitative indicators: manifested financial difficulties, reporting negative earnings results or results which are significantly behind budget objectives or targets set in long-term business plans disclosed to the market, announcement and/or launch of composition procedures or restructuring plans, deterioration in ratings (especially if below investment grade).
IAS28, paragraph 41A, stipulates that:
\u23afimpairment losses are incurred for an asset if the book value is higher than the recoverable amount, defined under IAS36 as the higher between the asset\u2019s fair value (less costs of disposal) and its value in use;
\u23afto measure fair value (governed by IFRS13), reference must be made to:
\u2014stock market prices, if the investee company is listed on an active market;
\u2014valuation models generally recognized by the market, including market multiples for transactions, especially if deemed significant;
\u23afto measure value in use (as governed by IAS28paragraph 42), the methodologies are either:
\u2014the discounted value of cash flows generated by the investee company, both as cash flows generated from the company\u2019s assets and as income deriving from the disposal of the same assets; or
\u2014the discounted value of cash flows that may be assumed to derive from dividends and from the eventual sale of the investment.
For more information on the parameters used to calculate the value in use, refer to the considerations made on impairment testing for goodwill contained in the dedicated section of the Notes to the Consolidated Accounts.
* * *
Accounting data for the investee companies is shown below taken from the respective financial statements as at 31 December 2024, the most recent available.
7.3 Significant investments: accounting data
| \u00a0 | \u00a0 | \u00a0 | | (\u20acm) |
| Company Name | Entities under significant influence |
| Assicurazioni Generali S.p.A. | Istituto Europeo di Oncologia S.r.l. | CLI Holdings II Ltd |
| Cash and cash equivalents | X | X | X |
| Financial assets | 491,939 | 72 | 184 |
| Non-financial assets | 44,307 | 293 | 23 |
| Financial liabilities | 45,710 | 100 | 17 |
| Non-financial liabilities | 459,842 | 112 | 23 |
| Total revenues | 28,596 | 437 | 42 |
| Profit (loss) on ordinary operations before taxes | 6,041 | 8 | 1 |
| Profit (loss) on ordinary operations after taxes | 4,167 | 5 | 1 |
| Profit (loss) on held-for-sale assets after taxes | \u2014 | \u2014 | \u2014 |
| Profit (loss) for the period (1) | 4,167 | 5 | 1 |
| Other profit (loss) components after taxes (2) | (276) | \u2014 | \u2014 |
| Comprehensive income (3) = (1) + (2) | 3,891 | 5 | 1 |
7.4 Non-significant investments (*): accounting data| \u00a0 | \u00a0 | \u00a0 | (\u20ac\u2019000) |
| Company Name | Entities under significant influence |
| Finanziaria Gruppo Bisazza S.r.l. | MB Speed Up |
| Book value of investments | 5,285 | 4,414 |
| Total assets | 34,168 | 4,414 |
| Total liabilities | 6,961 | \u2014 |
| Total revenues | | |
| Profit (loss) on ordinary operations after taxes | (748) | \u2014 |
| Profit (loss) on operations after taxes | \u2014 | \u2014 |
| Profit (loss) for the period (1) | (748) | \u2014 |
| Other profit (loss) components after taxes (2) | \u2014 | \u2014 |
| Comprehensive income (3) = (1) + (2) | (748) | \u2014 |
(*) Investments with a book value of less than \u20ac10m at the reporting date were considered not significant.
As at 31 December 2025, there were no differences between the investee's pro-rata share of Equity and consolidated book value. The table below shows a reconciliation between the book value of the investments and the data used for valuation purposes.
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| Companies under significant influence | Aggregate equity | Pro rata equity | Differences arising upon consolidation | Consolidated carrying amount |
| Assicurazioni Generali S.p.A. | 30,693.6 | | 4,157.9 | | \u2014 | | 4,157.9 |
| Istituto Europeo di Oncologia S.r.l. | 152.1 | (1) | 38.6 | | \u2014 | | 38.6 |
| CLI Holdings II Ltd | 166.6 | | 28.8 | (2) | \u2014 | | 28.8 |
| Finanziaria Gruppo Bisazza S.r.l. | 23.3 | | 5.3 | | \u2014 | | 5.3 |
| MB Speed Up | 4.4 | | 4.4 | | \u2014 | | 4.4 |
(1) Equity as at 30 September 2025 of \u20ac147.1m (pro rata: \u20ac37.3m) was adjusted to reflect the property asset revaluations after depreciation and amortization charges accruing (pro rata: \u20ac2.2m).
(2) Total equity includes the dividends paid in October last year (\u20ac2.7m).
For the nature of the relationships, please refer to section 7.1 above. As at 31 December, the market value of the Assicurazioni Generali investment was \u20ac7,305.2m (\u20ac35.75 per share), higher than its book value (\u20ac4,157.9m, \u20ac20.35 per share). In line with previous financial years, the value in use of the investment was calculated in any case, resulting well above its carrying value, and aligned to the maximum target price estimated by analysts (\u20ac34.8 per share).Regarding Istituto Europeo di Oncologia, this investment has a book value in line with the entity\u2019s net asset value adjusted to reflect the property values being realigned to their market values at acquisition. As at 31 December 2025, there was no (internal or external) evidence that could lead to a review of such higher value.
The equity investments in CLI Holdings II and Finanziaria Gruppo Bisazza (whose book value is the pro-rata share of their Equity) do not show critical issues such as to require proceeding with an impairment test.
7.5 Equity investments: changes during the period| \u00a0 | 31 December 2025 | 30 June 2025 |
| A. Balance at start of period | 3,988,826 | 3,789,216 |
| B. Increases | 275,691 | 511,658 |
| B.1 Purchases | 2,400 | 2,400 |
| B.2 Writebacks | \u2014 | \u2014 |
| B.3 Write-ups | \u2014 | \u2014 |
| B.4 Other changes | 273,291 | 509,258 |
| C. Decreases | 29,303 | 312,048 |
| C.1 Sales | \u2014 | \u2014 |
| C.2 Writebacks | \u2014 | \u2014 |
| C.3 Write-downs | \u2014 | \u2014 |
| C.4 Other changes | 29,303 | 312,048 |
| D. Balance at end of period | 4,235,214 | 3,988,826 |
| E. Total revaluations | \u2014 | \u2014 |
| F. Total adjustments | 733,478 | 733,478 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-07-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page417-cflshid_148620-tag470208": {
"value": "Heading 70: Equity investments
7.1 Equity investments: disclosure on relationships
| Company Name | Registered office | Operating office | Type of relationship | Ownership | Votes available in % |
| Controlling entity | % shareholding |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| A. Entities under significant influence | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 1. Assicurazioni Generali S.p.A. | Trieste | Trieste | 2 | Mediobanca S.p.A. | 13.19 | 13.55 |
| 2. Istituto Europeo di Oncologia S.r.l. | Milan | Milan | 2 | Mediobanca S.p.A. | 25.37 | 25.37 |
| 3. CLI Holdings II Ltd | London | London | 2 | Mediobanca S.p.A. | 18.95 | 18.95 |
| 4. Finanziaria Gruppo Bisazza S.r.l. | Montecchio Maggiore (VI) | Montecchio Maggiore (VI) | 2 | Mediobanca S.p.A. | 22.67 | 22.67 |
| 5. MB Speedup | London | London | 1 | Mediobanca S.p.A. | 50 | 50 |
Legend:
(1) Joint control.
(2) Subject to significant influence.
(3) Exclusively controlled and not consolidated.
Table 7.1 provides the following information for each affiliated company: business name; registered office; investment; shareholding calculated as a percentage of the share capital issued by the affiliate or joint venture; and availability of votes calculated as a percentage of the actual voting shares, i.e. not including the affiliate\u2019s treasury shares in the denominator. The latter is the percentage used for the purposes of consolidation by the Equity method.
It should be noted that any temporary transactions (such as securities lending transactions, repurchase agreements, etc.) involving shares in the affiliate are not considered for purposes of determining the consolidation percentage.
The criteria and methods for establishing the area of consolidation are illustrated in \u201cSection 3 \u2013 Part A \u2013 Accounting Policies\u201d, to which reference is made.
All the equity investments have been measured using the Equity method, as required by the reference accounting standard (IAS28 and IFRS11), which includes treasury shares owned in the calculation, plus the value of any shares in Mediobanca owned by the investee company. Dividends collected are not taken through the income statement but are deducted from the investee company\u2019s book value.
7.2 Significant investments: book values, fair values and dividends received
| Company Name\u00a0 | Carrying amount | Fair value (*) | Dividend received (**) |
| A. Entities under significant influence | | | |
| 1. Assicurazioni Generali S.p.A. | 4,157,934 | 7,305,214 | \u2014 |
| 2. Istituto Europeo di Oncologia S.r.l. | 38,599 | n.a. | n.a. |
| 3. CLI Holdings II Ltd | 28,819 | n.a. | 4,564 |
| 4. Finanziaria Gruppo Bisazza S.r.l. | 5,285 | n.a. | \u2014 |
| 5. MB SpeedUp Ltd | 4,414 | n.a. | n.a. |
| Total (1) | 4,235,051 | 0.0 | |
(1) The amount stated here differs from that represented in the balance sheet for other investments, which are minor in terms of both percentage share owned and amount (\u20ac163,000).(*) Available only for listed Companies.(**) Dividends collected in the course of the financial year have been deducted from the book value of the investment (as described in Part A \u2013 Accounting Policies of the Notes to the Accounts).
At 31 December, the book value of the item \u201cEquity investments\u201d amounted to \u20ac4,235m.
The stake in Assicurazioni Generali remained steady at 13.19%; when calculated on outstanding shares, the economic interest stood at 13.55% (13.52% as at 30 June last). As at 31 December 2025, the book value - calculated on the Company's figures as at 30 September 2025 - stood at \u20ac4,157.9m (\u20ac3,906.8m as at 30 June 2025) after profits of \u20ac272.7m and negative equity changes of \u20ac21.5m. Regarding other equity investments: IEO (25.37%) remained steady at \u20ac38.6m, recording a slight loss (\u20ac0.2m); Finanziaria Gruppo Bisazza S.r.l. (22.67%) stood at \u20ac5.3m (\u20ac5.7m); CLI Holdings II Limited decreases from \u20ac35.1m to \u20ac28.8m after the collection of dividends (\u20ac4.6m) and profits for the period (\u20ac0.6m); finally, MBSpeedUp stood at \u20ac4.4m.
Impairment test on equity investment
The value of equity investments has been tested for impairment as required by the accounting standards used (IAS28, IAS36, IFRS10 and IFRS11), in order to ascertain whether there is objective evidence to suggest that the initial recognition value of the investment might not be recovered in full.
The process involves ascertaining whether there are any indicators of impairment and quantifying the amount of the adjustment, if any. Impairment indicators may be split into two main types of category:
\u2014Quantitative indicators: market capitalisation lower than the company's book value of equity, in the case of securities listed on active markets;
\u2014Qualitative indicators: manifested financial difficulties, reporting negative earnings results or results which are significantly behind budget objectives or targets set in long-term business plans disclosed to the market, announcement and/or launch of composition procedures or restructuring plans, deterioration in ratings (especially if below investment grade).
IAS28, paragraph 41A, stipulates that:
\u23afimpairment losses are incurred for an asset if the book value is higher than the recoverable amount, defined under IAS36 as the higher between the asset\u2019s fair value (less costs of disposal) and its value in use;
\u23afto measure fair value (governed by IFRS13), reference must be made to:
\u2014stock market prices, if the investee company is listed on an active market;
\u2014valuation models generally recognized by the market, including market multiples for transactions, especially if deemed significant;
\u23afto measure value in use (as governed by IAS28paragraph 42), the methodologies are either:
\u2014the discounted value of cash flows generated by the investee company, both as cash flows generated from the company\u2019s assets and as income deriving from the disposal of the same assets; or
\u2014the discounted value of cash flows that may be assumed to derive from dividends and from the eventual sale of the investment.
For more information on the parameters used to calculate the value in use, refer to the considerations made on impairment testing for goodwill contained in the dedicated section of the Notes to the Consolidated Accounts.
* * *
Accounting data for the investee companies is shown below taken from the respective financial statements as at 31 December 2024, the most recent available.
7.3 Significant investments: accounting data
| \u00a0 | \u00a0 | \u00a0 | | (\u20acm) |
| Company Name | Entities under significant influence |
| Assicurazioni Generali S.p.A. | Istituto Europeo di Oncologia S.r.l. | CLI Holdings II Ltd |
| Cash and cash equivalents | X | X | X |
| Financial assets | 491,939 | 72 | 184 |
| Non-financial assets | 44,307 | 293 | 23 |
| Financial liabilities | 45,710 | 100 | 17 |
| Non-financial liabilities | 459,842 | 112 | 23 |
| Total revenues | 28,596 | 437 | 42 |
| Profit (loss) on ordinary operations before taxes | 6,041 | 8 | 1 |
| Profit (loss) on ordinary operations after taxes | 4,167 | 5 | 1 |
| Profit (loss) on held-for-sale assets after taxes | \u2014 | \u2014 | \u2014 |
| Profit (loss) for the period (1) | 4,167 | 5 | 1 |
| Other profit (loss) components after taxes (2) | (276) | \u2014 | \u2014 |
| Comprehensive income (3) = (1) + (2) | 3,891 | 5 | 1 |
7.4 Non-significant investments (*): accounting data| \u00a0 | \u00a0 | \u00a0 | (\u20ac\u2019000) |
| Company Name | Entities under significant influence |
| Finanziaria Gruppo Bisazza S.r.l. | MB Speed Up |
| Book value of investments | 5,285 | 4,414 |
| Total assets | 34,168 | 4,414 |
| Total liabilities | 6,961 | \u2014 |
| Total revenues | | |
| Profit (loss) on ordinary operations after taxes | (748) | \u2014 |
| Profit (loss) on operations after taxes | \u2014 | \u2014 |
| Profit (loss) for the period (1) | (748) | \u2014 |
| Other profit (loss) components after taxes (2) | \u2014 | \u2014 |
| Comprehensive income (3) = (1) + (2) | (748) | \u2014 |
(*) Investments with a book value of less than \u20ac10m at the reporting date were considered not significant.
As at 31 December 2025, there were no differences between the investee's pro-rata share of Equity and consolidated book value. The table below shows a reconciliation between the book value of the investments and the data used for valuation purposes.
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| Companies under significant influence | Aggregate equity | Pro rata equity | Differences arising upon consolidation | Consolidated carrying amount |
| Assicurazioni Generali S.p.A. | 30,693.6 | | 4,157.9 | | \u2014 | | 4,157.9 |
| Istituto Europeo di Oncologia S.r.l. | 152.1 | (1) | 38.6 | | \u2014 | | 38.6 |
| CLI Holdings II Ltd | 166.6 | | 28.8 | (2) | \u2014 | | 28.8 |
| Finanziaria Gruppo Bisazza S.r.l. | 23.3 | | 5.3 | | \u2014 | | 5.3 |
| MB Speed Up | 4.4 | | 4.4 | | \u2014 | | 4.4 |
(1) Equity as at 30 September 2025 of \u20ac147.1m (pro rata: \u20ac37.3m) was adjusted to reflect the property asset revaluations after depreciation and amortization charges accruing (pro rata: \u20ac2.2m).
(2) Total equity includes the dividends paid in October last year (\u20ac2.7m).
For the nature of the relationships, please refer to section 7.1 above. As at 31 December, the market value of the Assicurazioni Generali investment was \u20ac7,305.2m (\u20ac35.75 per share), higher than its book value (\u20ac4,157.9m, \u20ac20.35 per share). In line with previous financial years, the value in use of the investment was calculated in any case, resulting well above its carrying value, and aligned to the maximum target price estimated by analysts (\u20ac34.8 per share).Regarding Istituto Europeo di Oncologia, this investment has a book value in line with the entity\u2019s net asset value adjusted to reflect the property values being realigned to their market values at acquisition. As at 31 December 2025, there was no (internal or external) evidence that could lead to a review of such higher value.
The equity investments in CLI Holdings II and Finanziaria Gruppo Bisazza (whose book value is the pro-rata share of their Equity) do not show critical issues such as to require proceeding with an impairment test.
7.5 Equity investments: changes during the period| \u00a0 | 31 December 2025 | 30 June 2025 |
| A. Balance at start of period | 3,988,826 | 3,789,216 |
| B. Increases | 275,691 | 511,658 |
| B.1 Purchases | 2,400 | 2,400 |
| B.2 Writebacks | \u2014 | \u2014 |
| B.3 Write-ups | \u2014 | \u2014 |
| B.4 Other changes | 273,291 | 509,258 |
| C. Decreases | 29,303 | 312,048 |
| C.1 Sales | \u2014 | \u2014 |
| C.2 Writebacks | \u2014 | \u2014 |
| C.3 Write-downs | \u2014 | \u2014 |
| C.4 Other changes | 29,303 | 312,048 |
| D. Balance at end of period | 4,235,214 | 3,988,826 |
| E. Total revaluations | \u2014 | \u2014 |
| F. Total adjustments | 733,478 | 733,478 |
",
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"v1-page425-cflshid_150688-tag470125": {
"value": "SECTION 9Heading 90: Property, plant and equipment
In order to provide more timely, up-to-date, and accurate information on the valuation of real estate properties held by Mediobanca and its subsidiaries and to align with the Parent Company\u2019s accounting standards, the fair value measurement method was optionally adopted for the valuation of properties (whether core operating or investment properties), replacing the cost method. Furthermore, after the transition to the new valuation method, a detailed review of the real estate assets held for business and investment purposes was conducted, based on their actual intended use. Such review required the need to implement certain transfers from the operating to the investment segment and vice versa, effective 1 July 2025. The changes are reported in line \u201cA.1.a Opening balance adjustment\u201dof the following tables 9.6 and 9.7.
9.1 Core tangible assets: breakdown of assets stated at cost
| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Own property assets | 51,254 | 221,246 |
| a) land | \u2014 | 101,226 |
| b) buildings | \u2014 | 52,727 |
| c) furniture | 30,829 | 31,268 |
| d) electronic systems | 3,551 | 8,556 |
| e) other | 16,874 | 21,469 |
| 2. Right-of-use assets acquired through lease | 273,015 | 272,800 |
| a) land | \u2014 | \u2014 |
| b) buildings | 255,439 | 257,444 |
| c) furniture | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 |
| e) other | 17,576 | 15,356 |
| Total | 324,269 | 488,046 |
| of which: obtained by enforcement of collateral | \u2014 | 65 |
9.3 Core tangible assets: breakdown of revalued assets| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Own property assets | | | | | | |
| a) land | \u2014 | \u2014 | 361,848 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | 133,284 | \u2014 | \u2014 | \u2014 |
| c) furniture | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) land | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| c) furniture | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | \u2014 | 495,132 | \u2014 | \u2014 | \u2014 |
| of which: obtained by enforcement of collateral | \u2014 | \u2014 | 200 | \u2014 | \u2014 | \u2014 |
For core operating tangible assets consisting of real estate properties (buildings and land), Mediobanca moved from the cost criterion to the revaluation model as provided for by the accounting principle IAS16 \u201cProperty, Plant and Equipment\u201d. For further details please see Part \u201cA1 \u2013 Accounting Policies: General Part\u201d in these Notes to the Accounts.
9.4 Tangible assets held for investment purposes: by asset measured at fair value| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 2 | Level 1 | Level 3 |
| 1. Own property assets | \u2014 | \u2014 | 377,403 | \u2014 | \u2014 | 385,024 |
| a) land | \u2014 | \u2014 | 317,436 | \u2014 | \u2014 | 318,715 |
| b) buildings | \u2014 | \u2014 | 59,967 | \u2014 | \u2014 | 66,309 |
| 2. Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) land | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | \u2014 | 377,403 | \u2014 | \u2014 | 369,364 |
| of which: obtained by enforcement of collateral | \u2014 | \u2014 | 29,600 | \u2014 | \u2014 | 29,600 |
For properties held for investment purposes, the cost criterion was replaced by the fair value model in accordance with the accounting principle IAS40 \u201cInvestment Property\u201d. For further details please see Part \u201cA1 \u2013 Accounting Policies: General Part\u201d in these Notes to the Accounts.
9.5 Inventories pursuant to IAS2: breakdown| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Inventories of tangible assets obtained by enforcement of collateral | 9,937 | 9,539 |
| a) land | 241 | 313 |
| b) buildings | 9,696 | 9,226 |
| c) furniture | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 |
| 2. Other inventories of tangible assets | \u2014 | \u2014 |
| Total | 9,937 | 9,539 |
| of which: measured at fair value less costs to sell | \u2014 | \u2014 |
The above includes assets received under leasing contracts, which were originally recorded as Investment Property (under IAS40), and have now been restated as Inventories in accordance with IAS2 in cases where only minor amounts are involved, and where leasing the properties out is not economically feasible and sale is expected to take place in the next three years.
For properties held and accounted for as inventories in accordance with IAS2, which form part of Selma\u2019s portfolio, the valuation criterion was applied at the lower of cost and market without recording depreciation.
9.6 Core assets: changes during the year | Land | Buildings | Furniture | Electronic systems | Other | Total |
| A. Gross amount at start of period | 116,829 | 559,150 | 99,670 | 53,416 | 122,012 | 951,076 |
| A.1 Decreases in total net value | \u2014 | (248,924) | (68,402) | (44,860) | (85,186) | (447,372) |
| A.1.a Opening balance adjustment | (15,603) | (55) | \u2014 | \u2014 | \u2014 | (15,661) |
| A.2 Net opening amount | 101,226 | 310,171 | 31,268 | 8,556 | 36,825 | 488,046 |
| B. Increases: | 270,409 | 138,314 | 3,880 | 3,160 | 13,107 | 428,870 |
| B.1 Purchases | \u2014 | \u2014 | 1,751 | 3,160 | 5,262 | 10,739 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.2 Capitalized improvement costs | \u2014 | 6,636 | \u2014 | \u2014 | \u2014 | 6,636 |
| B.3 Writebacks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Positive changes in fair value allocated to | 264,911 | 64,545 | \u2014 | \u2014 | \u2014 | 329,456 |
| a) Equity | 264,911 | 64,545 | \u2014 | \u2014 | \u2014 | 329,456 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.5 Currency exchange gains | \u2014 | 20 | \u2014 | \u2014 | \u2014 | 20 |
| B.6 Transfers from investment properties | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.7 Other changes | 5,498 | 67,113 | 2,129 | \u2014 | 7,845 | 82,585 |
| C. Decreases: | 9,787 | 59,762 | 4,319 | 8,165 | 15,482 | 97,515 |
| C.1 Sales | \u2014 | 13 | \u2014 | \u2014 | 40 | 53 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.2 Depreciation | \u2014 | 27,220 | 4,319 | 1,172 | 7,428 | 40,139 |
| C.3 Impairment losses allocated to | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) Equity | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Negative changes in fair value allocated to | 885 | \u2014 | \u2014 | \u2014 | \u2014 | 885 |
| a) Equity | 885 | \u2014 | \u2014 | \u2014 | \u2014 | 885 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.5 Currency exchange losses | \u2014 | 266 | \u2014 | \u2014 | 63 | 329 |
| C.6 Transfers to: | 7,173 | 303 | \u2014 | \u2014 | \u2014 | 7,476 |
| a) assets held for investment purposes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) non-current assets and assets groups held for sale | 7,173 | 303 | \u2014 | \u2014 | \u2014 | 7,476 |
| C.7 Other changes | 1,729 | 31,960 | \u2014 | 6,993 | 7,951 | 48,633 |
| D. Net inventories at end of period | 361,848 | 388,723 | 30,829 | 3,551 | 34,450 | 819,401 |
| D.1 Decreases in total net value | \u2014 | (240,007) | (70,336) | (39,189) | (84,650) | (434,182) |
| D.2 Gross inventories at end of period | 361,848 | 628,730 | 101,165 | 42,740 | 119,100 | 1,253,583 |
| E. Measured at cost | 97,317 | 69,244 | \u2014 | \u2014 | \u2014 | 166,561 |
9.7 Tangible assets held for investment purposes: changes for the year | Total |
| Land | Buildings |
| A. Opening balances | 78,460 | 45,776 |
| A.1.a Opening balance adjustment | 240,255 | 20,533 |
| A.2 Net opening balances | 318,715 | 66,309 |
| B. Increases | \u2014 | 1,236 |
| B.1 Purchases | \u2014 | \u2014 |
| - of which, business combinations | \u2014 | \u2014 |
| B.2 Capitalized improvement costs | \u2014 | \u2014 |
| B.3 Positive changes in fair value | \u2014 | 1,236 |
| B.4 Writebacks | \u2014 | \u2014 |
| B.5 Currency exchange gains | \u2014 | \u2014 |
| B.6 Transfers from core tangible assets | \u2014 | \u2014 |
| B.7 Other changes | \u2014 | \u2014 |
| C. Decreases | 1,279 | 7,578 |
| C.1 Sales | 1,279 | 7,466 |
| - of which, business combinations | \u2014 | \u2014 |
| C.2 Depreciation | \u2014 | \u2014 |
| C.3 Negative changes in fair value | \u2014 | 112 |
| C.4 Impairment losses | \u2014 | \u2014 |
| C.5 Currency exchange losses | \u2014 | \u2014 |
| C.6 Transfers to: | \u2014 | \u2014 |
| a) core tangible assets | \u2014 | \u2014 |
| b) non-current assets and assets groups held for sale | \u2014 | \u2014 |
| C.7 Other changes | \u2014 | \u2014 |
| D. Balance at end of period | 317,436 | 59,967 |
| E. Measured at fair value | \u2014 | \u2014 |
9.8 Inventories of tangible assets pursuant to IAS2: changes for the year | Inventories of tangible assets obtained by enforcement of collateral | Other inventories of tangible assets | Total |
| Land | Buildings | Furniture | Electronic systems | Other |
| A. Balance at start of period | 313 | 9,226 | \u2014 | \u2014 | \u2014 | \u2014 | 9,539 |
| B. Increases | \u2014 | 620 | \u2014 | \u2014 | \u2014 | \u2014 | 620 |
| B.1 Purchases | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.2 Writebacks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.3 Currency exchange gains | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Other changes | \u2014 | 620 | \u2014 | \u2014 | \u2014 | \u2014 | 620 |
| C. Decreases | 72 | 150 | \u2014 | \u2014 | \u2014 | \u2014 | 222 |
| C.1 Sales | 24 | 111 | \u2014 | \u2014 | \u2014 | \u2014 | 135 |
| C.2 Impairment losses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.3 Currency exchange losses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Other changes | 48 | 39 | \u2014 | \u2014 | \u2014 | \u2014 | 87 |
| D. Balance at end of period | 241 | 9,696 | \u2014 | \u2014 | \u2014 | \u2014 | 9,937 |
Inventories pursuant to IAS2 amounted to \u20ac9.9m, up \u20ac0.4m (+4%) compared to the comparable figure; the change is attributable to new foreclosures of collateral seized by Selma during the financial year.
1.2 Financial liabilities measured at amortized cost: product breakdown of amounts due to customers| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value | Carrying amount | Fair value |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. 2.1 Current accounts and demand deposits | 21,650,466 | X | X | X | 20,539,664 | X | X | X |
| 2. Term deposits | 9,644,507 | X | X | X | 10,160,256 | X | X | X |
| 3. Loans | 3,188,855 | X | X | X | 3,113,491 | X | X | X |
| 3.1 Repos | 2,880,864 | X | X | X | 2,776,740 | X | X | X |
| 3.2 Other | 307,991 | X | X | X | 336,751 | X | X | X |
| 4. Liabilities in respect of commitments to repurchase own equity instruments | \u2014 | X | X | X | \u2014 | X | X | X |
| 5. Lease liabilities (1) | 252,352 | X | X | X | 251,673 | X | X | X |
| 6. Other payables | 32,101 | X | X | X | 26,641 | X | X | X |
| Total | 34,768,281 | \u2014 | 34,768,281 | \u2014 | 34,091,725 | \u2014 | 34,091,725 | \u2014 |
(1) The item included liabilities related to the purchase of MBFACTA\u2019s unfunded loans.
1.3 Financial liabilities measured at amortized cost: product breakdown of debt securities in issue
| Type of security/Values | 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value (*) | Carrying amount | Fair value (*) |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| A. Securities | | | | | | | | |
| 1. bonds | 26,298,822 | 1,345,735 | 24,915,683 | \u2014 | 27,284,351 | 1,638,674 | 25,838,701 | \u2014 |
| 1.1 structured | 3,846,028 | \u2014 | 3,676,900 | \u2014 | 4,543,493 | \u2014 | 4,555,527 | \u2014 |
| 1.2 other | 22,452,794 | 1,345,735 | 21,238,783 | \u2014 | 22,740,858 | 1,638,674 | 21,283,175 | \u2014 |
| 2. other securities | 1,645,237 | \u2014 | 1,524,030 | 121,207 | 1,459,850 | \u2014 | 1,380,726 | 79,036 |
| 2.1 structured | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2 other | 1,645,237 | \u2014 | 1,524,030 | 121,207 | 1,459,850 | \u2014 | 1,380,726 | 79,036 |
| Total | 27,944,059 | 1,345,735 | 26,439,713 | 121,207 | 28,744,201 | 1,638,674 | 27,219,427 | 79,036 |
* Fair value amounts are shown after deducting issuer risk, which at 31 December 2025 suggested a capital gain of \u20ac141.5m (\u20ac221.5m as at 30 June 2025).
Bonds decreased from \u20ac27.3bn to \u20ac26.3bn after new issues of \u20ac3.4bn covered by redemptions and repurchases of \u20ac3.9bn (realizing losses of \u20ac3.1m), to which other increases of \u20ac0.5bn (exchange rate adjustment, amortized cost and effect of hedges) should be added.
The bonds in issue include \u20ac2.8bn (nearly all of which issued by the subsidiary Mediobanca International and guaranteed by Mediobanca) related to arbitrage strategies leveraging derivative basis indexes (skew) linked to credit derivatives, commodity derivatives, and cryptocurrency derivatives, as well as inflation rate arbitrage. All these issues involve payment of interest in the form of a coupon (including a premium \u2013 extra yield) and full repayment of capital at maturity. In case of the subscriber opting for early repayment, the issuer has the faculty, at its discretion, to choose a repayment price that takes into account the current fair value including that of the underlying transactions. As required by para. 4.3.3 of IFRS9, the embedded derivative, identified by the right to include the arbitrage value within the repayment price, has been separated by the obligation valued at amortized cost and booked at fair value of underlying transactions through profit or loss.
1.4 Breakdown of subordinated debt securities
It should be noted that the XS2262077675 security was reimbursed in advance during the six-month period.
| Issue | 31 December 2025 |
| ISIN code | Nominal value | Carrying amount |
| MB SUBORDINATO 3.75% 2026 | IT0005188351 | \u00a0 | 298,951 | 304,103 |
| MB SUBORDINATO 1.957% 2029 | XS1579416741 | \u00a0 | 50,000 | 50,706 |
| MB SUBORDINATO TF 10Y Callable | XS2577528016 | \u00a0 | 299,300 | 21,826 |
| MB SUBORDINATO 5.25 22 APR 2034 | IT0005580573 | \u00a0 | 299,990 | 26,345 |
| MB SUBORDINATO 4.50 18 SET 35 | IT0005640260 | \u00a0 | 299,800 | 305,527 |
| Total subordinated securities | \u00a0 | 1,248,041 | 708,507 |
1.6 Lease liabilitiesAmounts due under leases were calculated by applying the criteria set forth in IFRS16.
Part M \u2013 Disclosure on LeasingSECTION 1: LESSEE
QUALITATIVE INFORMATION
With reference to the transactions governed by IFRS16 and the contracts that fall within its scope, at the reporting date Mediobanca (including its subsidiaries) had real estate lease contracts and company vehicle lease contracts in place almost exclusively. Some hardware lease contracts should also be reported, but only for a residual amount. Property leases mostly involved premises used as offices. Such leases normally have durations of more than twelve months and typically contain renewal or termination clauses which both lessor and lessee can exercise in accordance with the provisions of law and/ or specific contractual arrangements, if any. Generally, such leases do not contain an option to buy at expiry or entail substantial reinstatement costs. As for the car leases, these are long-term agreements for the fleet of company cars available for use by staff members for work-related purposes in accordance with the corporate policy of Mediobanca and its subsidiaries.
When the standard was adopted, some simplifications were made and are still applied; in particular, contracts with a duration of less than or equal to 12 months (referred to as \u201cshort-term\u201d), those with a value of less than \u20ac5,000 (referred to as \u201clow-value\u201d) and those relating to intangible assets were excluded. It was also decided not to strip out the service component from the lease proper; hence the full contract was recognized as a lease. The discount rate used has been derived from the Funds Transfer Pricing curve used in treasury management by Mediobanca and its subsidiaries\u2019Treasury unit.
In cases where the original lease has been replicated with another counterparty (i.e., sub-leased), the related lease liability is matched by an amount receivable from the counterparty at the date rather than by its value in use. Sub-leasing arrangements involve only negligible amounts.
QUANTITATIVE INFORMATIONFor quantitative information on the impact on the Group\u2019s financial and earnings situation, reference is made to the contents of the following sections of the Notes to the Accounts:
\u23afInformation on rights of use acquired, in \u201cPart B Notes to the consolidated balance sheet - Assets - Section 9\u201d;
\u23afInformation on lease liabilities in \u201cPart B Notes to the consolidated balance sheet - Liabilities - Section 1\u201d;
\u23affor the effects on earnings in \u201cPart C Notes to the Profit and Loss Account\u201d, in particular the headings for interest income and expense and value adjustments to tangible assets.
The value in use recorded in the balance sheet at 31 December 2025 was \u20ac273m, broken down as follows:
\u2014value in use of properties: \u20ac255.4m;
\u2014value in use of motor vehicles: \u20ac17.4m;
\u2014value in use of other assets: \u20ac114,000.
SECTION 2: LESSORQUALITATIVE INFORMATION
The Group has finance lease agreements in place through its subsidiary Selma. These mostly involve leases of real property, core goods and registered moveable assets. The contracts are represented in the accounts by the amount receivable under the finance lease being recorded under Heading 40, Financial assets measured at amortized cost, the income received under Heading 10, Interest and similar income, the related proceeds determined by accrual and, under Heading 130, Net write-offs (write-backs) for credit risk, provisions for expected loan losses.
QUANTITATIVE INFORMATION
In relation to quantitative information regarding the impact on the Group\u2019s financial position and earnings, reference should be made to the contents of the relevant sections in the Notes to the Accounts. In particular, the book value of leases is found in Part B - Notes to the Consolidated Balance Sheet - Assets - Section 4 - Heading 40: Financial assets measured at amortized cost. During the year under review, these leases generated interest income as shown in Part C - Notes to the Consolidated income statement - Section 1 - Headings 10 and 20: Net interest income and Section 14 - Heading 210: Net adjustments to tangible assets of the Notes to the Consolidated Accounts.
1.Balance-sheet and earnings data2.Finance leases
2.1 Maturity analysis of lease payments receivable by time band and reconciliation with lease loans recognized under assets
| Time bands | 31 December 2025 | 30 June 2025 |
| Lease payments to be received | Lease payments to be received |
| Up to 1 year | (309,239) | (320,925) |
| From 1 years to 2 years | (223,682) | (235,727) |
| From 2 years to 3 years | (161,887) | (162,402) |
| From 3 years to 4 years | (111,978) | (119,294) |
| From 4 years to 5 years | (76,201) | (67,014) |
| Beyond 5 years | (145,565) | (120,447) |
| Total lease payments to be received | (1,028,552) | (1,025,809) |
| Reconciliation with loans | (32,365) | (34,512) |
| Not accrued financial gains (-) | 134,921 | 129,518 |
| Unguaranteed terminal value (-) | (167,286) | (164,030) |
| Lease loans | (1,060,917) | (1,060,321) |
The table provides a maturity analysis of the lease payments receivable by time band, and a reconciliation of payments to be received and lease payments, as required by IFRS16, paragraph 94. In particular, it should be noted that the payments receivable under the lease, which consist of the sum of minimum payments due by way of principal and interest, are stated net of any provisions and the discounted unguaranteed terminal value due to the lessor. These are reconciled with the lease loan, recognized in the balance sheet under financial assets measured at amortized cost, by subtracting financial gains not accrued and adding the unguaranteed terminal value. Non-performing leases acquired are not included.
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"v1-page425-cflshid_150688-tag470124": {
"value": "SECTION 9Heading 90: Property, plant and equipment
In order to provide more timely, up-to-date, and accurate information on the valuation of real estate properties held by Mediobanca and its subsidiaries and to align with the Parent Company\u2019s accounting standards, the fair value measurement method was optionally adopted for the valuation of properties (whether core operating or investment properties), replacing the cost method. Furthermore, after the transition to the new valuation method, a detailed review of the real estate assets held for business and investment purposes was conducted, based on their actual intended use. Such review required the need to implement certain transfers from the operating to the investment segment and vice versa, effective 1 July 2025. The changes are reported in line \u201cA.1.a Opening balance adjustment\u201dof the following tables 9.6 and 9.7.
9.1 Core tangible assets: breakdown of assets stated at cost
| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Own property assets | 51,254 | 221,246 |
| a) land | \u2014 | 101,226 |
| b) buildings | \u2014 | 52,727 |
| c) furniture | 30,829 | 31,268 |
| d) electronic systems | 3,551 | 8,556 |
| e) other | 16,874 | 21,469 |
| 2. Right-of-use assets acquired through lease | 273,015 | 272,800 |
| a) land | \u2014 | \u2014 |
| b) buildings | 255,439 | 257,444 |
| c) furniture | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 |
| e) other | 17,576 | 15,356 |
| Total | 324,269 | 488,046 |
| of which: obtained by enforcement of collateral | \u2014 | 65 |
9.3 Core tangible assets: breakdown of revalued assets| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Own property assets | | | | | | |
| a) land | \u2014 | \u2014 | 361,848 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | 133,284 | \u2014 | \u2014 | \u2014 |
| c) furniture | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) land | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| c) furniture | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | \u2014 | 495,132 | \u2014 | \u2014 | \u2014 |
| of which: obtained by enforcement of collateral | \u2014 | \u2014 | 200 | \u2014 | \u2014 | \u2014 |
For core operating tangible assets consisting of real estate properties (buildings and land), Mediobanca moved from the cost criterion to the revaluation model as provided for by the accounting principle IAS16 \u201cProperty, Plant and Equipment\u201d. For further details please see Part \u201cA1 \u2013 Accounting Policies: General Part\u201d in these Notes to the Accounts.
9.4 Tangible assets held for investment purposes: by asset measured at fair value| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 2 | Level 1 | Level 3 |
| 1. Own property assets | \u2014 | \u2014 | 377,403 | \u2014 | \u2014 | 385,024 |
| a) land | \u2014 | \u2014 | 317,436 | \u2014 | \u2014 | 318,715 |
| b) buildings | \u2014 | \u2014 | 59,967 | \u2014 | \u2014 | 66,309 |
| 2. Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) land | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | \u2014 | 377,403 | \u2014 | \u2014 | 369,364 |
| of which: obtained by enforcement of collateral | \u2014 | \u2014 | 29,600 | \u2014 | \u2014 | 29,600 |
For properties held for investment purposes, the cost criterion was replaced by the fair value model in accordance with the accounting principle IAS40 \u201cInvestment Property\u201d. For further details please see Part \u201cA1 \u2013 Accounting Policies: General Part\u201d in these Notes to the Accounts.
9.5 Inventories pursuant to IAS2: breakdown| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Inventories of tangible assets obtained by enforcement of collateral | 9,937 | 9,539 |
| a) land | 241 | 313 |
| b) buildings | 9,696 | 9,226 |
| c) furniture | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 |
| 2. Other inventories of tangible assets | \u2014 | \u2014 |
| Total | 9,937 | 9,539 |
| of which: measured at fair value less costs to sell | \u2014 | \u2014 |
The above includes assets received under leasing contracts, which were originally recorded as Investment Property (under IAS40), and have now been restated as Inventories in accordance with IAS2 in cases where only minor amounts are involved, and where leasing the properties out is not economically feasible and sale is expected to take place in the next three years.
For properties held and accounted for as inventories in accordance with IAS2, which form part of Selma\u2019s portfolio, the valuation criterion was applied at the lower of cost and market without recording depreciation.
9.6 Core assets: changes during the year | Land | Buildings | Furniture | Electronic systems | Other | Total |
| A. Gross amount at start of period | 116,829 | 559,150 | 99,670 | 53,416 | 122,012 | 951,076 |
| A.1 Decreases in total net value | \u2014 | (248,924) | (68,402) | (44,860) | (85,186) | (447,372) |
| A.1.a Opening balance adjustment | (15,603) | (55) | \u2014 | \u2014 | \u2014 | (15,661) |
| A.2 Net opening amount | 101,226 | 310,171 | 31,268 | 8,556 | 36,825 | 488,046 |
| B. Increases: | 270,409 | 138,314 | 3,880 | 3,160 | 13,107 | 428,870 |
| B.1 Purchases | \u2014 | \u2014 | 1,751 | 3,160 | 5,262 | 10,739 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.2 Capitalized improvement costs | \u2014 | 6,636 | \u2014 | \u2014 | \u2014 | 6,636 |
| B.3 Writebacks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Positive changes in fair value allocated to | 264,911 | 64,545 | \u2014 | \u2014 | \u2014 | 329,456 |
| a) Equity | 264,911 | 64,545 | \u2014 | \u2014 | \u2014 | 329,456 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.5 Currency exchange gains | \u2014 | 20 | \u2014 | \u2014 | \u2014 | 20 |
| B.6 Transfers from investment properties | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.7 Other changes | 5,498 | 67,113 | 2,129 | \u2014 | 7,845 | 82,585 |
| C. Decreases: | 9,787 | 59,762 | 4,319 | 8,165 | 15,482 | 97,515 |
| C.1 Sales | \u2014 | 13 | \u2014 | \u2014 | 40 | 53 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.2 Depreciation | \u2014 | 27,220 | 4,319 | 1,172 | 7,428 | 40,139 |
| C.3 Impairment losses allocated to | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) Equity | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Negative changes in fair value allocated to | 885 | \u2014 | \u2014 | \u2014 | \u2014 | 885 |
| a) Equity | 885 | \u2014 | \u2014 | \u2014 | \u2014 | 885 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.5 Currency exchange losses | \u2014 | 266 | \u2014 | \u2014 | 63 | 329 |
| C.6 Transfers to: | 7,173 | 303 | \u2014 | \u2014 | \u2014 | 7,476 |
| a) assets held for investment purposes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) non-current assets and assets groups held for sale | 7,173 | 303 | \u2014 | \u2014 | \u2014 | 7,476 |
| C.7 Other changes | 1,729 | 31,960 | \u2014 | 6,993 | 7,951 | 48,633 |
| D. Net inventories at end of period | 361,848 | 388,723 | 30,829 | 3,551 | 34,450 | 819,401 |
| D.1 Decreases in total net value | \u2014 | (240,007) | (70,336) | (39,189) | (84,650) | (434,182) |
| D.2 Gross inventories at end of period | 361,848 | 628,730 | 101,165 | 42,740 | 119,100 | 1,253,583 |
| E. Measured at cost | 97,317 | 69,244 | \u2014 | \u2014 | \u2014 | 166,561 |
9.7 Tangible assets held for investment purposes: changes for the year | Total |
| Land | Buildings |
| A. Opening balances | 78,460 | 45,776 |
| A.1.a Opening balance adjustment | 240,255 | 20,533 |
| A.2 Net opening balances | 318,715 | 66,309 |
| B. Increases | \u2014 | 1,236 |
| B.1 Purchases | \u2014 | \u2014 |
| - of which, business combinations | \u2014 | \u2014 |
| B.2 Capitalized improvement costs | \u2014 | \u2014 |
| B.3 Positive changes in fair value | \u2014 | 1,236 |
| B.4 Writebacks | \u2014 | \u2014 |
| B.5 Currency exchange gains | \u2014 | \u2014 |
| B.6 Transfers from core tangible assets | \u2014 | \u2014 |
| B.7 Other changes | \u2014 | \u2014 |
| C. Decreases | 1,279 | 7,578 |
| C.1 Sales | 1,279 | 7,466 |
| - of which, business combinations | \u2014 | \u2014 |
| C.2 Depreciation | \u2014 | \u2014 |
| C.3 Negative changes in fair value | \u2014 | 112 |
| C.4 Impairment losses | \u2014 | \u2014 |
| C.5 Currency exchange losses | \u2014 | \u2014 |
| C.6 Transfers to: | \u2014 | \u2014 |
| a) core tangible assets | \u2014 | \u2014 |
| b) non-current assets and assets groups held for sale | \u2014 | \u2014 |
| C.7 Other changes | \u2014 | \u2014 |
| D. Balance at end of period | 317,436 | 59,967 |
| E. Measured at fair value | \u2014 | \u2014 |
9.8 Inventories of tangible assets pursuant to IAS2: changes for the year | Inventories of tangible assets obtained by enforcement of collateral | Other inventories of tangible assets | Total |
| Land | Buildings | Furniture | Electronic systems | Other |
| A. Balance at start of period | 313 | 9,226 | \u2014 | \u2014 | \u2014 | \u2014 | 9,539 |
| B. Increases | \u2014 | 620 | \u2014 | \u2014 | \u2014 | \u2014 | 620 |
| B.1 Purchases | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.2 Writebacks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.3 Currency exchange gains | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Other changes | \u2014 | 620 | \u2014 | \u2014 | \u2014 | \u2014 | 620 |
| C. Decreases | 72 | 150 | \u2014 | \u2014 | \u2014 | \u2014 | 222 |
| C.1 Sales | 24 | 111 | \u2014 | \u2014 | \u2014 | \u2014 | 135 |
| C.2 Impairment losses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.3 Currency exchange losses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Other changes | 48 | 39 | \u2014 | \u2014 | \u2014 | \u2014 | 87 |
| D. Balance at end of period | 241 | 9,696 | \u2014 | \u2014 | \u2014 | \u2014 | 9,937 |
Inventories pursuant to IAS2 amounted to \u20ac9.9m, up \u20ac0.4m (+4%) compared to the comparable figure; the change is attributable to new foreclosures of collateral seized by Selma during the financial year.
SECTION 1
Heading 10: Financial liabilities measured at amortized cost
1.1 Financial liabilities measured at amortized cost: product breakdown of amounts due to banks
| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value | Carrying amount | Fair value |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Due to Central Banks | 1,020,086 | X | X | X | \u2014 | X | X | X |
| 2. Due to banks | 13,951,571 | X | X | X | 12,347,364 | X | X | X |
| 2.1 Current accounts and demand deposits | 244,997 | X | X | X | 245,193 | X | X | X |
| 2.2 Term deposits | 45,744 | X | X | X | 49,983 | X | X | X |
| 2.3 Loans | 13,656,674 | X | X | X | 11,985,932 | X | X | X |
| 2.3.1 Repos | 8,815,849 | X | X | X | 7,469,669 | X | X | X |
| 2.3.2 Other | 4,840,825 | X | X | X | 4,516,263 | X | X | X |
| 2.4 Liabilities in respect of commitments to repurchase own equity instruments | \u2014 | X | X | X | \u2014 | X | X | X |
| 2.5 Lease liabilities | 1,350 | X | X | X | 531 | X | X | X |
| 2.6 Other liabilities | 2,806 | X | X | X | 65,725 | X | X | X |
| Total | 14,971,657 | \u2014 | 14,971,657 | \u2014 | 12,347,364 | \u2014 | 12,347,364 | \u2014 |
1.2 Financial liabilities measured at amortized cost: product breakdown of amounts due to customers| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value | Carrying amount | Fair value |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. 2.1 Current accounts and demand deposits | 21,650,466 | X | X | X | 20,539,664 | X | X | X |
| 2. Term deposits | 9,644,507 | X | X | X | 10,160,256 | X | X | X |
| 3. Loans | 3,188,855 | X | X | X | 3,113,491 | X | X | X |
| 3.1 Repos | 2,880,864 | X | X | X | 2,776,740 | X | X | X |
| 3.2 Other | 307,991 | X | X | X | 336,751 | X | X | X |
| 4. Liabilities in respect of commitments to repurchase own equity instruments | \u2014 | X | X | X | \u2014 | X | X | X |
| 5. Lease liabilities (1) | 252,352 | X | X | X | 251,673 | X | X | X |
| 6. Other payables | 32,101 | X | X | X | 26,641 | X | X | X |
| Total | 34,768,281 | \u2014 | 34,768,281 | \u2014 | 34,091,725 | \u2014 | 34,091,725 | \u2014 |
(1) The item included liabilities related to the purchase of MBFACTA\u2019s unfunded loans.
1.3 Financial liabilities measured at amortized cost: product breakdown of debt securities in issue
| Type of security/Values | 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value (*) | Carrying amount | Fair value (*) |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| A. Securities | | | | | | | | |
| 1. bonds | 26,298,822 | 1,345,735 | 24,915,683 | \u2014 | 27,284,351 | 1,638,674 | 25,838,701 | \u2014 |
| 1.1 structured | 3,846,028 | \u2014 | 3,676,900 | \u2014 | 4,543,493 | \u2014 | 4,555,527 | \u2014 |
| 1.2 other | 22,452,794 | 1,345,735 | 21,238,783 | \u2014 | 22,740,858 | 1,638,674 | 21,283,175 | \u2014 |
| 2. other securities | 1,645,237 | \u2014 | 1,524,030 | 121,207 | 1,459,850 | \u2014 | 1,380,726 | 79,036 |
| 2.1 structured | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2 other | 1,645,237 | \u2014 | 1,524,030 | 121,207 | 1,459,850 | \u2014 | 1,380,726 | 79,036 |
| Total | 27,944,059 | 1,345,735 | 26,439,713 | 121,207 | 28,744,201 | 1,638,674 | 27,219,427 | 79,036 |
* Fair value amounts are shown after deducting issuer risk, which at 31 December 2025 suggested a capital gain of \u20ac141.5m (\u20ac221.5m as at 30 June 2025).
Bonds decreased from \u20ac27.3bn to \u20ac26.3bn after new issues of \u20ac3.4bn covered by redemptions and repurchases of \u20ac3.9bn (realizing losses of \u20ac3.1m), to which other increases of \u20ac0.5bn (exchange rate adjustment, amortized cost and effect of hedges) should be added.
The bonds in issue include \u20ac2.8bn (nearly all of which issued by the subsidiary Mediobanca International and guaranteed by Mediobanca) related to arbitrage strategies leveraging derivative basis indexes (skew) linked to credit derivatives, commodity derivatives, and cryptocurrency derivatives, as well as inflation rate arbitrage. All these issues involve payment of interest in the form of a coupon (including a premium \u2013 extra yield) and full repayment of capital at maturity. In case of the subscriber opting for early repayment, the issuer has the faculty, at its discretion, to choose a repayment price that takes into account the current fair value including that of the underlying transactions. As required by para. 4.3.3 of IFRS9, the embedded derivative, identified by the right to include the arbitrage value within the repayment price, has been separated by the obligation valued at amortized cost and booked at fair value of underlying transactions through profit or loss.
1.4 Breakdown of subordinated debt securities
It should be noted that the XS2262077675 security was reimbursed in advance during the six-month period.
| Issue | 31 December 2025 |
| ISIN code | Nominal value | Carrying amount |
| MB SUBORDINATO 3.75% 2026 | IT0005188351 | \u00a0 | 298,951 | 304,103 |
| MB SUBORDINATO 1.957% 2029 | XS1579416741 | \u00a0 | 50,000 | 50,706 |
| MB SUBORDINATO TF 10Y Callable | XS2577528016 | \u00a0 | 299,300 | 21,826 |
| MB SUBORDINATO 5.25 22 APR 2034 | IT0005580573 | \u00a0 | 299,990 | 26,345 |
| MB SUBORDINATO 4.50 18 SET 35 | IT0005640260 | \u00a0 | 299,800 | 305,527 |
| Total subordinated securities | \u00a0 | 1,248,041 | 708,507 |
1.6 Lease liabilitiesAmounts due under leases were calculated by applying the criteria set forth in IFRS16.
Part M \u2013 Disclosure on LeasingSECTION 1: LESSEE
QUALITATIVE INFORMATION
With reference to the transactions governed by IFRS16 and the contracts that fall within its scope, at the reporting date Mediobanca (including its subsidiaries) had real estate lease contracts and company vehicle lease contracts in place almost exclusively. Some hardware lease contracts should also be reported, but only for a residual amount. Property leases mostly involved premises used as offices. Such leases normally have durations of more than twelve months and typically contain renewal or termination clauses which both lessor and lessee can exercise in accordance with the provisions of law and/ or specific contractual arrangements, if any. Generally, such leases do not contain an option to buy at expiry or entail substantial reinstatement costs. As for the car leases, these are long-term agreements for the fleet of company cars available for use by staff members for work-related purposes in accordance with the corporate policy of Mediobanca and its subsidiaries.
When the standard was adopted, some simplifications were made and are still applied; in particular, contracts with a duration of less than or equal to 12 months (referred to as \u201cshort-term\u201d), those with a value of less than \u20ac5,000 (referred to as \u201clow-value\u201d) and those relating to intangible assets were excluded. It was also decided not to strip out the service component from the lease proper; hence the full contract was recognized as a lease. The discount rate used has been derived from the Funds Transfer Pricing curve used in treasury management by Mediobanca and its subsidiaries\u2019Treasury unit.
In cases where the original lease has been replicated with another counterparty (i.e., sub-leased), the related lease liability is matched by an amount receivable from the counterparty at the date rather than by its value in use. Sub-leasing arrangements involve only negligible amounts.
QUANTITATIVE INFORMATIONFor quantitative information on the impact on the Group\u2019s financial and earnings situation, reference is made to the contents of the following sections of the Notes to the Accounts:
\u23afInformation on rights of use acquired, in \u201cPart B Notes to the consolidated balance sheet - Assets - Section 9\u201d;
\u23afInformation on lease liabilities in \u201cPart B Notes to the consolidated balance sheet - Liabilities - Section 1\u201d;
\u23affor the effects on earnings in \u201cPart C Notes to the Profit and Loss Account\u201d, in particular the headings for interest income and expense and value adjustments to tangible assets.
The value in use recorded in the balance sheet at 31 December 2025 was \u20ac273m, broken down as follows:
\u2014value in use of properties: \u20ac255.4m;
\u2014value in use of motor vehicles: \u20ac17.4m;
\u2014value in use of other assets: \u20ac114,000.
SECTION 2: LESSORQUALITATIVE INFORMATION
The Group has finance lease agreements in place through its subsidiary Selma. These mostly involve leases of real property, core goods and registered moveable assets. The contracts are represented in the accounts by the amount receivable under the finance lease being recorded under Heading 40, Financial assets measured at amortized cost, the income received under Heading 10, Interest and similar income, the related proceeds determined by accrual and, under Heading 130, Net write-offs (write-backs) for credit risk, provisions for expected loan losses.
QUANTITATIVE INFORMATION
In relation to quantitative information regarding the impact on the Group\u2019s financial position and earnings, reference should be made to the contents of the relevant sections in the Notes to the Accounts. In particular, the book value of leases is found in Part B - Notes to the Consolidated Balance Sheet - Assets - Section 4 - Heading 40: Financial assets measured at amortized cost. During the year under review, these leases generated interest income as shown in Part C - Notes to the Consolidated income statement - Section 1 - Headings 10 and 20: Net interest income and Section 14 - Heading 210: Net adjustments to tangible assets of the Notes to the Consolidated Accounts.
1.Balance-sheet and earnings data2.Finance leases
2.1 Maturity analysis of lease payments receivable by time band and reconciliation with lease loans recognized under assets
| Time bands | 31 December 2025 | 30 June 2025 |
| Lease payments to be received | Lease payments to be received |
| Up to 1 year | (309,239) | (320,925) |
| From 1 years to 2 years | (223,682) | (235,727) |
| From 2 years to 3 years | (161,887) | (162,402) |
| From 3 years to 4 years | (111,978) | (119,294) |
| From 4 years to 5 years | (76,201) | (67,014) |
| Beyond 5 years | (145,565) | (120,447) |
| Total lease payments to be received | (1,028,552) | (1,025,809) |
| Reconciliation with loans | (32,365) | (34,512) |
| Not accrued financial gains (-) | 134,921 | 129,518 |
| Unguaranteed terminal value (-) | (167,286) | (164,030) |
| Lease loans | (1,060,917) | (1,060,321) |
The table provides a maturity analysis of the lease payments receivable by time band, and a reconciliation of payments to be received and lease payments, as required by IFRS16, paragraph 94. In particular, it should be noted that the payments receivable under the lease, which consist of the sum of minimum payments due by way of principal and interest, are stated net of any provisions and the discounted unguaranteed terminal value due to the lessor. These are reconciled with the lease loan, recognized in the balance sheet under financial assets measured at amortized cost, by subtracting financial gains not accrued and adding the unguaranteed terminal value. Non-performing leases acquired are not included.
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"value": "SECTION 9Heading 90: Property, plant and equipment
In order to provide more timely, up-to-date, and accurate information on the valuation of real estate properties held by Mediobanca and its subsidiaries and to align with the Parent Company\u2019s accounting standards, the fair value measurement method was optionally adopted for the valuation of properties (whether core operating or investment properties), replacing the cost method. Furthermore, after the transition to the new valuation method, a detailed review of the real estate assets held for business and investment purposes was conducted, based on their actual intended use. Such review required the need to implement certain transfers from the operating to the investment segment and vice versa, effective 1 July 2025. The changes are reported in line \u201cA.1.a Opening balance adjustment\u201dof the following tables 9.6 and 9.7.
9.1 Core tangible assets: breakdown of assets stated at cost
| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Own property assets | 51,254 | 221,246 |
| a) land | \u2014 | 101,226 |
| b) buildings | \u2014 | 52,727 |
| c) furniture | 30,829 | 31,268 |
| d) electronic systems | 3,551 | 8,556 |
| e) other | 16,874 | 21,469 |
| 2. Right-of-use assets acquired through lease | 273,015 | 272,800 |
| a) land | \u2014 | \u2014 |
| b) buildings | 255,439 | 257,444 |
| c) furniture | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 |
| e) other | 17,576 | 15,356 |
| Total | 324,269 | 488,046 |
| of which: obtained by enforcement of collateral | \u2014 | 65 |
9.3 Core tangible assets: breakdown of revalued assets| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Own property assets | | | | | | |
| a) land | \u2014 | \u2014 | 361,848 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | 133,284 | \u2014 | \u2014 | \u2014 |
| c) furniture | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) land | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| c) furniture | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | \u2014 | 495,132 | \u2014 | \u2014 | \u2014 |
| of which: obtained by enforcement of collateral | \u2014 | \u2014 | 200 | \u2014 | \u2014 | \u2014 |
For core operating tangible assets consisting of real estate properties (buildings and land), Mediobanca moved from the cost criterion to the revaluation model as provided for by the accounting principle IAS16 \u201cProperty, Plant and Equipment\u201d. For further details please see Part \u201cA1 \u2013 Accounting Policies: General Part\u201d in these Notes to the Accounts.
9.4 Tangible assets held for investment purposes: by asset measured at fair value| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 2 | Level 1 | Level 3 |
| 1. Own property assets | \u2014 | \u2014 | 377,403 | \u2014 | \u2014 | 385,024 |
| a) land | \u2014 | \u2014 | 317,436 | \u2014 | \u2014 | 318,715 |
| b) buildings | \u2014 | \u2014 | 59,967 | \u2014 | \u2014 | 66,309 |
| 2. Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) land | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | \u2014 | 377,403 | \u2014 | \u2014 | 369,364 |
| of which: obtained by enforcement of collateral | \u2014 | \u2014 | 29,600 | \u2014 | \u2014 | 29,600 |
For properties held for investment purposes, the cost criterion was replaced by the fair value model in accordance with the accounting principle IAS40 \u201cInvestment Property\u201d. For further details please see Part \u201cA1 \u2013 Accounting Policies: General Part\u201d in these Notes to the Accounts.
9.5 Inventories pursuant to IAS2: breakdown| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Inventories of tangible assets obtained by enforcement of collateral | 9,937 | 9,539 |
| a) land | 241 | 313 |
| b) buildings | 9,696 | 9,226 |
| c) furniture | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 |
| 2. Other inventories of tangible assets | \u2014 | \u2014 |
| Total | 9,937 | 9,539 |
| of which: measured at fair value less costs to sell | \u2014 | \u2014 |
The above includes assets received under leasing contracts, which were originally recorded as Investment Property (under IAS40), and have now been restated as Inventories in accordance with IAS2 in cases where only minor amounts are involved, and where leasing the properties out is not economically feasible and sale is expected to take place in the next three years.
For properties held and accounted for as inventories in accordance with IAS2, which form part of Selma\u2019s portfolio, the valuation criterion was applied at the lower of cost and market without recording depreciation.
9.6 Core assets: changes during the year | Land | Buildings | Furniture | Electronic systems | Other | Total |
| A. Gross amount at start of period | 116,829 | 559,150 | 99,670 | 53,416 | 122,012 | 951,076 |
| A.1 Decreases in total net value | \u2014 | (248,924) | (68,402) | (44,860) | (85,186) | (447,372) |
| A.1.a Opening balance adjustment | (15,603) | (55) | \u2014 | \u2014 | \u2014 | (15,661) |
| A.2 Net opening amount | 101,226 | 310,171 | 31,268 | 8,556 | 36,825 | 488,046 |
| B. Increases: | 270,409 | 138,314 | 3,880 | 3,160 | 13,107 | 428,870 |
| B.1 Purchases | \u2014 | \u2014 | 1,751 | 3,160 | 5,262 | 10,739 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.2 Capitalized improvement costs | \u2014 | 6,636 | \u2014 | \u2014 | \u2014 | 6,636 |
| B.3 Writebacks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Positive changes in fair value allocated to | 264,911 | 64,545 | \u2014 | \u2014 | \u2014 | 329,456 |
| a) Equity | 264,911 | 64,545 | \u2014 | \u2014 | \u2014 | 329,456 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.5 Currency exchange gains | \u2014 | 20 | \u2014 | \u2014 | \u2014 | 20 |
| B.6 Transfers from investment properties | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.7 Other changes | 5,498 | 67,113 | 2,129 | \u2014 | 7,845 | 82,585 |
| C. Decreases: | 9,787 | 59,762 | 4,319 | 8,165 | 15,482 | 97,515 |
| C.1 Sales | \u2014 | 13 | \u2014 | \u2014 | 40 | 53 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.2 Depreciation | \u2014 | 27,220 | 4,319 | 1,172 | 7,428 | 40,139 |
| C.3 Impairment losses allocated to | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) Equity | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Negative changes in fair value allocated to | 885 | \u2014 | \u2014 | \u2014 | \u2014 | 885 |
| a) Equity | 885 | \u2014 | \u2014 | \u2014 | \u2014 | 885 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.5 Currency exchange losses | \u2014 | 266 | \u2014 | \u2014 | 63 | 329 |
| C.6 Transfers to: | 7,173 | 303 | \u2014 | \u2014 | \u2014 | 7,476 |
| a) assets held for investment purposes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) non-current assets and assets groups held for sale | 7,173 | 303 | \u2014 | \u2014 | \u2014 | 7,476 |
| C.7 Other changes | 1,729 | 31,960 | \u2014 | 6,993 | 7,951 | 48,633 |
| D. Net inventories at end of period | 361,848 | 388,723 | 30,829 | 3,551 | 34,450 | 819,401 |
| D.1 Decreases in total net value | \u2014 | (240,007) | (70,336) | (39,189) | (84,650) | (434,182) |
| D.2 Gross inventories at end of period | 361,848 | 628,730 | 101,165 | 42,740 | 119,100 | 1,253,583 |
| E. Measured at cost | 97,317 | 69,244 | \u2014 | \u2014 | \u2014 | 166,561 |
9.7 Tangible assets held for investment purposes: changes for the year | Total |
| Land | Buildings |
| A. Opening balances | 78,460 | 45,776 |
| A.1.a Opening balance adjustment | 240,255 | 20,533 |
| A.2 Net opening balances | 318,715 | 66,309 |
| B. Increases | \u2014 | 1,236 |
| B.1 Purchases | \u2014 | \u2014 |
| - of which, business combinations | \u2014 | \u2014 |
| B.2 Capitalized improvement costs | \u2014 | \u2014 |
| B.3 Positive changes in fair value | \u2014 | 1,236 |
| B.4 Writebacks | \u2014 | \u2014 |
| B.5 Currency exchange gains | \u2014 | \u2014 |
| B.6 Transfers from core tangible assets | \u2014 | \u2014 |
| B.7 Other changes | \u2014 | \u2014 |
| C. Decreases | 1,279 | 7,578 |
| C.1 Sales | 1,279 | 7,466 |
| - of which, business combinations | \u2014 | \u2014 |
| C.2 Depreciation | \u2014 | \u2014 |
| C.3 Negative changes in fair value | \u2014 | 112 |
| C.4 Impairment losses | \u2014 | \u2014 |
| C.5 Currency exchange losses | \u2014 | \u2014 |
| C.6 Transfers to: | \u2014 | \u2014 |
| a) core tangible assets | \u2014 | \u2014 |
| b) non-current assets and assets groups held for sale | \u2014 | \u2014 |
| C.7 Other changes | \u2014 | \u2014 |
| D. Balance at end of period | 317,436 | 59,967 |
| E. Measured at fair value | \u2014 | \u2014 |
9.8 Inventories of tangible assets pursuant to IAS2: changes for the year | Inventories of tangible assets obtained by enforcement of collateral | Other inventories of tangible assets | Total |
| Land | Buildings | Furniture | Electronic systems | Other |
| A. Balance at start of period | 313 | 9,226 | \u2014 | \u2014 | \u2014 | \u2014 | 9,539 |
| B. Increases | \u2014 | 620 | \u2014 | \u2014 | \u2014 | \u2014 | 620 |
| B.1 Purchases | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.2 Writebacks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.3 Currency exchange gains | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Other changes | \u2014 | 620 | \u2014 | \u2014 | \u2014 | \u2014 | 620 |
| C. Decreases | 72 | 150 | \u2014 | \u2014 | \u2014 | \u2014 | 222 |
| C.1 Sales | 24 | 111 | \u2014 | \u2014 | \u2014 | \u2014 | 135 |
| C.2 Impairment losses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.3 Currency exchange losses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Other changes | 48 | 39 | \u2014 | \u2014 | \u2014 | \u2014 | 87 |
| D. Balance at end of period | 241 | 9,696 | \u2014 | \u2014 | \u2014 | \u2014 | 9,937 |
Inventories pursuant to IAS2 amounted to \u20ac9.9m, up \u20ac0.4m (+4%) compared to the comparable figure; the change is attributable to new foreclosures of collateral seized by Selma during the financial year.
SECTION 13Heading 130: Other assets
13.1 Other assets: breakdown
| 31 December 2025 | 30 June 2025 |
| 1. Gold, silver, precious metals | 1,377,683 (1) | 997,722 |
| 2. Accrued income other than capitalized income on the related assets | 115,527 | 94,389 |
| 3. Trade receivables and invoices to be issued | 349,530 | 367,703 |
| 4. Amounts due from tax revenue authorities (not recorded under Heading 110) | 692,807 | 548,145 |
| 5. Other items: | 275,797 | 290,317 |
| - bills for collection | 62,635 | 66,501 |
| - amounts due in respect of premiums and grants in respect of lending transactions | 10,805 | 9,082 |
| - advance payments on deposit commissions | 7,094 | 2,521 |
| - other items in transit | 85,869 | 128,510 |
| - sundry other items (2) | 109,394 | 83,703 |
| Total other assets | 2,811,344 | 2,298,276 |
(1) Includes transactions for \u20ac1,375.6m in listed EUA certificates, fully hedged by forward sales through futures contracts.
(2) Includes accrued income.
This item, as required by the Bank of Italy/Consob/IVASS Document No. 9, includes tax credits (eco-bonuses) recorded in the financial statements in compliance with the so-called tax ceiling of Mediobanca and its susbsidiaries. The book value was \u20ac259m (\u20ac213m as at 30 June 2025); in detail, purchases during the year amounted to \u20ac53m, while receivables offset against tax liabilities of the individual entities amounted to \u20ac120m. The nominal value as at 31 December 2025 was \u20ac280m, which includes \u20ac234m referable to the \u2018Superbonus 110\u2019 discount pursuant to Article 119 of Law-Decree No. 34/2020, which may be offset in the next four years. With reference to Law-Decree No. 39/2024, setting forth a number of measures regarding the use of Superbonus credits, deductions are required to be spread over a ten-year period, including an anti-usury provision, and a ban on offsetting for banks; with regard to the tax credits purchased by MBFACTA, no impacts related to the above measures are expected.
MBFACTA currently has a residual Superbonus 110% credit amount of \u20ac234m, none of which relate to expenses incurred from 2024 onwards or purchased at a rate lower than the rate set by the amendment, i.e., less than 75% of the nominal value.
",
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"v1-page425-cflshid_150688-tag470122": {
"value": "SECTION 9Heading 90: Property, plant and equipment
In order to provide more timely, up-to-date, and accurate information on the valuation of real estate properties held by Mediobanca and its subsidiaries and to align with the Parent Company\u2019s accounting standards, the fair value measurement method was optionally adopted for the valuation of properties (whether core operating or investment properties), replacing the cost method. Furthermore, after the transition to the new valuation method, a detailed review of the real estate assets held for business and investment purposes was conducted, based on their actual intended use. Such review required the need to implement certain transfers from the operating to the investment segment and vice versa, effective 1 July 2025. The changes are reported in line \u201cA.1.a Opening balance adjustment\u201dof the following tables 9.6 and 9.7.
9.1 Core tangible assets: breakdown of assets stated at cost
| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Own property assets | 51,254 | 221,246 |
| a) land | \u2014 | 101,226 |
| b) buildings | \u2014 | 52,727 |
| c) furniture | 30,829 | 31,268 |
| d) electronic systems | 3,551 | 8,556 |
| e) other | 16,874 | 21,469 |
| 2. Right-of-use assets acquired through lease | 273,015 | 272,800 |
| a) land | \u2014 | \u2014 |
| b) buildings | 255,439 | 257,444 |
| c) furniture | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 |
| e) other | 17,576 | 15,356 |
| Total | 324,269 | 488,046 |
| of which: obtained by enforcement of collateral | \u2014 | 65 |
9.3 Core tangible assets: breakdown of revalued assets| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Own property assets | | | | | | |
| a) land | \u2014 | \u2014 | 361,848 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | 133,284 | \u2014 | \u2014 | \u2014 |
| c) furniture | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) land | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| c) furniture | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | \u2014 | 495,132 | \u2014 | \u2014 | \u2014 |
| of which: obtained by enforcement of collateral | \u2014 | \u2014 | 200 | \u2014 | \u2014 | \u2014 |
For core operating tangible assets consisting of real estate properties (buildings and land), Mediobanca moved from the cost criterion to the revaluation model as provided for by the accounting principle IAS16 \u201cProperty, Plant and Equipment\u201d. For further details please see Part \u201cA1 \u2013 Accounting Policies: General Part\u201d in these Notes to the Accounts.
9.4 Tangible assets held for investment purposes: by asset measured at fair value| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 2 | Level 1 | Level 3 |
| 1. Own property assets | \u2014 | \u2014 | 377,403 | \u2014 | \u2014 | 385,024 |
| a) land | \u2014 | \u2014 | 317,436 | \u2014 | \u2014 | 318,715 |
| b) buildings | \u2014 | \u2014 | 59,967 | \u2014 | \u2014 | 66,309 |
| 2. Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) land | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | \u2014 | 377,403 | \u2014 | \u2014 | 369,364 |
| of which: obtained by enforcement of collateral | \u2014 | \u2014 | 29,600 | \u2014 | \u2014 | 29,600 |
For properties held for investment purposes, the cost criterion was replaced by the fair value model in accordance with the accounting principle IAS40 \u201cInvestment Property\u201d. For further details please see Part \u201cA1 \u2013 Accounting Policies: General Part\u201d in these Notes to the Accounts.
9.5 Inventories pursuant to IAS2: breakdown| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Inventories of tangible assets obtained by enforcement of collateral | 9,937 | 9,539 |
| a) land | 241 | 313 |
| b) buildings | 9,696 | 9,226 |
| c) furniture | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 |
| 2. Other inventories of tangible assets | \u2014 | \u2014 |
| Total | 9,937 | 9,539 |
| of which: measured at fair value less costs to sell | \u2014 | \u2014 |
The above includes assets received under leasing contracts, which were originally recorded as Investment Property (under IAS40), and have now been restated as Inventories in accordance with IAS2 in cases where only minor amounts are involved, and where leasing the properties out is not economically feasible and sale is expected to take place in the next three years.
For properties held and accounted for as inventories in accordance with IAS2, which form part of Selma\u2019s portfolio, the valuation criterion was applied at the lower of cost and market without recording depreciation.
9.6 Core assets: changes during the year | Land | Buildings | Furniture | Electronic systems | Other | Total |
| A. Gross amount at start of period | 116,829 | 559,150 | 99,670 | 53,416 | 122,012 | 951,076 |
| A.1 Decreases in total net value | \u2014 | (248,924) | (68,402) | (44,860) | (85,186) | (447,372) |
| A.1.a Opening balance adjustment | (15,603) | (55) | \u2014 | \u2014 | \u2014 | (15,661) |
| A.2 Net opening amount | 101,226 | 310,171 | 31,268 | 8,556 | 36,825 | 488,046 |
| B. Increases: | 270,409 | 138,314 | 3,880 | 3,160 | 13,107 | 428,870 |
| B.1 Purchases | \u2014 | \u2014 | 1,751 | 3,160 | 5,262 | 10,739 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.2 Capitalized improvement costs | \u2014 | 6,636 | \u2014 | \u2014 | \u2014 | 6,636 |
| B.3 Writebacks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Positive changes in fair value allocated to | 264,911 | 64,545 | \u2014 | \u2014 | \u2014 | 329,456 |
| a) Equity | 264,911 | 64,545 | \u2014 | \u2014 | \u2014 | 329,456 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.5 Currency exchange gains | \u2014 | 20 | \u2014 | \u2014 | \u2014 | 20 |
| B.6 Transfers from investment properties | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.7 Other changes | 5,498 | 67,113 | 2,129 | \u2014 | 7,845 | 82,585 |
| C. Decreases: | 9,787 | 59,762 | 4,319 | 8,165 | 15,482 | 97,515 |
| C.1 Sales | \u2014 | 13 | \u2014 | \u2014 | 40 | 53 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.2 Depreciation | \u2014 | 27,220 | 4,319 | 1,172 | 7,428 | 40,139 |
| C.3 Impairment losses allocated to | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) Equity | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Negative changes in fair value allocated to | 885 | \u2014 | \u2014 | \u2014 | \u2014 | 885 |
| a) Equity | 885 | \u2014 | \u2014 | \u2014 | \u2014 | 885 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.5 Currency exchange losses | \u2014 | 266 | \u2014 | \u2014 | 63 | 329 |
| C.6 Transfers to: | 7,173 | 303 | \u2014 | \u2014 | \u2014 | 7,476 |
| a) assets held for investment purposes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) non-current assets and assets groups held for sale | 7,173 | 303 | \u2014 | \u2014 | \u2014 | 7,476 |
| C.7 Other changes | 1,729 | 31,960 | \u2014 | 6,993 | 7,951 | 48,633 |
| D. Net inventories at end of period | 361,848 | 388,723 | 30,829 | 3,551 | 34,450 | 819,401 |
| D.1 Decreases in total net value | \u2014 | (240,007) | (70,336) | (39,189) | (84,650) | (434,182) |
| D.2 Gross inventories at end of period | 361,848 | 628,730 | 101,165 | 42,740 | 119,100 | 1,253,583 |
| E. Measured at cost | 97,317 | 69,244 | \u2014 | \u2014 | \u2014 | 166,561 |
9.7 Tangible assets held for investment purposes: changes for the year | Total |
| Land | Buildings |
| A. Opening balances | 78,460 | 45,776 |
| A.1.a Opening balance adjustment | 240,255 | 20,533 |
| A.2 Net opening balances | 318,715 | 66,309 |
| B. Increases | \u2014 | 1,236 |
| B.1 Purchases | \u2014 | \u2014 |
| - of which, business combinations | \u2014 | \u2014 |
| B.2 Capitalized improvement costs | \u2014 | \u2014 |
| B.3 Positive changes in fair value | \u2014 | 1,236 |
| B.4 Writebacks | \u2014 | \u2014 |
| B.5 Currency exchange gains | \u2014 | \u2014 |
| B.6 Transfers from core tangible assets | \u2014 | \u2014 |
| B.7 Other changes | \u2014 | \u2014 |
| C. Decreases | 1,279 | 7,578 |
| C.1 Sales | 1,279 | 7,466 |
| - of which, business combinations | \u2014 | \u2014 |
| C.2 Depreciation | \u2014 | \u2014 |
| C.3 Negative changes in fair value | \u2014 | 112 |
| C.4 Impairment losses | \u2014 | \u2014 |
| C.5 Currency exchange losses | \u2014 | \u2014 |
| C.6 Transfers to: | \u2014 | \u2014 |
| a) core tangible assets | \u2014 | \u2014 |
| b) non-current assets and assets groups held for sale | \u2014 | \u2014 |
| C.7 Other changes | \u2014 | \u2014 |
| D. Balance at end of period | 317,436 | 59,967 |
| E. Measured at fair value | \u2014 | \u2014 |
9.8 Inventories of tangible assets pursuant to IAS2: changes for the year | Inventories of tangible assets obtained by enforcement of collateral | Other inventories of tangible assets | Total |
| Land | Buildings | Furniture | Electronic systems | Other |
| A. Balance at start of period | 313 | 9,226 | \u2014 | \u2014 | \u2014 | \u2014 | 9,539 |
| B. Increases | \u2014 | 620 | \u2014 | \u2014 | \u2014 | \u2014 | 620 |
| B.1 Purchases | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.2 Writebacks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.3 Currency exchange gains | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Other changes | \u2014 | 620 | \u2014 | \u2014 | \u2014 | \u2014 | 620 |
| C. Decreases | 72 | 150 | \u2014 | \u2014 | \u2014 | \u2014 | 222 |
| C.1 Sales | 24 | 111 | \u2014 | \u2014 | \u2014 | \u2014 | 135 |
| C.2 Impairment losses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.3 Currency exchange losses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Other changes | 48 | 39 | \u2014 | \u2014 | \u2014 | \u2014 | 87 |
| D. Balance at end of period | 241 | 9,696 | \u2014 | \u2014 | \u2014 | \u2014 | 9,937 |
Inventories pursuant to IAS2 amounted to \u20ac9.9m, up \u20ac0.4m (+4%) compared to the comparable figure; the change is attributable to new foreclosures of collateral seized by Selma during the financial year.
",
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"v1-page425-cflshid_150688-tag470121": {
"value": "SECTION 9Heading 90: Property, plant and equipment
In order to provide more timely, up-to-date, and accurate information on the valuation of real estate properties held by Mediobanca and its subsidiaries and to align with the Parent Company\u2019s accounting standards, the fair value measurement method was optionally adopted for the valuation of properties (whether core operating or investment properties), replacing the cost method. Furthermore, after the transition to the new valuation method, a detailed review of the real estate assets held for business and investment purposes was conducted, based on their actual intended use. Such review required the need to implement certain transfers from the operating to the investment segment and vice versa, effective 1 July 2025. The changes are reported in line \u201cA.1.a Opening balance adjustment\u201dof the following tables 9.6 and 9.7.
9.1 Core tangible assets: breakdown of assets stated at cost
| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Own property assets | 51,254 | 221,246 |
| a) land | \u2014 | 101,226 |
| b) buildings | \u2014 | 52,727 |
| c) furniture | 30,829 | 31,268 |
| d) electronic systems | 3,551 | 8,556 |
| e) other | 16,874 | 21,469 |
| 2. Right-of-use assets acquired through lease | 273,015 | 272,800 |
| a) land | \u2014 | \u2014 |
| b) buildings | 255,439 | 257,444 |
| c) furniture | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 |
| e) other | 17,576 | 15,356 |
| Total | 324,269 | 488,046 |
| of which: obtained by enforcement of collateral | \u2014 | 65 |
9.3 Core tangible assets: breakdown of revalued assets| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Own property assets | | | | | | |
| a) land | \u2014 | \u2014 | 361,848 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | 133,284 | \u2014 | \u2014 | \u2014 |
| c) furniture | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) land | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| c) furniture | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | \u2014 | 495,132 | \u2014 | \u2014 | \u2014 |
| of which: obtained by enforcement of collateral | \u2014 | \u2014 | 200 | \u2014 | \u2014 | \u2014 |
For core operating tangible assets consisting of real estate properties (buildings and land), Mediobanca moved from the cost criterion to the revaluation model as provided for by the accounting principle IAS16 \u201cProperty, Plant and Equipment\u201d. For further details please see Part \u201cA1 \u2013 Accounting Policies: General Part\u201d in these Notes to the Accounts.
9.4 Tangible assets held for investment purposes: by asset measured at fair value| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Level 1 | Level 2 | Level 3 | Level 2 | Level 1 | Level 3 |
| 1. Own property assets | \u2014 | \u2014 | 377,403 | \u2014 | \u2014 | 385,024 |
| a) land | \u2014 | \u2014 | 317,436 | \u2014 | \u2014 | 318,715 |
| b) buildings | \u2014 | \u2014 | 59,967 | \u2014 | \u2014 | 66,309 |
| 2. Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) land | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) buildings | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | \u2014 | 377,403 | \u2014 | \u2014 | 369,364 |
| of which: obtained by enforcement of collateral | \u2014 | \u2014 | 29,600 | \u2014 | \u2014 | 29,600 |
For properties held for investment purposes, the cost criterion was replaced by the fair value model in accordance with the accounting principle IAS40 \u201cInvestment Property\u201d. For further details please see Part \u201cA1 \u2013 Accounting Policies: General Part\u201d in these Notes to the Accounts.
9.5 Inventories pursuant to IAS2: breakdown| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Inventories of tangible assets obtained by enforcement of collateral | 9,937 | 9,539 |
| a) land | 241 | 313 |
| b) buildings | 9,696 | 9,226 |
| c) furniture | \u2014 | \u2014 |
| d) electronic systems | \u2014 | \u2014 |
| e) other | \u2014 | \u2014 |
| 2. Other inventories of tangible assets | \u2014 | \u2014 |
| Total | 9,937 | 9,539 |
| of which: measured at fair value less costs to sell | \u2014 | \u2014 |
The above includes assets received under leasing contracts, which were originally recorded as Investment Property (under IAS40), and have now been restated as Inventories in accordance with IAS2 in cases where only minor amounts are involved, and where leasing the properties out is not economically feasible and sale is expected to take place in the next three years.
For properties held and accounted for as inventories in accordance with IAS2, which form part of Selma\u2019s portfolio, the valuation criterion was applied at the lower of cost and market without recording depreciation.
9.6 Core assets: changes during the year | Land | Buildings | Furniture | Electronic systems | Other | Total |
| A. Gross amount at start of period | 116,829 | 559,150 | 99,670 | 53,416 | 122,012 | 951,076 |
| A.1 Decreases in total net value | \u2014 | (248,924) | (68,402) | (44,860) | (85,186) | (447,372) |
| A.1.a Opening balance adjustment | (15,603) | (55) | \u2014 | \u2014 | \u2014 | (15,661) |
| A.2 Net opening amount | 101,226 | 310,171 | 31,268 | 8,556 | 36,825 | 488,046 |
| B. Increases: | 270,409 | 138,314 | 3,880 | 3,160 | 13,107 | 428,870 |
| B.1 Purchases | \u2014 | \u2014 | 1,751 | 3,160 | 5,262 | 10,739 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.2 Capitalized improvement costs | \u2014 | 6,636 | \u2014 | \u2014 | \u2014 | 6,636 |
| B.3 Writebacks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Positive changes in fair value allocated to | 264,911 | 64,545 | \u2014 | \u2014 | \u2014 | 329,456 |
| a) Equity | 264,911 | 64,545 | \u2014 | \u2014 | \u2014 | 329,456 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.5 Currency exchange gains | \u2014 | 20 | \u2014 | \u2014 | \u2014 | 20 |
| B.6 Transfers from investment properties | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.7 Other changes | 5,498 | 67,113 | 2,129 | \u2014 | 7,845 | 82,585 |
| C. Decreases: | 9,787 | 59,762 | 4,319 | 8,165 | 15,482 | 97,515 |
| C.1 Sales | \u2014 | 13 | \u2014 | \u2014 | 40 | 53 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.2 Depreciation | \u2014 | 27,220 | 4,319 | 1,172 | 7,428 | 40,139 |
| C.3 Impairment losses allocated to | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) Equity | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Negative changes in fair value allocated to | 885 | \u2014 | \u2014 | \u2014 | \u2014 | 885 |
| a) Equity | 885 | \u2014 | \u2014 | \u2014 | \u2014 | 885 |
| b) profit and loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.5 Currency exchange losses | \u2014 | 266 | \u2014 | \u2014 | 63 | 329 |
| C.6 Transfers to: | 7,173 | 303 | \u2014 | \u2014 | \u2014 | 7,476 |
| a) assets held for investment purposes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) non-current assets and assets groups held for sale | 7,173 | 303 | \u2014 | \u2014 | \u2014 | 7,476 |
| C.7 Other changes | 1,729 | 31,960 | \u2014 | 6,993 | 7,951 | 48,633 |
| D. Net inventories at end of period | 361,848 | 388,723 | 30,829 | 3,551 | 34,450 | 819,401 |
| D.1 Decreases in total net value | \u2014 | (240,007) | (70,336) | (39,189) | (84,650) | (434,182) |
| D.2 Gross inventories at end of period | 361,848 | 628,730 | 101,165 | 42,740 | 119,100 | 1,253,583 |
| E. Measured at cost | 97,317 | 69,244 | \u2014 | \u2014 | \u2014 | 166,561 |
9.7 Tangible assets held for investment purposes: changes for the year | Total |
| Land | Buildings |
| A. Opening balances | 78,460 | 45,776 |
| A.1.a Opening balance adjustment | 240,255 | 20,533 |
| A.2 Net opening balances | 318,715 | 66,309 |
| B. Increases | \u2014 | 1,236 |
| B.1 Purchases | \u2014 | \u2014 |
| - of which, business combinations | \u2014 | \u2014 |
| B.2 Capitalized improvement costs | \u2014 | \u2014 |
| B.3 Positive changes in fair value | \u2014 | 1,236 |
| B.4 Writebacks | \u2014 | \u2014 |
| B.5 Currency exchange gains | \u2014 | \u2014 |
| B.6 Transfers from core tangible assets | \u2014 | \u2014 |
| B.7 Other changes | \u2014 | \u2014 |
| C. Decreases | 1,279 | 7,578 |
| C.1 Sales | 1,279 | 7,466 |
| - of which, business combinations | \u2014 | \u2014 |
| C.2 Depreciation | \u2014 | \u2014 |
| C.3 Negative changes in fair value | \u2014 | 112 |
| C.4 Impairment losses | \u2014 | \u2014 |
| C.5 Currency exchange losses | \u2014 | \u2014 |
| C.6 Transfers to: | \u2014 | \u2014 |
| a) core tangible assets | \u2014 | \u2014 |
| b) non-current assets and assets groups held for sale | \u2014 | \u2014 |
| C.7 Other changes | \u2014 | \u2014 |
| D. Balance at end of period | 317,436 | 59,967 |
| E. Measured at fair value | \u2014 | \u2014 |
9.8 Inventories of tangible assets pursuant to IAS2: changes for the year | Inventories of tangible assets obtained by enforcement of collateral | Other inventories of tangible assets | Total |
| Land | Buildings | Furniture | Electronic systems | Other |
| A. Balance at start of period | 313 | 9,226 | \u2014 | \u2014 | \u2014 | \u2014 | 9,539 |
| B. Increases | \u2014 | 620 | \u2014 | \u2014 | \u2014 | \u2014 | 620 |
| B.1 Purchases | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.2 Writebacks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.3 Currency exchange gains | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Other changes | \u2014 | 620 | \u2014 | \u2014 | \u2014 | \u2014 | 620 |
| C. Decreases | 72 | 150 | \u2014 | \u2014 | \u2014 | \u2014 | 222 |
| C.1 Sales | 24 | 111 | \u2014 | \u2014 | \u2014 | \u2014 | 135 |
| C.2 Impairment losses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.3 Currency exchange losses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Other changes | 48 | 39 | \u2014 | \u2014 | \u2014 | \u2014 | 87 |
| D. Balance at end of period | 241 | 9,696 | \u2014 | \u2014 | \u2014 | \u2014 | 9,937 |
Inventories pursuant to IAS2 amounted to \u20ac9.9m, up \u20ac0.4m (+4%) compared to the comparable figure; the change is attributable to new foreclosures of collateral seized by Selma during the financial year.
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"v1-page432-cflshid_153761-tag470128": {
"value": "SECTION 10Heading 100: Intangible assets
Intangible assets with indefinite duration consist of Goodwill, Brands, Contracts acquired as part of business combinations, client lists acquired in extraordinary transactions91, and software. For details on the methods by which Intangible Assets are valued, reference is made to Part A \u2013 Accounting Policies.
10.1 Intangible assets: by type of asset
| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Finite life | Indefinite life | Finite life | Indefinite life |
| A.1 Goodwill | X | 792,857 | X | 856,839 |
| A.1.1 attributable to the group | X | 792,857 | X | 856,839 |
| A.1.2 attributable to minority interests | X | \u2014 | X | \u2014 |
| A.2 Other intangible assets | 102,720 | 128,187 | 88,357 | 142,397 |
| of which: software | 80,846 | \u2014 | 70,415 | \u2014 |
| A.2.1 Assets measured at cost: | 102,720 | 128,187 | 88,357 | 142,397 |
| a) Intangible assets generated internally | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Other assets | 102,720 | 128,187 | 88,357 | 142,397 |
| A.2.2 Assets measured at fair value: | \u2014 | \u2014 | \u2014 | \u2014 |
| a) Intangible assets generated internally | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Other assets | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 102,720 | 921,044 | 88,357 | 999,236 |
Intangible assets decreased from \u20ac1,087.6m to \u20ac1,023.8m after including \u20ac63.5m in write-downs on two foreign entities following the impairment test exercise as specified below. New intangible assets with a finite life relating to the subsidiary HeidiPay Ltd, worth \u20ac7m92 and previously amortized for \u20ac0.7m, should be added to this. Regarding the ex-PPA intangible assets, currency exchange losses of \u20ac7.8m and amortization of customer lists of \u20ac2.9m were reported. Finally, software stock went from \u20ac70.4m to \u20ac80.8m after purchases of \u20ac25.3m and amortization of \u20ac14.9m. Among the purchases, the entry into production of CMB Monaco's new core banking business should be noted.
91 Extraordinary transactions should be understood as business combinations pursuant to IFRS3.
92 Allocated from the preliminary goodwill recognized as at 30 June last.
Specifically, the impairment test was rerun as at 31 December 2025, having been passed for all CGUs as at 30 June, despite some points for attention.
Considering that the new multi-year plan, arranged by the Parent Company, was only formulated on 26 February last, the same business plans as those used on 30 June last were used for the impairment test.
However, since examination of the performance of individual CGUs during the half-year revealed uncertainties regarding the ability to maintain adequate levels of profitability and value generation over the long term, consistent with existing plans, it was decided to adopt a prudential approach, applying a conservative estimate of long-term distributable profit to calculate the Terminal Value.
Market data were also adjusted, but no significant deviations were noted, particularly in market rates, although they decreased slightly compared to June 30 (see below).
Following this action, the recoverable value of two CGUs under review decreased compared to what emerged as at June 30, reaching a lower value than the related carrying amount, requiring an overall write-down of \u20ac63.5m.
10.2 Intangible assets: changes for the year | Goodwill | Intangible assets generated internally | Other intangible assets: other | Total |
| FIN | INDEF | FIN | INDEF |
| A. Balance at start of period | 856,839 | \u2014 | \u2014 | 438,712 | 142,397 | 1,437,948 |
| A.1 Decreases in total net value | \u2014 | \u2014 | \u2014 | 350,355 | \u2014 | 350,355 |
| A.2 Net opening amount | 856,839 | \u2014 | \u2014 | 88,357 | 142,397 | 1,087,593 |
| B. Increases | 71 | \u2014 | \u2014 | 32,382 | 28 | 32,481 |
| B.1 Purchases | \u2014 | \u2014 | \u2014 | 32,344 | 4 | 32,348 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | 7,000 | \u2014 | 7,000 |
| B.2 Increases of internal intangible assets | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.3 Writebacks | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Positive changes in fair value | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - equity | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - profit and loss | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.5 Currency exchange gains | 71 | \u2014 | \u2014 | 38 | 24 | 133 |
| B.6 Other changes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Decreases | 64,053 | \u2014 | \u2014 | 18,019 | 14,238 | 96,310 |
| C.1 Sales | 7,000 | \u2014 | \u2014 | \u2014 | \u2014 | 7,000 |
| - of which, business combinations* | 7,000 | \u2014 | \u2014 | \u2014 | \u2014 | 7,000 |
| C.2 Writebacks | 51,200 | \u2014 | \u2014 | 17,789 | 12,327 | 81,316 |
| - Amortization | X | \u2014 | \u2014 | 17,789 | \u2014 | 17,789 |
| - Write-downs | 51,200 | \u2014 | \u2014 | \u2014 | 12,327 | 63,527 |
| + equity | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| + profit and loss | 51,200 | \u2014 | \u2014 | \u2014 | 12,327 | 63,527 |
| C.3 Negative changes in fair value: | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - equity | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - profit and loss | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Transfer to non-current assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.5 Currency exchange losses | 5,853 | \u2014 | \u2014 | 228 | 1,911 | 7,992 |
| C.6 Other changes | \u2014 | \u2014 | \u2014 | 2 | \u2014 | 2 |
| D. Net inventories at end of period | 792,857 | \u2014 | \u2014 | 102,720 | 128,187 | 1,023,764 |
| D.1 Total net value adjustments | \u2014 | \u2014 | \u2014 | (372,104) | \u2014 | (372,104) |
| E. Gross inventories at end of period | 792,857 | \u2014 | \u2014 | 474,824 | 128,187 | 1,395,868 |
| F. Measured at cost | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
* An initial estimate of intangible assets with a finite life (i.e. \u20ac7m, previously amortized for \u20ac0.7m) allocated from the preliminary goodwill of HeidiPay AG recognized as at 30 June 2025, was made as at 31 December 2025. The Purchase Price Allocation process of this asset will be finalized during the next six-month period.
Information on intangible assets and goodwill
A table summarizing the effects of the PPA process for all the acquisitions carried out by Mediobanca and its subsidiaries over years is shown below:
Table 1: Summary of PPA effects: ITALIAN acquisitions
| \u00a0 | Linea | Soisy | IFID | Spafid Connect | Esperia |
| Acquisition date | 27 June 2008 | 10 October 2022 | 01 August 2014 | 18 June 2015 | 06 April 2017 |
| Price paid | 406,938 | 5,999 | 3,600 | 5,124 | 233,920 |
| of which: ancillary charges | 2,000 | \u2014 | 200 | \u2014 | \u2014 |
| Liabilities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Finite life intangible assets | (44,200) | (1,056) | (700) | (3,250) | (4,508) |
| no. of years amortization | 8 | 5 | 7 | 10 | 5 |
| Trademarks | (6,300) | \u2014 | \u2014 | \u2014 | (15,489) |
| Fair value adjustments | \u2014 | \u2014 | \u2014 | \u2014 | 11,232 |
| Imbalance of other assets (liabilities) | (2,659) | 1,152 | 420 | (466) | (176,585) |
| Tax effects | 12,155 | 349 | 220 | 934 | 6,613 |
| Total goodwill | 365,934 | 6,444 | 3,540 | 2,342 | 55,183 |
Table 1: Summary of PPA effects: NON-ITALIAN acquisitions| \u00a0 | Cairn | RAM (1) | MMA | Bybrook (Cairn)(2) | Arma Partners | Heidi Pay Switzerland |
| Acquisition date | 31 December 2015 | 28 February 2018 | 11 April 2019 | 31 August 2021 | 02 October 2023 | 16 October 2023 |
| Currency | GBP | CHF | EURO | GBP | GBP | CHF |
| Price consideration | 24,662 | 164,732 | 107,856 | 66,900 | 220,000 | 3,000 |
| of which: ancillary charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Liabilities | 20,813 | 46,850 | 54,540 | \u2014 | 11,400 | 4,098 |
| Indefinite life intangible assets | \u2014 | \u2014 | \u2014 | (58,903) | \u2014 | \u2014 |
| Finite life intangible assets | \u2014 | (2,398) | (11,330) | (8,455) | (5,300) | (2,530) |
| no. of years amortization | \u2014 | 5 | 8 | 10 | 7 | 10 |
| Trademarks | \u2014 | (37,395) | (10,230) | \u2014 | (24,600) | \u2014 |
| Fair value adjustments | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Imbalance of other assets (liabilities) | (8,345) | (6,852) | (13,353) | (3,759) | \u2014 | (96) |
| Tax effects | \u2014 | 7,163 | 6,684 | 15,934 | 7,500 | 380 |
| Total goodwill | 37,130 | 172,099 | 134,167 | 11,718 | 209,000 | 4,852 |
(1) All amounts are calculated pro rata (89.25%) acquired at the acquisition date.
(2) Bybrook\u2019s business and shares were acquired by Polus Capital Management (formerly Cairn Capital), in which Mediobanca S.p.A. holds an 89.07% stake.
The main acquisition transactions of Mediobanca and its subsidiaries are summarised below:
\u23afwith regard to Compass, goodwill relating to the Linea transaction (June 2008, amounting to \u20ac365.9m) and goodwill generated by the acquisition of Soisy S.p.A.93 (October 2022, amounting to \u20ac6.4m) remained the only intangible assets recognized in the CGU's financial statements;
\u23afthe acquisition of 50% of Banca Esperia shares held by Banca Mediolanum (April 2017) through payment of \u20ac141m resulted in goodwill of \u20ac52.1m divided into the Private Banking CGU (\u20ac29.4m) and the MidCap CGU (\u20ac22.7m); a trademark of \u20ac15.5m linked to the Private Banking activity and a customer list (originally valued at \u20ac4.5m and fully amortized);
\u23afthe acquisition of a 69.4% stake in RAM AI (February 2018) led to goodwill of CHF 172.1m (fully impaired over the years), a trademark with an indefinite life of CHF 41.9m (partially impaired and outstanding with a residual value of CHF
93 The company was merged into Compass Banca during financial year 2023/24.
11.5m, i.e. \u20ac12.3m at the exchange rate at 31 December 2025), and a customer list of CHF 2.7m (fully amortized). As at 31 December 2025, following the impairment test, there were no longer any goodwill or other intangible assets attributable to the CGU;
\u23afthe acquisition of a 66.4% stake in Messier Maris & Associ\u00e9s \u2013 MMA (April 2019, then renamed Messier & Associ\u00e9s in 2021 following the exit of the eponymous partner) for \u20ac107.9m, settled with 11,600,000 Mediobanca shares in the portfolio, along with a put and call option94 on the remaining capital, resulted in the recognition of goodwill of \u20ac134.2m, in addition to the trademark of \u20ac27.2m. On December 8 last, the equity partner exercised the Change of Control clause, provided for in the agreements signed in May 2024. This will result in an additional disbursement (\u20ac5.25m) at the end of March and the acceleration of other options, with the founder's exit from the shareholding structure, who will however remain as Chairman of the company with a new remuneration structure. As at 31 December, there was a liability of \u20ac19.3m to be paid upon dividend payout, and goodwill decreased from \u20ac93.2m to \u20ac42m following the impairment test, which, as mentioned, reflected lower prospective net profitability. It should be remembered that Messier & Associ\u00e9s SA recognized a trademark worth \u20ac17m; \u23afthe acquisition of Cairn Capital (December 2015) resulted in recognizing goodwill of \u00a337.1m; subsequently the Bybrook Capital LLP transaction (August 2021) resulted in the recognition of intangible assets related to asset management contracts totalling \u00a367.4m (of which \u00a358.9m with an indefinite life and \u00a38.5m with a finite life to be amortized over 10 years) in addition to goodwill of \u00a311.7m; as at 31 December, outstanding goodwill amounted to \u00a348.8m, intangible assets totalled \u00a363.7m, against contingent liabilities with respect to minority interests of \u00a323.7m;
\u23afthe acquisition of control (100% of Interest A) in the English company Arma Partners LLP95 (October 2023) led to a trademark worth \u00a324.6m and customer relationship worth \u00a35.3m (useful life of 7 years) and goodwill of \u00a3209m (converted to \u20ac244.3m). As at 31 December 2025, the consideration liability amounted to
94 Put and call options and consideration liabilities are recognised in the balance sheet at their estimated realisable value, taking into account the relevant contractual agreements.
95 Arma Partners LLP, in turn, held 100% of Arma Partners Corporate Finance Ltd (UK) and Arma Deutschland GmbH (Germany). Arma was established as a Limited Liability Partnership and the contractual agreements provide for two types of shareholdings: Interest \u201cA\u201d - assigned to Mediobanca - which give the right to receive an initial percentage of 30% (35% from the fourth year) of Arma\u2019s distributable profit, calculated as a fixed percentage of revenues in addition to governance rights sufficient to ensure full line-by-line consolidation and holding control from a legal, regulatory and accounting point of view; Interest \u201cB\u201d shares, which are held by the Partners and give them the right to receive the residual percentage of Arma\u2019s distributable profit (gross earnings of the company after the share due to partner A), in addition to certain governance rights with a specific impact on the Partners\u2019 economic rights.
\u00a385.2m96 (taking into account the payment of the second deferred tranche), goodwill remained unchanged at \u00a3209m, while other intangible assets decreased to \u00a328.2m;
\u23afCompass Banca's acquisition of 100% of the share capital of Heidi Pay Switzerland AG (October 2023, subsequently renamed HeyLight) led to a customer relationship worth CHF 2.5m (useful life of 10 years) and residual goodwill of CHF 4.9m, which was subsequently almost entirely absorbed by the cancellation of the deferred consideration liability, as established by the new agreements for the purchase of the residual share of HeidiPay AG; goodwill as at 31 December 2025 amounted to CHF 0.8m.
\u23afOn 30 June last, Compass Banca completed its acquisition of control of the holding company HeidiPay AG, over which the company had been exercising significant influence (acquired in July 2022) by acquiring an additional 59.8% stake in the company's capital (effective ownership percentage: 80.9%). The purchase price (CHF 9.1m) includes an earn-out if the company achieves certain targets related to the development of the credit portfolio, as well as a put and call option on the remaining 19.1%. Overall, the transaction gave rise to goodwill of CHF 34.6m (\u20ac37m at the exchange rate of 30 June 2025), which as at 31 December 2025, was partially allocated to intangible assets with a finite useful life related to the HeidiPay Ltd platform for a value of CHF 6.5m (\u20ac7m), which includes CHF 0.7m previously amortized. As at 31 December, the residual goodwill amounted to CHF 28m (\u20ac30.1m), against a deferred consideration liability valued at CHF 9m. These values are still subject to the related Purchase Price Allocation process, which will be finalized during the next six-month period.
96 When measuring goodwill (PPA), an estimate of the consideration liability was made based on the Plan in effect at that date; such estimate, however, is reviewed annually and the difference is recognized in the profit and loss account; the initial recognition value is later discounted. As at 30 June 2024, the liability was recognized at \u00a3110.8m, with a discounted value of \u00a3122.3m, after deducting the first payment of \u00a332.6m. During financial year 2024/25, the liability increased from \u00a3110.8m to \u00a3123.7m (\u00a383.4m after payment of the second tranche), reflecting Arma's strong performance (\u00a37.4m), the new approved plan, and the discounting effect (\u00a35.5m), resulting in a \u00a312.9m (\u20ac15.4m) impact through profit or loss over the 12-month period. During the six-month period from July to December 2025, the liability at 30/6/2025 increased to \u00a385.2m due to the interest rate effect for the period (\u00a31.8m).
* * *
The tables below show a list of the intangible assets with indefinite and finite useful lives acquired as part of M&A transactions and a summary of goodwill recognized in the accounts, broken down both by deal and cash-generating unit (CGU).
Table 2: Other intangible assets acquired as a result of extraordinary transactions
| Type | Deal | 31 December 2025 | 30 June 2025 |
| Customer relationships | \u00a0 | 89,331 | 86,730 |
| \u00a0 | CMB | 1,637 | 1,962 |
| \u00a0 | Polus (1) | 72,992 | 74,946 |
| \u00a0 | Messier et Associ\u00e9s | 1,772 | 2,480 |
| \u00a0 | Soisy | 389 | 462 |
| \u00a0 | HeyLight | 2,109 | 2,241 |
| \u00a0 | Arma Partners | 4,122 | 4,639 |
| \u00a0 | HeidiPay | 6,310 | \u2014 |
| Trademarks | \u00a0 | 43,680 | 56,545 |
| \u00a0 | MB Private Banking | 15,489 | 15,489 |
| \u00a0 | RAM Active Investments (1) | \u2014 | 12,302 |
| \u00a0 | Arma Partners (1) | 28,191 | 28,754 |
| Total PPA intangible assets | \u00a0 | 133,011 | 143,275 |
(1) Increase entirely attributable to the currency exchange effect.
Table 3: Goodwill| Deal | 31 December 2025 | 30 June 2025 |
| Consumer credit | 403,315 | 410,191 |
| - of which: Soisy | 6,444 | 6,444 |
| - of which: Compass-Linea | 365,934 | 365,934 |
| - of which: HeyLight (2) | 812 | 810 |
| - of which: HeidiPay AG (3) | 30,125 | 37,003 |
| Polus Capital Management (1) | 55,979 | 57,098 |
| MB Private Banking | 52,103 | 52,103 |
| Messier et Associ\u00e9s | 41,953 | 93,153 |
| Arma Partners | 239,507 | 244,294 |
| Total goodwill | 792,857 | 856,839 |
(1) Increase entirely attributable to the currency exchange effect.
(2) Decrease following the acquisition of HeidiPay AG, which resulted in the cancellation of the previous deferred consideration agreements related to Heylight, according to which goodwill of CHF 4.1m had been recognized.
(3) This includes CHF 2.4m (\u20ac2.6m) arising from the acquisition of Holipay by the subsidiary HeidiPay Ltd, prior to the closing of the Compass transaction.
Table 4: Summary of Cash Generating Units
| CGU | 31 December 2025 | 30 June 2025 |
| Consumer credit | 403,315 | 410,191 |
| Polus Capital Management (1) | 55,979 | 57,098 |
| MB Private Banking + AM | 29,453 | 29,453 |
| MB Mid Corporate | 22,650 | 22,650 |
| Messier et Associ\u00e9s | 41,953 | 93,153 |
| Arma Partners (1) | 239,507 | 244,294 |
| Total goodwill | 792,857 | 856,839 |
(1) Increase entirely attributable to the currency exchange effect.
Information on impairment testing
As stated in the Accounting Policies section, IAS36 requires any loss of value, or impairment, of individual tangible and intangible assets to be tested at least once a year, in preparing the annual Financial Statements, or more frequently if events or circumstances occur which suggest that there may have been a reduction in value. The impairment indicators monitoring is carried out on a semi-annual basis, as required by the aforementioned impairment policy.
If it is not realistically possible to establish the recoverable value of the individual asset directly, the standard allows the calculation to be made based on the recoverable
value of the cash-generating unit, or CGU, to which the asset belongs. A CGU is defined as the smallest identifiable group of assets able to generate cash flows that do not present synergies with the other parts of the company, and may be considered separately and sold individually.In order to establish the recoverable value relative to the book value at which the asset is recognized in the accounts, reference is made to the higher of the fair value of such asset (net of any sales costs) and its value. In particular, value in use was obtained by discounting the expected future cash flows from an asset or from a cash generating unit; cash flow projections must reflect reasonable assumptions and must therefore be based on recent budgets/forecasts approved by the Company\u2019s governing bodies; furthermore, assets must be discounted at a rate that includes the current cost of money and the specific risks associated with the business activity.
Mediobanca and its subsidiares adopted a policy, recently updated in order to transpose the formal changes relating to its new organizational structure, which regulates the impairment test process and incorporates the guidelines issued by Organismo Italiano di Valutazione (OIV, Italian Valuation Body), the suggestions of the ESMA and the Recommendations of national regulators. The recoverable value for goodwill has been estimated using the dividend discount model methodology, with the excess capital version applied which is commonly employed by financial institutions for this purpose for capital-intensive CGUs.
The cash flows have been projected over a time horizon of three years, based on the Group\u2019s strategic plans and the annual budgets formulated by the management of the individual CGUs concerned.
To estimate the cost of equity, which is determined via the Capital Asset Model (CAPM) in accordance with IAS36, certain parameters common to all CGUs have been used, namely:
\u23afthe risk-free rate which corresponds to the remuneration of exempt or minimum risk investments over a recent period of time not exceeding one year. In practice, it is generally identified with the yield on government bonds of the country in which the asset being valued resides;
\u23afthe market risk premium, i.e. the reward which investors require in order to increase the risk on their investments. Continuing the work done in the previous financial year, management used an unseparated equity risk premium equal to the premium for the US stock market risk estimated according to a historical data series
by the New York University - Stern School of Business, based on the difference between the return of the American stock market compared to return of the bond market since 1928 (geometric mean);
\u23afthe growth rate (g), to calculate the terminal value, using the so-called \u201cperpetuity\u201d methodology, established taking into account the inflation rate expected over the long term in the country where the specific CGU is based;
\u23afthe Beta parameter is different for different types of business estimated according to trends in the data series of returns for sample groups of listed companies comparable to those being valued and the respective data series of returns of market indices of the countries in which the companies are listed.
It should also be emphasized that in calculating the cost of equity (Ke), account must also be taken of risk specific to the CGU, if any, through an additional risk premium (alpha coefficient/factor) to take into account (specific and/or systematic) risk factors not perceived in the flows and/or not fully reflected by the underlying CAPM indicators. Senior management opted to increase the estimates of the opportunity cost of capital for all CGUs, except for the Consumer Banking CGU, by at least 1.02%.
Table 5: Cost of equity parameters per CGU| CGU | Risk-free rate | Equity risk premium | Beta 2y | Coefficient | Cost of equity | Expected growth rate |
| Rf | Erp | b | a | Ke | g |
| Consumer credit | 3.53 | 5.48 | 1.05 | \u2014 | 9.26 | 2.\u2013 |
| MB Private Banking | 3.53 | 5.48 | 1.02 | 1.02 | 10.12 | 2.\u2013 |
| MB Mid Corporate | 3.53 | 5.48 | 1.14 | 1.02 | 10.78 | 2.\u2013 |
| Polus Capital Management | 4.49 | 5.48 | 1.27 | 2.66 | 14.11 | 2.\u2013 |
| RAM Active Investments | 0.25 | 5.48 | 1.27 | 2.66 | 9.87 | 0.70 |
| Messier et Associ\u00e9s | 3.55 | 5.48 | 1.14 | 1.02 | 10.80 | 1.90 |
| Arma Partners | 4.49 | 5.48 | 1.14 | 1.02 | 11.74 | 2.\u2013 |
| 30 June 2025 |
| CGU | Risk-free rate | Equity risk premium | Beta 2y | Coefficient | Cost of equity | Expected growth rate |
| Rf | Erp | b | a | Ke | g |
| Consumer credit | 3.48 | 5.44 | 1.03 | \u2014 | 9.09 | 2.\u2013 |
| MB Private Banking | 3.48 | 5.44 | 1.03 | 1.50 | 10.56 | 2.\u2013 |
| MB Mid Corporate | 3.48 | 5.44 | 1.18 | 1.50 | 11.42 | 2.\u2013 |
| Polus Capital Management | 4.55 | 5.44 | 1.26 | 3.20 | 14.59 | 2.\u2013 |
| RAM Active Investments | 0.31 | 5.44 | 1.26 | 3.20 | 10.35 | 2.04 |
| Messier et Associ\u00e9s | 3.23 | 5.44 | 1.18 | 1.50 | 11.18 | 1.94 |
| Arma Partners | 4.55 | 5.44 | 1.18 | 1.50 | 12.49 | 2.\u2013 |
Compared to the previous year, the Cost of Equity of all CGUs, with the exception of the Consumer CGU, decreased despite the slight increase in the Equity Risk Premium. Risk-free rates (calculated \u2013 in line with the previous financial year \u2013 as the one-month average at the impairment test date of the daily yields to maturity of the 10-year government benchmarks where the CGU being valued was located) increased slightly for Italy (from 3.48% to 3.53%) and France (from 3.23% to 3.55%), while they decreased for Switzerland (from 0.31% to 0.25%) and the United Kingdom (from 4.55% to 4.49%). With regard to the Equity Risk Premium, the reference for all the CGUs was the long-term historical average of the risk premiums observed in the US market (i.e. 5.48%; approximately 4 bps more than at 30 June 2025) as representative of the premium associated with the global investment in the market stock. All Betas slightly decreased with the exception of the Consumer credit, Polus and RAM CGUs. Finally, the growth rate (g), equal to the expected long-term inflation rate in the countries of residence of the CGUs, was set at 2% for Italy and the UK, at 0.7% for Switzerland, and 1.90% for France.
The adoption of the valuation formula requires estimating the present value of the expected flows of each CGU beyond the explicit forecast period (the plan period) which defines the so-called terminal value. With regard to Terminal Value, it should be noted that it was obtained by capitalizing the average of distributable profits over
the last two or three years of the Plan, which, on a prudential basis, was considered the value that best reflected a normalized cash flow that took into account the income prospects of individual CGUs according to an across-the-cycle approach. The only two exceptions were the Messier & Associ\u00e9s and RAM CGUs, for which, given the volatility of business and less robust future outlook than expected, it was deemed appropriate to prudently use the average for the 2024-2028 period.All the Mediobanca Group's CGUs, with the exception of Messier & Associ\u00e9s and RAM, passed the impairment test, as their value in use exceeded their carrying amounts as at 30 June 2025.
This situation is borne out by the sensitivity analysis conducted on the following variables:
\u2014Cost of equity +/- 0.25%, with an overall increase and decrease of up to 50 bps;
\u2014Long-term growth rate +/- 0.20%, with an overall increase and decrease of up to 60 bps;
\u2014Flow distributable at terminal value +/-5%, with an overall increase and decrease of up to 10%.
Regarding the brands, valuations were newly made based on the royalty relief method, whereby the brand\u2019s value is obtained from the discounted value of the income deriving from it, which in turn is estimated as the product of the royalty rate implied in the valuations of the respective brands made during the PPA process (Business Combinations under IFRS3) and the value of the operating income. The terminal value of the Private Banking (\u20ac15.5m), Messier et Associ\u00e9s (\u20ac17m), and Arma Partners (\u20ac28.2m) brands were confirmed.
Moreover, a further impairment test (referred to as Level 2 impairment test) was carried out by verifying whether the value in use of the various operating segments (Consumer Banking, Wealth Management and Corporate and Investment Banking), taking into account the allocation of all the corporate costs of the Holding Functions, was higher than the respective carrying amount, computed as the sum of absorbed regulatory capital integrated with goodwill and other allocated intangibles. The impairment test was passed by all three operating segments.
Lastly, an analysis of the fairness of Mediobanca and its subsidires\u2019 value - obtained as the sum of parts - and the stock market prices and target prices stated by financial analysts was conducted. With regard to the performance of stock market prices and the Price to Book value indicator, it should be noted that at the closing date of the financial year (31 December 2025) the stock was listed at \u20ac17.8, well above the Mediobanca Group\u2019s equity per share.
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"value": "SECTION 10Heading 100: Intangible assets
Intangible assets with indefinite duration consist of Goodwill, Brands, Contracts acquired as part of business combinations, client lists acquired in extraordinary transactions91, and software. For details on the methods by which Intangible Assets are valued, reference is made to Part A \u2013 Accounting Policies.
10.1 Intangible assets: by type of asset
| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Finite life | Indefinite life | Finite life | Indefinite life |
| A.1 Goodwill | X | 792,857 | X | 856,839 |
| A.1.1 attributable to the group | X | 792,857 | X | 856,839 |
| A.1.2 attributable to minority interests | X | \u2014 | X | \u2014 |
| A.2 Other intangible assets | 102,720 | 128,187 | 88,357 | 142,397 |
| of which: software | 80,846 | \u2014 | 70,415 | \u2014 |
| A.2.1 Assets measured at cost: | 102,720 | 128,187 | 88,357 | 142,397 |
| a) Intangible assets generated internally | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Other assets | 102,720 | 128,187 | 88,357 | 142,397 |
| A.2.2 Assets measured at fair value: | \u2014 | \u2014 | \u2014 | \u2014 |
| a) Intangible assets generated internally | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Other assets | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 102,720 | 921,044 | 88,357 | 999,236 |
Intangible assets decreased from \u20ac1,087.6m to \u20ac1,023.8m after including \u20ac63.5m in write-downs on two foreign entities following the impairment test exercise as specified below. New intangible assets with a finite life relating to the subsidiary HeidiPay Ltd, worth \u20ac7m92 and previously amortized for \u20ac0.7m, should be added to this. Regarding the ex-PPA intangible assets, currency exchange losses of \u20ac7.8m and amortization of customer lists of \u20ac2.9m were reported. Finally, software stock went from \u20ac70.4m to \u20ac80.8m after purchases of \u20ac25.3m and amortization of \u20ac14.9m. Among the purchases, the entry into production of CMB Monaco's new core banking business should be noted.
91 Extraordinary transactions should be understood as business combinations pursuant to IFRS3.
92 Allocated from the preliminary goodwill recognized as at 30 June last.
Specifically, the impairment test was rerun as at 31 December 2025, having been passed for all CGUs as at 30 June, despite some points for attention.
Considering that the new multi-year plan, arranged by the Parent Company, was only formulated on 26 February last, the same business plans as those used on 30 June last were used for the impairment test.
However, since examination of the performance of individual CGUs during the half-year revealed uncertainties regarding the ability to maintain adequate levels of profitability and value generation over the long term, consistent with existing plans, it was decided to adopt a prudential approach, applying a conservative estimate of long-term distributable profit to calculate the Terminal Value.
Market data were also adjusted, but no significant deviations were noted, particularly in market rates, although they decreased slightly compared to June 30 (see below).
Following this action, the recoverable value of two CGUs under review decreased compared to what emerged as at June 30, reaching a lower value than the related carrying amount, requiring an overall write-down of \u20ac63.5m.
10.2 Intangible assets: changes for the year | Goodwill | Intangible assets generated internally | Other intangible assets: other | Total |
| FIN | INDEF | FIN | INDEF |
| A. Balance at start of period | 856,839 | \u2014 | \u2014 | 438,712 | 142,397 | 1,437,948 |
| A.1 Decreases in total net value | \u2014 | \u2014 | \u2014 | 350,355 | \u2014 | 350,355 |
| A.2 Net opening amount | 856,839 | \u2014 | \u2014 | 88,357 | 142,397 | 1,087,593 |
| B. Increases | 71 | \u2014 | \u2014 | 32,382 | 28 | 32,481 |
| B.1 Purchases | \u2014 | \u2014 | \u2014 | 32,344 | 4 | 32,348 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | 7,000 | \u2014 | 7,000 |
| B.2 Increases of internal intangible assets | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.3 Writebacks | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Positive changes in fair value | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - equity | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - profit and loss | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.5 Currency exchange gains | 71 | \u2014 | \u2014 | 38 | 24 | 133 |
| B.6 Other changes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Decreases | 64,053 | \u2014 | \u2014 | 18,019 | 14,238 | 96,310 |
| C.1 Sales | 7,000 | \u2014 | \u2014 | \u2014 | \u2014 | 7,000 |
| - of which, business combinations* | 7,000 | \u2014 | \u2014 | \u2014 | \u2014 | 7,000 |
| C.2 Writebacks | 51,200 | \u2014 | \u2014 | 17,789 | 12,327 | 81,316 |
| - Amortization | X | \u2014 | \u2014 | 17,789 | \u2014 | 17,789 |
| - Write-downs | 51,200 | \u2014 | \u2014 | \u2014 | 12,327 | 63,527 |
| + equity | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| + profit and loss | 51,200 | \u2014 | \u2014 | \u2014 | 12,327 | 63,527 |
| C.3 Negative changes in fair value: | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - equity | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - profit and loss | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Transfer to non-current assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.5 Currency exchange losses | 5,853 | \u2014 | \u2014 | 228 | 1,911 | 7,992 |
| C.6 Other changes | \u2014 | \u2014 | \u2014 | 2 | \u2014 | 2 |
| D. Net inventories at end of period | 792,857 | \u2014 | \u2014 | 102,720 | 128,187 | 1,023,764 |
| D.1 Total net value adjustments | \u2014 | \u2014 | \u2014 | (372,104) | \u2014 | (372,104) |
| E. Gross inventories at end of period | 792,857 | \u2014 | \u2014 | 474,824 | 128,187 | 1,395,868 |
| F. Measured at cost | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
* An initial estimate of intangible assets with a finite life (i.e. \u20ac7m, previously amortized for \u20ac0.7m) allocated from the preliminary goodwill of HeidiPay AG recognized as at 30 June 2025, was made as at 31 December 2025. The Purchase Price Allocation process of this asset will be finalized during the next six-month period.
Information on intangible assets and goodwill
A table summarizing the effects of the PPA process for all the acquisitions carried out by Mediobanca and its subsidiaries over years is shown below:
Table 1: Summary of PPA effects: ITALIAN acquisitions
| \u00a0 | Linea | Soisy | IFID | Spafid Connect | Esperia |
| Acquisition date | 27 June 2008 | 10 October 2022 | 01 August 2014 | 18 June 2015 | 06 April 2017 |
| Price paid | 406,938 | 5,999 | 3,600 | 5,124 | 233,920 |
| of which: ancillary charges | 2,000 | \u2014 | 200 | \u2014 | \u2014 |
| Liabilities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Finite life intangible assets | (44,200) | (1,056) | (700) | (3,250) | (4,508) |
| no. of years amortization | 8 | 5 | 7 | 10 | 5 |
| Trademarks | (6,300) | \u2014 | \u2014 | \u2014 | (15,489) |
| Fair value adjustments | \u2014 | \u2014 | \u2014 | \u2014 | 11,232 |
| Imbalance of other assets (liabilities) | (2,659) | 1,152 | 420 | (466) | (176,585) |
| Tax effects | 12,155 | 349 | 220 | 934 | 6,613 |
| Total goodwill | 365,934 | 6,444 | 3,540 | 2,342 | 55,183 |
Table 1: Summary of PPA effects: NON-ITALIAN acquisitions| \u00a0 | Cairn | RAM (1) | MMA | Bybrook (Cairn)(2) | Arma Partners | Heidi Pay Switzerland |
| Acquisition date | 31 December 2015 | 28 February 2018 | 11 April 2019 | 31 August 2021 | 02 October 2023 | 16 October 2023 |
| Currency | GBP | CHF | EURO | GBP | GBP | CHF |
| Price consideration | 24,662 | 164,732 | 107,856 | 66,900 | 220,000 | 3,000 |
| of which: ancillary charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Liabilities | 20,813 | 46,850 | 54,540 | \u2014 | 11,400 | 4,098 |
| Indefinite life intangible assets | \u2014 | \u2014 | \u2014 | (58,903) | \u2014 | \u2014 |
| Finite life intangible assets | \u2014 | (2,398) | (11,330) | (8,455) | (5,300) | (2,530) |
| no. of years amortization | \u2014 | 5 | 8 | 10 | 7 | 10 |
| Trademarks | \u2014 | (37,395) | (10,230) | \u2014 | (24,600) | \u2014 |
| Fair value adjustments | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Imbalance of other assets (liabilities) | (8,345) | (6,852) | (13,353) | (3,759) | \u2014 | (96) |
| Tax effects | \u2014 | 7,163 | 6,684 | 15,934 | 7,500 | 380 |
| Total goodwill | 37,130 | 172,099 | 134,167 | 11,718 | 209,000 | 4,852 |
(1) All amounts are calculated pro rata (89.25%) acquired at the acquisition date.
(2) Bybrook\u2019s business and shares were acquired by Polus Capital Management (formerly Cairn Capital), in which Mediobanca S.p.A. holds an 89.07% stake.
The main acquisition transactions of Mediobanca and its subsidiaries are summarised below:
\u23afwith regard to Compass, goodwill relating to the Linea transaction (June 2008, amounting to \u20ac365.9m) and goodwill generated by the acquisition of Soisy S.p.A.93 (October 2022, amounting to \u20ac6.4m) remained the only intangible assets recognized in the CGU's financial statements;
\u23afthe acquisition of 50% of Banca Esperia shares held by Banca Mediolanum (April 2017) through payment of \u20ac141m resulted in goodwill of \u20ac52.1m divided into the Private Banking CGU (\u20ac29.4m) and the MidCap CGU (\u20ac22.7m); a trademark of \u20ac15.5m linked to the Private Banking activity and a customer list (originally valued at \u20ac4.5m and fully amortized);
\u23afthe acquisition of a 69.4% stake in RAM AI (February 2018) led to goodwill of CHF 172.1m (fully impaired over the years), a trademark with an indefinite life of CHF 41.9m (partially impaired and outstanding with a residual value of CHF
93 The company was merged into Compass Banca during financial year 2023/24.
11.5m, i.e. \u20ac12.3m at the exchange rate at 31 December 2025), and a customer list of CHF 2.7m (fully amortized). As at 31 December 2025, following the impairment test, there were no longer any goodwill or other intangible assets attributable to the CGU;
\u23afthe acquisition of a 66.4% stake in Messier Maris & Associ\u00e9s \u2013 MMA (April 2019, then renamed Messier & Associ\u00e9s in 2021 following the exit of the eponymous partner) for \u20ac107.9m, settled with 11,600,000 Mediobanca shares in the portfolio, along with a put and call option94 on the remaining capital, resulted in the recognition of goodwill of \u20ac134.2m, in addition to the trademark of \u20ac27.2m. On December 8 last, the equity partner exercised the Change of Control clause, provided for in the agreements signed in May 2024. This will result in an additional disbursement (\u20ac5.25m) at the end of March and the acceleration of other options, with the founder's exit from the shareholding structure, who will however remain as Chairman of the company with a new remuneration structure. As at 31 December, there was a liability of \u20ac19.3m to be paid upon dividend payout, and goodwill decreased from \u20ac93.2m to \u20ac42m following the impairment test, which, as mentioned, reflected lower prospective net profitability. It should be remembered that Messier & Associ\u00e9s SA recognized a trademark worth \u20ac17m; \u23afthe acquisition of Cairn Capital (December 2015) resulted in recognizing goodwill of \u00a337.1m; subsequently the Bybrook Capital LLP transaction (August 2021) resulted in the recognition of intangible assets related to asset management contracts totalling \u00a367.4m (of which \u00a358.9m with an indefinite life and \u00a38.5m with a finite life to be amortized over 10 years) in addition to goodwill of \u00a311.7m; as at 31 December, outstanding goodwill amounted to \u00a348.8m, intangible assets totalled \u00a363.7m, against contingent liabilities with respect to minority interests of \u00a323.7m;
\u23afthe acquisition of control (100% of Interest A) in the English company Arma Partners LLP95 (October 2023) led to a trademark worth \u00a324.6m and customer relationship worth \u00a35.3m (useful life of 7 years) and goodwill of \u00a3209m (converted to \u20ac244.3m). As at 31 December 2025, the consideration liability amounted to
94 Put and call options and consideration liabilities are recognised in the balance sheet at their estimated realisable value, taking into account the relevant contractual agreements.
95 Arma Partners LLP, in turn, held 100% of Arma Partners Corporate Finance Ltd (UK) and Arma Deutschland GmbH (Germany). Arma was established as a Limited Liability Partnership and the contractual agreements provide for two types of shareholdings: Interest \u201cA\u201d - assigned to Mediobanca - which give the right to receive an initial percentage of 30% (35% from the fourth year) of Arma\u2019s distributable profit, calculated as a fixed percentage of revenues in addition to governance rights sufficient to ensure full line-by-line consolidation and holding control from a legal, regulatory and accounting point of view; Interest \u201cB\u201d shares, which are held by the Partners and give them the right to receive the residual percentage of Arma\u2019s distributable profit (gross earnings of the company after the share due to partner A), in addition to certain governance rights with a specific impact on the Partners\u2019 economic rights.
\u00a385.2m96 (taking into account the payment of the second deferred tranche), goodwill remained unchanged at \u00a3209m, while other intangible assets decreased to \u00a328.2m;
\u23afCompass Banca's acquisition of 100% of the share capital of Heidi Pay Switzerland AG (October 2023, subsequently renamed HeyLight) led to a customer relationship worth CHF 2.5m (useful life of 10 years) and residual goodwill of CHF 4.9m, which was subsequently almost entirely absorbed by the cancellation of the deferred consideration liability, as established by the new agreements for the purchase of the residual share of HeidiPay AG; goodwill as at 31 December 2025 amounted to CHF 0.8m.
\u23afOn 30 June last, Compass Banca completed its acquisition of control of the holding company HeidiPay AG, over which the company had been exercising significant influence (acquired in July 2022) by acquiring an additional 59.8% stake in the company's capital (effective ownership percentage: 80.9%). The purchase price (CHF 9.1m) includes an earn-out if the company achieves certain targets related to the development of the credit portfolio, as well as a put and call option on the remaining 19.1%. Overall, the transaction gave rise to goodwill of CHF 34.6m (\u20ac37m at the exchange rate of 30 June 2025), which as at 31 December 2025, was partially allocated to intangible assets with a finite useful life related to the HeidiPay Ltd platform for a value of CHF 6.5m (\u20ac7m), which includes CHF 0.7m previously amortized. As at 31 December, the residual goodwill amounted to CHF 28m (\u20ac30.1m), against a deferred consideration liability valued at CHF 9m. These values are still subject to the related Purchase Price Allocation process, which will be finalized during the next six-month period.
96 When measuring goodwill (PPA), an estimate of the consideration liability was made based on the Plan in effect at that date; such estimate, however, is reviewed annually and the difference is recognized in the profit and loss account; the initial recognition value is later discounted. As at 30 June 2024, the liability was recognized at \u00a3110.8m, with a discounted value of \u00a3122.3m, after deducting the first payment of \u00a332.6m. During financial year 2024/25, the liability increased from \u00a3110.8m to \u00a3123.7m (\u00a383.4m after payment of the second tranche), reflecting Arma's strong performance (\u00a37.4m), the new approved plan, and the discounting effect (\u00a35.5m), resulting in a \u00a312.9m (\u20ac15.4m) impact through profit or loss over the 12-month period. During the six-month period from July to December 2025, the liability at 30/6/2025 increased to \u00a385.2m due to the interest rate effect for the period (\u00a31.8m).
* * *
The tables below show a list of the intangible assets with indefinite and finite useful lives acquired as part of M&A transactions and a summary of goodwill recognized in the accounts, broken down both by deal and cash-generating unit (CGU).
Table 2: Other intangible assets acquired as a result of extraordinary transactions
| Type | Deal | 31 December 2025 | 30 June 2025 |
| Customer relationships | \u00a0 | 89,331 | 86,730 |
| \u00a0 | CMB | 1,637 | 1,962 |
| \u00a0 | Polus (1) | 72,992 | 74,946 |
| \u00a0 | Messier et Associ\u00e9s | 1,772 | 2,480 |
| \u00a0 | Soisy | 389 | 462 |
| \u00a0 | HeyLight | 2,109 | 2,241 |
| \u00a0 | Arma Partners | 4,122 | 4,639 |
| \u00a0 | HeidiPay | 6,310 | \u2014 |
| Trademarks | \u00a0 | 43,680 | 56,545 |
| \u00a0 | MB Private Banking | 15,489 | 15,489 |
| \u00a0 | RAM Active Investments (1) | \u2014 | 12,302 |
| \u00a0 | Arma Partners (1) | 28,191 | 28,754 |
| Total PPA intangible assets | \u00a0 | 133,011 | 143,275 |
(1) Increase entirely attributable to the currency exchange effect.
Table 3: Goodwill| Deal | 31 December 2025 | 30 June 2025 |
| Consumer credit | 403,315 | 410,191 |
| - of which: Soisy | 6,444 | 6,444 |
| - of which: Compass-Linea | 365,934 | 365,934 |
| - of which: HeyLight (2) | 812 | 810 |
| - of which: HeidiPay AG (3) | 30,125 | 37,003 |
| Polus Capital Management (1) | 55,979 | 57,098 |
| MB Private Banking | 52,103 | 52,103 |
| Messier et Associ\u00e9s | 41,953 | 93,153 |
| Arma Partners | 239,507 | 244,294 |
| Total goodwill | 792,857 | 856,839 |
(1) Increase entirely attributable to the currency exchange effect.
(2) Decrease following the acquisition of HeidiPay AG, which resulted in the cancellation of the previous deferred consideration agreements related to Heylight, according to which goodwill of CHF 4.1m had been recognized.
(3) This includes CHF 2.4m (\u20ac2.6m) arising from the acquisition of Holipay by the subsidiary HeidiPay Ltd, prior to the closing of the Compass transaction.
Table 4: Summary of Cash Generating Units
| CGU | 31 December 2025 | 30 June 2025 |
| Consumer credit | 403,315 | 410,191 |
| Polus Capital Management (1) | 55,979 | 57,098 |
| MB Private Banking + AM | 29,453 | 29,453 |
| MB Mid Corporate | 22,650 | 22,650 |
| Messier et Associ\u00e9s | 41,953 | 93,153 |
| Arma Partners (1) | 239,507 | 244,294 |
| Total goodwill | 792,857 | 856,839 |
(1) Increase entirely attributable to the currency exchange effect.
Information on impairment testing
As stated in the Accounting Policies section, IAS36 requires any loss of value, or impairment, of individual tangible and intangible assets to be tested at least once a year, in preparing the annual Financial Statements, or more frequently if events or circumstances occur which suggest that there may have been a reduction in value. The impairment indicators monitoring is carried out on a semi-annual basis, as required by the aforementioned impairment policy.
If it is not realistically possible to establish the recoverable value of the individual asset directly, the standard allows the calculation to be made based on the recoverable
value of the cash-generating unit, or CGU, to which the asset belongs. A CGU is defined as the smallest identifiable group of assets able to generate cash flows that do not present synergies with the other parts of the company, and may be considered separately and sold individually.In order to establish the recoverable value relative to the book value at which the asset is recognized in the accounts, reference is made to the higher of the fair value of such asset (net of any sales costs) and its value. In particular, value in use was obtained by discounting the expected future cash flows from an asset or from a cash generating unit; cash flow projections must reflect reasonable assumptions and must therefore be based on recent budgets/forecasts approved by the Company\u2019s governing bodies; furthermore, assets must be discounted at a rate that includes the current cost of money and the specific risks associated with the business activity.
Mediobanca and its subsidiares adopted a policy, recently updated in order to transpose the formal changes relating to its new organizational structure, which regulates the impairment test process and incorporates the guidelines issued by Organismo Italiano di Valutazione (OIV, Italian Valuation Body), the suggestions of the ESMA and the Recommendations of national regulators. The recoverable value for goodwill has been estimated using the dividend discount model methodology, with the excess capital version applied which is commonly employed by financial institutions for this purpose for capital-intensive CGUs.
The cash flows have been projected over a time horizon of three years, based on the Group\u2019s strategic plans and the annual budgets formulated by the management of the individual CGUs concerned.
To estimate the cost of equity, which is determined via the Capital Asset Model (CAPM) in accordance with IAS36, certain parameters common to all CGUs have been used, namely:
\u23afthe risk-free rate which corresponds to the remuneration of exempt or minimum risk investments over a recent period of time not exceeding one year. In practice, it is generally identified with the yield on government bonds of the country in which the asset being valued resides;
\u23afthe market risk premium, i.e. the reward which investors require in order to increase the risk on their investments. Continuing the work done in the previous financial year, management used an unseparated equity risk premium equal to the premium for the US stock market risk estimated according to a historical data series
by the New York University - Stern School of Business, based on the difference between the return of the American stock market compared to return of the bond market since 1928 (geometric mean);
\u23afthe growth rate (g), to calculate the terminal value, using the so-called \u201cperpetuity\u201d methodology, established taking into account the inflation rate expected over the long term in the country where the specific CGU is based;
\u23afthe Beta parameter is different for different types of business estimated according to trends in the data series of returns for sample groups of listed companies comparable to those being valued and the respective data series of returns of market indices of the countries in which the companies are listed.
It should also be emphasized that in calculating the cost of equity (Ke), account must also be taken of risk specific to the CGU, if any, through an additional risk premium (alpha coefficient/factor) to take into account (specific and/or systematic) risk factors not perceived in the flows and/or not fully reflected by the underlying CAPM indicators. Senior management opted to increase the estimates of the opportunity cost of capital for all CGUs, except for the Consumer Banking CGU, by at least 1.02%.
Table 5: Cost of equity parameters per CGU| CGU | Risk-free rate | Equity risk premium | Beta 2y | Coefficient | Cost of equity | Expected growth rate |
| Rf | Erp | b | a | Ke | g |
| Consumer credit | 3.53 | 5.48 | 1.05 | \u2014 | 9.26 | 2.\u2013 |
| MB Private Banking | 3.53 | 5.48 | 1.02 | 1.02 | 10.12 | 2.\u2013 |
| MB Mid Corporate | 3.53 | 5.48 | 1.14 | 1.02 | 10.78 | 2.\u2013 |
| Polus Capital Management | 4.49 | 5.48 | 1.27 | 2.66 | 14.11 | 2.\u2013 |
| RAM Active Investments | 0.25 | 5.48 | 1.27 | 2.66 | 9.87 | 0.70 |
| Messier et Associ\u00e9s | 3.55 | 5.48 | 1.14 | 1.02 | 10.80 | 1.90 |
| Arma Partners | 4.49 | 5.48 | 1.14 | 1.02 | 11.74 | 2.\u2013 |
| 30 June 2025 |
| CGU | Risk-free rate | Equity risk premium | Beta 2y | Coefficient | Cost of equity | Expected growth rate |
| Rf | Erp | b | a | Ke | g |
| Consumer credit | 3.48 | 5.44 | 1.03 | \u2014 | 9.09 | 2.\u2013 |
| MB Private Banking | 3.48 | 5.44 | 1.03 | 1.50 | 10.56 | 2.\u2013 |
| MB Mid Corporate | 3.48 | 5.44 | 1.18 | 1.50 | 11.42 | 2.\u2013 |
| Polus Capital Management | 4.55 | 5.44 | 1.26 | 3.20 | 14.59 | 2.\u2013 |
| RAM Active Investments | 0.31 | 5.44 | 1.26 | 3.20 | 10.35 | 2.04 |
| Messier et Associ\u00e9s | 3.23 | 5.44 | 1.18 | 1.50 | 11.18 | 1.94 |
| Arma Partners | 4.55 | 5.44 | 1.18 | 1.50 | 12.49 | 2.\u2013 |
Compared to the previous year, the Cost of Equity of all CGUs, with the exception of the Consumer CGU, decreased despite the slight increase in the Equity Risk Premium. Risk-free rates (calculated \u2013 in line with the previous financial year \u2013 as the one-month average at the impairment test date of the daily yields to maturity of the 10-year government benchmarks where the CGU being valued was located) increased slightly for Italy (from 3.48% to 3.53%) and France (from 3.23% to 3.55%), while they decreased for Switzerland (from 0.31% to 0.25%) and the United Kingdom (from 4.55% to 4.49%). With regard to the Equity Risk Premium, the reference for all the CGUs was the long-term historical average of the risk premiums observed in the US market (i.e. 5.48%; approximately 4 bps more than at 30 June 2025) as representative of the premium associated with the global investment in the market stock. All Betas slightly decreased with the exception of the Consumer credit, Polus and RAM CGUs. Finally, the growth rate (g), equal to the expected long-term inflation rate in the countries of residence of the CGUs, was set at 2% for Italy and the UK, at 0.7% for Switzerland, and 1.90% for France.
The adoption of the valuation formula requires estimating the present value of the expected flows of each CGU beyond the explicit forecast period (the plan period) which defines the so-called terminal value. With regard to Terminal Value, it should be noted that it was obtained by capitalizing the average of distributable profits over
the last two or three years of the Plan, which, on a prudential basis, was considered the value that best reflected a normalized cash flow that took into account the income prospects of individual CGUs according to an across-the-cycle approach. The only two exceptions were the Messier & Associ\u00e9s and RAM CGUs, for which, given the volatility of business and less robust future outlook than expected, it was deemed appropriate to prudently use the average for the 2024-2028 period.All the Mediobanca Group's CGUs, with the exception of Messier & Associ\u00e9s and RAM, passed the impairment test, as their value in use exceeded their carrying amounts as at 30 June 2025.
This situation is borne out by the sensitivity analysis conducted on the following variables:
\u2014Cost of equity +/- 0.25%, with an overall increase and decrease of up to 50 bps;
\u2014Long-term growth rate +/- 0.20%, with an overall increase and decrease of up to 60 bps;
\u2014Flow distributable at terminal value +/-5%, with an overall increase and decrease of up to 10%.
Regarding the brands, valuations were newly made based on the royalty relief method, whereby the brand\u2019s value is obtained from the discounted value of the income deriving from it, which in turn is estimated as the product of the royalty rate implied in the valuations of the respective brands made during the PPA process (Business Combinations under IFRS3) and the value of the operating income. The terminal value of the Private Banking (\u20ac15.5m), Messier et Associ\u00e9s (\u20ac17m), and Arma Partners (\u20ac28.2m) brands were confirmed.
Moreover, a further impairment test (referred to as Level 2 impairment test) was carried out by verifying whether the value in use of the various operating segments (Consumer Banking, Wealth Management and Corporate and Investment Banking), taking into account the allocation of all the corporate costs of the Holding Functions, was higher than the respective carrying amount, computed as the sum of absorbed regulatory capital integrated with goodwill and other allocated intangibles. The impairment test was passed by all three operating segments.
Lastly, an analysis of the fairness of Mediobanca and its subsidires\u2019 value - obtained as the sum of parts - and the stock market prices and target prices stated by financial analysts was conducted. With regard to the performance of stock market prices and the Price to Book value indicator, it should be noted that at the closing date of the financial year (31 December 2025) the stock was listed at \u20ac17.8, well above the Mediobanca Group\u2019s equity per share.
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"value": "SECTION 10Heading 100: Intangible assets
Intangible assets with indefinite duration consist of Goodwill, Brands, Contracts acquired as part of business combinations, client lists acquired in extraordinary transactions91, and software. For details on the methods by which Intangible Assets are valued, reference is made to Part A \u2013 Accounting Policies.
10.1 Intangible assets: by type of asset
| Assets/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Finite life | Indefinite life | Finite life | Indefinite life |
| A.1 Goodwill | X | 792,857 | X | 856,839 |
| A.1.1 attributable to the group | X | 792,857 | X | 856,839 |
| A.1.2 attributable to minority interests | X | \u2014 | X | \u2014 |
| A.2 Other intangible assets | 102,720 | 128,187 | 88,357 | 142,397 |
| of which: software | 80,846 | \u2014 | 70,415 | \u2014 |
| A.2.1 Assets measured at cost: | 102,720 | 128,187 | 88,357 | 142,397 |
| a) Intangible assets generated internally | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Other assets | 102,720 | 128,187 | 88,357 | 142,397 |
| A.2.2 Assets measured at fair value: | \u2014 | \u2014 | \u2014 | \u2014 |
| a) Intangible assets generated internally | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Other assets | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 102,720 | 921,044 | 88,357 | 999,236 |
Intangible assets decreased from \u20ac1,087.6m to \u20ac1,023.8m after including \u20ac63.5m in write-downs on two foreign entities following the impairment test exercise as specified below. New intangible assets with a finite life relating to the subsidiary HeidiPay Ltd, worth \u20ac7m92 and previously amortized for \u20ac0.7m, should be added to this. Regarding the ex-PPA intangible assets, currency exchange losses of \u20ac7.8m and amortization of customer lists of \u20ac2.9m were reported. Finally, software stock went from \u20ac70.4m to \u20ac80.8m after purchases of \u20ac25.3m and amortization of \u20ac14.9m. Among the purchases, the entry into production of CMB Monaco's new core banking business should be noted.
91 Extraordinary transactions should be understood as business combinations pursuant to IFRS3.
92 Allocated from the preliminary goodwill recognized as at 30 June last.
Specifically, the impairment test was rerun as at 31 December 2025, having been passed for all CGUs as at 30 June, despite some points for attention.
Considering that the new multi-year plan, arranged by the Parent Company, was only formulated on 26 February last, the same business plans as those used on 30 June last were used for the impairment test.
However, since examination of the performance of individual CGUs during the half-year revealed uncertainties regarding the ability to maintain adequate levels of profitability and value generation over the long term, consistent with existing plans, it was decided to adopt a prudential approach, applying a conservative estimate of long-term distributable profit to calculate the Terminal Value.
Market data were also adjusted, but no significant deviations were noted, particularly in market rates, although they decreased slightly compared to June 30 (see below).
Following this action, the recoverable value of two CGUs under review decreased compared to what emerged as at June 30, reaching a lower value than the related carrying amount, requiring an overall write-down of \u20ac63.5m.
10.2 Intangible assets: changes for the year | Goodwill | Intangible assets generated internally | Other intangible assets: other | Total |
| FIN | INDEF | FIN | INDEF |
| A. Balance at start of period | 856,839 | \u2014 | \u2014 | 438,712 | 142,397 | 1,437,948 |
| A.1 Decreases in total net value | \u2014 | \u2014 | \u2014 | 350,355 | \u2014 | 350,355 |
| A.2 Net opening amount | 856,839 | \u2014 | \u2014 | 88,357 | 142,397 | 1,087,593 |
| B. Increases | 71 | \u2014 | \u2014 | 32,382 | 28 | 32,481 |
| B.1 Purchases | \u2014 | \u2014 | \u2014 | 32,344 | 4 | 32,348 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | 7,000 | \u2014 | 7,000 |
| B.2 Increases of internal intangible assets | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.3 Writebacks | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Positive changes in fair value | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - equity | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - profit and loss | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.5 Currency exchange gains | 71 | \u2014 | \u2014 | 38 | 24 | 133 |
| B.6 Other changes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Decreases | 64,053 | \u2014 | \u2014 | 18,019 | 14,238 | 96,310 |
| C.1 Sales | 7,000 | \u2014 | \u2014 | \u2014 | \u2014 | 7,000 |
| - of which, business combinations* | 7,000 | \u2014 | \u2014 | \u2014 | \u2014 | 7,000 |
| C.2 Writebacks | 51,200 | \u2014 | \u2014 | 17,789 | 12,327 | 81,316 |
| - Amortization | X | \u2014 | \u2014 | 17,789 | \u2014 | 17,789 |
| - Write-downs | 51,200 | \u2014 | \u2014 | \u2014 | 12,327 | 63,527 |
| + equity | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| + profit and loss | 51,200 | \u2014 | \u2014 | \u2014 | 12,327 | 63,527 |
| C.3 Negative changes in fair value: | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - equity | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - profit and loss | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.4 Transfer to non-current assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.5 Currency exchange losses | 5,853 | \u2014 | \u2014 | 228 | 1,911 | 7,992 |
| C.6 Other changes | \u2014 | \u2014 | \u2014 | 2 | \u2014 | 2 |
| D. Net inventories at end of period | 792,857 | \u2014 | \u2014 | 102,720 | 128,187 | 1,023,764 |
| D.1 Total net value adjustments | \u2014 | \u2014 | \u2014 | (372,104) | \u2014 | (372,104) |
| E. Gross inventories at end of period | 792,857 | \u2014 | \u2014 | 474,824 | 128,187 | 1,395,868 |
| F. Measured at cost | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
* An initial estimate of intangible assets with a finite life (i.e. \u20ac7m, previously amortized for \u20ac0.7m) allocated from the preliminary goodwill of HeidiPay AG recognized as at 30 June 2025, was made as at 31 December 2025. The Purchase Price Allocation process of this asset will be finalized during the next six-month period.
Information on intangible assets and goodwill
A table summarizing the effects of the PPA process for all the acquisitions carried out by Mediobanca and its subsidiaries over years is shown below:
Table 1: Summary of PPA effects: ITALIAN acquisitions
| \u00a0 | Linea | Soisy | IFID | Spafid Connect | Esperia |
| Acquisition date | 27 June 2008 | 10 October 2022 | 01 August 2014 | 18 June 2015 | 06 April 2017 |
| Price paid | 406,938 | 5,999 | 3,600 | 5,124 | 233,920 |
| of which: ancillary charges | 2,000 | \u2014 | 200 | \u2014 | \u2014 |
| Liabilities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Finite life intangible assets | (44,200) | (1,056) | (700) | (3,250) | (4,508) |
| no. of years amortization | 8 | 5 | 7 | 10 | 5 |
| Trademarks | (6,300) | \u2014 | \u2014 | \u2014 | (15,489) |
| Fair value adjustments | \u2014 | \u2014 | \u2014 | \u2014 | 11,232 |
| Imbalance of other assets (liabilities) | (2,659) | 1,152 | 420 | (466) | (176,585) |
| Tax effects | 12,155 | 349 | 220 | 934 | 6,613 |
| Total goodwill | 365,934 | 6,444 | 3,540 | 2,342 | 55,183 |
Table 1: Summary of PPA effects: NON-ITALIAN acquisitions| \u00a0 | Cairn | RAM (1) | MMA | Bybrook (Cairn)(2) | Arma Partners | Heidi Pay Switzerland |
| Acquisition date | 31 December 2015 | 28 February 2018 | 11 April 2019 | 31 August 2021 | 02 October 2023 | 16 October 2023 |
| Currency | GBP | CHF | EURO | GBP | GBP | CHF |
| Price consideration | 24,662 | 164,732 | 107,856 | 66,900 | 220,000 | 3,000 |
| of which: ancillary charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Liabilities | 20,813 | 46,850 | 54,540 | \u2014 | 11,400 | 4,098 |
| Indefinite life intangible assets | \u2014 | \u2014 | \u2014 | (58,903) | \u2014 | \u2014 |
| Finite life intangible assets | \u2014 | (2,398) | (11,330) | (8,455) | (5,300) | (2,530) |
| no. of years amortization | \u2014 | 5 | 8 | 10 | 7 | 10 |
| Trademarks | \u2014 | (37,395) | (10,230) | \u2014 | (24,600) | \u2014 |
| Fair value adjustments | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Imbalance of other assets (liabilities) | (8,345) | (6,852) | (13,353) | (3,759) | \u2014 | (96) |
| Tax effects | \u2014 | 7,163 | 6,684 | 15,934 | 7,500 | 380 |
| Total goodwill | 37,130 | 172,099 | 134,167 | 11,718 | 209,000 | 4,852 |
(1) All amounts are calculated pro rata (89.25%) acquired at the acquisition date.
(2) Bybrook\u2019s business and shares were acquired by Polus Capital Management (formerly Cairn Capital), in which Mediobanca S.p.A. holds an 89.07% stake.
The main acquisition transactions of Mediobanca and its subsidiaries are summarised below:
\u23afwith regard to Compass, goodwill relating to the Linea transaction (June 2008, amounting to \u20ac365.9m) and goodwill generated by the acquisition of Soisy S.p.A.93 (October 2022, amounting to \u20ac6.4m) remained the only intangible assets recognized in the CGU's financial statements;
\u23afthe acquisition of 50% of Banca Esperia shares held by Banca Mediolanum (April 2017) through payment of \u20ac141m resulted in goodwill of \u20ac52.1m divided into the Private Banking CGU (\u20ac29.4m) and the MidCap CGU (\u20ac22.7m); a trademark of \u20ac15.5m linked to the Private Banking activity and a customer list (originally valued at \u20ac4.5m and fully amortized);
\u23afthe acquisition of a 69.4% stake in RAM AI (February 2018) led to goodwill of CHF 172.1m (fully impaired over the years), a trademark with an indefinite life of CHF 41.9m (partially impaired and outstanding with a residual value of CHF
93 The company was merged into Compass Banca during financial year 2023/24.
11.5m, i.e. \u20ac12.3m at the exchange rate at 31 December 2025), and a customer list of CHF 2.7m (fully amortized). As at 31 December 2025, following the impairment test, there were no longer any goodwill or other intangible assets attributable to the CGU;
\u23afthe acquisition of a 66.4% stake in Messier Maris & Associ\u00e9s \u2013 MMA (April 2019, then renamed Messier & Associ\u00e9s in 2021 following the exit of the eponymous partner) for \u20ac107.9m, settled with 11,600,000 Mediobanca shares in the portfolio, along with a put and call option94 on the remaining capital, resulted in the recognition of goodwill of \u20ac134.2m, in addition to the trademark of \u20ac27.2m. On December 8 last, the equity partner exercised the Change of Control clause, provided for in the agreements signed in May 2024. This will result in an additional disbursement (\u20ac5.25m) at the end of March and the acceleration of other options, with the founder's exit from the shareholding structure, who will however remain as Chairman of the company with a new remuneration structure. As at 31 December, there was a liability of \u20ac19.3m to be paid upon dividend payout, and goodwill decreased from \u20ac93.2m to \u20ac42m following the impairment test, which, as mentioned, reflected lower prospective net profitability. It should be remembered that Messier & Associ\u00e9s SA recognized a trademark worth \u20ac17m; \u23afthe acquisition of Cairn Capital (December 2015) resulted in recognizing goodwill of \u00a337.1m; subsequently the Bybrook Capital LLP transaction (August 2021) resulted in the recognition of intangible assets related to asset management contracts totalling \u00a367.4m (of which \u00a358.9m with an indefinite life and \u00a38.5m with a finite life to be amortized over 10 years) in addition to goodwill of \u00a311.7m; as at 31 December, outstanding goodwill amounted to \u00a348.8m, intangible assets totalled \u00a363.7m, against contingent liabilities with respect to minority interests of \u00a323.7m;
\u23afthe acquisition of control (100% of Interest A) in the English company Arma Partners LLP95 (October 2023) led to a trademark worth \u00a324.6m and customer relationship worth \u00a35.3m (useful life of 7 years) and goodwill of \u00a3209m (converted to \u20ac244.3m). As at 31 December 2025, the consideration liability amounted to
94 Put and call options and consideration liabilities are recognised in the balance sheet at their estimated realisable value, taking into account the relevant contractual agreements.
95 Arma Partners LLP, in turn, held 100% of Arma Partners Corporate Finance Ltd (UK) and Arma Deutschland GmbH (Germany). Arma was established as a Limited Liability Partnership and the contractual agreements provide for two types of shareholdings: Interest \u201cA\u201d - assigned to Mediobanca - which give the right to receive an initial percentage of 30% (35% from the fourth year) of Arma\u2019s distributable profit, calculated as a fixed percentage of revenues in addition to governance rights sufficient to ensure full line-by-line consolidation and holding control from a legal, regulatory and accounting point of view; Interest \u201cB\u201d shares, which are held by the Partners and give them the right to receive the residual percentage of Arma\u2019s distributable profit (gross earnings of the company after the share due to partner A), in addition to certain governance rights with a specific impact on the Partners\u2019 economic rights.
\u00a385.2m96 (taking into account the payment of the second deferred tranche), goodwill remained unchanged at \u00a3209m, while other intangible assets decreased to \u00a328.2m;
\u23afCompass Banca's acquisition of 100% of the share capital of Heidi Pay Switzerland AG (October 2023, subsequently renamed HeyLight) led to a customer relationship worth CHF 2.5m (useful life of 10 years) and residual goodwill of CHF 4.9m, which was subsequently almost entirely absorbed by the cancellation of the deferred consideration liability, as established by the new agreements for the purchase of the residual share of HeidiPay AG; goodwill as at 31 December 2025 amounted to CHF 0.8m.
\u23afOn 30 June last, Compass Banca completed its acquisition of control of the holding company HeidiPay AG, over which the company had been exercising significant influence (acquired in July 2022) by acquiring an additional 59.8% stake in the company's capital (effective ownership percentage: 80.9%). The purchase price (CHF 9.1m) includes an earn-out if the company achieves certain targets related to the development of the credit portfolio, as well as a put and call option on the remaining 19.1%. Overall, the transaction gave rise to goodwill of CHF 34.6m (\u20ac37m at the exchange rate of 30 June 2025), which as at 31 December 2025, was partially allocated to intangible assets with a finite useful life related to the HeidiPay Ltd platform for a value of CHF 6.5m (\u20ac7m), which includes CHF 0.7m previously amortized. As at 31 December, the residual goodwill amounted to CHF 28m (\u20ac30.1m), against a deferred consideration liability valued at CHF 9m. These values are still subject to the related Purchase Price Allocation process, which will be finalized during the next six-month period.
96 When measuring goodwill (PPA), an estimate of the consideration liability was made based on the Plan in effect at that date; such estimate, however, is reviewed annually and the difference is recognized in the profit and loss account; the initial recognition value is later discounted. As at 30 June 2024, the liability was recognized at \u00a3110.8m, with a discounted value of \u00a3122.3m, after deducting the first payment of \u00a332.6m. During financial year 2024/25, the liability increased from \u00a3110.8m to \u00a3123.7m (\u00a383.4m after payment of the second tranche), reflecting Arma's strong performance (\u00a37.4m), the new approved plan, and the discounting effect (\u00a35.5m), resulting in a \u00a312.9m (\u20ac15.4m) impact through profit or loss over the 12-month period. During the six-month period from July to December 2025, the liability at 30/6/2025 increased to \u00a385.2m due to the interest rate effect for the period (\u00a31.8m).
* * *
The tables below show a list of the intangible assets with indefinite and finite useful lives acquired as part of M&A transactions and a summary of goodwill recognized in the accounts, broken down both by deal and cash-generating unit (CGU).
Table 2: Other intangible assets acquired as a result of extraordinary transactions
| Type | Deal | 31 December 2025 | 30 June 2025 |
| Customer relationships | \u00a0 | 89,331 | 86,730 |
| \u00a0 | CMB | 1,637 | 1,962 |
| \u00a0 | Polus (1) | 72,992 | 74,946 |
| \u00a0 | Messier et Associ\u00e9s | 1,772 | 2,480 |
| \u00a0 | Soisy | 389 | 462 |
| \u00a0 | HeyLight | 2,109 | 2,241 |
| \u00a0 | Arma Partners | 4,122 | 4,639 |
| \u00a0 | HeidiPay | 6,310 | \u2014 |
| Trademarks | \u00a0 | 43,680 | 56,545 |
| \u00a0 | MB Private Banking | 15,489 | 15,489 |
| \u00a0 | RAM Active Investments (1) | \u2014 | 12,302 |
| \u00a0 | Arma Partners (1) | 28,191 | 28,754 |
| Total PPA intangible assets | \u00a0 | 133,011 | 143,275 |
(1) Increase entirely attributable to the currency exchange effect.
Table 3: Goodwill| Deal | 31 December 2025 | 30 June 2025 |
| Consumer credit | 403,315 | 410,191 |
| - of which: Soisy | 6,444 | 6,444 |
| - of which: Compass-Linea | 365,934 | 365,934 |
| - of which: HeyLight (2) | 812 | 810 |
| - of which: HeidiPay AG (3) | 30,125 | 37,003 |
| Polus Capital Management (1) | 55,979 | 57,098 |
| MB Private Banking | 52,103 | 52,103 |
| Messier et Associ\u00e9s | 41,953 | 93,153 |
| Arma Partners | 239,507 | 244,294 |
| Total goodwill | 792,857 | 856,839 |
(1) Increase entirely attributable to the currency exchange effect.
(2) Decrease following the acquisition of HeidiPay AG, which resulted in the cancellation of the previous deferred consideration agreements related to Heylight, according to which goodwill of CHF 4.1m had been recognized.
(3) This includes CHF 2.4m (\u20ac2.6m) arising from the acquisition of Holipay by the subsidiary HeidiPay Ltd, prior to the closing of the Compass transaction.
Table 4: Summary of Cash Generating Units
| CGU | 31 December 2025 | 30 June 2025 |
| Consumer credit | 403,315 | 410,191 |
| Polus Capital Management (1) | 55,979 | 57,098 |
| MB Private Banking + AM | 29,453 | 29,453 |
| MB Mid Corporate | 22,650 | 22,650 |
| Messier et Associ\u00e9s | 41,953 | 93,153 |
| Arma Partners (1) | 239,507 | 244,294 |
| Total goodwill | 792,857 | 856,839 |
(1) Increase entirely attributable to the currency exchange effect.
Information on impairment testing
As stated in the Accounting Policies section, IAS36 requires any loss of value, or impairment, of individual tangible and intangible assets to be tested at least once a year, in preparing the annual Financial Statements, or more frequently if events or circumstances occur which suggest that there may have been a reduction in value. The impairment indicators monitoring is carried out on a semi-annual basis, as required by the aforementioned impairment policy.
If it is not realistically possible to establish the recoverable value of the individual asset directly, the standard allows the calculation to be made based on the recoverable
value of the cash-generating unit, or CGU, to which the asset belongs. A CGU is defined as the smallest identifiable group of assets able to generate cash flows that do not present synergies with the other parts of the company, and may be considered separately and sold individually.In order to establish the recoverable value relative to the book value at which the asset is recognized in the accounts, reference is made to the higher of the fair value of such asset (net of any sales costs) and its value. In particular, value in use was obtained by discounting the expected future cash flows from an asset or from a cash generating unit; cash flow projections must reflect reasonable assumptions and must therefore be based on recent budgets/forecasts approved by the Company\u2019s governing bodies; furthermore, assets must be discounted at a rate that includes the current cost of money and the specific risks associated with the business activity.
Mediobanca and its subsidiares adopted a policy, recently updated in order to transpose the formal changes relating to its new organizational structure, which regulates the impairment test process and incorporates the guidelines issued by Organismo Italiano di Valutazione (OIV, Italian Valuation Body), the suggestions of the ESMA and the Recommendations of national regulators. The recoverable value for goodwill has been estimated using the dividend discount model methodology, with the excess capital version applied which is commonly employed by financial institutions for this purpose for capital-intensive CGUs.
The cash flows have been projected over a time horizon of three years, based on the Group\u2019s strategic plans and the annual budgets formulated by the management of the individual CGUs concerned.
To estimate the cost of equity, which is determined via the Capital Asset Model (CAPM) in accordance with IAS36, certain parameters common to all CGUs have been used, namely:
\u23afthe risk-free rate which corresponds to the remuneration of exempt or minimum risk investments over a recent period of time not exceeding one year. In practice, it is generally identified with the yield on government bonds of the country in which the asset being valued resides;
\u23afthe market risk premium, i.e. the reward which investors require in order to increase the risk on their investments. Continuing the work done in the previous financial year, management used an unseparated equity risk premium equal to the premium for the US stock market risk estimated according to a historical data series
by the New York University - Stern School of Business, based on the difference between the return of the American stock market compared to return of the bond market since 1928 (geometric mean);
\u23afthe growth rate (g), to calculate the terminal value, using the so-called \u201cperpetuity\u201d methodology, established taking into account the inflation rate expected over the long term in the country where the specific CGU is based;
\u23afthe Beta parameter is different for different types of business estimated according to trends in the data series of returns for sample groups of listed companies comparable to those being valued and the respective data series of returns of market indices of the countries in which the companies are listed.
It should also be emphasized that in calculating the cost of equity (Ke), account must also be taken of risk specific to the CGU, if any, through an additional risk premium (alpha coefficient/factor) to take into account (specific and/or systematic) risk factors not perceived in the flows and/or not fully reflected by the underlying CAPM indicators. Senior management opted to increase the estimates of the opportunity cost of capital for all CGUs, except for the Consumer Banking CGU, by at least 1.02%.
Table 5: Cost of equity parameters per CGU| CGU | Risk-free rate | Equity risk premium | Beta 2y | Coefficient | Cost of equity | Expected growth rate |
| Rf | Erp | b | a | Ke | g |
| Consumer credit | 3.53 | 5.48 | 1.05 | \u2014 | 9.26 | 2.\u2013 |
| MB Private Banking | 3.53 | 5.48 | 1.02 | 1.02 | 10.12 | 2.\u2013 |
| MB Mid Corporate | 3.53 | 5.48 | 1.14 | 1.02 | 10.78 | 2.\u2013 |
| Polus Capital Management | 4.49 | 5.48 | 1.27 | 2.66 | 14.11 | 2.\u2013 |
| RAM Active Investments | 0.25 | 5.48 | 1.27 | 2.66 | 9.87 | 0.70 |
| Messier et Associ\u00e9s | 3.55 | 5.48 | 1.14 | 1.02 | 10.80 | 1.90 |
| Arma Partners | 4.49 | 5.48 | 1.14 | 1.02 | 11.74 | 2.\u2013 |
| 30 June 2025 |
| CGU | Risk-free rate | Equity risk premium | Beta 2y | Coefficient | Cost of equity | Expected growth rate |
| Rf | Erp | b | a | Ke | g |
| Consumer credit | 3.48 | 5.44 | 1.03 | \u2014 | 9.09 | 2.\u2013 |
| MB Private Banking | 3.48 | 5.44 | 1.03 | 1.50 | 10.56 | 2.\u2013 |
| MB Mid Corporate | 3.48 | 5.44 | 1.18 | 1.50 | 11.42 | 2.\u2013 |
| Polus Capital Management | 4.55 | 5.44 | 1.26 | 3.20 | 14.59 | 2.\u2013 |
| RAM Active Investments | 0.31 | 5.44 | 1.26 | 3.20 | 10.35 | 2.04 |
| Messier et Associ\u00e9s | 3.23 | 5.44 | 1.18 | 1.50 | 11.18 | 1.94 |
| Arma Partners | 4.55 | 5.44 | 1.18 | 1.50 | 12.49 | 2.\u2013 |
Compared to the previous year, the Cost of Equity of all CGUs, with the exception of the Consumer CGU, decreased despite the slight increase in the Equity Risk Premium. Risk-free rates (calculated \u2013 in line with the previous financial year \u2013 as the one-month average at the impairment test date of the daily yields to maturity of the 10-year government benchmarks where the CGU being valued was located) increased slightly for Italy (from 3.48% to 3.53%) and France (from 3.23% to 3.55%), while they decreased for Switzerland (from 0.31% to 0.25%) and the United Kingdom (from 4.55% to 4.49%). With regard to the Equity Risk Premium, the reference for all the CGUs was the long-term historical average of the risk premiums observed in the US market (i.e. 5.48%; approximately 4 bps more than at 30 June 2025) as representative of the premium associated with the global investment in the market stock. All Betas slightly decreased with the exception of the Consumer credit, Polus and RAM CGUs. Finally, the growth rate (g), equal to the expected long-term inflation rate in the countries of residence of the CGUs, was set at 2% for Italy and the UK, at 0.7% for Switzerland, and 1.90% for France.
The adoption of the valuation formula requires estimating the present value of the expected flows of each CGU beyond the explicit forecast period (the plan period) which defines the so-called terminal value. With regard to Terminal Value, it should be noted that it was obtained by capitalizing the average of distributable profits over
the last two or three years of the Plan, which, on a prudential basis, was considered the value that best reflected a normalized cash flow that took into account the income prospects of individual CGUs according to an across-the-cycle approach. The only two exceptions were the Messier & Associ\u00e9s and RAM CGUs, for which, given the volatility of business and less robust future outlook than expected, it was deemed appropriate to prudently use the average for the 2024-2028 period.All the Mediobanca Group's CGUs, with the exception of Messier & Associ\u00e9s and RAM, passed the impairment test, as their value in use exceeded their carrying amounts as at 30 June 2025.
This situation is borne out by the sensitivity analysis conducted on the following variables:
\u2014Cost of equity +/- 0.25%, with an overall increase and decrease of up to 50 bps;
\u2014Long-term growth rate +/- 0.20%, with an overall increase and decrease of up to 60 bps;
\u2014Flow distributable at terminal value +/-5%, with an overall increase and decrease of up to 10%.
Regarding the brands, valuations were newly made based on the royalty relief method, whereby the brand\u2019s value is obtained from the discounted value of the income deriving from it, which in turn is estimated as the product of the royalty rate implied in the valuations of the respective brands made during the PPA process (Business Combinations under IFRS3) and the value of the operating income. The terminal value of the Private Banking (\u20ac15.5m), Messier et Associ\u00e9s (\u20ac17m), and Arma Partners (\u20ac28.2m) brands were confirmed.
Moreover, a further impairment test (referred to as Level 2 impairment test) was carried out by verifying whether the value in use of the various operating segments (Consumer Banking, Wealth Management and Corporate and Investment Banking), taking into account the allocation of all the corporate costs of the Holding Functions, was higher than the respective carrying amount, computed as the sum of absorbed regulatory capital integrated with goodwill and other allocated intangibles. The impairment test was passed by all three operating segments.
Lastly, an analysis of the fairness of Mediobanca and its subsidires\u2019 value - obtained as the sum of parts - and the stock market prices and target prices stated by financial analysts was conducted. With regard to the performance of stock market prices and the Price to Book value indicator, it should be noted that at the closing date of the financial year (31 December 2025) the stock was listed at \u20ac17.8, well above the Mediobanca Group\u2019s equity per share.
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"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
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"v1-page446-cflshid_159835-tag470130": {
"value": "SECTION 11Assets heading 110 and liabilities heading 60: Tax assets and liabilities 11.1 Deferred tax assets: breakdown
| Total | Total |
| 31 December 2025 | 30 June 2025 |
| - Against Profit and Loss | 261,257 | 256,222 |
| - Against Equity | 17,115 | 47,149 |
| Total | 278,372 | 303,371 |
All deferred tax assets qualifying as \u201cineligible\u201d were subjected to a \u201cprobability test\u201d, i.e. an annual assessment as to the probability of recovering them on the part of the Parent Company, Banca Monte dei Paschi di Siena.
| \u00a0 | 31 December 2025 | 30 June 2025 |
| A - Gross advance tax assets | 278,372 | 303,371 |
| Loan loss provisions (*) | 150,086 | 128,832 |
| Provisions for sundry risks and charges | 15,621 | 15,172 |
| Goodwill and other intangible assets (**) | 85,904 | 90,081 |
| Financial instruments recognized at FVOCI | 25,012 | 57,868 |
| Tax losses | 1,361 | 635 |
| Other | 388 | 10,783 |
| B - Offset by deferred tax liabilities | \u2014 | \u2014 |
| C - Net advance tax assets | 278,372 | 303,371 |
(*) Among other figures, this item includes: i) prepaid taxes recognized on write-downs and losses on loans to customers, which will be absorbed by 31 December 2029 according to the plan pursuant to Article 16 of Law-Decree No. 83/2015, as amended; ii) prepaid taxes recognized on the components allocated to the provision for expected credit losses upon IFRS9 FTA, which will be absorbed in tenths by 31 December 2029.
(**) This figure mainly includes goodwill redemptions on the Compass / Linea merger transaction (\u20ac80m), of which \u20ac67.6m pursuant to Article 110 of Law-Decree No. 104/2020 with an amortization period of 18 years and \u20ac12.4m pursuant to Article 176 of Presidential Decree No. 917/1986.
11.2 Deferred tax liabilities: breakdown | Total | Total |
| 31 December 2025 | 30 June 2025 |
| - Against Profit and Loss | 372,748 | 357,026 |
| - Against Equity | 93,640 | 72,800 |
| Total | 466,388 | 429,826 |
11.3 Changes in deferred tax assets during the period (against profit and loss)
| Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Opening balance | 256,222 | 383,359 |
| 2. Increases | 23,579 | 11,332 |
| 2.1 Prepaid taxes recorded during the year | 19,376 | 9,953 |
| a) relating to prior years | \u2014 | \u2014 |
| b) due to changes in accounting policies | \u2014 | \u2014 |
| c) writebacks | \u2014 | \u2014 |
| d) other | 19,376 | 9,953 |
| 2.2 New taxes or increases in tax rates | 3,953 | \u2014 |
| 2.3 Other increases | 250 | 1,379 |
| 3. Decreases | 18,544 | 138,469 |
| 3.1 Prepaid taxes cancelled during the year | 16,039 | 131,678 |
| a) reversals | 15,959 | 131,254 |
| b) write-downs due to non-recoverable items | \u2014 | \u2014 |
| c) changes in accounting policies | \u2014 | \u2014 |
| d) other | 80 | 424 |
| 3.2 Reductions in tax rates | \u2014 | \u2014 |
| 3.3 Other decreases: | 2,505 | 6,791 |
| a) conversion into tax receivables pursuant to Italian Law No. 214/2011 | \u2014 | \u2014 |
| b) other | 2,505 | 6,791 |
| 4. Closing balance | 261,257 | 256,222 |
11.4 Changes in deferred tax assets pursuant to Italian Law No. 214/11 (*) | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Opening balance | 129,183 | 232,891 |
| 2. Increases | 2,710 | \u2014 |
| 3. Decreases | \u2014 | 103,708 |
| 3.1 Reversals | \u2014 | 97,839 |
| 3.2 Conversion into tax receivables | \u2014 | \u2014 |
| a) from losses for the year | \u2014 | \u2014 |
| b) from tax losses | \u2014 | \u2014 |
| 3.3 Other decreases | \u2014 | 5,869 |
| 4. Closing balance | 131,903 | 129,183 |
(*) Italian Law-Decree No. 59 of 29 April 2016 on deferred tax assets pursuant to Italian Law No. 214/2011, as amended by Italian Law-Decree No. 237 of 23 December 2016, enacted with amendments as Law No. 15/2017, provides that in order to be able to retain the right to take advantage of the possibility of converting DTAs into tax credits, an irrevocable option must be specifically exercised, which involves payment of an annual instalment equal to 1.5% of the difference between the increase in advance tax assets at the reporting date since 30 June 2008 and the tax paid during the same period each year until 2029. Mediobanca has exercised this option in order to retain the possibility of converting DTAs for all companies adhering to the tax consolidation. No payment will be due in this respect, however, given that the payments made to the tax consolidation exceed the increase in DTAs recorded since 30 June 2008.
11.5 Changes in deferred tax liabilities (against profit and loss) | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Opening balance | 357,026 | 280,972 |
| 2. Increases | 80,685 | 94,164 |
| 2.1 Deferred taxes recorded during the year | 27,099 | 3,117 |
| a) relating to prior years | \u2014 | \u2014 |
| b) due to changes in accounting policies | 939 | \u2014 |
| c) other | 26,160 | 3,117 |
| 2.2 New taxes or increases in tax rates | 6 | \u2014 |
| 2.3 Other increases | 53,580 | 91,047 |
| 3. Decreases | 64,963 | 18,110 |
| 3.1 Deferred taxes cancelled during the year | 43,481 | 7,799 |
| a) reversals | 42,171 | 3,005 |
| b) due to changes in accounting policies | \u2014 | \u2014 |
| c) other | 1,310 | 4,794 |
| 3.2 Reductions in tax rates | 12 | \u2014 |
| 3.3 Other decreases | 21,470 | 10,311 |
| 4. Closing balance | 372,748 | 357,026 |
11.6 Changes in deferred tax assets (against equity) (*) | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Opening balance | 47,149 | 20,754 |
| 2. Increases | 23,552 | 76,091 |
| 2.1 Prepaid taxes recorded during the year | 22,208 | 76,051 |
| a) relating to prior years | \u2014 | \u2014 |
| b) due to changes in accounting policies | \u2014 | \u2014 |
| c) other | 22,208 | 76,051 |
| 2.2 New taxes or increases in tax rates | 1,235 | \u2014 |
| 2.3 Other increases | 109 | 40 |
| 3. Decreases | 40,460 | 49,696 |
| 3.1 Prepaid taxes cancelled during the year | 53,586 | 48,302 |
| a) reversals | 40,406 | 47,775 |
| b) write-downs due to non-recoverable items | \u2014 | \u2014 |
| c) due to changes in accounting policies | \u2014 | \u2014 |
| d) other | 49 | 527 |
| 3.2 Reductions in tax rates | \u2014 | \u2014 |
| 3.3 Other decreases | 13,131 | 1,394 |
| 4. Closing balance | 17,115 | 47,149 |
(*) Tax mainly arising from cash flow hedges and valuations of financial instruments recognized at fair value through Other Comprehensive Income.
11.7 Changes in deferred tax liabilities (against equity) | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Opening balance | 72,800 | 108,793 |
| 2. Increases | 147,401 | 213,913 |
| 2.1 Deferred taxes recorded during the year | 133,913 | 213,846 |
| a) relating to prior years | \u2014 | \u2014 |
| b) due to changes in accounting policies | \u2014 | \u2014 |
| c) other | 133,913 | 213,846 |
| 2.2 New taxes or increases in tax rates | 3,157 | \u2014 |
| 2.3 Other increases | 10,331 | 67 |
| 3. Decreases | 126,561 | 249,906 |
| 3.1 Deferred taxes cancelled during the year | 113,990 | 249,640 |
| a) reversals | 113,990 | 249,640 |
| b) due to changes in accounting policies | \u2014 | \u2014 |
| c) other | \u2014 | \u2014 |
| 3.2 Reductions in tax rates | \u2014 | \u2014 |
| 3.3 Other decreases | 12,571 | 266 |
| 4. Closing balance | 93,640 | 72,800 |
SECTION 13Heading 130: Other assets
13.1 Other assets: breakdown
| 31 December 2025 | 30 June 2025 |
| 1. Gold, silver, precious metals | 1,377,683 (1) | 997,722 |
| 2. Accrued income other than capitalized income on the related assets | 115,527 | 94,389 |
| 3. Trade receivables and invoices to be issued | 349,530 | 367,703 |
| 4. Amounts due from tax revenue authorities (not recorded under Heading 110) | 692,807 | 548,145 |
| 5. Other items: | 275,797 | 290,317 |
| - bills for collection | 62,635 | 66,501 |
| - amounts due in respect of premiums and grants in respect of lending transactions | 10,805 | 9,082 |
| - advance payments on deposit commissions | 7,094 | 2,521 |
| - other items in transit | 85,869 | 128,510 |
| - sundry other items (2) | 109,394 | 83,703 |
| Total other assets | 2,811,344 | 2,298,276 |
(1) Includes transactions for \u20ac1,375.6m in listed EUA certificates, fully hedged by forward sales through futures contracts.
(2) Includes accrued income.
This item, as required by the Bank of Italy/Consob/IVASS Document No. 9, includes tax credits (eco-bonuses) recorded in the financial statements in compliance with the so-called tax ceiling of Mediobanca and its susbsidiaries. The book value was \u20ac259m (\u20ac213m as at 30 June 2025); in detail, purchases during the year amounted to \u20ac53m, while receivables offset against tax liabilities of the individual entities amounted to \u20ac120m. The nominal value as at 31 December 2025 was \u20ac280m, which includes \u20ac234m referable to the \u2018Superbonus 110\u2019 discount pursuant to Article 119 of Law-Decree No. 34/2020, which may be offset in the next four years. With reference to Law-Decree No. 39/2024, setting forth a number of measures regarding the use of Superbonus credits, deductions are required to be spread over a ten-year period, including an anti-usury provision, and a ban on offsetting for banks; with regard to the tax credits purchased by MBFACTA, no impacts related to the above measures are expected.
MBFACTA currently has a residual Superbonus 110% credit amount of \u20ac234m, none of which relate to expenses incurred from 2024 onwards or purchased at a rate lower than the rate set by the amendment, i.e., less than 75% of the nominal value.
SECTION 8
Heading 80: Other liabilities
8.1 Other liabilities: breakdown
| 31 December 2025 | 30 June 2025 |
| 1. Balance of illiquid portfolio items | 372,018 | 326,179 |
| 2. Amounts due to tax authorities | 258,318 | 222,085 |
| 3. Amounts due to personnel | 388,229 | 320,952 |
| 4. Other items | 410,171 | 704,791 |
| - bills for collection | 31,208 | 31,359 |
| - coupons and dividends pending collection | 32,961 | 80,537 |
| - available sums payable to third parties | 258,204 | 458,167 |
| - premiums, grants, and other items in respect of lending transactions | 18,158 | 20,006 |
| - sundry other items (1) | 69,640 | 114,722 |
| Total other liabilities | 1,428,736 | 1,574,007 |
(1) This includes the liability in respect of the put-and-call agreements relating to Polus Capital, RAM AI and MA.
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"v1-page446-cflshid_159835-tag470129": {
"value": "SECTION 11Assets heading 110 and liabilities heading 60: Tax assets and liabilities 11.1 Deferred tax assets: breakdown
| Total | Total |
| 31 December 2025 | 30 June 2025 |
| - Against Profit and Loss | 261,257 | 256,222 |
| - Against Equity | 17,115 | 47,149 |
| Total | 278,372 | 303,371 |
All deferred tax assets qualifying as \u201cineligible\u201d were subjected to a \u201cprobability test\u201d, i.e. an annual assessment as to the probability of recovering them on the part of the Parent Company, Banca Monte dei Paschi di Siena.
| \u00a0 | 31 December 2025 | 30 June 2025 |
| A - Gross advance tax assets | 278,372 | 303,371 |
| Loan loss provisions (*) | 150,086 | 128,832 |
| Provisions for sundry risks and charges | 15,621 | 15,172 |
| Goodwill and other intangible assets (**) | 85,904 | 90,081 |
| Financial instruments recognized at FVOCI | 25,012 | 57,868 |
| Tax losses | 1,361 | 635 |
| Other | 388 | 10,783 |
| B - Offset by deferred tax liabilities | \u2014 | \u2014 |
| C - Net advance tax assets | 278,372 | 303,371 |
(*) Among other figures, this item includes: i) prepaid taxes recognized on write-downs and losses on loans to customers, which will be absorbed by 31 December 2029 according to the plan pursuant to Article 16 of Law-Decree No. 83/2015, as amended; ii) prepaid taxes recognized on the components allocated to the provision for expected credit losses upon IFRS9 FTA, which will be absorbed in tenths by 31 December 2029.
(**) This figure mainly includes goodwill redemptions on the Compass / Linea merger transaction (\u20ac80m), of which \u20ac67.6m pursuant to Article 110 of Law-Decree No. 104/2020 with an amortization period of 18 years and \u20ac12.4m pursuant to Article 176 of Presidential Decree No. 917/1986.
11.2 Deferred tax liabilities: breakdown | Total | Total |
| 31 December 2025 | 30 June 2025 |
| - Against Profit and Loss | 372,748 | 357,026 |
| - Against Equity | 93,640 | 72,800 |
| Total | 466,388 | 429,826 |
11.3 Changes in deferred tax assets during the period (against profit and loss)
| Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Opening balance | 256,222 | 383,359 |
| 2. Increases | 23,579 | 11,332 |
| 2.1 Prepaid taxes recorded during the year | 19,376 | 9,953 |
| a) relating to prior years | \u2014 | \u2014 |
| b) due to changes in accounting policies | \u2014 | \u2014 |
| c) writebacks | \u2014 | \u2014 |
| d) other | 19,376 | 9,953 |
| 2.2 New taxes or increases in tax rates | 3,953 | \u2014 |
| 2.3 Other increases | 250 | 1,379 |
| 3. Decreases | 18,544 | 138,469 |
| 3.1 Prepaid taxes cancelled during the year | 16,039 | 131,678 |
| a) reversals | 15,959 | 131,254 |
| b) write-downs due to non-recoverable items | \u2014 | \u2014 |
| c) changes in accounting policies | \u2014 | \u2014 |
| d) other | 80 | 424 |
| 3.2 Reductions in tax rates | \u2014 | \u2014 |
| 3.3 Other decreases: | 2,505 | 6,791 |
| a) conversion into tax receivables pursuant to Italian Law No. 214/2011 | \u2014 | \u2014 |
| b) other | 2,505 | 6,791 |
| 4. Closing balance | 261,257 | 256,222 |
11.4 Changes in deferred tax assets pursuant to Italian Law No. 214/11 (*) | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Opening balance | 129,183 | 232,891 |
| 2. Increases | 2,710 | \u2014 |
| 3. Decreases | \u2014 | 103,708 |
| 3.1 Reversals | \u2014 | 97,839 |
| 3.2 Conversion into tax receivables | \u2014 | \u2014 |
| a) from losses for the year | \u2014 | \u2014 |
| b) from tax losses | \u2014 | \u2014 |
| 3.3 Other decreases | \u2014 | 5,869 |
| 4. Closing balance | 131,903 | 129,183 |
(*) Italian Law-Decree No. 59 of 29 April 2016 on deferred tax assets pursuant to Italian Law No. 214/2011, as amended by Italian Law-Decree No. 237 of 23 December 2016, enacted with amendments as Law No. 15/2017, provides that in order to be able to retain the right to take advantage of the possibility of converting DTAs into tax credits, an irrevocable option must be specifically exercised, which involves payment of an annual instalment equal to 1.5% of the difference between the increase in advance tax assets at the reporting date since 30 June 2008 and the tax paid during the same period each year until 2029. Mediobanca has exercised this option in order to retain the possibility of converting DTAs for all companies adhering to the tax consolidation. No payment will be due in this respect, however, given that the payments made to the tax consolidation exceed the increase in DTAs recorded since 30 June 2008.
11.5 Changes in deferred tax liabilities (against profit and loss) | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Opening balance | 357,026 | 280,972 |
| 2. Increases | 80,685 | 94,164 |
| 2.1 Deferred taxes recorded during the year | 27,099 | 3,117 |
| a) relating to prior years | \u2014 | \u2014 |
| b) due to changes in accounting policies | 939 | \u2014 |
| c) other | 26,160 | 3,117 |
| 2.2 New taxes or increases in tax rates | 6 | \u2014 |
| 2.3 Other increases | 53,580 | 91,047 |
| 3. Decreases | 64,963 | 18,110 |
| 3.1 Deferred taxes cancelled during the year | 43,481 | 7,799 |
| a) reversals | 42,171 | 3,005 |
| b) due to changes in accounting policies | \u2014 | \u2014 |
| c) other | 1,310 | 4,794 |
| 3.2 Reductions in tax rates | 12 | \u2014 |
| 3.3 Other decreases | 21,470 | 10,311 |
| 4. Closing balance | 372,748 | 357,026 |
11.6 Changes in deferred tax assets (against equity) (*) | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Opening balance | 47,149 | 20,754 |
| 2. Increases | 23,552 | 76,091 |
| 2.1 Prepaid taxes recorded during the year | 22,208 | 76,051 |
| a) relating to prior years | \u2014 | \u2014 |
| b) due to changes in accounting policies | \u2014 | \u2014 |
| c) other | 22,208 | 76,051 |
| 2.2 New taxes or increases in tax rates | 1,235 | \u2014 |
| 2.3 Other increases | 109 | 40 |
| 3. Decreases | 40,460 | 49,696 |
| 3.1 Prepaid taxes cancelled during the year | 53,586 | 48,302 |
| a) reversals | 40,406 | 47,775 |
| b) write-downs due to non-recoverable items | \u2014 | \u2014 |
| c) due to changes in accounting policies | \u2014 | \u2014 |
| d) other | 49 | 527 |
| 3.2 Reductions in tax rates | \u2014 | \u2014 |
| 3.3 Other decreases | 13,131 | 1,394 |
| 4. Closing balance | 17,115 | 47,149 |
(*) Tax mainly arising from cash flow hedges and valuations of financial instruments recognized at fair value through Other Comprehensive Income.
11.7 Changes in deferred tax liabilities (against equity) | Total | Total |
| 31 December 2025 | 30 June 2025 |
| 1. Opening balance | 72,800 | 108,793 |
| 2. Increases | 147,401 | 213,913 |
| 2.1 Deferred taxes recorded during the year | 133,913 | 213,846 |
| a) relating to prior years | \u2014 | \u2014 |
| b) due to changes in accounting policies | \u2014 | \u2014 |
| c) other | 133,913 | 213,846 |
| 2.2 New taxes or increases in tax rates | 3,157 | \u2014 |
| 2.3 Other increases | 10,331 | 67 |
| 3. Decreases | 126,561 | 249,906 |
| 3.1 Deferred taxes cancelled during the year | 113,990 | 249,640 |
| a) reversals | 113,990 | 249,640 |
| b) due to changes in accounting policies | \u2014 | \u2014 |
| c) other | \u2014 | \u2014 |
| 3.2 Reductions in tax rates | \u2014 | \u2014 |
| 3.3 Other decreases | 12,571 | 266 |
| 4. Closing balance | 93,640 | 72,800 |
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"value": "SECTION 13Heading 130: Other assets
13.1 Other assets: breakdown
| 31 December 2025 | 30 June 2025 |
| 1. Gold, silver, precious metals | 1,377,683 (1) | 997,722 |
| 2. Accrued income other than capitalized income on the related assets | 115,527 | 94,389 |
| 3. Trade receivables and invoices to be issued | 349,530 | 367,703 |
| 4. Amounts due from tax revenue authorities (not recorded under Heading 110) | 692,807 | 548,145 |
| 5. Other items: | 275,797 | 290,317 |
| - bills for collection | 62,635 | 66,501 |
| - amounts due in respect of premiums and grants in respect of lending transactions | 10,805 | 9,082 |
| - advance payments on deposit commissions | 7,094 | 2,521 |
| - other items in transit | 85,869 | 128,510 |
| - sundry other items (2) | 109,394 | 83,703 |
| Total other assets | 2,811,344 | 2,298,276 |
(1) Includes transactions for \u20ac1,375.6m in listed EUA certificates, fully hedged by forward sales through futures contracts.
(2) Includes accrued income.
This item, as required by the Bank of Italy/Consob/IVASS Document No. 9, includes tax credits (eco-bonuses) recorded in the financial statements in compliance with the so-called tax ceiling of Mediobanca and its susbsidiaries. The book value was \u20ac259m (\u20ac213m as at 30 June 2025); in detail, purchases during the year amounted to \u20ac53m, while receivables offset against tax liabilities of the individual entities amounted to \u20ac120m. The nominal value as at 31 December 2025 was \u20ac280m, which includes \u20ac234m referable to the \u2018Superbonus 110\u2019 discount pursuant to Article 119 of Law-Decree No. 34/2020, which may be offset in the next four years. With reference to Law-Decree No. 39/2024, setting forth a number of measures regarding the use of Superbonus credits, deductions are required to be spread over a ten-year period, including an anti-usury provision, and a ban on offsetting for banks; with regard to the tax credits purchased by MBFACTA, no impacts related to the above measures are expected.
MBFACTA currently has a residual Superbonus 110% credit amount of \u20ac234m, none of which relate to expenses incurred from 2024 onwards or purchased at a rate lower than the rate set by the amendment, i.e., less than 75% of the nominal value.
SECTION 2Headings 40 and 50: Net fee and commission income
2.1 Fee and commission income: breakdown
| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| a) Financial instruments | 160,909 | 328,684 |
| 1. Placement of securities | 100,189 | 207,386 |
| 1.1 Underwriting commitment and/or based on an irrevocable commitment | 5,497 | \u2014 |
| 1.2 Without an irrevocable commitment | 94,692 | 207,386 |
| 2. Receipt and sending of orders and execution of orders on behalf of clients | 17,530 | 33,642 |
| 2.1 Receipt and sending of orders for one or more financial instruments | 17,530 | 33,642 |
| 2.2 Orders execution on behalf of customers | \u2014 | \u2014 |
| 3. Other commissions associated with activities linked to financial instruments | 43,190 | 87,656 |
| of which: trading on own account | 12,085 | 24,402 |
| of which: management of individual portfolio | 31,105 | 63,254 |
| b) Corporate Finance | 108,389 | 304,830 |
| 1. Advice on mergers and acquisitions | 108,389 | 304,830 |
| 2. Treasury services | \u2014 | \u2014 |
| 3. Other commissions connected with corporate finance services | \u2014 | \u2014 |
| c) Advice on investments | 7,502 | 10,058 |
| d) Netting and settlement | \u2014 | \u2014 |
| e) Collective portfolio management | 95,348 | 155,146 |
| f) Custody and administration | 15,206 | 40,694 |
| 1. Depository bank | \u2014 | 7,458 |
| 2. Other fees associated with custody and administration | 15,206 | 33,236 |
| g) Central administrative services for collective portfolio management | \u2014 | \u2014 |
| h) Fiduciary activities | 3,106 | 6,306 |
| i) Payment services | 24,646 | 40,663 |
| 1. Current accounts | 10,054 | 11,105 |
| 2. Credit cards | 8,534 | 16,374 |
| 3. Debit cards and other payment cards | 4,358 | 9,445 |
| 4. Wire transfers and other payment orders | 492 | 1,098 |
| 5. Other fees linked to payment services | 1,208 | 2,641 |
| j) Distribution of third-party services | 51,488 | 107,108 |
| 1. Collective portfolio management | 5,157 | 7,213 |
| 2. Insurance products | 40,531 | 88,787 |
| 3. Other products | 5,800 | 11,108 |
| of which: management of individual portfolios | 5,783 | 11,108 |
| k) Structured finance | \u2014 | \u2014 |
| l) Securitization servicing | 181 | 525 |
| m) Loan commitments | 35,621 | 79,142 |
| n) Financial guarantees issued | 1,268 | 5,107 |
| of which: credit derivatives | \u2014 | \u2014 |
| o) Lending transactions | 18,648 | 36,721 |
| of which: factoring services | 17,546 | 34,562 |
| p) Currency trading | 49 | 90 |
| q) Commodities | \u2014 | \u2014 |
| r) Other commission income | 23,788 | 57,295 |
| of which: for the management of multilateral trading facilities | \u2014 | \u2014 |
| of which: for the management of organized trading systems | \u2014 | \u2014 |
| Total | 546,149 | 1,172,369 |
Part L \u2013 Segment ReportingUnder IFRS8, an entity must disclose information to enable users of its financial statements to evaluate the nature and financial effects of the different business activities in which it engages and the different economic environments in which it operates (referred to as \u201coperating segments\u201d).
The aggregation of the \u201coperating segments\u201d illustrated in this section is consistent with the means adopted by the Group\u2019s management to take business decisions, and is based on the internal reporting used in order to allocate resources to the various segments, and to analyse their respective performances as described in the Review of Operations, to which reference is made for detailed and exhaustive analysis of the individual business lines\u2019 earnings and financial performances.
A. PRIMARY SEGMENT REPORTING
The following business lines have been identified.
Wealth Management (WM): this division brings together all portfolio management services offered to the various client segments, plus asset management. This division includes Mediobanca Premier, which targets the Premier client bracket; the MBPB and CMB Monaco private banking networks and the Asset Management companies (Polus Capital, Mediobanca SGR, Mediobanca Management Company and RAM Active Investment), in addition to the fiduciary activities of Spafid.
Corporate and Investment Banking (CIB): this includes services for corporate customers in the Wholesale Banking areas (loans, Capital Market activities, Advisory, Client and proprietary trading carried out by Mediobanca, Mediobanca International, Mediobanca Securities, Messier et Associ\u00e9s and Arma Partners) and Specialty Finance or Factoring carried out by MBFACTA, and Leasing (Selma); please note that Selma's core Leasing business was previously included in the Holding Functions division, while it was separated from MBCS and transferred to the Consumer division.
Consumer Finance (CF): this division offers retail customers a full range of consumer credit products: personal loans, targeted loans, salary- or pension-backed loans, credit cards, as well as the new and innovative Buy-Now-Pay-Later solution called \u201cHeyLight,\u201d which includes the activities of HeyLight SA (formerly called
HeidiPay Switzerland AG), HeidiPay AG and its subsidiaries Heidipay Ltd and Holipay. The division also includes Compass RE, (which provides reinsurance against risks linked to insurance policies sold to clients), Compass Rent, (which operates in the goods lease market), and Compass Link (which distributes Compass products and services via third-party collaborators), and since 1 July, Credit Management activities carried out by MBCredit Solutions and MBContact Solutions.Insurance - Principal Investing (PI): this includes the portfolio of equity investments and stocks of Mediobanca and its subsidiaries. In particular, the stake of 13.55% in Assicurazioni Generali has been this division\u2019s main constituent for many years, and stands apart for its sound management, consistency of results, high profitability and contributions in terms of diversification and stabilization of Mediobanca revenues. Investments in funds and vehicles promoted and managed by asset management companies (seed capital) also contribute to the division, with a view to combining medium-term profitability for Mediobanca and a synergistic approach between the divisions, as well as investment activities in private equity funds managed by third parties.
Holding Functions comprise Selma, MIS and other minor companies, Treasury and ALM units of Mediobanca and its subsidiaries125 (with the aim of minimizing the cost of funding and optimizing liquidity management on a consolidated basis, including the securities held as part of the banking book), all costs relating to central departments, including Operations, support units (such as Chief Financial Officer, Group Corporate Affairs, Investor Relations, Human Resources etc.), senior management and control units (Risk Management, Internal Audit and Compliance Unit) for the part that cannot be allocated to the business lines. Starting on 1 July, Selma\u2019s core leasing activities have been included in the CIB division (in the Specialty Finance segment), leaving only past and currently closing operations in the Holding Functions division.
125 The Treasury unit finances the individual business areas by applying funds transfer prices (based on the FTP curve) with different spreads depending on the expiry dates of the funds\u2019 usage.
A.1Profit-and-loss figures by business segment A list of the main points requiring attention with regard to the allocation of earnings results is provided below:
\u2014Net interest income126is obtained by applying the internal funds transfer pricing (FTP) rates consistent with the financial characteristics of the products concerned. Notional interest is allocated using a centralized FTP model which assigns volumes, costs and revenues of liquidity based on durations, without distinction between lending and funding (referred to as \u201cbid-ask\u201d difference) with the same maturity; \u2014The 849 resources of the Holding Functions (837 last year) are divided as follows: 51 in Selma (53), 55 in the Treasury and ALM units of Mediobanca and its subsidiaries (48); 169 in MIS (161), 210 in Operations (216), 172 in support units (177), 188 in control units (177) and 4 in management (senior management and their assistants, 5 the previous year); with the cost of approximately 453 FTE (431) being charged back to the business lines; \u2014Intercompany items were netted out only if they involved companies belonging to the same segment; items involving different segments were cross-checked and recorded as adjustments, along with the consolidation entries regarding companies belonging to different segments;
\u2014valuation actions that had an impact on acquisition operations were included among the reconciliation items to be stated in the \u201cadjustments\u201d column, i.e. in the column that indicates differences between the total business lines and the consolidated figure, both with reference to the economic effect and therefore to the performance of the individual divisions and to the balance sheet data. Although attributable to a company or a CGU, these items were not linked to their performance and the flows they generated and, among the various factors, were conditioned by market performance, which affected discounting and growth rates and therefore were not attributable to the operations of the divisions to which they belong and to the related profitability. This category includes the impairment of goodwill and other intangibles resulting from company valuations carried out on an
126 Mediobanca only reports net interest income based on the requirements of IFRS8, which specifies that an institution must record interest income and interest expense separately for each reporting segment, unless the majority of the revenue generated by that segment derives from interest and unless management base their evaluations primarily on net interest income in order to assess the segment\u2019s results and take decisions regarding the resources to be allocated to the segment. In this case, an institution may refer to the segment\u2019s interest revenue net of interest expense, provided it specifies this [IFRS8.23].
annual basis and the net effects attributable to valuations of/adjustments to the value of contingent considerations through profit or loss.
A.1Profit-and-loss figures by business segment
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| Earnings data | \u00a0 | Wealth Management | \u00a0 | Corporate and Investment Banking | \u00a0 | Consumer Finance | \u00a0 | Insurance - Principal Investing | \u00a0 | Holding Functions | \u00a0 | Adjustments (1) | \u00a0 | Consolidated Total |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net interest income | \u00a0 | 190.0 | \u00a0 | 170.0 | \u00a0 | 600.9 | \u00a0 | (16.0) | \u00a0 | (5.0) | \u00a0 | 22.0 | \u00a0 | 961.9 |
| Treasury income | \u00a0 | 6.4 | \u00a0 | 40.9 | \u00a0 | (0.6) | \u00a0 | 16.5 | \u00a0 | 8.6 | \u00a0 | (1.9) | \u00a0 | 69.9 |
| Net fee and commission income (expense) | \u00a0 | 276.6 | \u00a0 | 146.4 | \u00a0 | 77.2 | \u00a0 | (0.5) | \u00a0 | 0.7 | \u00a0 | (22.6) | \u00a0 | 477.8 |
| Equity-accounted valuations | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 276.8 | \u00a0 | (0.4) | \u00a0 | \u2014 | \u00a0 | 276.4 |
| Total revenues | \u00a0 | 473.0 | \u00a0 | 357.3 | \u00a0 | 677.5 | \u00a0 | 276.8 | \u00a0 | 3.9 | \u00a0 | (2.5) | \u00a0 | 1,786.0 |
| Personnel expenses | \u00a0 | (181.8) | \u00a0 | (113.0) | \u00a0 | (73.6) | \u00a0 | (2.0) | \u00a0 | (67.5) | \u00a0 | (0.2) | \u00a0 | (438.1) |
| Administrative expenses | \u00a0 | (153.8) | \u00a0 | (84.9) | \u00a0 | (130.9) | \u00a0 | (0.8) | \u00a0 | (9.9) | \u00a0 | 2.2 | \u00a0 | (378.1) |
| Overheads | \u00a0 | (335.6) | \u00a0 | (197.9) | \u00a0 | (204.5) | \u00a0 | (2.8) | \u00a0 | (77.4) | \u00a0 | 2.0 | \u00a0 | (816.2) |
| Gains (losses) on disposal of equity investments | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 |
| Net (adjustments) writebacks of loans to customers | \u00a0 | (0.7) | \u00a0 | (5.1) | \u00a0 | (143.0) | \u00a0 | \u2014 | \u00a0 | 4.0 | \u00a0 | \u2014 | \u00a0 | (144.8) |
| Net (adjustments) writebacks of other financial assets | \u00a0 | 1.2 | \u00a0 | (0.4) | \u00a0 | \u2014 | \u00a0 | (3.8) | \u00a0 | 2.0 | \u00a0 | \u2014 | \u00a0 | (1.0) |
| Other gains (losses) | \u00a0 | (1.2) | \u00a0 | (4.6) | \u00a0 | (2.5) | \u00a0 | \u2014 | \u00a0 | 6.3 | \u00a0 | (2.5) | \u00a0 | (4.5) |
| Profit before tax | \u00a0 | 136.7 | \u00a0 | 149.3 | \u00a0 | 327.5 | \u00a0 | 270.2 | \u00a0 | (61.2) | \u00a0 | (2.9) | \u00a0 | 819.6 |
| Income taxes | \u00a0 | (41.9) | \u00a0 | (44.8) | \u00a0 | (106.2) | \u00a0 | (3.6) | \u00a0 | 9.5 | \u00a0 | 3.7 | \u00a0 | (183.2) |
| Profit (loss) attributable to minority interests | \u00a0 | (1.7) | \u00a0 | (12.0) | \u00a0 | (0.1) | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.3 | \u00a0 | (13.5) |
| Net income not including one-off costs | \u00a0 | 93.1 | \u00a0 | 92.5 | \u00a0 | 221.2 | \u00a0 | 266.6 | \u00a0 | (51.7) | \u00a0 | 1.1 | \u00a0 | 622.9 |
| Impairment losses | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (63.5) | \u00a0 | (63.5) |
| OPS costs | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (46.8) | \u00a0 | (46.8) |
| Net income including one-off costs | \u00a0 | 93.1 | \u00a0 | 92.5 | \u00a0 | 221.2 | \u00a0 | 266.6 | \u00a0 | (51.7) | \u00a0 | (109.2) | \u00a0 | 512.6 |
| Cost/income ratio (%) | \u00a0 | 71.0 | \u00a0 | 55.4 | \u00a0 | 30.2 | \u00a0 | 1.0 | \u00a0 | n.m. | \u00a0 | n.m. | \u00a0 | 45.7 |
(1) The sum of the data by business area differs from the consolidated total amount due to net consolidation adjustments/differences between the business areas (\u20ac3.7m). Furthermore, during the six-month period the delta was given by the costs of \u20ac46.8m for OPAS, after the related taxes and by the write-down of intangible assets on foreign companies (\u20ac63.5m), to which the effects attributable to the acquisitions (referred to as contingent consideration) (\u20ac2.6m) not allocated to any business area should be added.
A.2Balance-sheet data by business segment
The balance-sheet items shown below represent each business area\u2019s contribution to the consolidated Balance Sheet, hence no adjustments have been made between the sum of the components and the total consolidated amount.
| \u00a0 | \u00a0 | | \u00a0 | \u00a0 | | \u00a0 | | \u00a0 | | \u00a0\u00a0(\u20acm) |
| Balance-sheet data | Wealth Management | \u00a0 | Corporate and Investment Banking | Consumer Finance | \u00a0 | Principal Investing | \u00a0 | Holding Functions | \u00a0 | Adjustments | \u00a0 | Consolidated Total |
| | | | | | | | | | \u00a0 | \u00a0 | |
| Banking book debt securities | 842.7 | \u00a0 | 3,293.9 | 262.7 | \u00a0 | \u2014 | \u00a0 | 7,889.2 | \u00a0 | \u2014 | \u00a0 | 12,288.5 |
| Loans to customers | 17,824.8 | \u00a0 | 20,918.4 | 16,665.3 | \u00a0 | \u2014 | \u00a0 | 457.1 | \u00a0 | \u2014 | \u00a0 | 55,865.6 |
| Funding | 30,315.6 | \u00a0 | \u2014 | 2,747.6 | \u00a0 | \u2014 | \u00a0 | 37,707.5 | \u00a0 | \u2014 | \u00a0 | 70,770.7 |
B. SECONDARY SEGMENT REPORTINGB.1Profit-and-loss figures by geography
| | | | | | (\u20acm) |
| Earnings data | \u00a0 | Italy | \u00a0 | International (1) | \u00a0 | Consolidated Total |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net interest income | \u00a0 | 902.5 | \u00a0 | 59.4 | \u00a0 | 961.9 |
| Net trading income | \u00a0 | 63.3 | \u00a0 | 6.6 | \u00a0 | 69.9 |
| Net fee and commission income (expense) | \u00a0 | 170.8 | \u00a0 | 307.0 | \u00a0 | 477.8 |
| Equity-accounted valuations | \u00a0 | 276.4 | \u00a0 | \u2014 | \u00a0 | 276.4 |
| Total revenues | \u00a0 | 1,413.\u2013 | 0 | 373.0 | \u00a0 | 1,786.0 |
| Personnel expenses | \u00a0 | (292.8) | \u00a0 | (145.3) | \u00a0 | (438.1) |
| Administrative expenses | \u00a0 | (390.2) | \u00a0 | 12.1 | \u00a0 | (378.1) |
| Overheads | \u00a0 | (683.0) | \u00a0 | (133.2) | \u00a0 | (816.2) |
| Net (Value adjustments) write-backs | \u00a0 | (138.6) | \u00a0 | (7.2) | \u00a0 | (145.8) |
| Other gains (losses) | \u00a0 | (9.3) | \u00a0 | 4.8 | \u00a0 | (4.5) |
| Profit before tax | \u00a0 | 582.1 | \u00a0 | 237.4 | \u00a0 | 819.5 |
| Income taxes | \u00a0 | (156.8) | \u00a0 | (26.4) | \u00a0 | (183.2) |
| Profit (loss) attributable to minority interests | \u00a0 | (0.7) | \u00a0 | (12.8) | \u00a0 | (13.5) |
| Net income not including one-off costs | \u00a0 | 424.6 | \u00a0 | 198.2 | \u00a0 | 622.8 |
| Impairment losses | \u00a0 | \u2014 | \u00a0 | (63.5) | \u00a0 | (63.5) |
| OPS costs | \u00a0 | (41.5) | \u00a0 | (5.3) | \u00a0 | (46.8) |
| Net income including one-off costs | \u00a0 | 383.1 | \u00a0 | 129.4 | \u00a0 | 512.5 |
| Cost/income ratio (%) | \u00a0 | 48.3% | \u00a0 | 35.7% | \u00a0 | 45.7% |
(1) This item includes the P&L data of the companies Mediobanca International, CMB Monaco, Compass RE, MB USA, Polus Capital Management, Mediobanca Management Company, RAM Active Investments and Messier et Associ\u00e9s and Arma Partners, HeyLight, Heidi Pay AG and Heidi Pay Ltd, in addition to the foreign branches (Paris, Madrid, Frankfurt, and London).
B.2Balance-sheet data by geography
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| Balance-sheet data | \u00a0 | Italy | | International (1) | | Consolidated Total |
| \u00a0 | \u00a0 | | | | | |
| Banking book debt securities | \u00a0 | 11,242.3 | \u00a0 | 1,046.2 | \u00a0 | 12,288.5 |
| Loans to customers | \u00a0 | 45,916.1 | \u00a0 | 9,949.5 | \u00a0 | 55,865.6 |
| Funding | \u00a0 | (55,175.0) | \u00a0 | (15,595.7) | \u00a0 | (70,770.7) |
(1) This item includes the P&L data of the companies Mediobanca International, CMB Monaco, Compass RE, MB USA, Polus Capital Management, Mediobanca Management Company, RAM Active Investments, Messier et Associ\u00e9s and Arma Partners, in addition to the foreign branches (Paris, Madrid, Frankfurt, and London).
Information required under letters a), b) and c) of Annex A, First Part, Title III, Section 2 of Bank of Italy Circular No. 285 of 17 December 2013Statement as at 31 December 2025
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acmilioni) |
| Business Line | Breakdown | Heading 120 Total revenues (*) | Heading 290 Profit (loss) before taxes | Heading 300 | Full Time Employees (1) |
| Income taxes |
| Italy | International | Group | Italy | International | Group | Italy | International | Group | Italy | International | Group |
| Wholesale Banking | Lending, capital market activities, advisory services, and client and proprietary trading performed by Mediobanca, Mediobanca International, Mediobanca Securities, Messier et Associ\u00e9s and Arma Partners | -87 | 129 | 42 | 82 | 49 | 131 | -35 | -4 | -39 | 272 | 294 | 566 |
| Specialty Finance | This includes Factoring performed by MBFACTA and Leasing (Selma); please note that Selma's core Leasing business was previously included in the Holding Functions division. | 37 | \u2014 | 37 | 19 | \u2014 | 19 | -6 | \u2014 | -6 | 8 | \u2014 | 8 |
| Consumer Finance | This includes a full range of consumer credit products: personal loans, targeted loans, salary- or pension-backed loans, and credit cards, as well as the new and innovative Buy Now Pay Later solution called \"HeyLight,\" which includes the activities of HeyLight SA. The segment includes Compass RE, Compass Rent, and Compass Link, and, starting 1 July, the Credit Management business carried on by MBCredit Solutions and MBContact Solutions. | 626 | 8 | 634 | 318 | 9 | 327 | -103 | -3 | -106 | 1.502 | 149 | 1.651 |
| Premier | This includes deposit-taking, mortgage lending and retail banking services addressed by MBPremier | 248 | \u2014 | 248 | 79 | \u2014 | 79 | -28 | \u2014 | -28 | 1.480 | \u2014 | 1.480 |
| Private Banking & Asset Management | This includes asset management activities, addressed in Italy by the division Mediobanca Private Banking and Spafid and in Monaco by CMB Monaco; it also includes Polus Capital Management, CMG Monaco and RAM Active Investments (Alternative Asset Management activities) | 81 | 140 | 221 | 17 | 41 | 58 | -6 | -8 | -14 | 266 | 399 | 665 |
| Insurance - Principal Investing | This manages the Group's portfolio of equity investments and holdings, as well as investments in funds and special purpose vehicles set up and managed by the Group's asset management companies (referred to as seed capital) | \u2014 | -4 | -4 | 269 | 1 | 270 | -4 | \u2014 | -4 | 9 | \u2014 | 9 |
| Holding Functions | In which the Treasury and ALM units are centralized; it continues to include core operating and minor companies, while Selma's core Leasing activities are included in the Specialty Finance segment, only leaving operations carried out in the past and in the process of being closed in the Holding Functions division. | 1 | 1 | 2 | -61 | \u2014 | -61 | 10 | \u2014 | 10 | 919 | 5 | 924 |
| Adjustments (2) | \u00a0 | -4 | \u2014 | -4 | -159 | \u2014 | -159 | 37 | \u2014 | 37 | \u2014 | \u2014 | \u2014 |
| Group total | \u00a0 | 902 | 274 | 1.176 | 564 | 100 | 664 | -135 | -15 | -150 | 4.456 | 847 | 5.303 |
(*) This refers to Profit and Loss Account heading 120 pursuant to Bank of Italy Circular No. 262/2005. The figure here differs from the amount stated as \u201cTotal revenues\u201d in the statements found in the Section \u201cPart L - A.1. Profit-and-loss figures by business segment,\u201d which provides a more accurate reflection of Mediobanca\u2019s operations. Heading 120 Total revenues under Circular No. 262/2005 of the Bank of Italy does not include net premiums earned, income (expense) from insurance activities or other operating income.
(1) Full-time employees.
(2) The column headed \u201cAdjustments\u201d includes consolidation entries (including inter-company elisions) between the various business segments.
",
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"v1-page453-cflshid_162156-tag470134": {
"value": "SECTION 13Heading 130: Other assets
13.1 Other assets: breakdown
| 31 December 2025 | 30 June 2025 |
| 1. Gold, silver, precious metals | 1,377,683 (1) | 997,722 |
| 2. Accrued income other than capitalized income on the related assets | 115,527 | 94,389 |
| 3. Trade receivables and invoices to be issued | 349,530 | 367,703 |
| 4. Amounts due from tax revenue authorities (not recorded under Heading 110) | 692,807 | 548,145 |
| 5. Other items: | 275,797 | 290,317 |
| - bills for collection | 62,635 | 66,501 |
| - amounts due in respect of premiums and grants in respect of lending transactions | 10,805 | 9,082 |
| - advance payments on deposit commissions | 7,094 | 2,521 |
| - other items in transit | 85,869 | 128,510 |
| - sundry other items (2) | 109,394 | 83,703 |
| Total other assets | 2,811,344 | 2,298,276 |
(1) Includes transactions for \u20ac1,375.6m in listed EUA certificates, fully hedged by forward sales through futures contracts.
(2) Includes accrued income.
This item, as required by the Bank of Italy/Consob/IVASS Document No. 9, includes tax credits (eco-bonuses) recorded in the financial statements in compliance with the so-called tax ceiling of Mediobanca and its susbsidiaries. The book value was \u20ac259m (\u20ac213m as at 30 June 2025); in detail, purchases during the year amounted to \u20ac53m, while receivables offset against tax liabilities of the individual entities amounted to \u20ac120m. The nominal value as at 31 December 2025 was \u20ac280m, which includes \u20ac234m referable to the \u2018Superbonus 110\u2019 discount pursuant to Article 119 of Law-Decree No. 34/2020, which may be offset in the next four years. With reference to Law-Decree No. 39/2024, setting forth a number of measures regarding the use of Superbonus credits, deductions are required to be spread over a ten-year period, including an anti-usury provision, and a ban on offsetting for banks; with regard to the tax credits purchased by MBFACTA, no impacts related to the above measures are expected.
MBFACTA currently has a residual Superbonus 110% credit amount of \u20ac234m, none of which relate to expenses incurred from 2024 onwards or purchased at a rate lower than the rate set by the amendment, i.e., less than 75% of the nominal value.
SECTION 8
Heading 80: Other liabilities
8.1 Other liabilities: breakdown
| 31 December 2025 | 30 June 2025 |
| 1. Balance of illiquid portfolio items | 372,018 | 326,179 |
| 2. Amounts due to tax authorities | 258,318 | 222,085 |
| 3. Amounts due to personnel | 388,229 | 320,952 |
| 4. Other items | 410,171 | 704,791 |
| - bills for collection | 31,208 | 31,359 |
| - coupons and dividends pending collection | 32,961 | 80,537 |
| - available sums payable to third parties | 258,204 | 458,167 |
| - premiums, grants, and other items in respect of lending transactions | 18,158 | 20,006 |
| - sundry other items (1) | 69,640 | 114,722 |
| Total other liabilities | 1,428,736 | 1,574,007 |
(1) This includes the liability in respect of the put-and-call agreements relating to Polus Capital, RAM AI and MA.
",
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"v1-page453-cflshid_162156-tag470133": {
"value": "SECTION 13Heading 130: Other assets
13.1 Other assets: breakdown
| 31 December 2025 | 30 June 2025 |
| 1. Gold, silver, precious metals | 1,377,683 (1) | 997,722 |
| 2. Accrued income other than capitalized income on the related assets | 115,527 | 94,389 |
| 3. Trade receivables and invoices to be issued | 349,530 | 367,703 |
| 4. Amounts due from tax revenue authorities (not recorded under Heading 110) | 692,807 | 548,145 |
| 5. Other items: | 275,797 | 290,317 |
| - bills for collection | 62,635 | 66,501 |
| - amounts due in respect of premiums and grants in respect of lending transactions | 10,805 | 9,082 |
| - advance payments on deposit commissions | 7,094 | 2,521 |
| - other items in transit | 85,869 | 128,510 |
| - sundry other items (2) | 109,394 | 83,703 |
| Total other assets | 2,811,344 | 2,298,276 |
(1) Includes transactions for \u20ac1,375.6m in listed EUA certificates, fully hedged by forward sales through futures contracts.
(2) Includes accrued income.
This item, as required by the Bank of Italy/Consob/IVASS Document No. 9, includes tax credits (eco-bonuses) recorded in the financial statements in compliance with the so-called tax ceiling of Mediobanca and its susbsidiaries. The book value was \u20ac259m (\u20ac213m as at 30 June 2025); in detail, purchases during the year amounted to \u20ac53m, while receivables offset against tax liabilities of the individual entities amounted to \u20ac120m. The nominal value as at 31 December 2025 was \u20ac280m, which includes \u20ac234m referable to the \u2018Superbonus 110\u2019 discount pursuant to Article 119 of Law-Decree No. 34/2020, which may be offset in the next four years. With reference to Law-Decree No. 39/2024, setting forth a number of measures regarding the use of Superbonus credits, deductions are required to be spread over a ten-year period, including an anti-usury provision, and a ban on offsetting for banks; with regard to the tax credits purchased by MBFACTA, no impacts related to the above measures are expected.
MBFACTA currently has a residual Superbonus 110% credit amount of \u20ac234m, none of which relate to expenses incurred from 2024 onwards or purchased at a rate lower than the rate set by the amendment, i.e., less than 75% of the nominal value.
",
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"v1-page453-cflshid_162156-tag470132": {
"value": "SECTION 13Heading 130: Other assets
13.1 Other assets: breakdown
| 31 December 2025 | 30 June 2025 |
| 1. Gold, silver, precious metals | 1,377,683 (1) | 997,722 |
| 2. Accrued income other than capitalized income on the related assets | 115,527 | 94,389 |
| 3. Trade receivables and invoices to be issued | 349,530 | 367,703 |
| 4. Amounts due from tax revenue authorities (not recorded under Heading 110) | 692,807 | 548,145 |
| 5. Other items: | 275,797 | 290,317 |
| - bills for collection | 62,635 | 66,501 |
| - amounts due in respect of premiums and grants in respect of lending transactions | 10,805 | 9,082 |
| - advance payments on deposit commissions | 7,094 | 2,521 |
| - other items in transit | 85,869 | 128,510 |
| - sundry other items (2) | 109,394 | 83,703 |
| Total other assets | 2,811,344 | 2,298,276 |
(1) Includes transactions for \u20ac1,375.6m in listed EUA certificates, fully hedged by forward sales through futures contracts.
(2) Includes accrued income.
This item, as required by the Bank of Italy/Consob/IVASS Document No. 9, includes tax credits (eco-bonuses) recorded in the financial statements in compliance with the so-called tax ceiling of Mediobanca and its susbsidiaries. The book value was \u20ac259m (\u20ac213m as at 30 June 2025); in detail, purchases during the year amounted to \u20ac53m, while receivables offset against tax liabilities of the individual entities amounted to \u20ac120m. The nominal value as at 31 December 2025 was \u20ac280m, which includes \u20ac234m referable to the \u2018Superbonus 110\u2019 discount pursuant to Article 119 of Law-Decree No. 34/2020, which may be offset in the next four years. With reference to Law-Decree No. 39/2024, setting forth a number of measures regarding the use of Superbonus credits, deductions are required to be spread over a ten-year period, including an anti-usury provision, and a ban on offsetting for banks; with regard to the tax credits purchased by MBFACTA, no impacts related to the above measures are expected.
MBFACTA currently has a residual Superbonus 110% credit amount of \u20ac234m, none of which relate to expenses incurred from 2024 onwards or purchased at a rate lower than the rate set by the amendment, i.e., less than 75% of the nominal value.
",
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"v1-page453-cflshid_162156-tag470131": {
"value": "SECTION 13Heading 130: Other assets
13.1 Other assets: breakdown
| 31 December 2025 | 30 June 2025 |
| 1. Gold, silver, precious metals | 1,377,683 (1) | 997,722 |
| 2. Accrued income other than capitalized income on the related assets | 115,527 | 94,389 |
| 3. Trade receivables and invoices to be issued | 349,530 | 367,703 |
| 4. Amounts due from tax revenue authorities (not recorded under Heading 110) | 692,807 | 548,145 |
| 5. Other items: | 275,797 | 290,317 |
| - bills for collection | 62,635 | 66,501 |
| - amounts due in respect of premiums and grants in respect of lending transactions | 10,805 | 9,082 |
| - advance payments on deposit commissions | 7,094 | 2,521 |
| - other items in transit | 85,869 | 128,510 |
| - sundry other items (2) | 109,394 | 83,703 |
| Total other assets | 2,811,344 | 2,298,276 |
(1) Includes transactions for \u20ac1,375.6m in listed EUA certificates, fully hedged by forward sales through futures contracts.
(2) Includes accrued income.
This item, as required by the Bank of Italy/Consob/IVASS Document No. 9, includes tax credits (eco-bonuses) recorded in the financial statements in compliance with the so-called tax ceiling of Mediobanca and its susbsidiaries. The book value was \u20ac259m (\u20ac213m as at 30 June 2025); in detail, purchases during the year amounted to \u20ac53m, while receivables offset against tax liabilities of the individual entities amounted to \u20ac120m. The nominal value as at 31 December 2025 was \u20ac280m, which includes \u20ac234m referable to the \u2018Superbonus 110\u2019 discount pursuant to Article 119 of Law-Decree No. 34/2020, which may be offset in the next four years. With reference to Law-Decree No. 39/2024, setting forth a number of measures regarding the use of Superbonus credits, deductions are required to be spread over a ten-year period, including an anti-usury provision, and a ban on offsetting for banks; with regard to the tax credits purchased by MBFACTA, no impacts related to the above measures are expected.
MBFACTA currently has a residual Superbonus 110% credit amount of \u20ac234m, none of which relate to expenses incurred from 2024 onwards or purchased at a rate lower than the rate set by the amendment, i.e., less than 75% of the nominal value.
",
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"v1-page454-cflshid_162533-tag470136": {
"value": "SECTION 1
Heading 10: Financial liabilities measured at amortized cost
1.1 Financial liabilities measured at amortized cost: product breakdown of amounts due to banks
| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value | Carrying amount | Fair value |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Due to Central Banks | 1,020,086 | X | X | X | \u2014 | X | X | X |
| 2. Due to banks | 13,951,571 | X | X | X | 12,347,364 | X | X | X |
| 2.1 Current accounts and demand deposits | 244,997 | X | X | X | 245,193 | X | X | X |
| 2.2 Term deposits | 45,744 | X | X | X | 49,983 | X | X | X |
| 2.3 Loans | 13,656,674 | X | X | X | 11,985,932 | X | X | X |
| 2.3.1 Repos | 8,815,849 | X | X | X | 7,469,669 | X | X | X |
| 2.3.2 Other | 4,840,825 | X | X | X | 4,516,263 | X | X | X |
| 2.4 Liabilities in respect of commitments to repurchase own equity instruments | \u2014 | X | X | X | \u2014 | X | X | X |
| 2.5 Lease liabilities | 1,350 | X | X | X | 531 | X | X | X |
| 2.6 Other liabilities | 2,806 | X | X | X | 65,725 | X | X | X |
| Total | 14,971,657 | \u2014 | 14,971,657 | \u2014 | 12,347,364 | \u2014 | 12,347,364 | \u2014 |
1.2 Financial liabilities measured at amortized cost: product breakdown of amounts due to customers| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value | Carrying amount | Fair value |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. 2.1 Current accounts and demand deposits | 21,650,466 | X | X | X | 20,539,664 | X | X | X |
| 2. Term deposits | 9,644,507 | X | X | X | 10,160,256 | X | X | X |
| 3. Loans | 3,188,855 | X | X | X | 3,113,491 | X | X | X |
| 3.1 Repos | 2,880,864 | X | X | X | 2,776,740 | X | X | X |
| 3.2 Other | 307,991 | X | X | X | 336,751 | X | X | X |
| 4. Liabilities in respect of commitments to repurchase own equity instruments | \u2014 | X | X | X | \u2014 | X | X | X |
| 5. Lease liabilities (1) | 252,352 | X | X | X | 251,673 | X | X | X |
| 6. Other payables | 32,101 | X | X | X | 26,641 | X | X | X |
| Total | 34,768,281 | \u2014 | 34,768,281 | \u2014 | 34,091,725 | \u2014 | 34,091,725 | \u2014 |
(1) The item included liabilities related to the purchase of MBFACTA\u2019s unfunded loans.
1.3 Financial liabilities measured at amortized cost: product breakdown of debt securities in issue
| Type of security/Values | 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value (*) | Carrying amount | Fair value (*) |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| A. Securities | | | | | | | | |
| 1. bonds | 26,298,822 | 1,345,735 | 24,915,683 | \u2014 | 27,284,351 | 1,638,674 | 25,838,701 | \u2014 |
| 1.1 structured | 3,846,028 | \u2014 | 3,676,900 | \u2014 | 4,543,493 | \u2014 | 4,555,527 | \u2014 |
| 1.2 other | 22,452,794 | 1,345,735 | 21,238,783 | \u2014 | 22,740,858 | 1,638,674 | 21,283,175 | \u2014 |
| 2. other securities | 1,645,237 | \u2014 | 1,524,030 | 121,207 | 1,459,850 | \u2014 | 1,380,726 | 79,036 |
| 2.1 structured | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2 other | 1,645,237 | \u2014 | 1,524,030 | 121,207 | 1,459,850 | \u2014 | 1,380,726 | 79,036 |
| Total | 27,944,059 | 1,345,735 | 26,439,713 | 121,207 | 28,744,201 | 1,638,674 | 27,219,427 | 79,036 |
* Fair value amounts are shown after deducting issuer risk, which at 31 December 2025 suggested a capital gain of \u20ac141.5m (\u20ac221.5m as at 30 June 2025).
Bonds decreased from \u20ac27.3bn to \u20ac26.3bn after new issues of \u20ac3.4bn covered by redemptions and repurchases of \u20ac3.9bn (realizing losses of \u20ac3.1m), to which other increases of \u20ac0.5bn (exchange rate adjustment, amortized cost and effect of hedges) should be added.
The bonds in issue include \u20ac2.8bn (nearly all of which issued by the subsidiary Mediobanca International and guaranteed by Mediobanca) related to arbitrage strategies leveraging derivative basis indexes (skew) linked to credit derivatives, commodity derivatives, and cryptocurrency derivatives, as well as inflation rate arbitrage. All these issues involve payment of interest in the form of a coupon (including a premium \u2013 extra yield) and full repayment of capital at maturity. In case of the subscriber opting for early repayment, the issuer has the faculty, at its discretion, to choose a repayment price that takes into account the current fair value including that of the underlying transactions. As required by para. 4.3.3 of IFRS9, the embedded derivative, identified by the right to include the arbitrage value within the repayment price, has been separated by the obligation valued at amortized cost and booked at fair value of underlying transactions through profit or loss.
1.4 Breakdown of subordinated debt securities
It should be noted that the XS2262077675 security was reimbursed in advance during the six-month period.
| Issue | 31 December 2025 |
| ISIN code | Nominal value | Carrying amount |
| MB SUBORDINATO 3.75% 2026 | IT0005188351 | \u00a0 | 298,951 | 304,103 |
| MB SUBORDINATO 1.957% 2029 | XS1579416741 | \u00a0 | 50,000 | 50,706 |
| MB SUBORDINATO TF 10Y Callable | XS2577528016 | \u00a0 | 299,300 | 21,826 |
| MB SUBORDINATO 5.25 22 APR 2034 | IT0005580573 | \u00a0 | 299,990 | 26,345 |
| MB SUBORDINATO 4.50 18 SET 35 | IT0005640260 | \u00a0 | 299,800 | 305,527 |
| Total subordinated securities | \u00a0 | 1,248,041 | 708,507 |
1.6 Lease liabilitiesAmounts due under leases were calculated by applying the criteria set forth in IFRS16.
SECTION 3Heading 30: Financial liabilities designated at fair value
3.1 Financial liabilities designated at fair value: product breakdown
| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Nominal value | Fair value | Fair value (*) | Nominal value | Fair value | Fair value (*) |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Due to banks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 1.2 Other | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| which includes: | | | | | | | | | | |
| - loan commitments | \u2014 | X | X | X | X | \u2014 | X | X | X | X |
| - financial guarantees issued | \u2014 | X | X | X | X | \u2014 | X | X | X | X |
| 2. Due to customers | 1,155,725 | \u2014 | 1,006,737 | \u2014 | 1,006,737 | 1,070,606 | \u2014 | 982,056 | \u2014 | 982,056 |
| 2.1 Structured | 1,070,619 | \u2014 | 1,006,737 | \u2014 | X | 1,070,606 | \u2014 | 982,056 | \u2014 | X |
| 2.2 Other | 85,106 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| which includes: | | | | | | | | | | \u2014 |
| - loan commitments | 85,106 | X | X | X | X | \u2014 | X | X | X | X |
| - financial guarantees issued | \u2014 | X | X | X | X | \u2014 | X | X | X | X |
| 3. Debt securities | 4,505,807 | \u2014 | 3,931,352 | 617,964 | 4,549,316 | 3,911,290 | \u2014 | 3,486,578 | 578,037 | 4,064,615 |
| 3.1 Structured | 4,469,137 | \u2014 | 3,893,882 | 617,964 | X | 3,873,376 | \u2014 | 3,447,178 | 578,037 | X |
| 3.2 Other | 36,670 | \u2014 | 37,470 | \u2014 | X | 37,914 | \u2014 | 39,400 | \u2014 | X |
| Total | 5,661,532 | \u2014 | 4,938,089 | 617,964 | 5,556,053 | 4,981,896 | \u2014 | 4,468,634 | 578,037 | 5,046,671 |
(*) Fair value computed by excluding variations due to changes in the issuer\u2019s credit score following the date of issue.
The item financial liabilities designated at fair value increased from \u20ac5,046.7m to \u20ac5,556m due to new operations in certificates (155 new issues for a value of \u20ac876.7m, including \u20ac84.5m credit linked and \u20ac792.2m with underlying shares). As at 31 December, the total amount of certificates rose from \u20ac3,731.2m to \u20ac4,003.4m, which includes \u20ac1,566.1m credit-linked (\u20ac1,615.8m as at 30 June), \u20ac1,766.3m equity (\u20ac1,447.7 as at 30 June), and \u20ac670.9m delta-one, i.e., without Mediobanca risk. The positions classified at Level 3 amounted to \u20ac617.9m, which includes \u20ac422.7m in autocallable equity.
Finally, there were securitized issues for \u20ac199.7m, which includes \u20ac22.9m callable.
1.1 Financial liabilities measured at amortized cost: product breakdown of amounts due to banks
| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value | Carrying amount | Fair value |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. Due to Central Banks | 1,020,086 | X | X | X | \u2014 | X | X | X |
| 2. Due to banks | 13,951,571 | X | X | X | 12,347,364 | X | X | X |
| 2.1 Current accounts and demand deposits | 244,997 | X | X | X | 245,193 | X | X | X |
| 2.2 Term deposits | 45,744 | X | X | X | 49,983 | X | X | X |
| 2.3 Loans | 13,656,674 | X | X | X | 11,985,932 | X | X | X |
| 2.3.1 Repos | 8,815,849 | X | X | X | 7,469,669 | X | X | X |
| 2.3.2 Other | 4,840,825 | X | X | X | 4,516,263 | X | X | X |
| 2.4 Liabilities in respect of commitments to repurchase own equity instruments | \u2014 | X | X | X | \u2014 | X | X | X |
| 2.5 Lease liabilities | 1,350 | X | X | X | 531 | X | X | X |
| 2.6 Other liabilities | 2,806 | X | X | X | 65,725 | X | X | X |
| Total | 14,971,657 | \u2014 | 14,971,657 | \u2014 | 12,347,364 | \u2014 | 12,347,364 | \u2014 |
| Transaction Type/Values | Total | Total |
| 31 December 2025 | 30 June 2025 |
| Carrying amount | Fair value | Carrying amount | Fair value |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| 1. 2.1 Current accounts and demand deposits | 21,650,466 | X | X | X | 20,539,664 | X | X | X |
| 2. Term deposits | 9,644,507 | X | X | X | 10,160,256 | X | X | X |
| 3. Loans | 3,188,855 | X | X | X | 3,113,491 | X | X | X |
| 3.1 Repos | 2,880,864 | X | X | X | 2,776,740 | X | X | X |
| 3.2 Other | 307,991 | X | X | X | 336,751 | X | X | X |
| 4. Liabilities in respect of commitments to repurchase own equity instruments | \u2014 | X | X | X | \u2014 | X | X | X |
| 5. Lease liabilities (1) | 252,352 | X | X | X | 251,673 | X | X | X |
| 6. Other payables | 32,101 | X | X | X | 26,641 | X | X | X |
| Total | 34,768,281 | \u2014 | 34,768,281 | \u2014 | 34,091,725 | \u2014 | 34,091,725 | \u2014 |
(1) The item included liabilities related to the purchase of MBFACTA\u2019s unfunded loans.
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"value": "1.4 Breakdown of subordinated debt securities
It should be noted that the XS2262077675 security was reimbursed in advance during the six-month period.
| Issue | 31 December 2025 |
| ISIN code | Nominal value | Carrying amount |
| MB SUBORDINATO 3.75% 2026 | IT0005188351 | \u00a0 | 298,951 | 304,103 |
| MB SUBORDINATO 1.957% 2029 | XS1579416741 | \u00a0 | 50,000 | 50,706 |
| MB SUBORDINATO TF 10Y Callable | XS2577528016 | \u00a0 | 299,300 | 21,826 |
| MB SUBORDINATO 5.25 22 APR 2034 | IT0005580573 | \u00a0 | 299,990 | 26,345 |
| MB SUBORDINATO 4.50 18 SET 35 | IT0005640260 | \u00a0 | 299,800 | 305,527 |
| Total subordinated securities | \u00a0 | 1,248,041 | 708,507 |
SECTION 2Heading 20: Trading financial liabilities
2.1 Trading financial liabilities: product breakdown
| Transaction Type/Values | 31 December 2025 | 30 June 2025 |
| Nominal or notional value | Fair value | Fair value (*) | Nominal or notional value | Fair value | Fair value (*) |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| A. Cash liabilities | | | | | | | | | | |
| 1. Due to banks | 2,572,216 | 2,492,899 | 77,583 | \u2014 | 2,570,482 | 2,034,097 | 1,999,281 | 35,308 | \u2014 | 2,034,590 |
| 2. Due to customers | 2,198,249 | 2,170,499 | 24,864 | \u2014 | 2,195,363 | 3,126,809 | 3,153,293 | \u2014 | \u2014 | 3,153,293 |
| 3. Debt securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.1. Bonds | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.1.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 3.1.2 Other bonds | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 3.2. Other securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.2.1 Structured | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| 3.2.2 Other | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X |
| Total (A) | 4,770,465 | 4,663,398 | 102,447 | \u2014 | 4,765,845 | 5,160,906 | 5,152,574 | 35,308 | \u2014 | 5,187,883 |
| B. Derivative instruments | | | | | | | | | | |
| 1. Financial derivatives | \u2014 | 988,286 | 2,259,463 | 31,874 | \u2014 | \u2014 | 880,695 | 2,545,655 | 32,474 | \u2014 |
| 1.1 Trading | X | 988,286 | 2,206,614 | 31,874 | X | X | 880,695 | 2,503,647 | 32,474 | X |
| 1.2 Related to the fair value option | X | \u2014 | \u2014 | \u2014 | X | X | \u2014 | \u2014 | \u2014 | X |
| 1.3 Other | X | \u2014 | 52,849 | \u2014 | X | X | \u2014 | 42,008 | \u2014 | X |
| 2. Credit derivatives | \u2014 | \u2014 | 320,842 | 6,644 | \u2014 | \u2014 | \u2014 | 339,101 | 1,951 | \u2014 |
| 2.1 Trading | X | \u2014 | 320,842 | 6,644 | X | X | \u2014 | 339,101 | 1,951 | X |
| 2.2 Related to the fair value option | X | \u2014 | \u2014 | \u2014 | X | X | \u2014 | \u2014 | \u2014 | X |
| 2.3 Other | X | \u2014 | \u2014 | \u2014 | X | X | \u2014 | \u2014 | \u2014 | X |
| Total (B) | X | 988,286 | 2,580,305 | 38,518 | X | X | 880,695 | 2,884,756 | 34,425 | X |
| Total (A+B) | X | 5,651,684 | 2,682,752 | 38,518 | X | X | 6,033,269 | 2,920,064 | 34,425 | X |
* Fair value computed by excluding variations due to changes in the issuer\u2019s credit score following the date of issue.
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"value": "SECTION 8
Heading 80: Other liabilities
8.1 Other liabilities: breakdown
| 31 December 2025 | 30 June 2025 |
| 1. Balance of illiquid portfolio items | 372,018 | 326,179 |
| 2. Amounts due to tax authorities | 258,318 | 222,085 |
| 3. Amounts due to personnel | 388,229 | 320,952 |
| 4. Other items | 410,171 | 704,791 |
| - bills for collection | 31,208 | 31,359 |
| - coupons and dividends pending collection | 32,961 | 80,537 |
| - available sums payable to third parties | 258,204 | 458,167 |
| - premiums, grants, and other items in respect of lending transactions | 18,158 | 20,006 |
| - sundry other items (1) | 69,640 | 114,722 |
| Total other liabilities | 1,428,736 | 1,574,007 |
(1) This includes the liability in respect of the put-and-call agreements relating to Polus Capital, RAM AI and MA.
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"v1-page463-cflshid_168010-tag470138": {
"value": "SECTION 8
Heading 80: Other liabilities
8.1 Other liabilities: breakdown
| 31 December 2025 | 30 June 2025 |
| 1. Balance of illiquid portfolio items | 372,018 | 326,179 |
| 2. Amounts due to tax authorities | 258,318 | 222,085 |
| 3. Amounts due to personnel | 388,229 | 320,952 |
| 4. Other items | 410,171 | 704,791 |
| - bills for collection | 31,208 | 31,359 |
| - coupons and dividends pending collection | 32,961 | 80,537 |
| - available sums payable to third parties | 258,204 | 458,167 |
| - premiums, grants, and other items in respect of lending transactions | 18,158 | 20,006 |
| - sundry other items (1) | 69,640 | 114,722 |
| Total other liabilities | 1,428,736 | 1,574,007 |
(1) This includes the liability in respect of the put-and-call agreements relating to Polus Capital, RAM AI and MA.
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"value": "SECTION 9Heading 90: Provision for statutory end-of-service payments
9.1 Provision for statutory end-of-service payments: changes for the year
| Total | Total |
| 31 December 2025 | 30 June 2025 |
| A. Balance at start of period | 18,905 | 20,445 |
| B. Increases | 5,454 | 13,427 |
| B.1 Provisions for the year | 2,173 | 4,807 |
| B.2 Other changes | 3,281 | 8,620 |
| - of which, business combinations | \u2014 | \u2014 |
| C. Decreases | 6,508 | 14,967 |
| C.1 End-of-service payments | 920 | 4,482 |
| C.2 Other changes (1) | 5,588 | 10,485 |
| - of which, business combinations | \u2014 | \u2014 |
| D. Balance at end of period | 17,851 | 18,905 |
| Total | 17,851 | 18,905 |
(1) This includes \u20ac1,618 in transfers to external defined contribution pension schemes (\u20ac3,657 at 30 June 2025).
The Provision for statutory end-of-service payments concerns the companies included in Mediobanca\u2019s consolidation scope residing in Italy; for a detailed explanation of the accounting standards adopted, please refer to Part A \u2013 Accounting Policies. 9.2 Other information
The provision for statutory end-of-service payments is configured as a defined benefit plan; the actuarial model used is based on various demographic and economic assumptions.
Please note that the current valuations were made by using a new set of assumptions compared to those used in previous periods, with the aim of aligning Mediobanca and its subsidiaries with the parameters used by the Parent Company MPS. In particular, the main changes concerned:
\u2014updating the mortality table by using the ISTAT 2023 rate, reduced by 20%, replacing IPS55;
\u2014adoption of the EUR Composite AA curve, provided directly by the Parent Company, MPS, as at 31 December 2025, in place of a flat rate consistent with the duration of the liabilities of the former Mediobanca Group.
10.5 Defined benefit retirement pension schemes
This refers to the defined benefit company retirement pension scheme operated by Caisse B\u00e2loise on behalf of RAM AI staff as required by Swiss law. The provision is subject to actuarial quantification by an independent actuary using the Projected Unit Credit Method. The current value of the liability is adjusted by the fair value of any assets to be used under the terms of such plan.
In particular, the \u201ctechnical\u201d surplus encountered for the first time in June 2022 persisted in the year under review, albeit decreasing, and it led to an adjustment pursuant to IFRIC 1497 in the same amount and a derecognition of the net liability.
The following Table shows the breakdown of the net defined benefit obligation as at the most recent reporting date (31 December 2025):
| CHF '000 | | EUR '000 |
| IAS19 Net obligation | 31 December 2025 | 30 June 2025 | \u00a0 | 31 December 2025 | 30 June 2025 |
| Present value of defined benefit obligation | (9,186) | (21,729) | \u00a0 | (9,863) | (23,248) |
| Present value of assets servicing the fund | 9,018 | 20,817 | \u00a0 | 9,682 | 22,272 |
| Surplus/(deficit) | (337) | (912) | \u00a0 | (362) | (976) |
| IFRIC 14 adjustments | \u2014 | \u2014 | \u00a0 | \u2014 | \u2014 |
| Net carrying (liability)/asset | (337) | (912) | \u00a0 | (362) | (976) |
A sensitivity analysis is performed on the DBO to measure its sensitivity to changes in the main assumptions adopted.
97 Paragraph 64 of IAS19 limits the measurement of an asset serving a defined benefit plan to the lower of the surplus in the defined benefit plan and the asset ceiling. Paragraph 8 of IAS19 defines the asset ceiling as \u2018the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan\u2019. Questions arose in regard of the time in which the refunds or reductions in future contributions should be considered available. Under IFRIC 14, the IASB provided the required clarifications by establishing that an entity must determine the availability of a refund or a reduction in future contributions in compliance with the terms and conditions of the plan and the statutory provisions applicable in the jurisdiction in which the plan is in operation. In the case at issue, the independent expert did not find that a right to a refund had arisen for the employees as the amount consisted in a surplus that did not derive from \u201coperational\u201d changes to the fund generating a better economic condition but from changes in valuation rates that had an impact on \u201cActuarial Gains and Losses\u201d resulting in the reduction and cancellation of the liability without recognizing an asset.
SECTION 10
Heading 100: Provisions for risks and charges
10.1 Provisions for risks and charges: breakdown
| Items/Components | 31 December 2025 | 30 June 2025 |
| 1. | Provisions for credit risk related to commitments and financial guarantees issued | 20,188 | 19,171 |
| 2. | Provisions for other commitments and other guarantees issued | \u2014 | 583 |
| 3. | Company retirement plans (1) | 182 | 241 |
| 4. | Other provisions for risks and charges | 99,999 | 94,602 |
| 4.1 | legal and tax disputes | 49,304 | 19,511 |
| 4.2 | personnel expenses | 11,012 | 6,818 |
| 4.3 | other | 39,683 | 68,273 |
| Total | 120,369 | 114.597 |
(1) This refers to the pension fund of the Swiss subsidiary RAM AI.
IAS37 requires provisions to be set aside in cases where there is an obligation, whether actual, legal or implicit, the amount of which may be reliably determined and the resolution of which is likely to entail a cash outflow for the company. The amount of the provision is determined from the best estimate, based on experience of similar operations or the opinion of independent experts. The provisions are revised on a regular basis in order to reflect the best current estimate.
As at 31 December, the item \"Provisions for risks and charges\" amounted to \u20ac120.4m, with no significant changes in the component of commitments and financial guarantees (\u20ac20.2m), but this led to an increase in \"Other provisions for risks and charges\" (from \u20ac94.6m to \u20ac100m) following utilizations of \u20ac14.2m and releases to the profit and loss account of \u20ac1.7m, partially offset by new provisions (\u20ac21.2m).
In detail, these provisions cover tax disputes (\u20ac30.3m), possible personnel charges on guarantees and indemnities (\u20ac16.1m), provisions to cover specific risks arising from complaints (\u20ac20.7m) in addition to provisions set aside to encourage personnel turnover (\u20ac7.7m) and other miscellaneous risks (\u20ac25.2m).
The stock at the end of the year was divided as follows by Company: Mediobanca \u20ac44.3m (\u20ac46.1m), Mediobanca Premier \u20ac29.6m (\u20ac27.8m), Compass Banca \u20ac17.8m (\u20ac9.9 m), Selma \u20ac4.5m (\u20ac7.1m), MB Credit Solutions \u20ac1.1m (\u20ac0.6m) and other companies for \u20ac2.6m (\u20ac3.1m).
With reference to the main legal proceedings, the following should be noted:
\u23afOfficine Meccaniche Giovanni Cerutti S.p.A. in Bankruptcy and its subsidiary Cerutti Packaging Equipment in Bankruptcy (the \u201cCompanies\u201d), each filed a corporate liability action before the Court of Turin against multiple parties, including the former management of the Companies, their supervisory bodies, their controlling bodies, and certain banks (including Mediobanca). The defendants alleged that each of the defendants had contributed to worsening the condition of the liabilities of the Companies declared bankrupt in 2020. With regard to the defendant banks, the Companies, on various grounds, claimed the unlawfulness of a plan pursuant to Article 67 of the (Italian) Bankruptcy Law approved in 2017, under which the banks purportedly continued to provide financial assistance to the Companies, including through the rescheduling of pre-existing loans, despite the Companies\u2019 financial situation being critical at the time, according to the plaintiffs. The total financial claim made by the Companies in the two proceedings, against all jointly and severally liable defendants, is approximately \u20ac67.4m. Mediobanca filed an appearance in both proceedings. The first hearings were scheduled for the second and third quarters of 2026. At this time, no provisions have been made, given that the risk of losing the case is not currently considered probable.
\u23afCompass Banca has provisions in place to meet customer reimbursement requests for additional charges paid upfront in the event of early debt repayment (known as the Lexitor affair) and other contractual aspects. The current balance of \u20ac9.2m takes into account a specific analysis carried out at the end of December;
\u23afdisputes related to the hiring of bankers and financial advisors and to the indemnity policy, were covered by provisions of \u20ac16.1m. Such provisions also include the amount set aside in relation to a legal action brought against Mediobanca Premier by another intermediary, following the transfer of financial advisors to Mediobanca
Premier, for a claim of \u20ac35m, the next hearing of which is scheduled for the first quarter of 2026.
With regard to disputes pending with the Italian Tax Authorities, the following were pending:
\u23afthree cases were still pending in relation to the alleged failure to apply transparency tax rules as required by the legislation on Controlled Foreign Companies (CFC) on income earned by CMB Monaco and CMG Monaco in the three financial years 2013, 2014 and 2015 (for a total claim of \u20ac123.8m considering taxes, penalties and interest demanded), awaiting the hearing before the Court of Cassation due to the Financial Administration appealing the ruling after the Bank won the cases in the first and second level of judgement; \u23aftwo disputes relating to failure to reimburse interest accrued on VAT credits in leasing transactions (for a value of just under \u20ac3m).
The provisions for risks and charges set aside in the financial statements adequately cover the amount mentioned above.
10.2 Provisions for risks and charges: changes for the year | Provisions for other commitments and other guarantees issued | Retirement plans | Other provisions for risks and charges: Personnel expenses | Other provisions for risks and charges:Other | Total |
| A. Balance at start of period | 583 | 241 | 6,818 | 87,784 | 95,426 |
| B. Increases | \u2014 | 553 | 5,446 | 18,492 | 24,491 |
| B.1 Provisions for the year | \u2014 | 431 | 4,976 | 14,684 | 20,091 |
| B.2 Changes due to the passage of time | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.3 Changes due to discount rate differences | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Other changes | \u2014 | 122 | 470 | 3,808 | 4,400 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Decreases | 583 | 612 | 1,252 | 17,289 | 19,736 |
| C.1 Uses for the year | 583 | \u2014 | 1,252 | 14,437 | 16,272 |
| C.2 Changes due to discount rate differences | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.3 Other changes | \u2014 | 612 | \u2014 | 2,852 | 3,464 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| D. Balance at end of period | \u2014 | 182 | 11,012 | 88,987 | 100,181 |
10.3 Provisions for credit risk relating to commitments and financial guarantees issued
| Provisions for credit risk related to commitments and financial guarantees issued |
| Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | Total |
| Loan commitments | 16,895 | 2,220 | 318 | \u2014 | 19,433 |
| Financial guarantees issued | 755 | \u2014 | \u2014 | \u2014 | 755 |
| Total | 17,650 | 2,220 | 318 | \u2014 | 20,188 |
10.5 Defined benefit retirement pension schemes
This refers to the defined benefit company retirement pension scheme operated by Caisse B\u00e2loise on behalf of RAM AI staff as required by Swiss law. The provision is subject to actuarial quantification by an independent actuary using the Projected Unit Credit Method. The current value of the liability is adjusted by the fair value of any assets to be used under the terms of such plan.
In particular, the \u201ctechnical\u201d surplus encountered for the first time in June 2022 persisted in the year under review, albeit decreasing, and it led to an adjustment pursuant to IFRIC 1497 in the same amount and a derecognition of the net liability.
The following Table shows the breakdown of the net defined benefit obligation as at the most recent reporting date (31 December 2025):
| CHF '000 | | EUR '000 |
| IAS19 Net obligation | 31 December 2025 | 30 June 2025 | \u00a0 | 31 December 2025 | 30 June 2025 |
| Present value of defined benefit obligation | (9,186) | (21,729) | \u00a0 | (9,863) | (23,248) |
| Present value of assets servicing the fund | 9,018 | 20,817 | \u00a0 | 9,682 | 22,272 |
| Surplus/(deficit) | (337) | (912) | \u00a0 | (362) | (976) |
| IFRIC 14 adjustments | \u2014 | \u2014 | \u00a0 | \u2014 | \u2014 |
| Net carrying (liability)/asset | (337) | (912) | \u00a0 | (362) | (976) |
A sensitivity analysis is performed on the DBO to measure its sensitivity to changes in the main assumptions adopted.
97 Paragraph 64 of IAS19 limits the measurement of an asset serving a defined benefit plan to the lower of the surplus in the defined benefit plan and the asset ceiling. Paragraph 8 of IAS19 defines the asset ceiling as \u2018the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan\u2019. Questions arose in regard of the time in which the refunds or reductions in future contributions should be considered available. Under IFRIC 14, the IASB provided the required clarifications by establishing that an entity must determine the availability of a refund or a reduction in future contributions in compliance with the terms and conditions of the plan and the statutory provisions applicable in the jurisdiction in which the plan is in operation. In the case at issue, the independent expert did not find that a right to a refund had arisen for the employees as the amount consisted in a surplus that did not derive from \u201coperational\u201d changes to the fund generating a better economic condition but from changes in valuation rates that had an impact on \u201cActuarial Gains and Losses\u201d resulting in the reduction and cancellation of the liability without recognizing an asset.
Other Information1. Commitments and financial guarantees issued
| Nominal value of commitments and financial guarantees issued | Total | Total |
| Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | 31 December 2025 | 30 June 2025 |
| 1. Loan commitments | 20,877,529 | 175,600 | 1,438 | \u2014 | 21,054,567 | 27,163,170 |
| a) Central Banks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Public administrations | 6,969,434 | \u2014 | \u2014 | \u2014 | 6,969,434 | 13,824,287 |
| c) Banks | 26,327 | \u2014 | \u2014 | \u2014 | 26,327 | 58,026 |
| d) Other financial companies | 1,648,589 | 40,000 | \u2014 | \u2014 | 1,688,589 | 2,153,708 |
| e) Non-financial companies | 8,755,340 | 54,354 | 357 | \u2014 | 8,810,051 | 7,757,186 |
| f) Households | 3,477,839 | 81,246 | 1,081 | \u2014 | 3,560,166 | 3,369,963 |
| 2. Financial guarantees issued | 381,454 | 803 | \u2014 | \u2014 | 382,257 | 251,148 |
| a) Central Banks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| c) Banks | 42,026 | \u2014 | \u2014 | \u2014 | 42,026 | 12,264 |
| d) Other financial companies | 60,983 | \u2014 | \u2014 | \u2014 | 60,983 | 37,372 |
| e) Non-financial companies | 183,942 | 803 | \u2014 | \u2014 | 184,745 | 178,102 |
| f) Households | 94,503 | \u2014 | \u2014 | \u2014 | 94,503 | 23,410 |
2. Other commitments and other guarantees issued | Nominal value | Nominal value |
| 31 December 2025 | 30 June 2025 |
| 1. Other guarantees issued | 66,073 | 87,256 |
| of which: non-performing exposures | \u2014 | \u2014 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 |
| c) Banks | \u2014 | \u2014 |
| d) Other financial companies | 16,749 | 17,329 |
| e) Non-financial companies | 21,764 | 22,736 |
| f) Households | 27,560 | 47,191 |
| 2. Other commitments | 126,698 | 124,515 |
| of which: non-performing exposures | \u2014 | \u2014 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 |
| c) Banks | 22,345 | 25,757 |
| d) Other financial companies | 38,729 | 46,095 |
| e) Non-financial companies | 65,624 | 52,663 |
| f) Households | \u2014 | \u2014 |
1.5 OPERATIONAL RISKDefinition
Operational risk is the risk of incurring losses as a result of the inadequacy or malfunctioning of procedures and IT systems, human error or external events.
Capital requirement
Starting in March 2025, Mediobanca adopted the new approach to the capital requirement to hedge against operational risks as set forth in CRR3 (EU Regulation 2024/1623). The Standardized Approach (SA), mandatory for all banks, requires the capital requirement to be based on a Business Indicator Component (BIC), calculated as the product of the Business Indicator (BI) and a progressive beta coefficient according to the BI amount. Specifically, Business Indicator (BI) is the sum of interest, including leasing income, and dividends (ILDC), service component (SC), and financial component (FC). Based on this method of calculation, the capital requirement as at 31 December 2025 was equal to \u20ac458.1m (\u20ac443.4m as at 30 June 2025). Risk mitigation
The Group\u2019s Non-Financial Risks Committee, with the task of guiding, monitoring and mitigating non-financial risks (including IT & security risk, fraud risk, third-party/outsourcing risk, reputation risk) and the Conduct Committee, with the task of guiding, supervising and making decisions on the Group\u2019s conduct risks, operate within the scope of risk management.
Operational risks are supervised, at the level of Parent Company and main subsidiary companies, by the Non-Financial Risk Management unit.
The start of the Non-Financial Risk Management framework made it possible to develop and strengthen specific safeguards for each risk class (such as IT & Cyber risk, third-party risk, fraud risk and reputation risk), while providing an overview of the risks themselves. Risk identification processes have been defined and implemented, including through the collection and analysis of loss data, their evaluation and estimation through targeted assessments, constant monitoring through
Key Risk Indicators, as well as the definition and assignment of risk mitigation actions and/or transfers to the relevant units through insurance coverage.The operating losses recorded during the second half of 2025 impacted the total revenues by approximately 0.41% (steady with respect to the previous year).
With regard to the different classes of operational risk, Mediobanca and its subsidiaries\u2019 percentage composition of the various Basel II event types is shown below.
| | % of Total Loss |
| Event Type | 31 December 2025 | 30 June 2025 |
| Clients, products and business practices | 52% | 44% |
| Execution, delivery and process management | 15% | 39% |
| External fraud | 15% | 13% |
| Employment practices and workplace safety | 14% | 4% |
| Other | 3% | 1% |
Most of the Group\u2019s operating losses arose from the Event Type \u201cClients, products and business practices\u201d, which includes costs arising from disputes or litigation with individual customers (Consumer Finance and Wealth Management Business Lines). The second category of losses in terms of amount, \u201cExecution, delivery and process management\u201d, includes litigation provisions and expenses of the CIB Business Line. The \u201cEmployment practices and workplace safety\u201d category includes disputes with current and former employees. The \u201cExternal Fraud\u201d category includes losses resulting from fraud on personal and finalized loans (Consumer Finance).
Losses from operational risks were greater in Consumer Finance and Wealth Management. In terms of potential risks, despite an adequate system of controls, businesses characterized by non-standard and large-scale transactions, such as Corporate and Investment Banking and partly Wealth Management, were subject to \u2018low frequency and high severity\u2019 events.
ICT and Security RiskICT and Security risks, characterized by rapidly evolving components, are potentially relevant for the Group\u2019s financial position and business model in the medium term.
As part of the Non-Financial Risk Management unit, the ICT and Security Risk Unit is responsible for monitoring and controlling ICT and security risks, as well as verifying compliance of IT operations with the IT and security risk management system. During the financial year under review, compliance with the DORA regulation entailed a review of the internal regulatory framework regarding ICT and Third Parties and strengthening/developing numerous processes, as well as developing a broad set of risk indicators for monitoring and reporting purposes to corporate bodies.
Security risk (including cyber risk) is understood as the risk of incurring financial, reputation and market share losses due to:
\u2015any unauthorized access or attempted access to Mediobanca and its subsidiaries\u2019 IT system or to the data and digital information contained therein;
\u2015any (malicious or involuntary) event fostered or caused by the use of, or connected to, technology that has or could have an adverse impact on the integrity, availability, confidentiality and/or authenticity of company data and information, or on the continuity of corporate processes;
\u2015improper use and/or dissemination of data and information, including if not directly produced and managed by Mediobanca and its subsidiaries.
IT or technological risk is understood as the risk of incurring financial loss, reputation damage and market share loss in relation to the incorrect use of ICT processes supporting maintenance and management of the company\u2019s information system or in connection with malfunctions in the hardware, software or technical components.
These risks, which did not generate significant phenomena for the Mediobanca and its subsidiaries during the financial year under review, are affected, in terms of exposure, by increases in:
\u2015dependence on IT systems;
\u2015number of users of virtual channels and thus interconnected devices;
\u2015amount of managed data that must be protected;
\u2015use of IT services offered by third parties.
Additional external events, such as the evolution of the cyber-geopolitical environment (e.g. Russia-Ukraine and Israel-Palestine conflicts), as well as the adoption of new technological systems (e.g. cloud) that extend the attack surface by introducing new specific threats, should be added to the above factors.
In consideration of such context, ICT and Security risk is subject to increasing regulatory attention (e.g. DORA) and to the attention of Supervisors (e.g. Cyber Resilience Stress Testing), which require the continuous development of Internal Control Systems.
Over the last few years, Mediobanca and its subsidiaries have constantly strengthened their ICT and security strategy, based on which the system of policies and rules identifying and measuring the ICT & security risks, the assessment of safeguards in place, the identification of the appropriate methods to handle such risks and technological skills needed to face new types of threats have been improved.
In particular, the IT and security risk management framework includes:
\u2015definition and maintenance of specific policies, methodologies and procedures (e.g. ICT and security risk management policy, information security policy, IT and security risk management methodological manual);
\u2015analysis of IT and security risk, regularly carried out for Mediobanca and its subsidiaries, as well as for the Banks' payment services;
\u2015analysis of IT and security risk of relevant projects and/or arising from third parties;
\u2015constant monitoring through indicators and related reporting;
\u2015study and analysis of the Cyber environment in the Finance sector;
\u2015training on IT and security risk at all levels of the company organization.
IT and security incidents detected during the financial year under review, which concerned some outsourced services in part, were managed effectively by containing any possible operational disruptions and slowdowns.
",
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"v1-page465-cflshid_168570-tag470141": {
"value": "SECTION 10
Heading 100: Provisions for risks and charges
10.1 Provisions for risks and charges: breakdown
| Items/Components | 31 December 2025 | 30 June 2025 |
| 1. | Provisions for credit risk related to commitments and financial guarantees issued | 20,188 | 19,171 |
| 2. | Provisions for other commitments and other guarantees issued | \u2014 | 583 |
| 3. | Company retirement plans (1) | 182 | 241 |
| 4. | Other provisions for risks and charges | 99,999 | 94,602 |
| 4.1 | legal and tax disputes | 49,304 | 19,511 |
| 4.2 | personnel expenses | 11,012 | 6,818 |
| 4.3 | other | 39,683 | 68,273 |
| Total | 120,369 | 114.597 |
(1) This refers to the pension fund of the Swiss subsidiary RAM AI.
IAS37 requires provisions to be set aside in cases where there is an obligation, whether actual, legal or implicit, the amount of which may be reliably determined and the resolution of which is likely to entail a cash outflow for the company. The amount of the provision is determined from the best estimate, based on experience of similar operations or the opinion of independent experts. The provisions are revised on a regular basis in order to reflect the best current estimate.
As at 31 December, the item \"Provisions for risks and charges\" amounted to \u20ac120.4m, with no significant changes in the component of commitments and financial guarantees (\u20ac20.2m), but this led to an increase in \"Other provisions for risks and charges\" (from \u20ac94.6m to \u20ac100m) following utilizations of \u20ac14.2m and releases to the profit and loss account of \u20ac1.7m, partially offset by new provisions (\u20ac21.2m).
In detail, these provisions cover tax disputes (\u20ac30.3m), possible personnel charges on guarantees and indemnities (\u20ac16.1m), provisions to cover specific risks arising from complaints (\u20ac20.7m) in addition to provisions set aside to encourage personnel turnover (\u20ac7.7m) and other miscellaneous risks (\u20ac25.2m).
The stock at the end of the year was divided as follows by Company: Mediobanca \u20ac44.3m (\u20ac46.1m), Mediobanca Premier \u20ac29.6m (\u20ac27.8m), Compass Banca \u20ac17.8m (\u20ac9.9 m), Selma \u20ac4.5m (\u20ac7.1m), MB Credit Solutions \u20ac1.1m (\u20ac0.6m) and other companies for \u20ac2.6m (\u20ac3.1m).
With reference to the main legal proceedings, the following should be noted:
\u23afOfficine Meccaniche Giovanni Cerutti S.p.A. in Bankruptcy and its subsidiary Cerutti Packaging Equipment in Bankruptcy (the \u201cCompanies\u201d), each filed a corporate liability action before the Court of Turin against multiple parties, including the former management of the Companies, their supervisory bodies, their controlling bodies, and certain banks (including Mediobanca). The defendants alleged that each of the defendants had contributed to worsening the condition of the liabilities of the Companies declared bankrupt in 2020. With regard to the defendant banks, the Companies, on various grounds, claimed the unlawfulness of a plan pursuant to Article 67 of the (Italian) Bankruptcy Law approved in 2017, under which the banks purportedly continued to provide financial assistance to the Companies, including through the rescheduling of pre-existing loans, despite the Companies\u2019 financial situation being critical at the time, according to the plaintiffs. The total financial claim made by the Companies in the two proceedings, against all jointly and severally liable defendants, is approximately \u20ac67.4m. Mediobanca filed an appearance in both proceedings. The first hearings were scheduled for the second and third quarters of 2026. At this time, no provisions have been made, given that the risk of losing the case is not currently considered probable.
\u23afCompass Banca has provisions in place to meet customer reimbursement requests for additional charges paid upfront in the event of early debt repayment (known as the Lexitor affair) and other contractual aspects. The current balance of \u20ac9.2m takes into account a specific analysis carried out at the end of December;
\u23afdisputes related to the hiring of bankers and financial advisors and to the indemnity policy, were covered by provisions of \u20ac16.1m. Such provisions also include the amount set aside in relation to a legal action brought against Mediobanca Premier by another intermediary, following the transfer of financial advisors to Mediobanca
Premier, for a claim of \u20ac35m, the next hearing of which is scheduled for the first quarter of 2026.
With regard to disputes pending with the Italian Tax Authorities, the following were pending:
\u23afthree cases were still pending in relation to the alleged failure to apply transparency tax rules as required by the legislation on Controlled Foreign Companies (CFC) on income earned by CMB Monaco and CMG Monaco in the three financial years 2013, 2014 and 2015 (for a total claim of \u20ac123.8m considering taxes, penalties and interest demanded), awaiting the hearing before the Court of Cassation due to the Financial Administration appealing the ruling after the Bank won the cases in the first and second level of judgement; \u23aftwo disputes relating to failure to reimburse interest accrued on VAT credits in leasing transactions (for a value of just under \u20ac3m).
The provisions for risks and charges set aside in the financial statements adequately cover the amount mentioned above.
10.2 Provisions for risks and charges: changes for the year | Provisions for other commitments and other guarantees issued | Retirement plans | Other provisions for risks and charges: Personnel expenses | Other provisions for risks and charges:Other | Total |
| A. Balance at start of period | 583 | 241 | 6,818 | 87,784 | 95,426 |
| B. Increases | \u2014 | 553 | 5,446 | 18,492 | 24,491 |
| B.1 Provisions for the year | \u2014 | 431 | 4,976 | 14,684 | 20,091 |
| B.2 Changes due to the passage of time | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.3 Changes due to discount rate differences | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.4 Other changes | \u2014 | 122 | 470 | 3,808 | 4,400 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Decreases | 583 | 612 | 1,252 | 17,289 | 19,736 |
| C.1 Uses for the year | 583 | \u2014 | 1,252 | 14,437 | 16,272 |
| C.2 Changes due to discount rate differences | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.3 Other changes | \u2014 | 612 | \u2014 | 2,852 | 3,464 |
| - of which, business combinations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| D. Balance at end of period | \u2014 | 182 | 11,012 | 88,987 | 100,181 |
10.3 Provisions for credit risk relating to commitments and financial guarantees issued
| Provisions for credit risk related to commitments and financial guarantees issued |
| Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | Total |
| Loan commitments | 16,895 | 2,220 | 318 | \u2014 | 19,433 |
| Financial guarantees issued | 755 | \u2014 | \u2014 | \u2014 | 755 |
| Total | 17,650 | 2,220 | 318 | \u2014 | 20,188 |
10.5 Defined benefit retirement pension schemes
This refers to the defined benefit company retirement pension scheme operated by Caisse B\u00e2loise on behalf of RAM AI staff as required by Swiss law. The provision is subject to actuarial quantification by an independent actuary using the Projected Unit Credit Method. The current value of the liability is adjusted by the fair value of any assets to be used under the terms of such plan.
In particular, the \u201ctechnical\u201d surplus encountered for the first time in June 2022 persisted in the year under review, albeit decreasing, and it led to an adjustment pursuant to IFRIC 1497 in the same amount and a derecognition of the net liability.
The following Table shows the breakdown of the net defined benefit obligation as at the most recent reporting date (31 December 2025):
| CHF '000 | | EUR '000 |
| IAS19 Net obligation | 31 December 2025 | 30 June 2025 | \u00a0 | 31 December 2025 | 30 June 2025 |
| Present value of defined benefit obligation | (9,186) | (21,729) | \u00a0 | (9,863) | (23,248) |
| Present value of assets servicing the fund | 9,018 | 20,817 | \u00a0 | 9,682 | 22,272 |
| Surplus/(deficit) | (337) | (912) | \u00a0 | (362) | (976) |
| IFRIC 14 adjustments | \u2014 | \u2014 | \u00a0 | \u2014 | \u2014 |
| Net carrying (liability)/asset | (337) | (912) | \u00a0 | (362) | (976) |
A sensitivity analysis is performed on the DBO to measure its sensitivity to changes in the main assumptions adopted.
97 Paragraph 64 of IAS19 limits the measurement of an asset serving a defined benefit plan to the lower of the surplus in the defined benefit plan and the asset ceiling. Paragraph 8 of IAS19 defines the asset ceiling as \u2018the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan\u2019. Questions arose in regard of the time in which the refunds or reductions in future contributions should be considered available. Under IFRIC 14, the IASB provided the required clarifications by establishing that an entity must determine the availability of a refund or a reduction in future contributions in compliance with the terms and conditions of the plan and the statutory provisions applicable in the jurisdiction in which the plan is in operation. In the case at issue, the independent expert did not find that a right to a refund had arisen for the employees as the amount consisted in a surplus that did not derive from \u201coperational\u201d changes to the fund generating a better economic condition but from changes in valuation rates that had an impact on \u201cActuarial Gains and Losses\u201d resulting in the reduction and cancellation of the liability without recognizing an asset.
1.5 OPERATIONAL RISKDefinition
Operational risk is the risk of incurring losses as a result of the inadequacy or malfunctioning of procedures and IT systems, human error or external events.
Capital requirement
Starting in March 2025, Mediobanca adopted the new approach to the capital requirement to hedge against operational risks as set forth in CRR3 (EU Regulation 2024/1623). The Standardized Approach (SA), mandatory for all banks, requires the capital requirement to be based on a Business Indicator Component (BIC), calculated as the product of the Business Indicator (BI) and a progressive beta coefficient according to the BI amount. Specifically, Business Indicator (BI) is the sum of interest, including leasing income, and dividends (ILDC), service component (SC), and financial component (FC). Based on this method of calculation, the capital requirement as at 31 December 2025 was equal to \u20ac458.1m (\u20ac443.4m as at 30 June 2025). Risk mitigation
The Group\u2019s Non-Financial Risks Committee, with the task of guiding, monitoring and mitigating non-financial risks (including IT & security risk, fraud risk, third-party/outsourcing risk, reputation risk) and the Conduct Committee, with the task of guiding, supervising and making decisions on the Group\u2019s conduct risks, operate within the scope of risk management.
Operational risks are supervised, at the level of Parent Company and main subsidiary companies, by the Non-Financial Risk Management unit.
The start of the Non-Financial Risk Management framework made it possible to develop and strengthen specific safeguards for each risk class (such as IT & Cyber risk, third-party risk, fraud risk and reputation risk), while providing an overview of the risks themselves. Risk identification processes have been defined and implemented, including through the collection and analysis of loss data, their evaluation and estimation through targeted assessments, constant monitoring through
Key Risk Indicators, as well as the definition and assignment of risk mitigation actions and/or transfers to the relevant units through insurance coverage.The operating losses recorded during the second half of 2025 impacted the total revenues by approximately 0.41% (steady with respect to the previous year).
With regard to the different classes of operational risk, Mediobanca and its subsidiaries\u2019 percentage composition of the various Basel II event types is shown below.
| | % of Total Loss |
| Event Type | 31 December 2025 | 30 June 2025 |
| Clients, products and business practices | 52% | 44% |
| Execution, delivery and process management | 15% | 39% |
| External fraud | 15% | 13% |
| Employment practices and workplace safety | 14% | 4% |
| Other | 3% | 1% |
Most of the Group\u2019s operating losses arose from the Event Type \u201cClients, products and business practices\u201d, which includes costs arising from disputes or litigation with individual customers (Consumer Finance and Wealth Management Business Lines). The second category of losses in terms of amount, \u201cExecution, delivery and process management\u201d, includes litigation provisions and expenses of the CIB Business Line. The \u201cEmployment practices and workplace safety\u201d category includes disputes with current and former employees. The \u201cExternal Fraud\u201d category includes losses resulting from fraud on personal and finalized loans (Consumer Finance).
Losses from operational risks were greater in Consumer Finance and Wealth Management. In terms of potential risks, despite an adequate system of controls, businesses characterized by non-standard and large-scale transactions, such as Corporate and Investment Banking and partly Wealth Management, were subject to \u2018low frequency and high severity\u2019 events.
ICT and Security RiskICT and Security risks, characterized by rapidly evolving components, are potentially relevant for the Group\u2019s financial position and business model in the medium term.
As part of the Non-Financial Risk Management unit, the ICT and Security Risk Unit is responsible for monitoring and controlling ICT and security risks, as well as verifying compliance of IT operations with the IT and security risk management system. During the financial year under review, compliance with the DORA regulation entailed a review of the internal regulatory framework regarding ICT and Third Parties and strengthening/developing numerous processes, as well as developing a broad set of risk indicators for monitoring and reporting purposes to corporate bodies.
Security risk (including cyber risk) is understood as the risk of incurring financial, reputation and market share losses due to:
\u2015any unauthorized access or attempted access to Mediobanca and its subsidiaries\u2019 IT system or to the data and digital information contained therein;
\u2015any (malicious or involuntary) event fostered or caused by the use of, or connected to, technology that has or could have an adverse impact on the integrity, availability, confidentiality and/or authenticity of company data and information, or on the continuity of corporate processes;
\u2015improper use and/or dissemination of data and information, including if not directly produced and managed by Mediobanca and its subsidiaries.
IT or technological risk is understood as the risk of incurring financial loss, reputation damage and market share loss in relation to the incorrect use of ICT processes supporting maintenance and management of the company\u2019s information system or in connection with malfunctions in the hardware, software or technical components.
These risks, which did not generate significant phenomena for the Mediobanca and its subsidiaries during the financial year under review, are affected, in terms of exposure, by increases in:
\u2015dependence on IT systems;
\u2015number of users of virtual channels and thus interconnected devices;
\u2015amount of managed data that must be protected;
\u2015use of IT services offered by third parties.
Additional external events, such as the evolution of the cyber-geopolitical environment (e.g. Russia-Ukraine and Israel-Palestine conflicts), as well as the adoption of new technological systems (e.g. cloud) that extend the attack surface by introducing new specific threats, should be added to the above factors.
In consideration of such context, ICT and Security risk is subject to increasing regulatory attention (e.g. DORA) and to the attention of Supervisors (e.g. Cyber Resilience Stress Testing), which require the continuous development of Internal Control Systems.
Over the last few years, Mediobanca and its subsidiaries have constantly strengthened their ICT and security strategy, based on which the system of policies and rules identifying and measuring the ICT & security risks, the assessment of safeguards in place, the identification of the appropriate methods to handle such risks and technological skills needed to face new types of threats have been improved.
In particular, the IT and security risk management framework includes:
\u2015definition and maintenance of specific policies, methodologies and procedures (e.g. ICT and security risk management policy, information security policy, IT and security risk management methodological manual);
\u2015analysis of IT and security risk, regularly carried out for Mediobanca and its subsidiaries, as well as for the Banks' payment services;
\u2015analysis of IT and security risk of relevant projects and/or arising from third parties;
\u2015constant monitoring through indicators and related reporting;
\u2015study and analysis of the Cyber environment in the Finance sector;
\u2015training on IT and security risk at all levels of the company organization.
IT and security incidents detected during the financial year under review, which concerned some outsourced services in part, were managed effectively by containing any possible operational disruptions and slowdowns.
",
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"v1-page473-cflshid_171363-tag470178": {
"value": "11.2 Trend in the book value of insurance contracts issued \u2013 Premium Allocation Approach (PAA) \u2013 liabilities for residual coverage and for claims incurred \u2013 Non-Life Segment| Items/Liabilities | Liabilities for residual coverage | Liabilities for claims incurred | Total |
| After loss | Loss | Current value of cash flow | Adjustment for non- financial risk |
| A. Opening carrying amount | | | | | |
| 1. Insurance contracts issued that constitute liabilities | 73,843 | \u2014 | 7,930 | 649 | 82,422 |
| 2. Insurance contracts issued that constitute assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Net carrying amount as at 1 July | 73,843 | \u2014 | 7,930 | 649 | 82,422 |
| B. Insurance revenues | (14,028) | \u2014 | \u2014 | \u2014 | (14,028) |
| C. Costs for insurance services | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1. Claims incurred and other directly attributable costs | \u2014 | \u2014 | 3,137 | \u2014 | 3,137 |
| 2. Changes in liabilities for claims incurred | \u2014 | \u2014 | 39 | (364) | (325) |
| 3. Losses and related recoveries on onerous contracts | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. Amortization of contract acquisition costs | 1,383 | \u2014 | \u2014 | \u2014 | 1,383 |
| 5. Total | 1,383 | \u2014 | 3,176 | (364) | 4,195 |
| D. Income from insurance services (B+C) | (12,645) | \u2014 | 3,176 | (364) | (9,833) |
| E. Net financial costs/revenues | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1. Relating to insurance contracts issued | \u2014 | \u2014 | (38) | \u2014 | (38) |
| 1.1 Recorded through profit or loss | \u2014 | \u2014 | (38) | \u2014 | (38) |
| 1.2 Recorded through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Effects associated with changes in exchange rates | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Total | \u2014 | \u2014 | (38) | \u2014 | (38) |
| F. Investment components | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| G. Total amount of changes recorded through profit or loss and other comprehensive income (D+E+F) | (12,645) | \u2014 | 3,138 | (364) | (9,871) |
| H. Other changes | \u2014 | \u2014 | \u2014 | 106 | 106 |
| I. Cash handling | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1. Premiums collected | 12,050 | \u2014 | \u2014 | \u2014 | 12,050 |
| 2. Payments in connection with contracts acquisition costs | (1,229) | \u2014 | \u2014 | \u2014 | (1,229) |
| 3. Claims paid and other cash outflows | \u2014 | \u2014 | (3,099) | \u2014 | (3,099) |
| 4. Other changes | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 5. Total | 10,821 | \u2014 | (3,099) | \u2014 | 7,722 |
| L. Net book value at 30 June (A.3+G+H+I.4) | 72,019 | \u2014 | 7,969 | 391 | 80,379 |
| M. Closing carrying amount | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1. Insurance contracts issued that constitute liabilities | 72,019 | \u2014 | 7,969 | 391 | 80,379 |
| 2. Insurance contracts issued that constitute assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Net carrying amount as at 30 June | 72,019 | \u2014 | 7,969 | 391 | 80,379 |
| Items/Liabilities | Liabilities for residual coverage | Liabilities for claims incurred | Total |
| After loss | Loss | Current value of cash flow | Adjustment for non-financial risk |
| A. Opening carrying amount | | | | | |
| 1. Insurance contracts issued that constitute liabilities | 79,252 | \u2014 | 10,489 | 24 | 89,765 |
| 2. Insurance contracts issued that constitute assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Net carrying amount as at 1 July | 79,252 | \u2014 | 10,489 | 24 | 89,765 |
| B. Insurance revenues | (29,714) | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Costs for insurance services | | | | | |
| 1. Claims incurred and other directly attributable costs | \u2014 | \u2014 | 6,506 | \u2014 | 6,506 |
| 2. Changes in liabilities for claims incurred | \u2014 | \u2014 | (2,560) | 1,360 | (1,200) |
| 3. Losses and related recoveries on onerous contracts | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. Amortization of contract acquisition costs | 3,177 | \u2014 | \u2014 | \u2014 | 3,177 |
| 5. Total | 3,177 | \u2014 | 3,946 | 1,360 | 8,483 |
| D. Income from insurance services (B+C) | (26,537) | \u2014 | 3,946 | 1,360 | (21,231) |
| E. Net financial costs/revenues | | | | | |
| 1. Relating to insurance contracts issued | \u2014 | \u2014 | 243 | \u2014 | 243 |
| 1.1 Recorded through profit or loss | \u2014 | \u2014 | 243 | \u2014 | 243 |
| 1.2 Recorded through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Effects associated with changes in exchange rates | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Total | \u2014 | \u2014 | 243 | \u2014 | 243 |
| F. Investment components | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| G. Total amount of changes recorded through profit or loss and other comprehensive income (D+E+F) | (26,537) | \u2014 | 4,189 | 1,360 | (20,988) |
| H. Other changes | \u2014 | \u2014 | \u2014 | (735) | (735) |
| I. Cash handling | | | | | |
| 1. Premiums collected | 23,490 | \u2014 | \u2014 | \u2014 | 23,490 |
| 2. Payments in connection with contracts acquisition costs | (2,362) | \u2014 | \u2014 | \u2014 | (2,362) |
| 3. Claims paid and other cash outflows | \u2014 | \u2014 | (6,748) | \u2014 | (6,748) |
| 4. Total | 21,128 | \u2014 | (6,748) | \u2014 | 14,380 |
| L. Net book value at 30 June (A.3+G+H+I.4) | 73,843 | \u2014 | 7,930 | 649 | 82,422 |
| M. Closing carrying amount | | | | | |
| 1. Insurance contracts issued that constitute liabilities | 73,843 | \u2014 | 7,930 | 649 | 82,422 |
| 2. Insurance contracts issued that constitute assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Net carrying amount as at 30 June | 73,843 | \u2014 | 7,930 | 649 | 82,422 |
The development of claims net of reinsurance is presented below.
11.7 Insurance contracts issued - Management of claims before reinsurance - Non-Life segmentStatement as at 31 December 2025
| Claims/Time bands | Year | Year | Year | Year | Year | Year | Year | Year | Year | Total |
| \u00a0 | 30/6/2018 | 30/6/2019 | 30/6/2020 | 30/6/2021 | 30/6/2022 | 30/6/2023 | 30/6/2024 | 30/6/2025 | 31/12/2025 | \u00a0 |
| A. Cumulative claims paid and other directly attributable costs paid | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 1. At the end of the year of occurrence | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3,076 | X |
| 2. One year later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12 | X | X |
| 3. Two years later | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | X | X | X |
| 4. Three years later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 5,408 | X | X | X | X |
| 5. Four years later | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 1 | X | X | X | X | X |
| 6. Five years later | \u2014 | \u2014 | \u2014 | \u2014 | X | X | X | X | X | X |
| 7. Six years later | \u2014 | \u2014 | 1 | X | X | X | X | X | X | X |
| 8. Seven years later | \u2014 | 6 | X | X | X | X | X | X | X | X |
| 9. Eight years later | \u2014 | X | X | X | X | X | X | X | X | X |
| 10. Nine years later | X | X | X | X | X | X | X | X | X | X |
| Total cumulative claims paid and other directly attributable costs paid (Total A) | \u2014 | 6 | 1 | \u2014 | 1 | 5,408 | 3,466 | 12 | 3,076 | 15,244 |
| \u00a0 | | \u00a0 | \u00a0 | \u00a0 | \u00a0 | | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| B. Estimate of final cost of cumulative claims (before reinsurance and not discounted) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 1. At the end of the year of occurrence | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3,138 | X |
| 2. One year later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4,189 | X | X |
| 3. Two years later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 906 | X | X | X |
| 4. Three years later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 13,990 | X | X | X | X |
| 5. Four years later | \u2014 | \u2014 | \u2014 | \u2014 | 991 | X | X | X | X | X |
| 6. Five years later | \u2014 | \u2014 | \u2014 | \u2014 | X | X | X | X | X | X |
| 7. Six years later | \u2014 | \u2014 | \u2014 | X | X | X | X | X | X | X |
| 8. Seven years later | \u2014 | \u2014 | X | X | X | X | X | X | X | X |
| 9. Eight years later | | X | X | X | X | X | X | X | X | X |
| 10. Nine years later | X | X | X | X | X | X | X | X | X | X |
| Estimate of final cost of cumulative claims, not discounted, at the reporting date (Total B) | \u2014 | \u2014 | \u2014 | \u2014 | 991 | 13,990 | 906 | 4,189 | 3,138 | 23,213 |
| \u00a0 | | | | | | | | | | |
| C. Gross liabilities for claims incurred, not discounted - year of occurrence from T to T9 (Total B - Total A) | \u2014 | (6) | (1) | \u2014 | 990 | 8.582 | (2.560) | 904 | 61 | 7,969 |
| D. Gross liabilities for claims incurred, not discounted - years prior to T-9 | X | X | X | X | X | X | X | X | \u2014 | \u2014 |
| E. Discounting effect | X | X | X | X | X | X | X | X | \u2014 | \u2014 |
| F. Effect of adjustments for non-financial risks | X | X | X | X | X | X | X | X | \u2014 | 391 |
| G. Gross liabilities for claims incurred in regard of insurance contracts issued | X | X | X | X | X | X | X | X | \u2014 | 8.360 |
Statement as at 30 June 2025
| Claims/Time bands | Year | Year | Year | Year | Year | Year | Year | Year | Year | Total |
| \u00a0 | 30/6/2017 | 30/6/2018 | 30/6/2019 | 30/6/2020 | 30/6/2021 | 30/6/2022 | 30/6/2023 | 30/6/2024 | 30/6/2025 | \u00a0 |
| A. Cumulative claims paid and other directly attributable costs paid | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 1. At the end of the year of occurrence | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3,273 | X |
| 2. One year later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3,466 | X | X |
| 3. Two years later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u00a0 | 5,405 | X | X | X |
| 4. Three years later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 | X | X | X | X |
| 5. Four years later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X | X | X | X | X |
| 6. Five years later | \u2014 | \u2014 | \u2014 | \u2014 | X | X | X | X | X | X |
| 7. Six years later | \u2014 | \u2014 | \u2014 | X | X | X | X | X | X | X |
| 8. Seven years later | \u2014 | 1 | X | X | X | X | X | X | X | X |
| 9. Eight years later | \u2014 | X | X | X | X | X | X | X | X | X |
| 10. Nine years later | X | X | X | X | X | X | X | X | X | X |
| Total cumulative claims paid and other directly attributable costs paid (Total A) | \u2014 | 1 | \u2014 | \u2014 | \u2014 | 1 | 5,405 | 3,466 | 3,273 | 12,146 |
| \u00a0 | | \u00a0 | \u00a0 | \u00a0 | \u00a0 | | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| B. Estimate of final cost of cumulative claims (before reinsurance and not discounted) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 1. At the end of the year of occurrence | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4,189 | X |
| 2. One year later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 905 | X | X |
| 3. Two years later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 13,991 | X | X | X |
| 4. Three years later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 991 | X | X | X | X |
| 5. Four years later | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X | X | X | X | X |
| 6. Five years later | \u2014 | \u2014 | \u2014 | \u2014 | X | X | X | X | X | X |
| 7. Six years later | \u2014 | \u2014 | \u2014 | X | X | X | X | X | X | X |
| 8. Seven years later | \u2014 | \u2014 | X | X | X | X | X | X | X | X |
| 9. Eight years later | \u2014 | X | X | X | X | X | X | X | X | X |
| 10. Nine years later | X | X | X | X | X | X | X | X | X | X |
| Estimate of final cost of cumulative claims, not discounted, at the reporting date (Total B) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 991 | 13,991 | 905 | 4,189 | 20,076 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| C. Gross liabilities for claims incurred, not discounted - year of occurrence from T to T9 (Total B - Total A) | \u2014 | (1) | \u2014 | \u2014 | \u2014 | 989 | 8,586 | (2,516) | 916 | 7,930 |
| D. Gross liabilities for claims incurred, not discounted - years prior to T-9 | X | X | X | X | X | X | X | X | \u2014 | \u2014 |
| E. Discounting effect | X | X | X | X | X | X | X | X | \u2014 | \u2014 |
| F. Effect of adjustments for non-financial risks | X | X | X | X | X | X | X | X | \u2014 | 649 |
| G. Gross liabilities for claims incurred in regard of insurance contracts issued | X | X | X | X | X | X | X | X | \u2014 | \u2014 |
10.1 Insurance revenues and costs arising from insurance contracts issued - Breakdown
| Items/Aggregation level | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| A. Insurance revenues from insurance contracts issued measured according to GMM and VFA | | |
| A.1 Amounts related to changes in residual coverage | \u2014 | \u2014 |
| 1. Claims incurred and other expected insurance service costs | \u2014 | \u2014 |
| 2. Changes in adjustments for non-financial risk | \u2014 | \u2014 |
| 3. Gains on contractual services recorded through profit or loss for services provided | \u2014 | \u2014 |
| 4. Other amounts | \u2014 | \u2014 |
| A.2 Acquisition costs of recovered insurance contracts | \u2014 | \u2014 |
| A.3 Total insurance revenues from insurance contracts issued measured according to GMM and VFA | \u2014 | \u2014 |
| A.4 Total insurance revenues from insurance contracts issued measured according to PAA | 14,028 | 29,714 |
| - Life segment | \u2014 | \u2014 |
| - Non-Life / motor segment | \u2014 | \u2014 |
| - Non-Life / non-motor segment | 14,028 | 29,714 |
| A.5 Total insurance revenues from insurance contracts issued | 14,028 | 29,714 |
| B. Costs for insurance services from insurance contracts issued \u2013 GMM or VFA | \u2014 | |
| 1. Claims incurred and other directly attributable costs | \u2014 | \u2014 |
| 2. Changes in liabilities for claims incurred | \u2014 | \u2014 |
| 3. Losses on onerous contracts and recovery of such losses | \u2014 | \u2014 |
| 4. Amortization of insurance contract acquisition costs | \u2014 | \u2014 |
| 5. Other amounts | \u2014 | \u2014 |
| B.6 Total costs for insurance services from insurance contracts issued \u2013 GMM or VFA | \u2014 | \u2014 |
| B.7 Total costs for insurance services from insurance contracts issued measured according to PAA | (4,195) | (8,483) |
| - Life segment | \u2014 | \u2014 |
| - Non-Life / motor segment | \u2014 | \u2014 |
| - Non-Life / non-motor segment | (4,195) | (8,483) |
| C. Total net costs/revenues from insurance contracts issued (A.5+B.6+B.7) | 9,833 | 21,231 |
10.3 Allocation of costs for insurance services and other services31 December 2025 (six-month period)
| Costs/Aggregation level | Level A1 - with DPF | Level A2 - without DPF | Level A1 + Level A2 | Level A3 | Level A4 | Level A3 + Level A4 | Other |
| Costs attributed to the acquisition of insurance contracts | \u2014 | \u2014 | \u2014 | (1,383) | \u2014 | (1,383) | X |
| Other directly attributable costs | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| Investment management expenses | X | X | \u2014 | X | X | \u2014 | \u2014 |
| Other costs | X | X | \u2014 | X | X | \u2014 | (558) |
| Total | X | X | \u2014 | X | X | (1,383) | (588) |
30 June 2025 (twelve-month period)
| Costs/Aggregation level | Level A1 - with DPF | Level A2 - without DPF | Level A1 + Level A2 | Level A3 | Level A4 | Level A3 + Level A4 | Other |
| Costs attributed to the acquisition of insurance contracts | \u2014 | \u2014 | \u2014 | (3,177) | | (3,177) | X |
| Other directly attributable costs | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| Investment management expenses | X | X | \u2014 | X | X | \u2014 | \u2014 |
| Other costs | X | X | \u2014 | X | X | \u2014 | \u2014 |
| Total | X | X | \u2014 | X | X | (3,177) | \u2014 |
11.1 Net financial costs and revenues relating to insurance contracts issued
| Items/Aggregation level | Level A1 | Level A2 | Level A3 | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1. Interest accrued | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Effect of changes in interest rates and other financial assumptions | \u2014 | \u2014 | 38 | 38 | (243) |
| 3. Changes in the fair value of the assets underlying contracts measured according to VFA | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. Effects of changes in exchange rates | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 5. Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 6. Total financial revenues / costs relating to insurance contracts issued, recognized | \u2014 | \u2014 | 38 | 38 | (243) |
| Items/Operating segments | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Life segment | Non-Life segment | Total | Life segment | Non-Life segment | Total |
| \u00a0 | which includes: DPF | \u00a0 | which includes: DPF |
| A. NET FINANCIAL INCOME (EXPENSE) FROM INVESTMENTS | \u2014 | \u2014 | 3,058 | 3,058 | \u2014 | \u2014 | 7,093 | 7,093 |
| A.1 Interest income from financial assets measured at amortized cost and at fair value through other comprehensive income | \u2014 | \u2014 | 3,594 | 3,594 | \u2014 | \u2014 | 7,385 | 7,385 |
| A.2 Net gains/losses from assets measured at fair value through profit or loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| A.3 Net value adjustments (write-backs) for credit risk | \u2014 | \u2014 | 9 | 9 | \u2014 | \u2014 | 71 | 71 |
| A.4 Other net costs / revenues | \u2014 | \u2014 | (545) | (545) | \u2014 | \u2014 | (363) | (363) |
| A.5 Net capital gains / losses from financial assets measured at fair value through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B. NET CHANGE IN INVESTMENT CONTRACTS ISSUED IFRS9 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| A. TOTAL NET FINANCIAL INCOME (EXPENSE) FROM INVESTMENTS | \u2014 | \u2014 | 3,058 | 3,058 | \u2014 | \u2014 | 7,093 | 7,093 |
| of which: through profit or loss | \u2014 | \u2014 | 3,058 | 3,058 | \u2014 | \u2014 | 7,093 | 7,093 |
| of which: through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Items/Liabilities | Liabilities for residual coverage | Liabilities for claims incurred | Total |
| After loss | Loss | Current value of cash flow | Adjustment for non-financial risk |
| A. Opening carrying amount | | | | | |
| 1. Insurance contracts issued that constitute liabilities | 79,252 | \u2014 | 10,489 | 24 | 89,765 |
| 2. Insurance contracts issued that constitute assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Net carrying amount as at 1 July | 79,252 | \u2014 | 10,489 | 24 | 89,765 |
| B. Insurance revenues | (29,714) | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Costs for insurance services | | | | | |
| 1. Claims incurred and other directly attributable costs | \u2014 | \u2014 | 6,506 | \u2014 | 6,506 |
| 2. Changes in liabilities for claims incurred | \u2014 | \u2014 | (2,560) | 1,360 | (1,200) |
| 3. Losses and related recoveries on onerous contracts | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. Amortization of contract acquisition costs | 3,177 | \u2014 | \u2014 | \u2014 | 3,177 |
| 5. Total | 3,177 | \u2014 | 3,946 | 1,360 | 8,483 |
| D. Income from insurance services (B+C) | (26,537) | \u2014 | 3,946 | 1,360 | (21,231) |
| E. Net financial costs/revenues | | | | | |
| 1. Relating to insurance contracts issued | \u2014 | \u2014 | 243 | \u2014 | 243 |
| 1.1 Recorded through profit or loss | \u2014 | \u2014 | 243 | \u2014 | 243 |
| 1.2 Recorded through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Effects associated with changes in exchange rates | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Total | \u2014 | \u2014 | 243 | \u2014 | 243 |
| F. Investment components | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| G. Total amount of changes recorded through profit or loss and other comprehensive income (D+E+F) | (26,537) | \u2014 | 4,189 | 1,360 | (20,988) |
| H. Other changes | \u2014 | \u2014 | \u2014 | (735) | (735) |
| I. Cash handling | | | | | |
| 1. Premiums collected | 23,490 | \u2014 | \u2014 | \u2014 | 23,490 |
| 2. Payments in connection with contracts acquisition costs | (2,362) | \u2014 | \u2014 | \u2014 | (2,362) |
| 3. Claims paid and other cash outflows | \u2014 | \u2014 | (6,748) | \u2014 | (6,748) |
| 4. Total | 21,128 | \u2014 | (6,748) | \u2014 | 14,380 |
| L. Net book value at 30 June (A.3+G+H+I.4) | 73,843 | \u2014 | 7,930 | 649 | 82,422 |
| M. Closing carrying amount | | | | | |
| 1. Insurance contracts issued that constitute liabilities | 73,843 | \u2014 | 7,930 | 649 | 82,422 |
| 2. Insurance contracts issued that constitute assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Net carrying amount as at 30 June | 73,843 | \u2014 | 7,930 | 649 | 82,422 |
11.1 Net financial costs and revenues relating to insurance contracts issued
| Items/Aggregation level | Level A1 | Level A2 | Level A3 | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1. Interest accrued | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Effect of changes in interest rates and other financial assumptions | \u2014 | \u2014 | 38 | 38 | (243) |
| 3. Changes in the fair value of the assets underlying contracts measured according to VFA | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. Effects of changes in exchange rates | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 5. Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 6. Total financial revenues / costs relating to insurance contracts issued, recognized | \u2014 | \u2014 | 38 | 38 | (243) |
| Items/Operating segments | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Life segment | Non-Life segment | Total | Life segment | Non-Life segment | Total |
| \u00a0 | which includes: DPF | \u00a0 | which includes: DPF |
| A. NET FINANCIAL INCOME (EXPENSE) FROM INVESTMENTS | \u2014 | \u2014 | 3,058 | 3,058 | \u2014 | \u2014 | 7,093 | 7,093 |
| A.1 Interest income from financial assets measured at amortized cost and at fair value through other comprehensive income | \u2014 | \u2014 | 3,594 | 3,594 | \u2014 | \u2014 | 7,385 | 7,385 |
| A.2 Net gains/losses from assets measured at fair value through profit or loss | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| A.3 Net value adjustments (write-backs) for credit risk | \u2014 | \u2014 | 9 | 9 | \u2014 | \u2014 | 71 | 71 |
| A.4 Other net costs / revenues | \u2014 | \u2014 | (545) | (545) | \u2014 | \u2014 | (363) | (363) |
| A.5 Net capital gains / losses from financial assets measured at fair value through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B. NET CHANGE IN INVESTMENT CONTRACTS ISSUED IFRS9 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| A. TOTAL NET FINANCIAL INCOME (EXPENSE) FROM INVESTMENTS | \u2014 | \u2014 | 3,058 | 3,058 | \u2014 | \u2014 | 7,093 | 7,093 |
| of which: through profit or loss | \u2014 | \u2014 | 3,058 | 3,058 | \u2014 | \u2014 | 7,093 | 7,093 |
| of which: through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
SECTION 13Headings 120, 130, 140, 150, 160, 170 and 180: Group equity
13.1 \u201cCapital\u201d and \u201cTreasury Shares\u201d: breakdown
For the breakdown of Mediobanca and its subsidiaries\u2019 equity, please see part F of the consolidated notes to the accounts.
13.2 Capital \u2013 Number of Parent Company shares: changes for the year
| Items/Values | Ordinary |
| A. Shares in issue at the start of the period | 833,279,689 |
| - fully paid up | 833,279,689 |
| - not fully paid up | \u2014 |
| A.1 Treasury shares (-) | (24,706,629) |
| A.2 Shares in issue: opening balance | 808,573,060 |
| B. Increases | 169,175 |
| B.1 Newly issued shares | \u2014 |
| - for consideration | \u2014 |
| - business mergers | \u2014 |
| - bond conversions | \u2014 |
| - exercise of warrants | \u2014 |
| - other | \u2014 |
| - free of charge: | \u2014 |
| - to employees | \u2014 |
| - to directors | \u2014 |
| - other | \u2014 |
| B.2 Disposals of treasury shares | 169,175 |
| B.3 Other changes | \u2014 |
| C. Decreases | (17,792,032) |
| C.1 Cancellation | (20,000,000) |
| C.2 Purchases of treasury shares | 2,207,968 |
| C.3 Disposals of businesses | \u2014 |
| C.4 Other changes | \u2014 |
| D. Shares in issue: closing amount | 806,534,267 |
| D.1 Treasury shares (+) | (6,745,422) |
| A. Shares in issue at the end of the period | 813,279,689 |
| - fully paid up | 813,279,689 |
| - not fully paid up | \u2014 |
Please note that the share buyback and cancellation plan approved at the Shareholders' Meeting on 28 October 2024 (with a final value of \u20ac385m) ended on 2 July 2025 with the purchase of 24,100,000 shares (2,200,000 after 30 June 2025), 20,000,000 of which were cancelled on 31 July 2025. As at 31 December 2025, the number of Mediobanca shares outstanding was 806,500,000, while treasury shares stood at 6,700,000.Following completion of the Public Exchange Offer (11 September 2025), the amendments to the existing performance share plans became effective. These plans were accelerated pursuant to IFRS2 \"Share-based Payment\" and transformed into a liability to beneficiaries to be paid in cash, according to the original attribution schedule.
The changes in the Reserve for treasury shares during the year were as follows:
| Items/Values | Number of shares | Value (\u20ac\u2019000) |
| Reserve for treasury shares: opening amount at 30 June 2025 | 24,706,629 | 369,631 |
| Increases | 2,207,968 | 42,641 |
| - Newly issued shares | \u2014 | \u2014 |
| - Purchases of treasury shares | 2,207,968 | 42,641 |
| - Other changes | \u2014 | \u2014 |
| Decreases | 20,169,175 | 308,947 |
| - Cancellations | 20,000,000 | 306,356 |
| - Disposals of treasury shares | 169,175 | 2,591 |
| - Other changes | \u2014 | \u2014 |
| Reserve for treasury shares: closing amount at 31 December 2025 | 6,745,422 | 103,325 |
13.4 Profit reserves: other information
| Items/Values | 31 December 2025 | 30 June 2025 |
| Legal reserve | 88,936 | 88,903 |
| Reserve under articles of association | 299,368 | 233,425 |
| Treasury shares | 103,325 | 369,631 |
| Other | 8,344,425 | 7,450,477 |
| Total | 8,836,054 | 8,142,436 |
13.5 Equity instruments: breakdown and annual changesThere is no other information to be disclosed other than that already reported in this section.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page477-cflshid_174056-tag470146": {
"value": "SECTION 13Headings 120, 130, 140, 150, 160, 170 and 180: Group equity
13.1 \u201cCapital\u201d and \u201cTreasury Shares\u201d: breakdown
For the breakdown of Mediobanca and its subsidiaries\u2019 equity, please see part F of the consolidated notes to the accounts.
13.2 Capital \u2013 Number of Parent Company shares: changes for the year
| Items/Values | Ordinary |
| A. Shares in issue at the start of the period | 833,279,689 |
| - fully paid up | 833,279,689 |
| - not fully paid up | \u2014 |
| A.1 Treasury shares (-) | (24,706,629) |
| A.2 Shares in issue: opening balance | 808,573,060 |
| B. Increases | 169,175 |
| B.1 Newly issued shares | \u2014 |
| - for consideration | \u2014 |
| - business mergers | \u2014 |
| - bond conversions | \u2014 |
| - exercise of warrants | \u2014 |
| - other | \u2014 |
| - free of charge: | \u2014 |
| - to employees | \u2014 |
| - to directors | \u2014 |
| - other | \u2014 |
| B.2 Disposals of treasury shares | 169,175 |
| B.3 Other changes | \u2014 |
| C. Decreases | (17,792,032) |
| C.1 Cancellation | (20,000,000) |
| C.2 Purchases of treasury shares | 2,207,968 |
| C.3 Disposals of businesses | \u2014 |
| C.4 Other changes | \u2014 |
| D. Shares in issue: closing amount | 806,534,267 |
| D.1 Treasury shares (+) | (6,745,422) |
| A. Shares in issue at the end of the period | 813,279,689 |
| - fully paid up | 813,279,689 |
| - not fully paid up | \u2014 |
SECTION 1
Consolidated capital
QUANTITATIVE INFORMATION
B.1 Consolidated equity: breakdown by type of company (*)
| Net equity items | Prudential consolidation | Insurance companies | Other companies | Consolidation adjustments and eliminations | Total | Which includes: Third parties |
| 1. Company Capital | 444,719 | \u2014 | \u2014 | \u2014 | 444,719 | 38 |
| 2. Share premium | 1,768,180 | \u2014 | \u2014 | \u2014 | 1,768,180 | 1,848 |
| 3. Reserves (**) | 8,848,030 | \u2014 | \u2014 | \u2014 | 8,848,030 | 11,977 |
| 4. Capital instruments | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 5. (Treasury shares) | (103,325) | \u2014 | \u2014 | \u2014 | (103,325) | \u2014 |
| 6. Valuation reserves: | (22,977) | \u2014 | \u2014 | \u2014 | (22,977) | 31 |
| - Equity securities designated at fair value through other comprehensive income | 89,025 | \u2014 | \u2014 | \u2014 | 89,025 | \u2014 |
| - Hedging of equity securities designated at fair value through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Financial assets (other than equity securities) measured at fair value through other comprehensive income | 44,456 | \u2014 | \u2014 | \u2014 | 44,456 | \u2014 |
| - Tangible assets | 233,964 | \u2014 | \u2014 | \u2014 | 233,964 | \u2014 |
| - Intangible assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Hedging of foreign investments | (15,947) | \u2014 | \u2014 | \u2014 | (15,947) | \u2014 |
| - Hedging of cash flows | (35,998) | \u2014 | \u2014 | \u2014 | (35,998) | \u2014 |
| - Hedging instruments [not designated instruments] | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Currency exchange gains/losses | 7,125 | \u2014 | \u2014 | \u2014 | 7,125 | \u2014 |
| - Non-current assets and asset groups held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Financial liabilities designated at fair value through profit or loss (change in own credit quality) | (41,729) | \u2014 | \u2014 | \u2014 | (41,729) | \u2014 |
| - Actuarial gains (losses) on defined-benefit retirement plans | (805) | \u2014 | \u2014 | \u2014 | (805) | 31 |
| - Portion of valuation reserves of equity-accounted interests | (312,700) | \u2014 | \u2014 | \u2014 | (312,700) | \u2014 |
| - Extraordinary revaluation laws | 9,632 | \u2014 | \u2014 | \u2014 | 9,632 | \u2014 |
| - Financial costs or revenues relating to insurance contracts issued | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Financial costs or revenues relating to insurance contracts ceded | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 7. Profit (Loss) for the period (+/-) attributable to the Group and to minority interests | 513,250 | \u2014 | \u2014 | \u2014 | 513,250 | 662 |
| Total | 11,447,877 | \u2014 | \u2014 | \u2014 | 11,447,877 | 14,556 |
(*) Compass RE, Compass Rent, MBContact Solutions, CMG Monaco SAM, Quarzo S.r.l., MBUSA, MB Immobiliere, Spafid Trust, Compass Link, Arma Deutschland Gmbh, and SPV PROJECT 2224 S.r.l. were excluded from the scope of prudential consolidation. Please see Section 1 - Consolidated Accounting Risks in Part E.
It should be noted that during the financial year, equity benefited from the voluntary changed valuation method for properties, i.e. from the cost method to the revaluation method for core operating properties (IAS16), and from the cost method to the fair value method for investment properties (IAS40). The alignment resulted in the recognition of higher values of \u20ac572m (\u20ac409m, after the tax effect), of which \u20ac329m (\u20ac234m) relating to properties under IAS16 and \u20ac244m (\u20ac176m) to properties under IAS40, largely attributable to land. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page477-cflshid_174056-tag470145": {
"value": "SECTION 13Headings 120, 130, 140, 150, 160, 170 and 180: Group equity
13.1 \u201cCapital\u201d and \u201cTreasury Shares\u201d: breakdown
For the breakdown of Mediobanca and its subsidiaries\u2019 equity, please see part F of the consolidated notes to the accounts.
13.2 Capital \u2013 Number of Parent Company shares: changes for the year
| Items/Values | Ordinary |
| A. Shares in issue at the start of the period | 833,279,689 |
| - fully paid up | 833,279,689 |
| - not fully paid up | \u2014 |
| A.1 Treasury shares (-) | (24,706,629) |
| A.2 Shares in issue: opening balance | 808,573,060 |
| B. Increases | 169,175 |
| B.1 Newly issued shares | \u2014 |
| - for consideration | \u2014 |
| - business mergers | \u2014 |
| - bond conversions | \u2014 |
| - exercise of warrants | \u2014 |
| - other | \u2014 |
| - free of charge: | \u2014 |
| - to employees | \u2014 |
| - to directors | \u2014 |
| - other | \u2014 |
| B.2 Disposals of treasury shares | 169,175 |
| B.3 Other changes | \u2014 |
| C. Decreases | (17,792,032) |
| C.1 Cancellation | (20,000,000) |
| C.2 Purchases of treasury shares | 2,207,968 |
| C.3 Disposals of businesses | \u2014 |
| C.4 Other changes | \u2014 |
| D. Shares in issue: closing amount | 806,534,267 |
| D.1 Treasury shares (+) | (6,745,422) |
| A. Shares in issue at the end of the period | 813,279,689 |
| - fully paid up | 813,279,689 |
| - not fully paid up | \u2014 |
20,000,000 of which were cancelled on 31 July 2025. As at 31 December 2025, the number of Mediobanca shares outstanding was 806,500,000, while treasury shares stood at 6,700,000.Following completion of the Public Exchange Offer (11 September 2025), the amendments to the existing performance share plans became effective. These plans were accelerated pursuant to IFRS2 \"Share-based Payment\" and transformed into a liability to beneficiaries to be paid in cash, according to the original attribution schedule.
The changes in the Reserve for treasury shares during the year were as follows:
| Items/Values | Number of shares | Value (\u20ac\u2019000) |
| Reserve for treasury shares: opening amount at 30 June 2025 | 24,706,629 | 369,631 |
| Increases | 2,207,968 | 42,641 |
| - Newly issued shares | \u2014 | \u2014 |
| - Purchases of treasury shares | 2,207,968 | 42,641 |
| - Other changes | \u2014 | \u2014 |
| Decreases | 20,169,175 | 308,947 |
| - Cancellations | 20,000,000 | 306,356 |
| - Disposals of treasury shares | 169,175 | 2,591 |
| - Other changes | \u2014 | \u2014 |
| Reserve for treasury shares: closing amount at 31 December 2025 | 6,745,422 | 103,325 |
13.4 Profit reserves: other information
| Items/Values | 31 December 2025 | 30 June 2025 |
| Legal reserve | 88,936 | 88,903 |
| Reserve under articles of association | 299,368 | 233,425 |
| Treasury shares | 103,325 | 369,631 |
| Other | 8,344,425 | 7,450,477 |
| Total | 8,836,054 | 8,142,436 |
13.5 Equity instruments: breakdown and annual changesThere is no other information to be disclosed other than that already reported in this section.
Part F \u2013 Information on Consolidated CapitalSECTION 1
Consolidated capital
QUANTITATIVE INFORMATION
B.1 Consolidated equity: breakdown by type of company (*)
| Net equity items | Prudential consolidation | Insurance companies | Other companies | Consolidation adjustments and eliminations | Total | Which includes: Third parties |
| 1. Company Capital | 444,719 | \u2014 | \u2014 | \u2014 | 444,719 | 38 |
| 2. Share premium | 1,768,180 | \u2014 | \u2014 | \u2014 | 1,768,180 | 1,848 |
| 3. Reserves (**) | 8,848,030 | \u2014 | \u2014 | \u2014 | 8,848,030 | 11,977 |
| 4. Capital instruments | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 5. (Treasury shares) | (103,325) | \u2014 | \u2014 | \u2014 | (103,325) | \u2014 |
| 6. Valuation reserves: | (22,977) | \u2014 | \u2014 | \u2014 | (22,977) | 31 |
| - Equity securities designated at fair value through other comprehensive income | 89,025 | \u2014 | \u2014 | \u2014 | 89,025 | \u2014 |
| - Hedging of equity securities designated at fair value through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Financial assets (other than equity securities) measured at fair value through other comprehensive income | 44,456 | \u2014 | \u2014 | \u2014 | 44,456 | \u2014 |
| - Tangible assets | 233,964 | \u2014 | \u2014 | \u2014 | 233,964 | \u2014 |
| - Intangible assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Hedging of foreign investments | (15,947) | \u2014 | \u2014 | \u2014 | (15,947) | \u2014 |
| - Hedging of cash flows | (35,998) | \u2014 | \u2014 | \u2014 | (35,998) | \u2014 |
| - Hedging instruments [not designated instruments] | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Currency exchange gains/losses | 7,125 | \u2014 | \u2014 | \u2014 | 7,125 | \u2014 |
| - Non-current assets and asset groups held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Financial liabilities designated at fair value through profit or loss (change in own credit quality) | (41,729) | \u2014 | \u2014 | \u2014 | (41,729) | \u2014 |
| - Actuarial gains (losses) on defined-benefit retirement plans | (805) | \u2014 | \u2014 | \u2014 | (805) | 31 |
| - Portion of valuation reserves of equity-accounted interests | (312,700) | \u2014 | \u2014 | \u2014 | (312,700) | \u2014 |
| - Extraordinary revaluation laws | 9,632 | \u2014 | \u2014 | \u2014 | 9,632 | \u2014 |
| - Financial costs or revenues relating to insurance contracts issued | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Financial costs or revenues relating to insurance contracts ceded | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 7. Profit (Loss) for the period (+/-) attributable to the Group and to minority interests | 513,250 | \u2014 | \u2014 | \u2014 | 513,250 | 662 |
| Total | 11,447,877 | \u2014 | \u2014 | \u2014 | 11,447,877 | 14,556 |
(*) Compass RE, Compass Rent, MBContact Solutions, CMG Monaco SAM, Quarzo S.r.l., MBUSA, MB Immobiliere, Spafid Trust, Compass Link, Arma Deutschland Gmbh, and SPV PROJECT 2224 S.r.l. were excluded from the scope of prudential consolidation. Please see Section 1 - Consolidated Accounting Risks in Part E.
It should be noted that during the financial year, equity benefited from the voluntary changed valuation method for properties, i.e. from the cost method to the revaluation method for core operating properties (IAS16), and from the cost method to the fair value method for investment properties (IAS40). The alignment resulted in the recognition of higher values of \u20ac572m (\u20ac409m, after the tax effect), of which \u20ac329m (\u20ac234m) relating to properties under IAS16 and \u20ac244m (\u20ac176m) to properties under IAS40, largely attributable to land. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page477-cflshid_174056-tag470144": {
"value": "SECTION 13Headings 120, 130, 140, 150, 160, 170 and 180: Group equity
13.1 \u201cCapital\u201d and \u201cTreasury Shares\u201d: breakdown
For the breakdown of Mediobanca and its subsidiaries\u2019 equity, please see part F of the consolidated notes to the accounts.
13.2 Capital \u2013 Number of Parent Company shares: changes for the year
| Items/Values | Ordinary |
| A. Shares in issue at the start of the period | 833,279,689 |
| - fully paid up | 833,279,689 |
| - not fully paid up | \u2014 |
| A.1 Treasury shares (-) | (24,706,629) |
| A.2 Shares in issue: opening balance | 808,573,060 |
| B. Increases | 169,175 |
| B.1 Newly issued shares | \u2014 |
| - for consideration | \u2014 |
| - business mergers | \u2014 |
| - bond conversions | \u2014 |
| - exercise of warrants | \u2014 |
| - other | \u2014 |
| - free of charge: | \u2014 |
| - to employees | \u2014 |
| - to directors | \u2014 |
| - other | \u2014 |
| B.2 Disposals of treasury shares | 169,175 |
| B.3 Other changes | \u2014 |
| C. Decreases | (17,792,032) |
| C.1 Cancellation | (20,000,000) |
| C.2 Purchases of treasury shares | 2,207,968 |
| C.3 Disposals of businesses | \u2014 |
| C.4 Other changes | \u2014 |
| D. Shares in issue: closing amount | 806,534,267 |
| D.1 Treasury shares (+) | (6,745,422) |
| A. Shares in issue at the end of the period | 813,279,689 |
| - fully paid up | 813,279,689 |
| - not fully paid up | \u2014 |
20,000,000 of which were cancelled on 31 July 2025. As at 31 December 2025, the number of Mediobanca shares outstanding was 806,500,000, while treasury shares stood at 6,700,000.Following completion of the Public Exchange Offer (11 September 2025), the amendments to the existing performance share plans became effective. These plans were accelerated pursuant to IFRS2 \"Share-based Payment\" and transformed into a liability to beneficiaries to be paid in cash, according to the original attribution schedule.
The changes in the Reserve for treasury shares during the year were as follows:
| Items/Values | Number of shares | Value (\u20ac\u2019000) |
| Reserve for treasury shares: opening amount at 30 June 2025 | 24,706,629 | 369,631 |
| Increases | 2,207,968 | 42,641 |
| - Newly issued shares | \u2014 | \u2014 |
| - Purchases of treasury shares | 2,207,968 | 42,641 |
| - Other changes | \u2014 | \u2014 |
| Decreases | 20,169,175 | 308,947 |
| - Cancellations | 20,000,000 | 306,356 |
| - Disposals of treasury shares | 169,175 | 2,591 |
| - Other changes | \u2014 | \u2014 |
| Reserve for treasury shares: closing amount at 31 December 2025 | 6,745,422 | 103,325 |
13.4 Profit reserves: other information
| Items/Values | 31 December 2025 | 30 June 2025 |
| Legal reserve | 88,936 | 88,903 |
| Reserve under articles of association | 299,368 | 233,425 |
| Treasury shares | 103,325 | 369,631 |
| Other | 8,344,425 | 7,450,477 |
| Total | 8,836,054 | 8,142,436 |
13.5 Equity instruments: breakdown and annual changesThere is no other information to be disclosed other than that already reported in this section.
Part F \u2013 Information on Consolidated CapitalSECTION 1
Consolidated capital
QUANTITATIVE INFORMATION
B.1 Consolidated equity: breakdown by type of company (*)
| Net equity items | Prudential consolidation | Insurance companies | Other companies | Consolidation adjustments and eliminations | Total | Which includes: Third parties |
| 1. Company Capital | 444,719 | \u2014 | \u2014 | \u2014 | 444,719 | 38 |
| 2. Share premium | 1,768,180 | \u2014 | \u2014 | \u2014 | 1,768,180 | 1,848 |
| 3. Reserves (**) | 8,848,030 | \u2014 | \u2014 | \u2014 | 8,848,030 | 11,977 |
| 4. Capital instruments | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 5. (Treasury shares) | (103,325) | \u2014 | \u2014 | \u2014 | (103,325) | \u2014 |
| 6. Valuation reserves: | (22,977) | \u2014 | \u2014 | \u2014 | (22,977) | 31 |
| - Equity securities designated at fair value through other comprehensive income | 89,025 | \u2014 | \u2014 | \u2014 | 89,025 | \u2014 |
| - Hedging of equity securities designated at fair value through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Financial assets (other than equity securities) measured at fair value through other comprehensive income | 44,456 | \u2014 | \u2014 | \u2014 | 44,456 | \u2014 |
| - Tangible assets | 233,964 | \u2014 | \u2014 | \u2014 | 233,964 | \u2014 |
| - Intangible assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Hedging of foreign investments | (15,947) | \u2014 | \u2014 | \u2014 | (15,947) | \u2014 |
| - Hedging of cash flows | (35,998) | \u2014 | \u2014 | \u2014 | (35,998) | \u2014 |
| - Hedging instruments [not designated instruments] | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Currency exchange gains/losses | 7,125 | \u2014 | \u2014 | \u2014 | 7,125 | \u2014 |
| - Non-current assets and asset groups held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Financial liabilities designated at fair value through profit or loss (change in own credit quality) | (41,729) | \u2014 | \u2014 | \u2014 | (41,729) | \u2014 |
| - Actuarial gains (losses) on defined-benefit retirement plans | (805) | \u2014 | \u2014 | \u2014 | (805) | 31 |
| - Portion of valuation reserves of equity-accounted interests | (312,700) | \u2014 | \u2014 | \u2014 | (312,700) | \u2014 |
| - Extraordinary revaluation laws | 9,632 | \u2014 | \u2014 | \u2014 | 9,632 | \u2014 |
| - Financial costs or revenues relating to insurance contracts issued | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Financial costs or revenues relating to insurance contracts ceded | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 7. Profit (Loss) for the period (+/-) attributable to the Group and to minority interests | 513,250 | \u2014 | \u2014 | \u2014 | 513,250 | 662 |
| Total | 11,447,877 | \u2014 | \u2014 | \u2014 | 11,447,877 | 14,556 |
(*) Compass RE, Compass Rent, MBContact Solutions, CMG Monaco SAM, Quarzo S.r.l., MBUSA, MB Immobiliere, Spafid Trust, Compass Link, Arma Deutschland Gmbh, and SPV PROJECT 2224 S.r.l. were excluded from the scope of prudential consolidation. Please see Section 1 - Consolidated Accounting Risks in Part E.
It should be noted that during the financial year, equity benefited from the voluntary changed valuation method for properties, i.e. from the cost method to the revaluation method for core operating properties (IAS16), and from the cost method to the fair value method for investment properties (IAS40). The alignment resulted in the recognition of higher values of \u20ac572m (\u20ac409m, after the tax effect), of which \u20ac329m (\u20ac234m) relating to properties under IAS16 and \u20ac244m (\u20ac176m) to properties under IAS40, largely attributable to land. ",
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"value": "Other Information1. Commitments and financial guarantees issued
| Nominal value of commitments and financial guarantees issued | Total | Total |
| Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | 31 December 2025 | 30 June 2025 |
| 1. Loan commitments | 20,877,529 | 175,600 | 1,438 | \u2014 | 21,054,567 | 27,163,170 |
| a) Central Banks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Public administrations | 6,969,434 | \u2014 | \u2014 | \u2014 | 6,969,434 | 13,824,287 |
| c) Banks | 26,327 | \u2014 | \u2014 | \u2014 | 26,327 | 58,026 |
| d) Other financial companies | 1,648,589 | 40,000 | \u2014 | \u2014 | 1,688,589 | 2,153,708 |
| e) Non-financial companies | 8,755,340 | 54,354 | 357 | \u2014 | 8,810,051 | 7,757,186 |
| f) Households | 3,477,839 | 81,246 | 1,081 | \u2014 | 3,560,166 | 3,369,963 |
| 2. Financial guarantees issued | 381,454 | 803 | \u2014 | \u2014 | 382,257 | 251,148 |
| a) Central Banks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| c) Banks | 42,026 | \u2014 | \u2014 | \u2014 | 42,026 | 12,264 |
| d) Other financial companies | 60,983 | \u2014 | \u2014 | \u2014 | 60,983 | 37,372 |
| e) Non-financial companies | 183,942 | 803 | \u2014 | \u2014 | 184,745 | 178,102 |
| f) Households | 94,503 | \u2014 | \u2014 | \u2014 | 94,503 | 23,410 |
2. Other commitments and other guarantees issued | Nominal value | Nominal value |
| 31 December 2025 | 30 June 2025 |
| 1. Other guarantees issued | 66,073 | 87,256 |
| of which: non-performing exposures | \u2014 | \u2014 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 |
| c) Banks | \u2014 | \u2014 |
| d) Other financial companies | 16,749 | 17,329 |
| e) Non-financial companies | 21,764 | 22,736 |
| f) Households | 27,560 | 47,191 |
| 2. Other commitments | 126,698 | 124,515 |
| of which: non-performing exposures | \u2014 | \u2014 |
| a) Central Banks | \u2014 | \u2014 |
| b) Public administrations | \u2014 | \u2014 |
| c) Banks | 22,345 | 25,757 |
| d) Other financial companies | 38,729 | 46,095 |
| e) Non-financial companies | 65,624 | 52,663 |
| f) Households | \u2014 | \u2014 |
",
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"value": "SECTION 1
Headings 10 and 20: Net interest income
1.1 Interest and similar income: breakdown
| Items/Instrument type | Debt securities | Loans | Other transactions | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1. Financial assets measured at fair value through profit or loss: | 73,562 | 10,351 | \u2014 | 83,911 | 164,828 |
| 1.1 Financial assets held for trading | 51,127 | 34 | \u2014 | 51,159 | 123,573 |
| 1.2 Financial assets designated at fair value | 22,435 | 10,317 | \u2014 | 32,752 | 41,211 |
| 1.3 Other financial assets mandatorily measured at fair value | \u2014 | \u2014 | \u2014 | \u2014 | 44 |
| 2. Financial assets measured at fair value through other comprehensive income | 84,595 | \u2014 | X | 84,595 | 229,842 |
| 3. Financial assets measured at amortized cost | 94,612 | 1,581,558 | \u2014 | 1,676,170 | 3,491,632 |
| 3.1 Due from banks | 731 | 68,622 | X | 69,353 | 220,359 |
| 3.2 Due from customers | 93,881 | 1,512,936 | X | 1,606,817 | 3,271,273 |
| 4. Hedging derivatives | X | X | \u2014 | \u2014 | \u2014 |
| 5. Other assets | X | X | 7,286 | 7,286 | 15,594 |
| 6. Financial liabilities | X | X | X | 2 | 2 |
| Total | 252,769 | 1,591,909 | 7,286 | 1,851,964 | 3,901,898 |
| of which: interest income on impaired financial assets | 297 | 32,862 | \u2014 | 33,159 | 48,483 |
| of which: interest income on finance leases | X | 25,858 | X | 25,858 | 65,932 |
\u00a0
1.2 Interest and similar income: other information
1.2.1 Interest income on financial assets in foreign currencies
As at 31 December 2025, interest income on financial assets in foreign currency amounted to \u20ac103m (\u20ac303m as at 30 June 2025).
1.3 Interest expense and similar charges: breakdown| Items/Instrument type | Payables | Securities | Other transactions | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1. Financial liabilities measured at amortized cost | (450,487) | (434,994) | \u2014 | (885,480) | (1,878,636) |
| 1.1 Due to Central Banks | (3,482) | X | X | (3,482) | (9,556) |
| 1.2 Due to banks | (192,441) | X | X | (192,441) | (410,803) |
| 1.3 Due to customers | (254,564) | X | X | (254,563) | (622,640) |
| 1.4 Securities in issue | X | (434,994) | X | (434,994) | (835,637) |
| 2. Trading financial liabilities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Financial liabilities designated at fair value | (2,686) | (13,222) | \u2014 | (15,908) | (33,787) |
| 4. Other liabilities and provisions | X | X | (78) | (78) | \u2014 |
| 5. Hedging derivatives | X | X | (71,266) | (71,266) | (137,707) |
| 6. Financial assets (1) | X | X | X | \u2014 | \u2014 |
| Total | (453,172) | (448,216) | (71,344) | (972,732) | (2,050,130) |
| of which: interest expense relating to lease liabilities | (3,469) | X | X | (3,469) | (6,401) |
(2) Mostly hedges of funding.
1.4 Interest expense and similar charges: other information
1.4.1 Interest expense on liabilities in foreign currencies
As at 31 December 2025, interest expense on liabilities in foreign currency amounted to \u20ac47.2m (\u20ac182.2m as at 30 June 2025).
1.5 Margins on hedging transactions
| Items | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| A. Positive margins on hedging transactions: | 643,792 | 1,639,404 |
| B. Negative margins on hedging transactions: | (715,058) | (1,777,111) |
| C. Net balance (A-B) | (71,266) | (137,707) |
SECTION 2Headings 40 and 50: Net fee and commission income
2.1 Fee and commission income: breakdown
| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| a) Financial instruments | 160,909 | 328,684 |
| 1. Placement of securities | 100,189 | 207,386 |
| 1.1 Underwriting commitment and/or based on an irrevocable commitment | 5,497 | \u2014 |
| 1.2 Without an irrevocable commitment | 94,692 | 207,386 |
| 2. Receipt and sending of orders and execution of orders on behalf of clients | 17,530 | 33,642 |
| 2.1 Receipt and sending of orders for one or more financial instruments | 17,530 | 33,642 |
| 2.2 Orders execution on behalf of customers | \u2014 | \u2014 |
| 3. Other commissions associated with activities linked to financial instruments | 43,190 | 87,656 |
| of which: trading on own account | 12,085 | 24,402 |
| of which: management of individual portfolio | 31,105 | 63,254 |
| b) Corporate Finance | 108,389 | 304,830 |
| 1. Advice on mergers and acquisitions | 108,389 | 304,830 |
| 2. Treasury services | \u2014 | \u2014 |
| 3. Other commissions connected with corporate finance services | \u2014 | \u2014 |
| c) Advice on investments | 7,502 | 10,058 |
| d) Netting and settlement | \u2014 | \u2014 |
| e) Collective portfolio management | 95,348 | 155,146 |
| f) Custody and administration | 15,206 | 40,694 |
| 1. Depository bank | \u2014 | 7,458 |
| 2. Other fees associated with custody and administration | 15,206 | 33,236 |
| g) Central administrative services for collective portfolio management | \u2014 | \u2014 |
| h) Fiduciary activities | 3,106 | 6,306 |
| i) Payment services | 24,646 | 40,663 |
| 1. Current accounts | 10,054 | 11,105 |
| 2. Credit cards | 8,534 | 16,374 |
| 3. Debit cards and other payment cards | 4,358 | 9,445 |
| 4. Wire transfers and other payment orders | 492 | 1,098 |
| 5. Other fees linked to payment services | 1,208 | 2,641 |
| j) Distribution of third-party services | 51,488 | 107,108 |
| 1. Collective portfolio management | 5,157 | 7,213 |
| 2. Insurance products | 40,531 | 88,787 |
| 3. Other products | 5,800 | 11,108 |
| of which: management of individual portfolios | 5,783 | 11,108 |
| k) Structured finance | \u2014 | \u2014 |
| l) Securitization servicing | 181 | 525 |
| m) Loan commitments | 35,621 | 79,142 |
| n) Financial guarantees issued | 1,268 | 5,107 |
| of which: credit derivatives | \u2014 | \u2014 |
| o) Lending transactions | 18,648 | 36,721 |
| of which: factoring services | 17,546 | 34,562 |
| p) Currency trading | 49 | 90 |
| q) Commodities | \u2014 | \u2014 |
| r) Other commission income | 23,788 | 57,295 |
| of which: for the management of multilateral trading facilities | \u2014 | \u2014 |
| of which: for the management of organized trading systems | \u2014 | \u2014 |
| Total | 546,149 | 1,172,369 |
2.2 Fee and commission expense: breakdown| Services/Amounts | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| a) Financial instruments | (3,516) | (7,783) |
| of which: securities trading | (2,867) | (7,686) |
| of which: securities placement | (649) | (97) |
| of which: management of individual portfolio | \u2014 | \u2014 |
| \u2014 Own assets | \u2014 | \u2014 |
| \u2014 Under mandate to third parties | \u2014 | \u2014 |
| b) Netting and settlement | \u2014 | \u2014 |
| c) Collective portfolio management | (14,704) | (23,518) |
| 1. Own assets | \u2014 | \u2014 |
| 2. Under mandate to third parties | (14,704) | (23,518) |
| d) Custody and administration | (2,891) | (6,261) |
| e) Collection and payment services | (13,896) | (26,186) |
| of which: credit cards, debit cards and other payment cards | (5,711) | (11,134) |
| f) Securitization servicing | \u2014 | \u2014 |
| g) Borrowing commitments | \u2014 | \u2014 |
| h) Financial guarantees received | \u2014 | \u2014 |
| of which: credit derivatives | \u2014 | \u2014 |
| i) Off-site distribution of financial instruments, products and services | (20,582) | (28,276) |
| j) Currency trading | \u2014 | \u2014 |
| k) Other commission expense | (79,899) | (128,740) |
| Total | (135,488) | (220,764) |
SECTION 3Heading 70: Dividends and similar income
3.1 Dividends and similar income: breakdown
| Item/Income | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Dividends | Similar income | Dividends | Similar income |
| A. Financial assets held for trading | 21,452 | 21 | 135,623 | 54 |
| B. Other financial assets mandatorily measured at fair value | \u2014 | 11,993 | \u2014 | 22,824 |
| C. Financial assets measured at fair value through other comprehensive income | 5,100 | 24 | 14,281 | \u2014 |
| D. Equity investments | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 26,552 | 12,038 | 149,904 | 22,878 |
SECTION 4Heading 80: Net trading income (expense)
4.1 Net trading income (expense): breakdown
| Transactions/Income components | Capital gains (A) | Trading income (B) | Capital losses (C) | Trading losses (D) | Net income (expense) [(A+B) - (C+D)] |
| 1. Trading financial assets | 590,519 | 451,606 | (175,326) | (184,265) | 682,534 |
| 1.1 Debt securities | 26,257 | 48,387 | (61,928) | (47,256) | (34,540) |
| 1.2 Equity securities | 563,099 | 401,369 | (113,339) | (135,991) | 715,138 |
| 1.3 UCIT units | 1,163 | 1,850 | (59) | (1,018) | 1,936 |
| 1.4 Loans | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.5 Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Trading financial liabilities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.1 Debt securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2 Payables | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.3 Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.Financial assets and liabilities: currency exchange gains/losses | X | X | X | X | 8,820 |
| 4. Derivative instruments | 1,111,689 | 1,421,889 | (1,647,685) | (1,649,268) | (757,918) |
| 4.1 Financial derivatives: | 682,446 | 1,086,013 | (1,225,007) | (1,325,021) | (776,112) |
| - On debt securities and interest rates (1) | 242,630 | 490,924 | (176,928) | (486,078) | 70,548 |
| - On equity securities and stock indexes | 421,928 | 573,825 | (795,873) | (790,919) | (591,039) |
| - On currencies and gold | X | X | X | X | 5,457 |
| - Other (2) | 17,888 | 21,264 | (252,206) | (48,024) | (261,078) |
| 4.2 Credit derivatives | 429,243 | 335,876 | (422,678) | (324,247) | 18,194 |
| of which: natural hedges related to the fair value option | X | X | X | X | \u2014 |
| Total | 1,702,208 | 1,873,495 | (1,823,011) | (1,833,533) | (66,564) |
(1)This includes gains of \u20ac27,058 on interest rate derivatives (gains of \u20ac42,389 at 30 June 2025). (2)Including derivatives on commodities amounting to \u20ac-265.
Heading 110: Net income (expense) from other financial assets and liabilities measured at fair value through profit or loss
7.1 Net change in the value of other financial assets and liabilities measured at fair value through profit or loss: breakdown of financial assets and liabilities designated at fair value
| Transactions/Income components | Capital gains (A) | Gains on disposal (B) | Capital losses (C) | Losses on disposal (D) | Net income (expense) [(A+B) - (C+D)] |
| 1. Financial assets | 7,501 | 4,195 | (2,496) | (891) | 8,309 |
| 1.1 Debt securities | 6,384 | 4,195 | (2,496) | (891) | 7,192 |
| 1.2 Loans | 1,117 | \u2014 | \u2014 | \u2014 | 1,117 |
| 2. Financial liabilities | 40,157 | 1,565 | (89,337) | (96,126) | (143,741) |
| 2.1 Securities in issue (1) | 40,157 | 1,565 | (84,004) | (96,126) | (138,408) |
| 2.2 Due to banks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.3 Due to customers | \u2014 | \u2014 | (5,333) | \u2014 | (5,333) |
| 3. Foreign-currency denominated financial assets and liabilities: currency exchange gains/losses | X | X | X | X | (2,933) |
| Total | 47,658 | 5,760 | (91,833) | (97,017) | (138,365) |
(1) Valuation which includes issued certificates and collateral exchange options; both cases are covered by derivatives and other financial instruments whose value is measured under heading 80.
7.2 Net change in the value of other financial assets and liabilities measured at fair value through profit or loss: breakdown of other financial assets mandatorily measured at fair value
| Transactions/Income components | Capital gains (A) | Gains on disposal (B) | Capital losses (C) | Losses on disposal (D) | Net income (expense) [(A+B) - (C+D)] |
| 1. Financial assets | 18,890 | 1,122 | (13,765) | \u2014 | 6,247 |
| 1.1 Debt securities | \u2014 | 421 | \u2014 | \u2014 | 421 |
| 1.2 Equity securities | \u2014 | \u2014 | (2,870) | \u2014 | (2,870) |
| 1.3 UCIT units | 18,890 | 701 | (10,895) | \u2014 | 8,696 |
| 1.4 Loans | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Financial assets: currency exchange gains/losses | X | X | X | X | (680) |
| Total | 18,890 | 1,122 | (13,765) | \u2014 | 5,567 |
16.2 Other operating income: breakdown
| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| a) Amounts recovered from customers | 81,630 | 145,940 |
| b) Leases | 4,788 | 8,848 |
| c) Other income (1) | 342,562 | 170,830 |
| Total other operating income | 428,980 | 325,618 |
SECTION 1
Headings 10 and 20: Net interest income
1.1 Interest and similar income: breakdown
| Items/Instrument type | Debt securities | Loans | Other transactions | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1. Financial assets measured at fair value through profit or loss: | 73,562 | 10,351 | \u2014 | 83,911 | 164,828 |
| 1.1 Financial assets held for trading | 51,127 | 34 | \u2014 | 51,159 | 123,573 |
| 1.2 Financial assets designated at fair value | 22,435 | 10,317 | \u2014 | 32,752 | 41,211 |
| 1.3 Other financial assets mandatorily measured at fair value | \u2014 | \u2014 | \u2014 | \u2014 | 44 |
| 2. Financial assets measured at fair value through other comprehensive income | 84,595 | \u2014 | X | 84,595 | 229,842 |
| 3. Financial assets measured at amortized cost | 94,612 | 1,581,558 | \u2014 | 1,676,170 | 3,491,632 |
| 3.1 Due from banks | 731 | 68,622 | X | 69,353 | 220,359 |
| 3.2 Due from customers | 93,881 | 1,512,936 | X | 1,606,817 | 3,271,273 |
| 4. Hedging derivatives | X | X | \u2014 | \u2014 | \u2014 |
| 5. Other assets | X | X | 7,286 | 7,286 | 15,594 |
| 6. Financial liabilities | X | X | X | 2 | 2 |
| Total | 252,769 | 1,591,909 | 7,286 | 1,851,964 | 3,901,898 |
| of which: interest income on impaired financial assets | 297 | 32,862 | \u2014 | 33,159 | 48,483 |
| of which: interest income on finance leases | X | 25,858 | X | 25,858 | 65,932 |
\u00a0
1.2 Interest and similar income: other information
1.2.1 Interest income on financial assets in foreign currencies
As at 31 December 2025, interest income on financial assets in foreign currency amounted to \u20ac103m (\u20ac303m as at 30 June 2025).
1.5 Margins on hedging transactions
| Items | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| A. Positive margins on hedging transactions: | 643,792 | 1,639,404 |
| B. Negative margins on hedging transactions: | (715,058) | (1,777,111) |
| C. Net balance (A-B) | (71,266) | (137,707) |
SECTION 1
Headings 10 and 20: Net interest income
1.1 Interest and similar income: breakdown
| Items/Instrument type | Debt securities | Loans | Other transactions | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1. Financial assets measured at fair value through profit or loss: | 73,562 | 10,351 | \u2014 | 83,911 | 164,828 |
| 1.1 Financial assets held for trading | 51,127 | 34 | \u2014 | 51,159 | 123,573 |
| 1.2 Financial assets designated at fair value | 22,435 | 10,317 | \u2014 | 32,752 | 41,211 |
| 1.3 Other financial assets mandatorily measured at fair value | \u2014 | \u2014 | \u2014 | \u2014 | 44 |
| 2. Financial assets measured at fair value through other comprehensive income | 84,595 | \u2014 | X | 84,595 | 229,842 |
| 3. Financial assets measured at amortized cost | 94,612 | 1,581,558 | \u2014 | 1,676,170 | 3,491,632 |
| 3.1 Due from banks | 731 | 68,622 | X | 69,353 | 220,359 |
| 3.2 Due from customers | 93,881 | 1,512,936 | X | 1,606,817 | 3,271,273 |
| 4. Hedging derivatives | X | X | \u2014 | \u2014 | \u2014 |
| 5. Other assets | X | X | 7,286 | 7,286 | 15,594 |
| 6. Financial liabilities | X | X | X | 2 | 2 |
| Total | 252,769 | 1,591,909 | 7,286 | 1,851,964 | 3,901,898 |
| of which: interest income on impaired financial assets | 297 | 32,862 | \u2014 | 33,159 | 48,483 |
| of which: interest income on finance leases | X | 25,858 | X | 25,858 | 65,932 |
\u00a0
1.2 Interest and similar income: other information
1.2.1 Interest income on financial assets in foreign currencies
As at 31 December 2025, interest income on financial assets in foreign currency amounted to \u20ac103m (\u20ac303m as at 30 June 2025).
1.3 Interest expense and similar charges: breakdown| Items/Instrument type | Payables | Securities | Other transactions | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1. Financial liabilities measured at amortized cost | (450,487) | (434,994) | \u2014 | (885,480) | (1,878,636) |
| 1.1 Due to Central Banks | (3,482) | X | X | (3,482) | (9,556) |
| 1.2 Due to banks | (192,441) | X | X | (192,441) | (410,803) |
| 1.3 Due to customers | (254,564) | X | X | (254,563) | (622,640) |
| 1.4 Securities in issue | X | (434,994) | X | (434,994) | (835,637) |
| 2. Trading financial liabilities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Financial liabilities designated at fair value | (2,686) | (13,222) | \u2014 | (15,908) | (33,787) |
| 4. Other liabilities and provisions | X | X | (78) | (78) | \u2014 |
| 5. Hedging derivatives | X | X | (71,266) | (71,266) | (137,707) |
| 6. Financial assets (1) | X | X | X | \u2014 | \u2014 |
| Total | (453,172) | (448,216) | (71,344) | (972,732) | (2,050,130) |
| of which: interest expense relating to lease liabilities | (3,469) | X | X | (3,469) | (6,401) |
(2) Mostly hedges of funding.
1.4 Interest expense and similar charges: other information
1.4.1 Interest expense on liabilities in foreign currencies
As at 31 December 2025, interest expense on liabilities in foreign currency amounted to \u20ac47.2m (\u20ac182.2m as at 30 June 2025).
1.5 Margins on hedging transactions
| Items | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| A. Positive margins on hedging transactions: | 643,792 | 1,639,404 |
| B. Negative margins on hedging transactions: | (715,058) | (1,777,111) |
| C. Net balance (A-B) | (71,266) | (137,707) |
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"value": "1.3 Interest expense and similar charges: breakdown| Items/Instrument type | Payables | Securities | Other transactions | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1. Financial liabilities measured at amortized cost | (450,487) | (434,994) | \u2014 | (885,480) | (1,878,636) |
| 1.1 Due to Central Banks | (3,482) | X | X | (3,482) | (9,556) |
| 1.2 Due to banks | (192,441) | X | X | (192,441) | (410,803) |
| 1.3 Due to customers | (254,564) | X | X | (254,563) | (622,640) |
| 1.4 Securities in issue | X | (434,994) | X | (434,994) | (835,637) |
| 2. Trading financial liabilities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Financial liabilities designated at fair value | (2,686) | (13,222) | \u2014 | (15,908) | (33,787) |
| 4. Other liabilities and provisions | X | X | (78) | (78) | \u2014 |
| 5. Hedging derivatives | X | X | (71,266) | (71,266) | (137,707) |
| 6. Financial assets (1) | X | X | X | \u2014 | \u2014 |
| Total | (453,172) | (448,216) | (71,344) | (972,732) | (2,050,130) |
| of which: interest expense relating to lease liabilities | (3,469) | X | X | (3,469) | (6,401) |
(2) Mostly hedges of funding.
1.4 Interest expense and similar charges: other information
1.4.1 Interest expense on liabilities in foreign currencies
As at 31 December 2025, interest expense on liabilities in foreign currency amounted to \u20ac47.2m (\u20ac182.2m as at 30 June 2025).
1.5 Margins on hedging transactions
| Items | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| A. Positive margins on hedging transactions: | 643,792 | 1,639,404 |
| B. Negative margins on hedging transactions: | (715,058) | (1,777,111) |
| C. Net balance (A-B) | (71,266) | (137,707) |
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"value": "SECTION 2Headings 40 and 50: Net fee and commission income
2.1 Fee and commission income: breakdown
| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| a) Financial instruments | 160,909 | 328,684 |
| 1. Placement of securities | 100,189 | 207,386 |
| 1.1 Underwriting commitment and/or based on an irrevocable commitment | 5,497 | \u2014 |
| 1.2 Without an irrevocable commitment | 94,692 | 207,386 |
| 2. Receipt and sending of orders and execution of orders on behalf of clients | 17,530 | 33,642 |
| 2.1 Receipt and sending of orders for one or more financial instruments | 17,530 | 33,642 |
| 2.2 Orders execution on behalf of customers | \u2014 | \u2014 |
| 3. Other commissions associated with activities linked to financial instruments | 43,190 | 87,656 |
| of which: trading on own account | 12,085 | 24,402 |
| of which: management of individual portfolio | 31,105 | 63,254 |
| b) Corporate Finance | 108,389 | 304,830 |
| 1. Advice on mergers and acquisitions | 108,389 | 304,830 |
| 2. Treasury services | \u2014 | \u2014 |
| 3. Other commissions connected with corporate finance services | \u2014 | \u2014 |
| c) Advice on investments | 7,502 | 10,058 |
| d) Netting and settlement | \u2014 | \u2014 |
| e) Collective portfolio management | 95,348 | 155,146 |
| f) Custody and administration | 15,206 | 40,694 |
| 1. Depository bank | \u2014 | 7,458 |
| 2. Other fees associated with custody and administration | 15,206 | 33,236 |
| g) Central administrative services for collective portfolio management | \u2014 | \u2014 |
| h) Fiduciary activities | 3,106 | 6,306 |
| i) Payment services | 24,646 | 40,663 |
| 1. Current accounts | 10,054 | 11,105 |
| 2. Credit cards | 8,534 | 16,374 |
| 3. Debit cards and other payment cards | 4,358 | 9,445 |
| 4. Wire transfers and other payment orders | 492 | 1,098 |
| 5. Other fees linked to payment services | 1,208 | 2,641 |
| j) Distribution of third-party services | 51,488 | 107,108 |
| 1. Collective portfolio management | 5,157 | 7,213 |
| 2. Insurance products | 40,531 | 88,787 |
| 3. Other products | 5,800 | 11,108 |
| of which: management of individual portfolios | 5,783 | 11,108 |
| k) Structured finance | \u2014 | \u2014 |
| l) Securitization servicing | 181 | 525 |
| m) Loan commitments | 35,621 | 79,142 |
| n) Financial guarantees issued | 1,268 | 5,107 |
| of which: credit derivatives | \u2014 | \u2014 |
| o) Lending transactions | 18,648 | 36,721 |
| of which: factoring services | 17,546 | 34,562 |
| p) Currency trading | 49 | 90 |
| q) Commodities | \u2014 | \u2014 |
| r) Other commission income | 23,788 | 57,295 |
| of which: for the management of multilateral trading facilities | \u2014 | \u2014 |
| of which: for the management of organized trading systems | \u2014 | \u2014 |
| Total | 546,149 | 1,172,369 |
2.2 Fee and commission expense: breakdown| Services/Amounts | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| a) Financial instruments | (3,516) | (7,783) |
| of which: securities trading | (2,867) | (7,686) |
| of which: securities placement | (649) | (97) |
| of which: management of individual portfolio | \u2014 | \u2014 |
| \u2014 Own assets | \u2014 | \u2014 |
| \u2014 Under mandate to third parties | \u2014 | \u2014 |
| b) Netting and settlement | \u2014 | \u2014 |
| c) Collective portfolio management | (14,704) | (23,518) |
| 1. Own assets | \u2014 | \u2014 |
| 2. Under mandate to third parties | (14,704) | (23,518) |
| d) Custody and administration | (2,891) | (6,261) |
| e) Collection and payment services | (13,896) | (26,186) |
| of which: credit cards, debit cards and other payment cards | (5,711) | (11,134) |
| f) Securitization servicing | \u2014 | \u2014 |
| g) Borrowing commitments | \u2014 | \u2014 |
| h) Financial guarantees received | \u2014 | \u2014 |
| of which: credit derivatives | \u2014 | \u2014 |
| i) Off-site distribution of financial instruments, products and services | (20,582) | (28,276) |
| j) Currency trading | \u2014 | \u2014 |
| k) Other commission expense | (79,899) | (128,740) |
| Total | (135,488) | (220,764) |
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"value": "SECTION 3Heading 70: Dividends and similar income
3.1 Dividends and similar income: breakdown
| Item/Income | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Dividends | Similar income | Dividends | Similar income |
| A. Financial assets held for trading | 21,452 | 21 | 135,623 | 54 |
| B. Other financial assets mandatorily measured at fair value | \u2014 | 11,993 | \u2014 | 22,824 |
| C. Financial assets measured at fair value through other comprehensive income | 5,100 | 24 | 14,281 | \u2014 |
| D. Equity investments | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 26,552 | 12,038 | 149,904 | 22,878 |
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"value": "SECTION 4Heading 80: Net trading income (expense)
4.1 Net trading income (expense): breakdown
| Transactions/Income components | Capital gains (A) | Trading income (B) | Capital losses (C) | Trading losses (D) | Net income (expense) [(A+B) - (C+D)] |
| 1. Trading financial assets | 590,519 | 451,606 | (175,326) | (184,265) | 682,534 |
| 1.1 Debt securities | 26,257 | 48,387 | (61,928) | (47,256) | (34,540) |
| 1.2 Equity securities | 563,099 | 401,369 | (113,339) | (135,991) | 715,138 |
| 1.3 UCIT units | 1,163 | 1,850 | (59) | (1,018) | 1,936 |
| 1.4 Loans | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.5 Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Trading financial liabilities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.1 Debt securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2 Payables | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.3 Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.Financial assets and liabilities: currency exchange gains/losses | X | X | X | X | 8,820 |
| 4. Derivative instruments | 1,111,689 | 1,421,889 | (1,647,685) | (1,649,268) | (757,918) |
| 4.1 Financial derivatives: | 682,446 | 1,086,013 | (1,225,007) | (1,325,021) | (776,112) |
| - On debt securities and interest rates (1) | 242,630 | 490,924 | (176,928) | (486,078) | 70,548 |
| - On equity securities and stock indexes | 421,928 | 573,825 | (795,873) | (790,919) | (591,039) |
| - On currencies and gold | X | X | X | X | 5,457 |
| - Other (2) | 17,888 | 21,264 | (252,206) | (48,024) | (261,078) |
| 4.2 Credit derivatives | 429,243 | 335,876 | (422,678) | (324,247) | 18,194 |
| of which: natural hedges related to the fair value option | X | X | X | X | \u2014 |
| Total | 1,702,208 | 1,873,495 | (1,823,011) | (1,833,533) | (66,564) |
(1)This includes gains of \u20ac27,058 on interest rate derivatives (gains of \u20ac42,389 at 30 June 2025). SECTION 5Heading 90: Net hedging income (expense)
5.1 Net hedging income (expense): breakdown
| Income components/Amounts | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| A. Income from: | | |
| A.1 Fair value hedging instruments | 1,909,801 | 1,078,592 |
| A.2 Hedged asset items (fair value) | 155,543 | 497,169 |
| A.3 Hedged liability items (fair value) | 238,490 | 67,287 |
| A.4 Cash flow hedging derivatives | \u2014 | \u2014 |
| A.5 Assets and liabilities denominated in foreign currency | \u2014 | \u2014 |
| Total gains on hedging activities (A) | 2,303,834 | 1,643,048 |
| B. Charges on: | | |
| B.1 Fair value hedging instruments | (1,762,524) | (561,844) |
| B.2 Hedged asset items (fair value) | (373,408) | (370,697) |
| B.3 Hedged liability items (fair value) | (161,241) | (720,130) |
| B.4 Cash flow hedging derivatives | \u2014 | \u2014 |
| B.5 Assets and liabilities denominated in foreign currency | \u2014 | \u2014 |
| Total charges on hedging activities (B) | (2,297,173) | (1,652,671) |
| C. Net hedging income (expense) (A - B) | 6,661 | (9,623) |
| of which: income (expense) from hedges on net positions | \u2014 | \u2014 |
Heading 110: Net income (expense) from other financial assets and liabilities measured at fair value through profit or loss
7.1 Net change in the value of other financial assets and liabilities measured at fair value through profit or loss: breakdown of financial assets and liabilities designated at fair value
| Transactions/Income components | Capital gains (A) | Gains on disposal (B) | Capital losses (C) | Losses on disposal (D) | Net income (expense) [(A+B) - (C+D)] |
| 1. Financial assets | 7,501 | 4,195 | (2,496) | (891) | 8,309 |
| 1.1 Debt securities | 6,384 | 4,195 | (2,496) | (891) | 7,192 |
| 1.2 Loans | 1,117 | \u2014 | \u2014 | \u2014 | 1,117 |
| 2. Financial liabilities | 40,157 | 1,565 | (89,337) | (96,126) | (143,741) |
| 2.1 Securities in issue (1) | 40,157 | 1,565 | (84,004) | (96,126) | (138,408) |
| 2.2 Due to banks | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.3 Due to customers | \u2014 | \u2014 | (5,333) | \u2014 | (5,333) |
| 3. Foreign-currency denominated financial assets and liabilities: currency exchange gains/losses | X | X | X | X | (2,933) |
| Total | 47,658 | 5,760 | (91,833) | (97,017) | (138,365) |
(1) Valuation which includes issued certificates and collateral exchange options; both cases are covered by derivatives and other financial instruments whose value is measured under heading 80.
7.2 Net change in the value of other financial assets and liabilities measured at fair value through profit or loss: breakdown of other financial assets mandatorily measured at fair value
| Transactions/Income components | Capital gains (A) | Gains on disposal (B) | Capital losses (C) | Losses on disposal (D) | Net income (expense) [(A+B) - (C+D)] |
| 1. Financial assets | 18,890 | 1,122 | (13,765) | \u2014 | 6,247 |
| 1.1 Debt securities | \u2014 | 421 | \u2014 | \u2014 | 421 |
| 1.2 Equity securities | \u2014 | \u2014 | (2,870) | \u2014 | (2,870) |
| 1.3 UCIT units | 18,890 | 701 | (10,895) | \u2014 | 8,696 |
| 1.4 Loans | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Financial assets: currency exchange gains/losses | X | X | X | X | (680) |
| Total | 18,890 | 1,122 | (13,765) | \u2014 | 5,567 |
1.2. 3 EXCHANGE RATE RISK
QUALITATIVE INFORMATION
A. General aspects, operating processes and measurement techniques of exchange rate risk
B. Exchange rate risk hedging
The trend in the exchange rate component of VaR described in the Section \u201cPart E - 1.2.1 INTEREST RATE RISK AND PRICE RISK - REGULATORY TRADING PORTFOLIO\u201d is an effective representation of changes in the risks taken on the forex market, by virtue of an overall management of currency exposure.
QUANTITATIVE INFORMATION
1.Assets, liabilities and derivatives by currency
| Items | Currencies |
| US Dollar | Great Britain Pound | Japanese Yen | Swedish Krona | Swiss Franc | Other currencies |
| A. Financial assets | 3,902,938 | 3,279,939 | 6,406 | 157,384 | 821,582 | 237,421 |
| A.1 Debt securities | 1,181,884 | 599,729 | \u2014 | \u2014 | 187,498 | \u2014 |
| A.2 Equity securities | 166,897 | 1,580,997 | \u2014 | 157,255 | 399,054 | 186,707 |
| A.3 Due from banks | 599,608 | 658,208 | 6,400 | 129 | 21,622 | 16,153 |
| A.4 Due from customers | 1,950,827 | 378,966 | \u2014 | \u2014 | 208,969 | 34,517 |
| A.5 Other financial assets | 3,722 | 62,039 | 6 | \u2014 | 4,439 | 44 |
| B. Other assets | \u2014 | 32 | \u2014 | \u2014 | 4 | \u2014 |
| C. Financial liabilities | 3,155,565 | 2,383,064 | 90,862 | 1,426 | 229,868 | 57,230 |
| C.1 Due to banks | 111,043 | 1,720,850 | 11,951 | 1,422 | 13,427 | 252 |
| C.2 Due to customers | \u2014 | 421,987 | 282 | 4 | 12,744 | 22,651 |
| C.3 Debt securities | 1,802,688 | 1,982 | 78,629 | \u2014 | 198,543 | 34,327 |
| C.4 Other financial liabilities | 1,984 | 238,245 | \u2014 | \u2014 | 5,154 | \u2014 |
| D. Other liabilities | 248 | 5,138 | \u2014 | \u2014 | 27 | \u2014 |
| E. Financial derivatives | | | | | | |
| - Options | | | | | | |
| + Long positions | 481,395 | 15,041 | 23,366 | \u2014 | \u2014 | 21,293 |
| + Short positions | 250,883 | 826,827 | 15,951 | 153,513 | 349,024 | 238,017 |
| - Other derivatives | | | | | | |
| + Long positions | 2,188,567 | 1,209,476 | 279,063 | 691 | 317,319 | 230,597 |
| + Short positions | 3,223,846 | 1,322,763 | 160,879 | 26,873 | 610,777 | 192,107 |
| Total assets | 6,572,900 | 4,504,488 | 308,835 | 158,075 | 1,138,905 | 489,311 |
| Total liabilities | 6,630,542 | 4,537,792 | 267,692 | 181,812 | 1,189,696 | 487,354 |
| Difference (+/-) | (57,642) | (33,304) | 41,143 | (23,737) | (50,791) | 1,957 |
2. Internal models and other methodologies used for sensitivity analysisDuring the six-month period as at 31 December 2025, the Euro-dollar rate moved around the average value of 1.16, reaching a low of 1.14 and a high of 1.18, recorded in the month of September. The overall Forex VaR recorded an average value of approximately \u20ac770,000.
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"value": "SECTION 4Heading 80: Net trading income (expense)
4.1 Net trading income (expense): breakdown
| Transactions/Income components | Capital gains (A) | Trading income (B) | Capital losses (C) | Trading losses (D) | Net income (expense) [(A+B) - (C+D)] |
| 1. Trading financial assets | 590,519 | 451,606 | (175,326) | (184,265) | 682,534 |
| 1.1 Debt securities | 26,257 | 48,387 | (61,928) | (47,256) | (34,540) |
| 1.2 Equity securities | 563,099 | 401,369 | (113,339) | (135,991) | 715,138 |
| 1.3 UCIT units | 1,163 | 1,850 | (59) | (1,018) | 1,936 |
| 1.4 Loans | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.5 Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Trading financial liabilities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.1 Debt securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2 Payables | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.3 Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3.Financial assets and liabilities: currency exchange gains/losses | X | X | X | X | 8,820 |
| 4. Derivative instruments | 1,111,689 | 1,421,889 | (1,647,685) | (1,649,268) | (757,918) |
| 4.1 Financial derivatives: | 682,446 | 1,086,013 | (1,225,007) | (1,325,021) | (776,112) |
| - On debt securities and interest rates (1) | 242,630 | 490,924 | (176,928) | (486,078) | 70,548 |
| - On equity securities and stock indexes | 421,928 | 573,825 | (795,873) | (790,919) | (591,039) |
| - On currencies and gold | X | X | X | X | 5,457 |
| - Other (2) | 17,888 | 21,264 | (252,206) | (48,024) | (261,078) |
| 4.2 Credit derivatives | 429,243 | 335,876 | (422,678) | (324,247) | 18,194 |
| of which: natural hedges related to the fair value option | X | X | X | X | \u2014 |
| Total | 1,702,208 | 1,873,495 | (1,823,011) | (1,833,533) | (66,564) |
(1)This includes gains of \u20ac27,058 on interest rate derivatives (gains of \u20ac42,389 at 30 June 2025). ",
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"value": "10.1 Insurance revenues and costs arising from insurance contracts issued - Breakdown
| Items/Aggregation level | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| A. Insurance revenues from insurance contracts issued measured according to GMM and VFA | | |
| A.1 Amounts related to changes in residual coverage | \u2014 | \u2014 |
| 1. Claims incurred and other expected insurance service costs | \u2014 | \u2014 |
| 2. Changes in adjustments for non-financial risk | \u2014 | \u2014 |
| 3. Gains on contractual services recorded through profit or loss for services provided | \u2014 | \u2014 |
| 4. Other amounts | \u2014 | \u2014 |
| A.2 Acquisition costs of recovered insurance contracts | \u2014 | \u2014 |
| A.3 Total insurance revenues from insurance contracts issued measured according to GMM and VFA | \u2014 | \u2014 |
| A.4 Total insurance revenues from insurance contracts issued measured according to PAA | 14,028 | 29,714 |
| - Life segment | \u2014 | \u2014 |
| - Non-Life / motor segment | \u2014 | \u2014 |
| - Non-Life / non-motor segment | 14,028 | 29,714 |
| A.5 Total insurance revenues from insurance contracts issued | 14,028 | 29,714 |
| B. Costs for insurance services from insurance contracts issued \u2013 GMM or VFA | \u2014 | |
| 1. Claims incurred and other directly attributable costs | \u2014 | \u2014 |
| 2. Changes in liabilities for claims incurred | \u2014 | \u2014 |
| 3. Losses on onerous contracts and recovery of such losses | \u2014 | \u2014 |
| 4. Amortization of insurance contract acquisition costs | \u2014 | \u2014 |
| 5. Other amounts | \u2014 | \u2014 |
| B.6 Total costs for insurance services from insurance contracts issued \u2013 GMM or VFA | \u2014 | \u2014 |
| B.7 Total costs for insurance services from insurance contracts issued measured according to PAA | (4,195) | (8,483) |
| - Life segment | \u2014 | \u2014 |
| - Non-Life / motor segment | \u2014 | \u2014 |
| - Non-Life / non-motor segment | (4,195) | (8,483) |
| C. Total net costs/revenues from insurance contracts issued (A.5+B.6+B.7) | 9,833 | 21,231 |
10.3 Allocation of costs for insurance services and other services31 December 2025 (six-month period)
| Costs/Aggregation level | Level A1 - with DPF | Level A2 - without DPF | Level A1 + Level A2 | Level A3 | Level A4 | Level A3 + Level A4 | Other |
| Costs attributed to the acquisition of insurance contracts | \u2014 | \u2014 | \u2014 | (1,383) | \u2014 | (1,383) | X |
| Other directly attributable costs | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| Investment management expenses | X | X | \u2014 | X | X | \u2014 | \u2014 |
| Other costs | X | X | \u2014 | X | X | \u2014 | (558) |
| Total | X | X | \u2014 | X | X | (1,383) | (588) |
30 June 2025 (twelve-month period)
| Costs/Aggregation level | Level A1 - with DPF | Level A2 - without DPF | Level A1 + Level A2 | Level A3 | Level A4 | Level A3 + Level A4 | Other |
| Costs attributed to the acquisition of insurance contracts | \u2014 | \u2014 | \u2014 | (3,177) | | (3,177) | X |
| Other directly attributable costs | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | X |
| Investment management expenses | X | X | \u2014 | X | X | \u2014 | \u2014 |
| Other costs | X | X | \u2014 | X | X | \u2014 | \u2014 |
| Total | X | X | \u2014 | X | X | (3,177) | \u2014 |
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"v1-page504-cflshid_184096-tag470158": {
"value": "SECTION 12Heading 190: Administrative expenses
12.1 Personnel costs: breakdown
| Type of expense/Sectors | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1) Employees: | (466,735) | (840,716) |
| a) wages and salaries | (317,361) | (614,134) |
| b) social security contributions | (67,494) | (127,266) |
| c) severance pay | (2,173) | (4,807) |
| d) social security costs | \u2014 | \u2014 |
| e) provisions for statutory end-of-service payments | (10,103) | (19,229) |
| f) provisions for retirement plans and similar provisions: | (6) | (17) |
| - defined-contribution | \u2014 | \u2014 |
| - defined-benefit (1) | (6) | (17) |
| g) payments to external pension funds: | (9,334) | (20,177) |
| - defined-contribution | (9,334) | (20,177) |
| - defined-benefit | \u2014 | \u2014 |
| h) expenses resulting from share-based payments(2) | (18,825) | (16,070) |
| i) other employee benefits | (41,429) | (39,016) |
| 2) Other personnel in service | (4,239) | (7,911) |
| 3) Directors and Statutory Auditors | (5,758) | (7,894) |
| 4) Early retirement costs | \u2014 | \u2014 |
| Total | (476,732) | (856,521) |
(1) This figure refers to the benefit deriving from the \u201ccurtailment cost\u201d and the \u201cPlan amendments\u201d decided by Caisse B\u00e2loise. (2) This refers to the early termination of the Performance Share plans and the Long Term Incentive (LTI) plan.
12.2 Average number of employees by category
| \u00a0 | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Employees: | | |
| a) Senior executives | 604 | 570 |
| b) Middle managers | 2,584 | 2,381 |
| c) Other employees | 2,238 | 2,271 |
| Other personnel | 392 | 374 |
| Total | 5,818 | 5,595 |
12.5 Other administrative expenses: breakdown| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| OTHER ADMINISTRATIVE EXPENSES | | |
| - legal, tax and professional services | (54,504)* | (67,874) |
| - loan recovery activity | (30,759) | (60,625) |
| - marketing and communications | (26,832) | (54,309) |
| - real property expenses | (11,489) | (22,121) |
| - EDP | (94,881) | (204,367) |
| - info-providers | (31,787) | (64,695) |
| - bank charges, collection and payment fees | (17,317) | (33,139) |
| - operating expenses | (32,746) | (61,976) |
| - other personnel costs | (8,973) | (21,239) |
| - other (1) | (15,233) | (30,001) |
| - indirect taxes and duties | (87,252) | (162,475) |
| Total other administrative expenses | (411,773) | (782,821) |
* This includes \u20ac24.6m in costs related to OPS expenses.
SECTION 13
Heading 200: Net transfers to provisions for risks and charges
13.1 Net transfers for credit risk related to loan commitments and financial guarantees issued: breakdown
| 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Provisions | Reallocation of surplus | Total | Total |
| Loan commitments | (9,364) | 8,401 | (963) | (482) |
| Financial guarantees issued | (121) | 67 | (54) | 2,156 |
| Total | (9,485) | 8,468 | (1,017) | 1,674 |
13.2 Net transfers related to other commitments and other guarantees issued: breakdown
| 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Provisions | Reallocation of surplus | Total | Provisions | Reallocation of surplus | Total |
| Other commitments | \u2014 | \u2014 | \u2014 | (33) | \u2014 | (33) |
| Other guarantees issued | \u2014 | 583 | 583 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | 583 | 583 | (33) | \u2014 | (33) |
13.3 Net transfers to other provisions for risks and charges: breakdown | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Provisions | Reallocation of surplus | Total |
| 1. Other provisions | | | | |
| 1.1 Legal disputes | (3,160) | 1,103 | (2,060) | (1,905) |
| 1.2 Personnel expenses | (770) | 29 | (741) | 516 |
| 1.3 Other | (11,329) | 464 | (10,862) | (5,694) |
| Total | (15,259) | 1,596 | (13,663) | (7,083) |
SECTION 14
Heading 210: Net value adjustments (write-backs) to tangible assets
14.1 Net value adjustments to tangible assets: breakdown
- Right-of-use assets acquired through lease
2 Held for investment purposes
- Right-of-use assets acquired through lease
SECTION 15Heading 220: Net value adjustments (write-backs) to intangible assets
15.1 Net value adjustments (write-backs) to intangible assets: breakdown
| Assets/Income components | Amortization | Impairment losses | Write-backs | Net gains (losses) |
| (a) | (b) | (c) | (a + b - c) |
| A. Intangible assets | | | | |
| of which: software | (14,900) | \u2014 | \u2014 | (14,900) |
| A.1 Own property assets | (17,789) | (12,327) | \u2014 | (30,116) |
| - Generated by the company internally | \u2014 | \u2014 | \u2014 | \u2014 |
| - Other | (17,789) | (12,327) (1) | \u2014 | (30,116) |
| A.2 Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | (17,789) | (12,327) | \u2014 | (30,116) |
16.1 Other operating expenses: breakdown
| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| a) Leases | (5,350) | (9,031) |
| b) Sundry costs and expenses (1) | (29,453) | (110,831) |
| Total other operating expenses | (34,803) | (119,862) |
(1) This item includes the provision for the share of ordinary and extraordinary dividends attributable to minority interests, as well as interests (interest B) attributable to minority partners in the Arma Partnership (\u20ac10.9m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
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"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page504-cflshid_184096-tag470157": {
"value": "SECTION 12Heading 190: Administrative expenses
12.1 Personnel costs: breakdown
| Type of expense/Sectors | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1) Employees: | (466,735) | (840,716) |
| a) wages and salaries | (317,361) | (614,134) |
| b) social security contributions | (67,494) | (127,266) |
| c) severance pay | (2,173) | (4,807) |
| d) social security costs | \u2014 | \u2014 |
| e) provisions for statutory end-of-service payments | (10,103) | (19,229) |
| f) provisions for retirement plans and similar provisions: | (6) | (17) |
| - defined-contribution | \u2014 | \u2014 |
| - defined-benefit (1) | (6) | (17) |
| g) payments to external pension funds: | (9,334) | (20,177) |
| - defined-contribution | (9,334) | (20,177) |
| - defined-benefit | \u2014 | \u2014 |
| h) expenses resulting from share-based payments(2) | (18,825) | (16,070) |
| i) other employee benefits | (41,429) | (39,016) |
| 2) Other personnel in service | (4,239) | (7,911) |
| 3) Directors and Statutory Auditors | (5,758) | (7,894) |
| 4) Early retirement costs | \u2014 | \u2014 |
| Total | (476,732) | (856,521) |
(1) This figure refers to the benefit deriving from the \u201ccurtailment cost\u201d and the \u201cPlan amendments\u201d decided by Caisse B\u00e2loise. (2) This refers to the early termination of the Performance Share plans and the Long Term Incentive (LTI) plan.
12.2 Average number of employees by category
| \u00a0 | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Employees: | | |
| a) Senior executives | 604 | 570 |
| b) Middle managers | 2,584 | 2,381 |
| c) Other employees | 2,238 | 2,271 |
| Other personnel | 392 | 374 |
| Total | 5,818 | 5,595 |
12.5 Other administrative expenses: breakdown| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| OTHER ADMINISTRATIVE EXPENSES | | |
| - legal, tax and professional services | (54,504)* | (67,874) |
| - loan recovery activity | (30,759) | (60,625) |
| - marketing and communications | (26,832) | (54,309) |
| - real property expenses | (11,489) | (22,121) |
| - EDP | (94,881) | (204,367) |
| - info-providers | (31,787) | (64,695) |
| - bank charges, collection and payment fees | (17,317) | (33,139) |
| - operating expenses | (32,746) | (61,976) |
| - other personnel costs | (8,973) | (21,239) |
| - other (1) | (15,233) | (30,001) |
| - indirect taxes and duties | (87,252) | (162,475) |
| Total other administrative expenses | (411,773) | (782,821) |
* This includes \u20ac24.6m in costs related to OPS expenses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
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},
"v1-page504-cflshid_184096-tag470156": {
"value": "SECTION 12Heading 190: Administrative expenses
12.1 Personnel costs: breakdown
| Type of expense/Sectors | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1) Employees: | (466,735) | (840,716) |
| a) wages and salaries | (317,361) | (614,134) |
| b) social security contributions | (67,494) | (127,266) |
| c) severance pay | (2,173) | (4,807) |
| d) social security costs | \u2014 | \u2014 |
| e) provisions for statutory end-of-service payments | (10,103) | (19,229) |
| f) provisions for retirement plans and similar provisions: | (6) | (17) |
| - defined-contribution | \u2014 | \u2014 |
| - defined-benefit (1) | (6) | (17) |
| g) payments to external pension funds: | (9,334) | (20,177) |
| - defined-contribution | (9,334) | (20,177) |
| - defined-benefit | \u2014 | \u2014 |
| h) expenses resulting from share-based payments(2) | (18,825) | (16,070) |
| i) other employee benefits | (41,429) | (39,016) |
| 2) Other personnel in service | (4,239) | (7,911) |
| 3) Directors and Statutory Auditors | (5,758) | (7,894) |
| 4) Early retirement costs | \u2014 | \u2014 |
| Total | (476,732) | (856,521) |
(1) This figure refers to the benefit deriving from the \u201ccurtailment cost\u201d and the \u201cPlan amendments\u201d decided by Caisse B\u00e2loise. (2) This refers to the early termination of the Performance Share plans and the Long Term Incentive (LTI) plan.
12.2 Average number of employees by category
| \u00a0 | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Employees: | | |
| a) Senior executives | 604 | 570 |
| b) Middle managers | 2,584 | 2,381 |
| c) Other employees | 2,238 | 2,271 |
| Other personnel | 392 | 374 |
| Total | 5,818 | 5,595 |
12.5 Other administrative expenses: breakdown| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| OTHER ADMINISTRATIVE EXPENSES | | |
| - legal, tax and professional services | (54,504)* | (67,874) |
| - loan recovery activity | (30,759) | (60,625) |
| - marketing and communications | (26,832) | (54,309) |
| - real property expenses | (11,489) | (22,121) |
| - EDP | (94,881) | (204,367) |
| - info-providers | (31,787) | (64,695) |
| - bank charges, collection and payment fees | (17,317) | (33,139) |
| - operating expenses | (32,746) | (61,976) |
| - other personnel costs | (8,973) | (21,239) |
| - other (1) | (15,233) | (30,001) |
| - indirect taxes and duties | (87,252) | (162,475) |
| Total other administrative expenses | (411,773) | (782,821) |
* This includes \u20ac24.6m in costs related to OPS expenses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
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},
"v1-page504-cflshid_184102-tag470159": {
"value": "12.1 Personnel costs: breakdown
| Type of expense/Sectors | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1) Employees: | (466,735) | (840,716) |
| a) wages and salaries | (317,361) | (614,134) |
| b) social security contributions | (67,494) | (127,266) |
| c) severance pay | (2,173) | (4,807) |
| d) social security costs | \u2014 | \u2014 |
| e) provisions for statutory end-of-service payments | (10,103) | (19,229) |
| f) provisions for retirement plans and similar provisions: | (6) | (17) |
| - defined-contribution | \u2014 | \u2014 |
| - defined-benefit (1) | (6) | (17) |
| g) payments to external pension funds: | (9,334) | (20,177) |
| - defined-contribution | (9,334) | (20,177) |
| - defined-benefit | \u2014 | \u2014 |
| h) expenses resulting from share-based payments(2) | (18,825) | (16,070) |
| i) other employee benefits | (41,429) | (39,016) |
| 2) Other personnel in service | (4,239) | (7,911) |
| 3) Directors and Statutory Auditors | (5,758) | (7,894) |
| 4) Early retirement costs | \u2014 | \u2014 |
| Total | (476,732) | (856,521) |
(1) This figure refers to the benefit deriving from the \u201ccurtailment cost\u201d and the \u201cPlan amendments\u201d decided by Caisse B\u00e2loise. (2) This refers to the early termination of the Performance Share plans and the Long Term Incentive (LTI) plan.
12.2 Average number of employees by category
| \u00a0 | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Employees: | | |
| a) Senior executives | 604 | 570 |
| b) Middle managers | 2,584 | 2,381 |
| c) Other employees | 2,238 | 2,271 |
| Other personnel | 392 | 374 |
| Total | 5,818 | 5,595 |
SECTION 13
Heading 200: Net transfers to provisions for risks and charges
13.1 Net transfers for credit risk related to loan commitments and financial guarantees issued: breakdown
| 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Provisions | Reallocation of surplus | Total | Total |
| Loan commitments | (9,364) | 8,401 | (963) | (482) |
| Financial guarantees issued | (121) | 67 | (54) | 2,156 |
| Total | (9,485) | 8,468 | (1,017) | 1,674 |
13.2 Net transfers related to other commitments and other guarantees issued: breakdown
| 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Provisions | Reallocation of surplus | Total | Provisions | Reallocation of surplus | Total |
| Other commitments | \u2014 | \u2014 | \u2014 | (33) | \u2014 | (33) |
| Other guarantees issued | \u2014 | 583 | 583 | \u2014 | \u2014 | \u2014 |
| Total | \u2014 | 583 | 583 | (33) | \u2014 | (33) |
| 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| Provisions | Reallocation of surplus | Total |
| 1. Other provisions | | | | |
| 1.1 Legal disputes | (3,160) | 1,103 | (2,060) | (1,905) |
| 1.2 Personnel expenses | (770) | 29 | (741) | 516 |
| 1.3 Other | (11,329) | 464 | (10,862) | (5,694) |
| Total | (15,259) | 1,596 | (13,663) | (7,083) |
SECTION 14
Heading 210: Net value adjustments (write-backs) to tangible assets
14.1 Net value adjustments to tangible assets: breakdown
- Right-of-use assets acquired through lease
2 Held for investment purposes
- Right-of-use assets acquired through lease
Heading 220: Net value adjustments (write-backs) to intangible assets
15.1 Net value adjustments (write-backs) to intangible assets: breakdown
| Assets/Income components | Amortization | Impairment losses | Write-backs | Net gains (losses) |
| (a) | (b) | (c) | (a + b - c) |
| A. Intangible assets | | | | |
| of which: software | (14,900) | \u2014 | \u2014 | (14,900) |
| A.1 Own property assets | (17,789) | (12,327) | \u2014 | (30,116) |
| - Generated by the company internally | \u2014 | \u2014 | \u2014 | \u2014 |
| - Other | (17,789) | (12,327) (1) | \u2014 | (30,116) |
| A.2 Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | (17,789) | (12,327) | \u2014 | (30,116) |
SECTION 17Heading 250: Gains (losses) on equity investments
17.1 Gains (losses) on equity investments: breakdown
| Income components/Sectors | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1) Joint ventures | | |
| A. Income | \u2014 | \u2014 |
| 1. Write-ups | \u2014 | \u2014 |
| 2. Gains on disposal | \u2014 | \u2014 |
| 3. Write-backs | \u2014 | \u2014 |
| 4. Other gains | \u2014 | \u2014 |
| B. Expenses | (350) | (1,136) |
| 1. Write-downs | (350) | (1,136) |
| 2. Impairment losses | \u2014 | \u2014 |
| 3. Losses on disposal | \u2014 | \u2014 |
| 4. Other expenses | \u2014 | \u2014 |
| Net gains (losses) | (350) | (1,136) |
| 2) Companies under significant influence | | |
| A. Income | 272,704 | 498,900 |
| 1. Write-ups | 272,704 | 498,900 |
| 2. Gains on disposal | \u2014 | \u2014 |
| 3. Write-backs | \u2014 | \u2014 |
| 4. Other gains | \u2014 | \u2014 |
| B. Expenses | (2,019) | (943) |
| 1. Write-downs | (2,019) | (943) |
| 2. Impairment losses | \u2014 | \u2014 |
| 3. Losses on disposal | \u2014 | \u2014 |
| 4. Other expenses | \u2014 | \u2014 |
| Net gains (losses) | 270,684 | 497,957 |
| Total | 270,335 | 496,821 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
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},
"v1-page506-cflshid_184783-tag470161": {
"value": "SECTION 14
Heading 210: Net value adjustments (write-backs) to tangible assets
14.1 Net value adjustments to tangible assets: breakdown
- Right-of-use assets acquired through lease
2 Held for investment purposes
- Right-of-use assets acquired through lease
Heading 220: Net value adjustments (write-backs) to intangible assets
15.1 Net value adjustments (write-backs) to intangible assets: breakdown
| Assets/Income components | Amortization | Impairment losses | Write-backs | Net gains (losses) |
| (a) | (b) | (c) | (a + b - c) |
| A. Intangible assets | | | | |
| of which: software | (14,900) | \u2014 | \u2014 | (14,900) |
| A.1 Own property assets | (17,789) | (12,327) | \u2014 | (30,116) |
| - Generated by the company internally | \u2014 | \u2014 | \u2014 | \u2014 |
| - Other | (17,789) | (12,327) (1) | \u2014 | (30,116) |
| A.2 Right-of-use assets acquired through lease | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | (17,789) | (12,327) | \u2014 | (30,116) |
SECTION 16Heading 230: Other operating income (expense)
16.1 Other operating expenses: breakdown
| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| a) Leases | (5,350) | (9,031) |
| b) Sundry costs and expenses (1) | (29,453) | (110,831) |
| Total other operating expenses | (34,803) | (119,862) |
(1) This item includes the provision for the share of ordinary and extraordinary dividends attributable to minority interests, as well as interests (interest B) attributable to minority partners in the Arma Partnership (\u20ac10.9m). 16.2 Other operating income: breakdown
| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| a) Amounts recovered from customers | 81,630 | 145,940 |
| b) Leases | 4,788 | 8,848 |
| c) Other income (1) | 342,562 | 170,830 |
| Total other operating income | 428,980 | 325,618 |
(1) This item includes valuations on listed EUAS certificates (positive for \u20ac278.1m as at 31 December 2025). The certificates are fully hedged by forward derivative contracts neutralizing the market risk associated with the underlying asset. The economic effects of these contracts are reflected in item 80 \"Net trading income (loss)\" of \u20ac-265m (\u20ac-29.3m as at 30 June 2025).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
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},
"v1-page508-cflshid_185440-tag470164": {
"value": "16.1 Other operating expenses: breakdown
| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| a) Leases | (5,350) | (9,031) |
| b) Sundry costs and expenses (1) | (29,453) | (110,831) |
| Total other operating expenses | (34,803) | (119,862) |
(1) This item includes the provision for the share of ordinary and extraordinary dividends attributable to minority interests, as well as interests (interest B) attributable to minority partners in the Arma Partnership (\u20ac10.9m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page508-cflshid_185440-tag470163": {
"value": "16.1 Other operating expenses: breakdown
| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| a) Leases | (5,350) | (9,031) |
| b) Sundry costs and expenses (1) | (29,453) | (110,831) |
| Total other operating expenses | (34,803) | (119,862) |
(1) This item includes the provision for the share of ordinary and extraordinary dividends attributable to minority interests, as well as interests (interest B) attributable to minority partners in the Arma Partnership (\u20ac10.9m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
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},
"v1-page508-cflshid_185440-tag470165": {
"value": "16.2 Other operating income: breakdown
| Type of service/Values | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| a) Amounts recovered from customers | 81,630 | 145,940 |
| b) Leases | 4,788 | 8,848 |
| c) Other income (1) | 342,562 | 170,830 |
| Total other operating income | 428,980 | 325,618 |
(1) This item includes valuations on listed EUAS certificates (positive for \u20ac278.1m as at 31 December 2025). The certificates are fully hedged by forward derivative contracts neutralizing the market risk associated with the underlying asset. The economic effects of these contracts are reflected in item 80 \"Net trading income (loss)\" of \u20ac-265m (\u20ac-29.3m as at 30 June 2025).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page512-cflshid_186680-tag470218": {
"value": "Heading 300: Income tax for the year on ordinary activities
21.1 Income tax for the year on ordinary activity: breakdown
| Income components/Sectors | 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) |
| 1. Current taxes (-) | (139,370) | (327,062) |
| 2. Changes in current taxes for previous years (+/-) | (54) | 17,831 |
| 3. Reduction in current taxes for the year (+) | \u2014 | \u2014 |
| 3.bis Reduction in current taxes for the year due to tax credits pursuant to Law No. 214/2011 (+) | \u2014 | \u2014 |
| 4. Changes in prepaid taxes (+/-) | 4,846 | (127,192) |
| 5. Changes in deferred taxes (+/-) | (15,720) | (8,023) |
| 6. Taxes on income for the year (-) (-1+/-2+3+3bis+/-4+/-5) | (150,298) | (444,446) |
In general, for IRES (corporate income tax) purposes, the tax loss generated by a company not participating in a tax consolidation may be calculated as a decrease in the income earned in subsequent years, in an amount not exceeding 80% of the taxable income for each period. In other words, the loss incurred in a financial year will generate future tax savings which, under certain conditions, may be presented for accounting purposes through the entry of credits for deferred tax assets. Within a tax consolidation, on the other hand, the share of tax losses incurred by a member company which is covered by the income earned by the other participating companies generates an immediate tax saving, which is recognized as income by the company that contributed the loss. 21.2 Reconciliation between theoretical and effective tax burden| \u00a0 | 31 December 2025 (six-month period) |
| \u00a0 | Value in % | Absolute value |
| Profit (loss) before tax | 100.\u2013% | 663,545 |
| Theoretical tax rate (tax saving) | 27.50% | 182,476 |
| Dividends (-) | -0.21% | (1,380) |
| Gains on equity-accounted investments (-) | -12.97% | (86,056) |
| Other tax rates (non-financial and non-Italian companies) (+/-) | -0.10% | (663) |
| Non-taxable income 10% IRAP and staff cost (-) | -0.20% | (1,347) |
| Impairment (+/\u2013) | 3.21% | 21,325 |
| Extraordinary items | -1.89% | (12,510) |
| Other changes (+/-) | 1.81% | 12,023 |
| TOTAL IRES | 17.16% | 113,868 |
| IRAP | | |
| Theoretical rate and theoretical tax | 5.57% | 36,960 |
| Changes | 0.08% | 530 |
| IRAP (regional tax on production activities) | 5.49% | 36,430 |
| TOTAL HEADING | 22.65% | 150,298 |
SECTION 25Earnings per share
25.1 Average number of ordinary shares on a diluted basis*
| 31 December 2025 (six-month period) | 30 June 2025 (twelve-month period) | \u00a0 |
| Net profit | 512,588 | 1,331,501 | \u00a0 |
| Average number of shares in issue | 806,492,964 | 808,531,757 | \u00a0 |
| Average number of potentially diluted shares | \u2014 | 5,973,973 | \u00a0 |
| Average number of diluted shares | 806,492,964 | 814,505,730 | \u00a0 |
| Earnings per share | 0.64 | 1.65 | \u00a0 |
| Earnings per share, diluted | 0.64 | 1.63 | \u00a0 |
(*) The number of shares does not include shares not yet formally assigned as at 31 December (see Part I).
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"value": "Part E \u2013 Information on risks and related hedging policiesFOREWORD
As part of Mediobanca and its subsidiaries\u2019 risks governance process, a key role is played by the Risk Management unit, which identifies, measures and monitors all the risks to which Mediobanca and its subsidiaries are exposed, and manages and mitigates them in co-ordination with the various business areas. The unit\u2019s main duties and responsibilities are described below, along with its characteristics in terms of independence, plus an indication of the role of the other company units in risk management.98
For the qualitative disclosure, please refer to Section 2 - Consolidated prudential risks.
SECTION 1
Consolidated accounting risks
The accounting consolidation area includes the line-by-line consolidation of the subsidiary Compass RE (insurance companies), of the subsidiaries excluded from the Banking Group as per the Register of Banking Groups of the Bank of Italy (Compass Rent and MBContact Solutions), and of minor subsidiaries (CMG Monaco SAM, Quarzo S.r.l., MBUSA, MB Immobiliere, Spafid Trust, Compass Link, Arma Deutschland GmbH and SPV Project 2224 S.r.l.), which due to immateriality, as provided for in Article 19 of the CRR,99 are, instead, consolidated with the equity method within the prudential scope of application.
98 With regard to credit risk, please refer to the information in section 2 \u201cRisks of the prudential consolidation\u201d - subsection 1.1 Credit risk \u2013 Qualitative information: paragraph 2 Credit risk management policies; with regard to market risk, please refer to paragraph 1.2 Market risks; with regard to exchange rate risk, please refer to paragraph 1.2.3 Exchange rate risk; with regard to liquidity risk, please refer to paragraph 1.4 Liquidity risk; with regard to operational risks, please refer to paragraph 1.5 Operational risks.
99 Article 19 of the CRR provides that the following entities are excluded from the scope of prudential consolidation: subsidiaries or undertakings where the total amount of assets and off-balance-sheet items is less than the smaller of the following two amounts: a) \u20ac10m; b) 1% of the total amount of assets and off-balance-sheet items of the parent undertaking or the undertaking that holds the investment. QUANTITATIVE INFORMATIONA. Credit quality
A.1 Non-performing and performing exposures: amounts, value adjustments, trends and segmentation by earnings
A.1.1 Financial assets by portfolio and credit quality (book value)
| Portfolio/quality | Bad loans | Unlikely to pay | Overdue non-performing exposures | Overdue performing exposures | Other performing exposures (*) | Total |
| 1. | Financial assets measured at amortized cost | 34,736 | 298,428 | 139,103 | 322,761 | 70,359,496 | 71,154,524 |
| 2. | Financial assets measured at fair value through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | 4,915,726 | 4,915,726 |
| 3. | Financial assets designated at fair value | \u2014 | \u2014 | \u2014 | \u2014 | 1,506,408 | 1,506,408 |
| 4. | Other financial assets mandatorily measured at fair value | \u2014 | \u2014 | \u2014 | \u2014 | 7,630 | 7,630 |
| 5. | Financial assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 31 December 2025 | 34,736 | 298,428 | 139,103 | 322,761 | 76,789,260 | 77,584,288 |
| Total | 30 June 2025 | 35,538 | 306,324 | 126,788 | 301,947 | 76,345,597 | 77,116,194 |
Overdue performing exposures concern overdue performing loans and mainly refer to the Private division (\u20ac152.5m, 0.2% of total performing loans of the segment) and to the Factoring division (\u20ac51.9m, i.e. 0.07%). The item also includes net exposures being renegotiated under the terms of collective agreements amounting to \u20ac38.9m, fully attributable to the mortgage loan segment. Of the overdue performing loans, the instalments actually unpaid stood at 23% (gross value of \u20ac83.6m).
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"value": "QUANTITATIVE INFORMATIONA. Credit quality
A.1 Non-performing and performing exposures: amounts, value adjustments, trends and segmentation by earnings
A.1.1 Financial assets by portfolio and credit quality (book value)
| Portfolio/quality | Bad loans | Unlikely to pay | Overdue non-performing exposures | Overdue performing exposures | Other performing exposures (*) | Total |
| 1. | Financial assets measured at amortized cost | 34,736 | 298,428 | 139,103 | 322,761 | 70,359,496 | 71,154,524 |
| 2. | Financial assets measured at fair value through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | 4,915,726 | 4,915,726 |
| 3. | Financial assets designated at fair value | \u2014 | \u2014 | \u2014 | \u2014 | 1,506,408 | 1,506,408 |
| 4. | Other financial assets mandatorily measured at fair value | \u2014 | \u2014 | \u2014 | \u2014 | 7,630 | 7,630 |
| 5. | Financial assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total | 31 December 2025 | 34,736 | 298,428 | 139,103 | 322,761 | 76,789,260 | 77,584,288 |
| Total | 30 June 2025 | 35,538 | 306,324 | 126,788 | 301,947 | 76,345,597 | 77,116,194 |
Overdue performing exposures concern overdue performing loans and mainly refer to the Private division (\u20ac152.5m, 0.2% of total performing loans of the segment) and to the Factoring division (\u20ac51.9m, i.e. 0.07%). The item also includes net exposures being renegotiated under the terms of collective agreements amounting to \u20ac38.9m, fully attributable to the mortgage loan segment. Of the overdue performing loans, the instalments actually unpaid stood at 23% (gross value of \u20ac83.6m).
A.1.2 Financial assets by portfolio/credit quality (gross/net values)| Portfolio/quality | Non-performing | Performing | Total (Net exposure) |
| Gross exposure | Overall value adjustments | Net exposure | Overall partial write-offs* | Gross exposure | Overall value adjustments | Net exposure |
| 1. | Financial assets measured at amortized cost | 1,173,735 | (701,468) | 472,267 | 257,556 | 71,292,268 | (610,011) | 70,682,257 | 71,154,524 |
| 2. | Financial assets measured at fair value through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | 4,917,494 | (1,768) | 4,915,726 | 4,915,726 |
| 3. | Financial assets designated at fair value | \u2014 | \u2014 | \u2014 | \u2014 | X | X | 1,506,408 | 1,506,408 |
| 4. | Other financial assets mandatorily measured at fair value | \u2014 | \u2014 | \u2014 | \u2014 | X | X | 7,630 | 7,630 |
| 5. | Financial assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total31 December 2025 | 1,173,735 | (701,468) | 472,267 | 257,556 | 76,209,762 | (611,779) | 77,112,021 | 77,584,288 |
| Total30 June 2025 | 1,175,091 | (706,441) | 468,650 | 239,016 | 75,609,027 | (625,183) | 76,647,544 | 77,116,194 |
| Portfolio/quality | Assets with obviously poor credit quality | Other assets |
| Accumulated capital losses | Net exposure | Net exposure |
| 1. Financial assets held for trading | \u2014 | \u2014 | 10,114,116 |
| 2. Hedging derivatives | \u2014 | \u2014 | 161,471 |
| Total | 31 December 2025 | \u2014 | \u2014 | 10,275,587 |
| Total | 30 June 2025 | \u2014 | \u2014 | 11,684,619 |
Information on sovereign debt exposures A.1.2a Exposures to sovereign debt securities by state and portfolio (*)
| Portfolio/quality | Non-performing assets | Performing | Total net exposure (1) |
| Gross exposure | Individual adjustments | Portfolio adjustments | Net exposure | Gross exposure | Portfolio adjustments | Net exposure |
| 1. Financial assets held for trading | \u2014 | \u2014 | \u2014 | \u2014 | X | X | 1,220,283 | 1,220,283 |
| Italy | \u2014 | \u2014 | \u2014 | \u2014 | X | X | 1,164,125 | 1,164,125 |
| United States | \u2014 | \u2014 | \u2014 | \u2014 | X | X | (1,473) | (1,473) |
| France | \u2014 | \u2014 | \u2014 | \u2014 | X | X | 171,910 | 171,910 |
| Germany | \u2014 | \u2014 | \u2014 | \u2014 | X | X | (9,852) | (9,852) |
| Other | \u2014 | \u2014 | \u2014 | \u2014 | X | X | (104,427) | (104,427) |
| 2. Financial assets measured at fair value through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | 4,151,526 | \u2014 | 4,151,526 | 4,151,526 |
| Italy | \u2014 | \u2014 | \u2014 | \u2014 | 2,624,440 | \u2014 | 2,624,440 | 2,624,440 |
| United States | \u2014 | \u2014 | \u2014 | \u2014 | 336,942 | \u2014 | 336,942 | 336,942 |
| France | \u2014 | \u2014 | \u2014 | \u2014 | 496,162 | \u2014 | 496,162 | 496,162 |
| Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 306,143 | \u00a0 | 306,143 | 306,143 |
| Other | \u2014 | \u2014 | \u2014 | \u2014 | 387,839 | \u2014 | 387,839 | 387,839 |
| 3. Financial assets measured at amortized cost | \u2014 | \u2014 | \u2014 | \u2014 | 4,135,928 | \u2014 | 4,135,928 | 4,135,928 |
| Italy | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 3,034,722 | \u2014 | 3,034,722 | 3,034,722 |
| United States | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 366,141 | \u00a0 | 366,141 | 366,141 |
| France | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 617,105 | \u00a0 | 617,105 | 617,105 |
| Germany | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 42,943 | \u00a0 | 42,943 | 42,943 |
| Other | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 75,017 | \u2014 | 75,017 | 75,017 |
| Total 31 december 2025 | \u2014 | \u2014 | \u2014 | \u2014 | 8,287,454 | \u2014 | 9,507,737 | 9,507,737 |
(*) This does not include financial or credit derivatives.
(\u00b9) The net exposure includes positions in securities (long and short) measured at fair value (including the outstanding accrual) except for assets held to maturity which are measured at amortized cost, whose implied fair value is \u20ac122m.
A.1.2b Exposures to sovereign debt securities by portfolio of financial assets (*)
| Portfolio/quality | Trading Book (1) | Banking Book |
| Nominal Value | Book value | Contract duration | Nominal Value | Book value | Fair Value | Contract duration |
| Italy | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,066,484 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,164,125 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02.87 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,829,600 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,659,162 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,776,460 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.18 |
| Germany | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,000) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,473) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2.80) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0710,638 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0703,083 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0702,819 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.87 |
| France | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0402,150 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0171,910 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024.25 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,352,553 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,113,267 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,120,226 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09.27 |
| United States | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(10,981) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(9,852) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04.62 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0350,000 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0349,086 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0347,882 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04.27 |
| Other | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(40,266) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(104,427) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0481,700 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0462,856 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0462,802 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2014 |
| Total 31 december 2025 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,416,387 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,220,283 | \u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,724,491 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,287,454 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,410,189 | \u00a0 |
(*)This figure does not include forward sales with a notional amount of \u20ac628m.
(\u00b9) This item does not include sales on the Bund/Bobl/Schatz future (Germany) for \u20ac41m (with a positive fair value of \u20ac0.3m) and sales on the BTP future (Italy) for \u20ac571m (with a negative fair value of \u20ac1.4m); moreover, net hedging purchases of \u20ac391m, \u20ac223m of which attributable to Germany country risk, were not counted.
SECTION 2Prudential consolidation risk105
1.1 CREDIT RISK
QUALITATIVE INFORMATION
Although risk management is the responsibility of each individual business unit, the Risk Management Unit presides over the functioning of the Group\u2019s risk system, defining the appropriate global methodologies for measuring risks, current and future, in conformity with the regulatory requirements and the Group\u2019s own operating choices identified as part of the Risk Appetite Framework (RAF), monitoring risks, and ascertaining that the various limits established for the various business lines are complied with.
Risk Management is organized through local units at the premises of various subsidiaries respecting the principle of proportionality. Such local units are actively coordinated by Mediobanca's Risk Management unit. The Group Risk Management unit, which reports directly to the CEO under the supervision of the Group Chief Risk Officer, is comprised of the following organizational units: i) Risk Integration, responsible for overseeing the Group\u2019s capital and liquidity adequacy, coordinating the cross-divisional ICAAP and ILAAP processes and implementing an ongoing management system within the risk management framework, particularly the RAF. The unit also monitors IRRBB and CSRBB risks and oversees the Resolution Plan; ii) Credit Risk Management, responsible for the general orientation and governance of credit risk, ensures the development and supervision of credit risk measurement methodologies, defines management frameworks and processes (granting, monitoring, classification and evaluation) and monitors the performance of the credit portfolio; iii) Credit Analysis, which is responsible for carrying out credit risk analysis, assigning internal ratings to counterparties and measuring the loss given default parameter; iv) Market Risk Management, which is responsible for monitoring market and counterparty risks and validating fair value methodologies; v) Non-Financial Risk Management, responsible for managing operational and fraud risks, risks related to the distribution of investment products and services to customers, IT and cyber security risks, as well as outsourcing risks; vi) Internal Validation & Control, which defines the methodologies, processes, tools, and reports used in internal validation activities, validates the Group\u2019s risk measurement systems, and defines and carries
105 Compass RE, Compass Rent, MBContact Solutions, CMG Monaco SAM, Quarzo S.r.l., MBUSA, MB Immobiliere, Spafid Trust, Compass Link, Arma Deutschland Gmbh, and SPV Project 2224 S.r.l. were excluded from the scope of prudential consolidation. Please see Section 1 - Consolidated Accounting Risks in this Part E.
out control activities on the Parent Company\u2019s main credit processes; vii) Risk Coordination, which supports the Chief Risk Officer and the Risk unit in their relationships with Senior Management and corporate bodies, as well as with the risk management units of Group companies; plans and monitors risk management projects and issues involving various specialized units and defines the framework for managing ESG impacts across various risk verticals.With regard to the authorization process for the use of internal models for the calculation of regulatory capital requirements due to credit risk, please refer to paragraph \u201cE. Prudential consolidation \u2013 credit risk measurement models\u201d.
2. Credit risk management policies2.1 Organizational aspects
Mediobanca has put in place a risk governance and control system which is structured across a variety of organizational units involved in the process, with a view to ensuring that all relevant risks to which the Group is or might be exposed are managed effectively, and at the same time guarantee that all forms of operations are consistent with their own risk appetite.
The Board of Directors, in view of its role of strategic supervision within the framework of management and coordination activities to be performed by the holding company Banca Monte dei Paschi di Siena, is responsible for approving strategic guidelines and directions of the risk appetite framework (RAF), the adoption of Internal Rating Systems (IRB), business and financial plans, budgets, and risk management and internal control policies.
The Risk and Sustainability Committee assists the Board of Directors in performing monitoring and investigation duties in respect of internal controls, risk management (including climate-related and environmental risks), accounting IT infrastructure, and sustainability topics. The Statutory Audit Committee supervises the risk management and control system as defined by the RAF and the internal controls system, assessing the effectiveness of the structures and units involved in the process and coordinating them.
As part of Mediobanca\u2019s risk governance system, the following managerial committees have specific responsibilities in the processes of taking, managing, measuring and controlling risks: Group Risk Management Committee, responsible for issuing guidance in respect of all risks (not including the risk of conduct); Credit and Market Committee, with decision-making powers over credit, counterparty and market risks; New Operations Committee, for the preventive evaluation of new activities and approval of the entry into new sectors, new products and related pricing models.
2.2 Management, measurement and control systemsIn the process of defining its Risk Appetite Framework (\u201cRAF\u201d), Mediobanca has determined the level of risk (overall and by individual type) which it intends to assume in order to pursue its own strategic objectives, and has identified the metrics to monitor and the relevant tolerance thresholds and risk limits. The RAF is the framework which links risks to the company\u2019s strategy (translating mission and strategy into qualitative and quantitative risk variables) and risk objectives for the company\u2019s operations (translating risk objectives into limits and incentives for each area).
As required by the prudential regulations, the formalization of risk objectives, through definition of the RAF, which are consistent with the maximum risk that can be taken, the business model and strategic guidance is a key factor in establishing a risk governance policy and internal controls system with the objective of enhancing the bank\u2019s capability in terms of governing its own company risks, and also ensuring sustainable growth over the medium and long term. In this connection, the Group has developed a Risk Appetite Framework governance model which identifies the roles and responsibilities of the Corporate Bodies and units involved, with co-ordination mechanisms instituted to ensure the risk appetite is suitably incorporated into the management processes.
In the process of defining its Risk Appetite, the Parent Company:
\u23afidentifies the risks which it is willing to assume;
\u23afdefines, for each risk, the objectives and limits in normal and stressed conditions;
\u23afidentifies the action necessary to bring the risk back within the set objective.
To define the RAF, based on the strategic positioning and risk profile set by the Group as its objective, the Risk Appetite statement is structured into metrics and risk thresholds, to be identified with reference to the following framework risk pillars, in line with best international practice: capital adequacy, liquidity profile adequacy, profitability, credit risk and asset quality, market risks, interest rate risk on the banking book and non-financial risks. The Board of Directors has a proactive role in defining the RAF, guaranteeing that the expected risk profile is consistent with the Strategic Plan, budget, ICAAP and Recovery Plan, and structured into adequate and effective metrics and limits. For each pillar analysed, the risk assumed is set against a system of objectives and limits representative of the regulatory restrictions and the Group\u2019s general attitude towards risk, as defined in accordance with the strategic
planning, the internal capital adequacy assessment process (ICAAP), the internal liquidity adequacy assessment (ILAAP) and risk management processes.In addition to identifying and setting the risk appetite parameters, the Bank also governs the mechanisms regulating the governance and processes for establishing and implementing the RAF, in terms of updating/reviewing, monitoring, and reporting to the Committees and Corporate Bodies. Based on its operations and the markets in which it operates, the Group has identified the relevant risks to be submitted to specific assessment in the course of the reporting for the ICAAP (Internal Capital Adequacy Assessment Process),106 appraising its own capital adequacy from both a present and future perspective which takes into account the strategies and development of the reference scenario. As required by the provisions of the Capital Requirements Directive IV (\u201cCRD IV\u201d), the Group prepares an Internal Liquidity Adequacy Assessment Process document (ILAAP), describing the set of policies, processes and instruments put in place to govern liquidity and funding risks. The Group\u2019s objective is to maintain a level of liquidity that enables it to meet ordinary and extraordinary payment obligations, while minimizing costs at the same time. The Group\u2019s liquidity management strategy is based on the desire to maintain an appropriate balance between potential inflows and potential outflows, in the short and the medium/long term, by monitoring both regulatory and management metrics, in accordance with the risk profile defined as part of the RAF.
106 In line with the provisions of the Bank of Italy contained in Circular No. 285 \"Supervisory instructions for banks\" of 17 December 2013 and subsequent updates.
2.3 Methods for measuring expected lossesUnder IFRS9 \u201cFinancial Instruments\u201d, assets not measured at fair value on a regular basis (i.e. financial assets and liabilities measured at amortized cost and off-balance sheet exposures) must be tested for impairment based on expected losses. The internal rating models are the baseline instrument for determining the risk parameters to be used in calculating expected losses, subject to the regulatory indicators being adjusted for aspects which are not suitable to be used directly in an accounting environment (e.g. in some cases reconverting the data to reflect a \u201cpoint-in-time\u201d approach). Under IFRS9, expected losses are calculated as the product of the PD, LGD and EAD metrics. This calculation is based on the residual life for instruments that have undergone a significant risk deterioration (referred to as \"Stage 2\") or that show objective signs of deterioration (\"Stage 3\") and over a 12-month horizon for instruments that do not fall into the previous categories (\"Stage 1\"). For off-balance sheet exposures, credit conversion factors arising from internal models are used to calculate expected losses; if there are no specific models, the factors associated with the standard EAD calculation are used.
Qualitative and quantitative criteria have been adopted to establish whether there has been a significant increase in credit risk (SICR), using backstop indicators, such as accounts which are thirty or more days overdue or have been classified as forborne, to assess whether or not they should be treated as Stage 2. Furthermore, cases of low-risk instruments at the date of observation, compatible regardless of the classification at Stage 1 (referred to as low credit risk exemption), are identified if an investment grade rating (at least BBB- on the Standard & Poor's scale) or a corresponding internal estimate of the probability of default equal to 0.3% is used.
Consistent with the options granted by the Standard, a change in forward-looking PD is used as the benchmark quantitative metric for measuring Significant Increases in Credit Risk (SICR) for the purpose of identifying positions to be classified as Stage 2 by comparing the lifetime PD between the reference and origination dates with a consistently defined PD variation range for the transfer to Stage 2; this range, as well as the qualitative elements observed, are specific to each Group legal entity.
Provisioning reflects the sum of the expected credit losses (over a time horizon of twelve months or based on a lifetime approach107 depending on the relevant Stage),
107 The lifetime approach considers, whenever possible, the contractual maturity of the exposure. For products which do not have a contractual expiry date (e.g. credit cards, bill repayment plans, cancellable credit lines, current accounts or overdrafts on current account), the calculation is made over a 12-month time horizon.
discounted at the effective interest rate. The expected credit loss is the result of a joint assessment of three scenarios, a baseline scenario and two alternative scenarios, which are updated at least semi-annually. In particular, with reference to 31 December 2025, the scenarios and related weights provided by the Parent Company Banca Monte dei Paschi di Siena were applied for all Entities.Moreover, additional provisions (\"overlays\") are used to cover risks not captured by the current framework for calculating expected credit losses.
The approach of Mediobanca and its subsidiaries to the impairment of financial instrument is governed by specific internal regulations, which were revised and implemented during the previous financial year, among other things, with the aim of strengthening overlay governance, both in terms of the decision-making process and in terms of possible scenarios. This approach was further strengthened during the current half year by defining monitoring and backtesting metrics aimed at ensuring its validity through quantitative and qualitative assessments of performance, including staging criteria.
The parameters used to quantify the expected credit loss, as well as the regulatory risk parameters, are subject to regular evaluation by corporate units. Specifically, the Validation unit interacts continuously with the Development units in regard of the main methodological developments/solutions of the IFRS9 framework applied within the Group, including the process of defining and categorizing overlays; changes classified as \"material\" were subjected to a validation assessment prior to use. More specifically, during the half-year period, the assessments focused on the IFRS9 framework adopted by Mediobanca Premier, with a primary focus on the PD satellite model, lifetime SICR methodology, and back-testing on ECL and all the parameters underlying the calculation.
2.4 Credit risk mitigation techniquesMediobanca and its subsidiaries have put in place a system for managing credit risk mitigation techniques, which covers the entire process of obtaining, assessing, supervising and implementing the mitigation instruments in use. The requirements for eligibility of collateral and guarantees are set out in Regulation (EU) 575/2013 of the European Parliament and of the Council as amended (the \u201cCRR\u201d). The Group has also compiled specific criteria by which collateral not recognized for regulatory purposes may in any case be recognized at the operating level as effective to mitigate credit risk.
The use of financial instruments or of moveable and immoveable assets as collateral and of personal guarantees is widespread in lending activity. Specifically:
\u23afmortgage guarantees: when mortgages are taken out, valuations are required from independent experts; specific procedures are also in place to calculate the fair value of the asset and monitor it at regular intervals, based on market indicators furnished by external information providers; further valuations are also required in cases where significant departures are noted from the most recent valuation available;
\u23afpledges: pledges are valued according to the market value for listed financial instruments, or on the basis of their expected realizable value; prudential haircuts are then applied to the values thus calculated which differ according to the financial instruments over which the pledge has been made.
Risk mitigation policies have been adopted by entering into netting and collateral agreements, verifying whether the agreements are legally valid and meet the regulatory criteria to be recognized for prudential purposes.
Credit Risk Mitigation activities are governed by specific Directives issued by Mediobanca and its subsidiary companies concerned. The specific nature of the products originated by the individual businesses and the forms of collateral securing them, as well as the different organizational models necessarily adopted by the various Group Legal Entities, means that different CRM processes must coexist. In particular, the phases of obtaining the collateral, checking, reporting and assessing its eligibility may be performed by different units. However, the role of Risk Management unit in setting eligibility criteria for regulatory and management purposes remains central, and the Mediobanca Risk Management unit is responsible for supervising overall consistency in this area. Controls of the mitigation instruments are included in the general risk control and management framework.
In Private Banking in particular, the situations most at risk have been identified, and for \u201cLombard\u201d credit in particular work has begun quickly on restoring the collateral margins typically associated with this form of credit. The overall exposure reflects portfolio diversification to provide guarantee and the haircuts applied when measuring the value of the guarantee.
3. Non-performing credit exposures
Mediobanca and its subsidiaries in general are known for their prudent approach to risk, which is reflected at the consolidated level in the fact that their overdue exposure levels are among the lowest in the Italian national panorama. The Group\u2019s management of non-performing loans also helps to keep their level low on the books, including the use of different options typically available, such as disposals (of both individual assets and portfolios), collateral enforcement, and negotiation of restructuring agreements.
The concepts of \u201cdefault\u201d in the legislation on regulatory capital requirements, \u201cnon-performing\u201d in supervisory reporting, and Stage 3 (\u201ccredit-impaired\u201d) assets in accounting legislation have been brought together in a single, homogeneous definition. In this regard, the Group has implemented the EBA Guidelines on the adoption of the definition of default (EBA/GL/2016/07), Delegated Regulation (EU) 2018/171 of the Commission of 19 October 2017, and Regulation (EU) 2018/1845 of the ECB of 21 November 2018. In line with these principles, instances of assets which qualify as \u201cnon-performing\u201d include:
\u23afexposures identified using the 90 days past due principle, based on which the regulations referred to above have standardized the calculation criteria in use at EU level (in particular with reference to the applicable materiality thresholds, and the irrelevance of which instalment in particular is established as being past due for calculation purposes);
\u23afcases in which the credit obligation has been sold, leading to material losses in relation to the credit risk;
\u23afdebt restructuring which entails a cost, i.e. restructuring the debt of a borrower who is in or is about to encounter difficulties in meeting their own financial obligations, which may imply a significantly reduced financial obligation;
\u23afcases of insolvency or other systems of protection covering all creditors or all unsecured creditors, the terms and conditions of which have been approved by a judge in a court of law or another competent institution;
\u23afinstances identified through other indicators of a borrower being unlikely to pay, such as the enforcement of guarantees, breach of given financial leverage ratios, negative evidence in information systems such as central credit databases, or the borrower\u2019s sources of income suddenly becoming unavailable.
This approach is adopted differently within Mediobanca and its subsidiaries, which, depending on the specific monitoring processes they have implemented, may choose to report non-performing positions before the 90 days past due status by running individual analyses or applying automatic algorithms. Equally, the accounting measurement of non-performing exposures may reflect either the analysis of individual positions, or be based on identifying clusters of similar positions, depending on the specific nature of the Group company\u2019s business.
At the monitoring stage, the write-off for credit losses on financial assets is also assessed, i.e. when in part or in whole. Those write-offs are possible even before completion of the legal action to recover the asset, and this does not necessarily entail waiving the legal right to recover the amount.
In order to adequately monitor the management of NPL portfolios, in recent years, several measures have been issued by the Regulator for the purpose of directing the financial sector towards minimizing their stocks of non-performing portfolios and speeding up recovery. On 26 April 2019, the European Parliament published an amendment to Regulation (EU) 575/2013 (CRR) in the Official Journal with the inclusion of rules to be applied for the coverage of NPLs (referred to as Calendar Provisioning) deriving from loans granted starting from the date of issue of the amended Regulation.
4 Financial assets subject to commercial renegotiations and forbearance measuresFinancial assets may be subject to contractual amendments based primarily on two different needs: maintaining a mutually satisfactory commercial relationship with clients, or re-establishing/improving the credit position of customers who are facing, or about to face, difficulties in complying with the commitments they have entered into.
The former case, defined as commercial renegotiation, recurs when the client might want to end the relationship, as a result of its credit quality and of favourable market conditions. In a situation such as this, changes can be made at the client\u2019s initiative or on a preventative basis in order to maintain the relationship with the client by improving the commercial terms offered, without prejudice to a satisfactory return on the risk and in compliance with the general strategic objectives (e.g. in terms of target customers).
The second case, which corresponds to the notion of forbearance measure, is detected in accordance with specific regulations when contractual amendments are made or refinancing arrangements are entered into.
For an exposure to be classified as forborne, Mediobanca and its subsidiaries assess whether or not such concessions (typically rescheduling expiry dates, suspending payments, refinancing or waivers of covenants) occur as a result of a situation of financial difficulty, actual or potential (if concessions are not granted), of more than thirty days past due. Assessment of the borrower\u2019s financial difficulties is based primarily on individual analysis carried out as part of the corporate banking and leasing business, whereas certain predefined conditions apply in the case of consumer credit activities, (in the presence of minimal signals such as a queue, always considered forbearance, or slight but repeated delays in association with negative evidence on external databases, the default classification is carried out) and real estate mortgages (for example, detection of job loss, cases of serious illness, divorce/separation).
Both non-performing exposures and exposures whose difficulties are still compatible with their being treated as performing may be classified as forborne. However, as described in the previous sections, a position being assigned the status of \u201cforborne\u201d is considered to be incompatible with its being treated as Stage 1. For this reason, based on the regulations on supervisory statistical reporting, there is a minimum period of time during which an exposure can be classified as \u201cforborne\u201d and this is reflected in the prudential transitions between Stages 1, 2 and 3. For instance,
when concessions have been made in respect of Stage 2 exposures, these exposures cannot return to Stage 1 in less than two years, in line with the minimum duration requirement of two years provided for the \u201cforborne performing exposure\u201d status (during this period, the status can only be downgraded to reflect the exposure\u2019s transition to non-performing). Similarly, exposures in Stage 3 cannot return to Stage 1 in less than three years, in line with the one-year duration requirement for \u201cforborne non-performing exposure\u201d status, followed (unless the non-performing status needs to be prolonged) by the two-year minimum duration requirement for the \u201cforborne performing exposure\u201d status.To return to Stage 1, exposures must give proof of having fully recovered their credit quality and the conditions requiring them to be classified as \u201cforborne\u201d must have ceased to apply. Accordingly, monitoring activities over transitions to Stages 2 or 3 are the same as monitoring activities over exposures which have not moved from Stage 1. However, \u201cforborne\u201d exposures that have returned from Stage 3 to Stage 2 are subject to enhanced monitoring, providing that if there is a delay of more than thirty days in payment or if a new forbearance measure is applied, the exposure will immediately return to Stage 3 for prudential purposes.
5 Details by business segmentCorporate activity
Mediobanca\u2019s internal system for managing, evaluating and controlling its credit risk exposure reflects its traditional policy based on prudence and a highly selective approach: risk assumption is based on an analytical approach grounded on an extensive knowledge of the entrepreneurial, asset and management operations of each financed company, as well as of the economic framework in which it operates. During the analysis, all the necessary documentation was acquired in order to carry out an adequate assessment of the borrower\u2019s credit quality and define the correct remuneration of the risk assumed; the analysis included assessments of the duration and amount of credit lines, monitoring of suitable collateral and use of contractual commitments (covenants) aimed at preventing the deterioration of the counterparty\u2019s credit quality.
With reference to the correct adoption of Credit Risk Mitigation techniques, specific activities are implemented to define and meet all the requirements to ensure that the real and personal guarantees have the maximum mitigating effects on the exposures.
To determine credit risk, the counterparties are analysed, and an internal rating is assigned by the Risk Management unit on the basis of internal models which take into account the specific quantitative and qualitative characteristics of the counterparty. The proposed transactions are also subject to the application of LGD models where appropriate.
Loans originated by the business divisions are appropriately assessed by the Risk Management unit and regulated in accordance with the powers for approval and management of the most significant transactions, through screening at different operating levels.
At least annually, the Risk Management unit also reviews the ratings assigned to counterparties and newly examines the approved credit facilities.
Expected credit losses is calculated individually for non-performing items and based on PD and LGD indicators of the performing portfolio.
For individual provisioning, valuations based on discounted cash flows and ratio analysis balance sheet are applied to businesses under the going-concern assumption, while an asset valuation is used in case of liquidation.
With regard to performing loans, the PD parameters are obtained starting from the through-the-cycle rating approach used to develop the internal rating model which is then converted to the point-in-time approach. LGDs are also calculated according to the model developed for regulatory purposes, subsequently subtracting the elements most closely related to the requirements for internal models, including, in particular, the downturn effect, indirect costs and any additional prudential elements. Lastly, the forward-looking component is the result of the risk indicators applied to the macroeconomic scenarios defined internally.
In terms of monitoring the performance of individual credit exposures, Mediobanca has adopted an early warning system to identify a list of counterparties (known as the \u201cwatch list\u201d) requiring in-depth analysis on account of their potential or obvious weaknesses. The exposures identified are then classified by level of alert (Amber or Red for performing accounts, Black for non-performing items) and are reviewed regularly to identify the most appropriate mitigation actions to be taken. Inclusion of the counterparty in the watch list is used to provide qualitative information regarding allocation to Stage 2, which includes counterparties classified as \u201cAmber\u201d or \u201cRed\u201d. All forborne positions are also subject to specific monitoring; it should be noted that they are also classified in the watch list.
Leases
Risk evaluation is in general based on individual investigations that are conducted using similar methods to those required for Corporate Banking. Furthermore, for small-denomination transactions, valuation and approval are required through the use of a credit-scoring model developed according to an historical series, differentiated by product type and by legal nature of the counterparty (type of requesting company).
The activities of analysis, disbursement, monitoring, and credit risk control are significantly supported by the Company\u2019s Information System; the asset being leased is also subject to a technical assessment.
With a view to aligning risk management with the current complex financial and market scenario, the approval rights have also been revised and the measurement and control processes enhanced through the institution of regular valuations of performing loans, including from an early warning perspective for the possible inclusion of the counterparty in the watch list. Disputes are managed in a variety of ways which
prioritize either recovery of the amount owed or the asset under lease, according to the specific risk profile of the account concerned.The quantification of provisions for non-performing accounts requires individual analysis to establish the estimated loss, taking into account the protection value of the assets resulting from regularly updated expert valuations, prudentially revised downwards, and any other form of collateral. Scenarios referred to selling strategies are also factored in. The portfolio of performing assets is valued on the basis of internal PD and LGD parameters. To define the PD parameters, through-the-cycle transition matrices for the management models based on internal data are used, which are then converted to point-in-time versions. The forward-looking component is factored in by applying the internally-adopted macroeconomic scenarios to the PD estimates. The LGD estimates for the exposures differ according to type of product (vehicle leasing, core goods, yachts and property) and are subjected to the same internally-adopted macroeconomic scenarios to obtain forward-looking data.
The criteria for the transition of leasing transactions to Stage 2 include the PD increase quantitative method, the classification of forborne performing positions, positions 30 days past due and, for shared counterparties, the evidence deriving from the Parent Company\u2019s watch list for Corporate customers (counterparties classified as \u201cAmber\u201d or \u201cRed\u201d will be included in Stage 2).
Consumer credit
Consumer credit operations are performed primarily by Compass, where applications for finance are approved on the basis of a credit scoring system tailored to individual products. The scoring grids have been developed from internal historical series, enhanced by data provided by central credit bureaux. Points of sale are linked electronically to the Company\u2019s headquarters, to ensure that applications and credit scoring results are processed and transmitted swiftly. Under the system of powers for approval, approval is required by the relevant headquarters units for increasing combinations of amount and expected loss, in accordance with the authorization levels established by the Board of Directors.
From the first instance of non-payment, the loan management process requires using the entire range of recovery procedures (postal and telephone reminders, external recovery agents, or legal recovery action). In the presence of minimal signals such as queueing (always considered forbearance) or slight but repeated delays in association with negative evidence on external databases, the assets are classified as default according to the \u201cunlikeliness to pay\u201d principle. After six unpaid instalments
(or four unpaid instalments in particular cases, such as credit cards), the client is deemed to have lapsed from the time benefit allowed under Article 1186 of the Italian Civil Code. As from the six months after such lapse has been established, accounts for which legal action has been ruled out on the grounds of being uneconomic are sold via competitive procedures to factoring companies, for a percentage of the value of the principal outstanding, which reflects their estimated realizable value. Partial write-offs are carried out on non-performing positions that have lapsed the Term Benefit (i.e. Day Beyond Term, DBT) for at least 2 months and did not show a significant probability of collection. Actions are foreseen to review the timing and scope of transfers. To this end, stock disposals of positions that have exited the internal legal process and debt recovery procedure based on bills of exchange, specific disposals of portfolios undergoing recovery based on bills of exchange have been planned.Provisioning is determined collectively on the basis of PD, LGD and EAD metrics which are estimated using internal models and conditioned on macroeconomic factors through satellite models. To estimate PD and LGD parameters for the purpose of calculating lifetime losses, through-the-cycle transition matrices calculated separately by product type were used in line with internal operating processes (credit cards, special purpose loans, low-risk personal loans, high-risk personal loans, small tickets and salary-backed loans to public servants, private individuals or retirees). Once the parameters not conditioned by recent historical evidence have been obtained, the forward-looking component is factored in by conditioning PDs, the transition matrices related thereto, and LGDs with specific models based on internally-adopted macroeconomic scenarios and on recent trends in internal default and loss rates.
In consumer credit, in addition to the quantitative criterion based on changes in the PD on a lifetime basis, specific quality indicators are used to classify exposures as Stage 2, such as the existence of suspension measures, the existence of other non-performing accounts for the same borrower, and evidence of irregularities in payment in the recent past.
Purchased or originated credit impaired assets (i.e. POCI) include credits generated through the \u201cRedefinition\u201d product. Restructuring is a form of facilitation granted only to \u201cpast clients\u201d who, for the most part, had difficulties in continuing to pay their instalments regularly (not yet expired and/or previously unpaid). It consists in the consolidation of the residual debt of one or more files that the client had in place into a single new personal loan (new file) with a new repayment plan and a monthly instalment payment for an amount that is lower than the sum of the instalment payments of the \u201crestructured\u201d files. No additional cash is required. It is not a product provided for commercial purposes, but only for the management of existing exposures.
Since the instrument was not born as a modification of an existing loan but as a replacement for one or more previous loans that have been cancelled, the derecognition thereof, combined with the creation of an instrument classified as non-performing, will result in its classification as POCI. The same applies to the Redefinition portfolio previously classified as non-performing upon disbursement, regardless of the criteria previously used regarding any delays on positions subject to redemption, the reasons for the redefinition, the \"distressed restructured\" test, and the possibility that the instrument may settle non-performing loans; consequently, all Redefinitions remain classified as POCI for the entire life of the position. Positions relating to the Salary-backed loan (CQS) product, which are classified as non-performing upon disbursement as they derive from the management of customers who were previously non-performing at the time of disbursement, are also classified as POCI. The classification as POCI will not preclude the fact that the same loan may later return to being classified as performing, except for those purchased, according to a curing approach adopted for forborne NPE loans.\u201cPOCI\u201d assets are valued on the basis of the IFRS9 provisioning model drawn up internally, derived from appropriate calibrations of AIRB models, and which includes all the static and trend elements necessary to calculate PD and LGD parameters on a forward-looking basis. Since the value adjustments in POCI instruments are calculated on a lifetime basis, they are written down on the basis of the related LGD (including costs and discounting effect) when they are recognized. In the event of a possible transition to performing they will be still written down on a lifetime basis like Stage 2 loans. Collections will proceed according to expectations also given the relative stability of expected loss parameters confirmed after each half-yearly update.
Factoring
Factoring, a business in which MBFACTA specializes, includes both traditional factoring (i.e. acquisition of short-term trade receivables, often backed by insurance cover) and instalment factoring (acquiring loans from the selling counterparty, to be repaid via monthly instalments by the borrowers whose accounts have been sold, which in virtually all cases is a retail customer).
For traditional factoring, the internal units appraise the solvency of the sellers and the original borrowers via individual analysis using methodologies similar to those adopted for corporate factoring; whereas for retail factoring the acquisition price is calculated following a due statistical analysis of the accounts being sold, and takes
into consideration the projected recoveries, costs and expected margins.For counterparties falling within the corporate factoring scope, the quantification of non-performing exposures is subject to individual assessment, taking into account minimum provisioning percentages based on the ageing of such exposures (in accordance with the requirements set out in \"Calendar Provisioning\" - \"Addendum to the Guidelines on Non-Performing Loans\"). For exposures falling within the retail factoring scope, this quantification is based on the identification of clusters of similar positions. The portfolio of performing assets is valued on the basis of PD and LGD parameters. PDs estimated internally using the Corporate PD Model are used for the definition of PD parameters for counterparties belonging to the Large Corporate sector. Recalibrated PDs provided by third-party provider or estimated internally on the retail factoring portfolio are used in case of counterparties not belonging to the Large Corporate sector.
For transactions valued by Mediobanca as part of its corporate factoring business, the parameters required by the process of Mediobanca apply. The evidence obtained from Mediobanca\u2019s watch list for corporate clients is also used as qualitative information for reclassification to Stage 2, which includes counterparties classified as \u201cAmber\u201d or \u201cRed\u201d.
Premier and Private Banking
Premier and Private Banking operations include granting loans as a complementary activity in serving \u201cAffluent\u201d, \u201cHigh Net Worth\u201d and institutional clients, with the aim of providing them with Wealth Management and Asset Management services. Credit risk exposure takes various forms, such as cash loans (by granting credit on a bank account or through short-, medium- or long-term loans), authorizing overdrafts on a current account, endorsements, mortgages, and credit limits on credit cards.
The grant of such loans is governed through operating powers which require the proposed loan to be assessed at various levels of the organization and approved by the appointed Bodies according to the level of risk resulting from the size of the loan, the guarantees/collateral and the type of finance involved. Such loans are reviewed on a regular basis.
Provisioning for all non-performing contracts is made on an individual basis and takes into account the value of the collateral. Instead, provisioning for the performing contracts is made based on the estimated PD and LGD values considering the counterparty and whether or not there are guarantees.
In terms of monitoring the performance of individual credit exposures, an early warning system has been adopted to identify a list of counterparties (known as the \u201cwatch list\u201d) requiring in-depth analysis on account of their potential or obvious weaknesses. The exposures identified are then classified by level of alert (Amber or Red for performing accounts, Black for non-performing items) and are reviewed regularly to identify the most appropriate mitigation actions to be taken. Inclusion of the counterparty in the watch list is used to provide qualitative information regarding allocation to Stage 2, which includes counterparties classified as \u201cAmber\u201d or \u201cRed\u201d. All forborne positions are also subject to specific monitoring; it should be noted that they are also classified in the watch list.
Mortgage lending
Mortgage lending is provided primarily by Mediobanca Premier, whose loan risk investigation and approval process is entirely performed centrally at the headquarters. The applications are approved, using an internal rating model, based on individual appraisal of the applicant\u2019s income and maximum borrowing levels, as well as the value of the property itself. A constant monitoring of the portfolio, carried out on a monthly basis, ensures control over the risks assumed.
Properties established as collateral are subject to a statistical revaluation process, which is carried out once a quarter. If the review shows a significant reduction in the value of the property, a new valuation is carried out by an independent expert. A new valuation is generally requested for properties established as collateral for positions which have become non-performing.
Accounts (both performing and non-performing) are monitored through a reporting system which allows operators to monitor the trend in the asset quality and, with the help of the appropriate indicators, to enter positions at risk, also to ensure that the necessary corrective actions to credit policies can be taken.
Non-performing accounts are managed, for out-of-court credit recovery procedures, by a dedicated organizational structure with the help of external collectors. In cases where a borrower becomes insolvent (or in fundamentally similar situations), the property enforcement procedures are initiated through external lawyers. Internal procedures require the following to be recorded as unlikely to pay: all cases with four or more unpaid instalments (not necessarily consecutive), cases with persistent irregularities, borrowers for whom an \"Over-indebtedness Crisis Resolution Procedure\" has been initiated, concessions generating a reduction of more than 1% in the financial obligation, and cases which the unit responsible assesses as unlikely to
pay, based on internal or external information (e.g. central databases, public and/or private). Exposures are classified as bad loans once the ineffectiveness of the recovery actions has been certified.Exposures for which concessions have been granted are defined as forborne exposures, i.e. exposures subject to tolerance measures, performing or non-performing mortgages for which Mediobanca Premier grants amendments to the original terms and conditions of the contract in the event of the borrower finding itself in a (proven or assumed) state of financial difficulty, by virtue of which it is considered to be unlikely to be able to meet its borrowing obligations fully or regularly.
ECLs are quantified analytically for bad loans and based on clusters of similar positions for unlikely to pay, other overdue and performing accounts. With regard to the analytical portion for bad loans, account is taken of expert valuations of the assets (prudentially deflated), as well as the timing and costs of the recovery process. To define the PD parameters, through-the-cycle transition matrices of management models based on internal data were used, which starting from 30 June 2025 will be calculated as the simple average of the point-in-time migration matrices over a 9-year observation period. The forward-looking component is factored in by applying the internally-adopted macroeconomic scenarios to the PD estimates. The LGD calculation is based on modelling aimed at regulatory calculation, with respect to which downturn effects, indirect costs and MoC are removed; the inclusion of forward-looking elements is based on satellite models applied to internally-adopted macroeconomic scenarios.
For the purpose of classifying real estate mortgages as Stage 2, qualitative (assignment to the worst rating class), quantitative (change in PD above a certain threshold compared to that assigned at the time of disbursement of the loan) and backstop (30 days of overdraft or forborne performing) elements are used.
6 Macroeconomic scenarios and impactsLast December, the Parent Company, Banca Monte dei Paschi di Siena, approved a set of internally-developed macroeconomic scenarios for the period December 2025-December 2028, also taking into account forecasts prepared by third-party providers in October 2025. Mediobanca and its subsidiaries used the same set of macroeconomic scenarios adopted by the Parent Company to calculate the impairment losses on performing and non-performing loans as at 31 December 2025.
The baseline scenario shows a greater level of caution than the forecasts published by the Bank of Italy in December 2025. Specifically, for 2027 and 2028, GDP growth is forecast at 0.45% (0.8% according to the Bank of Italy) and 0.52% (0.9% according to the Bank of Italy), respectively. In addition to the baseline scenario, given the objective uncertainty surrounding the evolution of the economic environment and the Regulators' requirements, further alternative scenarios have been outlined: a more negative alternative (called severe but plausible) and an improved alternative scenario (called best case).
The most severe alternative scenario (severe but plausible) envisions a resurgence of geopolitical tensions, marked by the ongoing war in Ukraine, and uncertainties surrounding US tariff policies. In this scenario, energy commodity prices would rise due to tensions in supply chains, with a negative impact on global trade. Italy would be among the most exposed European countries to the negative effects of tariff policy, with only marginal GDP growth expected in the two-year period 2026-27, and investments and exports suffering more than consumption.
The alternative improved (best case) scenario instead envisions an improvement in geopolitical tensions in the Middle East and Ukraine, with a stable truce in both countries and an easing of the international climate, and with a less aggressive approach on the part of the US administration. In this scenario, average price increases in Eurozone countries would be contained, including in energy prices, with inflation remaining within the target set by monetary policy. In this context, Italy would experience greater growth in domestic and foreign demand, leading to increased economic activity.
The weights of the scenarios used in figuring out the ECL in December 2025 were set by the Parent Company, Banca Monte dei Paschi di Siena, at 52.63% for the Baseline scenario and 47.37% for the alternative scenarios, respectively 21.05% for
the \u201cBest case\u201d scenario and 26.32% for the \u201cSevere but plausible\u201d scenario.With regard to the ECL calculation, sensitivity analyses108 were also carried out assuming that each of the above-mentioned scenarios (Severe but plausible, Baseline and Best) on the exposure109 came about with certainty, with the following results:
\u23af\u201cSevere but plausible\u201d alternative scenario: ECL +2.8% and change in the impact of Stage 2 exposure +2.21%,
\u23afBaseline scenario: ECL +0.1% and change in the impact of Stage 2 exposure -1.01%,
\u23af\u201cBest case\u201d alternative scenario: ECL -2% and change in the impact of Stage 2 exposure -2.61%,
However, the number of possible interrelations between the individual macroeconomic factors is so high that a sensitivity analysis of expected losses based on one factor alone is practically meaningless.
108 The analysis covered the exposures of the Group\u2019s main portfolios: portfolio of Mediobanca S.p.A. and Mediobanca International, Mediobanca Premier mortgages, Compass consumer credit, MBFACTA factoring, and Selma BPM leases.
109 Considering the gross carrying amount, including both on-balance and off-balance items.
Table 1 - Baseline macroeconomic scenario at 31 December 2025| GDP forecasts | 2025 | 2026 | 2027 | 2028 |
| Italy | 0.5% | 0.7% | 0.4% | 0.5% |
| EU | 1.2% | 1.0% | 1.1% | 1.1% |
| USA | 1.8% | 1.1% | 1.4% | 1.8% |
| Unemployment rate | 2025 | 2026 | 2027 | 2028 |
| Italy | 6.2% | 6.2% | 6.1% | 5.9% |
| CPI Core (annual change)(1) | 2025 | 2026 | 2027 | 2028 |
| Italy | 2.0% | 2.1% | 2.0% | 2.0% |
(1) The CPI Core variable is the consumer price index excluding food and energy components.
Table 2 - Best macroeconomic scenario at 31 December 2025
| GDP forecasts | 2025 | 2026 | 2027 | 2028 |
| Italy | 0.6% | 1.5% | 0.8% | 1.0% |
| EU | 1.3% | 2.0% | 1.6% | 1.5% |
| USA | 2.0% | 2.1% | 1.9% | 2.2% |
| Unemployment rate | 2025 | 2026 | 2027 | 2028 |
| Italy | 6.2% | 6.0% | 5.6% | 5.1% |
| CPI Core (annual change)(1) | 2025 | 2026 | 2027 | 2028 |
| Italy | 2.0% | 2.1% | 2.0% | 1.9% |
(1) The CPI Core variable is the consumer price index excluding food and energy components.
Table 3 - Severe but plausible macroeconomic scenario at 31 December 2025Severe but plausible scenario
| GDP forecasts | 2025 | 2026 | 2027 | 2028 |
| Italy | 0.4% | 0.1% | 0.1% | 0.2% |
| EU | 1.1% | 0.0% | 0.8% | 0.9% |
| USA | 1.7% | 0.2% | 1.2% | 1.6% |
| Unemployment rate | 2025 | 2026 | 2027 | 2028 |
| Italy | 6.3% | 6.4% | 6.6% | 6.8% |
| CPI Core (annual change) (1) | 2025 | 2026 | 2027 | 2028 |
| Italy | 2.1% | 2.4% | 2.1% | 2.0% |
(1) The CPI Core variable is the consumer price index excluding food and energy components.
The Group kept additional provisions (referred to as \"overlays\") amounting to approximately \u20ac164m (12.5% of total ECL), primarily to hedge against persistent geopolitical and macroeconomic uncertainties (24% of total overlays), expectations of a gradual rise in default rates towards structural levels post-Covid (46%), particularly for consumer credit, and climate risk (6%). The remaining overlays (24%) were maintained primarily to hedge against the effects of process changes affecting the consumer credit NPL portfolio that have not yet been incorporated into the ECL calculation.
Specifically, overlays were created for business sectors/counterparties most exposed to risks associated with international trade tariffs (corporate customers) and the likely negative consequences on inflation, consumer spending, investment volume, GDP, and unemployment (retail customers). This was achieved by applying an alternative macroeconomic scenario via a satellite model or by simulating the worsening creditworthiness of particularly vulnerable sub-portfolios.
With regard to climate risk, overlays were estimated considering the main types of C&E risk (transition and physical) and asset classes, namely corporate, consumer credit, and real estate and leasing exposures. Of the 6% of overlays related to climate risk, approximately 47% relate to corporate customers (after deducting leasing). These overlays were estimated taking into account the impacts quantified in the Materiality Assessment for the short-term horizon.
Compared to 30 June 2025, overlays decreased by approximately 13%, largely offset by the increase in ECL from the consumer credit portfolio model, consistent with the gradual rise in default rates towards structural trends.
Table 4 \u2013 Overlay Stock | 31 December 2025 | 30 June 2025 |
| \u00a0 | Overlay stock (\u20acm) | % segment ECL | Overlay stock (\u20acm) | % segment ECL |
| Corporate (including Factoring) | 26.4 | 32.1% | 27.\u2013 | 33.3% |
| Consumer credit | 122.9 | 11.4% | 146.1 | 13.5% |
| Mortgage loans | 9.5 | 8.8% | 10.7 | 9.6% |
| Leases | 5.3 | 11.0% | 5.9 | 11.2% |
| Total | 164.1 | 12.5% | 189.7 | 14.1% |
QUANTITATIVE INFORMATIONA. Credit quality
A.1 Non-performing and performing exposures: amounts, value adjustments, trends and segmentation by earnings
A.1.1 Prudential consolidation \u2013 Financial assets by past due brackets (book value)
| Portfolios/risk stages | Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets |
| From 1 to 30 days | From 30 to 90 days | More than 90 days | From 1 to 30 days | From 30 to 90 days | More than 90 days | From 1 to 30 days | From 30 to 90 days | More than 90 days | From 1 to 30 days | From 30 to 90 days | More than 90 days |
| 1. Financial assets measured at amortized cost | 216,183 | 24,486 | 89,922 | 32,807 | 36,699 | 9,766 | 17,229 | 35,395 | 165,311 | 2,440 | 3,550 | 2,817 |
| 2. Financial assets measured at fair value through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Financial assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total31 December 2025 | 216,183 | 24,486 | 89,922 | 32,807 | 36,699 | 9,766 | 17,229 | 35,395 | 165,311 | 2,440 | 3,550 | 2,817 |
| Total30 June 2025 | 185,258 | 24,905 | 5,830 | 64,295 | 67,519 | 11,275 | 16,708 | 37,799 | 163,313 | 2,476 | 3,778 | 3,623 |
A.1.2 Prudential consolidation - Financial assets, loan commitments and financial guarantees issued: trend in overall value adjustments and overall provisioning| Reasons/risk stages | Overall value adjustments | Overall provisions for loan commitments and financial guarantees issued | Total |
| \u00a0 | Stage 1 assets | Stage 2 assets | Stage 3 assets | Purchased or originated credit-impaired financial assets | \u00a0 |
| \u00a0 | On-demand loans to Central Banks | Financial assets measured at amortized cost | Financial assets measured at fair value through other comprehensive income | Financial assets held for sale | of which: individual write-downs | of which: collective write-downs | On-demand loans to Central Banks | Financial assets measured at amortized cost | Financial assets measured at fair value through other comprehensive income | Financial assets held for sale | of which: individual write-downs | of which: collective write-downs | On-demand loans to Central Banks | Financial assets measured at amortized cost | Financial assets measured at fair value through other comprehensive income | Financial assets held for sale | of which: individual write-downs | of which: collective write-downs | Financial assets measured at amortized cost | Financial assets measured at fair value through other comprehensive income | Financial assets held for sale | of which: individual write-downs | of which: collective write-downs | First stage | Second stage | Third stage | Purchased or originated credit-impaired loan commitments and financial guarantees issued | \u00a0 |
| Opening amount of overall adjustments | 185 | 305,293 | 2,177 | \u2014 | \u2014 | 307,655 | \u2014 | 299,180 | \u2014 | \u2014 | \u2014 | 299,180 | \u2014 | 631,338 | \u2014 | \u2014 | 132,640 | 498,698 | 93,579 | \u2014 | \u2014 | \u2014 | 93,579 | 16,607 | 2,256 | 308 | \u2014 | 1,350,923 |
| Increases due to purchased or originated financial assets | 1 | 102,505 | 242 | \u2014 | \u2014 | 102,748 | \u2014 | 39,831 | \u2014 | \u2014 | \u2014 | 39,831 | \u2014 | 6,388 | \u2014 | \u2014 | 7 | 6,381 | X | X | X | X | X | 6,649 | 423 | 160 | \u2014 | 156,199 |
| Derecognition other than write-offs | \u2014 | (5,154) | (593) | \u2014 | \u2014 | (5,747) | \u2014 | (2,422) | \u2014 | \u2014 | \u2014 | (2,422) | \u2014 | (42,161) | \u2014 | \u2014 | (1,249) | (40,912) | (2,637) | \u2014 | \u2014 | \u2014 | (2,637) | (595) | (447) | (4) | \u2014 | (54,013) |
| Net value adjustments /write-backs for credit risk | -35 | (96,246) | (58) | \u2014 | \u2014 | (96,339) | \u2014 | (50,328) | \u2014 | \u2014 | \u2014 | (50,328) | \u2014 | 152,443 | \u2014 | \u2014 | 15,027 | 137,712 | 8,260 | \u2014 | \u2014 | \u2014 | 8,260 | (5,020) | (14) | (146) | \u2014 | 8,856 |
| Contractual changes without derecognition | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Changes in estimation methods | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Write-offs not recognized directly through profit or loss | \u2014 | (23) | \u2014 | \u2014 | \u2014 | (23) | \u2014 | (229) | \u2014 | \u2014 | \u2014 | (229) | \u2014 | (121,001) | \u2014 | \u2014 | (13,469) | (107,532) | (7,223) | \u2014 | \u2014 | \u2014 | (7,223) | \u2014 | \u2014 | \u2014 | \u2014 | (128,476) |
| Other changes | \u2014 | 81 | \u2014 | \u2014 | \u2014 | 81 | \u2014 | (290) | \u2014 | \u2014 | \u2014 | (290) | \u2014 | 244 | \u2014 | \u2014 | 15 | 229 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12 | \u2014 | \u2014 | \u2014 | 47 |
| Closing amount of overall adjustments | 151 | 306,456 | 1,768 | \u2014 | \u2014 | 308,375 | \u2014 | 285,742 | \u2014 | \u2014 | \u2014 | 285,742 | \u2014 | 627,251 | \u2014 | \u2014 | 132,675 | 494,576 | 91,979 | \u2014 | \u2014 | \u2014 | 91,979 | 17,653 | 2,218 | 318 | \u2014 | 1,333,536 |
| Recoveries for collections of written-off financial assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 9,617 | \u2014 | \u2014 | 238 | 9,379 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 9,617 |
| Write-offs recognized directly through profit or loss | \u2014 | (383) | \u2014 | \u2014 | \u2014 | (383) | \u2014 | (282) | \u2014 | \u2014 | \u2014 | (282) | \u2014 | (1,235) | \u2014 | \u2014 | (588) | (647) | (61) | \u2014 | \u2014 | \u2014 | (61) | \u2014 | \u2014 | \u2014 | \u2014 | (1,961) |
A.1.3 Prudential consolidation \u2013 Financial assets, loan commitments and financial guarantees given: transfers between different stages of credit risk (gross and nominal values)| Portfolios/risk stages | Gross value / nominal value |
| Transfers between Stage 1 and Stage 2 | Transfers between Stage 2 and Stage 3 | Transfers between Stage 1 and Stage 3 |
| From Stage 1 to Stage 2 | From Stage 2 to Stage 1 | From Stage 2 to Stage 3 | From Stage 3 to Stage 2 | From Stage 1 to Stage 3 | From Stage 3 to Stage 1 |
| 1. Financial assets measured at amortized cost | 922,827 | 558,863 | 195,412 | 44,672 | 135,255 | 10,872 |
| 2. Financial assets measured at fair value through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Financial assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. Loan commitments and financial guarantees issued | 30,323 | 23,326 | 68 | 616 | 186 | 4,710 |
| December 31, 2025 | 953,050 | 584,189 | 195,480 | 45,288 | 135,441 | 15,582 |
| 30 June 2025 | 1,306,156 | 753,989 | 203,174 | 51,692 | 298,321 | 19,739 |
A.1.4 Prudential consolidation - On- and off-balance sheet exposures to banks: gross and net values| Types of exposure / value | Gross exposure | Overall value adjustments and overall provisions | Net exposure | Overall partial write-offs* |
| Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | | Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets |
| A.1 On-demand | 1,543,292 | 1,543,292 | \u2014 | \u2014 | \u2014 | 151 | 151 | \u2014 | \u2014 | \u2014 | 1,543,141 | \u2014 |
| a) Non-performing | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Performing | 1,543,292 | 1,543,292 | \u2014 | X | \u2014 | 151 | 151 | \u2014 | X | \u2014 | 1,543,141 | \u2014 |
| A.2 Other | 7,642,852 | 6,061,104 | 5 | \u2014 | 1 | 463 | 463 | \u2014 | \u2014 | \u2014 | 7,642,389 | \u2014 |
| a) Bad loans | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - of which: forborne exposures | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Unlikely to pay | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - of which: forborne exposures | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| c) Overdue exposures (NPLs) | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - of which: forborne exposures | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| d) Overdue performing exposures | 397 | 395 | 2 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | 397 | \u2014 |
| - of which: forborne exposures | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 |
| e) Other performing exposures | 7,642,455 | 6,060,709 | 3 | X | 1 | 463 | 463 | \u2014 | X | \u2014 | 7,641,992 | \u2014 |
| - of which: forborne exposures | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 |
| Total (A) | 9,186,144 | 7,604,396 | 5 | \u2014 | 1 | 614 | 614 | \u2014 | \u2014 | \u2014 | 9,185,530 | \u2014 |
| B. Off-balance sheet credit exposures | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| a) Non-performing | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| b) Performing | 9,925,202 | 68,353 | \u2014 | X | \u2014 | \u2014 | \u2014 | \u2014 | X | \u2014 | 9,925,202 | \u2014 |
| Total (B) | 9,925,202 | 68,353 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 9,925,202 | \u2014 |
| Total (A+B) | 19,111,346 | 7,672,749 | 5 | \u2014 | 1 | 614 | 614 | \u2014 | \u2014 | \u2014 | 19,110,732 | \u2014 |
A.1.5 Prudential consolidation - On- and off-balance sheet exposures to customers: gross and net values
| Types of exposure / value | Gross exposure | Overall value adjustments and overall provisions | \u00a0 | \u00a0 |
| \u00a0 | Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | \u00a0 | Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | Net exposure | Overall partial write-offs* |
| A. ON-BALANCE SHEET CREDIT EXPOSURES | | | | | | | | | | | | |
| a) Bad loans | 170,984 | X | \u2014 | 166,686 | 4,298 | 136,248 | X | \u2014 | 132,399 | 3,849 | 34,736 | 158,356 |
| - of which: forborne exposures | 21,849 | X | \u2014 | 18,462 | 3,387 | 20,739 | X | \u2014 | 17,777 | 2,962 | 1,110 | 47,361 |
| b) Unlikely to pay | 676,518 | X | \u2014 | 548,340 | 128,178 | 378,090 | X | \u2014 | 327,113 | 50,977 | 298,428 | 97,804 |
| - of which: forborne exposures | 346,157 | X | \u2014 | 219,187 | 126,970 | 170,687 | X | \u2014 | 120,493 | 50,194 | 175,470 | 30,309 |
| c) Overdue exposures (NPLs) | 326,233 | X | \u2014 | 301,455 | 24,778 | 187,130 | X | \u2014 | 167,740 | 19,390 | 139,103 | 1,396 |
| - of which: forborne exposures | 60,677 | X | \u2014 | 37,266 | 23,411 | 44,398 | X | \u2014 | 25,849 | 18,549 | 16,279 | 270 |
| d) Overdue performing exposures | 365,144 | 243,317 | 121,333 | X | 493 | 42,780 | 537 | 42,061 | X | 182 | 322,364 | \u2014 |
| - of which: forborne exposures | 5,967 | \u2014 | 5,899 | X | 68 | 1,585 | \u2014 | 1,575 | X | 10 | 4,382 | \u2014 |
| e) Other performing exposures | 77,239,549 | 67,180,227 | 2,209,211 | X | 124,304 | 568,486 | 307,223 | 243,682 | X | 17,581 | 76,671,063 | 18 |
| - of which: forborne exposures | 355,292 | \u2014 | 283,616 | X | 71,676 | 48,288 | \u2014 | 37,037 | X | 11,251 | 307,004 | \u2014 |
| TOTAL (A) | 78,778,428 | 67,423,544 | 2,330,544 | 1,016,481 | 282,051 | 1,312,734 | 307,760 | 285,743 | 627,252 | 91,979 | 77,465,694 | 257,574 |
| B. OFF-BALANCE SHEET CREDIT EXPOSURES | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| a) Non-performing | 1,438 | X | \u2014 | 1,438 | \u2014 | 318 | X | \u2014 | 318 | \u2014 | 1,120 | \u2014 |
| b) Performing | 28,746,541 | 21,158,701 | 176,395 | X | \u2014 | 19,872 | 17,594 | 2,278 | X | \u2014 | 28,726,669 | \u2014 |
| TOTAL (B) | 28,747,979 | 21,158,701 | 176,395 | 1,438 | \u2014 | 20,190 | 17,594 | 2,278 | 318 | \u2014 | 28,727,789 | \u2014 |
| TOTAL (A+B) | 107,526,407 | 88,582,245 | 2,506,939 | 1,017,919 | 282,051 | 1,332,924 | 325,354 | 288,021 | 627,570 | 91,979 | 106,193,483 | 257,574 |
At 31 December 2025, gross non-performing assets dropped from \u20ac1,175.1m to \u20ac1,162.9m, i.e., the impact stood at 2% of on-balance sheet credit exposures to customers (2.1% as at 30 June 2025). The coverage ratio stood at 59.5% (60.1%) which led to a net stock of \u20ac470.4m (\u20ac468.7m).
Finrep Gross NPL Ratio110
| \u00a0 | (\u20acm) |
| \u00a0 | 31 December 2025 | 30 June 2025 |
| Loans | 56,019.4 | 54,503.3 |
| NPLs | 1,163.0 | 1,175.1 |
| Loan to customers | 57,182.4 | 55,678.4 |
| NPLs purchased | \u2014 | \u2014 |
| Treasury financial assets (1) | 10,922.6 | 11,978.1 |
| Total Loans and advances | 68,105 | 67,656.5 |
| Finrep Gross NPL ratio in % | 1.7% | 1.7% |
(1) In line with the guidelines of the EBA Risk Dashboard, this item excludes cash and includes untied deposits held with Central Banks.
110 In the EBA Risk Dashboard, gross NPL ratio is defined as the gross book value of NPLs (loans and advances) as a percentage of total loans and advances. Source: EBA Risk Dashboard, Risk Indicators in the Statistical Annex (AQT_3.2).
A.1.7 Prudential consolidation \u2013 On-balance sheet exposures to customers: trend in gross NPLs| Description/Category | Bad loans | Unlikely to pay | Past-due non-performing exposures |
| A. Opening balance (gross amount) | 171,972 | 688,725 | 314,393 |
| - of which: exposures sold but not derecognized | 1,561 | 41,441 | 28,070 |
| B.Increases | 30,685 | 302,068 | 203,948 |
| B.1 inflows from performing exposures | 802 | 170,489 | 162,496 |
| B.2 inflows from purchased or originated credit impaired financial assets | 240 | 38,538 | 627 |
| B.3 transfers from other categories of non-performing exposures | 25,547 | 87,611 | 33,104 |
| B.4 contractual changes without derecognition | \u2014 | \u2014 | \u2014 |
| B.5 other increases | 4,096 | 5,430 | 7,721 |
| C. Decreases | 31,673 | 314,275 | 192,108 |
| C.1 transfers to performing exposures | 1,263 | 66,307 | 13,210 |
| C.2 write-offs | 7,267 | 63,456 | 45,285 |
| C.3 collection | 13,329 | 69,250 | 36,152 |
| C.4 gains on disposal | 3,734 | 24,268 | 3,565 |
| C.5 losses on disposal | 1,000 | 8,559 | 648 |
| C.6 transfers to other categories of non-performing exposures | 2,283 | 56,702 | 87,276 |
| C.7 contractual changes without derecognition | \u2014 | \u2014 | \u2014 |
| C.8 other decreases | 2,797 | 25,733 | 5,972 |
| D. Closing balance of gross exposure | 170,984 | 676,518 | 326,233 |
| - of which: exposures sold but not derecognized | 1,667 | 47,407 | 29,533 |
The headings \u201cInflows from purchased or originated credit-impaired financial assets\u201d refer to the restructuring of Consumer files.
The item \u201cOther increases\u201d mainly includes Consumer transactions.
The heading \u201cOther decreases\u201d refers to the stock of receivables sold to factoring firms in consumer credit operations.
A.1.7bis Prudential consolidation \u2013 On-balance sheet exposures to customers: trend in gross forborne exposures, by credit quality
| Reason/Category | Forborne non-performing exposures | Forborne performing exposures |
| A. Opening balance (gross amount) | 436,719 | 413,134 |
| - of which: exposures sold but not derecognized | 21,568 | 21,906 |
| B. Increases | 122,838 | 96,573 |
| B.1 inflows from not forborne performing exposures | 34,797 | 41,846 |
| B.2 inflows from forborne performing exposures | 18,706 | X |
| B.3 inflows from forborne non-performing exposures | X | 50,663 |
| B.4 inflows from not forborne non-performing exposures | 28,977 | 76 |
| B.5 other increases | 40,358 | 3,988 |
| C. Decreases | 130,874 | 148,448 |
| C.1 outflows to not forborne performing exposures | X | 53,983 |
| C.2 outflows to forborne performing exposures | 50,663 | X |
| C.3 outflows to forborne non-performing exposures | X | 18,706 |
| C.4 write-offs | 20,196 | 666 |
| C.5 collection | 42,207 | 73,751 |
| C.6 gains on disposal | 6,079 | 5 |
| C.7 losses on disposal | 1,577 | \u2014 |
| C.8 other decreases | 10,152 | 1,337 |
| D. Closing balance of gross exposure | 428,683 | 361,259 |
| - of which: exposures sold but not derecognized | 27,117 | 25,964 |
As at 31 December 2025, gross impaired positions subject to forbearance111 decreased from \u20ac436.7m to \u20ac428.7m. The coverage rate levelled off 55%; the net position balance amounted to \u20ac192.9m (\u20ac197.2m as at 30 June 2025). Performing forborne loans had a gross value of \u20ac361.3m, down compared to 30 June 2025 (\u20ac413.1m), mainly due to some repayments in Mediobanca's Large Corporate portfolio and the conclusion of the probation period in the mortgage segment. On a net basis, forborne performing exposures decreased from \u20ac361.4m to \u20ac311.4m with a coverage ratio of 13.8% (12.5%).
Net forborne non-performing positions had an impact of 0.3% on total loans to customers (steady); performing positions, on the other hand, had an impact of 0.4% (0.5%).
111 By definition, \u201cforbearance\u201d is when a specific concession is offered to a client which is undergoing, or risks encountering, temporary financial difficulties in meeting their payment obligations. A.1.9 Prudential consolidation \u2013 Non-performing on-balance sheet exposures to customers: trend in overall adjustments| Description/Category | Bad loans | Unlikely to pay | Overdue non-performing exposures |
| Total | of which: forborne exposures | Total | of which: forborne exposures | Total | of which: forborne exposures |
| A. Opening balance of overall adjustments | 136,434 | 22,513 | 382,401 | 172,976 | 187,606 | 44,038 |
| - of which: exposures sold but not derecognized | 1,330 | 211 | 21,732 | 7,590 | 19,927 | 2,793 |
| B.Increases | 46,148 | 5,737 | 263,987 | 83,687 | 135,060 | 28,052 |
| B.1 value adjustments to purchased or originated credit impaired assets | 147 | X | 12,975 | X | 653 | X |
| B.2 other value adjustments | 14,736 | 1,291 | 105,879 | 39,432 | 89,550 | 12,268 |
| B.3 losses on disposal | 999 | 311 | 8,559 | 1,204 | 648 | 62 |
| B.4 transfers from other categories of non-performing exposures | 30,197 | 3,626 | 92,084 | 20,705 | 16,465 | 10,618 |
| B.5 contractual changes without derecognition | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.6 other increases | 69 | 509 | 44,490 | 22,346 | 27,744 | 5,104 |
| C. Decreases | 46,334 | 7,511 | 268,299 | 85,976 | 135,537 | 27,692 |
| C.1 write-backs due to valuations | 2,410 | 261 | 28,991 | 17,410 | 9,024 | 2,023 |
| C.2 write-backs due to collections | 8,591 | 1,298 | 15,309 | 5,917 | 9,864 | 2,414 |
| C.3 gains on disposal | 2,916 | 574 | 10,868 | 2,386 | 1,656 | 346 |
| C.4 write-offs | 21,538 | 3,250 | 94,591 | 16,488 | 12,151 | 1,736 |
| C.5 transfers to other categories of non-performing exposures | 2,002 | 582 | 43,496 | 14,622 | 93,246 | 20,240 |
| C.6 contractual changes without derecognition | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.7 other decreases | 8,877 | 1,546 | 75,044 | 29,153 | 9,596 | 933 |
| D. Closing overall amount of writedowns | 136,248 | 20,739 | 378,089 | 170,687 | 187,129 | 44,398 |
| - of which: exposures sold but not derecognized | 1,365 | 228 | 25,258 | 9,938 | 20,313 | 3,417 |
A.2 Classification of credit exposures by internal and external ratings
A.2.1 Prudential consolidation \u2013 Distribution of financial assets, loan commitments and financial guarantees issued by class of external ratings (gross values)
| Exposures | External rating classes | Without credit rating | Total |
| Class 1 | Class 2 | Class 3 | Class 4 | Class 5 | Class 6 | | |
| A. Financial assets measured at amortized cost | 812.095 | 6.772.553 | 7.880.668 | 1.119.307 | 113.118 | 29.791 | 55.468.705 | 72.196.237 |
| - Stage 1 | 807.618 | 6.765.279 | 7.847.755 | 1.111.922 | 107.521 | 22.685 | 51.903.375 | 68.567.155 |
| - Stage 2 | 4.477 | 7.274 | 31.913 | 3.084 | 5.597 | 5.690 | 2.272.514 | 2.330.549 |
| - Stage 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1.416 | 1.010.764 | 1.016.481 |
| - Purchased or originated credit impaired assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 282.052 | 282.052 |
| B. Financial assets measured at fair value through other comprehensive income | 1.030.926 | 642.594 | 3.008.526 | 109.469 | \u2014 | \u2014 | 125.979 | 4.917.494 |
| - Stage 1 | 1.030.926 | 642.594 | 3.008.526 | 109.469 | \u2014 | \u2014 | 125.979 | 4.917.494 |
| - Stage 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Stage 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Purchased or originated credit impaired assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Financial assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Stage 1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Stage 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Stage 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Purchased or originated credit impaired assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total (A+B+C) | 1.843.021 | 7.415.147 | 10.889.194 | 1.228.776 | 113.118 | 29.791 | 55.594.684 | 77.113.731 |
| D. Loan commitments and financial guarantees issued | 532.597 | 1.341.660 | 10.070.283 | 655.921 | 85.703 | 305 | 8.750.357 | 21.436.826 |
| - Stage 1 | 532.597 | 1.341.660 | 10.070.283 | 615.743 | 80.703 | 170 | 8.620.799 | 21.261.955 |
| - Stage 2 | \u2014 | \u2014 | \u2014 | 40.000 | 5.000 | \u2014 | 128.434 | 173.434 |
| - Stage 3 | \u2014 | \u2014 | \u2014 | 178 | \u2014 | 135 | 1.124 | 1.437 |
| - Purchased or originated credit impaired assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total (D) | 532.597 | 1.341.660 | 10.070.283 | 655.921 | 85.703 | 305 | 8.750.357 | 21.436.826 |
| Total (A+B+C+D) | 2.375.618 | 8.756.807 | 20.959.477 | 1.884.697 | 198.821 | 30.096 | 64.345.041 | 98.550.557 |
Mediobanca adopts the Standard & Poor\u2019s ratings for all portfolios subject to assessment.
The table is compliant with the classification provided by the Bank of Italy Circular No. 262/2005 (sixth update), which requires external ratings to be divided into six different classes of credit quality. The first three risk classes (classes 1, 2 and 3) consist of investment grade exposures, with a Standard & Poor\u2019s rating of between AAA and BBB-, and represent 94% of the entire portfolio (same percentage not including loan commitments and financial guarantees issued), excluding unrated counterparties and non-performing loans.
The unrated exposures refer chiefly to retail clients and to small and medium-sized enterprises.
A.2.2 Prudential consolidation \u2013 Distribution of financial assets, loan commitments and financial guarantees issued by class of internal ratings (gross values)| Ex | Internal rating classes | Non-performing assets | Without credit rating | Total |
| posures | Quality high | Quality good | Quality sufficient | Quality mediocre | Quality weak | | | |
| A. Financial assets measured at amortized cost | 21,540,127 | 10,039,971 | 14,642,397 | 8,114,901 | 696,44 | 1,099,729 | 16,062,672 | 72,196,237 |
| - Stage 1 | 21,516,399 | 10,009,151 | 14,189,092 | 6,843,727 | 76,763 | \u2014 | 15,932,032 | 68,567,155 |
| - Stage 2 | 23,726 | 30,812 | 440,202 | 1,178,714 | 600,452 | \u2014 | 56,643 | 2,330,549 |
| - Stage 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 942,475 | 74,006 | 1,016,481 |
| - Purchased or originated credit impaired assets | 2 | 8 | 13,103 | 92,46 | 19,225 | 157,254 | \u2014 | 282,052 |
| B. Financial assets measured at fair value through other comprehensive income | 1,234,595 | 665,086 | 2,897,446 | 60,351 | \u2014 | \u2014 | 59,296 | 4,917,494 |
| - Stage 1 | 1,234,595 | 665,806 | 2,897,446 | 60,351 | \u2014 | \u2014 | 59,296 | 4,917,494 |
| - Stage 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Stage 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Purchased or originated credit impaired assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Financial assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Stage 1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Stage 2 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Stage 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Purchased or originated credit impaired assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total (A+B+C) | 22,774,722 | 10,705,777 | 17,539,843 | 8,175,252 | 696,44 | 1,099,729 | 16,121,970 | 77,113,731 |
| D. Loan commitments and financial guarantees issued | 8,197,298 | 1,805,967 | 7,497,107 | 330,451 | 19,977 | 1,437 | 3,584,589 | 21,436,826 |
| - Stage 1 | 8,197,293 | 1,765,688 | 7,462,257 | 297,002 | 5,794 | \u2014 | 3,533,921 | 21,261,955 |
| - Stage 2 | 5 | 40,279 | 34,85 | 33,449 | 14,183 | \u2014 | 50,668 | 173,434 |
| - Stage 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1,437 | \u2014 | 1,437 |
| - Purchased or originated credit impaired assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total (D) | 8,197,298 | 1,805,967 | 7,497,107 | 330,451 | 19,977 | 1,437 | 3,584,589 | 21,436,826 |
| Total (A+B+C+D) | 30,972,020 | 12,511,744 | 25,036,950 | 8,505,703 | 716,417 | 1,101,166 | 19,706,559 | 98,550,557 |
Mediobanca uses models developed internally in the process of managing credit risk to assign ratings to each counterparty.
In order to align with the methodology of the Parent Company Banca Monte dei Paschi di Siena, Mediobanca and its subsidiaries map the different rating scales of the models to a single masterscale consisting of 5 classes based on the underlying Probability of Default (PD) that can be attributed to the S&P masterscale. The companies which use the internal ratings and contribute to the various rating classes indicated apart from the Parent Company (for corporate customers) are: Selma, Compass Banca, Mediobanca Premier and MBFacta (for corporate customers).
A.3 Distribution of secured exposures by type of securityA.3.1 Prudential consolidation \u2013 On- and off-balance sheet secured exposures to banks
| \u00a0 | Gross exposure | Net exposure | Collateral guarantees | Personal guarantees | Personal guarantees | Total |
| (2) | (2) |
| (1) | Credit derivatives | Credit derivatives | Unsecured loans |
| Real properties \u2013 Mortgages | Real properties \u2013 Finance leases | Account | Other collateral guarantees | CLN | Other derivatives | Other derivatives | Public administrations | Banks | Other financial companies | Other entities |
| Central counterparties | Banks | Other financial companies | Other entities | (1)+(2) |
| 1. Secured on-balance sheet credit exposures: | 4,065,274 | 4,065,249 | \u2014 | \u2014 | 4,033,607 | 413 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4,034,020 |
| 1.1 totally secured | 4,065,274 | 4,065,249 | \u2014 | \u2014 | 4,033,607 | 413 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4,034,020 |
| - of which, non-performing | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.2. partially secured | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - of which, non-performing | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Secured off-balance sheet credit exposures: | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.1 totally secured | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - of which, non-performing | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2. partially secured | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - of which, non-performing | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
A.3.2 Prudential consolidation \u2013 On- and off-balance sheet secured exposures to customers
| \u00a0 | Gross exposure | Net exposure | Collateral guarantees | Personal guarantees | \u00a0 |
| \u00a0 | (1) | (2) | Total |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Credit derivatives | Unsecured loans | \u00a0 |
| \u00a0 | Real properties \u2013 Mortgages | Real properties \u2013 Finance leases | Account | Other collateral guarantees | CLN | Other derivatives | Public administrations | Banks | Other financial companies | Other entities | (1)+(2) |
| \u00a0 | Central counterparties | Banks | Other financial companies | Other entities |
| 1. Secured on-balance sheet credit exposures: | 28,411,454 | 28,250,643 | 14,353,456 | 556,831 | 7,693,925 | 2,340,611 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 193,313 | 50,1 | 693,289 | 889,89 | 26,772,415 |
| 1.1 totally secured | 28,884,131 | 25,737,501 | 13,786,687 | 556,831 | 7,079,063 | 2,252,334 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 152,477 | 50,1 | 362,326 | 588,646 | 24,827,464 |
| - of which, non-performing | 230,833 | 125,907 | 80,749 | 9,094 | 3,764 | 12,595 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 174 | 3 | \u2014 | 112 | 106,491 |
| 1.2. partially secured | 2,527,323 | 2,513,142 | 566,769 | \u2014 | 614,862 | 88,277 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 42,836 | \u2014 | 330,963 | 301,244 | 1,944,951 |
| - of which, non-performing | 8,913 | 1,366 | 649 | \u2014 | 241 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 890 |
| 2. Secured off-balance sheet credit exposures: | 2,571,347 | 2,570,282 | 55,298 | \u2014 | 683,049 | 1,524,183 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 101,175 | 3 | 17,756 | 46,58 | 2,482,044 |
| 2.1 totally secured | 2,307,678 | 2,307,035 | 44,858 | \u2014 | 672,96 | 1,523,648 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 441 | \u2014 | 231 | 38,572 | 2,280,710 |
| - of which, non-performing | 305 | 205 | 124 | \u2014 | \u2014 | 81 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 205 |
| 2.2. partially secured | 263,669 | 263,247 | 10,44 | \u2014 | 10,089 | 535 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 100,734 | 3 | 17,525 | 8,008 | 147,334 |
| - of which, non-performing | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
A.4 Prudential consolidation \u2013 Financial and non-financial assets obtained from collateral enforcement | Derecognized credit exposures | Gross value | Overall value adjustments | Carrying amount |
| | Of which: obtained during the period |
| A. Property, plant, and equipment | 53,082 | 53,206 | (13,469) | 39,737 | 20 |
| A.1. Core assets | 76 | 200 | \u2014 | 200 | \u2014 |
| A.2. Held for investment purpose | 41,495 | 41,495 | (11,895) | 29,600 | \u2014 |
| A.3. Inventories | 11,511 | 11,511 | (1,574) | 9,937 | 20 |
| B. Equity and debt securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Other assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| D. Non-current assets and asset groups being sold | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| D.1. Tangible assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| D.2. Other assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total 31 December 2025 | 53,082 | 53,206 | (13,469) | 39,737 | 20 |
| Total 30 June 2025 | 58,680 | 56,401 | (20,949) | 35,452 | 4,197 |
The table includes properties originating from the enforcement of leasing contracts by Selma. Such properties are booked on the basis of their characteristics and in accordance with the internal procedures, as tangible assets under IAS40 or IAS2. In very few instances are they classified as core properties, whereas IFRS5 is not applied as the conditions provided for in this standard do not apply.
B. Distribution and concentration of credit exposuresB.1 Prudential consolidation \u2013 Distribution of on- and off-balance sheet exposures to customers by sector
| Exposures/Counterparties | General Governments | Financial companies | Financial companies (of which: insurance companies) | Non-financial corporations | Households |
| Net exposure | Overall value adjustments | Net exposure | Overall value adjustments | Net exposure | Overall value adjustments | Net exposure | Overall value adjustments | Net exposure | Overall value adjustments |
| A. On-balance sheet credit exposures | \u00a0 | | | | | | | | | | |
| A.1 Bad loans | \u00a0 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 7,921 | (15,600) | 26,815 | (120,648) |
| - of which, forborne exposures | \u00a0 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 232 | (8,278) | 878 | (12,461) |
| A.2 Unlikely to pay | \u00a0 | 348 | (691) | 1,848 | (9,228) | \u2014 | \u2014 | 17,772 | (40,158) | 278,460 | (328,013) |
| - of which, forborne exposures | \u00a0 | \u2014 | \u2014 | 2 | (220) | \u2014 | \u2014 | 9,756 | (25,665) | 165,712 | (144,802) |
| A.3 Overdue non-performing exposures | \u00a0 | 462 | (56) | 56 | 146 | \u2014 | \u2014 | 39,532 | (8,085) | 99,053 | (178,843) |
| - of which, forborne exposures | \u00a0 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 667 | (969) | 15,612 | (43,429) |
| A.4 Performing exposures | \u00a0 | 14,946,941 | (5,387) | 13,177,721 | (8,557) | 1,124,538 | (713) | 17,924,205 | (47,442) | 30,944,560 | (549,876) |
| - of which, forborne exposures | \u00a0 | \u2014 | \u2014 | 6 | 1 | \u2014 | \u2014 | 74,578 | (6,489) | 236,802 | (43,383) |
| Total (A) | 14.947.751 | (6,134) | 13,179,625 | 17,931 | 1,124,538 | (713) | 17,989,430 | (111,285) | 31,348,888 | (1,177,380) |
| B. Off-balance sheet credit exposures | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| B.1 Non-performing exposures | \u00a0 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 294 | (63) | 826 | (255) |
| B.2 Performing exposures | \u00a0 | 6,970,835 | \u2014 | 7,723,386 | (970) | 952,810 | (119) | 10,279,251 | (5,818) | 3,753,197 | (13,084) |
| Total (B) | 6.970.835 | \u2014 | 7,723,386 | (970) | 952,810 | (119) | 10,279,545 | (5,881) | 3,754,023 | (13,339) |
| Total (A+B) 31 December 2025 | 21,918,586 | (6,134) | 20,903,011 | (18,901) | 2,077,348 | (832) | 28,268,975 | (117,166) | 35,102,911 | (1,190,719) |
| Total (A+B) 30 June 2025 | 29,372,816 | (6,520) | 24,437,502 | (17,983) | 2,351,469 | (1,454) | 26,950,708 | (113,304) | 34,164,274 | (1,212,822) |
\u00a0
B.2 Prudential consolidation \u2013 Distribution of on- and off-balance sheet exposures to customers by geography| Exposures/geographical area | Italy | Other European countries | America | Asia | Rest of the world |
| Net exposure | Overall value adjustments | Net exposure | Overall value adjustments | Net exposure | Overall value adjustments | Net exposure | Overall value adjustments | Net exposure | Overall value adjustments |
| A. On-balance sheet credit exposures | | | | | | | | | | | |
| A.1 Bad loans | | 26,683 | (131,973) | 533 | (3,131) | 7,520 | (1,144) | \u2014 | \u2014 | \u2014 | \u2014 |
| A.2 Unlikely to pay | | 292,543 | (370,184) | 5,155 | (7,737) | \u2014 | \u2014 | 36 | (22) | 694 | (147) |
| A.3 Overdue non-performing exposures | | 92,664 | (185,564) | 21,065 | (1,171) | 7,350 | (294) | \u2014 | \u2014 | 18,024 | (101) |
| A.4 Performing exposures | | 56,990,953 | (591,135) | 16,952,723 | (15,172) | 2,667,292 | (3,345) | 115,570 | (1,318) | 266,890 | (296) |
| Total (A) | 57,402,843 | (1,278,856) | 16,979,475 | (27,211) | 2,682,162 | (4,783) | 115,606 | (1,340) | 285,608 | (544) |
| B. Off-balance sheet credit exposures | | | | | | | | | | | |
| B.1 Non-performing exposures | | 1,090 | (318) | 30 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.2 Performing exposures | | 14,932,353 | (16,692) | 12,427,961 | (2,908) | 1,030,644 | (206) | 63,127 | (16) | 272,585 | (50) |
| Total (B) | 14,933,443 | (17,010) | 12,427,991 | (2,908) | 1,030,644 | (206) | 63,127 | (16) | 272,585 | (50) |
| Total (A+B) | 31 December 2025 | 72,336,286 | (1,295,866) | 29,407,466 | (30,119) | 3,712,806 | (4,989) | 178,733 | (1,356) | 558,193 | (594) |
| Total (A+B) | 30 June 2025 | 80,396,996 | (1,317,760) | 30,871,665 | (28,957) | 2,642,444 | (2,915) | 256,876 | (614) | 757,139 | (381) |
B.3 Prudential consolidation \u2013 Distribution of on- and off-balance sheet exposures to banks by geography| Exposures/geographical area | Italy | Other European countries | America | Asia | Rest of the world |
| Net exposure | Overall value adjustments | Net exposure | Overall value adjustments | Net exposure | Overall value adjustments | Net exposure | Overall value adjustments | Net exposure | Overall value adjustments |
| A. On-balance sheet credit exposures | | | | | | | | | | | |
| A.1 Bad loans | | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| A.2 Unlikely to pay | | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| A.3 Overdue non-performing exposures | | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| A.4 Performing exposures | | 2,902,128 | (466) | 6,212,555 | (142) | 67,912 | (5) | 2,935 | (1) | 1 | \u2014 |
| Total (A) | 2,902,128 | (466) | 6,212,555 | (142) | 67,912 | (5) | 2,935 | (1) | 1 | \u2014 |
| B. Off-balance sheet credit exposures | | | | | | | | | | | |
| B.1 Non-performing exposures | | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| B.2 Performing exposures | | 2,178,538 | \u2014 | 7,702,004 | \u2014 | 44,617 | \u2014 | \u2014 | \u2014 | 43 | \u2014 |
| Total (B) | 2,178,538 | \u2014 | 7,702,004 | \u2014 | 44,617 | \u2014 | \u2014 | \u2014 | 43 | \u2014 |
| Total (A+B) | 31 December 2025 | 5,080,666 | (466) | 13,914,559 | (142) | 112,529 | (5) | 2,935 | (1) | 44 | \u2014 |
| Total (A+B) | 30 June 2025 | 3,852,243 | (716) | 14,975,408 | (157) | 91,599 | (4) | 494 | \u2014 | 79 | \u2014 |
B.4a Credit risk indicators| \u00a0 | 31 December 2025 | 30 June 2025 |
| a) Gross bad loans/total loans | 0.25% | 0.25% |
| b) Non-performing accounts receivable / on-balance sheet credit exposures | 1.54% | 1.50% |
| c) Net bad loans/regulatory capital | 0.41% | 0.43% |
B.4b Large exposures
As at 31 December 2025, exposures (including market risk and equity investments) exceeding 10% of CET 1 regulatory capital concerned twelve customer groups (one less than in the previous financial year) for a total gross exposure of \u20ac16.1bn (\u20ac15.5bn as at 30 June 2025); taking into account guarantees and weightings, the exposure amounted to \u20ac7.5bn, a slight drop compared to the previous financial year (\u20ac7.7bn). In detail, the twelve positions concerned an industrial group, two insurance companies, one financial company, and eight banking groups.
| \u00a0 | 31 December 2025 | 30 June 2025 |
| a) Book value | 16,082,589 | 15,529,308 |
| b) Weighted value | 7,492,710 | 7,703,363 |
| c) Number of positions | 12 | 13 |
C. SecuritizationQUALITATIVE INFORMATION
Mediobanca and its subsidiaries hold a securities portfolio arising from third-party securitizations of \u20ac2,139.9m (\u20ac1,641.8m as at 30 June 2025), of which \u20ac1,706.7m allocated to the banking book and \u20ac433.2m to the trading book (respectively, \u20ac1,291.2m and \u20ac350.6m).
In 2025, the European ABS market had a positive performance, with issuance volumes higher than in 2024 and a greater proportion of distributed transactions. Regarding yields, the downward trend of recent years continued, with more marked benefits for AAA CLOs and mezzanine tranches.
In the primary market, pan-European CLOs constituted the asset class with the largest volume of distributed securities, followed by UK RMBS and German auto loans. Most issues were oversubscribed, particularly in mezzanine tranches, allowing issuers to tighten spreads compared to the initial guidance.
A stable European ABS market is expected in 2026, supported by low interest rates and moderate economic growth, despite persistent geopolitical tensions.
The banking book, which grew from \u20ac1,291.2m to \u20ac1,706.1m, remained heavily concentrated in senior securities, which increased to \u20ac1,685.1m (\u20ac1,288.7m). The increase is primarily attributable to increased investments in high-quality CLOs, which rose from \u20ac883.6m to \u20ac1,304.9m; exposures with underlying NPLs decreased from \u20ac177.2m to \u20ac137.9 m, while those on mezzanine tranches increased to \u20ac21.6m; there were no exposures to junior securities.
The trading book increased from \u20ac350.6m to \u20ac433.2m. The senior component amounted to \u20ac167.1m, consisting of \u20ac100.7m relating to the Transferable Custody Receipt transaction, \u20ac37.9m in performing loans and consumer loans, and \u20ac28.5m in CLOs; the mezzanine component increased from \u20ac192.8m to \u20ac266m, primarily in CLOs. There were no exposures to junior tranches.
Mediobanca also has exposures to:
\u2014CLI Holdings I and CLI Holdings II, SPVs under English law, which respectively subscribed to the capital of Cairn Loan Investments and Cairn Loan Investments II, independent managers of European CLOs set up by Polus, which invested in the junior tranches of the CLOs they manage in order to comply with risk retention
prudential regulations. As at 31 December, CLI H I and CLI H II were recorded for \u20ac3.3m and \u20ac28.8m, respectively;
\u2014Polus Loan Investments III, a closed-end fund compliant with the European AIFM Directive and a sub-fund of Polus Investment Funds ICAV (an umbrella fund under Irish law), subscribed to all the profit participating notes of Polus Loan Investments III DAC, the sponsor and originator of Polus-branded CLOs primarily on the European market and which, in compliance with applicable regulations, made the related investments for risk retention purposes. As at 31 December, PLI III had a book value of \u20ac3.5m;
\u2014Italian Recovery Fund, a closed-end alternative investment fund (AIF) incorporated under Italian law and managed by DeA Capital Alternative Funds SGR S.p.A., which is currently invested in five securitization transactions (Valentine, Berenice, Cube, Este and Sunrise I) with Italian banks\u2019 NPLs as the underlying instrument; the carrying amount was \u20ac13.9m at 31 December, with a remaining commitment of approximately \u20ac1m;
\u2014Negentropy RAIF \u2013 Debt Select Fund, an alternative investment fund instituted under Luxembourg law and managed by Negentropy Capital Partners Limited, for which Mediobanca acted as advisor; the fund has senior tranches of real estate NPLs and loans as the underlying instrument, being recognized for \u20ac44.3m.
QUANTITATIVE INFORMATIONC.2 Prudential consolidation \u2013 Exposures from main \u201cthird-party\u201d securitizations divided by asset type / exposure type
| Type of underlying assets/Exposure | Cash exposure |
| Senior | Mezzanine | Junior |
| Carrying amount | Value adjustments/write-backs | Carrying amount | Value adjustments/write-backs | Carrying amount | Value adjustments/write-backs |
| A. Italy NPLs (residential mortgages and real estate properties) | 137,900 | (14) | \u2014 | \u2014 | \u2014 | \u2014 |
| B. Italy Consumer ABS | 242,402 | 4 | 15,325 | (78) | \u2014 | \u2014 |
| E. Germany Consumer ABS | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| D. Holland Consumer ABS | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| E. Performing Loan Ireland | 37,923 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| E. Performing Loan UK | | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| G. Other loans (*) | 1,434,034 | (103) | 272,327 | 221 | \u2014 | \u2014 |
| Totale 31 December 2025 | 1,852,258 | (113) | 287,653 | 143 | \u2014 | \u2014 |
| Totale 30 June 2025 | 1,446,457 | 698 | 195,359 | 550 | \u2014 | \u2014 |
(*) CLO transactions, \u20ac100m of which relating to TCR.
C.3 Prudential consolidation \u2013 Interests in SPVs
| Name of securitization / name of SPV | Registered office | Consolidation | Assets | Liabilities |
| Receivables | Debts securities | Other | Senior | Mezzanine | Junior |
| Quarzo 7 - Quarzo S.r.l. | Milan | Accounting | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Quarzo 9 - Quarzo S.r.l. | Milan | Accounting | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Quarzo 10 - Quarzo S.r.l. | Milan | Accounting | \u2014 | \u2014 | 8 | \u2014 | \u2014 | \u2014 |
| Quarzo 11 - Quarzo S.r.l. | Milan | Accounting | 147,237 | \u2014 | 25,118 | 86,319 | \u2014 | 72,000 |
| Quarzo 12 - Quarzo S.r.l. | Milan | Accounting | 424,069 | \u2014 | 27,744 | 341,222 | \u2014 | 94,500 |
| Quarzo 13 - Quarzo S.r.l. | Milan | Accounting | 2,786,040 | \u2014 | 238,221 | 2,537,500 | \u2014 | 362,500 |
| Quarzo 14 - Quarzo S.r.l. | Milan | Accounting | 643,453 | \u2014 | 37,656 | 573,777 | 75,396 | 18,110 |
| Quarzo 15 - Quarzo S.r.l. | Milan | Accounting | 872,847 | \u2014 | 46,014 | 774,000 | 101,700 | 24,400 |
| MB Funding Lux | Luxembourg | Accounting | 596,464 | 676,110 | \u2014 | 1,100,758 | \u2014 | \u2014 |
| SPV Project 2224 S.r.l. | Milan | Accounting | 699,324 | \u2014 | 173,129 | 718,709 | \u2014 | 152,469 |
C.5 Prudential consolidation \u2013 Servicing \u2013 Collecting securitized receivables and redeeming securities issued by SPVs | Servicer | Vehicle company | Securitized assets (end-of-period figure) | Receivables collected during the year | Percentage share of securities repaid (end-of-period figure) |
| Non-performing | Performing | Non-performing | Performing | Senior | Mezzanine | Junior |
| Non-performing assets | Performing assets | Non-performing assets | Performing assets | Non-performing assets | Performing assets |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Compass | Quarzo Srl (Q11) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,124 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a089,411 | \u2014 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,354 | \u2014 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a094 | \u2014 | \u2014 | \u2014 | \u2014 |
| Compass | Quarzo Srl (Q12) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,667 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0311,734 | \u2014 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0105,555 | \u2014 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a061 | \u2014 | \u2014 | \u2014 | \u2014 |
| Compass | Quarzo Srl (Q13) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0114,317 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,706,533 | \u2014 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0860,729 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Compass | Quarzo Srl (Q14) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a027,227 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0504,710 | \u2014 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0146,191 | \u2014 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a034 | \u2014 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a034 | \u2014 | \u2014 |
| Compass | Quarzo Srl (Q15) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021,721 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0793,662 | \u2014 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0217,605 | \u2014 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07 | \u2014 | \u2014 | \u2014 | \u2014 |
| MBFacta S.p.A(*). | SPV Project 2224 S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,220 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,797,597 | \u2014 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0368,709 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
(*) Sub-servicer
C.6 Prudential consolidation \u2013 Consolidated securitization-related SPVs
Quarzo S.r.l. (Compass Banca)
This SPV currently has six securitization transactions in place with performing loans granted by Compass Banca as the underlying instrument (Compass has subscribed for the entire number of junior securities), which are ceded on a revolving basis for a period of between 6 and 66 months, at the end of which the amortization phase of the securitization may begin. Mezzanine tranches for \u20ac92.1m were issued, which includes \u20ac87.5m subscribed by external counterparties entitled to the SRT of the RWAs (i.e. \u20ac301.4m as at 31 December 2025). The five deals in place are summarized in the table below:
| Issue date | Senior | Mezzanine | Junior | Credit transferred in the year | Repayment date |
| A1 | A2 | A1 | A2 |
| 06 April 2022 | 528 | \u2014 | \u2014 | \u2014 | 72 | \u2014 | 15 May 2023 |
| 11 May 2023 | 450 | 155 | \u2014 | \u2014 | 95 | \u2014 | 17 June 2024 |
| 31 October 2023 | \u2014 | 2,538 | \u2014 | \u2014 | 362 | 1,501 | 15 January 2026 |
| 21 June 2024 | 500 | 201 | 87 | 5 | 22 | 136 | 17 March 2025 |
| 07 May 2025 | 735 | 39 | \u2014 | 102 | 24 | 969 | 31 July 2027 |
| 18 November 2025 | \u2014 | 2,581 | \u2014 | \u2014 | 319 | 3,088 | 15 February 2028 |
Legend:
A1: issued on the market
A2: subscribed to by the Parent Company and/or Group companies
Please note that the Quarzo 16 securitization transaction was structured last November. The transaction was completed through the non-recourse sale of an initial portfolio of performing consumer loans totalling \u20ac2.9bn to Quarzo S.r.l., which
financed the purchase of the portfolio through the issuance of two classes of notes: a senior class of \u20ac2.6bn and a junior class of \u20ac319m, both subscribed by Compass at the time of issuance.MB Funding Lux S.A. (Mediobanca)
This SPV was set up by Mediobanca in order to execute secured transactions with a corporate syndicated loan originated by Mediobanca International (Luxembourg) SA or Mediobanca S.p.A. as the underlying instrument, of which it retains the credit risk. The notes, which form part of Mediobanca\u2019s \u201cMedium-Term Note\u201d programme of issuance, have been subscribed for entirely by Mediobanca and Mediobanca International and used as collateral for transactions on the interbank market. There were no changes in the issues of MB Funding Lux S.A. subscribed by Mediobanca International Luxembourg S.A. during the financial year.
The transactions in progress as at 31 December 2025 are shown in the table below.
\u00a0
| ISIN code | Notional amount | Issue Date | Repayment Date |
| XS2270559367 | 100,000,000 | 11/12/2020 | 11/06/2026 |
| XS1937712112 | 200,000,000 | 13/10/2021 | 15/10/2026 |
| XS1616696016 | 800,000,000 | 22/05/2017 | 23/12/2030 |
| TOTAL | 1,100,000,000 | | |
Transactions between the originators and the SPVs during the year under review were as follows:
| Vehicle company | Credit disposal | Proceeds | Servicing fees | Junior interest | Additional return accrued |
| \u00a0 | | | | | |
| Quarzo S.r.l. | 2,606.7 | 2,621.4 | 9.7 | 138.2 | 293.3 |
| MB Funding Lux S.A. | \u2014 | 82,764.1 | \u2014 | \u2014 | 3.3 |
| SPV Project 2224 S.r.l. | 1,331.2 | 1,362.1 | 4.0 | 2.0 | 5.2 |
SPV PROJECT 2224 S.r.l. Sole-shareholder company (MBFacta)
Last March, the first securitization transaction was completed with the non-recourse sale of a portfolio of performing factoring receivables worth \u20ac726m and the simultaneous issuance of two classes of securities:
1.Senior bonds (\u20ac599m) subscribed by a single third-party institutional investor; and
2.junior bonds (totalling \u20ac127m) subscribed directly by MB Facta.
The receivables are sold on a revolving basis for a period between 24 and 36 months, after which the transaction can begin to amortize, subject to further extensions.
The issued securities are not listed on a regulated market and are not rated.
The transaction in place is summarized in the table below:
| Issue date | Senior | Junior | Credit transferred in the year | Repayment date |
| A1 | A2 |
| 31 March 2025 | 300 | 419 | 152 | 1,331 | 29 April 2027 |
The transaction does not currently entail the substantial transfer of all risks and rewards, and therefore no accounting derecognition was carried out.
The vehicle, established at the beginning of 2025, is included in the scope of consolidation pursuant to IFRS10. While it does not own an interest, given its substantial ability to influence the vehicle's variable returns, being its sole customer, and simultaneously having the ability and capacity to direct its results, it qualifies as a so-called \"de facto control.\"
D. DisposalsA. Financial assets sold but not entirely derecognized
QUALITATIVE INFORMATION
With regard to the description of transactions represented in Tables D.1 and D.3 below, reference should be made to the descriptions found under the tables themselves. With regard, in particular, to transactions in debt securities against medium and long-term repurchase agreements, please refer to the contents of these Notes to the Accounts - Part B.
QUANTITATIVE INFORMATION
D.1 Prudential consolidation \u2013 Financial assets sold entirely recognized and related financial liabilities: book values
| \u00a0 | Financial assets sold and entirely recognized | Related financial liabilities |
| \u00a0 | \u00a0 | Carrying amount | of which: subject to securitization transactions | of which: subject to repurchase agreements | of which non-performing | Carrying amount | of which: subject to securitization transactions | of which: subject to repurchase agreements |
| A. Financial assets held for trading | 6,066,024 | \u2014 | 6,066,024 | X | 5,990,161 | \u2014 | 5,990,161 |
| 1. Debts securities | 3,950,733 | \u2014 | 3,950,733 | X | 3,961,802 | \u2014 | 3,961,802 |
| 2. Equity securities | 2,115,291 | \u2014 | 2,115,291 | X | 2,028,359 | \u2014 | 2,028,359 |
| 3. Loans | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 |
| 4. Derivatives | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 |
| B. Other financial assets mandatorily measured at fair value | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1. Debts securities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Equity securities | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 |
| 3. Loans | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Financial assets designated at fair value | 302,267 | \u2014 | 302,267 | \u2014 | 302,256 | \u2014 | 302,256 |
| 1. Debts securities | 302,267 | \u2014 | 302,267 | \u2014 | 302,256 | \u2014 | 302,256 |
| 2. Loans | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| D. Financial assets measured at fair value through other comprehensive income | 1,666,343 | \u2014 | 1,666,343 | \u2014 | 1,541,991 | \u2014 | 1,541,991 |
| 1. Debts securities | 1,666,343 | \u2014 | 1,666,343 | \u2014 | 1,541,991 | \u2014 | 1,541,991 |
| 2. Equity securities | \u2014 | \u2014 | \u2014 | X | \u2014 | \u2014 | \u2014 |
| 3. Loans | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| E. Financial assets measured at amortized cost | 4,463,374 | 2,437,344 | 2,026,030 | 31,671 | 4,387,992 | 2,540,210 | 1,847,782 |
| 1. Debts securities | 2,026,030 | \u2014 | 2,026,030 | \u2014 | 1,847,782 | \u2014 | 1,847,782 |
| 2. Loans | 2,437,344 | 2,437,344 | \u2014 | 31,671 | 2,540,210 | 2,540,210 | \u2014 |
| Total | 31/12/2025 | 12,498,008 | 2,437,344 | 10,060,664 | 31,671 | 12,222,400 | 2,540,210 | 9,682,190 |
| Total | 30/06/2025 | 12,239,600 | 2,782,554 | 9,457,046 | 28,127 | 11,919,098 | 2,879,842 | 9,039,256 |
D.3 Prudential consolidation \u2013 Disposals related to financial liabilities with repayment
exclusively based on assets sold and not fully derecognized: fair value
| Fully booked | Partially booked | Total |
| \u00a0 | 31/12/2025 | 30/06/2025 |
| A. Financial assets held for trading | 6,066,024 | \u2014 | 6,066,024 | 5,396,950 |
| 1. Debts securities | 3,950,733 | \u2014 | 3,950,733 | 3,806,334 |
| 2. Equity securities | 2,115,291 | \u2014 | 2,115,291 | 1,590,616 |
| 3. Loans | \u2014 | \u2014 | \u2014 | \u2014 |
| 4. Derivatives | \u2014 | \u2014 | \u2014 | \u2014 |
| B. Other financial assets mandatorily measured at fair value | \u2014 | \u2014 | \u2014 | \u2014 |
| 1. Debts securities | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Equity securities | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Loans | \u2014 | \u2014 | \u2014 | \u2014 |
| C. Financial assets designated at fair value | 302,267 | \u2014 | 302,267 | 106,786 |
| 1. Debts securities | 302,267 | \u2014 | 302,267 | 106,786 |
| 2. Loans | \u2014 | \u2014 | \u2014 | \u2014 |
| D. Financial assets measured at fair value through other comprehensive income | 1,666,343 | \u2014 | 1,666,343 | 2,281,504 |
| 1. Debts securities | 1,666,343 | \u2014 | 1,666,343 | 2,281,504 |
| 2. Equity securities | \u2014 | \u2014 | \u2014 | \u2014 |
| 3. Loans | \u2014 | \u2014 | \u2014 | \u2014 |
| E. Financial assets measured at amortized cost (fair value) | 4,009,946 | \u2014 | 4,009,946 | 3,999,881 |
| 1. Debts securities | 2,070,041 | \u2014 | 2,070,041 | 1,680,226 |
| 2. Loans | 1,939,905 | \u2014 | 1,939,905 | 2,319,655 |
| Total financial assets | 12,044,580 | \u2014 | 12,044,580 | 11,785,121 |
| Total associated financial liabilities | 11,498,291 | \u2014 | X | X |
| Net value 31/12/2025 | 546,289 | \u2014 | 12,044,580 | X |
| Net value 30/06/2025 | 571,633 | \u2014 | X | 11,785,121 |
B. Financial assets sold and fully derecognized with continuing involvement recordedQUALITATIVE AND QUANTITATIVE INFORMATION
At the end of the year, there were no fully cancelled transactions in place for the sale of financial assets that led to the recognition of a continuing involvement.
C. Financial assets sold and entirely derecognized
QUALITATIVE AND QUANTITATIVE INFORMATION
At the end of the year, there were no fully cancelled transactions in place for the sale of financial assets.
D. Covered bond transactions Mediobanca Covered Bond S.r.l., an SPV incorporated under Article 7-bis of Italian Law 130/99, is owned as to 90% by Mediobanca Premier and as to 10% by SPV Holding. At a Board meeting held in December 2020, the Bank\u2019s Directors approved a resolution to renew the programme of covered bond issuance for a further ten years compared to the original expiry date (December 2021) for a total amount of \u20ac10bn.
The deal entails the involvement of:
\u2015Mediobanca as the issuer of covered bonds;
\u2015Mediobanca Premier S.p.A. as the seller (including on a revolving basis) of assets eligible for sale under the regulations in force, up to the limits on Mediobanca\u2019s regulatory capital ratios, and servicer for the transaction;
\u2015Mediobanca Covered Bond S.r.l. (SPV) as non-recourse transferee of the assets and guarantor of the covered bonds.
The issues in this programme were attributed an AA rating by Fitch.
The programme includes 10 transactions in place for a value of \u20ac6,650m placed with institutional investors and secured by assets sold by Mediobanca Premier to Mediobanca Covered Bond for \u20ac8,603m (operating value), broken down as follows:
| ISIN Code | Issue Date | Nominal Value | Rate | Expiry |
| IT0005315046 | Nov-17 | 750 | Fix: 1.25% | Nov-29 |
| IT0005378036 | Jul-19 | 750 | Fix: 0.5% | Oct-26 |
| IT0005433757 | Jan-21 | 750 | Fix: 0.01% | Feb-31 |
| IT0005499543 | Jun-22 | 750 | Fix: 2.375% | Jun-27 |
| IT0005579807 | Jan-24 | 800 | Fix: 3.25% | Nov-28 |
| IT0005611063 | Sep-24 | 950 | Fix: 3% | Sep-31 |
| IT0005650855 | Jun-25 | 1,050 | Fix: 2.625% | Aug-30 |
| IT0005675332 | Oct-25 | 50 | Fix: 3.578% | Oct-40 |
| IT0005678773 | Nov-25 | 750 | Fix: 2.875% | Feb-32 |
| IT0005683443 | Dec-25 | 50 | Fix: 3.663% | Dec-40 |
| \u00a0 | 6,650 | | |
Two tap issuances amounting to \u20ac220m and \u20ac80m, respectively, on the covered bond issued on 30 June 2025 were made in September and December.
In the last quarter of 2025, three issuances were completed for a total of \u20ac850m, including \u20ac100m (split into two issuances of \u20ac50m each) made through private placements.
The covered bond issued in November 2015 for a total of \u20ac750m was repaid in November.
During the year under review, as part of the normal course of operations, assets were sold by Mediobanca Premier to the special purpose vehicle Mediobanca Covered Bond S.r.l. in the amount of \u20ac942.2m, with the simultaneous repurchase of assets for \u20ac6.8m.
A.1.2 Financial assets by portfolio/credit quality (gross/net values)| Portfolio/quality | Non-performing | Performing | Total (Net exposure) |
| Gross exposure | Overall value adjustments | Net exposure | Overall partial write-offs* | Gross exposure | Overall value adjustments | Net exposure |
| 1. | Financial assets measured at amortized cost | 1,173,735 | (701,468) | 472,267 | 257,556 | 71,292,268 | (610,011) | 70,682,257 | 71,154,524 |
| 2. | Financial assets measured at fair value through other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | 4,917,494 | (1,768) | 4,915,726 | 4,915,726 |
| 3. | Financial assets designated at fair value | \u2014 | \u2014 | \u2014 | \u2014 | X | X | 1,506,408 | 1,506,408 |
| 4. | Other financial assets mandatorily measured at fair value | \u2014 | \u2014 | \u2014 | \u2014 | X | X | 7,630 | 7,630 |
| 5. | Financial assets held for sale | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| Total31 December 2025 | 1,173,735 | (701,468) | 472,267 | 257,556 | 76,209,762 | (611,779) | 77,112,021 | 77,584,288 |
| Total30 June 2025 | 1,175,091 | (706,441) | 468,650 | 239,016 | 75,609,027 | (625,183) | 76,647,544 | 77,116,194 |
| Portfolio/quality | Assets with obviously poor credit quality | Other assets |
| Accumulated capital losses | Net exposure | Net exposure |
| 1. Financial assets held for trading | \u2014 | \u2014 | 10,114,116 |
| 2. Hedging derivatives | \u2014 | \u2014 | 161,471 |
| Total | 31 December 2025 | \u2014 | \u2014 | 10,275,587 |
| Total | 30 June 2025 | \u2014 | \u2014 | 11,684,619 |
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"value": "A.3 Distribution of secured exposures by type of securityA.3.1 Prudential consolidation \u2013 On- and off-balance sheet secured exposures to banks
| \u00a0 | Gross exposure | Net exposure | Collateral guarantees | Personal guarantees | Personal guarantees | Total |
| (2) | (2) |
| (1) | Credit derivatives | Credit derivatives | Unsecured loans |
| Real properties \u2013 Mortgages | Real properties \u2013 Finance leases | Account | Other collateral guarantees | CLN | Other derivatives | Other derivatives | Public administrations | Banks | Other financial companies | Other entities |
| Central counterparties | Banks | Other financial companies | Other entities | (1)+(2) |
| 1. Secured on-balance sheet credit exposures: | 4,065,274 | 4,065,249 | \u2014 | \u2014 | 4,033,607 | 413 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4,034,020 |
| 1.1 totally secured | 4,065,274 | 4,065,249 | \u2014 | \u2014 | 4,033,607 | 413 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4,034,020 |
| - of which, non-performing | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 1.2. partially secured | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - of which, non-performing | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2. Secured off-balance sheet credit exposures: | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.1 totally secured | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - of which, non-performing | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| 2.2. partially secured | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - of which, non-performing | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
A.3.2 Prudential consolidation \u2013 On- and off-balance sheet secured exposures to customers
| \u00a0 | Gross exposure | Net exposure | Collateral guarantees | Personal guarantees | \u00a0 |
| \u00a0 | (1) | (2) | Total |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Credit derivatives | Unsecured loans | \u00a0 |
| \u00a0 | Real properties \u2013 Mortgages | Real properties \u2013 Finance leases | Account | Other collateral guarantees | CLN | Other derivatives | Public administrations | Banks | Other financial companies | Other entities | (1)+(2) |
| \u00a0 | Central counterparties | Banks | Other financial companies | Other entities |
| 1. Secured on-balance sheet credit exposures: | 28,411,454 | 28,250,643 | 14,353,456 | 556,831 | 7,693,925 | 2,340,611 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 193,313 | 50,1 | 693,289 | 889,89 | 26,772,415 |
| 1.1 totally secured | 28,884,131 | 25,737,501 | 13,786,687 | 556,831 | 7,079,063 | 2,252,334 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 152,477 | 50,1 | 362,326 | 588,646 | 24,827,464 |
| - of which, non-performing | 230,833 | 125,907 | 80,749 | 9,094 | 3,764 | 12,595 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 174 | 3 | \u2014 | 112 | 106,491 |
| 1.2. partially secured | 2,527,323 | 2,513,142 | 566,769 | \u2014 | 614,862 | 88,277 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 42,836 | \u2014 | 330,963 | 301,244 | 1,944,951 |
| - of which, non-performing | 8,913 | 1,366 | 649 | \u2014 | 241 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 890 |
| 2. Secured off-balance sheet credit exposures: | 2,571,347 | 2,570,282 | 55,298 | \u2014 | 683,049 | 1,524,183 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 101,175 | 3 | 17,756 | 46,58 | 2,482,044 |
| 2.1 totally secured | 2,307,678 | 2,307,035 | 44,858 | \u2014 | 672,96 | 1,523,648 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 441 | \u2014 | 231 | 38,572 | 2,280,710 |
| - of which, non-performing | 305 | 205 | 124 | \u2014 | \u2014 | 81 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 205 |
| 2.2. partially secured | 263,669 | 263,247 | 10,44 | \u2014 | 10,089 | 535 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 100,734 | 3 | 17,525 | 8,008 | 147,334 |
| - of which, non-performing | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
1.2.2INTEREST RATE RISK AND PRICE RISK \u2013 BANKING BOOKQUALITATIVE INFORMATION
The interest rate risk of Mediobanca and its subsidiaries is managed by testing the sensitivity of net interest income and the sensitivity of the economic value. The sensitivity of net interest income quantifies the impact on current earnings in the worst-case scenario among those outlined in the guidelines of the Basel Committee (BCBS) transposed in the EBA document in 2022 (EBA/GL/2022/14). During such tests, the asset stocks are maintained constant, assuming to renew the items falling due with items having the same financial characteristics and assuming a time horizon of twelve months. Conversely, the sensitivity of economic value measures the impact of expected future flows on the current value in the worst-case scenario of those contemplated in the Basel Committee guidelines (BCBS).
All the scenarios present a floor set by the EBA guidelines at minus 1.5% on the demand maturity with linear progression up to 0% at the fifty-year maturity. In the current market environment, this floor has a very limited impact on sensitivity metrics.
For both sensitivities, line items have been treated based on their contractual profile, except for the items related to current account deposits for retail clients (which have been treated on the basis of proprietary behavioural models) and consumer credit items and mortgages (which reflect the possibility of early repayment).
With reference to the banking book positions of Mediobanca and its subsidiaries as at 31 December, in the event of a parallel downturn in the curve (a \"Parallel Down\"), the expected net interest income would experience a negative change of \u20ac74m, well below last year\u2019s change (down \u20ac129m), primarily due to the shortening of the average duration of liabilities, caused by the inclusion of fair value issues. The year-end figure was below the average for the previous 12-month period (down \u20ac139m in the Parallel Down scenario).
With reference to the analysis of the present value of future cash flows in the banking book of Mediobanca and its subsidiaries, the shock that may cause the worst change would occur in the event of a parallel upturn in the interest rate curve (\u201cParallel Up\u201d). With a negative change of \u20ac385m, primarily due to the impact of Mediobanca (down \u20ac324m). In the previous year, the maximum change was a negative \u20ac254m in the \u201cParallel Down\u201d scenario. The increase in absolute value of sensitivity
(\u20ac-131m) is mainly due to the inclusion of fair value hedging of issues (\u20ac-45m) and a temporary increase in sensitivity in the Consumer division (\u20ac-70m). | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0(\u20acm) |
| Data at 31 december 2025 | \u00a0 | \u00a0 | Banking Book | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | Maximum level scenario | Ex Grroup Mediobanca | Mediobanca S.p.A. | MB Premier | Compass | Other |
| Net interest income sensitivity | \u00a0 | \u00a0 | Parallel Down | (74) | 16 | (21) | (34) | (27) |
| Sensitivity of discounted value of expected cash flows | | Parallel Up | (385) | (324) | (14) | (65) | (16) |
The values obtained for the net interest income sensitivity are lower than the RAF limit of 4.5% of the Mediobanca sub-consolidation (Group net interest income/TIER 1), while the economic value sensitivity was lower than the Group RAF limit by 6% (Economic Value sensitivity/Group TIER 1).
The SOT NII regulatory indicator stood at 2.3% (sensitivity of Net Interest Income/Tier 1 Capital), well below the regulatory threshold of 5%, while the SOT EVE indicator stood at 2.3% (sensitivity of Economic Value/Tier 1 Capital), well below the regulatory threshold of 15%.
In addition to regulatory scenarios, two operational scenarios were also developed with two parallel shocks of + and \u2013 100 bps:
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | +100 bps | -100 bps |
| Net interest income sensitivity | 9 | (38) |
| Sensitivity of discounted value of expected cash flows | (191) | 80 |
In addition to the scenarios envisaged from a regulatory standpoint, the + 50 bps scenario is continuously monitored:
| \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| \u00a0 | 31 December 2024 | Average amount for the year 2025 | 30 December 2025 |
| Former Mediobanca Group | 31 | 32 | 18 |
| Mediobanca S.p.A. | 15 | 16 | 10 |
Hedging transactionsHedges are intended to neutralize possible losses that may be incurred on a given asset or liability, due to the volatility of certain financial risk factors (interest rate, exchange rate, credit or some other risk parameter) through the gains that may be realized on a hedging instrument that is capable of offsetting changes in fair value or cash flows of the hedged instrument. For fair value hedges in particular, the Group seeks to minimize the financial risk on interest rates by bringing the entire interest-bearing exposure in line with the Ester rate. Fair value hedges are used to neutralize exposure to interest rate or price risk for specific asset or liability positions, via derivative contracts entered into with leading market counterparties with high credit rating. In particular, with regard to interest rate risk, Mediobanca and its subsidiaries apply specific hedges to individual items or clusters of like-for-like assets and liabilities in terms of interest rate risk. The objective of these hedges is to reduce the interest rate risk through swaps that convert fixed-rate into floating rate assets and/or liabilities. The items being mainly hedged are fixed-rate or structured liabilities issued by Mediobanca, investments in fixed-rate securities under assets held in the HTC and HTCS portfolio, the portfolio of fixed-rate mortgage loans, the floors implicit in the floating-rate loans of the Lending division and floating-rate mortgage loans granted by Mediobanca Premier and the deposits of Mediobanca Premier for which the new behavioural model is being taken into account with a benefit on the effective maturity.
During the financial year, the Bank began centralizing the risks of homogeneous portfolios (mortgages, consumer loans, and modelled customer deposits) in order to manage interest rate risk on a net basis by maturity time bands. For each maturity time band, the residual net risk was hedged with derivatives associated with the asset or liability portfolio designated as macro hedge in accordance with paragraph 81A of IAS 39, which applies even in the event of adoption of IFRS 9 (paragraph 6.1.3 of IFRS 9).
Some structured bond issues remain in the portfolio without causing any risks correlated to the main risk, broken down into the interest rate component (hedged) and
other risks which are represented in the trading book and are usually covered by external positions of the opposite sign; for structured bonds issued during the year, mostly interest rate, the Bank applied the fair value option in the initial recognition phase of the liability and the related risks were hedged with derivatives measured at Fair Value Through Profit or Loss in order to deal with the impacts on the profit or loss account.This form of hedging is mainly used in the context of some Mediobanca and its subsidiaries\u2019 operations (in particular the share of the consumer credit portfolio financed externally to Mediobanca), where provisions at a floating rate are set aside for a significant amount against a large number of transactions for a negligible amount, generally at a fixed rate. The hedge is made in order to transform these positions into fixed-rate positions, correlating the relevant cash flows with investments. Normally, Mediobanca and its subsidiaries\u2019 use derivatives to fix the expected cost of deposits over the reference period to cover floating-rate loans in place and future transactions linked to systematic renewals of such loans upon expiry.
There are also some transactions in which securities whose payoff is indexed to inflation are transformed into a fixed rate in order to eliminate the variability of interest flows.
C.
Foreign investment hedging activitiesAs at \u00a31 Decembre 2025, nothing to report.
As for hedged items and hedging instruments, they have been exhaustively described in the previous paragraphs and throughout the Document.
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"value": "1.4 LIQUIDITY RISKQUALITATIVE INFORMATION
A. General aspects, operating processes and measurement techniques of liquidity risk
Banks are naturally exposed to the liquidity risk inherent in the maturity transformation process that is typical of banking operations.
Liquidity risk is distinguished according to its timing profile:
\u23afthe current or potential risk of the bank not being able to manage its own liquidity needs in the short term (\u201cliquidity risk\u201d);
\u23afthe risk of the bank not having stable funding sources in the medium or long term, resulting in its inability to meet its financial obligations without incurring an excessive increase in the cost of financing (\u201cfunding risk\u201d).
An adequate liquidity and funding risk management system is fundamental to ensure the stability of the bank and its subsidiaries and of the financial system in general, given that a single bank\u2019s difficulties would affect the system as a whole. The liquidity and funding risk management system is developed as part of the Risk Appetite Statement and the risk tolerance levels contained in it. In particular, one of the management objectives contained in the Risk Appetite Statement is to maintain a liquidity position in the short and long term which is adequate to cope with a period of prolonged stress (combining bank-specific and systemic stress factors).
The Group Liquidity Risk Management Policy (the \u201cPolicy\u201d) approved by Mediobanca\u2019s Board of Directors defines the target amount in terms of highly liquid assets in order to hedge the anticipated cash flows to be maintained in the short and medium/long term for Mediobanca and its subsidiaries.
The Policy also sets out the roles and responsibilities of the company units and governing bodies, the risk measurement metrics used, the guidelines for carrying out the stress testing process, the funds transfer pricing system and the Contingency Funding Plan.
To ensure an integrated and consistent approach to liquidity risk management, strategic decisions are made by Mediobanca's Board of Directors, to whom the Policy assigns the definition of guidelines, the responsibility for the risk governance system
and regular reviews of liquidity and funding risk trends, in accordance with the Group's Risk Appetite Framework, setting out the strategic direction of the Parent Company, Banca Monte dei Paschi di Siena. The ALM Committee supports this governance system by defining the structure for the risk of asset-liability mismatch and overseeing its management in accordance with approved commercial and financial targets.Mediobanca contributes to the Group's ILAAP (Internal Liquidity Adequacy Assessment Process), which involves a qualitative and quantitative self-assessment of the adequacy of the liquidity risk management framework.
Liquidity management for Mediobanca and its subsidiaries is centralized within Mediobanca, which defines guidelines for the subsidiaries and monitors the overall liquidity position. Treasury is responsible for the operational management of liquidity, funding, and collateral, and for preparing the Funding Plan, in line with budget targets. In compliance with the principles of separation and independence, the Risk Management unit performs second-level controls on current and forward-looking liquidity risks, ensuring consistency with regulations and the corporate strategy. The Audit Unit evaluates the effectiveness of the internal control system for liquidity risk management purposes.
Mediobanca's objective is to maintain an adequate level of liquidity to promptly meet ordinary and extraordinary payment obligations, minimizing costs and preventing losses. Mediobanca\u2019s short-term liquidity policy ensures a balance between incoming and outgoing cash flows, including on an intra-day basis. Active liquidity management, entrusted to Treasury, is geared towards meeting settlement obligations within the established time frames.
Intra-day liquidity risk is the risk of a mismatch in terms of timing within a single day between payments made by Mediobanca and those received from other market counterparties. Management of this risk requires careful and ongoing monitoring of cash flows exchanged, and, more importantly, adequate liquidity reserves. To mitigate this risk, Mediobanca has implemented a system of indicators and monitoring to check the availability of reserves at the start of the day and their capacity to meet possible situations of stress that could involve other market counterparties or the value of the assets used in the risk mitigation.
The monitoring metric adopted over time horizons longer than intra-day is the net liquidity position, obtained from the sum of the counterbalancing capacity (defined as the cash, bonds traded on the market, receivables eligible for refinancing with the ECB
available post-haircut) and cumulative net cash flows.The system of limits, and related triggers, is structured on the basis of the normal course of business up to a time horizon of three months, a 1-month systemic stress and a combined stress scenario of 45 days, thus effectively functioning as an early warning system if the limit is approached in normal conditions.
The short-term and intra-day liquidity monitoring is supplemented by stress testing which assumes three scenarios:
\u23afSystemic Scenario: this scenario represents a pandemic crisis inspired by the events observed during the spread of the SARS-CoV-2 virus, influenced by a deep economic recession over a twelve-month time horizon which leads to effects such as the deterioration of the loan portfolio and related contraction in volumes (mainly for the consumer loan component), increase in perceived risk with impacts on the values of liquidity reserves and increase in netting requests, reduction in the supply of capital on the financial markets for Mediobanca but also for customers who have been granted credit lines, which they will consequently be forced to use.
\u23afIdiosyncratic Scenario: this scenario starts with a specific cyber-attack event that affects Mediobanca\u2019s internal systems with a resulting limitation in operations on the market. On the one hand, this leads to an operational loss, on the other, to reputation damage. The latter component causes retail and wholesale customers to withdraw their deposits. In this context, the rating agencies initiate a downgrade of the issuer Mediobanca compromising even more its ability to access financial markets thus causing an increase in the cost of funding and impacts on liquidity reserves with regard to self-retained assets, having an impact on initial margins and outflows from triggers linked to downgrade events.
\u23afCombined: a combined scenario between Systemic and Idiosyncratic Scenario.
Furthermore, on a weekly basis Mediobanca contributes to the SSM reporting on its own account and on behalf of its subsidiaries by providing a set of metrics whose preparation is required by the European Central Bank, with the aim of monitoring exposure to liquidity risk and of incorporating additional information that allows it to understand other phenomena which may affect the Group\u2019s financial balance; in addition to the Maturity Ladder report and the LCR indicator, detailed information is provided on the evolution of funding sources, collateral and a qualitative assessment of the Bank's liquidity position.
Monitoring structural liquidity, on the other hand, is intended to ensure that the structure has an adequate financial balance for maturities of more than twelve months. Maintaining an appropriate ratio between assets and liabilities in the medium/long term also serves the purpose of avoiding future pressures in the short term. The operating methods adopted involve analysing the maturity profiles for both assets and liabilities over the medium and long term checking that on average the cumulative inflows cover the cumulative outflows for maturities of more than one, three and five years.
Throughout the financial year under review, both indicators, short- and long-term, have shown an adequate level of liquidity at all times.
Mediobanca complied with the minimum requirement in terms of Net Stable Funding Ratio (NSFR)114 and short-term Liquidity Coverage Ratio (LCR).115 These indicators stood above internal and regulatory limits at all times.
In detail, the LCR figure at 31 December stood at 160.8% (compared to 164.9% at the beginning of the year), including the prudential estimate of the \u201cadditional outflows for other products and services\u201d in compliance with Article 23 of Delegated Regulation (EU) 2015/61. This indicator showed limited variability around its average value of 154%, the latter slightly down compared to the average annual figure recorded in the year (160%). The positioning above the target value made it possible to maintain a stable funding and liquidity position. In a still uncertain context, the Bank managed highly liquid assets by trying to combine commercial strategies with the need to always have an adequate instrument, in terms of quantity and quality.
The NSFR indicator, calculated according to Regulation (EU) 2019/876, stood at 115%, slightly dropping compared to the figure recorded last June (117%) but still in line with the target figures. The general increase in funding (i.e., issues; interbank funding; funding from structured finance transactions and, in part, Wealth Management funding) was offset by the increase in financing and treasury investments.
As the above indicators are included in Group Risk Appetite Framework, their sustainability is also analysed in preparing the Group Funding Plan, through future analysis over a time horizon of at least three years, with monitoring and half-yearly updates. A multi-risk stress test is also run as part of the same framework based on the scenario analysis. A stress scenario is defined which may involve the bank, and its simultaneous impacts are assessed, taking into account the inter-relations between
114 Directive (EU) 2019/878 (referred to as CRD V) and Regulation (EU) 2019/876 (referred to as CRR2)
115 Commission Delegated Regulation (EU) 2015/61, as supplemented and amended.
risks and the capability to adapt the business strategies defined in the budget to the changed scenario.In addition to the risk measurement system described above, an event governance model has been devised, known as the Contingency Funding Plan (described in the Policy), to be implemented in the event of a crisis by following a procedure approved by the Board of Directors.
The objective pursued by the Contingency Funding Plan is to ensure prompt implementation of effective action to tackle a liquidity crisis through precise identification of stakeholders, powers, responsibilities, communication procedures and related reporting criteria in order to increase the likelihood of coming through the state of emergency successfully. This objective is achieved primarily by activating an extraordinary operational and liquidity governance model, supported by consistent internal and external disclosures and a number of specific indicators.
In order to identify a \u201ccontingency\u201d state in a timely manner, a system of early warning indicators (EWIs) has been prepared to monitor situations that could lead to deterioration in the Group\u2019s liquidity position deriving from external factors and/or specific situations.
The foregoing sections show how stress testing is a fundamental instrument in managing liquidity risk. Liquidity risk materializes less frequently but it may have a significant impact. Instruments are needed to diagnose Mediobanca\u2019s vulnerabilities over different time horizons. The findings of the stress tests are therefore used principally in order to:
\u23afdefine the funding strategies for the Funding Plan and planning activities more generally (liquidity profile of assets and liabilities);
\u23afassess the adequacy of the system of limits, and establish significant events for the purpose of the regular process of revising the limits themselves;
\u23afprovide support in assigning the actions to be taken in managing states of operating crisis or stress.
The liquidity risk mitigation factors adopted by Mediobanca are as follows:
\u23afan adequate level of high-quality, highly liquid assets to address any liquidity imbalances, even prolonged over time;
\u23afaccurate short-term and long-term liquidity planning, alongside careful forecasting and monitoring activities;\u23afa robust and constantly updated stress testing framework;
\u23afan efficient Contingency Funding Plan to identify crisis states and the actions to be taken in such circumstances, through a reliable early warning indicator system.
As at 31 December, counterbalancing capacity amounted to \u20ac20.3bn, a slight decrease compared to last June (\u20ac22bn); the reduction is mainly due to the \u20ac1bn MRO drawdown. The amount of available securities eligible for spot refinancing with the ECB to immediately obtain liquidity stood at \u20ac19bn (\u20ac21.2bn in June).
\u00a0
QUANTITATIVE INFORMATION 1.Financial assets and liabilities by residual contract term
| Items / time brackets | Demand | From 1 day to 7 days | From 7 days to 15 days | From 15 days to 1 month | From 1 month to 3 months | From 3 months to 6 months | From 6 months to 1 year | From 1 year to 5 years | Beyond 5 years | Indefinite duration |
| Cash assets | 5,394,543 | 4,241,232 | 1,132,280 | 2,532,096 | 4,588,384 | 5,259,501 | 8,218,136 | 33,566,719 | 24,368,900 | 283,961 |
| A.1 Government securities | 380 | \u2014 | 42,026 | 7,137 | 949,648 | 1,141,107 | 539,560 | 3,658,461 | 6,579,174 | \u2014 |
| A.2 Other debt securities | 1 | 576 | 8,335 | 105,873 | 130,204 | 362,577 | 473,989 | 2,182,477 | 3,667,039 | \u2014 |
| A.3 UCIT units | 53,546 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| A.4 Loans | 5,340,616 | 4,240,656 | 1,081,919 | 2,419,086 | 3,508,532 | 3,755,817 | 7,204,587 | 27,725,781 | 14,122,687 | 283,961 |
| \u2013 Banks | 2,263,390 | 1,120,344 | 281,974 | 745,008 | 13,552 | 13,071 | 692,297 | 1,734,127 | 72,116 | 283,961 |
| \u2013 Customers | 3,077,226 | 3,120,312 | 799,945 | 1,674,078 | 3,494,980 | 3,742,746 | 6,512,290 | 25,991,654 | 14,050,571 | \u2014 |
| Cash liabilities | 24,230,253 | 7,651,313 | 1,557,128 | 1,695,764 | 4,557,483 | 4,846,539 | 11,316,002 | 22,704,138 | 10,470,916 | 18,568 |
| B.1 Deposits and current accounts | 20,727,415 | 887,608 | 133,823 | 475,177 | 1,411,972 | 2,235,447 | 2,217,881 | 102,915 | \u2014 | \u2014 |
| \u2013 Banks | 317,133 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| \u2013 Customers | 20,410,282 | 887,608 | 133,823 | 475,177 | 1,411,972 | 2,235,447 | 2,217,881 | 102,915 | \u2014 | \u2014 |
| B.2 Debt securities | 801 | 2,596 | 596,270 | 397,984 | 1,341,146 | 1,166,651 | 3,554,426 | 16,656,053 | 9,309,343 | \u2014 |
| B.3 Other liabilities | 3,502,037 | 6,761,109 | 827,035 | 822,603 | 1,804,365 | 1,444,441 | 5,543,695 | 5,945,170 | 1,161,573 | 18,568 |
| Off-balance sheet transactions | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| C.1 Financial derivatives with exchange of principal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - Long positions | 31,314 | 1,067,760 | 63,600 | 10,838,585 | 1,054,864 | 6,491,507 | 603,574 | 2,552,509 | 7,261,950 | \u2014 |
| - Short positions | 31,314 | 843,829 | 72,659 | 588,553 | 1,865,786 | 472,067 | 933,070 | 2,333,867 | 649,434 | \u2014 |
| C.2 Financial derivatives without exchange of principal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - Long positions | 671,043 | 4,446 | 21,287 | 50,961 | 92,517 | 205,903 | 523,893 | \u2014 | \u2014 | \u2014 |
| - Short positions | 792,316 | 7,067 | 11,108 | 86,154 | 91,754 | 315,101 | 533,767 | \u2014 | \u2014 | \u2014 |
| C.3 Deposits and loans for collection | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - Long positions | \u2014 | 8,552,783 | 655,301 | 441,912 | 417,203 | \u2014 | 465,014 | 768,631 | \u2014 | \u2014 |
| - Short positions | \u2014 | 80,889 | 23,989 | 35,456 | 1,742,752 | 458,621 | 179,731 | 3,869,268 | 4,910,140 | \u2014 |
| C.4 Irrevocable loan commitments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - Long positions | 14,957 | 137,847 | 13,252 | 15,423 | 861,696 | 799,955 | 687,467 | 4,149,902 | 5,668,058 | \u2014 |
| - Short positions | 201,198 | 9,521,186 | 506,835 | 569,921 | 283,047 | 1,819 | 476,390 | 590,859 | 197,302 | \u2014 |
| C.5 Financial guarantees issued | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.6 Financial guarantees received | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| C.7 Credit derivatives with exchange of principal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - Long positions | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 216,232 | 124,706 | 1,908,088 | 1,375,430 | \u2014 |
| - Short positions | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 241,232 | 227,850 | 2,420,370 | 735,003 | \u2014 |
| C.8 Credit derivatives without exchange of principal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| - Long positions | 142,513 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
| - Short positions | 168,737 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page642-cflshid_240806-tag470172": {
"value": "Part H \u2013 Related-Party Transactions1.Information on remuneration for key management personnel With regard to the disclosure on compensation paid to key management personnel, reference should be made to the \u201cReport on remuneration and compensation paid\u201d or the relevant section of the Mediobanca website at www.mediobanca.com, where the following are disclosed with reference to Mediobanca and its subsidiaries:
\u2014the analytical detail of compensation paid to members of Governing and Supervisory Bodies and other Key Management Personnel;
\u2014the detail and the evolution of Performance Shares schemes awarded to members of the Board of Directors, other Key Management Personnel and Long-Term Incentive Schemes.
Compensation includes amounts paid to Mediobanca managers and to managers of its subsidiaries not listed in the Table published in the Review of Operations (for a total of \u20ac0.7m in the half-year under review). 2.Disclosure on related-party transactions
The Regulation on Related-Party Transactions, implementing CONSOB Regulation No. 17221 of 12 March 2010, as most recently amended by Resolution No. 21264 of 10 December 2020, was introduced in 2011 aiming to ensure the transparency and substantial correctness of transactions with related parties carried out directly or through subsidiary companies. Having received favourable opinions from the Bank\u2019s Related Parties and Statutory Audit Committees, the Board of Directors incorporated the Bank of Italy\u2019s most recent instructions on this subject, which introduce prudential limits for risk activities with Related Parties; this Regulation came into force during December 2012 and was last updated on 27 June 2024. The full document is available on the Bank\u2019s website at www.mediobanca.com.
For the definition of related parties adopted, please see Part A Accounting Policies of the Notes to the Accounts.
During the period, it should be noted that the successful completion of the public exchange offer launched by Banca Monte dei Paschi di Siena (BMPS) for the ordinary shares of Mediobanca made it necessary to define a new and single scope of Related Parties and Affiliates (collectively, Associated Persons) for the new Montepaschi Group. The scope revision resulted in a significant increase in the number of
Associated Persons, from 1,500 to approximately 5,000, largely due to the inclusion of the Ministry of Economy and Finance (Ministero dell\u2019Economia e delle Finanze, hereinafter MEF) and all its investee companies.The definition of the new scope (Associated Persons of both intermediaries) led to a new assessment of compliance with the prudential limits established for risk activities towards such entities, including internal operating risks. To this end, in order to determine the risk exposure towards companies directly controlled by the MEF, the so-called \u201csilo approach\u201d was applied, i.e. they were considered (together with their subsidiaries) as a single associated entity, distinct from other companies in turn controlled by the same MEF. This approach is based on the consideration that:
\u2014the MEF is not required to prepare consolidated financial statements, as it cannot, by law, be classified as an entity that carries out management and coordination activities;
\u2014there is no relationship of interdependence and economic complementarity among the companies directly owned by the MEF that would allow them to be considered as a single entity from a risk perspective.
The updated consolidation scope led the overall exposures relating to Cassa Depositi e Prestiti S.p.A. (CDP) to exceed the prudential limit of 5% of consolidated own funds set by the Bank of Italy Circular 285. CDP is an affiliated entity as directly controlled by the MEF, and as a result of the so-called \"silo approach,\" the prudential limits adopted for the MEF were applied to it. The CDP silo, among others, includes CDP Reti S.p.A., SNAM S.p.A., ITALGAS S.p.A., and TERNA S.p.A., toward which Mediobanca had existing risk exposures totalling \u20ac922m as at 30 September 2025.
It should be noted that at the individual level, Mediobanca's exposure to the CDP Group, on a stand-alone basis, was within the current internal and regulatory limits (i.e. 20% of individual own funds). A critical issue arises exclusively at the consolidated level of the Montepaschi Group, and exceeding the consolidated limit is a direct consequence of the BMPS acquisition of the former Mediobanca Group with its exposures, which resulted in adding up their respective exposures to the CDP Group. Prior to this extraordinary transaction, CDP was not included in Mediobanca's related-party scope, and BMPS's exposure to the CDP Group fell within the regulatory limits.
In order to promptly return to the required limits, in December and with the appropriate safeguards established by internal regulations on related parties, Mediobanca (being the only entity required to implement such safeguards to be drawn
from its own positions) proceeded to reduce its risk exposure to the CDP Group through appropriate tools compliant with Article 194 of Regulation (EU) 575/2013 (CRR). This action was part of the Management and Coordination activities of the Parent Company in full compliance with the Supervisory Authority's instructions and for the protection of the Group's capital and governance balances. It was aimed at managing risk and complying with the prudential limits of the Montepaschi Group.2.1Regular financial disclosure: Most significant transactions
Transactions with related parties fall within the ordinary operations of the Group companies, are maintained on an arm\u2019s length basis, and are entered into in the interests of the individual companies concerned. Details of the compensation paid to Directors and key management personnel are provided in a footnote to the table.
The main transactions carried out by Mediobanca with Associated Persons are reported below.
i.Transactions with ANAS S.p.A.
In October, the \u20ac100m credit line for ANAS S.p.A., a subsidiary of Ferrovie dello Stato S.p.A., was renewed, with an additional 12 months before expiry. This credit line is to be used on a revolving basis for the conclusion of bilateral financing agreements with a maximum maturity of 12 months.
ii.Transactions with ENAV S.p.A.In December, a loan of \u20ac85m was approved in cash and/or signature-based to refinance the 2023 club deal for a total of \u20ac510m.
iii.Transactions with POSTE ITALIANE S.p.A.
During the last quarter of the year, there was an increase in the use of the REPO line for the benefit of the counterparty Patrimonio Banco Posta, whose stock amounted to approximately \u20ac200m at the end of December.
iv.Transactions with LEONARDO S.p.A.
A revolving credit line granted to LEONARDO S.p.A. was renewed. As at 31 December 2025, the line amounted to \u20ac47.5m, with a maturity date of 7 October 2026.
v. Transactions with SNAM S.p.A.
During the quarter, Mediobanca issued a Fairness Opinion for the benefit of the associated party SNAM S.p.A. regarding the finalization of the acquisition of the 48% stake held by the Igneo Infrastructure Partners fund in the company OLT Offshore LNG Toscana.
vi.Transactions with Trevi \u2013 Finanziaria Industriale S.p.A.
Mediobanca acted as financial advisor to Trevi, a company controlled by the MEF, to assist in raising new debt financing in order to support the Group's business plan and/or refinance all or part of the Group's financial debt.
2.2Quantitative information
The overall exposure to related parties underwent a significant increase due to the expansion of the scope of the Associated Persons mentioned above.
Statement as at 31 December 2025
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | | (\u20acm) |
| \u00a0 | Directors and key management personnel | Associated companies | \u00a0 | Other related party | \u00a0 | Ministry of Economy and Finance | Total |
| Assets | 3.3 | \u00a0 | \u2014 | \u00a0 | 1,983.9 | | 11,519.3 | 13,506.5 |
| of which: other assets | \u2014 | \u00a0 | \u2014 | \u00a0 | 845.4 | | 10,573.3 | 11,418.7 |
| Loans | 3.3 | \u00a0 | \u2014 | \u00a0 | 1,138.5 | | 946.0 | 2,087.8 |
| Liabilities | 12.1 | \u00a0 | \u2014 | \u00a0 | 1,311.5 | | 625.9 | 1,949.5 |
| Guarantees and commitments | \u2014 | \u00a0 | \u2014 | \u00a0 | 1,916.3 | | 1,916.3 | 3,832.6 |
| Interest income | \u2014 | \u00a0 | \u2014 | \u00a0 | 48.3 | | 23.0 | 71.3 |
| Interest expense | \u2014 | \u00a0 | \u2014 | \u00a0 | (5.2) | | (2.4) | (7.6) |
| Net fee income | \u2014 | \u00a0 | 0.6 | \u00a0 | 22.4 | | 3.6 | 26.6 |
| Sundry income (costs) | (37.1) | (1) | (0.4) | \u00a0 | (19.5) | | 45.6 | (11.4) |
(1)Of which: short-term benefits amounting to \u20ac-30.6m and performance shares worth \u20ac-6.3m. This item includes the final payment plans and severance packages awarded to departing senior managers. This figure includes resources considered Key Management Personnel during the period under review. (2)This item also includes the valuation of derivative contracts, including bond forwards with underlying government securities.
Statement as at 30 June 2025
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| \u00a0 | Directors and key management personnel | Associated companies | Others related parties | Total |
| Assets | 3.1 | | \u2014 | 62.1 | 65.2 |
| of which: other assets | \u2014 | | \u2014 | 55.6 | 55.6 |
| Loans | 3.1 | | \u2014 | 6.5 | 9.6 |
| Liabilities | 12.5 | \u00a0 | \u2014 | 263,4 | 275.9 |
| Guarantees and commitments | \u2014 | \u00a0 | \u2014 | 130.0 | 130.0 |
| Interest income | 0.1 | \u00a0 | \u2014 | 2.2 | 2.3 |
| Interest expense | (0.2) | \u00a0 | \u2014 | (1.6) | (1.8) |
| Net fee income | \u2014 | \u00a0 | 1.3 | 40.4 | 41.7 |
| Sundry income (costs) | (51.6)(1) | 0.7 | (8. 0) (2) | (60.3) |
(1)Of which: short-term benefits amounting to (\u20ac41.3m) and performance shares worth (\u20ac10.1m). This figure includes resources considered Key Management Personnel during the period under review. Please note that a Board member waived the emolument approved.
(2)This item also includes the valuation of derivative contracts, including bond forwards with underlying government securities.
Part H \u2013 Related-Party Transactions1.Information on remuneration for key management personnel With regard to the disclosure on compensation paid to key management personnel, reference should be made to the \u201cReport on remuneration and compensation paid\u201d or the relevant section of the Mediobanca website at www.mediobanca.com, where the following are disclosed with reference to Mediobanca and its subsidiaries:
\u2014the analytical detail of compensation paid to members of Governing and Supervisory Bodies and other Key Management Personnel;
\u2014the detail and the evolution of Performance Shares schemes awarded to members of the Board of Directors, other Key Management Personnel and Long-Term Incentive Schemes.
Compensation includes amounts paid to Mediobanca managers and to managers of its subsidiaries not listed in the Table published in the Review of Operations (for a total of \u20ac0.7m in the half-year under review). 2.Disclosure on related-party transactions
The Regulation on Related-Party Transactions, implementing CONSOB Regulation No. 17221 of 12 March 2010, as most recently amended by Resolution No. 21264 of 10 December 2020, was introduced in 2011 aiming to ensure the transparency and substantial correctness of transactions with related parties carried out directly or through subsidiary companies. Having received favourable opinions from the Bank\u2019s Related Parties and Statutory Audit Committees, the Board of Directors incorporated the Bank of Italy\u2019s most recent instructions on this subject, which introduce prudential limits for risk activities with Related Parties; this Regulation came into force during December 2012 and was last updated on 27 June 2024. The full document is available on the Bank\u2019s website at www.mediobanca.com.
For the definition of related parties adopted, please see Part A Accounting Policies of the Notes to the Accounts.
During the period, it should be noted that the successful completion of the public exchange offer launched by Banca Monte dei Paschi di Siena (BMPS) for the ordinary shares of Mediobanca made it necessary to define a new and single scope of Related Parties and Affiliates (collectively, Associated Persons) for the new Montepaschi Group. The scope revision resulted in a significant increase in the number of
Associated Persons, from 1,500 to approximately 5,000, largely due to the inclusion of the Ministry of Economy and Finance (Ministero dell\u2019Economia e delle Finanze, hereinafter MEF) and all its investee companies.The definition of the new scope (Associated Persons of both intermediaries) led to a new assessment of compliance with the prudential limits established for risk activities towards such entities, including internal operating risks. To this end, in order to determine the risk exposure towards companies directly controlled by the MEF, the so-called \u201csilo approach\u201d was applied, i.e. they were considered (together with their subsidiaries) as a single associated entity, distinct from other companies in turn controlled by the same MEF. This approach is based on the consideration that:
\u2014the MEF is not required to prepare consolidated financial statements, as it cannot, by law, be classified as an entity that carries out management and coordination activities;
\u2014there is no relationship of interdependence and economic complementarity among the companies directly owned by the MEF that would allow them to be considered as a single entity from a risk perspective.
The updated consolidation scope led the overall exposures relating to Cassa Depositi e Prestiti S.p.A. (CDP) to exceed the prudential limit of 5% of consolidated own funds set by the Bank of Italy Circular 285. CDP is an affiliated entity as directly controlled by the MEF, and as a result of the so-called \"silo approach,\" the prudential limits adopted for the MEF were applied to it. The CDP silo, among others, includes CDP Reti S.p.A., SNAM S.p.A., ITALGAS S.p.A., and TERNA S.p.A., toward which Mediobanca had existing risk exposures totalling \u20ac922m as at 30 September 2025.
It should be noted that at the individual level, Mediobanca's exposure to the CDP Group, on a stand-alone basis, was within the current internal and regulatory limits (i.e. 20% of individual own funds). A critical issue arises exclusively at the consolidated level of the Montepaschi Group, and exceeding the consolidated limit is a direct consequence of the BMPS acquisition of the former Mediobanca Group with its exposures, which resulted in adding up their respective exposures to the CDP Group. Prior to this extraordinary transaction, CDP was not included in Mediobanca's related-party scope, and BMPS's exposure to the CDP Group fell within the regulatory limits.
In order to promptly return to the required limits, in December and with the appropriate safeguards established by internal regulations on related parties, Mediobanca (being the only entity required to implement such safeguards to be drawn
from its own positions) proceeded to reduce its risk exposure to the CDP Group through appropriate tools compliant with Article 194 of Regulation (EU) 575/2013 (CRR). This action was part of the Management and Coordination activities of the Parent Company in full compliance with the Supervisory Authority's instructions and for the protection of the Group's capital and governance balances. It was aimed at managing risk and complying with the prudential limits of the Montepaschi Group.2.1Regular financial disclosure: Most significant transactions
Transactions with related parties fall within the ordinary operations of the Group companies, are maintained on an arm\u2019s length basis, and are entered into in the interests of the individual companies concerned. Details of the compensation paid to Directors and key management personnel are provided in a footnote to the table.
The main transactions carried out by Mediobanca with Associated Persons are reported below.
i.Transactions with ANAS S.p.A.
In October, the \u20ac100m credit line for ANAS S.p.A., a subsidiary of Ferrovie dello Stato S.p.A., was renewed, with an additional 12 months before expiry. This credit line is to be used on a revolving basis for the conclusion of bilateral financing agreements with a maximum maturity of 12 months.
ii.Transactions with ENAV S.p.A.In December, a loan of \u20ac85m was approved in cash and/or signature-based to refinance the 2023 club deal for a total of \u20ac510m.
iii.Transactions with POSTE ITALIANE S.p.A.
During the last quarter of the year, there was an increase in the use of the REPO line for the benefit of the counterparty Patrimonio Banco Posta, whose stock amounted to approximately \u20ac200m at the end of December.
iv.Transactions with LEONARDO S.p.A.
A revolving credit line granted to LEONARDO S.p.A. was renewed. As at 31 December 2025, the line amounted to \u20ac47.5m, with a maturity date of 7 October 2026.
v. Transactions with SNAM S.p.A.
During the quarter, Mediobanca issued a Fairness Opinion for the benefit of the associated party SNAM S.p.A. regarding the finalization of the acquisition of the 48% stake held by the Igneo Infrastructure Partners fund in the company OLT Offshore LNG Toscana.
vi.Transactions with Trevi \u2013 Finanziaria Industriale S.p.A.
Mediobanca acted as financial advisor to Trevi, a company controlled by the MEF, to assist in raising new debt financing in order to support the Group's business plan and/or refinance all or part of the Group's financial debt.
2.2Quantitative information
The overall exposure to related parties underwent a significant increase due to the expansion of the scope of the Associated Persons mentioned above.
Statement as at 31 December 2025
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | | (\u20acm) |
| \u00a0 | Directors and key management personnel | Associated companies | \u00a0 | Other related party | \u00a0 | Ministry of Economy and Finance | Total |
| Assets | 3.3 | \u00a0 | \u2014 | \u00a0 | 1,983.9 | | 11,519.3 | 13,506.5 |
| of which: other assets | \u2014 | \u00a0 | \u2014 | \u00a0 | 845.4 | | 10,573.3 | 11,418.7 |
| Loans | 3.3 | \u00a0 | \u2014 | \u00a0 | 1,138.5 | | 946.0 | 2,087.8 |
| Liabilities | 12.1 | \u00a0 | \u2014 | \u00a0 | 1,311.5 | | 625.9 | 1,949.5 |
| Guarantees and commitments | \u2014 | \u00a0 | \u2014 | \u00a0 | 1,916.3 | | 1,916.3 | 3,832.6 |
| Interest income | \u2014 | \u00a0 | \u2014 | \u00a0 | 48.3 | | 23.0 | 71.3 |
| Interest expense | \u2014 | \u00a0 | \u2014 | \u00a0 | (5.2) | | (2.4) | (7.6) |
| Net fee income | \u2014 | \u00a0 | 0.6 | \u00a0 | 22.4 | | 3.6 | 26.6 |
| Sundry income (costs) | (37.1) | (1) | (0.4) | \u00a0 | (19.5) | | 45.6 | (11.4) |
(1)Of which: short-term benefits amounting to \u20ac-30.6m and performance shares worth \u20ac-6.3m. This item includes the final payment plans and severance packages awarded to departing senior managers. This figure includes resources considered Key Management Personnel during the period under review. (2)This item also includes the valuation of derivative contracts, including bond forwards with underlying government securities.
Statement as at 30 June 2025
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| \u00a0 | Directors and key management personnel | Associated companies | Others related parties | Total |
| Assets | 3.1 | | \u2014 | 62.1 | 65.2 |
| of which: other assets | \u2014 | | \u2014 | 55.6 | 55.6 |
| Loans | 3.1 | | \u2014 | 6.5 | 9.6 |
| Liabilities | 12.5 | \u00a0 | \u2014 | 263,4 | 275.9 |
| Guarantees and commitments | \u2014 | \u00a0 | \u2014 | 130.0 | 130.0 |
| Interest income | 0.1 | \u00a0 | \u2014 | 2.2 | 2.3 |
| Interest expense | (0.2) | \u00a0 | \u2014 | (1.6) | (1.8) |
| Net fee income | \u2014 | \u00a0 | 1.3 | 40.4 | 41.7 |
| Sundry income (costs) | (51.6)(1) | 0.7 | (8. 0) (2) | (60.3) |
(1)Of which: short-term benefits amounting to (\u20ac41.3m) and performance shares worth (\u20ac10.1m). This figure includes resources considered Key Management Personnel during the period under review. Please note that a Board member waived the emolument approved.
(2)This item also includes the valuation of derivative contracts, including bond forwards with underlying government securities.
Part H \u2013 Related-Party Transactions1.Information on remuneration for key management personnel With regard to the disclosure on compensation paid to key management personnel, reference should be made to the \u201cReport on remuneration and compensation paid\u201d or the relevant section of the Mediobanca website at www.mediobanca.com, where the following are disclosed with reference to Mediobanca and its subsidiaries:
\u2014the analytical detail of compensation paid to members of Governing and Supervisory Bodies and other Key Management Personnel;
\u2014the detail and the evolution of Performance Shares schemes awarded to members of the Board of Directors, other Key Management Personnel and Long-Term Incentive Schemes.
Compensation includes amounts paid to Mediobanca managers and to managers of its subsidiaries not listed in the Table published in the Review of Operations (for a total of \u20ac0.7m in the half-year under review). 2.Disclosure on related-party transactions
The Regulation on Related-Party Transactions, implementing CONSOB Regulation No. 17221 of 12 March 2010, as most recently amended by Resolution No. 21264 of 10 December 2020, was introduced in 2011 aiming to ensure the transparency and substantial correctness of transactions with related parties carried out directly or through subsidiary companies. Having received favourable opinions from the Bank\u2019s Related Parties and Statutory Audit Committees, the Board of Directors incorporated the Bank of Italy\u2019s most recent instructions on this subject, which introduce prudential limits for risk activities with Related Parties; this Regulation came into force during December 2012 and was last updated on 27 June 2024. The full document is available on the Bank\u2019s website at www.mediobanca.com.
For the definition of related parties adopted, please see Part A Accounting Policies of the Notes to the Accounts.
During the period, it should be noted that the successful completion of the public exchange offer launched by Banca Monte dei Paschi di Siena (BMPS) for the ordinary shares of Mediobanca made it necessary to define a new and single scope of Related Parties and Affiliates (collectively, Associated Persons) for the new Montepaschi Group. The scope revision resulted in a significant increase in the number of
Associated Persons, from 1,500 to approximately 5,000, largely due to the inclusion of the Ministry of Economy and Finance (Ministero dell\u2019Economia e delle Finanze, hereinafter MEF) and all its investee companies.The definition of the new scope (Associated Persons of both intermediaries) led to a new assessment of compliance with the prudential limits established for risk activities towards such entities, including internal operating risks. To this end, in order to determine the risk exposure towards companies directly controlled by the MEF, the so-called \u201csilo approach\u201d was applied, i.e. they were considered (together with their subsidiaries) as a single associated entity, distinct from other companies in turn controlled by the same MEF. This approach is based on the consideration that:
\u2014the MEF is not required to prepare consolidated financial statements, as it cannot, by law, be classified as an entity that carries out management and coordination activities;
\u2014there is no relationship of interdependence and economic complementarity among the companies directly owned by the MEF that would allow them to be considered as a single entity from a risk perspective.
The updated consolidation scope led the overall exposures relating to Cassa Depositi e Prestiti S.p.A. (CDP) to exceed the prudential limit of 5% of consolidated own funds set by the Bank of Italy Circular 285. CDP is an affiliated entity as directly controlled by the MEF, and as a result of the so-called \"silo approach,\" the prudential limits adopted for the MEF were applied to it. The CDP silo, among others, includes CDP Reti S.p.A., SNAM S.p.A., ITALGAS S.p.A., and TERNA S.p.A., toward which Mediobanca had existing risk exposures totalling \u20ac922m as at 30 September 2025.
It should be noted that at the individual level, Mediobanca's exposure to the CDP Group, on a stand-alone basis, was within the current internal and regulatory limits (i.e. 20% of individual own funds). A critical issue arises exclusively at the consolidated level of the Montepaschi Group, and exceeding the consolidated limit is a direct consequence of the BMPS acquisition of the former Mediobanca Group with its exposures, which resulted in adding up their respective exposures to the CDP Group. Prior to this extraordinary transaction, CDP was not included in Mediobanca's related-party scope, and BMPS's exposure to the CDP Group fell within the regulatory limits.
In order to promptly return to the required limits, in December and with the appropriate safeguards established by internal regulations on related parties, Mediobanca (being the only entity required to implement such safeguards to be drawn
from its own positions) proceeded to reduce its risk exposure to the CDP Group through appropriate tools compliant with Article 194 of Regulation (EU) 575/2013 (CRR). This action was part of the Management and Coordination activities of the Parent Company in full compliance with the Supervisory Authority's instructions and for the protection of the Group's capital and governance balances. It was aimed at managing risk and complying with the prudential limits of the Montepaschi Group.2.1Regular financial disclosure: Most significant transactions
Transactions with related parties fall within the ordinary operations of the Group companies, are maintained on an arm\u2019s length basis, and are entered into in the interests of the individual companies concerned. Details of the compensation paid to Directors and key management personnel are provided in a footnote to the table.
The main transactions carried out by Mediobanca with Associated Persons are reported below.
i.Transactions with ANAS S.p.A.
In October, the \u20ac100m credit line for ANAS S.p.A., a subsidiary of Ferrovie dello Stato S.p.A., was renewed, with an additional 12 months before expiry. This credit line is to be used on a revolving basis for the conclusion of bilateral financing agreements with a maximum maturity of 12 months.
ii.Transactions with ENAV S.p.A.In December, a loan of \u20ac85m was approved in cash and/or signature-based to refinance the 2023 club deal for a total of \u20ac510m.
iii.Transactions with POSTE ITALIANE S.p.A.
During the last quarter of the year, there was an increase in the use of the REPO line for the benefit of the counterparty Patrimonio Banco Posta, whose stock amounted to approximately \u20ac200m at the end of December.
iv.Transactions with LEONARDO S.p.A.
A revolving credit line granted to LEONARDO S.p.A. was renewed. As at 31 December 2025, the line amounted to \u20ac47.5m, with a maturity date of 7 October 2026.
v. Transactions with SNAM S.p.A.
During the quarter, Mediobanca issued a Fairness Opinion for the benefit of the associated party SNAM S.p.A. regarding the finalization of the acquisition of the 48% stake held by the Igneo Infrastructure Partners fund in the company OLT Offshore LNG Toscana.
vi.Transactions with Trevi \u2013 Finanziaria Industriale S.p.A.
Mediobanca acted as financial advisor to Trevi, a company controlled by the MEF, to assist in raising new debt financing in order to support the Group's business plan and/or refinance all or part of the Group's financial debt.
2.2Quantitative information
The overall exposure to related parties underwent a significant increase due to the expansion of the scope of the Associated Persons mentioned above.
Statement as at 31 December 2025
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | | (\u20acm) |
| \u00a0 | Directors and key management personnel | Associated companies | \u00a0 | Other related party | \u00a0 | Ministry of Economy and Finance | Total |
| Assets | 3.3 | \u00a0 | \u2014 | \u00a0 | 1,983.9 | | 11,519.3 | 13,506.5 |
| of which: other assets | \u2014 | \u00a0 | \u2014 | \u00a0 | 845.4 | | 10,573.3 | 11,418.7 |
| Loans | 3.3 | \u00a0 | \u2014 | \u00a0 | 1,138.5 | | 946.0 | 2,087.8 |
| Liabilities | 12.1 | \u00a0 | \u2014 | \u00a0 | 1,311.5 | | 625.9 | 1,949.5 |
| Guarantees and commitments | \u2014 | \u00a0 | \u2014 | \u00a0 | 1,916.3 | | 1,916.3 | 3,832.6 |
| Interest income | \u2014 | \u00a0 | \u2014 | \u00a0 | 48.3 | | 23.0 | 71.3 |
| Interest expense | \u2014 | \u00a0 | \u2014 | \u00a0 | (5.2) | | (2.4) | (7.6) |
| Net fee income | \u2014 | \u00a0 | 0.6 | \u00a0 | 22.4 | | 3.6 | 26.6 |
| Sundry income (costs) | (37.1) | (1) | (0.4) | \u00a0 | (19.5) | | 45.6 | (11.4) |
(1)Of which: short-term benefits amounting to \u20ac-30.6m and performance shares worth \u20ac-6.3m. This item includes the final payment plans and severance packages awarded to departing senior managers. This figure includes resources considered Key Management Personnel during the period under review. (2)This item also includes the valuation of derivative contracts, including bond forwards with underlying government securities.
Statement as at 30 June 2025
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| \u00a0 | Directors and key management personnel | Associated companies | Others related parties | Total |
| Assets | 3.1 | | \u2014 | 62.1 | 65.2 |
| of which: other assets | \u2014 | | \u2014 | 55.6 | 55.6 |
| Loans | 3.1 | | \u2014 | 6.5 | 9.6 |
| Liabilities | 12.5 | \u00a0 | \u2014 | 263,4 | 275.9 |
| Guarantees and commitments | \u2014 | \u00a0 | \u2014 | 130.0 | 130.0 |
| Interest income | 0.1 | \u00a0 | \u2014 | 2.2 | 2.3 |
| Interest expense | (0.2) | \u00a0 | \u2014 | (1.6) | (1.8) |
| Net fee income | \u2014 | \u00a0 | 1.3 | 40.4 | 41.7 |
| Sundry income (costs) | (51.6)(1) | 0.7 | (8. 0) (2) | (60.3) |
(1)Of which: short-term benefits amounting to (\u20ac41.3m) and performance shares worth (\u20ac10.1m). This figure includes resources considered Key Management Personnel during the period under review. Please note that a Board member waived the emolument approved.
(2)This item also includes the valuation of derivative contracts, including bond forwards with underlying government securities.
Part I \u2013 Share-based payment schemesA. QUALITATIVE INFORMATION
1. Description of share-based payment schemes approved by the Shareholders\u2019 Meeting.
In the area of equity instruments used for the remuneration of its personnel, Mediobanca decided to adopt a performance shares scheme, with the two-fold aim of:
\u2014adapting to banking regulations that require a portion of variable remuneration to be paid out in the form of equity instruments over a time horizon of several years, subject to performance conditions and hence consistent with positive results sustainable over time;
\u2014aligning the interests of Mediobanca\u2019s management with those of its shareholders in order to create value over the medium / long term.
Therefore performance share plans, which provide under certain conditions for the free assignment of Mediobanca shares at the end of a vesting and/or holding period, and long-term incentive plans (LTI) linked to the achievement of the strategic plan\u2019s objectives may be offered.
The incentive plans in place in financial year 2024/2025 provided that, in case of extraordinary events with a significant impact on Mediobanca and its subsidiaries\u2019 financial/equity performance and/or in the event of a substantial change in Mediobanca and its subsidiaries\u2019 shareholding structure (change of control), they could be reviewed and/or dismissed at the discretion of the Board of Directors, after consulting the Remuneration Committee and any relevant committees. In the event of a change of control, depending on the Board of Directors' classification of the transaction, the following options could also be considered: i) hostile takeover: pro rata early liquidation in cash in the event of a successful takeover; ii) non-hostile takeover: liquidation at the end of the Plan in shares of the new Entity. In the event of extraordinary capital transactions, the number of performance shares assigned but not yet delivered would be adjusted accordingly.
The Board of Directors of Mediobanca held on 26 June 2025, in accordance with the Plan provisions and market practice, resolved, in the event of completion of the Monte dei Paschi public exchange offer, to replace the shares assigned to the beneficiaries of all performance share plans with a cash amount, including the 2019\u20132023 and 2023\u20132026 LTI plans (which were terminated early on the completion date of the public exchange offer). The disbursement of the assigned performance shares converted into cash will follow the original award schedule. At the same time, certain conditions for the award of deferred compensation were modified in compliance with regulatory provisions. In addition, Mediobanca and its subsidiaries legal entities equipped themselves with incentive plans based on equity instruments:
\u2014Messier et Associ\u00e9s has in place a plan of free-of-charge shares for up to 10% of the share capital to be attributed to employees (at the time of promotions and/or for retention purposes) which, after the vesting period (not exceeding 2 years) and a further holding period of one year, are resold to the Parent Company which settles the price with Mediobanca shares. As at 31 December 2025, there were outstanding allocations of 12,550 shares, 1,000 of which exercisable, 3,550 in the holding period and 8,000 in the vesting period; \u2014Polus Capital Management Group has an investment plan in place for employees (for retention purposes), which allows them to purchase special shares of the company, which, after a vesting period (maximum 3 years) and the achievement of certain results (hurdle), they can sell to the Parent Company which will liquidate them through Mediobanca shares.124 As at 31 December 2025, 45,529 special shares were assigned, which included 25,266 already exercisable.
124 There is also a Plan E (with the same hurdle) available to an institutional investor for up to 34,319 shares. Part L \u2013 Segment ReportingUnder IFRS8, an entity must disclose information to enable users of its financial statements to evaluate the nature and financial effects of the different business activities in which it engages and the different economic environments in which it operates (referred to as \u201coperating segments\u201d).
The aggregation of the \u201coperating segments\u201d illustrated in this section is consistent with the means adopted by the Group\u2019s management to take business decisions, and is based on the internal reporting used in order to allocate resources to the various segments, and to analyse their respective performances as described in the Review of Operations, to which reference is made for detailed and exhaustive analysis of the individual business lines\u2019 earnings and financial performances.
A. PRIMARY SEGMENT REPORTING
The following business lines have been identified.
Wealth Management (WM): this division brings together all portfolio management services offered to the various client segments, plus asset management. This division includes Mediobanca Premier, which targets the Premier client bracket; the MBPB and CMB Monaco private banking networks and the Asset Management companies (Polus Capital, Mediobanca SGR, Mediobanca Management Company and RAM Active Investment), in addition to the fiduciary activities of Spafid.
Corporate and Investment Banking (CIB): this includes services for corporate customers in the Wholesale Banking areas (loans, Capital Market activities, Advisory, Client and proprietary trading carried out by Mediobanca, Mediobanca International, Mediobanca Securities, Messier et Associ\u00e9s and Arma Partners) and Specialty Finance or Factoring carried out by MBFACTA, and Leasing (Selma); please note that Selma's core Leasing business was previously included in the Holding Functions division, while it was separated from MBCS and transferred to the Consumer division.
Consumer Finance (CF): this division offers retail customers a full range of consumer credit products: personal loans, targeted loans, salary- or pension-backed loans, credit cards, as well as the new and innovative Buy-Now-Pay-Later solution called \u201cHeyLight,\u201d which includes the activities of HeyLight SA (formerly called
HeidiPay Switzerland AG), HeidiPay AG and its subsidiaries Heidipay Ltd and Holipay. The division also includes Compass RE, (which provides reinsurance against risks linked to insurance policies sold to clients), Compass Rent, (which operates in the goods lease market), and Compass Link (which distributes Compass products and services via third-party collaborators), and since 1 July, Credit Management activities carried out by MBCredit Solutions and MBContact Solutions.Insurance - Principal Investing (PI): this includes the portfolio of equity investments and stocks of Mediobanca and its subsidiaries. In particular, the stake of 13.55% in Assicurazioni Generali has been this division\u2019s main constituent for many years, and stands apart for its sound management, consistency of results, high profitability and contributions in terms of diversification and stabilization of Mediobanca revenues. Investments in funds and vehicles promoted and managed by asset management companies (seed capital) also contribute to the division, with a view to combining medium-term profitability for Mediobanca and a synergistic approach between the divisions, as well as investment activities in private equity funds managed by third parties.
Holding Functions comprise Selma, MIS and other minor companies, Treasury and ALM units of Mediobanca and its subsidiaries125 (with the aim of minimizing the cost of funding and optimizing liquidity management on a consolidated basis, including the securities held as part of the banking book), all costs relating to central departments, including Operations, support units (such as Chief Financial Officer, Group Corporate Affairs, Investor Relations, Human Resources etc.), senior management and control units (Risk Management, Internal Audit and Compliance Unit) for the part that cannot be allocated to the business lines. Starting on 1 July, Selma\u2019s core leasing activities have been included in the CIB division (in the Specialty Finance segment), leaving only past and currently closing operations in the Holding Functions division.
125 The Treasury unit finances the individual business areas by applying funds transfer prices (based on the FTP curve) with different spreads depending on the expiry dates of the funds\u2019 usage.
A.1Profit-and-loss figures by business segment A list of the main points requiring attention with regard to the allocation of earnings results is provided below:
\u2014Net interest income126is obtained by applying the internal funds transfer pricing (FTP) rates consistent with the financial characteristics of the products concerned. Notional interest is allocated using a centralized FTP model which assigns volumes, costs and revenues of liquidity based on durations, without distinction between lending and funding (referred to as \u201cbid-ask\u201d difference) with the same maturity; \u2014The 849 resources of the Holding Functions (837 last year) are divided as follows: 51 in Selma (53), 55 in the Treasury and ALM units of Mediobanca and its subsidiaries (48); 169 in MIS (161), 210 in Operations (216), 172 in support units (177), 188 in control units (177) and 4 in management (senior management and their assistants, 5 the previous year); with the cost of approximately 453 FTE (431) being charged back to the business lines; \u2014Intercompany items were netted out only if they involved companies belonging to the same segment; items involving different segments were cross-checked and recorded as adjustments, along with the consolidation entries regarding companies belonging to different segments;
\u2014valuation actions that had an impact on acquisition operations were included among the reconciliation items to be stated in the \u201cadjustments\u201d column, i.e. in the column that indicates differences between the total business lines and the consolidated figure, both with reference to the economic effect and therefore to the performance of the individual divisions and to the balance sheet data. Although attributable to a company or a CGU, these items were not linked to their performance and the flows they generated and, among the various factors, were conditioned by market performance, which affected discounting and growth rates and therefore were not attributable to the operations of the divisions to which they belong and to the related profitability. This category includes the impairment of goodwill and other intangibles resulting from company valuations carried out on an
126 Mediobanca only reports net interest income based on the requirements of IFRS8, which specifies that an institution must record interest income and interest expense separately for each reporting segment, unless the majority of the revenue generated by that segment derives from interest and unless management base their evaluations primarily on net interest income in order to assess the segment\u2019s results and take decisions regarding the resources to be allocated to the segment. In this case, an institution may refer to the segment\u2019s interest revenue net of interest expense, provided it specifies this [IFRS8.23].
annual basis and the net effects attributable to valuations of/adjustments to the value of contingent considerations through profit or loss.
A.1Profit-and-loss figures by business segment
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| Earnings data | \u00a0 | Wealth Management | \u00a0 | Corporate and Investment Banking | \u00a0 | Consumer Finance | \u00a0 | Insurance - Principal Investing | \u00a0 | Holding Functions | \u00a0 | Adjustments (1) | \u00a0 | Consolidated Total |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net interest income | \u00a0 | 190.0 | \u00a0 | 170.0 | \u00a0 | 600.9 | \u00a0 | (16.0) | \u00a0 | (5.0) | \u00a0 | 22.0 | \u00a0 | 961.9 |
| Treasury income | \u00a0 | 6.4 | \u00a0 | 40.9 | \u00a0 | (0.6) | \u00a0 | 16.5 | \u00a0 | 8.6 | \u00a0 | (1.9) | \u00a0 | 69.9 |
| Net fee and commission income (expense) | \u00a0 | 276.6 | \u00a0 | 146.4 | \u00a0 | 77.2 | \u00a0 | (0.5) | \u00a0 | 0.7 | \u00a0 | (22.6) | \u00a0 | 477.8 |
| Equity-accounted valuations | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 276.8 | \u00a0 | (0.4) | \u00a0 | \u2014 | \u00a0 | 276.4 |
| Total revenues | \u00a0 | 473.0 | \u00a0 | 357.3 | \u00a0 | 677.5 | \u00a0 | 276.8 | \u00a0 | 3.9 | \u00a0 | (2.5) | \u00a0 | 1,786.0 |
| Personnel expenses | \u00a0 | (181.8) | \u00a0 | (113.0) | \u00a0 | (73.6) | \u00a0 | (2.0) | \u00a0 | (67.5) | \u00a0 | (0.2) | \u00a0 | (438.1) |
| Administrative expenses | \u00a0 | (153.8) | \u00a0 | (84.9) | \u00a0 | (130.9) | \u00a0 | (0.8) | \u00a0 | (9.9) | \u00a0 | 2.2 | \u00a0 | (378.1) |
| Overheads | \u00a0 | (335.6) | \u00a0 | (197.9) | \u00a0 | (204.5) | \u00a0 | (2.8) | \u00a0 | (77.4) | \u00a0 | 2.0 | \u00a0 | (816.2) |
| Gains (losses) on disposal of equity investments | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 |
| Net (adjustments) writebacks of loans to customers | \u00a0 | (0.7) | \u00a0 | (5.1) | \u00a0 | (143.0) | \u00a0 | \u2014 | \u00a0 | 4.0 | \u00a0 | \u2014 | \u00a0 | (144.8) |
| Net (adjustments) writebacks of other financial assets | \u00a0 | 1.2 | \u00a0 | (0.4) | \u00a0 | \u2014 | \u00a0 | (3.8) | \u00a0 | 2.0 | \u00a0 | \u2014 | \u00a0 | (1.0) |
| Other gains (losses) | \u00a0 | (1.2) | \u00a0 | (4.6) | \u00a0 | (2.5) | \u00a0 | \u2014 | \u00a0 | 6.3 | \u00a0 | (2.5) | \u00a0 | (4.5) |
| Profit before tax | \u00a0 | 136.7 | \u00a0 | 149.3 | \u00a0 | 327.5 | \u00a0 | 270.2 | \u00a0 | (61.2) | \u00a0 | (2.9) | \u00a0 | 819.6 |
| Income taxes | \u00a0 | (41.9) | \u00a0 | (44.8) | \u00a0 | (106.2) | \u00a0 | (3.6) | \u00a0 | 9.5 | \u00a0 | 3.7 | \u00a0 | (183.2) |
| Profit (loss) attributable to minority interests | \u00a0 | (1.7) | \u00a0 | (12.0) | \u00a0 | (0.1) | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.3 | \u00a0 | (13.5) |
| Net income not including one-off costs | \u00a0 | 93.1 | \u00a0 | 92.5 | \u00a0 | 221.2 | \u00a0 | 266.6 | \u00a0 | (51.7) | \u00a0 | 1.1 | \u00a0 | 622.9 |
| Impairment losses | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (63.5) | \u00a0 | (63.5) |
| OPS costs | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (46.8) | \u00a0 | (46.8) |
| Net income including one-off costs | \u00a0 | 93.1 | \u00a0 | 92.5 | \u00a0 | 221.2 | \u00a0 | 266.6 | \u00a0 | (51.7) | \u00a0 | (109.2) | \u00a0 | 512.6 |
| Cost/income ratio (%) | \u00a0 | 71.0 | \u00a0 | 55.4 | \u00a0 | 30.2 | \u00a0 | 1.0 | \u00a0 | n.m. | \u00a0 | n.m. | \u00a0 | 45.7 |
(1) The sum of the data by business area differs from the consolidated total amount due to net consolidation adjustments/differences between the business areas (\u20ac3.7m). Furthermore, during the six-month period the delta was given by the costs of \u20ac46.8m for OPAS, after the related taxes and by the write-down of intangible assets on foreign companies (\u20ac63.5m), to which the effects attributable to the acquisitions (referred to as contingent consideration) (\u20ac2.6m) not allocated to any business area should be added.
A.2Balance-sheet data by business segment
The balance-sheet items shown below represent each business area\u2019s contribution to the consolidated Balance Sheet, hence no adjustments have been made between the sum of the components and the total consolidated amount.
| \u00a0 | \u00a0 | | \u00a0 | \u00a0 | | \u00a0 | | \u00a0 | | \u00a0\u00a0(\u20acm) |
| Balance-sheet data | Wealth Management | \u00a0 | Corporate and Investment Banking | Consumer Finance | \u00a0 | Principal Investing | \u00a0 | Holding Functions | \u00a0 | Adjustments | \u00a0 | Consolidated Total |
| | | | | | | | | | \u00a0 | \u00a0 | |
| Banking book debt securities | 842.7 | \u00a0 | 3,293.9 | 262.7 | \u00a0 | \u2014 | \u00a0 | 7,889.2 | \u00a0 | \u2014 | \u00a0 | 12,288.5 |
| Loans to customers | 17,824.8 | \u00a0 | 20,918.4 | 16,665.3 | \u00a0 | \u2014 | \u00a0 | 457.1 | \u00a0 | \u2014 | \u00a0 | 55,865.6 |
| Funding | 30,315.6 | \u00a0 | \u2014 | 2,747.6 | \u00a0 | \u2014 | \u00a0 | 37,707.5 | \u00a0 | \u2014 | \u00a0 | 70,770.7 |
B. SECONDARY SEGMENT REPORTINGB.1Profit-and-loss figures by geography
| | | | | | (\u20acm) |
| Earnings data | \u00a0 | Italy | \u00a0 | International (1) | \u00a0 | Consolidated Total |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net interest income | \u00a0 | 902.5 | \u00a0 | 59.4 | \u00a0 | 961.9 |
| Net trading income | \u00a0 | 63.3 | \u00a0 | 6.6 | \u00a0 | 69.9 |
| Net fee and commission income (expense) | \u00a0 | 170.8 | \u00a0 | 307.0 | \u00a0 | 477.8 |
| Equity-accounted valuations | \u00a0 | 276.4 | \u00a0 | \u2014 | \u00a0 | 276.4 |
| Total revenues | \u00a0 | 1,413.\u2013 | 0 | 373.0 | \u00a0 | 1,786.0 |
| Personnel expenses | \u00a0 | (292.8) | \u00a0 | (145.3) | \u00a0 | (438.1) |
| Administrative expenses | \u00a0 | (390.2) | \u00a0 | 12.1 | \u00a0 | (378.1) |
| Overheads | \u00a0 | (683.0) | \u00a0 | (133.2) | \u00a0 | (816.2) |
| Net (Value adjustments) write-backs | \u00a0 | (138.6) | \u00a0 | (7.2) | \u00a0 | (145.8) |
| Other gains (losses) | \u00a0 | (9.3) | \u00a0 | 4.8 | \u00a0 | (4.5) |
| Profit before tax | \u00a0 | 582.1 | \u00a0 | 237.4 | \u00a0 | 819.5 |
| Income taxes | \u00a0 | (156.8) | \u00a0 | (26.4) | \u00a0 | (183.2) |
| Profit (loss) attributable to minority interests | \u00a0 | (0.7) | \u00a0 | (12.8) | \u00a0 | (13.5) |
| Net income not including one-off costs | \u00a0 | 424.6 | \u00a0 | 198.2 | \u00a0 | 622.8 |
| Impairment losses | \u00a0 | \u2014 | \u00a0 | (63.5) | \u00a0 | (63.5) |
| OPS costs | \u00a0 | (41.5) | \u00a0 | (5.3) | \u00a0 | (46.8) |
| Net income including one-off costs | \u00a0 | 383.1 | \u00a0 | 129.4 | \u00a0 | 512.5 |
| Cost/income ratio (%) | \u00a0 | 48.3% | \u00a0 | 35.7% | \u00a0 | 45.7% |
(1) This item includes the P&L data of the companies Mediobanca International, CMB Monaco, Compass RE, MB USA, Polus Capital Management, Mediobanca Management Company, RAM Active Investments and Messier et Associ\u00e9s and Arma Partners, HeyLight, Heidi Pay AG and Heidi Pay Ltd, in addition to the foreign branches (Paris, Madrid, Frankfurt, and London).
B.2Balance-sheet data by geography
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| Balance-sheet data | \u00a0 | Italy | | International (1) | | Consolidated Total |
| \u00a0 | \u00a0 | | | | | |
| Banking book debt securities | \u00a0 | 11,242.3 | \u00a0 | 1,046.2 | \u00a0 | 12,288.5 |
| Loans to customers | \u00a0 | 45,916.1 | \u00a0 | 9,949.5 | \u00a0 | 55,865.6 |
| Funding | \u00a0 | (55,175.0) | \u00a0 | (15,595.7) | \u00a0 | (70,770.7) |
(1) This item includes the P&L data of the companies Mediobanca International, CMB Monaco, Compass RE, MB USA, Polus Capital Management, Mediobanca Management Company, RAM Active Investments, Messier et Associ\u00e9s and Arma Partners, in addition to the foreign branches (Paris, Madrid, Frankfurt, and London).
Information required under letters a), b) and c) of Annex A, First Part, Title III, Section 2 of Bank of Italy Circular No. 285 of 17 December 2013Statement as at 31 December 2025
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acmilioni) |
| Business Line | Breakdown | Heading 120 Total revenues (*) | Heading 290 Profit (loss) before taxes | Heading 300 | Full Time Employees (1) |
| Income taxes |
| Italy | International | Group | Italy | International | Group | Italy | International | Group | Italy | International | Group |
| Wholesale Banking | Lending, capital market activities, advisory services, and client and proprietary trading performed by Mediobanca, Mediobanca International, Mediobanca Securities, Messier et Associ\u00e9s and Arma Partners | -87 | 129 | 42 | 82 | 49 | 131 | -35 | -4 | -39 | 272 | 294 | 566 |
| Specialty Finance | This includes Factoring performed by MBFACTA and Leasing (Selma); please note that Selma's core Leasing business was previously included in the Holding Functions division. | 37 | \u2014 | 37 | 19 | \u2014 | 19 | -6 | \u2014 | -6 | 8 | \u2014 | 8 |
| Consumer Finance | This includes a full range of consumer credit products: personal loans, targeted loans, salary- or pension-backed loans, and credit cards, as well as the new and innovative Buy Now Pay Later solution called \"HeyLight,\" which includes the activities of HeyLight SA. The segment includes Compass RE, Compass Rent, and Compass Link, and, starting 1 July, the Credit Management business carried on by MBCredit Solutions and MBContact Solutions. | 626 | 8 | 634 | 318 | 9 | 327 | -103 | -3 | -106 | 1.502 | 149 | 1.651 |
| Premier | This includes deposit-taking, mortgage lending and retail banking services addressed by MBPremier | 248 | \u2014 | 248 | 79 | \u2014 | 79 | -28 | \u2014 | -28 | 1.480 | \u2014 | 1.480 |
| Private Banking & Asset Management | This includes asset management activities, addressed in Italy by the division Mediobanca Private Banking and Spafid and in Monaco by CMB Monaco; it also includes Polus Capital Management, CMG Monaco and RAM Active Investments (Alternative Asset Management activities) | 81 | 140 | 221 | 17 | 41 | 58 | -6 | -8 | -14 | 266 | 399 | 665 |
| Insurance - Principal Investing | This manages the Group's portfolio of equity investments and holdings, as well as investments in funds and special purpose vehicles set up and managed by the Group's asset management companies (referred to as seed capital) | \u2014 | -4 | -4 | 269 | 1 | 270 | -4 | \u2014 | -4 | 9 | \u2014 | 9 |
| Holding Functions | In which the Treasury and ALM units are centralized; it continues to include core operating and minor companies, while Selma's core Leasing activities are included in the Specialty Finance segment, only leaving operations carried out in the past and in the process of being closed in the Holding Functions division. | 1 | 1 | 2 | -61 | \u2014 | -61 | 10 | \u2014 | 10 | 919 | 5 | 924 |
| Adjustments (2) | \u00a0 | -4 | \u2014 | -4 | -159 | \u2014 | -159 | 37 | \u2014 | 37 | \u2014 | \u2014 | \u2014 |
| Group total | \u00a0 | 902 | 274 | 1.176 | 564 | 100 | 664 | -135 | -15 | -150 | 4.456 | 847 | 5.303 |
(*) This refers to Profit and Loss Account heading 120 pursuant to Bank of Italy Circular No. 262/2005. The figure here differs from the amount stated as \u201cTotal revenues\u201d in the statements found in the Section \u201cPart L - A.1. Profit-and-loss figures by business segment,\u201d which provides a more accurate reflection of Mediobanca\u2019s operations. Heading 120 Total revenues under Circular No. 262/2005 of the Bank of Italy does not include net premiums earned, income (expense) from insurance activities or other operating income.
(1) Full-time employees.
(2) The column headed \u201cAdjustments\u201d includes consolidation entries (including inter-company elisions) between the various business segments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page651-cflshid_243862-tag470174": {
"value": "Part L \u2013 Segment ReportingUnder IFRS8, an entity must disclose information to enable users of its financial statements to evaluate the nature and financial effects of the different business activities in which it engages and the different economic environments in which it operates (referred to as \u201coperating segments\u201d).
The aggregation of the \u201coperating segments\u201d illustrated in this section is consistent with the means adopted by the Group\u2019s management to take business decisions, and is based on the internal reporting used in order to allocate resources to the various segments, and to analyse their respective performances as described in the Review of Operations, to which reference is made for detailed and exhaustive analysis of the individual business lines\u2019 earnings and financial performances.
A. PRIMARY SEGMENT REPORTING
The following business lines have been identified.
Wealth Management (WM): this division brings together all portfolio management services offered to the various client segments, plus asset management. This division includes Mediobanca Premier, which targets the Premier client bracket; the MBPB and CMB Monaco private banking networks and the Asset Management companies (Polus Capital, Mediobanca SGR, Mediobanca Management Company and RAM Active Investment), in addition to the fiduciary activities of Spafid.
Corporate and Investment Banking (CIB): this includes services for corporate customers in the Wholesale Banking areas (loans, Capital Market activities, Advisory, Client and proprietary trading carried out by Mediobanca, Mediobanca International, Mediobanca Securities, Messier et Associ\u00e9s and Arma Partners) and Specialty Finance or Factoring carried out by MBFACTA, and Leasing (Selma); please note that Selma's core Leasing business was previously included in the Holding Functions division, while it was separated from MBCS and transferred to the Consumer division.
Consumer Finance (CF): this division offers retail customers a full range of consumer credit products: personal loans, targeted loans, salary- or pension-backed loans, credit cards, as well as the new and innovative Buy-Now-Pay-Later solution called \u201cHeyLight,\u201d which includes the activities of HeyLight SA (formerly called
HeidiPay Switzerland AG), HeidiPay AG and its subsidiaries Heidipay Ltd and Holipay. The division also includes Compass RE, (which provides reinsurance against risks linked to insurance policies sold to clients), Compass Rent, (which operates in the goods lease market), and Compass Link (which distributes Compass products and services via third-party collaborators), and since 1 July, Credit Management activities carried out by MBCredit Solutions and MBContact Solutions.Insurance - Principal Investing (PI): this includes the portfolio of equity investments and stocks of Mediobanca and its subsidiaries. In particular, the stake of 13.55% in Assicurazioni Generali has been this division\u2019s main constituent for many years, and stands apart for its sound management, consistency of results, high profitability and contributions in terms of diversification and stabilization of Mediobanca revenues. Investments in funds and vehicles promoted and managed by asset management companies (seed capital) also contribute to the division, with a view to combining medium-term profitability for Mediobanca and a synergistic approach between the divisions, as well as investment activities in private equity funds managed by third parties.
Holding Functions comprise Selma, MIS and other minor companies, Treasury and ALM units of Mediobanca and its subsidiaries125 (with the aim of minimizing the cost of funding and optimizing liquidity management on a consolidated basis, including the securities held as part of the banking book), all costs relating to central departments, including Operations, support units (such as Chief Financial Officer, Group Corporate Affairs, Investor Relations, Human Resources etc.), senior management and control units (Risk Management, Internal Audit and Compliance Unit) for the part that cannot be allocated to the business lines. Starting on 1 July, Selma\u2019s core leasing activities have been included in the CIB division (in the Specialty Finance segment), leaving only past and currently closing operations in the Holding Functions division.
125 The Treasury unit finances the individual business areas by applying funds transfer prices (based on the FTP curve) with different spreads depending on the expiry dates of the funds\u2019 usage.
A.1Profit-and-loss figures by business segment A list of the main points requiring attention with regard to the allocation of earnings results is provided below:
\u2014Net interest income126is obtained by applying the internal funds transfer pricing (FTP) rates consistent with the financial characteristics of the products concerned. Notional interest is allocated using a centralized FTP model which assigns volumes, costs and revenues of liquidity based on durations, without distinction between lending and funding (referred to as \u201cbid-ask\u201d difference) with the same maturity; \u2014The 849 resources of the Holding Functions (837 last year) are divided as follows: 51 in Selma (53), 55 in the Treasury and ALM units of Mediobanca and its subsidiaries (48); 169 in MIS (161), 210 in Operations (216), 172 in support units (177), 188 in control units (177) and 4 in management (senior management and their assistants, 5 the previous year); with the cost of approximately 453 FTE (431) being charged back to the business lines; \u2014Intercompany items were netted out only if they involved companies belonging to the same segment; items involving different segments were cross-checked and recorded as adjustments, along with the consolidation entries regarding companies belonging to different segments;
\u2014valuation actions that had an impact on acquisition operations were included among the reconciliation items to be stated in the \u201cadjustments\u201d column, i.e. in the column that indicates differences between the total business lines and the consolidated figure, both with reference to the economic effect and therefore to the performance of the individual divisions and to the balance sheet data. Although attributable to a company or a CGU, these items were not linked to their performance and the flows they generated and, among the various factors, were conditioned by market performance, which affected discounting and growth rates and therefore were not attributable to the operations of the divisions to which they belong and to the related profitability. This category includes the impairment of goodwill and other intangibles resulting from company valuations carried out on an
126 Mediobanca only reports net interest income based on the requirements of IFRS8, which specifies that an institution must record interest income and interest expense separately for each reporting segment, unless the majority of the revenue generated by that segment derives from interest and unless management base their evaluations primarily on net interest income in order to assess the segment\u2019s results and take decisions regarding the resources to be allocated to the segment. In this case, an institution may refer to the segment\u2019s interest revenue net of interest expense, provided it specifies this [IFRS8.23].
annual basis and the net effects attributable to valuations of/adjustments to the value of contingent considerations through profit or loss.
A.1Profit-and-loss figures by business segment
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| Earnings data | \u00a0 | Wealth Management | \u00a0 | Corporate and Investment Banking | \u00a0 | Consumer Finance | \u00a0 | Insurance - Principal Investing | \u00a0 | Holding Functions | \u00a0 | Adjustments (1) | \u00a0 | Consolidated Total |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net interest income | \u00a0 | 190.0 | \u00a0 | 170.0 | \u00a0 | 600.9 | \u00a0 | (16.0) | \u00a0 | (5.0) | \u00a0 | 22.0 | \u00a0 | 961.9 |
| Treasury income | \u00a0 | 6.4 | \u00a0 | 40.9 | \u00a0 | (0.6) | \u00a0 | 16.5 | \u00a0 | 8.6 | \u00a0 | (1.9) | \u00a0 | 69.9 |
| Net fee and commission income (expense) | \u00a0 | 276.6 | \u00a0 | 146.4 | \u00a0 | 77.2 | \u00a0 | (0.5) | \u00a0 | 0.7 | \u00a0 | (22.6) | \u00a0 | 477.8 |
| Equity-accounted valuations | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 276.8 | \u00a0 | (0.4) | \u00a0 | \u2014 | \u00a0 | 276.4 |
| Total revenues | \u00a0 | 473.0 | \u00a0 | 357.3 | \u00a0 | 677.5 | \u00a0 | 276.8 | \u00a0 | 3.9 | \u00a0 | (2.5) | \u00a0 | 1,786.0 |
| Personnel expenses | \u00a0 | (181.8) | \u00a0 | (113.0) | \u00a0 | (73.6) | \u00a0 | (2.0) | \u00a0 | (67.5) | \u00a0 | (0.2) | \u00a0 | (438.1) |
| Administrative expenses | \u00a0 | (153.8) | \u00a0 | (84.9) | \u00a0 | (130.9) | \u00a0 | (0.8) | \u00a0 | (9.9) | \u00a0 | 2.2 | \u00a0 | (378.1) |
| Overheads | \u00a0 | (335.6) | \u00a0 | (197.9) | \u00a0 | (204.5) | \u00a0 | (2.8) | \u00a0 | (77.4) | \u00a0 | 2.0 | \u00a0 | (816.2) |
| Gains (losses) on disposal of equity investments | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 |
| Net (adjustments) writebacks of loans to customers | \u00a0 | (0.7) | \u00a0 | (5.1) | \u00a0 | (143.0) | \u00a0 | \u2014 | \u00a0 | 4.0 | \u00a0 | \u2014 | \u00a0 | (144.8) |
| Net (adjustments) writebacks of other financial assets | \u00a0 | 1.2 | \u00a0 | (0.4) | \u00a0 | \u2014 | \u00a0 | (3.8) | \u00a0 | 2.0 | \u00a0 | \u2014 | \u00a0 | (1.0) |
| Other gains (losses) | \u00a0 | (1.2) | \u00a0 | (4.6) | \u00a0 | (2.5) | \u00a0 | \u2014 | \u00a0 | 6.3 | \u00a0 | (2.5) | \u00a0 | (4.5) |
| Profit before tax | \u00a0 | 136.7 | \u00a0 | 149.3 | \u00a0 | 327.5 | \u00a0 | 270.2 | \u00a0 | (61.2) | \u00a0 | (2.9) | \u00a0 | 819.6 |
| Income taxes | \u00a0 | (41.9) | \u00a0 | (44.8) | \u00a0 | (106.2) | \u00a0 | (3.6) | \u00a0 | 9.5 | \u00a0 | 3.7 | \u00a0 | (183.2) |
| Profit (loss) attributable to minority interests | \u00a0 | (1.7) | \u00a0 | (12.0) | \u00a0 | (0.1) | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.3 | \u00a0 | (13.5) |
| Net income not including one-off costs | \u00a0 | 93.1 | \u00a0 | 92.5 | \u00a0 | 221.2 | \u00a0 | 266.6 | \u00a0 | (51.7) | \u00a0 | 1.1 | \u00a0 | 622.9 |
| Impairment losses | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (63.5) | \u00a0 | (63.5) |
| OPS costs | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (46.8) | \u00a0 | (46.8) |
| Net income including one-off costs | \u00a0 | 93.1 | \u00a0 | 92.5 | \u00a0 | 221.2 | \u00a0 | 266.6 | \u00a0 | (51.7) | \u00a0 | (109.2) | \u00a0 | 512.6 |
| Cost/income ratio (%) | \u00a0 | 71.0 | \u00a0 | 55.4 | \u00a0 | 30.2 | \u00a0 | 1.0 | \u00a0 | n.m. | \u00a0 | n.m. | \u00a0 | 45.7 |
(1) The sum of the data by business area differs from the consolidated total amount due to net consolidation adjustments/differences between the business areas (\u20ac3.7m). Furthermore, during the six-month period the delta was given by the costs of \u20ac46.8m for OPAS, after the related taxes and by the write-down of intangible assets on foreign companies (\u20ac63.5m), to which the effects attributable to the acquisitions (referred to as contingent consideration) (\u20ac2.6m) not allocated to any business area should be added.
A.2Balance-sheet data by business segment
The balance-sheet items shown below represent each business area\u2019s contribution to the consolidated Balance Sheet, hence no adjustments have been made between the sum of the components and the total consolidated amount.
| \u00a0 | \u00a0 | | \u00a0 | \u00a0 | | \u00a0 | | \u00a0 | | \u00a0\u00a0(\u20acm) |
| Balance-sheet data | Wealth Management | \u00a0 | Corporate and Investment Banking | Consumer Finance | \u00a0 | Principal Investing | \u00a0 | Holding Functions | \u00a0 | Adjustments | \u00a0 | Consolidated Total |
| | | | | | | | | | \u00a0 | \u00a0 | |
| Banking book debt securities | 842.7 | \u00a0 | 3,293.9 | 262.7 | \u00a0 | \u2014 | \u00a0 | 7,889.2 | \u00a0 | \u2014 | \u00a0 | 12,288.5 |
| Loans to customers | 17,824.8 | \u00a0 | 20,918.4 | 16,665.3 | \u00a0 | \u2014 | \u00a0 | 457.1 | \u00a0 | \u2014 | \u00a0 | 55,865.6 |
| Funding | 30,315.6 | \u00a0 | \u2014 | 2,747.6 | \u00a0 | \u2014 | \u00a0 | 37,707.5 | \u00a0 | \u2014 | \u00a0 | 70,770.7 |
B. SECONDARY SEGMENT REPORTINGB.1Profit-and-loss figures by geography
| | | | | | (\u20acm) |
| Earnings data | \u00a0 | Italy | \u00a0 | International (1) | \u00a0 | Consolidated Total |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net interest income | \u00a0 | 902.5 | \u00a0 | 59.4 | \u00a0 | 961.9 |
| Net trading income | \u00a0 | 63.3 | \u00a0 | 6.6 | \u00a0 | 69.9 |
| Net fee and commission income (expense) | \u00a0 | 170.8 | \u00a0 | 307.0 | \u00a0 | 477.8 |
| Equity-accounted valuations | \u00a0 | 276.4 | \u00a0 | \u2014 | \u00a0 | 276.4 |
| Total revenues | \u00a0 | 1,413.\u2013 | 0 | 373.0 | \u00a0 | 1,786.0 |
| Personnel expenses | \u00a0 | (292.8) | \u00a0 | (145.3) | \u00a0 | (438.1) |
| Administrative expenses | \u00a0 | (390.2) | \u00a0 | 12.1 | \u00a0 | (378.1) |
| Overheads | \u00a0 | (683.0) | \u00a0 | (133.2) | \u00a0 | (816.2) |
| Net (Value adjustments) write-backs | \u00a0 | (138.6) | \u00a0 | (7.2) | \u00a0 | (145.8) |
| Other gains (losses) | \u00a0 | (9.3) | \u00a0 | 4.8 | \u00a0 | (4.5) |
| Profit before tax | \u00a0 | 582.1 | \u00a0 | 237.4 | \u00a0 | 819.5 |
| Income taxes | \u00a0 | (156.8) | \u00a0 | (26.4) | \u00a0 | (183.2) |
| Profit (loss) attributable to minority interests | \u00a0 | (0.7) | \u00a0 | (12.8) | \u00a0 | (13.5) |
| Net income not including one-off costs | \u00a0 | 424.6 | \u00a0 | 198.2 | \u00a0 | 622.8 |
| Impairment losses | \u00a0 | \u2014 | \u00a0 | (63.5) | \u00a0 | (63.5) |
| OPS costs | \u00a0 | (41.5) | \u00a0 | (5.3) | \u00a0 | (46.8) |
| Net income including one-off costs | \u00a0 | 383.1 | \u00a0 | 129.4 | \u00a0 | 512.5 |
| Cost/income ratio (%) | \u00a0 | 48.3% | \u00a0 | 35.7% | \u00a0 | 45.7% |
(1) This item includes the P&L data of the companies Mediobanca International, CMB Monaco, Compass RE, MB USA, Polus Capital Management, Mediobanca Management Company, RAM Active Investments and Messier et Associ\u00e9s and Arma Partners, HeyLight, Heidi Pay AG and Heidi Pay Ltd, in addition to the foreign branches (Paris, Madrid, Frankfurt, and London).
B.2Balance-sheet data by geography
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acm) |
| Balance-sheet data | \u00a0 | Italy | | International (1) | | Consolidated Total |
| \u00a0 | \u00a0 | | | | | |
| Banking book debt securities | \u00a0 | 11,242.3 | \u00a0 | 1,046.2 | \u00a0 | 12,288.5 |
| Loans to customers | \u00a0 | 45,916.1 | \u00a0 | 9,949.5 | \u00a0 | 55,865.6 |
| Funding | \u00a0 | (55,175.0) | \u00a0 | (15,595.7) | \u00a0 | (70,770.7) |
(1) This item includes the P&L data of the companies Mediobanca International, CMB Monaco, Compass RE, MB USA, Polus Capital Management, Mediobanca Management Company, RAM Active Investments, Messier et Associ\u00e9s and Arma Partners, in addition to the foreign branches (Paris, Madrid, Frankfurt, and London).
Information required under letters a), b) and c) of Annex A, First Part, Title III, Section 2 of Bank of Italy Circular No. 285 of 17 December 2013Statement as at 31 December 2025
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (\u20acmilioni) |
| Business Line | Breakdown | Heading 120 Total revenues (*) | Heading 290 Profit (loss) before taxes | Heading 300 | Full Time Employees (1) |
| Income taxes |
| Italy | International | Group | Italy | International | Group | Italy | International | Group | Italy | International | Group |
| Wholesale Banking | Lending, capital market activities, advisory services, and client and proprietary trading performed by Mediobanca, Mediobanca International, Mediobanca Securities, Messier et Associ\u00e9s and Arma Partners | -87 | 129 | 42 | 82 | 49 | 131 | -35 | -4 | -39 | 272 | 294 | 566 |
| Specialty Finance | This includes Factoring performed by MBFACTA and Leasing (Selma); please note that Selma's core Leasing business was previously included in the Holding Functions division. | 37 | \u2014 | 37 | 19 | \u2014 | 19 | -6 | \u2014 | -6 | 8 | \u2014 | 8 |
| Consumer Finance | This includes a full range of consumer credit products: personal loans, targeted loans, salary- or pension-backed loans, and credit cards, as well as the new and innovative Buy Now Pay Later solution called \"HeyLight,\" which includes the activities of HeyLight SA. The segment includes Compass RE, Compass Rent, and Compass Link, and, starting 1 July, the Credit Management business carried on by MBCredit Solutions and MBContact Solutions. | 626 | 8 | 634 | 318 | 9 | 327 | -103 | -3 | -106 | 1.502 | 149 | 1.651 |
| Premier | This includes deposit-taking, mortgage lending and retail banking services addressed by MBPremier | 248 | \u2014 | 248 | 79 | \u2014 | 79 | -28 | \u2014 | -28 | 1.480 | \u2014 | 1.480 |
| Private Banking & Asset Management | This includes asset management activities, addressed in Italy by the division Mediobanca Private Banking and Spafid and in Monaco by CMB Monaco; it also includes Polus Capital Management, CMG Monaco and RAM Active Investments (Alternative Asset Management activities) | 81 | 140 | 221 | 17 | 41 | 58 | -6 | -8 | -14 | 266 | 399 | 665 |
| Insurance - Principal Investing | This manages the Group's portfolio of equity investments and holdings, as well as investments in funds and special purpose vehicles set up and managed by the Group's asset management companies (referred to as seed capital) | \u2014 | -4 | -4 | 269 | 1 | 270 | -4 | \u2014 | -4 | 9 | \u2014 | 9 |
| Holding Functions | In which the Treasury and ALM units are centralized; it continues to include core operating and minor companies, while Selma's core Leasing activities are included in the Specialty Finance segment, only leaving operations carried out in the past and in the process of being closed in the Holding Functions division. | 1 | 1 | 2 | -61 | \u2014 | -61 | 10 | \u2014 | 10 | 919 | 5 | 924 |
| Adjustments (2) | \u00a0 | -4 | \u2014 | -4 | -159 | \u2014 | -159 | 37 | \u2014 | 37 | \u2014 | \u2014 | \u2014 |
| Group total | \u00a0 | 902 | 274 | 1.176 | 564 | 100 | 664 | -135 | -15 | -150 | 4.456 | 847 | 5.303 |
(*) This refers to Profit and Loss Account heading 120 pursuant to Bank of Italy Circular No. 262/2005. The figure here differs from the amount stated as \u201cTotal revenues\u201d in the statements found in the Section \u201cPart L - A.1. Profit-and-loss figures by business segment,\u201d which provides a more accurate reflection of Mediobanca\u2019s operations. Heading 120 Total revenues under Circular No. 262/2005 of the Bank of Italy does not include net premiums earned, income (expense) from insurance activities or other operating income.
(1) Full-time employees.
(2) The column headed \u201cAdjustments\u201d includes consolidation entries (including inter-company elisions) between the various business segments.
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"entity": "scheme:PSNL19R2RXX5U3QWHI44",
"period": "2025-06-30T00:00:00/2026-01-01T00:00:00"
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