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      <link:calculationArc
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      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherAssets" xlink:label="ifrs-full_OtherAssets" xlink:type="locator"/>
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                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_OtherAssets"
                            weight="1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:label="ifrs-full_FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome"
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                          xlink:type="arc"/>
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialAssetsAtAmortisedCost" xlink:label="ifrs-full_FinancialAssetsAtAmortisedCost" xlink:type="locator"/>
      <link:calculationArc
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                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_FinancialAssetsAtAmortisedCost"
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      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill" xlink:type="locator"/>
      <link:calculationArc
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                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_IntangibleAssetsAndGoodwill"
                            weight="1.0"
                            order="7"
                          xlink:type="arc"/>
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:label="ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:type="locator"/>
      <link:calculationArc
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                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale"
                            weight="1.0"
                            order="8"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk" xlink:label="ext_AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk"
                            weight="1.0"
                            order="9"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_TangibleAssets" xlink:label="ext_TangibleAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_TangibleAssets"
                            weight="1.0"
                            order="10"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_TaxAssets" xlink:label="ext_TaxAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_TaxAssets"
                            weight="1.0"
                            order="11"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_InsuranceAssets" xlink:label="ext_InsuranceAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_InsuranceAssets"
                            weight="1.0"
                            order="12"
                          xlink:type="arc"/>
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:type="locator"/>
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                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod"
                            weight="1.0"
                            order="13"
                          xlink:type="arc"/>
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   <link:calculationLink xlink:role="https://www.mediobanca.com/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
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      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_IssuedCapital"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_SharePremium" xlink:label="ifrs-full_SharePremium" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_SharePremium"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TreasuryShares" xlink:label="ifrs-full_TreasuryShares" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_TreasuryShares"
                            weight="-1.0"
                            order="3"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_ValuationReserves" xlink:label="ext_ValuationReserves" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_ValuationReserves"
                            weight="1.0"
                            order="4"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_RedeemableShares" xlink:label="ext_RedeemableShares" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_RedeemableShares"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_EquityInstruments" xlink:label="ext_EquityInstruments" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_EquityInstruments"
                            weight="1.0"
                            order="6"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_OtherReservesOther" xlink:label="ext_OtherReservesOther" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_OtherReservesOther"
                            weight="1.0"
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      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_TotalProfitLossAttributableToOwnersOfParent"
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      <link:calculationArc
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                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_NoncontrollingInterests"
                            weight="1.0"
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      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:label="ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:type="locator"/>
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                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale"
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                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_OtherLiabilities"
                            weight="1.0"
                            order="11"
                          xlink:type="arc"/>
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                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_Provisions"
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                          xlink:from="ifrs-full_EquityAndLiabilities"
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                          xlink:from="ifrs-full_EquityAndLiabilities"
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                          xlink:to="ext_LiabilitiesFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk"
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                          xlink:to="ext_TaxLiabilities"
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                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_ProvisionForEmployeeSeverancesPay"
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                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_InsuranceLiabilities"
                            weight="1.0"
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                          xlink:from="ifrs-full_FinancialAssetsAtAmortisedCost"
                          xlink:to="ifrs-full_LoansAndAdvancesToCustomers"
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                          xlink:to="ifrs-full_LoansAndAdvancesToBanks"
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